HANGZHOU, China, March 19, 2021 /PRNewswire/ -- Weidai Ltd.
("Weidai" or the "Company") (NYSE: WEI), a leading auto-backed
financing solution provider in China, today announced its financial results
for the year ended December 31, 2020,
which have not been audited or reviewed by the Company's
independent registered accounting firm.
Full Year 2020 Operational Results
Loan balance
Total loan balance as of December 31,
2020 was RMB4.5 billion
(US$0.7 billion).
Full Year 2020 Financial Results Net revenues in
2020 were RMB1,536.1 million (US$235.4
million). Among net revenues, loan service fee was
RMB1,411.1 million (US$216.3 million), other revenues were
RMB97.8 million (US$15.0 million) and net financing income was
RMB30.8 million (US$4.7 million).
Provision for loans and advances in 2020 was
RMB803.7 million (US$123.2 million).
Operating costs and expenses in 2020 were
RMB1,141.1 million (US$174.9 million). Among operating costs and
expenses, provision for financial guarantee liabilities was
RMB103.0 million (US$15.8 million), origination and servicing
expenses were RMB766.3 million
(US$117.4 million), sales and
marketing expenses were RMB15.1
million (US$2.3 million),
general and administrative expenses were RMB229.5 million (US$35.2
million), and research and development expenses were
RMB27.1 million (US$4.2 million). Share-based compensation
expenses in 2020 were RMB6.1
million (US$0.9 million).
Loss from operations in 2020 was RMB408.7 million (US$62.6
million).
Income tax expenses in 2020 were RMB316.5 million (US$48.5
million).
Net loss in 2020 was RMB714.3
million (US$109.5
million).
Net loss and comprehensive loss attributable to Weidai Ltd.'s
ordinary shareholders in 2020 was RMB712.6 million (US$109.2
million).
Adjusted net loss in 2020 was RMB708.3 million (US$108.6
million).
Regulatory Developments
As stated in the earnings release for the first half of 2020
furnished with the SEC on September 17,
2020, Weidai has been cooperating closely with
local government in its operation since July 2020.
Weidai's management team is committed to fully cooperating and
complying with government instructions. Weidai re-affirms its
commitment to ensure a smooth exit from peer-to-peer investments on
its platform and would like to thank investors again for their
patience and supports during this special period.
Use of Non-GAAP Financial Measures
The Company uses adjusted net income/(loss), a non-GAAP
financial measure, in evaluating its operating results and for
financial and operational decision-making purposes. The Company
believes that adjusted net income/(loss) helps identify underlying
trends in its business by excluding the impact of share-based
compensation expenses/(benefits). The Company believes that
adjusted net income/(loss) provides useful information about its
operating results, enhances the overall understanding of its past
performance and future prospects and allows for greater visibility
with respect to key metrics used by the Company's management in its
financial and operational decision-making.
Adjusted net income/(loss) 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
the Company's operating performance, cash flows or liquidity,
investors should not consider it in isolation, or as a substitute
for net income/(loss), cash flows provided by operating activities
or other consolidated statements of operation and cash flow data
prepared in accordance with U.S. GAAP. The Company encourages
investors and others to review its financial information in its
entirety and not rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and Non-GAAP
results" set forth at the end of this press release.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com/.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB
to U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the noon buying rate on December 31, 2020 set forth in the H.10
statistical release of the U.S. Federal Reserve Board.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. 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," "target," "confident" and similar statements. Weidai
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 Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; and Weidai's ability to meet the
standards necessary to maintain listing of its ADSs on the NYSE,
including its ability to cure any non-compliance with the NYSE's
continued listing criteria. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
WEIDAI
LTD.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands of Renminbi ("RMB") and US dollar ("US$"),
except for number
of shares and per share data)
|
|
|
As of December 31,
2020
|
|
RMB
|
|
US$
|
|
(in
thousands)
|
|
|
|
|
ASSETS
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
409,498
|
|
62,758
|
Restricted
cash
|
195,940
|
|
30,029
|
Loans and advances,
net
|
732,016
|
|
112,186
|
Prepaid expenses and
other assets
|
302,261
|
|
46,324
|
Deposits
|
534,058
|
|
81,848
|
Amounts due from
related parties
|
15,360
|
|
2,354
|
Total current
assets
|
2,189,133
|
|
335,499
|
Non-current
assets:
|
|
|
|
Long-term
investments
|
13,574
|
|
2,080
|
Prepaid expenses and
other assets
|
18,614
|
|
2,853
|
Property, equipment
and software, net
|
37,672
|
|
5,773
|
Deferred tax
assets
|
403,852
|
|
61,893
|
Total non-current
assets
|
473,712
|
|
72,599
|
Total
assets
|
2,662,845
|
|
408,098
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities (including current liabilities of the
consolidated variable interest entities and subsidiaries without
recourse to the primary beneficiary of RMB1,048,511 (US$160,691) as
of December 31, 2020):
|
|
|
|
Payable to
institutional funding partners and online investors
|
43,480
|
|
6,664
|
Current account with
online investors and borrowers.
