XIAMEN, China, May 20, 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 quarter ended March 31,
2019.
First Quarter 2019 Operational Highlights:
- Total outstanding loan balance[1] as of
March 31, 2019 increased by 91.2%
to RMB24.6 billion from March 31,
2018
- Total number of registered users as of March 31,
2019 reached 73.3 million, representing an increase of 12.1% from
March 31, 2018
- Number of outstanding borrowers[2] as of
March 31, 2019 increased by 2.7% to
5.4 million from 5.3 million as of December
31, 2018
- Cumulative number of borrowers[3] as of
March 31, 2019 increased by 14.6% to
17.2 million from March 31, 2018
- New active borrowers[4] for this
quarter increased by 16.6% to 523,979, from 449,480 for the
fourth quarter of 2018 as a result of successful activation of
Qudian's user base
- Weighted average loan tenure was 9.9 months for this
quarter, compared with 10.4 months for the fourth quarter of
2018
- Cumulative number of users for traffic referral
service was 2.5 million; Cumulative number of users for
transaction referral service was 136,599 as of
March 31, 2019
[1] Includes off and on balance sheet
loans directly or indirectly funded by our funding partners but
does not 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.
|
First Quarter 2019 Financial Highlights:
- Total revenues increased by 22.2% year-on-year to RMB2,096.9 million (US$312.4 million)
-
- Loan facilitation income and others substantially increased
year-on-year to RMB644.4 million
(US$96.0 million) from RMB277.6 million for the same period last
year
- Referral service fee, which relates to traffic referral service
and transaction referral service provided by our open platform,
substantially increased to RMB158.7
million (US$23.7 million) from
nil for the same period last year
- Financing income increased by 30.1% to RMB1,010.8 million (US$150.6 million) from RMB776.7 million for the same period last year as
a result of an increase in average on-balance sheet loan
balance
- Net income increased by 200.7% year-on-year to RMB949.6 million (US$141.5
million), or RMB3.19
(US$0.48) per diluted ADS
- Non-GAAP net income[5] increased by 187.9%
year-on-year to RMB974.3 million
(US$145.2 million), or RMB3.27 (US$0.49)
per diluted ADS
[5] 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're pleased to report another record quarter," said Mr.
Min Luo, Founder, Chairman and Chief
Executive Officer of Qudian. "We remained focused on growing
our loan book steadily looking for exceptional risk-adjusted
profits, while investing in our open-platform initiative launched
in the third quarter of 2018 to drive additional profit
growth. Leveraging our affordable and streamlined product and
service offerings as well as strong brand recognition, our
registered users grew to 73.3 million during the quarter with
minimal incremental marketing costs. Notably, new active borrowers
grew to 523,979 from the fourth quarter of 2018."
"Supported by overwhelming user demand, we successfully
diversified our institutional funding base and expect to secure
sufficient funding for the year. Meanwhile, with our massive
transactional and behavioral data accumulated through over
RMB201 billion worth of transactions
as well as external partnerships, we maintained asset quality at
our target level while continuing to lead the industry in big data
analytics."
"Beyond income from our loan book business, our open-platform
initiative showed encouraging developments in terms of revenue
contribution and funding partnerships. As of end of the first
quarter, we accumulatively referred over 136 thousand users to our
open-platform partners for transaction referral service. As of
today, two partners have signed up for our transaction referral
service. Looking ahead, we will continue to invest in our open
platform and expand partnerships in funding and user engagement,
fueling growth above and beyond the capacity of our balance sheet.
Given the exciting and visible growth throughout these core
business lines, we will stay focused on our technology-based
consumption credit services and have discontinued efforts outside
of consumption credit opportunities, including winding down of the
Dabai auto business beginning in the second quarter of 2019."
"Coming off a record year of 2018, we started 2019 with another
new milestone by achieving record Non-GAAP net income of
RMB974.3 million, an 187.9%
year-to-year increase as a result of successfully growing our loan
balance while managing risk appropriately," said Mr. Carl Yeung, Chief Financial Officer of Qudian.
