XIAMEN,
China, June 12, 2023 /PRNewswire/ -- Qudian Inc.
("Qudian" or "the Company" or "We") (NYSE: QD), a consumer-oriented
technology company in China, today
announced its unaudited financial results for the quarter ended
March 31, 2023.
First Quarter 2023 Financial Highlights:
- Total revenues were RMB21.9
million (US$3.2 million),
compared to RMB201.8 million for the
same period of last year
- Net income attributable to Qudian's shareholders was
RMB414.3 million (US$60.3 million), compared to net loss of
RMB142.8 million for the same period
of last year; net income per diluted ADS was RMB1.81 (US$0.26)
for the first quarter of 2023
- Non-GAAP net income attributable to Qudian's shareholders
was RMB416.0 million (US$60.6 million), compared to net loss of
RMB144.5 million for the same period
of last year. We exclude share-based compensation expenses and
convertible bonds buyback income from our non-GAAP measures.
Non-GAAP net income per diluted ADS was RMB1.81 (US$0.26)
for the first quarter of 2023
"The business conditions remain challenging in the first quarter
of 2023. We continued to execute our business transition, with the
winding down of our QD Food business to its final stage while
maintaining a healthy balance sheet by pursuing efficient cash
management," said Mr. Min Luo,
Founder, Chairman and Chief Executive Officer of Qudian. "Moving
forward, we remain focused on navigating market dynamics and
capitalizing on new business and investment opportunities,
including those overseas, in order to build long-term value for our
shareholders."
First Quarter Financial Results
Total revenues were RMB21.9
million (US$3.2 million),
representing a decrease of 89.1% from RMB201.8 million for the first quarter of
2022.
Financing income, loan facilitation income
and other related income and transaction services fee and other
related income decreased to nil as a result of the winding
down of the loan book business.
Sales income and others increased to RMB21.9 million (US$3.2
million), which was mostly attributable to sales income
generated by QD Food and partially generated by other incomes from
various new overseas business attempts, compared with RMB4.1 million for the first quarter of 2022,
which was mainly attributable to sales income generated by the
Wanlimu Kids Clubs business. We have wound down the QD Food
business.
Total operating costs and expenses decreased to
RMB83.9 million (US$12.2 million) from RMB285.5 million for the first quarter of
2022.
Cost of revenues decreased by 29.0% to
RMB22.8 million (US$3.3 million) from RMB32.1 million for the first quarter of 2022,
primarily due to the winding down of the Wanlimu Kids Clubs
business and loan book business, partially offset by inventory
clearance relating to QD Food business.
Sales and marketing expenses decreased by
88.6% to RMB2.6 million (US$0.4 million) from RMB23.1 million for the first quarter of 2022,
primarily due to the winding down of the Wanlimu Kids Clubs
business and QD Food business.
General and administrative expenses decreased by
56.8% to RMB51.2 million
(US$7.5 million) from RMB118.4 million for the first quarter of 2022,
as a result of the decrease in staff head count, which led to a
corresponding decrease in staff salaries.
Research and development expenses decreased by
46.5% to RMB10.5 million
(US$1.5 million) from RMB19.6 million for the first quarter of 2022, as
a result of the decrease in staff head count, which led to a
corresponding decrease in staff salaries and a decrease in
third-party service fees.
Expected credit loss for receivables and other
assets was a reversal of RMB5.9
million (US$0.9 million) as
compared to a loss of RMB11.9 million
for the first quarter of 2022, primarily due to the winding down of
the loan book business.
Impairment loss from other assets decreased
by 97.7% to RMB2.7 million
(US$0.4 million) from RMB113.5 million, as a result of the winding down
of the Wanlimu Kids Clubs business.
Loss from operations was RMB28.9 million (US$4.2
million), compared to RMB66.4
million for the first quarter of 2022.
Interest and investment income, net was
RMB241.3 million (US$35.1 million), compared to a loss of
RMB42.3 million for the first quarter
of 2022, mainly due to the increase in quoted price of the
short-term investments.
