XIAMEN, China, March 29, 2021 /PRNewswire/ -- Qudian Inc.
("Qudian" or "the Company" or "We") (NYSE: QD), a leading
technology platform empowering the enhancement of online consumer
finance experience in China, today
announced its unaudited financial results for the quarter and full
year ended December 31, 2020.
Fourth Quarter 2020 Operational Highlights:
- Number of outstanding borrowers[1] from loan book
business and transaction services business as of December 31, 2020 decreased by 14.7% to
3.5 million from 4.1 million as of September 30, 2020 as a result of the
conservative and prudent strategy which the Company has
deployed
- Total outstanding loan balance from loan book
business[2] decreased by 24.8%
to RMB4.8 billion as of December
31, 2020, compared to the outstanding balance as of
September 30, 2020; Total
outstanding loan balance from transactions serviced on open
platform decreased by 25.7% to RMB5.1 billion as of December 31, 2020, compared to the outstanding
balance as of September 30, 2020
- Amount of transactions from loan book business for
this quarter decreased by 2.3% to RMB4.8
billion from the third quarter of 2020; Amount of
transactions serviced on open platform for this quarter
decreased by 50.2% to RMB248.0
million from the third quarter of 2020
- Weighted average loan tenure for our loan book business
was 4.5 months for this quarter, compared with 4.6 months for the
third quarter of 2020; Weighted average loan tenure for
transactions serviced on open platform was 6.4 months for this
quarter, compared with 6.8 months for the third quarter of
2020
[1] Outstanding borrowers are
borrowers who have outstanding loans as of a particular date,
including outstanding borrowers from both loan book business and
transaction services business. Transaction services business,
relates to various services, including credit assessment, referral
and post-origination services, provided through our open platform,
which was launched in the second half of 2018.
[2] Includes (i) off and on balance
sheet loans directly or indirectly funded by our institutional
funding partners or our own capital, net of cumulative write-offs
and (ii) does not include auto loans from Dabai Auto
business.
|
Fourth Quarter 2020 Financial Highlights:
- Total revenues were RMB713.6
million (US$109.4 million),
representing a decrease of 63.1% from the same period of last
year
- Net income increased by 427.0% year-on-year to RMB673.9 million (US$103.3
million), or RMB2.54
(US$0.39) per diluted ADS
- Non-GAAP net income[3] increased by 335.6%
year-on-year to RMB683.5 million
(US$104.8 million), or RMB2.57 (US$0.39)
per diluted ADS
Full Year 2020 Financial Highlights:
- Total revenues were RMB3,688.0
million (US$565.2 million) in
2020, representing a decrease of 58.3% from 2019, primarily due to
the decrease in the amount of transactions
- Loan facilitation income and
other related income decreased by 58.3% year-on-year to
RMB957.8 million (US$146.8 million) from RMB2,297.4 million for 2019
- Transaction services fee and
other related income which relate to transaction services and
traffic referral services provided by the Company's open platform,
was a loss of RMB136.5 million
(US$20.9 million)
- Financing income decreased by
40.1% to RMB2,102.7 million
(US$322.2 million) from RMB3,510.1 million in 2019 as a result of
the decrease in the average on-balance sheet loan balance
- Net income decreased by 70.6% year-on-year to RMB958.8 million (US$146.9
million), or RMB3.59
(US$0.55) per diluted ADS
- Non-GAAP net income[3] decreased by 88.6%
year-on-year to RMB382.3 million
(US$58.6 million), or RMB1.49 (US$0.23)
per diluted ADS
[3] For more information on
this Non-GAAP financial measure, please see the table captioned
"Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth
at the end of this press release.
|
"Despite pandemic-driven uncertainty and challenging market
conditions as well as a continuously shifting regulatory
environment, we were able to conclude 2020 with further
improvements in our asset quality as we remained vigilant in our
cash credit business operation," said Mr. Min Luo, Founder, Chairman and Chief Executive
Officer of Qudian. "During the fourth quarter of 2020, we
maintained strict credit approval standards as we focused on
borrowers with strong credit profiles. By the end of the fourth
quarter, our overall D1 delinquency rate[4] fell to
approximately 11%, from around 17% at the end of the third quarter,
reflecting the effectiveness of our strategy. As 2021 unfolds, we
will continue to prudently operate our cash loan business while
simultaneously exploring new areas for growth."