"Our loan book saw growth of 91.2% year-on-year, which further
demonstrated strong demand from our users and ample institutional
funding. During the quarter, we added five more licensed funding
partners and obtained a new RMB10
billion loan facilitation credit balance from one of the
largest direct banks at a competitive cost. During this
quarter, through successful efforts in testing and activating our
dormant user base, new active borrowers increased by 16.6% from
last quarter, contributing 18.0% of total active borrowers."
"Our open-platform initiative introduced last year is already
showing strong profit potential, generating RMB158.7 million in revenue for the first quarter
with little marginal operational cost and zero credit cost. We
believe our credit analytics technology and brand influence is more
than ample to support the full commercialization of our
open-platform. Therefore, we intend to build a traffic ecosystem
combining our internal user base with users across other leading
mobile apps and utilize our leading credit big data analytics to
refer quality transactions to a large range of licensed financial
institutions. One recent effort to build traffic ecosystem for
credit services is our strategic minority stake investment in a
leading mobile app with more than 15 million monthly active users,
with exclusive user engagement access to Qudian on their app to
provide credit and credit referral services.
"With solid first quarter results and ample external funding, we
remain confident in achieving our guidance announced in
December 2018 and expect full year
2019 Non-GAAP net income to exceed RMB3.5
billion. Against this healthy outlook, we recently bought
back all our remaining shares held by Kunlun Group Limited for US$103.2 million and subsequently cancelled the
related 18,173,885 ADSs in order to further enhance our EPS,
demonstrating our long-standing commitment to delivering
shareholder value."
First Quarter Financial Results
Total revenues were RMB2,096.9 million (US$312.4 million), an increase of 22.2% from
RMB1,716.6 million for the first
quarter of 2018, mainly driven by a substantial increase in loan
facilitation income and others and an increase in financing income,
partially offset by a decrease in sales income generated by the
Dabai Auto business.
Financing income totaled RMB1,010.8 million (US$150.6 million), an increase of 30.1% from
RMB776.7 million for the first
quarter of 2018, due to an increase in average on-balance loan
balance.
Loan facilitation income and others increased
to RMB644.4 million (US$96.0 million) from RMB277.6 million for the first quarter of 2018,
as a result of a substantial increase in off-balance sheet
transactions.
Referral service fee substantially increased to
RMB158.7 million (US$23.7 million) from nil in the first quarter of
2018, as a result of the ramp-up of the open-platform
initiative.
Sales income decreased to RMB137.0 million (US$20.4
million) from RMB546.0 million
for the first quarter of 2018, due to the scaling down of the Dabai
Auto business.
Sales commission fee increased by 22.0% to
RMB135.9 million (US$20.2 million) from RMB111.4 million for the first quarter of 2018,
due to an increase in the gross merchandise value.
Total operating costs and expenses decreased by
29.4% to RMB985.7 million
(US$146.9 million) from RMB1,395.7 million for the first quarter of
2018.
Cost of revenues decreased by 62.1% to
RMB260.5 million (US$38.8 million) from RMB686.4 million for the first quarter of 2018,
primarily due to a decrease in costs incurred by the Dabai Auto
business and a decrease in funding costs associated with our core
online consumer finance businesses.
Sales and marketing expenses decreased by
35.0% to RMB79.9 million
(US$11.9 million) from RMB122.9 million for the first quarter of 2018.
The decrease was primarily due to a decrease in marketing expenses
associated with the scaling down of the Dabai Auto business.
General and administrative
expenses increased by 48.1% to RMB82.9 million (US$12.4 million) from RMB56.0
million for the first quarter of 2018 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 45.9% to RMB63.5 million (US$9.5 million) from RMB43.5 million for the first quarter of
2018 as a result of an increase in staff salary.
