XIAMEN, China, March 18, 2019 /PRNewswire/ -- Qudian Inc.
("Qudian" or the "Company") (NYSE: QD), a leading provider of
online small consumer credit products in China, today announced its unaudited financial
results for the fourth quarter and full year ended December 31, 2018.
Fourth Quarter 2018 Operational Highlights:
- Total outstanding loan balance[1] as of December 31, 2018 increased by 69.9%
to RMB19.0 billion from December 31,
2017
- Total number of registered users as of December 31,
2018 reached 71.8 million, representing an increase of 14.9% from
December 31, 2017
- Number of outstanding borrowers[2] as of December 31, 2018 increased by 7.0% to 5.3
million from 4.9 million as of September 30,
2018
- Cumulative number of borrowers[3] as of December 31, 2018 increased by 15.1% to 16.7
million from December 31, 2017;
New active borrowers[4] for this quarter was
449,480
- M1+ delinquency rate by vintage[5] for loans generated since
January 1, 2018 slightly increased to
2.5% through the end of 2018, as a result of longer loan
tenure
[1] Includes off + on balance sheet
loans directly funded by our funding partners and doesn't include
auto loans from Dabai Auto business.
|
[2] Outstanding borrowers are
borrowers who have outstanding loans as of a particular
date.
[3]
Cumulative number of borrowers are borrowers who have drawn down
credit on or prior to a particular date, on a cumulative
basis.
[4] Active borrowers are borrowers
who have drawn down credit in the specified period.
|
[5] M1+ delinquency rate by vintage
is defined as the total balance of outstanding principal of a
vintage for which any installment payment is over 30 calendar days
past due as of a particular date (adjusted to reflect total amount
of recovered past due payments for principal and without taking
into account charge-offs), divided by the total initial principal
in such vintage.
|
Fourth Quarter 2018 Financial Highlights:
- Total revenues increased by 20.9% year-on-year to RMB1,803.2 million (US$262.3 million)
- Loan facilitation income and others substantially increased
year-on-year to RMB579.1 million
(US$84.2 million) from RMB149.5 million for the same period last
year
- Financing income decreased by 14.9% to RMB903.1 million (US$131.4
million) from the same period last year as a result of a
decrease in average on-balance sheet loan balance
- Net income increased by 42.1% year-on-year to RMB767.5 million (US$111.6
million), or RMB2.52
(US$0.37) per diluted ADS
- Non-GAAP net income[6] increased by 39.2%
year-on-year to RMB778.8 million
(US$113.3 million), or RMB2.56 (US$0.37)
per diluted ADS
- Our underlying profit was RMB850.2
million (US$123.7 million),
excluding a foreign exchange loss of RMB34.4
million (US$5.0 million) and a
specific charge of RMB37.0 million
(US$5.4 million) incurred by scaling
down Dabai Auto business
Full year 2018 Financial Highlights:
- Total revenues increased by 61.1% year-on-year to RMB 7,692.3 million (US$ 1,118.8
million)
- Loan facilitation income and others substantially increased
year-on-year to RMB1,646.8 million
(US$239.5 million) from RMB302.0 million
- Financing income was RMB3,535.3
million (US$514.2 million),
flat from 2017
- Net income increased by 15.1% year-on-year to RMB2,491.3 million (US$362.3 million), or RMB7.74 (US$1.13)
per diluted ADS
- Non-GAAP net income[6] increased by 14.4% year-on-year to
RMB2,549.3 million (US$370.8 million), or RMB7.92 (US$1.15)
per diluted ADS
- Our underlying profit was RMB2,677.1
million (US$389.4 million),
excluding a foreign exchange loss of RMB90.8
million (US$13.2 million) and a specific charge of
RMB37.0 million (US$5.4 million) incurred by scaling down Dabai
Auto business
[6] 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.
|
"We were pleased to complete 2018 with strong fourth quarter
results as we delivered on our full-year earnings target
established at the beginning of 2018," said Mr. Min Luo, Founder, Chairman and Chief Executive
Officer of Qudian. "This set of solid results from financials to
key operating data demonstrates the massive size and quality of our
massive user base and proves our ability to succeed by quickly
navigating the various changes in the macro-environment,
online-finance industry, regulatory environment and partnership
landscape. The fourth quarter of 2018 was the first full quarter
following the termination of user engagement through Alipay's
dedicated channel for online third-party service providers. Despite
the termination, our registered users continued to grow to 71.8
million and outstanding borrowers grew to 5.3 million in this
quarter, demonstrating that an innately affordable and attractive
service does not require costly marketing or special channels to
successfully grow."
