XIAMEN, China,
Aug. 16, 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 June 30, 2019.
Second Quarter 2019 Operational Highlights:
- Total number of registered users as of June 30,
2019 reached 76.0 million, representing an increase of 11.9% from
June 30, 2018
- Number of outstanding borrowers[1] from loan book
business and transaction referral business as of June 30, 2019 increased by 11.9% to 6.1
million from 5.4 million as of March 31,
2019
- Cumulative number of borrowers[2] from loan book
business and transaction referral business as of June 30, 2019 increased by 16.9% to 18.3 million
from June 30, 2018
- New active borrowers[3] from loan book business
and transaction referral business for this quarter increased by
108.2% to 1,092,849 from 524,795 for the first quarter of 2019 as a
result of successful activation of Qudian's user base through
credit trial programs and incremental user growth driven by
transaction referral business
- Total outstanding loan balance[4] as of
June 30, 2019 increased by 91.8%
to RMB28.7 billion from June 30,
2018
- Weighted average loan tenure for our loan book business
was 8.4 months for this quarter, compared with 9.9 months for the
first quarter of 2019; Weighted average loan tenure for our
transaction referral business was 14.1 months for this quarter,
compared with 11.8 months for the first quarter of 2019
- Cumulative number of users for traffic referral service
as of June 30, 2019 increased by
34.1% to 3.4 million from March 31,
2019; Cumulative number of users for transaction referral
service as of June 30, 2019
increased by 205.6% to 417,478 from March
31, 2019
- Cumulative amount of transactions referred for transaction
referral business was RMB5.9
billion as of June 30, 2019
[1] Outstanding
borrowers are borrowers who have outstanding loans as of a
particular date, including outstanding borrowers from both loan
book business and transaction referral business. Transaction
referral business, as part of our open-platform, was launched in
the second half of 2018.
[2]
Cumulative number of borrowers are borrowers who have drawn down
credit on or prior to a particular date, on a cumulative basis,
including outstanding borrowers from both loan book business and
transaction referral business.
[3] Active
borrowers are borrowers who have drawn down credit in the specified
period from both loan book business and transaction referral
business. New active borrowers are active borrowers who had never
drawn down credit on our platform prior to the specified
period.
[4] Includes 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 it
does not include auto loans from Dabai Auto business and loans from
transaction referral business.
|
Second Quarter 2019 Financial Highlights:
- Total revenues were RMB2,220.7
million (US$323.5 million),
flat from the same period last year, primarily due to
discontinuation of Dabai Auto
-
- Loan facilitation income and other related income increased by
34.8% year-on-year to RMB609.7
million (US$88.8 million) from
RMB452.1 million for the same period
last year
- Referral service fee and other related income which relate to
transaction referral services and traffic referral services
provided by our open-platform,
substantially increased to RMB398.1
million (US$58.0 million) from
nil for the same period last year
- Financing income increased by 10.0% to RMB984.4 million (US$143.4
million) from RMB895.1 million
for the same period last year as a result of an increase in average
on-balance sheet loan balance
- Net income increased by 57.9% year-on-year to RMB1,143.4 million (US$166.6 million), or RMB4.00 (US$0.58)
per diluted ADS
- Non-GAAP net income[5] increased by 57.1%
year-on-year to RMB1,158.6 million
(US$168.8 million), or RMB4.05 (US$0.59)
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.
|
"In the second quarter we achieved new records in net income and
borrower numbers and made great progress on our open-platform initiative," said Mr.
Min Luo, Founder, Chairman and Chief
Executive Officer of Qudian. "Leveraging our self-developed credit
big-data and transaction clearing technologies, we are able to
provide large scale credit assessment and high-speed precision
processing via an efficient and reliable to-consumer interface for
more than 100 licensed financial service providers to serve the
underpenetrated consumption credit market in China. These underserved mass-market Chinese
consumers are attracted to the affordable and seamless loans
offered through our platform, creating overwhelming demand that
drives natural traffic with minimal acquisition costs for us. As
the end of the second quarter 2019, our registered user base grew
to 76.0 million and total outstanding borrowers reached
6.1 million, both the highest in our Company's
history."