Provision for receivables decreased by 12.0%
to RMB390.4 million (US$58.2
million) from RMB443.6 million for the first
quarter of 2018. The decrease was primarily due to a decrease
in past-due on-balance sheet outstanding principal receivables
compared to the first quarter of 2018, partially offset by a
write-down relating to the Dabai Auto business of RMB38.0 million (US$5.7
million).
As of March 31, 2019, 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 RMB571.6
million (US$85.2 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB681.4
million (US$101.5 million),
indicating M1+ Delinquency Coverage Ratio of 1.2x.
Due to the increase in loan tenure, we believe M1+ delinquency
rate was not fully representative of loan performance and
therefore, we added actual charge-off rates to supplement the
disclosure. We will continue to evaluate the disclosure of
operating metrics that meaningfully represent our loan
performances.
The following chart displays "vintage charge-off rate" for the
quarters indicated. Vintage charge-off rate refers to, with respect
to on- and off-balance sheet loans originated during a specified
time period, the total outstanding principal balance of the loans
that are charged off during a specified period, divided by the
total initial principal of the loans originated in such
vintage:
Click here to view the
chart.
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 indicated, 2019, before
charge-offs:
Click here to view the
chart.
Income from operations increased by 248.7% to
RMB1,138.1 million (US$169.6 million) from the first quarter of
2018.
Net income attributable to
Qudian's
shareholders increased by
200.7% to RMB949.6 million (US$141.5 million), or RMB3.19 (US$0.48)
per diluted ADS.
Non-GAAP Net income attributable to Qudian
shareholders increased by
187.9% to RMB974.3 million (US$145.2 million), or RMB3.27 (US$0.49)
per diluted ADS.
Cash Flow
As of March 31, 2019, the Company
had cash and cash equivalents of RMB1,931.4
million (US$287.8 million) and
restricted cash of RMB1,138.4
million (US$169.6 million).
Restricted cash mainly represents (i) cash held by the consolidated
trusts through segregated bank accounts; (ii) time deposits that
are pledged for short-term bank loans; and (iii) security deposits
held in designated bank accounts for guarantee of off-balance sheet
transactions. Such restricted cash is not available to fund the
general liquidity needs of the Company.
As of March 31, 2019, net
cash provided by operating activities was RMB1,197.4
million (US$178.4 million),
mainly attributable to net income of RMB949.6 million (US$141.5
million) and provision for receivables of RMB390.4 million (US$58.2
million). Net cash used in investing
activities was RMB1,454.3
million (US$216.7 million),
mainly due to payments to originate loan principal of RMB7,704.3 million (US$1,148.0 million), partially offset by proceeds
from collection of loan principal of RMB6,297.0 million (US$938.3 million). Net cash provided by
financing activities was RMB496.6 million (US$74.0 million), mainly due to proceeds from
borrowings of RMB1,797.0 million
(US$267.8 million), partially offset
by repayments of borrowings of RMB1,271.3
million (US$189.4
million).
Update on Share Repurchase
On December 1, 2017 and
December 13, 2018, the Company
announced two share repurchase programs to purchase up to
US$600 million of the Company's
American Depositary Shares. In light of continued disconnection
between strong fundamentals and low stock price, on April 12, 2019, the Company repurchased all the
remaining 18,173,885 shares held by one of its shareholders, Kunlun Group
Limited for US$103.2
million and subsequently cancelled the shares.