"Throughout 2018, as a result of our commitment to delivering
risk adjusted returns and an overall conservative risk management
approach, our asset quality was maintained within our target
levels. On regulatory risk, there were various new regulations and
guidelines issued in 2018 for the sector. Yet, Qudian is a leader
and pioneer to operate a purely institutional funding base of
licensed lenders strictly under regulatory compliant annual
interest rate and regulated lending activities happen between
borrowers and institutions, meaning there are no material
regulatory uncertainties for us. During the year, we successfully
strengthened our cooperation with existing funding partners in
terms of funding size and scope and secured 19 new funding sources
compared with a year ago. Looking into 2019, we believe our
earnings outlook is well supported by activations in our existing
user base and available funding. Beyond income related to risk
undertaking, we are excited by prospects that may remove our
balance sheet as a growth constraint, such as our traffic referral
channel which we launched in the third quarter of 2018. Upon launch
of this new service, many internet finance companies immediately
signed up and we saw meaningful revenue contribution in the fourth
quarter of 2018 with little marginal cost while taking zero
borrower credit risk. In addition to traffic referral, we also look
forward to taking our open-platform further as we've recently begun
referring loan transactions to our funding partners, which also we
do not take borrower credit risk but earn a greater margin compared
to just traffic referral."
"2018 marked another milestone for us as we achieved our
guidance while strictly operating under regulatory compliant annual
interest rate. Excluding non-recurring costs and charges, we
achieved a record annual underlying profit of RMB2.68 billion after investments in new
opportunities and solid execution of the USD300 million repurchase program," said Mr.
Carl Yeung, Chief Financial Officer
of Qudian. "Our solid results were attributable to a growing user
base, low operating costs, regulatory compliant operating structure
and solid asset quality. In 2018, our loan book saw growth of 69.9%
year-on-year, which further demonstrated the strong demand from our
users with reliable funding. In addition, our asset quality
remained healthy throughout 2018, validating management's decision
to lower the risk exposure of our loan book in light of increased
delinquencies and elevated credit risk in the industry in early
2018. 2018 saw a slight increase in vintage delinquency rate as
loan tenure increased from 2.5 months in 2017 to 8.1 months in 2018
for high quality users."
Mr. Yeung continued, "For the quarter, our outstanding borrower
base reached 5.3 million following the termination of paid
marketing on Alipay, which proved our capability in sustaining user
growth without reliance on expensive marketing. The termination
resulted in a 49.4% decrease in sales and marketing expenses for
our core consumption finance businesses in 2018. Looking into 2019, the outstanding loan balance
that we collaborate with financial institutions has grown to
RMB22.0 billion by March 15, 2019. Therefore, we are
reaffirming previously announced full year Non-GAAP net income
guidance of RMB3.5 billion, excluding
non-operating costs and charges."
"Qudian is committed to delivering shareholder value. Therefore,
the company will continue to undertake new challenges and
investments where we believe further new growth areas may emerge in
addition to helping to keep our talent base challenged, sharp and
intellectually growing. We will do so responsibly with the priority
that our core consumption finance operations will not be
interrupted and targets will be delivered. One example is in 2018,
with achieving earnings guidance as our top priority, we quickly
scaled back our Dabai Auto business when macro auto sales were
slowing in order to reduce overhead and avoid potential risk
exposure in asset residuals. Another example is the successful
launch of our open-platform initiative. During its inaugural
operation in the fourth quarter of 2018, open-platform contributed
approximately RMB30 million in
revenues carrying no material cost of operations and risks by
providing our dormant user base in need of financing more choices
and options, thus we look to invest further in this direction
by launching various services to activate or attract high quality
potential borrowers for our partners. These initiatives demonstrate
our company's execution strength and focus on our results.
Furthermore, any excess capital that cannot be deployed for value
will be returned to shareholders via buy backs or other means that
would enhance shareholder value."