Gain on derivative instrument increased by 375.2%
to RMB286.9 million (US$41.8 million) from RMB60.4 million for the first quarter of 2022,
primarily due to the increase in quoted price of the equity
securities relating to the derivative instruments we hold.
Net income attributable to Qudian's
shareholders was RMB414.3
million (US$60.3 million). Net
income per diluted ADS was RMB1.81
(US$0.26).
Non-GAAP net income attributable to Qudian's shareholders was
RMB416.0 million (US$60.6 million). Non-GAAP net income per diluted
ADS was RMB1.81 (US$0.26).
Cash Flow
As of March 31, 2023, the Company
had cash and cash equivalents of RMB5,001.3 million (US$728.2 million) and restricted
cash of RMB56.5 million
(US$8.2 million).
For the first quarter of 2023, net cash provided by operating
activities was RMB328.6 million
(US$47.8 million), mainly due to the
decrease in other current and non-current assets primarily as a
result of the winding down of the loan book business. Net cash
provided by investing activities was RMB1,212.8 million (US$176.6 million), mainly due to the net proceeds
from the redemption of short-term investments. Net cash used in
financing activities was RMB57.2
million (US$8.3 million),
mainly due to the repurchase of ordinary shares.
Update on Share Repurchase
As previously disclosed, the Company established a share
repurchase program in June 2022,
under which the Company may purchase up to US$200 million worth of its Class A ordinary
shares and/or ADSs over a 24-month period. From the launch of the
share repurchase program on June 13,
2022 to the date of this release, the Company has in
aggregate purchased 24.2 million ADSs in the open market for a
total amount of approximately US$24.4
million (an average price of $1.0 per ADS) pursuant to the share repurchase
program.
About Qudian Inc.
Qudian Inc. ("Qudian") is a consumer-oriented technology company
in China. The Company historically
focused on providing credit solutions to consumers. Qudian is
exploring innovative consumer products and services to satisfy
Chinese consumers' fundamental and daily needs by leveraging its
technology capabilities.
For more information, please
visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP net income/loss attributable to Qudian's
shareholders, a Non-GAAP financial measure, in evaluating our
operating results and for financial and operational decision-making
purposes. We believe that Non-GAAP net income/loss attributable to
Qudian's shareholders helps identify underlying trends in our
business by excluding the impact of share-based compensation
expenses, which are non-cash charges, and convertible bonds buyback
income, which is non-cash and non-recurring. We believe that
Non-GAAP net income/loss attributable to Qudian's shareholders
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.
Non-GAAP net income/loss attributable to Qudian's shareholders
is not defined under U.S. GAAP and is not presented in accordance
with U.S. GAAP. This Non-GAAP financial measure has limitations as
an analytical tool, and when assessing 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 RMB6.8676 to US$1.00, the noon buying rate in effect on
March 31, 2023, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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 products; Qudian's expectations regarding
keeping and strengthening its relationships with customers,
business partners and other parties it collaborates 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:
In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com
QUDIAN INC.
