HANGZHOU, China, April 11, 2022 /PRNewswire/ -- Weidai Ltd.
("Weidai" or the "Company") (NYSE: WEI), a leading auto-backed
financing solution provider in China, today announced its financial results
for the year ended December 31, 2021,
which have not been audited or reviewed by the Company's
independent registered accounting firm.
Full Year 2021 Operational Results
Loan balance
Total loan balance as of December 31, 2021 was RMB853.0 million (US$133.9
million).
Full Year 2021 Financial Results
Net revenues in 2021 were RMB707.5 million
(US$111.0 million). Among net
revenues, loan service fee was RMB698.8
million (US$109.7 million),
other revenues were RMB10.2 million
(US$1.6 million) and net financing
income was RMB1.2 million
(US$183 thousand).
Provision for loans and advances in 2021 was
RMB807.3 million (US$126.7 million).
Operating costs and expenses in 2021 were
RMB644.3 million (US$101.1 million). Among operating costs and
expenses, provision for financial guarantee liabilities was
RMB76.1 million (US$11.9 million), origination and servicing
expenses were RMB380.6 million
(US$59.7 million), sales and
marketing expenses were RMB3.4
million (US$0.5 million),
general and administrative expenses were RMB162.0 million (US$25.4
million), and research and development expenses were
RMB22.2 million (US$3.5 million). Share-based compensation
expense in 2021 were RMB10.3
million (US$1.6 million).
Loss from operations in 2021 was RMB744.1 million (US$116.8
million).
Income tax expenses in 2021 were RMB403.9 million (US$63.4
million).
Net loss in 2021 was RMB1,144.0 million (US$179.5 million).
Comprehensive loss attributable to Weidai Ltd.'s ordinary
shareholders in 2021 was RMB1,140.7
million (US$179.0
million).
Adjusted net loss in 2021 was RMB1,133.8 million (US$177.9 million).
Regulatory Developments
The Company commenced the process to exit the peer-to-peer
lending business in May 2020. From
July 2020 to December 2021, the Company closely cooperated
with government authorities to promote a smooth exit of
peer-to-peer investments. In July
2021, the Company, in cooperation with the relevant
governmental authorities, repaid all outstanding net principal
balances (the aggregate principal invested by a certain investor
minus the aggregate amount that has been withdrawn by such
investor) to investors on its platform. From December 2021 to date, the Company continues to
cooperate with government authorities to complete its
exit of the peer-to-peer lending industry.
Use of Non-GAAP Financial Measures
The Company uses adjusted net loss, a non-GAAP financial
measure, in evaluating its operating results and for financial and
operational decision-making purposes. The Company believes that
adjusted net loss helps identify underlying trends in its business
by excluding the impact of share-based compensation expenses. The
Company believes that adjusted net loss provides useful information
about its operating results, enhances the overall understanding of
its past performance and future prospects and allows for greater
visibility with respect to key metrics used by the Company's
management in its financial and operational decision-making.
Adjusted net loss is not defined under U.S. GAAP and is not
presented in accordance with U.S. GAAP. This non-GAAP financial
measure has limitations as an analytical tool, and when assessing
the Company's operating performance, cash flows or liquidity,
investors should not consider it in isolation, or as a substitute
for net loss, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP. The Company encourages investors and
others to review its financial information in its entirety and not
rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and Non-GAAP
results" set forth at the end of this press release.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com/.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB
to U.S. dollars are made at a rate of RMB6.3726 to US$1.00, the noon buying rate on December 30, 2021 set forth in the H.10
statistical release of the U.S. Federal Reserve Board.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. 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," "target," "confident" and similar statements. Weidai
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 Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; its ability to comply with existing or
future laws and regulations related to data protection or data
security; and Weidai's ability to meet the standards necessary to
maintain listing of its ADSs on the NYSE, including its ability to
cure any non-compliance with the NYSE's continued listing criteria;
litigation and negative publicity surroundings China -based companies listed in the U.S.; and
the duration of the COVID-19 outbreak, including the emergence of
COVID variants, and its potential impact on the Company's business
and financial performance. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
WEIDAI
LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET
|
(Amounts in
thousands of Renminbi ("RMB") and US dollar ("US$")
|
except for number
of shares and per share data)
|
|
|
|
|
As of December
31,
|
|
2021
|
|
RMB
|
|
US$
|
|
|
|
|
ASSETS
Current
assets:
|
|
|
|
Cash and cash
equivalents...............................................
|
234,568
|
|
36,809
|
Restricted
cash.................................................................
|
101,383
|
|
15,909
|
Loans and advances, net
(net of allowance of
RMB1,923,315 (US$301,810) as of December 31,
2021)..............................................................................
|
485,249
|
|
76,146
|
Short-term
investments.....................................................
|
158,565
|
|
24,882
|
Prepaid expenses and
other assets, net -current.............
|
113,752
|
|
17,850
|
Amounts due from
related parties....................................
|
32,829
|
|
5,152
|
Total current
assets........................................................
|
1,126,346
|
|
176,748
|
Non-current
assets:
|
|
|
|
Long-term
investments.....................................................
|
13,333
|
|
2,092
|
Prepaid expenses and
other assets-non-current..............
|
9,204
|
|
1,444
|
Property, equipment
and software, net ...........................
|
28,874
|
|
4,531
|
Right-of-use
assets..........................................................
|
21,910
|
|
3,438
|
Total non-current
assets................................................
|
73,321
|
|
11,505
|
Total
assets.....................................................................