"Strategically, via our open-platform initiative we are further
opening up our dormant registered user base beyond our loan
book to financial institution partners who wish to grow their own
loan book. During the second quarter, over 415,000 open-platform outstanding borrowers were
served on our interface, with a 70%[6] repeat ratio,
demonstrating strong sustainability and user stickiness
trends."
[6] Repeat user
ratio refers to the ratio of (i) users who have made at least one
drawdown on the open-platform prior to the second quarter of 2019
and made at least one drawdown in the second quarter of 2019, and
have at least RMB1,000 of remaining credit line after the most
recent drawdown as of June 30, 2019, divided by (ii) users who have
made at least one drawdown on the open-platform and have at least
RMB1,000 of remaining credit line after the most recent drawdown as
of June 30, 2019.
|
"Since we have an overwhelming demand situation, instead of
increasing marketing spend we have stepped up efforts to activate
more new users in our loan book business. Through our increased
efforts in credit trials and our evolving credit assessment system,
new active borrowers increased by 107.9% from last quarter."
"While we continue to enjoy a massive proprietary app based user
base, we are opening our interface to third-party app partners.
Instead of routing high cost traffic to our app, we will continue
our approach of implementing a distributed traffic eco-system.
Leveraging the latest in HTML5 technology, we can operate the full
credit assessment and disbursement experience through third-party
apps. This brings seamless user experience to the mass market by
integrating our user interfaces within such leading third-party
apps where their users wish to stay."
"We delivered another record Non-GAAP net income of RMB1,158.6 million, a 57.1% year-over-year
increase as a result of our fast-growing user base, risk-free
incremental profits from our open-platform initiative, low operating
costs, regulatory compliant operating structure and solid asset
quality," said Mr. Carl Yeung, Chief
Financial Officer of Qudian. "Owning to our massive under-tapped
user base our open-platform
initiative continued to prove its strong potential to become a
major growth driver, generating RMB398.1
million in revenue for the second quarter with little
marginal operational cost and zero credit risk, and driving over
RMB4.8 billion in loan balance for
our licensed financial institution partners as of the end of second
quarter. This grew substantially from RMB158.7 million of referral revenues in the
first quarter of 2019. Our established full-suite consumer finance
solution offered to our app
partners contains credit assessment models and transaction
infrastructure that can process over 37,000 transactions per hour,
solidifying our leadership position in big data analytics and
transaction clearing, delivering significant value to all
participants in the online consumer finance value chain."
"Qudian has a long-standing commitment to deliver value to our
shareholders. We seized the market window to raise a US$345 million convertible bond, including a
fully exercised green shoe, at 1% coupon for 7 years, and further
entered a capped call transaction to increase the effective
conversion premium by 75%. More importantly, given the ongoing
visible disconnect between the Company's value and fundamentals,
the majority of the proceeds are earmarked for potential share
buybacks over the next one to two years. We will continue to assess
latest capital market trends and may undertake new capital market
transactions that enhance shareholder value. With solid second
quarter results driven by strong momentum in our open-platform initiative and
better-than-expected loan book growth, we are reaffirming our
previously announced Non-GAAP net income guidance of RMB4.5 billion."
Second Quarter Financial Results
Total revenues were RMB2,220.7 million (US$323.5 million), flat from RMB2,243.7 million for the second quarter of
2018.
Financing income totaled RMB984.4 million (US$143.4
million), an increase of 10.0% from RMB895.1 million for the second quarter of 2018,
as a result of an increase in average on-balance sheet loan
balance.
Loan facilitation income and other related
income increased by 34.8% to RMB609.7 million (US$88.8
million) from RMB452.1 million
for the second quarter of 2018, as a result of an increase in the
amount of off-balance sheet transactions.
Referral service fee and other related income
substantially increased to RMB398.1
million (US$58.0 million) from
nil in the second quarter of 2018, as a result of the ramp-up of
the open-platform initiative.
Sales income substantially decreased to
RMB123.5 million (US$18.0 million) from RMB784.8 million for the second quarter of 2018,
due to the scaling down of the Dabai Auto business.
Sales commission fee decreased by 9.7% to
RMB95.6 million (US$13.9 million) from RMB105.9 million for the second quarter of 2018,
due to a decrease in the gross merchandise value for merchandise
credit products.
Total operating costs and expenses decreased by
34.9% to RMB959.1 million
(US$139.7 million) from RMB1,473.1 million for the second quarter of
2018.