Fourth Quarter Financial Results
Total revenues were RMB1,803.2 million (US$262.3 million), an increase of 20.9% from
RMB1,491.2 million for the fourth
quarter of 2017, mainly driven by a substantial increase in loan
facilitation income and others and an increase in sales income
generated by Dabai Auto business, partially offset by a decrease in
revenue from sales commission fees.
Financing income totaled RMB903.2 million (US$131.4
million), a decrease of 14.9% from RMB1,060.9 million for the fourth quarter of
2017, due to a decrease in average on-balance loan balance.
Loan facilitation income and
others substantially increased to RMB579.1 million (US$84.2
million) from RMB149.5 million
for the fourth quarter of 2017, as a result of a substantial
increase in off-balance sheet transactions and the adoption of ASC
606, Revenue from contracts with customers, effective
January 1, 2018. Prior to the
adoption of ASC 606, loan facilitation service income was limited
to the amount that is not contingent on the delivery of the
undelivered post origination services. Upon adoption of ASC 606,
the total consideration is allocated between the loan facilitation
service and post origination services performance obligations. Loan
facilitation service income is recognized when the service is
rendered, i.e. successfully matching borrowers with institutional
funding partners. The amount recognized is limited to the amount of
variable consideration that is probable not to be reversed in
future periods. Accordingly, the timing of revenue recognition for
loan facilitation service income collected in periodical
instalments will be recognized earlier under ASC 606. The adoption
of ASC 606 resulted in an increase of RMB332.2 million (US$48.3 million) in loan facilitation income
for the fourth quarter of 2018.
Sales income substantially increased to
RMB257.9 million (US$37.5 million) from RMB26.1 million for the fourth quarter of 2017,
due to timing of launch for Dabai Auto business late in the fourth
quarter of 2017.
Sales commission fee decreased by 78.3% to
RMB54.6 million (US$7.9 million) from RMB251.2 million for the fourth quarter of 2017,
due to a decrease in the gross merchandise value relating to the
merchandise credit business as a result of tighter credit controls
in the fourth quarter of 2018.
Total operating costs and expenses decreased by
1.5% to RMB929.0 million
(US$135.1 million) from RMB943.0 million for the fourth quarter of
2017.
Cost of revenues increased by 31.9% to
RMB402.7 million (US$58.6 million) from RMB305.4 million for the fourth quarter of 2017,
primarily due to costs incurred by the Dabai Auto business,
partially offset by a decrease in funding costs associated with our
core online consumer finance businesses.
Sales and marketing expenses increased by
45.0% to RMB136.9 million
(US$19.9 million) from RMB94.4 million for the fourth quarter of 2017.
The increase was primarily due to an increase in marketing expenses
associated with the new Dabai Auto business.
General and administrative
expenses increased by 28.3% to RMB82.5 million (US$12.0 million)
from RMB64.3 million for the fourth quarter of 2017
as a result of an increase in staff salary and third party service
fees, partially offset by a decrease in administrative fees payable
to trust companies due to decreased use of trust funding in this
quarter.
Research and development
expenses increased by 110.0% to RMB77.9 million (US$11.3 million) from RMB37.1 million for the fourth quarter of
2017 as a result of an increase in staff salary.
Provision for receivables decreased by 34.6%
to RMB220.8 million (US$32.1
million) from RMB337.8 million for the fourth
quarter of 2017. The decrease was primarily due to a decrease
in on-balance sheet transaction amount.
As of December 31, 2018, 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 RMB523.8
million (US$76.2 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB585.3
million (US$85.1 million),
indicating M1+ Delinquency Coverage Ratio of 1.1x.
The following chart displays the historical lifetime cumulative
M1+ Delinquency Rate by Vintage from the second month after credit
drawdowns up to the twelfth month after such transactions for all
transactions for each of the quarters in 2017 and 2018, before
charge-offs:
Click here to view the
chart.
Income from operations increased by 58.5% to
RMB886.4 million (US$128.9 million) from the fourth quarter of
2017.
Net income attributable to
Qudian's
shareholders increased by
42.1% to RMB767.5 million (US$111.6 million), or RMB2.52 (US$0.37)
per diluted ADS.