"Given that 2020 saw the impact from a weakened global economy
and intricate online lending market dynamics, we upheld stringent
credit risk assessments for new loans originated on our platform.
At the same time, we remain dedicated to pursuing new investment
opportunities. Supported by ample
cash reserves and a healthy financial position, our core strengths
and solid fundamentals can bolster the long-term sustainability of
our overall business," said Ms. Sissi
Zhu, Vice President of Investor Relations of Qudian.
[4] "D1 delinquency rate" is defined as
(i) the total amount of principal and financing service fees
that became overdue as of a specified date, divided by
(ii) the total amount of principal and financing services fees
that was due for repayment as of such date, in each case with
respect to our loan book business and transaction services
business.
Fourth Quarter Financial Results
Total revenues were RMB713.6 million (US$109.4
million), representing a decrease of 63.1% from RMB1,931.6 million for the fourth quarter of
2019.
Financing income totaled RMB411.8 million (US$63.1
million), representing a decrease of 42.6% from
RMB717.0 million for the
fourth quarter of 2019, as a result of the decrease in the
average on-balance sheet loan balance.
Loan facilitation income and other related income
decreased by 77.6% to RMB103.2
million (US$15.8 million) from
RMB460.0 million for the fourth
quarter of 2019, as a result of the reduction in transaction volume
of off-balance sheet loans during this quarter.
Transaction services fee and other related income
decreased to RMB3.1 million
(US$0.5 million) from RMB649.4 million for the fourth quarter
of 2019, mainly as a result of the substantial decrease in the
transaction amounts of open platform.
Sales income increased to RMB161.5 million (US$24.7
million) from RMB35.9 million
for the fourth quarter of 2019, mainly due to sales related to
the Wanlimu e-commerce platform, partially offset by winding down
the Dabai Auto business.
Sales commission fee decreased by 73.3% to
RMB14.8 million (US$2.3 million) from RMB55.5 million for the fourth quarter of
2019, due to the decrease in the amount of merchandise credit
transactions.
Total operating costs and expenses decreased by
99.0% to RMB16.7 million
(US$2.6 million) from RMB1,754.3 million for the fourth quarter of
2019.
Cost of revenues increased by 35.4% to
RMB201.6 million (US$30.9 million) from RMB148.8 million for the fourth quarter of 2019,
primarily due to the increase in cost of goods sold related to the
Wanlimu e-commerce platform, partially offset by the decrease in
funding costs associated with the on-balance sheet loan book
business and the decrease in costs of the Dabai Auto business.
Sales and marketing expenses decreased by
77.6% to RMB12.9 million
(US$2.0 million) from RMB57.5 million for the fourth quarter of
2019, primarily due to the decrease in third-party service
fees.
General and administrative
expenses increased by 7.0% to RMB75.7 million (US$11.6 million) from RMB70.8
million for the fourth quarter of 2019.
Research and development
expenses decreased by 74.9% to RMB8.6 million (US$1.3 million) from RMB34.3 million for the fourth quarter of
2019, as a result of the decrease in staff salaries.
Provision for receivables and other
assets reversed to RMB-75.6 million (US$-11.6 million), compared to RMB707.2 million for the fourth quarter of
2019, mainly due to the decrease in past-due on-balance sheet
outstanding principal receivables compared to the fourth quarter of
2019.
As of December 31, 2020, the total balance of outstanding
principal and financing service fee receivables for on-balance
sheet transactions for which any installment payment was more than
30 calendar days past due was RMB358.2
million (US$54.9 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period
was RMB849.2 million (US$130.2 million), indicating M1+ Delinquency
Coverage Ratio of 2.4x.