Cost of revenues decreased by 69.8% to
RMB286.1 million (US$41.7 million) from RMB947.8 million for the second quarter of 2018,
primarily due to a decrease in costs incurred by the Dabai Auto
business and a decrease in funding costs associated with the
on-balance sheet portion of our loan book business.
Sales and marketing expenses decreased by 51.6% to
RMB77.7 million (US$11.3 million) from RMB160.6 million for the second quarter of 2018.
The decrease was primarily due to a decrease in staff salary and
marketing expenses associated with the scaling down of the Dabai
Auto business.
General and administrative expenses decreased
by 2.6% to RMB67.3
million (US$9.8 million)
from RMB69.1 million for the second quarter of 2018.
Research and development expenses increased
by 70.6% to RMB62.9
million (US$9.2 million) from
RMB36.9 million for the second
quarter of 2018 as a result of an increase in staff salary.
Provision for receivables increased by 122.8%
to RMB494.5 million (US$72.0
million) from RMB222.0 million for the second
quarter of 2018. The increase was primarily due to an increase
in past-due on-balance sheet outstanding principal receivables
compared to the second quarter of 2018 and a write-down relating to
the Dabai Auto business of RMB38.4
million (US$5.6 million).
As of June 30, 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 RMB668.1
million (US$97.3 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB888.3
million (US$129.4 million),
indicating M1+ Delinquency Coverage Ratio of 1.3x.
The following chart displays "vintage charge-off rate." Vintage
charge-off rate refers to, with respect to on- and off-balance
sheet transactions facilitated during a specified time period, the
total outstanding principal balance of the transactions that are
delinquent for more than 180 days during such period, divided by
the total initial principal of the transactions facilitated in such
vintage.
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
on- and off-balance transactions for each of the quarters
indicated, before charge-offs.
Income from operations increased by 63.4% to
RMB1,264.2 million (US$184.2 million) from RMB773.8 million for the second quarter of
2018.
Net income attributable to
Qudian's shareholders increased by
57.9% to RMB1,143.4 million (US$166.6 million), or RMB4.00 (US$0.58)
per diluted ADS.
Non-GAAP Net income attributable to Qudian
shareholders increased by
57.1% to RMB1,158.6 million (US$168.8 million), or RMB4.05 (US$0.59)
per diluted ADS.
Cash Flow
As of June 30, 2019, the Company
had cash and cash equivalents of RMB2,586.9
million (US$376.8 million) and
restricted cash of RMB858.6
million (US$125.1 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.
For the quarter ended June 30,
2019, net cash provided by operating
activities was RMB1,413.6 million (US$205.9 million), mainly attributable to net
income of RMB1,143.4 million
(US$166.6 million), adjustment of
provision for receivables of RMB494.5
million (US$72.0 million).
Net cash provided by investing activities was
RMB881.3 million (US$128.4 million), mainly due to proceeds from
collection of loan principal of RMB6,935.1
million (US$1,010.2 million),
partially offset by payments to originate loan principal of
RMB5,833.9 million (US$849.8 million). Net cash used in
financing activities was RMB1,927.8 million (US$280.8 million), mainly due to repayments of
borrowings of RMB1,374.5 million
(US$200.2 million) and repurchase of
ordinary shares of RMB693.5 million
(US$101.0 million).
Convertible bond issuance and update on share
repurchase
On July 1, 2019, the Company
closed the offering of US$300 million
in aggregate principal amount of convertible senior notes due 2026
and the sale of an additional US$45
million aggregate principal amount of such notes pursuant to
the exercise in full by the initial purchasers of their option to
purchase additional notes. In light of continued disconnection
between strong fundamentals and low stock price, the Company plans
to use the majority of the proceeds to further fuel its share
repurchase efforts. As of the date of this release, the Company has
completed total share repurchases of approximately US$377 million. As of June
30, 2019, the total number of ordinary shares outstanding
was 279,260,717.