Non-GAAP Net income attributable to Qudian
shareholders increased by
39.2% to RMB778.8 million (US$113.3 million), or RMB2.56
(US$0.37) per diluted ADS.
Full Year 2018 Financial Results
Total revenues were RMB7,692.3 million (US$1,118.8 million), an increase of 61.1% from
RMB4,775.4 million for 2017, mainly
driven by a substantial increase in loan facilitation income and
others and an increase in sales income generated by Dabai Auto
business, partially offset by a decrease in revenue from sales
commission fees.
Financing income totaled RMB3,535.3 million (US$514.2 million), flat from RMB3,642.2 million for 2017.
Loan facilitation income and
others substantially increased to RMB1,646.8 million (US$239.5 million) from RMB302.0 million for 2017, as a result of a
substantial increase in off-balance sheet transactions and the
adoption of ASC 606, Revenue From Contracts With Customers,
effective January 1, 2018. Prior to
the adoption of ASC 606, loan facilitation service income was
limited to the amount that is not contingent on the delivery of the
undelivered post origination services. Upon adoption of ASC 606,
the total consideration is allocated between the loan facilitation
service and post origination services performance obligations. Loan
facilitation service income is recognized when the service is
rendered, i.e. successfully matching borrowers with institutional
funding partners. The amount recognized is limited to the amount of
variable consideration that is probable not to be reversed in
future periods. Accordingly, the timing of revenue recognition for
loan facilitation service income collected in periodical
instalments will be recognized earlier under ASC 606. The adoption
of ASC 606 resulted in an increase of RMB749.3 million (US$109.0 million) in loan facilitation
income for 2018.
Sales income substantially increased to
RMB2,174.8 million (US$316.3 million) from RMB26.1 million for 2017 as a result of ramp-up
of the new Dabai Auto business.
Sales commission
fee decreased by 61.4% to RMB307.5 million (US$44.7
million) from RMB797.2 million
for 2017, as a result of a decrease in the gross merchandise value
relating to the merchandise credit business as a result of tighter
credit controls in 2018.
Total operating costs and expenses increased by
109.0% to RMB5,026.7 million
(US$731.1 million) from RMB2,404.8 million for 2017.
Cost of revenues substantially increased to
RMB2,735.4 million (US$397.9 million) from RMB880.8 million for 2017, primarily due to costs
incurred by the Dabai Auto business, partially offset by a decrease
in funding costs associated with our core online consumer finance
businesses.
Sales and marketing expenses increased by
25.2% to RMB540.6 million
(US$78.6 million) from RMB431.7 million for 2017. The increase was
primarily due to an increase in expenses associated with the new
Dabai Auto business. Excluding expenses associated with Dabai Auto,
sales and marketing expenses decreased by 49.4% to RMB201.6 million (US$29.3
million) from 2017, mainly attributable to a decrease in
sales and marketing expenses associated with our core online
consumer finance businesses as a result of termination of paid
marketing through Alipay's dedicated channel for online third-party
service providers.
General and administrative
expenses increased by 39.3% to RMB255.9 million (US$37.2 million)
from RMB183.7 million for 2017 primarily as a result
of an increase in staff salary and third-party service fees.
Research and development
expenses increased by 30.2% to RMB199.6 million (US$29.0 million) from RMB153.3 million for 2017, primarily as a
result of an increase in staff salary and third-party service
fees.
Provision for receivables increased by 94.8%
to RMB1,178.7 million (US$171.4
million) from RMB605.2 million for 2017. The
increase was primarily due to an increase in weighted loan tenure
from 2.5 months to 8.1 months during 2018.
Income from operations increased by 11.1% to
RMB2,689.4 million (US$391.2 million) for 2018.
Net income attributable to
Qudian's
shareholders increased by
15.1% to RMB2,491.3 million (US$362.3 million), or RMB7.74 (US$1.13)
per diluted ADS.
Non-GAAP Net income attributable to Qudian
shareholders increased by
14.4% to RMB2,549.3 million (US$370.8 million), or RMB7.92 (US$1.15)
per diluted ADS.
Cash Flow
As of December 31, 2018, the
Company had cash and cash equivalents
of RMB2,501.2 million (US$363.8
million) and restricted cash of RMB339.8
million (US$49.4 million).
