XIAMEN, China, Nov 18, 2019 /PRNewswire/ -- Qudian Inc.
("Qudian" or the "Company") (NYSE: QD), a leading technology
platform empowering the enhancement of online consumer finance
experience in China, today
announced its unaudited financial results for the quarter ended
Sep 30, 2019.
Third Quarter 2019 Operational Highlights:
- Total number of registered users as of Sep 30, 2019
reached 78.3 million, representing an increase of 11.8% from
Sep 30, 2018
- Number of outstanding borrowers[1] from loan book
business and transaction services business as of Sep 30, 2019 increased by 3.4% to 6.3 million
from 6.1 million as of June 30,
2019
- Cumulative number of borrowers[2] from loan book
business and transaction services business as of Sep 30, 2019 increased by 3.6% to 19.0 million
from June 30, 2019
- New active borrowers[3] from loan book business
and transaction services business for this quarter increased by
15.2% to 669,111 from 580,727 for the third quarter of 2018 as a
result of incremental user growth driven by transaction services
business
- Total outstanding loan balance including transaction
services business[4] as of Sep 30, 2019 increased by 151.2% to RMB38.4
billion from Sep 30, 2018
- Weighted average loan tenure for our loan book business
was 10.4 months for this quarter, compared with 8.4 months for the
second quarter of 2019; Weighted average loan tenure for
transactions serviced on open-platform was 13.0 months for this
quarter, compared with 14.1 months for the second quarter of
2019
- Cumulative number of users for transactions serviced on
open-platform as of Sep 30, 2019
increased by 153.3% to 1,057,497 from June
30, 2019 Cumulative amount of transactions serviced on
open-platform in 2019 was RMB15.7
billion as of Sep 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 services business. Transaction services business,
relates to various services, including credit assessment, referral
and post-origination services, provided through our open-platform,
which was launched in the second half of 2018.
[2]
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 services business.
[3] Active
borrowers are borrowers who have drawn down credit in the specified
period from both loan book business and transaction services
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. Includes
loan balance facilitated through our open platform to funding
partners which Qudian does not undertake credit risks and does not
include auto loans from Dabai Auto business.
|
Third Quarter 2019 Financial Highlights:
- Total revenues were RMB2,590.9
million (US$362.5 million),
increased by 34.3% from same period last year, primarily due to the
ramp up of the open-platform initiative
-
- Loan facilitation income and other related income increased by
72.6% year-on-year to RMB583.3
million (US$81.6 million) from
RMB337.9 million for the same period
last year
- Transaction services fee and other related income which relate
to transaction services and traffic referral services provided by
our open-platform, substantially increased to RMB993.3 million (US$139.0
million) from nil for the same period last year
- Financing income decreased by 16.9% to RMB797.9 million (US$111.6
million) from RMB960.2 million
for the same period last year as a result of a decrease in average on-balance sheet loan
balance
- Net income increased by 52.6% year-on-year to RMB1,043.4 million (US$146.0 million), or RMB3.29 (US$0.46)
per diluted ADS
- Non-GAAP net income[5] increased by 52.9%
year-on-year to RMB1,061.8million
(US$148.6 million), or RMB3.34 (US$0.47)
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.
|
"The third quarter marks our successful evolution to a balance
sheet independent, technology services fee driven business. Our
transaction services fee overtook as the largest in revenue scale
and delivered staggering 150% growth from the previous quarter,"
said Mr. Min Luo, Founder, Chairman
and Chief Executive Officer of Qudian.
"In the face of a complex and evolving regulatory framework over
the past several years we have proven our ability to lead and
innovate, creating China's leading
regulatory compliant fintech company. Our past efforts in full
compliance with Circular 141, restrained use of micro lending
license, complete avoidance of P2P business model, 100%
institutional funding base, disciplined approach to collection and
respect of our customers' data privacy have all cumulated to our
open platform solution. Our open platform where the licensed and
regulated financial institutions lend and assume borrowers risk
while QD provides a full suite of transaction services using
cutting edge technologies to enhance analytics, user experience,
reduce customer acquisition and engagement cost, is likely to be
the ultimate form of regulatory compliant fintech in China."