Outlook
The Company reaffirms its total Non-GAAP net income for the full
year of 2019 to exceed RMB4.5
billion, which will represent a 76.5% increase from
approximately RMB2.5 billion 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 August 16, 2019 at 8:00 AM U.S. Eastern Time, (8:00 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 August 24, 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:
|
7744949
|
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 RMB6.8650 to US$1.00, the noon buying rate in
effect on June 28, 2019 in the H.10 statistical release
of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ 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
June 30,
|
(In thousands except
for number
|
|
2018
|
|
2019
|
of shares and per
share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Financing income
|
|
895,131
|
|
984,446
|
|
143,401
|
Sales commission
fee
|
|
105,898
|
|
95,602
|
|
13,926
|
Sales income
|
|
784,753
|
|
123,536
|
|
17,995
|
Penalty fee
|
|
5,766
|
|
9,394
|
|
1,368
|
Loan facilitation income and
other related income
|
|
452,103
|
|
609,651
|
|
88,806
|
Referral service fee
and other related income
|
|
-
|
|
398,068
|
|
57,985
|
Total
revenues
|
|
2,243,651
|
|
2,220,697
|
|
323,481
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of revenues
|
|
(947,817)
|
|
(286,135)
|
|
(41,680)
|
Sales and marketing
|
|
(160,586)
|
|
(77,732)
|
|
(11,323)
|
General and administrative
|
|
(69,110)
|
|
(67,326)
|
|
(9,807)
|
Research and development
|
|
(36,863)
|
|
(62,882)
|
|
(9,160)
|
Changes in guarantee liabilities
|
|
(36,747)
|
|
(2,139)
|
|
(312)
|
Changes in risk assurance
liabilities
|
|
-
|
|
31,611
|
|
4,605
|
Provision for
receivables
|
|
(221,951)
|
|
(494,453)
|
|
(72,025)
|
Total operating
cost and expenses
|
|
(1,473,074)
|
|
(959,056)
|
|
(139,702)
|
Other operating
income
|
|
3,203
|
|
2,570
|
|
374
|
|
|
|
|
|
|
|
Income from
operations
|
|
773,780
|
|
1,264,211
|
|
184,153
|
Interest and
investment income, net
|
|
4,584
|
|
11,348
|
|
1,653
|
Foreign exchange
gain/(loss), net
|
|
18,420
|
|
(1,074)
|
|
(156)
|
Other
income
|
|
7,828
|
|
21,915
|
|
3,192
|
Other
expenses
|
|
-
|
|
(372)
|
|
(54)
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
804,612
|
|
1,296,028
|
|
188,788
|
Income tax
expenses
|
|
(80,420)
|
|
(152,622)
|
|
(22,232)
|
|
|
|
|
|
|
|
Net
income
|
|
724,192
|
|
1,143,406
|
|
166,556
|
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
|
724,192
|
|
1,143,406
|
|
166,556
|
|
|
|
|
|
|
|
Earnings per share
for Class A
and Class B ordinary
shares:
|
|
|
|
|
|
|
Basic
|
|
2.21
|
|
4.03
|
|
0.59
|
Diluted
|
|
2.19
|
|
4.00
|
|
0.58
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary
share equals 1
ADS):
|
|
|
|
|
|
|
Basic
|
|
2.21
|
|
4.03
|
|
0.59
|
Diluted
|
|
2.19
|
|
4.00
|
|
0.58
|
|
|
|
|
|
|
|
Weighted average
number of Class A
and Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
327,811,355
|
|
284,022,960
|
|
284,022,960
|
Diluted
|
|
330,060,963
|
|
285,735,609
|
|
285,735,609
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
113,240
|
|
9,755
|
|
1,421
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
837,432
|
|
1,153,161
|
|
167,977
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to
Qudian Inc.'s
shareholders
|
|
837,432
|
|
1,153,161
|
|
167,977
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March
31,
|
|
As of June
30,
|
(In thousands except
for number
|
|
|
2019
|
|
2019
|
of shares and
per-share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
1,931,430
|
|
2,586,949
|
|
376,832
|
Restricted
cash
|
|
|
1,138,364
|
|
858,648
|
|
125,076
|
Short-term
investments
|
|
|
30,000
|
|
30,000
|
|
4,370
|
Short-term loan