For the full year of 2018, net cash provided by operating
activities was RMB3,332.3 million (US$484.7 million), mainly attributable to net
income of RMB2,491.3 million
(US$362.3 million) and allowance for
loan principal, service fee receivables and other receivables of
RMB1,178.7 million (US$171.4 million). Net cash used in
investing activities was RMB2,790.7 million (US$405.9 million), mainly due to payments to
originate loan principal of RMB37,036.4
million (US$5,386.7 million),
purchases of current assets held for lease of RMB1,322.0 million (US$193.7 million) and purchase of short term
investments of RMB1,352.6 million
(US$196.7 million), partially offset
by proceeds from collection of loan principal of RMB35,184.8 million (US$5,177.4 million) and proceeds from redemption
of short-term investments of RMB1,652.6
million (US$240.4 million).
Net cash used in financing activities was
RMB6,727.8 million (US$978.5 million), mainly due to repayments of
borrowings of RMB8,025.9 million
(US$1,167.3 million), repurchase of
ordinary shares of RMB1,410.2 million
(US$205.1 million), partially offset
by proceeds from borrowings of RMB2,644.7
million (US$384.6
million).
Update on Share Repurchase
Under the existing share repurchase program adopted in 2017 that
authorized the Company to repurchase up to US$300 million worth of its ADSs (the "Existing
Program"), the amount purchased was approximately US$272.8
million as of date of this release. In light of continued
disconnection between strong fundamentals and low stock price, on
December 13, 2018, the Company
announced another share repurchase program to purchase up to
US$300 million of the Company's
American Depositary Shares in open market transactions in addition
to any further repurchases that may be made under the Existing
Program. Looking into 2019, the Company will continue to evaluate
the execution of the share repurchase program if there is excess
capital besides meeting its annual guidance.
Outlook
The Company reaffirms its total Non-GAAP net income for the full
year of 2019 will exceed RMB3.5
billion after excluding non-operating costs and charges,
which would represent a 37.3% increase from RMB2,549.3 million for 2018.
The above outlook is based on current market conditions and
reflects the Company's preliminary expectations as to market
conditions, its regulatory and operating environment, as well as
customer demand, all of which are subject to change.
Conference Call
The Company's management will host an earnings conference call
on March 18, 2019 at 7:00 AM U.S. Eastern Time (7:00
PM Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as
follows:
U.S.:
|
+1-866-519-4004
(toll-free) / +1-845-675-0437
|
International:
|
+65-6713-5090
|
Hong
Kong:
|
800-906-601
(toll-free) / +852-3018-6771
|
Mainland
China:
|
400-620-8038 /
800-819-0121
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is "Qudian
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
one hour after the conclusion of the live call until March 26,
2019, by dialing the following telephone numbers:
U.S.:
|
+1-855-452-5696
(toll-free) / +1-646-254-3697
|
International:
|
+61-28199-0299
|
Hong
Kong:
|
800-963-117
(toll-free) / +852-3051-2780
|
Mainland
China:
|
400-632-2162
(toll-free) / 800-870-0205 (toll-free)
|
Passcode:
|
8697306
|
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading provider of online small
consumer credit in China. The Company uses big data-enabled
technologies, such as artificial intelligence and machine learning,
to transform the consumer finance experience in China. With
the mission to use technology to make personalized credit
accessible, Qudian targets hundreds of millions of young,
mobile-active consumers in China who need access to small
credit for their discretionary spending or budget auto financing
solutions but are underserved by traditional financial institutions
due to lack of traditional credit data. Qudian's data technology
capabilities combined with its operating efficiencies allow Qudian
to understand prospective borrowers from different behavioral and
transactional perspectives, assess their credit profiles with
regard to both their willingness and ability to repay and offer
them instantaneous and affordable credit products with customized
terms, and distinguish Qudian's business and offerings.
For more information, please
visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use adjusted net income, a Non-GAAP financial measure, in
evaluating our operating results and for financial and operational
decision-making purposes. We believe that adjusted net income helps
identify underlying trends in our business by excluding the impact
of share-based compensation expenses, which are non-cash charges.
We believe that adjusted net income 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 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 RMB6.8755 to US$1.00, the noon buying rate in
effect on December 31, 2018 in the H.10 statistical
release of the Federal Reserve Board. The Company makes no
representation that the RMB or US$ 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.