"Our open platform technology enables high speed precision
processing of micro loans while simultaneously syndicating each
individual user to multiple lenders. This allows all our lender
partners to lower risk while providing enhancement in credit size,
allowing open platform to focus on the higher quality borrowers. As
of the end of third quarter, our open-platform has bridged over
1,020,940 outstanding borrowers and 11 licensed and, regulated
financial institutions, both more than doubling from last quarter.
Notably, the repeat borrowing ratio was more than 70% for the
quarter, demonstrating strong sustainability and user stickiness
trends."
"As a whole, our registered user base grew to 78.3 million and
total outstanding borrowers reached 6.3 million, both the
highest in our company's history, illustrating the sustained demand
for our services. With the right high-scale, risk-free and
regulatory compliant approach to China's exciting consumer credit opportunity,
we believe Qudian remains best positioned to deliver exceptional
financial results and returns to our shareholders for the long
term."
"We delivered another quarter of solid Non-GAAP net income of
RMB1,061.8 million, a 52.9%
year-over-year increase despite the overall industry credit
deterioration driven by the macro economic environment and reduced
liquidity as non-complaint player exit the credit market," said Mr.
Carl Yeung, Chief Financial Officer
of Qudian. "Continuing last quarter's momentum, our open-platform
initiative has become the main growth and profit driver, generating
RMB993.3 million revenue for the
third quarter, which represents over 90% of our net profit, further
boosting our bottom line, as it carries little marginal operational
cost and zero credit risk."
"Attracted by our affordable and seamless product offering, more
than 669,000 new borrowers joined the platform with minimal
acquisition costs. Our total loan balance including the risk-free
open platform business has grown further to RMB38.4 billion, solidifying our strong execution
capabilities to drive business development and focus on the higher
quality borrowers. Building on the innovation in our open-platform,
we will continue to pursue our tech-driven growth strategy to
connect China's over 300 million
creditworthy but underserved consumers to more than 5,000 licensed
domestic financial institutions."
"In our risk undertaking business, we implemented a conservative
strategy of reducing credit volumes and paused our credit trial
program. Our proactive and prompt management of macro driven risk
was effective in stabilizing the delinquency rates. To enhance
comparability to peers and transparency in our disclosures, our M6+
vintage charge-off rates measured by current receivables at risk
stayed below 1.6%. Although risk remains well managed, we believe
the recent exit of many smaller players may create further credit
liquidity pressure for the Chinese consumption credit sector. As
such, we expect to continue a conservative approach on our
risk-taking book into the final quarter of 2019 and thus revise our
full year guidance accordingly."
"Given a large disconnect between the strong momentum in our
open-platform and risk-free fee based business model and the
market value of our company which is near net assets, we have
announced another US$195 million of
shares under our forward stock repurchase program, bringing our
total buyback amount to US$572
million since we became a public company. This reflects our
confidence in Qudian's growth prospects and upholds our commitment
to creating shareholder value."
Third Quarter Financial Results
Total revenues were RMB2,590.9 million (US$362.5 million), increased by 34.3% from
RMB1,928.9 million for the third
quarter of 2018.
Financing income totaled RMB797.9 million (US$111.6
million), a decrease of 16.9% from RMB960.2 million for the third quarter of 2018,
as a result of a decrease in
average on-balance sheet loan balance.
Loan facilitation income and other related
income increased by 72.6% to RMB583.3 million (US$81.6
million) from RMB337.9 million
for the third quarter of 2018, as a result of an increase in the
amount of off-balance sheet transactions.
Transaction services fee and other related income
substantially increased to RMB993.3
million (US$139.0 million)
from nil in the third quarter of 2018, as a result of the ramp-up
of the open-platform initiative.
Sales income substantially decreased to
RMB135.5 million (US$19.0 million) from RMB586.1 million for the third quarter of 2018,
due to the scaling down of the Dabai Auto business.
Sales commission fee increased by 96.0% to
RMB69.9 million (US$9.8 million) from RMB35.7 million for the third quarter of 2018,
due to an increase in the margins for merchandise credit
products.