The following charts display the "vintage charge-off rate."
Total potential receivables at risk vintage charge-off rate refers
to, with respect to on- and off-balance sheet transactions
facilitated under the loan book business during a specified time
period, the total potential outstanding principal balance of the
transactions that are delinquent for more than 180 days up to
twelve months after origination, divided by the total initial
principal of the transactions facilitated in such vintage.
Delinquencies may increase or decrease after such 12-month
period.
Current receivables at risk vintage charge-off rate refers to,
with respect to on- and off-balance sheet transactions facilitated
under the loan book business during a specified time period, the
actual outstanding principal balance of the transactions that are
delinquent for more than 180 days up to twelve months after
origination, divided by the total initial principal of the
transactions facilitated in such vintage. Delinquencies may
increase or decrease after such 12-month period.
Total potential receivables at risk M1+ delinquency rate by
vintage refers to, with respect to on- and off-balance sheet
transactions facilitated under the loan book business during a
specified time period, the total potential outstanding principal
balance of the transactions that are delinquent for more than 30
days up to twelve months after origination, divided by the total
initial principal of the transactions facilitated in such vintage.
Delinquencies may increase or decrease after such 12-month
period.
Current receivables at risk M1+ delinquency rate by vintage
refers to, with respect to on- and off-balance sheet transactions
facilitated under the loan book business during a specified time
period, the actual outstanding principal balance of the
transactions that are delinquent for more than 30 days up to twelve
months after origination, divided by the total initial principal of
the transactions facilitated in such vintage. Delinquencies may
increase or decrease after such 12-month period.
Income from operations increased to
RMB746.6 million (US$114.4 million) from RMB226.8 million for the fourth quarter of
2019.
Net income attributable to
Qudian's
shareholders was RMB673.9
million (US$103.3 million), or
RMB2.54 (US$0.39) per diluted ADS.
Non-GAAP net income attributable to Qudian's
shareholders was RMB683.5
million (US$104.8 million), or
RMB2.57 (US$0.39) per diluted ADS.
Full Year 2020 Financial Results
Total revenues were RMB3,688.0 million (US$565.2 million), a decrease of 58.3% from
RMB8,840.0 million for 2019.
Financing income totaled RMB2,102.7 million (US$322.2 million), a decrease of 40.1% from
RMB3,510.1 million for 2019.
Loan facilitation income and
other related income decreased by 58.3%
to RMB 957.8 million (US$146.8 million) from RMB2,297.4 million for 2019, as a result of the
decrease in the amount of off-balance sheet transactions.
Transaction services fee and other related income
was a loss of RMB136.5 million
(US$20.9 million), primarily due to a
revaluation loss for contract assets incurred for the transactions
facilitated in the past year.
Sales income substantially increased to
RMB610.8 million (US$93.6 million) from RMB431.9 million for 2019, mainly due to the
launch of the Wanlimu e-commerce platform, partially offset by
winding down the Dabai Auto business.
Sales commission fee decreased by 77.3% to
RMB81.0 million (US$12.4 million) from RMB356.8 million for 2019, due to the decrease in
the amount of merchandise credit transactions.
Total operating costs and expenses decreased by
37.9% to RMB3,165.7 million
(US$485.2 million) from RMB5,099.8 million for 2019.
Cost of revenues decreased by 4.4% to
RMB862.4 million (US$132.2 million) from RMB901.8 million for 2019, primarily due to the
decrease in funding costs associated with the on-balance sheet loan
book business and the decrease in costs of Dabai Auto business,
partially offset by the increase in cost of goods sold related to
the Wanlimu e-commerce platform.
Sales and marketing expenses increased by
4.5% to RMB293.3 million
(US$44.9 million) from RMB280.6 million for 2019. The increase was
primarily due to marketing expenses incurred by the Wanlimu
e-commerce platform.