|
Unaudited Condensed Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
(In thousands except
for number
|
|
|
2022
|
|
2023
|
of shares and per-share
data)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Financing
income
|
|
|
177,901
|
|
-
|
|
-
|
Sales commission
fee
|
|
|
21
|
|
-
|
|
-
|
Sales income and
others
|
|
|
4,141
|
|
21,859
|
|
3,183
|
Penalty fee
|
|
|
17,311
|
|
-
|
|
-
|
Loan facilitation
income and other related income
|
|
472
|
|
-
|
|
-
|
Transaction services
fee and other related income
|
|
1,973
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
201,819
|
|
21,859
|
|
3,183
|
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(32,130)
|
|
(22,806)
|
|
(3,321)
|
Sales and
marketing
|
|
|
(23,083)
|
|
(2,629)
|
|
(383)
|
General and
administrative
|
|
|
(118,429)
|
|
(51,201)
|
|
(7,455)
|
Research and
development
|
|
|
(19,576)
|
|
(10,466)
|
|
(1,524)
|
Changes in guarantee
liabilities and risk assurance liabilities(1)
|
33,119
|
|
-
|
|
-
|
Expected credit loss
for receivables and other assets
|
(11,891)
|
|
5,900
|
|
859
|
Impairment loss from
other assets
|
|
|
(113,528)
|
|
(2,661)
|
|
(387)
|
Total operating cost
and expenses
|
|
|
(285,518)
|
|
(83,863)
|
|
(12,211)
|
Other operating
income
|
|
|
17,266
|
|
33,144
|
|
4,826
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(66,433)
|
|
(28,860)
|
|
(4,202)
|
Interest and investment
(loss)/income, net
|
|
|
(42,274)
|
|
241,287
|
|
35,134
|
Gain from equity method
investments
|
|
|
1,443
|
|
1,314
|
|
191
|
Gain on derivative
instruments
|
|
|
60,367
|
|
286,850
|
|
41,769
|
Foreign exchange
gain/(loss), net
|
|
|
85
|
|
(1,774)
|
|
(258)
|
Other income
|
|
|
79
|
|
1,605
|
|
234
|
Other
expenses
|
|
|
(2,039)
|
|
(571)
|
|
(83)
|
|
|
|
|
|
|
|
|
Net (loss)/income
before income taxes
|
|
|
(48,772)
|
|
499,851
|
|
72,785
|
Income tax
expenses
|
|
|
(94,115)
|
|
(85,553)
|
|
(12,457)
|
|
|
|
|
|
|
|
|
Net
(loss)/Income
|
|
|
(142,887)
|
|
414,298
|
|
60,328
|
Less: net loss
attributable to non-controlling
interest shareholders
|
|
|
(88)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Qudian
Inc.'s shareholders
|
|
|
(142,799)
|
|
414,298
|
|
60,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss/(Earning) per
share for Class A and
Class B ordinary shares:
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.56)
|
|
1.82
|
|
0.27
|
Diluted
|
|
|
(0.56)
|
|
1.81
|
|
0.26
|
|
|
|
|
|
|
|
|
Loss/(Earning) per ADS
(1 Class A ordinary
share equals 1 ADSs):
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.56)
|
|
1.82
|
|
0.27
|
Diluted
|
|
|
(0.56)
|
|
1.81
|
|
0.26
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
253,735,434
|
|
227,199,812
|
|
227,199,812
|
Diluted
|
|
|
259,137,777
|
|
229,412,998
|
|
229,412,998
|
|
|
|
|
|
|
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(1,050)
|
|
(4,090)
|
|
(596)
|
|
|
|
|
|
|
|
|
Total comprehensive
(loss)/income
|
|
|
(143,849)
|
|
410,208
|
|
59,732
|
Less: total
comprehensive loss attributable to
non-controlling interest shareholders
|
|
|
(88)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Total comprehensive
(loss)/income
attributable to Qudian Inc.'s
shareholders
|
|
|
(143,761)
|
|
410,208
|
|
59,732
|
|
|
|
|
|
|
|
|
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 December
31,
|
|
As of March
31,
|
(In thousands except
for number
|
|
|
2022
|
|
2023
|
of shares and per-share
data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
ASSETS:
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
3,486,376
|
|
5,001,285
|
728,243
|
Restricted
cash
|
|
|
86,372
|
|
56,503
|
8,227
|
Short-term
investments
|
|
|
5,378,305
|
|
4,812,491
|
700,753
|
Short-term
finance lease
receivables
|
|
|
1,381
|
|
960
|
140
|
Other current
assets
|
|
|
2,106,092
|
|
1,422,320
|
207,106
|
Total current
assets
|
|
|
11,058,526
|
|
11,293,559
|
1,644,469
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Right-of-use
assets
|
|
|
103,142
|
|
105,749
|
15,398
|
Investment in
equity method
investee
|
|
|
133,058
|
|
134,293
|
19,555
|
Long-term
investments
|
|
|
217,046
|
|
211,212
|
30,755
|
Property and
equipment, net
|
|
|
773,886
|
|
833,722
|
121,399
|
Intangible
assets
|
|
|
9,701
|
|
4,353
|
634
|
Other non-current
assets
|
|
|
451,076
|
|
451,134
|
65,690
|
Total
non-current assets
|
|
|
1,687,909
|
|
1,740,463
|
253,431
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
12,746,435
|
|
13,034,022
|
1,897,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUDIAN
INC.