Total operating costs and expenses increased by
14.0% to RMB1,400.8 million
(US$196.0 million) from RMB1,229.0 million for the third quarter of
2018.
Cost of revenues decreased by 70.5% to
RMB206.3 million (US$28.9 million) from RMB698.5 million for the third 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 45.4% to
RMB65.5 million (US$9.2 million) from RMB120.1 million for the third quarter of 2018.
The decrease was primarily due to the scaling down of the Dabai
Auto business.
General and administrative expenses increased
by 34.9% to RMB65.1
million (US$9.1 million)
from RMB48.2 million for the third quarter of 2018. The
increase was primarily due to an increase in service fees.
Research and development expenses increased
by 7.0% to RMB44.1
million (US$6.2 million) from
RMB41.2 million for the third quarter
of 2018.
Provision for receivables increased by 136.4%
to RMB691.1 million (US$96.7
million) from RMB292.4 million for the third
quarter of 2018. The increase was primarily due to an increase
in past-due on-balance sheet outstanding principal receivables
compared to the third quarter of 2018 and a write-down relating to
the Dabai Auto business of RMB42.7
million (US$6.0 million).
As of Sep 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 RMB970.6
million (US$135.8 million), and
the balance of allowance for principal and financing service fee
receivables at the end of the period was RMB1,184.5
million (US$165.7 million),
indicating M1+ Delinquency Coverage Ratio of 1.2x.
The following charts display "vintage charge-off rate." Total
potential receivables at risk vintage charge-off rate refers to,
with respect to on- and off-balance sheet transactions facilitated
during a specified time period, the total potential 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.
Current receivables at risk vintage charge-off rate refers to,
with respect to on- and off-balance sheet transactions facilitated
during a specified time period, actual 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.
Total potential receivables at risk M1+ delinquency rate by
vintage refers to, with respect to on- and off-balance sheet
transactions facilitated during a specified time period, the total
potential outstanding principal balance of the transactions that
are delinquent for more than 30 days during such period, divided by
the total initial principal of the transactions facilitated in such
vintage.
Current receivables at risk M1+ delinquency rate by vintage
refers to, with respect to on- and off-balance sheet transactions
facilitated during a specified time period, the actual outstanding
principal balance of the transactions that are delinquent for more
than 30 days during such period, divided by the total initial
principal of the transactions facilitated in such
vintage.
Income from operations increased by 73.5% to
RMB1,219.6 million (US$170.6 million) from RMB702.8 million for the third quarter of
2018.
Net income attributable to
Qudian's shareholders increased by
52.6% to RMB1,043.4 million (US$146.0 million), or RMB3.29 (US$0.46)
per diluted ADS.
Non-GAAP net income attributable to Qudian's
shareholders increased by
52.9% to RMB1,061.8 million (US$148.6 million), or RMB3.34 (US$0.47)
per diluted ADS.
Cash Flow
As of Sep 30, 2019, the Company
had cash and cash equivalents of RMB2,656.1
million (US$371.6 million) and
restricted cash of RMB981.6
million (US$137.3 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 Sep 30,
2019, net cash provided by operating
activities was RMB1,670.9 million (US$233.8 million), mainly attributable to net
income of RMB1,043.4 million
(US$146.0 million), adjustment of
provision for receivables of RMB691.1
million (US$96.7 million).
Net cash provided by investing activities was
RMB438.6 million (US$61.4 million), mainly due to proceeds from
collection of loan principal of RMB5,779.4
million (US$808.6 million),
partially offset by payments to originate loan principal of
RMB5,279.4 million (US$738.6 million). Net cash used in
financing activities was RMB1,919.4 million (US$268.5 million), mainly due to repayments of
borrowings of RMB2,752.5 million
(US$385.1 million) and prepayment of
forward purchases of RMB1,383.1 million (US$193.5 million), partially offset by net
proceeds from convertible senior notes of RMB2,389.0 million (US$334.2 million).