General and administrative
expenses decreased by 0.1% to RMB285.9 million (US$43.8 million) from RMB286.1
million for 2019.
Research and development
expenses decreased by 16.6% to RMB170.7 million (US$26.2 million) from RMB204.8 million for 2019. The decrease was
primarily due to the decrease in staff salaries.
Provision for receivables and other
assets decreased by 28.1% to RMB1,641.4
million (US$251.6 million)
from RMB2,283.1 million for 2019. The decrease was
primarily due to the decrease in past-due on-balance sheet
outstanding principal receivables compared to 2019.
Income from operations decreased by 77.5% to
RMB865.6 million (US$132.7 million) from RMB3,848.8 million for 2019.
Net income attributable to
Qudian's
shareholders decreased by
70.6% to RMB958.8 million (US$146.9 million), or RMB3.59 (US$0.55)
per diluted ADS.
Non-GAAP net income attributable to Qudian's
shareholders decreased by
88.6% to RMB382.3 million (US$58.6 million), or RMB1.49 (US$0.23)
per diluted ADS.
Cash Flow
As of December 31, 2020, the
Company had cash and cash equivalents
of RMB1,537.6 million (US$235.6
million) and restricted cash
of RMB135.4 million (US$20.8 million). Restricted cash mainly
represents (i) cash held by the consolidated trusts through
segregated bank accounts; and (ii) security deposits held in
designated bank accounts for the guarantee of off-balance sheet
transactions. Such restricted cash is not available to fund the
general liquidity needs of the Company.
For the fourth quarter of 2020, net cash provided by
operating activities was RMB437.5
million (US$67.1 million),
mainly attributable to net income of RMB673.9 million (US$103.3
million) and partially offset by the change in other current
and non-current liabilities of RMB377.9
million (US$57.9 million).
Net cash used in investing activities was
RMB355.0 million (US$54.4 million), mainly due to investments in
short-term wealth management products and partially offset by net
proceeds from collection of loan principal. Net cash used in
financing activities was RMB50.2 million (US$7.7 million), mainly due to repurchases of
convertible senior notes.
For the full year of 2020, net cash provided by operating
activities was RMB2,471.7 million (US$378.8 million), mainly attributable to net
income of RMB958.8 million
(US$146.9 million) and the adjustment
of provision for receivables and other assets of RMB1,641.4 million (US$251.6 million). Net cash used in
investing activities was RMB3,269.9 million (US$501.1 million), mainly due to investments in
short-term wealth management products of RMB16,802.9 million (US$2,575.2 million), partially offset by proceeds
from redemption of short-term investments of RMB 11,815.2 million (US$1,810.8 million). Net cash used in
financing activities was RMB1,591.3 million (US$243.9 million), mainly due to repayments of
borrowings of RMB1,038.7 million
(US$159.2 million) and repurchases of
convertible senior notes of RMB859.2
million (US$131.7
million).
Update on Share Repurchase and Convertible Bond
Repurchase
As of the date of this release, the Company has repurchased
total principal amount of convertible senior notes of US$217.0 million. The Company has cumulatively
completed total share repurchases of approximately US$574.0 million.
Conference Call
The Company's management will host an earnings conference call
on March 29, 2021 at 7:00 AM U.S. Eastern Time (7:00 PM Beijing/Hong Kong Time). Details for
the conference call are as follows:
Title of
Event:
|
Qudian Inc. Fourth
Quarter and Full Year 2020 Earnings Conference Call
|
Conference
ID:
|
4155829
|
Registration
link:
|
http://apac.directeventreg.com/registration/event/4155829
|
For participants who wish to join the call, please complete the
online registration at least 15 minutes prior to the scheduled call
start time. Upon registration, participants will receive the
conference call access information, including participant dial-in
numbers, a Direct Event Passcode, a unique Registrant ID, and an
e-mail with detailed instructions to join the conference call.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.qudian.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call until April 5, 2021, by dialing the following telephone
numbers:
U.S.:
|
+1-855-452-5696
(toll-free) / +1-646-254-3697
|
International:
|
+61-2-8199-0299
|
Hong Kong,
China:
|
800-963-117
(toll-free) / +852-3051-2780
|
Mainland
China:
|
400-632-2162 /
800-870-0205 (toll-free)
|
Passcode:
|
4155829
|
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading technology platform
empowering the enhancement of online consumer finance experience in
China. The Company's mission is to
use technology to make personalized credit accessible to hundreds
of millions of young, mobile-active consumers in China who need access to small credit for
their discretionary spending but are underserved by traditional
financial institutions due to lack of traditional credit data or
high cost of servicing. Qudian's credit solutions enable licensed,
regulated financial institutions and ecosystem partners to offer
affordable and customized loans to this young generation of
consumers.