Annie Huang
Tel: +86-592-591-1580
E-mail: ir@qudian.com
The Foote Group
Philip Lisio
Tel: +86-135-0116-6560
E-mail: qudian@thefootegroup.com
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
(In thousands except
for number
|
2017
|
|
2018
|
of shares and
per-share data)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Financing
income
|
1,060,856
|
|
903,191
|
|
131,364
|
Sales commission
fee
|
251,187
|
|
54,565
|
|
7,936
|
Sales
income
|
26,083
|
|
257,945
|
|
37,517
|
Penalty
fee
|
3,608
|
|
8,314
|
|
1,209
|
Loan facilitation
income and others
|
149,490
|
|
579,143
|
|
84,233
|
|
|
|
|
|
|
Total
revenues
|
1,491,224
|
|
1,803,158
|
|
262,258
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(305,360)
|
|
(402,688)
|
|
(58,569)
|
Sales and
marketing
|
(94,382)
|
|
(136,949)
|
|
(19,918)
|
General and
administrative
|
(64,275)
|
|
(82,535)
|
|
(12,004)
|
Research and
development
|
(37,109)
|
|
(77,939)
|
|
(11,336)
|
Loss of guarantee
liabilities
|
(104,099)
|
|
(8,080)
|
|
(1,175)
|
Provision for
receivables
|
(337,780)
|
|
(220,807)
|
|
(32,115)
|
Total operating
cost and expenses
|
(943,006)
|
|
(929,000)
|
|
(135,117)
|
Other operating
income
|
10,913
|
|
12,202
|
|
1,775
|
|
|
|
|
|
|
Income from
operations
|
559,131
|
|
886,360
|
|
128,916
|
Interest and
investment (loss)/income, net
|
5,537
|
|
(11,867)
|
|
(1,726)
|
Foreign exchange
loss, net
|
(7,177)
|
|
(34,442)
|
|
(5,009)
|
Other
income
|
1,712
|
|
4,286
|
|
623
|
Other
expense
|
(359)
|
|
(297)
|
|
(43)
|
|
|
|
|
|
|
Net income before
income taxes
|
558,845
|
|
844,042
|
|
122,762
|
Income tax
expenses
|
(18,753)
|
|
(76,516)
|
|
(11,129)
|
|
|
|
|
|
|
Net
income
|
540,092
|
|
767,526
|
|
111,633
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
540,092
|
|
767,526
|
|
111,633
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A
and Class B ordinary shares:
|
|
|
|
|
|
Basic
|
1.94
|
|
2.54
|
|
0.37
|
Diluted
|
1.67
|
|
2.52
|
|
0.37
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
share equals 1 ADS):
|
|
|
|
|
|
Basic
|
1.94
|
|
2.54
|
|
0.37
|
Diluted
|
1.67
|
|
2.52
|
|
0.37
|
|
|
|
|
|
|
Weighted average
number of Class A
and Class B ordinary shares
outstanding:
|
|
|
|
|
|
Basic
|
278,464,623
|
|
302,326,683
|
|
302,326,683
|
Diluted
|
323,461,840
|
|
304,640,119
|
|
304,640,119
|
|
|
|
|
|
|
Other
comprehensive gain:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(77,947)
|
|
1,811
|
|
263
|
|
|
|
|
|
|
Total
comprehensive income
|
462,145
|
|
769,337
|
|
111,896
|
|
|
|
|
|
|
Total
comprehensive income attributable to
Qudian Inc.'s shareholders
|
462,145
|
|
769,337
|
|
111,896
|
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
(In thousands except
for number
|
2017
|
|
2018
|
of shares and
per-share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Financing
income
|
3,642,184
|
|
3,535,276
|
|
514,185
|
Sales commission
fee
|
797,167
|
|
307,492
|
|
44,723
|
Sales
income
|
26,083
|
|
2,174,789
|
|
316,310
|
Penalty
fee
|
7,922
|
|
28,013
|
|
4,074
|
Loan facilitation
income and others
|
302,009
|
|
1,646,773
|
|
239,513
|
|
|
|
|
|
|
Total
revenues
|
4,775,365
|
|
7,692,343
|
|
1,118,805
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
(880,846)
|
|
(2,735,428)
|
|
(397,852)
|
Sales and
marketing
|
(431,750)
|
|
(540,550)
|
|
(78,620)
|
General and