Board Member Changes
We also announced today the replacement of Mr. Lianzhu Lv
from Qudian's Board of Directors by Mr. Long Xu, Qudian's Senior Vice President.
With extensive experience managing startups, Mr. Xu joined
Qudian, Inc. in 2016 and has focused on key operations including
products, human resources and customer engagement. Mr. Lv will
remain as key management of the company focusing on
administration.
Outlook
Due to recent strategy for the company to reduce risk-taking
loan balance and focus on higher quality borrowers via
open-platform, the Company has adjusted its expected total Non-GAAP
net income for the full year of 2019 to RMB4.0 billion, which will represent an
approximately 57% increase from RMB2.55
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.
Qudian to Hold Annual General Meeting on December 30, 2019
Qudian announced that it will hold its annual general
meeting of shareholders (the "AGM") at Level 39, Tower A, AVIC
Zijin Plaza, Siming District, Xiamen, Fujian
Province, China, on December 30,
2019 at 11:00AM (Beijing / Hong Kong Time). No
proposal will be submitted to shareholders for approval at the AGM.
Instead, the AGM will serve as an open forum for shareholders and
holders of the Company's ADSs to discuss the Company's affairs with
management. The chairman of the AGM will conduct and lead the AGM
and may accept questions from shareholders at his sole and absolute
discretion.
The board of directors of the Company has fixed the close of
business on December 6, 2019 (Eastern
Standard Time) as the record date (the "Record Date") for
determining the shareholders entitled to receive notice of and
attend the AGM or any adjournment or postponement thereof.
Holders of record of the ordinary shares, par
value US$0.0001 per share, of the Company (the "Ordinary
Shares"), at the close of business on the Record Date are entitled
to attend the AGM and any adjournment or postponement thereof in
person.
The notice of the annual general meeting is available on the
Company's website at http://ir.qudian.com. The Company filed
its annual report on Form 20-F for the fiscal year
ended December 31, 2018 with the U.S. Securities and
Exchange Commission (the "SEC") on April 15, 2019.
Holders of the Ordinary Shares and the Company's American
depositary shares may obtain a copy of the Company's annual report
on Form 20-F, free of charge, from the Company's website
at http://ir.qudian.com, or from the website of the U.S.
Securities and Exchange Commission at http://www.sec.gov,
or by contacting Qudian at Level 39, Tower A, AVIC
Zijin Plaza, Siming District, Xiamen, Fujian
Province, China, attention: Mr. Ben
Zhao, email: ir@qudian.com.
Conference Call
The Company's management will host an earnings conference call
on November 18, 2019 at 7:00 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 November 26, 2019, by dialing the following
telephone numbers:
U.S.: +1-855-452-5696 (toll-free) / +1-646-254-3697
International: +61-2-8199-0299
Hong Kong: 800-963-117 (toll-free)
/ +852-3051-2780
Mainland China: 400-632-2162
(toll-free) / 800-870-0205 (toll-free)
Passcode: 6738659
About Qudian Inc.
Qudian Inc. ("Qudian") is a leading technology platform
empowering the enhancement of online consumer finance experience in
China. The Company's mission is to
use technology to make personalized credit accessible to hundreds
of millions of young, mobile-active consumers in China who need access to small credit for
their discretionary spending but are underserved by traditional
financial institutions due to lack of traditional credit data or
high cost of servicing. Qudian's credit solutions enable licensed,
regulated financial institutions and ecosystem partners to offer
affordable and customized loans to this young generation of
consumers.
For more information, please
visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use adjusted net income, 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 RMB7.1477 to US$1.00, the noon buying rate in effect
on September 30, 2019 in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or US$ 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.