For more information, please
visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use adjusted net income/loss, a Non-GAAP financial measure,
in evaluating our operating results and for financial and
operational decision-making purposes. We believe that adjusted net
income/loss helps identify underlying trends in our business by
excluding the impact of share-based compensation expenses, which
are non-cash charges, and convertible bonds buyback income. We
believe that adjusted net income/loss provides useful information
about our operating results, enhances the overall understanding of
our past performance and future prospects and allows for greater
visibility with respect to key metrics used by our management in
its financial and operational decision-making.
Adjusted net income/loss is not defined under U.S. GAAP and are
not presented in accordance with U.S. GAAP. This Non-GAAP financial
measure has limitations as analytical tools, and when assessing our
operating performance, cash flows or our liquidity, investors
should not consider them in isolation, or as a substitute for net
loss / income, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP.
We mitigate these limitations by reconciling the Non-GAAP
financial measure to the most comparable U.S. GAAP performance
measure, all of which should be considered when evaluating our
performance.
For more information on this Non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliation of GAAP and
Non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate
of RMB6.5250 to US$1.00, the noon buying rate in effect
on December 31, 2020 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information
The unaudited financial information set out in this earnings
release is preliminary and subject to potential adjustments.
Adjustments to the consolidated financial statements may be
identified when audit work has been performed for the Company's
year-end audit, which could result in significant differences from
this preliminary unaudited financial information.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency, contain forward-looking statements. Qudian may also
make written or oral forward-looking statements in its periodic
reports to the SEC, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Qudian's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Qudian's
goal and strategies; Qudian's expansion plans; Qudian's future
business development, financial condition and results of
operations; Qudian's expectations regarding demand for, and market
acceptance of, its credit products; Qudian's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborate with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Qudian's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Qudian does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
Qudian Inc.
Tel: +86-592-591-1711
E-mail: ir@qudian.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
Three months ended
December 31,
|
(In thousands except
for number
|
2019
|
|
2020
|
of shares and
per-share data)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
Revenues:
|
|
|
|
|
Financing income
|
716,972
|
|
411,797
|
63,110
|
Sales
commission fee
|
55,481
|
|
14,802
|
2,269
|
Sales
income
|
35,906
|
|
161,474
|
24,747
|
Penalty
fee
|
13,827
|
|
19,261
|
2,952
|
Loan
facilitation income and other related income
|
460,011
|
|
103,163
|
15,810
|
Transaction services fee and other related income
|
649,373
|
|
3,147
|
482
|
|
|
|
|
|
Total
revenues