administrative
|
(183,674)
|
|
(255,867)
|
|
(37,214)
|
Research and
development
|
(153,258)
|
|
(199,560)
|
|
(29,025)
|
Loss of guarantee
liabilities
|
(150,152)
|
|
(116,593)
|
|
(16,958)
|
Provision for
receivables
|
(605,164)
|
|
(1,178,723)
|
|
(171,438)
|
Total operating
cost and expenses
|
(2,404,843)
|
|
(5,026,721)
|
|
(731,107)
|
Other operating
income
|
50,703
|
|
23,748
|
|
3,454
|
|
|
|
|
|
|
Income from
operations
|
2,421,224
|
|
2,689,370
|
|
391,152
|
Interest and
investment (loss)/income, net
|
4,211
|
|
35,740
|
|
5,198
|
Foreign exchange
loss, net
|
(7,177)
|
|
(90,771)
|
|
(13,202)
|
Other
income
|
2,108
|
|
15,231
|
|
2,215
|
Other
expense
|
(363)
|
|
(522)
|
|
(76)
|
|
|
|
|
|
|
Net income before
income taxes
|
2,420,003
|
|
2,649,048
|
|
385,287
|
Income tax
expenses
|
(255,546)
|
|
(157,731)
|
|
(22,941)
|
|
|
|
|
|
|
Net
income
|
2,164,457
|
|
2,491,317
|
|
362,346
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
2,164,457
|
|
2,491,317
|
|
362,346
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A
and Class B ordinary shares:
|
|
|
|
|
|
Basic
|
17.13
|
|
7.82
|
|
1.14
|
Diluted
|
7.09
|
|
7.74
|
|
1.13
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
share equals 1 ADS):
|
|
|
|
|
|
Basic
|
17.13
|
|
7.82
|
|
1.14
|
Diluted
|
7.09
|
|
7.74
|
|
1.13
|
|
|
|
|
|
|
Weighted average
number of Class A
and Class B ordinary shares
outstanding:
|
|
|
|
|
|
Basic
|
126,390,196
|
|
318,685,836
|
|
318,685,836
|
Diluted
|
305,221,444
|
|
321,955,142
|
|
321,955,142
|
|
|
|
|
|
|
Other
comprehensive gain:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(77,947)
|
|
33,089
|
|
4,813
|
|
|
|
|
|
|
Total
comprehensive income
|
2,086,510
|
|
2,524,406
|
|
367,159
|
|
|
|
|
|
|
Total
comprehensive income attributable to
Qudian Inc.'s shareholders
|
2,086,510
|
|
2,524,406
|
|
367,159
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
As of December
31,
|
|
As of December
31,
|
(In thousands except
for number
|
|
2017
|
|
2018
|
of shares and
per-share data)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
6,832,306
|
|
2,501,188
|
|
363,783
|
Restricted
cash
|
|
2,252,646
|
|
339,827
|
|
49,426
|
Short-term
investments
|
|
300,000
|
|
-
|
|
-
|
Short-term loan
principal and financing service
|
|
|
|
|
|
|
fee
receivables
|
|
8,758,545
|
|
8,417,821
|
|
1,224,321
|
Short-term finance
lease receivables
|
|
8,508
|
|
508,647
|
|
73,980
|
Short-term amounts
due from related parties
|
|
551,215
|
|
2
|
|
-
|
Contract
assets
|
|
-
|
|
903,436
|
|
131,399
|
Other current
assets
|
|
482,351
|
|
1,818,222
|
|
264,449
|
Total current
assets
|
|
19,185,571
|
|
14,489,143
|
|
2,107,358
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan
principal and financing service
fee
receivables
|
|
-
|
|
665,653
|
|
96,815
|
Long-term finance
lease receivables
|
|
17,900
|
|
649,243
|
|
94,428
|
Investment in equity
method investee
|
|
44,519
|
|
33,199
|
|
4,829
|
Property and
equipment, net
|
|
4,613
|
|
26,224
|
|
3,814
|
Intangible
assets
|
|
5,908
|
|
7,264
|
|
1,056
|
Land use
right
|
|
-
|
|
106,545
|
|
15,496
|
Long-term contract
asset
|
|
-
|
|
15,597
|
|
2,268
|
Deferred tax
assets
|
|
115,461
|
|
243,413
|
|
35,403
|
Other non-current
assets
|
|
6,444
|
|
17,093
|
|
2,486
|
Total non-current
assets
|
|
194,845
|
|
1,764,231
|
|
256,597