Outlook
The Company reaffirms its total Non-GAAP net income for the full
year of 2019 to exceed RMB3.5
billion, which will 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 May 20, 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 May 28, 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:
|
5789537
|
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 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 RMB6.7112 to US$1.00, the noon buying rate in
effect on March 31, 2019 in the H.10 statistical release
of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ 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
March 31,
|
(In thousands except
for number
|
|
2018
|
|
2019
|
of shares and
per-share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing
income
|
|
776,747
|
|
1,010,758
|
|
150,608
|
Sales commission
fee
|
|
111,379
|
|
135,854
|
|
20,243
|
Sales
income
|
|
546,034
|
|
136,971
|
|
20,409
|
Penalty
fee
|
|
4,886
|
|
10,140
|
|
1,511
|
Loan facilitation
income and others
|
|
277,577
|
|
644,412
|
|
96,020
|
Referral service
fee
|
|
-
|
|
158,724
|
|
23,651
|
Total
revenues
|
|
1,716,622
|
|
2,096,859
|
|
312,442
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
|
(686,404)
|
|
(260,485)
|
|
(38,813)
|
Sales and
marketing
|
|
(122,945)
|
|
(79,857)
|
|
(11,899)
|
General and
administrative
|
|
(55,990)
|
|
(82,896)
|
|
(12,352)
|
Research and
development
|
|
(43,521)
|
|
(63,508)
|
|
(9,463)
|
Loss of guarantee
liability
|
|
(43,187)
|
|
(108,581)
|
|
(16,179)
|
Provision for
receivables
|
|
(443,615)
|
|
(390,391)
|
|
(58,170)
|
Total operating
cost and expenses
|
|
(1,395,661)
|
|
(985,718)
|
|
(146,876)
|
Other operating
income
|
|
5,457
|
|
26,995
|
|
4,022
|
|
|
|
|
|
|
|
Income from
operations
|
|
326,418
|
|
1,138,136
|
|
169,588
|
Interest and
investment income, net
|
|
19,536
|
|
2,107
|
|
314
|
Foreign
exchange gain/(loss), net
|
|
(21,950)
|
|
7,921
|
|
1,180
|
Other
income
|
|
672
|
|
1,227
|
|
183
|
Other
expense
|
|
(168)
|
|
(1,526)
|
|
(227)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
324,508
|
|
1,147,865
|
|
171,038
|
Income tax
expenses
|
|
(8,692)
|
|
(198,243)
|
|
(29,539)
|
|
|
|
|
|
|
|
Net
income
|
|
315,816
|
|
949,622
|
|
141,499
|
|
|
|
|
|
|
|
Net income
attributable to Qudian
Inc.'s shareholders
|
|
315,816
|
|
949,622
|
|
141,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
Basic
|
|
0.97
|
|
3.20
|
|
0.48
|
Diluted
|
|
0.95
|
|
3.19
|
|
0.48
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share
equals 1 ADS):
|
|
|
|
|
|
|
Basic
|
|
0.97
|
|
3.20
|
|
0.48
|
Diluted
|
|
0.95
|
|
3.19
|
|
0.48
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class
B ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
326,372,211
|
|
296,766,678
|
|
296,766,678
|
Diluted
|
|
331,424,416
|
|
297,726,986
|
|
297,726,986
|
|
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(142,548)
|
|
(18,809)
|
|
(2,803)
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
173,268
|
|
930,813
|
|
138,696
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to
Qudian Inc.'s shareholders
|
|
173,268
|
|
930,813
|
|
138,696
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
(In thousands except
for number
|
|
2018
|
|
2019
|
of shares and per
share data)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
2,501,188
|
|
1,931,430
|
|
287,792
|
Restricted
cash
|
|
339,827
|
|
1,138,364
|
|
169,621
|
Short-term
investments
|
|
-
|
|
30,000
|
|
4,470
|
Short-term loan
principal and financing service fee
receivables