Ben Zhao
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
September 30,
|
(In thousands except
for number
|
|
2018
|
|
2019
|
of shares and
per-share data)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Financing
income
|
|
960,207
|
|
797,879
|
111,627
|
Sales commission
fee
|
|
35,650
|
|
69,873
|
9,776
|
Sales
income
|
|
586,057
|
|
135,533
|
18,962
|
Penalty
fee
|
|
9,047
|
|
10,993
|
1,538
|
Loan facilitation
income and other related income
|
|
337,950
|
|
583,340
|
81,612
|
Transaction services
fee and other related income
|
|
-
|
|
993,299
|
138,968
|
|
|
|
|
|
|
Total
revenues
|
|
1,928,911
|
|
2,590,917
|
362,483
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenues
|
|
(698,519)
|
|
(206,336)
|
(28,867)
|
Sales and
marketing
|
|
(120,071)
|
|
(65,538)
|
(9,169)
|
General and
administrative
|
|
(48,233)
|
|
(65,069)
|
(9,104)
|
Research and
development
|
|
(41,237)
|
|
(44,103)
|
(6,170)
|
Changes in guarantee
liabilities and risk
assurance liabilities[1]
|
|
(28,578)
|
|
(328,631)
|
(45,977)
|
Provision for
receivables and other assets
|
|
(292,350)
|
|
(691,080)
|
(96,686)
|
Total operating
cost and expenses
|
|
(1,228,988)
|
|
(1,400,757)
|
(195,973)
|
Other operating
income
|
|
2,886
|
|
29,425
|
4,116
|
|
|
|
|
|
|
Income from
operations
|
|
702,809
|
|
1,219,585
|
170,626
|
Interest and
investment income, net
|
|
23,487
|
|
10,511
|
1,471
|
Foreign exchange
gain/(loss), net
|
|
(52,799)
|
|
(814)
|
(114)
|
Other
income
|
|
2,445
|
|
483
|
68
|
Other
expenses
|
|
(56)
|
|
(1,764)
|
(247)
|
|
|
|
|
|
|
Net income before
income taxes
|
|
675,886
|
|
1,228,001
|
171,804
|
Income tax
expenses
|
|
7,897
|
|
(184,614)
|
(25,829)
|
|
|
|
|
|
|
Net
income
|
|
683,783
|
|
1,043,387
|
145,975
|
|
|
|
|
|
|
Net income
attributable to Qudian Inc.'s
shareholders
|
|
683,783
|
|
1,043,387
|
145,975
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B
ordinary shares:
|
|
|
|
|
|
Basic
|
|
2.15
|
|
3.74
|
0.52
|
Diluted
|
|
2.13
|
|
3.29
|
0.46
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share
equals 1 ADS):
|
|
|
|
|
|
Basic
|
|
2.15
|
|
3.74
|
0.52
|
Diluted
|
|
2.13
|
|
3.29
|
0.46
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares
outstanding:
|
|
|
|
|
|
Basic
|
|
318,484,524
|
|
279,325,050
|
279,325,050
|
Diluted
|
|
320,441,092
|
|
320,089,013
|
320,089,013
|
|
|
|
|
|
|
Other
comprehensive income:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
60,586
|
|
2,483
|
348
|
|
|
|
|
|
|
Total
comprehensive income
|
|
744,369
|
|
1,045,870
|
146,323
|
|
|
|
|
|
|
Total
comprehensive income attributable
to Qudian
Inc.'s shareholders
|
|
744,369
|
|
1,045,870
|
146,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
[1]
The amount includes the change in fair value of the guarantee
liabilities accounted in accordance with
ASC 815,"Derivative", and the change in risk assurance
liabilities accounted in accordance with ASC 450,
"Contingencies" and ASC 460, "Guarantees".