|
1,931,570
|
|
713,644
|
109,370
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
Cost of
revenues
|
(148,831)
|
|
(201,570)
|
(30,892)
|
Sales
and marketing
|
(57,489)
|
|
(12,880)
|
(1,974)
|
General
and administrative
|
(70,768)
|
|
(75,714)
|
(11,604)
|
Research
and development
|
(34,288)
|
|
(8,601)
|
(1,318)
|
Changes
in guarantee liabilities and risk assurance
liabilities(1)
|
(735,688)
|
|
206,469
|
31,643
|
Provision for
receivables and other assets
|
(707,201)
|
|
75,570
|
11,582
|
Total operating
cost and expenses
|
(1,754,265)
|
|
(16,726)
|
(2,563)
|
Other
operating income
|
49,519
|
|
49,680
|
7,614
|
|
|
|
|
|
Income from
operations
|
226,824
|
|
746,598
|
114,421
|
Interest and
investment income, net
|
(3,095)
|
|
6,714
|
1,029
|
Foreign exchange
gain, net
|
602
|
|
2,164
|
332
|
Other
income
|
958
|
|
369
|
57
|
Other
expenses
|
(6,661)
|
|
(5,519)
|
(846)
|
|
|
|
|
|
Net income before
income taxes
|
218,628
|
|
750,326
|
114,993
|
Income tax
expenses
|
(90,755)
|
|
(76,451)
|
(11,717)
|
|
|
|
|
|
Net
income
|
127,873
|
|
673,875
|
103,276
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
127,873
|
|
673,875
|
103,276
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares:
|
|
|
|
|
Basic
|
0.50
|
|
2.66
|
0.41
|
Diluted
|
0.49
|
|
2.54
|
0.39
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
share equals 1 ADSs):
|
|
|
|
|
Basic
|
0.50
|
|
2.66
|
0.41
|
Diluted
|
0.49
|
|
2.54
|
0.39
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
Basic
|
254,466,950
|
|
253,663,338
|
253,663,338
|
Diluted
|
293,747,979
|
|
267,392,578
|
267,392,578
|
|
|
|
|
|
Other
comprehensive (loss)/income:
|
|
|
|
|
Foreign currency
translation adjustment
|
38,464
|
|
(12,921)
|
(1,980)
|
|
|
|
|
|
Total
comprehensive income
|
166,337
|
|
660,954
|
101,296
|
|
|
|
|
|
Total
comprehensive income
attributable to Qudian Inc.'s s
hareholders
|
166,337
|
|
660,954
|
101,296
|
|
|
|
|
|
Note:
(1) The amount includes the change in fair value of the
guarantee liabilities accounted in accordance with ASC
815,"Derivative", and the change in risk assurance liabilities
accounted in accordance with ASC 450,
"Contingencies" and ASC 460, "Guarantees".
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
Year ended December
31,
|
(In thousands except
for number
|
2019
|
|
2020
|
of shares and
per-share data)
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
Revenues:
|
|
|
|
|
Financing income
|
3,510,055
|
|
2,102,665
|
322,248
|
Sales
commission fee
|
356,812
|
|
80,992
|
12,413
|
Sales
income
|
431,946
|
|
610,793
|
93,608
|
Penalty
fee
|
44,354
|
|
72,235
|
11,070
|
Loan
facilitation income and other related income
|
2,297,413
|
|
957,831
|
146,794
|
Transaction services fee and other related income
|
2,199,464
|
|
(136,542)
|
(20,926)
|
|
|
|
|
|
Total
revenues
|
8,840,044
|
|
3,687,974
|
565,207
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
Cost of
revenues
|
(901,787)
|
|
(862,354)
|
(132,162)
|
Sales
and marketing
|
(280,616)
|
|
(293,282)
|
(44,947)
|
General
and administrative
|
(286,059)
|
|
(285,905)
|
(43,817)
|
Research
and development
|
(204,781)
|
|
(170,691)
|
(26,160)
|
Changes
in guarantee liabilities and risk assurance
liabilities(1)
|
(1,143,428)
|
|
87,894
|
13,470
|
Provision for receivables and other assets
|
(2,283,126)
|
|
(1,641,362)
|
(251,550)
|
Total operating
cost and expenses
|
(5,099,797)
|
|
(3,165,700)
|
(485,166)
|
Other
operating income
|
108,508
|
|
343,324
|
52,617
|
|
|
|
|
|