|
|
8,417,821
|
|
10,010,611
|
|
1,491,628
|
Short-term finance
lease receivables
|
|
508,647
|
|
492,132
|
|
73,330
|
Amounts due from
related parties
|
|
2
|
|
44
|
|
7
|
Short-term contract
assets
|
|
903,436
|
|
1,338,853
|
|
199,495
|
Other current
assets
|
|
1,818,222
|
|
1,760,532
|
|
262,326
|
Total current
assets
|
|
14,489,144
|
|
16,701,966
|
|
2,488,669
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan
principal and financing service fee
receivables
|
665,653
|
|
388,200
|
|
57,844
|
Long-term finance
lease receivables
|
|
649,243
|
|
569,629
|
|
84,877
|
Operating lease
right-of-use assets
|
|
-
|
|
149,673
|
|
22,302
|
Investment in equity
method investee
|
|
33,199
|
|
30,635
|
|
4,565
|
Property and
equipment, net
|
|
26,224
|
|
40,842
|
|
6,086
|
Intangible
assets
|
|
7,264
|
|
7,056
|
|
1,051
|
Land use
right
|
|
106,545
|
|
-
|
|
-
|
Long-term contract
assets
|
|
15,597
|
|
22,848
|
|
3,405
|
Deferred tax
assets
|
|
243,413
|
|
312,911
|
|
46,625
|
Other non-current
assets
|
|
17,093
|
|
23,199
|
|
3,457
|
Total non-current
assets
|
|
1,764,231
|
|
1,544,993
|
|
230,212
|
TOTAL
ASSETS
|
|
16,253,375
|
|
18,246,959
|
|
2,718,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
(In thousands except
for number
|
|
2018
|
|
2019
|
of shares and per
share data)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
3,860,441
|
|
4,201,713
|
|
626,075
|
Short-term
lease liabilities
|
|
-
|
|
18,202
|
|
2,712
|
Accrued
expenses and other current liabilities
|
|
507,486
|
|
515,414
|
|
76,799
|
Guarantee
liabilities
|
|
302,605
|
|
566,630
|
|
84,431
|
Income tax
payable
|
|
348,830
|
|
445,261
|
|
66,346
|
Total
current liabilities
|
|
5,019,362
|
|
5,747,220
|
|
856,363
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Defered tax
liabilities
|
|
-
|
|
102,968
|
|
15,343
|
Long-term lease
liabilities
|
|
-
|
|
23,188
|
|
3,455
|
Long-term
borrowings and interest payables
|
|
413,400
|
|
597,500
|
|
89,030
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
413,400
|
|
723,656
|
|
107,828
|
Total
liabilities
|
|
5,432,762
|
|
6,470,876
|
|
964,191
|
|
|
|
|
|
|
|
Commitments
and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
161
|
|
162
|
|
24
|
Class B
Ordinary shares
|
|
44
|
|
44
|
|
6
|
Treasury
shares
|
|
(362,130)
|
|
(362,130)
|
|
(53,959)
|
Additional
paid-in capital
|
|
6,160,446
|
|
6,185,101
|
|
921,609
|
Accumulated
other comprehensive loss
|
|
(44,858)
|
|
(63,667)
|
|
(9,487)
|
Retained
earnings
|
|
5,066,951
|
|
6,016,573
|
|
896,497
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
10,820,613
|
|
11,776,083
|
|
1,754,690
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
16,253,375
|
|
18,246,959
|
|
2,718,881
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
2018
|
|
2019
|
(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
|
315,816
|
|
949,622
|
|
141,499
|
Add: Share-based
compensation expenses
|
|
22,651
|
|
24,656
|
|
3,674
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
338,467
|
|
974,278
|
|
145,173
|
|
|
|
|
|
|
|
Non-GAAP net income
per share—basic
|
|
1.04
|
|
3.28
|
|
0.49
|
Non-GAAP net income
per share—diluted
|
|
1.02
|
|
3.27
|
|
0.49
|
Weighted average
shares outstanding—basic
|
|
326,372,211
|
|
296,766,678
|
|
296,766,678
|
Weighted average
shares outstanding—diluted
|
|
331,424,416
|
|
297,726,986
|
|
297,726,986
|
View original
content:http://www.prnewswire.com/news-releases/qudian-inc-reports-first-quarter-2019-unaudited-financial-results-300853001.html
SOURCE Qudian Inc.