principal and financing service fee receivables
|
|
|
10,010,611
|
|
8,743,378
|
|
1,273,616
|
Short-term
finance lease receivables
|
|
|
492,132
|
|
448,494
|
|
65,331
|
Short-term
contract assets
|
|
|
1,338,853
|
|
1,809,313
|
|
263,556
|
Amounts due
from related parties
|
|
|
44
|
|
45
|
|
7
|
Other current
assets
|
|
|
1,760,531
|
|
1,967,223
|
|
286,558
|
Total current
assets
|
|
|
16,701,965
|
|
16,444,050
|
|
2,395,346
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Long-term loan
principal and financing service fee receivables
|
|
|
388,200
|
|
251,921
|
|
36,696
|
Long-term
finance lease receivables
|
|
|
569,629
|
|
484,989
|
|
70,647
|
Operating lease
right-of-use assets
|
|
|
149,673
|
|
137,668
|
|
20,054
|
Investments in equity
method investees
|
|
|
30,635
|
|
49,651
|
|
7,232
|
Long-term
investments
|
|
|
-
|
|
180,000
|
|
26,220
|
Property and
equipment, net
|
|
|
40,843
|
|
63,920
|
|
9,311
|
Intangible
assets
|
|
|
7,056
|
|
6,111
|
|
890
|
Long-term
contract assets
|
|
|
22,848
|
|
575,066
|
|
83,768
|
Deferred tax
assets
|
|
|
312,911
|
|
450,116
|
|
65,567
|
Other
non-current assets
|
|
|
23,200
|
|
20,266
|
|
2,952
|
Total
non-current assets
|
|
|
1,544,995
|
|
2,219,708
|
|
323,337
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
18,246,960
|
|
18,663,758
|
|
2,718,683
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March
31,
|
|
As of June
30,
|
(In thousands except
for number
|
|
|
2019
|
|
2019
|
of shares and
per-share data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
|
4,201,713
|
|
3,241,491
|
|
472,177
|
Short-term
lease liabilities
|
|
|
18,202
|
|
11,957
|
|
1,742
|
Accrued
expenses and other current liabilities
|
|
|
515,414
|
|
657,416
|
|
95,763
|
Guarantee
liabilities
|
|
|
566,630
|
|
409,160
|
|
59,601
|
Risk assurance
liabilities
|
|
|
-
|
|
760,313
|
|
110,752
|
Income tax
payable
|
|
|
445,261
|
|
339,715
|
|
49,485
|
Total
current liabilities
|
|
|
5,747,220
|
|
5,420,052
|
|
789,520
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
102,969
|
|
376,321
|
|
54,817
|
Long-term lease
liabilities
|
|
|
23,188
|
|
18,996
|
|
2,767
|
Long-term
borrowings and interest payables
|
|
|
597,500
|
|
597,500
|
|
87,036
|
Total non-current
liabilities
|
|
|
723,657
|
|
992,817
|
|
144,620
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
6,470,877
|
|
6,412,869
|
|
934,140
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
|
162
|
|
150
|
|
22
|
Class B
Ordinary shares
|
|
|
44
|
|
44
|
|
6
|
Treasury
shares
|
|
|
(362,130)
|
|
(362,130)
|
|
(52,750)
|
Additional
paid-in capital
|
|
|
6,185,101
|
|
5,506,759
|
|
802,150
|
Accumulated
other comprehensive loss
|
|
|
(63,667)
|
|
(53,912)
|
|
(7,853)
|
Retained
earnings
|
|
|
6,016,573
|
|
7,159,978
|
|
1,042,968
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
11,776,083
|
|
12,250,889
|
|
1,784,543
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
18,246,960
|
|
18,663,758
|
|
2,718,683
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
|
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
|
|
724,192
|
|
1,143,406
|
|
166,556
|
Add: Share-based
compensation expenses
|
|
|
13,449
|
|
15,162
|
|
2,209
|
Non-GAAP net
income attributable to Qudian Inc.'s shareholders
|
|
737,640
|
|
1,158,568
|
|
168,765
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share-basic
|
|
|
2.25
|
|
4.08
|
|
0.59
|
Non-GAAP net income
per share-diluted
|
|
|
2.23
|
|
4.05
|
|
0.59
|
Weighted average
shares outstanding-basic
|
|
|
327,811,355
|
|
284,022,960
|
|
284,022,960
|
Weighted average
shares outstanding-diluted
|
|
|
330,060,963
|
|
285,735,609
|
|
285,735,609
|
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SOURCE Qudian Inc.