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
19,380,416
|
|
16,253,374
|
|
2,363,953
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
As of December
31,
|
|
As of December
31,
|
(In thousands except
for number
|
|
2017
|
|
2018
|
of shares and
per-share data)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
7,979,415
|
|
3,860,441
|
|
561,478
|
Accrued
expenses and other current liabilities
|
|
315,693
|
|
507,486
|
|
73,811
|
Short-term
amounts due to related parties
|
|
719,563
|
|
-
|
|
-
|
Guarantee
liabilities
|
|
46,981
|
|
302,605
|
|
44,012
|
Income tax
payable
|
|
268,373
|
|
348,830
|
|
50,735
|
Total
current liabilities
|
|
9,330,025
|
|
5,019,362
|
|
730,036
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings and interest payables
|
|
510,024
|
|
413,400
|
|
60,127
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
510,024
|
|
413,400
|
|
60,127
|
Total
liabilities
|
|
9,840,049
|
|
5,432,762
|
|
790,163
|
|
|
|
|
|
|
|
Commitments
and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
177
|
|
161
|
|
24
|
Class B
Ordinary shares
|
|
44
|
|
44
|
|
6
|
Treasury
shares
|
|
(421,165)
|
|
(362,130)
|
|
(52,670)
|
Additional
paid-in capital
|
|
7,571,703
|
|
6,160,446
|
|
896,000
|
Accumulated
other comprehensive loss
|
|
(77,947)
|
|
(44,858)
|
|
(6,524)
|
Retained
earnings
|
|
2,467,555
|
|
5,066,951
|
|
736,957
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
9,540,367
|
|
10,820,614
|
|
1,573,793
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
19,380,416
|
|
16,253,376
|
|
2,363,956
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
Three months ended
December 31,
|
|
|
2017
|
|
2018
|
(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
|
|
540,092
|
|
767,525
|
|
111,632
|
Add: Share-based
compensation expenses
|
|
19,294
|
|
11,249
|
|
1,636
|
Non-GAAP net
income attributable to Qudian Inc.'s
shareholders
|
|
559,386
|
|
778,774
|
|
113,268
|
|
|
|
|
|
|
|
Non-GAAP net income
per share -- basic
|
|
2.01
|
|
2.58
|
|
0.37
|
Non-GAAP net income
per share -- diluted
|
|
1.73
|
|
2.56
|
|
0.37
|
Weighted average
shares outstanding -- basic
|
|
278,464,623
|
|
302,326,683
|
|
302,326,683
|
Weighted average
shares outstanding -- diluted
|
|
323,461,840
|
|
304,640,119
|
|
304,640,119
|
|
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Year ended December
31,
|
|
|
2017
|
|
2018
|
(In thousands except
for number
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and
per-share data)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income
attributable to Qudian Inc.'s
shareholders
|
|
2,164,459
|
|
2,491,316
|
|
362,347
|
Add: Share-based
compensation expenses
|
|
64,056
|
|
57,981
|
|
8,433
|
Non-GAAP net
income attributable to Qudian Inc.'s
hareholders
|
|
2,228,515
|
|
2,549,297
|
|
370,780
|
|
|
|
|
|
|
|
Non-GAAP net income
per share -- basic
|
|
17.63
|
|
8.00
|
|
1.16
|
Non-GAAP net income
per share -- diluted
|
|
7.3
|
|
7.92
|
|
1.15
|
Weighted average
shares outstanding -- basic
|
|
126,390,196
|
|
318,685,836
|
|
318,685,836
|
Weighted average
shares outstanding -- diluted
|
|
305,221,444
|
|
321,955,142
|
|
321,955,142
|
View original
content:http://www.prnewswire.com/news-releases/qudian-inc-reports-fourth-quarter-and-full-year-2018-unaudited-financial-results-300813755.html
SOURCE Qudian Inc.