Income from
operations
|
3,848,755
|
|
865,598
|
132,658
|
Interest and
investment income, net
|
20,872
|
|
338,212
|
51,833
|
Foreign exchange
(loss)/gain, net
|
6,636
|
|
(107)
|
(16)
|
Other
income
|
24,583
|
|
26,358
|
4,040
|
Other
expenses
|
(10,324)
|
|
(9,263)
|
(1,420)
|
|
|
|
|
|
Net income before
income taxes
|
3,890,522
|
|
1,220,798
|
187,095
|
Income tax
expenses
|
(626,234)
|
|
(261,979)
|
(40,150)
|
|
|
|
|
|
Net
income
|
3,264,288
|
|
958,819
|
146,945
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
3,264,288
|
|
958,819
|
146,945
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares:
|
|
|
|
|
Basic
|
11.72
|
|
3.78
|
0.58
|
Diluted
|
10.94
|
|
3.59
|
0.55
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary s
hare equals 1 ADSs):
|
|
|
|
|
Basic
|
11.72
|
|
3.78
|
0.58
|
Diluted
|
10.94
|
|
3.59
|
0.55
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
Basic
|
278,531,382
|
|
253,658,448
|
253,658,448
|
Diluted
|
300,457,711
|
|
274,333,161
|
274,333,161
|
|
|
|
|
|
Other
comprehensive (loss)/income:
|
|
|
|
|
Foreign currency
translation adjustment
|
31,893
|
|
(38,455)
|
(5,893)
|
|
|
|
|
|
Total
comprehensive income
|
3,296,181
|
|
920,364
|
141,052
|
|
|
|
|
|
Total
comprehensive income
attributable to Qudian Inc.'s
shareholders
|
3,296,181
|
|
920,364
|
141,052
|
|
|
|
|
|
Note:
(1) The amount includes the change in fair value of the
guarantee liabilities accounted in accordance with ASC
815,"Derivative", and the change in risk assurance liabilities
accounted in accordance with ASC 450,
"Contingencies" and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of December
31,
|
(In thousands except
for number
|
|
|
2019
|
|
2020
|
of shares and
per-share data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
ASSETS:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
2,860,938
|
|
1,537,558
|
235,641
|
Restricted
cash
|
|
|
1,257,649
|
|
135,404
|
20,752
|
Time
deposits
|
|
|
231,132
|
|
-
|
-
|
Short-term
investments
|
|
|
-
|
|
5,042,314
|
772,768
|
Short-term loan principal and financing service fee
receivables
|
|
|
7,894,697
|
|
3,940,461
|
603,902
|
Short-term
finance lease receivables
|
|
|
398,256
|
|
179,613
|
27,527
|
Short-term
contract assets
|
|
|
2,741,914
|
|
92,813
|
14,224
|
Other current
assets
|
|
|
1,638,905
|
|
762,313
|
116,830
|
Total
current assets
|
|
|
17,023,491
|
|
11,690,476
|
1,791,644
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan principal and financing service fee
receivables
|
|
|
424
|
|
-
|
-
|
Long-term
finance lease receivables
|
|
|
239,697
|
|
28,771
|
4,409
|
Operating lease
right-of-use assets
|
|
|
148,851
|
|
210,898
|
32,322
|
Investment in
equity method investee
|
|
|
44,779
|
|
349,276
|
53,529
|
Long-term
investments
|
|
|
223,158
|
|
209,868
|
32,164
|
Property and
equipment, net
|
|
|
92,821
|
|
302,969
|
46,432
|
Intangible
assets
|
|
|
6,803
|
|
8,478
|
1,299
|
Long-term
contract assets
|
|
|
273,597
|
|
23,094
|
3,539
|
Deferred tax
assets, net
|
|
|
290,285
|
|
154,960
|
23,749
|
Other
non-current assets
|
|
|
17,698
|
|
419,242
|
64,252
|
Total
non-current assets
|
|
|
1,338,113
|
|
1,707,556
|
261,695
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
18,361,604
|
|
13,398,032
|
2,053,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of December
31,
|
(In thousands except
for number
|
|
|
2019
|
|
2020
|
of shares and
per-share data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
|
1,049,570
|
|
-
|
-
|
Short-term