|
Unaudited Condensed
Consolidated Balance Sheets (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
(In thousands except
for number
|
|
|
2022
|
|
2023
|
of shares and per-share
data)
|
|
|
(Audited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings and
interest payables
|
|
|
29,062
|
|
145,312
|
21,159
|
Short-term lease
liabilities
|
|
|
6,311
|
|
8,083
|
1,177
|
Derivative
instruments-liability
|
|
|
163,129
|
|
108,729
|
15,832
|
Accrued expenses
and other
current liabilities
|
|
|
295,675
|
|
213,928
|
31,150
|
Income tax
payable
|
|
|
90,753
|
|
158,498
|
23,079
|
Total current
liabilities
|
|
|
584,930
|
|
634,550
|
92,397
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Deferred tax
liabilities, net
|
|
|
2,118
|
|
19
|
3
|
Long-term lease
liabilities
|
|
|
426
|
|
2,038
|
297
|
Long-term
borrowings and
interest payables
|
|
|
116,249
|
|
-
|
-
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
118,793
|
|
2,057
|
300
|
Total
liabilities
|
|
|
703,723
|
|
636,607
|
92,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A Ordinary
shares
|
|
|
132
|
|
132
|
19
|
Class B Ordinary
shares
|
|
|
44
|
|
44
|
6
|
Treasury
shares
|
|
|
(486,955)
|
|
(542,715)
|
(79,025)
|
Additional
paid-in capital
|
|
|
4,036,197
|
|
4,036,452
|
587,753
|
Accumulated
other
comprehensive loss
|
|
|
(45,960)
|
|
(50,050)
|
(7,288)
|
Retained
earnings
|
|
|
8,539,254
|
|
8,953,552
|
1,303,738
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
12,042,712
|
|
12,397,415
|
1,805,203
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND
SHAREHOLDERS' EQUITY
|
|
|
12,746,435
|
|
13,034,022
|
1,897,900
|
QUDIAN
INC.
|
Unaudited
Reconciliation of GAAP And Non-GAAP Results
|
|
|
|
Three months ended
December 31,
|
|
|
|
2022
|
|
2023
|
(In thousands except
for number
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
of shares and per-share
data)
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
(loss)/income attributable to Qudian
Inc.'s shareholders
|
|
(142,799)
|
|
414,298
|
|
60,328
|
Add: Share-based
compensation expenses
|
|
|
7,723
|
|
1,668
|
|
243
|
Less: Convertible bonds
buyback income
|
|
|
9,460
|
|
-
|
|
-
|
Non-GAAP net
(loss)/income attributable to
Qudian Inc.'s shareholders
|
|
(144,536)
|
|
415,966
|
|
60,571
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss)/earning per share—basic
|
|
|
(0.57)
|
|
1.83
|
|
0.27
|
Non-GAAP net
(loss)/earning per share
diluted
|
|
|
(0.57)
|
|
1.81
|
|
0.26
|
Weighted average shares
outstanding—basic
|
|
|
253,735,434
|
|
227,199,812
|
|
227,199,812
|
Weighted average shares
outstanding—diluted
|
|
|
259,137,777
|
|
229,412,998
|
|
229,412,998
|
View original
content:https://www.prnewswire.com/news-releases/qudian-inc-reports-first-quarter-2023-unaudited-financial-results-301848024.html
SOURCE Qudian Inc.