|
1,199,667
|
|
188,253
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities (including current liabilities of the
consolidated variable interest entities and
subsidiaries
without recourse to the primary beneficiary of
RMB638,869 (US$100,252) as of December 31,
2021):
|
|
|
|
Payable to
institutional funding partners and online investors
|
5,899
|
|
926
|
Current account with
online investors and borrowers.
|
138,683
|
|
21,762
|
Income tax
payable..........................................................
|
236,011
|
|
37,035
|
Accrued expenses and
other liabilities.............................
|
301,080
|
|
47,246
|
Amounts due to
related parties........................................
|
1,175
|
|
184
|
Operating lease
liabilities-current.....................................
|
5,679
|
|
891
|
Contract
liabilities.............................................................
|
58,515
|
|
9,182
|
Total current
liabilities...................................................
|
747,042
|
|
117,226
|
Non-current
liabilities (including non-current liabilities
of the consolidated variable interest entities and
subsidiaries without recourse to the primary
beneficiary of RMB17,319 (US$2,718) as of December
31, 2021):
|
|
|
|
Operating lease
liabilities-non current..............................
|
17,319
|
|
2,718
|
Total non-current
liabilities...........................................
|
17,319
|
|
2,718
|
Total
liabilities................................................................
|
764,361
|
|
119,944
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Class A ordinary
shares (par value of US$0.000002 per
share; 35,390,055 shares issued and outstanding as
of
December 31,
2021)......................................................
|
—
|
|
—
|
Class B ordinary
shares (par value of US$0.000002 per
share; 35,071,400 shares issued and outstanding as
of
December 31, 2021)
|
1
|
|
—
|
Additional paid-in
capital...................................................
|
1,252,103
|
|
196,482
|
Accumulated other
comprehensive loss...........................
|
(2,510)
|
|
(394)
|
Accumulated
deficit..........................................................
|
(814,916)
|
|
(127,878)
|
Total Weidai Ltd.
shareholders' equity........................
|
434,678
|
|
68,210
|
Noncontrolling
interests...................................................
|
628
|
|
99
|
Total
equity.....................................................................
|
435,306
|
|
68,309
|
TOTAL LIABILITIES
AND EQUITY
|
1,199,667
|
|
188,253
|
Weidai
Ltd.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
(Amounts in
thousands of Renminbi ("RMB") and US dollar ("US$"),
|
except for number
of shares and per share data)
|
|
|
|
Year
Ended December 31,
2021
|
|
RMB
|
|
US$
|
|
|
|
Net
revenues:
|
|
|
|
Loan service
fee...............................................................
|
698,840
|
|
109,663
|
Other
revenues.................................................................
|
10,153
|
|
1,593
|
Financing
income.............................................................
|
2,069
|
|
325
|
Less: Funding
costs.......................................................
|
(907)
|
|
(142)
|
Net financing
income........................................................
|
1,162
|
|
183
|
Business related taxes
and surcharges............................
|
(2,690)
|
|
(422)
|
Total net
revenues..........................................................
|
707,465
|
|
111,017
|
Provision for loans and
advances.....................................
|
(807,281)
|
|
(126,680)
|
Net loss after
provision for loans and
advances.....
|
(99,816)
|
|
(15,663)
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
Provision for financial
guarantee liabilities........................
|
(76,115)
|
|
(11,944)
|
Origination and
servicing(including related
party amounts of RMB15,348 (US$2,408)
for the years ended December 31,
2021)......................
|
(380,601)
|
|
(59,725)
|
Sales and
marketing.........................................................
|
(3,424)
|
|
(537)
|
General and
administrative...............................................
|
(161,989)
|
|
(25,420)
|
Research and
development..............................................
|
(22,193)
|
|
(3,483)
|
Total operation
costs and expenses............................
|
(644,322)
|
|
(101,109)
|
|
|
|
|
Loss from
operations....................................................
|
(744,138)
|
|
(116,772)
|
Interest
income/(expense) and foreign
currency exchange gain/(loss),
net...............................
|
134
|
|
21
|
Government
subsidies.....................................................
|
1,370
|
|
215
|
Other income,
net.............................................................
|
2,444
|
|
384
|
Net loss before
income taxes........................................
|
(740,190)
|
|
(116,152)
|
Income tax
expenses........................................................
|
(403,854)
|
|
(63,374)
|
Net
loss............................................................................
|
(1,144,044)
|
|
(179,526)
|
Net loss attributable
to noncontrolling
interests.........................................................................
|
3,378
|
|
530
|
Net loss
attributable to ordinary
shareholders...................................................................
|
(1,140,666)
|
|
(178,996)
|
Loss per
share:
|
|
|
|
Basic...................................................................................
|
(16.19)
|
|
(2.54)
|
Diluted................................................................................
|
(16.19)
|
|
(2.54)
|
Shares used in loss
per share computation:
|
|
|
|
Basic...................................................................................
|
70,461,455
|
|
70,461,455
|
Diluted................................................................................
|
70,461,455
|
|
70,461,455
|
Weidai
Ltd.
|
Reconciliation
of GAAP And Non-GAAP Results
|
(Amounts in
thousands of Renminbi ("RMB") and US dollar ("US$"),
|
except for number
of shares and per share data)
|
|
|
|
Year
Ended
December 31,
2021
|
|
RMB
|
|
US$
|
Net
loss..........................................................................
|
(1,144,044)
|
|
(179,526)
|
Add:
|
|
|
|
Share-based
compensation expenses............................
|
10,258
|
|
1,610
|
Adjusted net
loss
|
(1,133,786)
|
|
(177,916)
|
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SOURCE Weidai Ltd.