lease liabilities
|
|
|
21,919
|
|
23,763
|
3,642
|
Accrued
expenses and other current liabilities
|
|
|
718,266
|
|
336,790
|
51,615
|
Guarantee
liabilities and risk assurance liabilities(2)
|
|
|
1,517,827
|
|
31,400
|
4,812
|
Income tax
payable
|
|
|
589,739
|
|
80,656
|
12,361
|
Total
current liabilities
|
|
|
3,897,321
|
|
472,609
|
72,430
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Deferred tax
liabilities, net
|
|
|
178,985
|
|
10,923
|
1,674
|
Convertible
senior notes
|
|
|
2,339,552
|
|
822,005
|
125,978
|
Long-term lease
liabilities
|
|
|
21,694
|
|
80,236
|
12,297
|
Long-term
borrowings and interest payables
|
|
|
-
|
|
102,415
|
15,696
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
2,540,231
|
|
1,015,579
|
155,645
|
Total
liabilities
|
|
|
6,437,552
|
|
1,488,188
|
228,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
|
131
|
|
132
|
20
|
Class B
Ordinary shares
|
|
|
44
|
|
44
|
7
|
Treasury
shares
|
|
|
(362,130)
|
|
(371,551)
|
(56,943)
|
Additional
paid-in capital
|
|
|
3,967,733
|
|
4,007,260
|
614,139
|
Accumulated
other comprehensive loss
|
|
|
(12,965)
|
|
(51,420)
|
(7,880)
|
Non-controlling
interests
|
|
|
-
|
|
10,000
|
1,533
|
Retained
earnings
|
|
|
8,331,239
|
|
8,315,379
|
1,274,388
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
11,924,052
|
|
11,909,844
|
1,825,264
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
|
18,361,604
|
|
13,398,032
|
2,053,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
(2) The amount includes the balance of the guarantee
liabilities accounted in accordance with ASC 815,"Derivative", and
the balance of risk
assurance liabilities accounted in accordance with ASC 450,
"Contingencies" and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
|
2019
|
|
2020
|
(In thousands except
for number
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and
per-share data)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s shareholders
|
|
127,873
|
|
673,875
|
|
103,276
|
Add: Share-based
compensation expenses
|
|
|
29,042
|
|
5,050
|
|
774
|
Less: Convertible
bonds buyback (loss)/income
|
|
|
-
|
|
(4,586)
|
|
(703)
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
|
156,915
|
|
683,511
|
|
104,753
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
|
0.62
|
|
2.69
|
|
0.41
|
Non-GAAP net income
per share—diluted
|
|
|
0.59
|
|
2.57
|
|
0.39
|
Weighted average
shares outstanding—basic
|
|
|
254,466,950
|
|
253,663,388
|
|
253,663,388
|
Weighted average
shares outstanding—diluted
|
|
|
293,747,979
|
|
267,392,578
|
|
267,392,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
|
2019
|
|
2020
|
(In thousands except
for number
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and
per-share data)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s shareholders
|
|
3,264,288
|
|
958,819
|
|
146,945
|
Add: Share-based
compensation expenses
|
|
|
87,299
|
|
45,634
|
|
6,994
|
Less: Convertible
bonds buyback income
|
|
|
-
|
|
622,109
|
|
95,342
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
|
3,351,587
|
|
382,344
|
|
58,597
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
|
12.03
|
|
1.51
|
|
0.23
|
Non-GAAP net income
per share—diluted
|
|
|
11.23
|
|
1.49
|
|
0.23
|
Weighted average
shares outstanding—basic
|
|
|
278,531,382
|
|
253,658,448
|
|
253,658,448
|
Weighted average
shares outstanding—diluted
|
|
|
300,457,711
|
|
274,333,161
|
|
274,333,161
|
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SOURCE Qudian Inc.