|
QUDIAN
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
As of June
30,
|
|
As of September
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
|
|
|
2,586,949
|
|
2,656,105
|
371,603
|
Restricted
cash
|
|
|
858,648
|
|
981,618
|
137,333
|
Short-term
investments
|
|
|
30,000
|
|
30,000
|
4,197
|
Short-term loan
principal and financing service
fee receivables
|
|
|
8,743,378
|
|
8,023,224
|
1,122,490
|
Short-term
finance lease receivables
|
|
|
448,494
|
|
426,495
|
59,669
|
Short-term
amounts due from related parties
|
|
|
45
|
|
228
|
32
|
Short-term
contract assets
|
|
|
1,809,313
|
|
2,908,284
|
406,884
|
Other current
assets
|
|
|
1,967,223
|
|
1,791,529
|
250,644
|
Total
current assets
|
|
|
16,444,050
|
|
16,817,483
|
2,352,852
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term loan
principal and financing service
fee receivables
|
|
|
251,921
|
|
37,652
|
5,268
|
Long-term
finance lease receivables
|
|
|
484,989
|
|
331,927
|
46,438
|
Operating lease
right-of-use assets
|
|
|
137,668
|
|
145,605
|
20,371
|
Investment in
equity method investees
|
|
|
49,651
|
|
47,464
|
6,641
|
Long-term
investments
|
|
|
180,000
|
|
224,180
|
31,364
|
Property and
equipment, net
|
|
|
63,920
|
|
79,461
|
11,117
|
Intangible
assets
|
|
|
6,111
|
|
6,050
|
846
|
Long-term
contract assets
|
|
|
575,066
|
|
272,222
|
38,085
|
Deferred tax
assets
|
|
|
450,116
|
|
713,160
|
99,775
|
Other
non-current assets
|
|
|
20,266
|
|
19,770
|
2,766
|
Total
non-current assets
|
|
|
2,219,708
|
|
1,877,491
|
262,671
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
18,663,758
|
|
18,694,974
|
2,615,523
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and interest payables
|
|
|
3,241,491
|
|
777,726
|
108,808
|
Short-term
lease liabilities
|
|
|
11,957
|
|
18,373
|
2,570
|
Accrued
expenses and other current liabilities
|
|
|
657,416
|
|
828,466
|
115,907
|
Guarantee
liabilities
|
|
|
409,160
|
|
422,022
|
59,043
|
Risk assurance
liabilities
|
|
|
760,313
|
|
1,083,721
|
151,618
|
Income tax
payable
|
|
|
339,715
|
|
626,189
|
87,607
|
Total
current liabilities
|
|
|
5,420,052
|
|
3,756,497
|
525,553
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Deferred tax
liabilities
|
|
|
376,321
|
|
508,249
|
71,107
|
Convertible
senior notes
|
|
|
-
|
|
2,391,584
|
334,595
|
Long-term lease
liabilities
|
|
|
18,996
|
|
21,344
|
2,986
|
Long-term
borrowings and interest payables
|
|
|
597,500
|
|
278,000
|
38,894
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
992,817
|
|
3,199,177
|
447,582
|
Total
liabilities
|
|
|
6,412,869
|
|
6,955,674
|
973,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
Class A
Ordinary shares
|
|
|
150
|
|
150
|
21
|
Class B
Ordinary shares
|
|
|
44
|
|
44
|
6
|
Treasury
shares
|
|
|
(362,130)
|
|
(362,130)
|
(50,664)
|
Additional
paid-in capital
|
|
|
5,506,759
|
|
3,949,300
|
552,527
|
Accumulated
other comprehensive loss
|
|
|
(53,912)
|
|
(51,429)
|
(7,195)
|
Retained
earnings
|
|
|
7,159,978
|
|
8,203,365
|
1,147,693
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
12,250,889
|
|
11,739,300
|
1,642,388
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
|
18,663,758
|
|
18,694,974
|
2,615,523
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Three months ended
September 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
|
|
683,783
|
|
1,043,387
|
|
145,975
|
Add: Share-based
compensation expenses
|
|
10,529
|
|
18,439
|
|
2,580
|
Non-GAAP net
income attributable to
Qudian Inc.'s shareholders
|
|
694,312
|
|
1,061,826
|
|
148,555
|
|
|
|
|
|
|
|
Non-GAAP net income
per share - basic
|
|
2.18
|
|
3.80
|
|
0.53
|
Non-GAAP net income
per share - diluted
|
|
2.17
|
|
3.34
|
|
0.47
|
Weighted average
shares outstanding - basic
|
|
318,484,524
|
|
279,325,050
|
|
279,325,050
|
Weighted average
shares outstanding - diluted
|
|
320,441,092
|
|
320,089,013
|
|
320,089,013
|
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SOURCE Qudian Inc.