|
254,175
|
|
38,954
|
Income tax
payable
|
242,638
|
|
37,186
|
Accrued expenses and
other liabilities
|
366,020
|
|
56,094
|
Amounts due to
related parties
|
5,146
|
|
789
|
Contract
liabilities
|
163,057
|
|
24,990
|
Total current
liabilities
|
1,074,516
|
|
164,677
|
Non-current
liabilities (including non-current liabilities of the consolidated
variable interest entities and subsidiaries without recourse to the
primary beneficiary of RMB19,237 (US$2,948) as of December 31,
2020):
|
|
|
|
Contract
liabilities
|
19,237
|
|
2,948
|
Total non-current
liabilities
|
19,237
|
|
2,948
|
Total
liabilities
|
1,093,753
|
|
167,625
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Class A ordinary
shares (par value of US$0.000002 per share; 35,390,055 shares
issued and outstanding as of December 31, 2020)
|
-
|
|
-
|
Class B ordinary
shares (par value of US$0.000002 per share; 35,071,400 shares
issued and outstanding as of December 31, 2020)
|
1
|
|
-
|
Additional paid-in
capital
|
1,241,845
|
|
190,321
|
Accumulated other
comprehensive loss
|
(2,510)
|
|
(385)
|
Retained
earnings
|
325,750
|
|
49,923
|
Total Weidai Ltd.
shareholders' equity
|
1,565,086
|
|
239,859
|
Noncontrolling
interests
|
4,006
|
|
614
|
Total
shareholders' equity
|
1,569,092
|
|
240,473
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
2,662,845
|
|
408,098
|
Weidai
Ltd.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(Amounts in
thousands of Renminbi ("RMB") and US dollar ("US$"),
except for number
of shares and per share data)
|
|
|
Year
Ended December 31,
2020
|
|
RMB
|
|
US$
|
|
|
|
Net
revenues:
|
|
|
|
Loan service
fee
|
1,411,061
|
|
216,255
|
Other
revenues
|
97,783
|
|
14,986
|
Financing
income
|
52,837
|
|
8,098
|
Less: Funding
costs
|
(21,992)
|
|
(3,370)
|
Net financing
income
|
30,845
|
|
4,728
|
Business related taxes
and surcharges
|
(3,540)
|
|
(543)
|
Total net
revenues
|
1,536,149
|
|
235,426
|
Provision for loans and
advances
|
(803,736)
|
|
(123,178)
|
Net revenues after
provision for loans and advances
|
732,413
|
|
112,248
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
Provision for financial
guarantee liabilities
|
(103,027)
|
|
(15,790)
|
Origination and
servicing
|
(766,275)
|
|
(117,437)
|
Sales and
marketing
|
(15,113)
|
|
(2,316)
|
General and
administrative
|
(229,506)
|
|
(35,173)
|
Research and
development
|
(27,144)
|
|
(4,160)
|
Total operation
costs and expenses
|
(1,141,065)
|
|
(174,876)
|
|
|
|
|
Loss from
operations
|
(408,652)
|
|
(62,628)
|
Interest expense,
net
|
(89)
|
|
(14)
|
Government
subsidies
|
4,221
|
|
647
|
Other income,
net
|
6,663
|
|
1,021
|
Net loss before
income taxes
|
(397,857)
|
|
(60,974)
|
Income tax
expenses
|
(316,486)
|
|
(48,504)
|
Net
loss
|
(714,343)
|
|
(109,478)
|
Net loss attributable
to noncontrolling interests
|
1,770
|
|
271
|
Net loss and
comprehensive loss attributable to Weidai Ltd.'s ordinary
shareholders
|
(712,573)
|
|
(109,207)
|
Loss per
share:
|
|
|
|
Basic
|
(10.11)
|
|
(1.55)
|
Diluted
|
(10.11)
|
|
(1.55)
|
Shares used in loss
per share computation:
|
|
|
|
Basic
|
70,461,455
|
|
70,461,455
|
Diluted
|
70,461,455
|
|
70,461,455
|
Weidai
Ltd.
Reconciliation
of GAAP And Non-GAAP Results
|
(Amounts in
thousands of Renminbi ("RMB") and US dollar ("US$"),
except for number
of shares and per share data)
|
|
|
|
Year
Ended December 31,
2020
|
|
RMB
|
|
US$
|
|
|
|
|
Net
loss
|
(714,343)
|
|
(109,478)
|
Add:
|
|
|
|
Share-based
compensation expenses
|
6,093
|
|
934
|
Adjusted net
loss
|
(708,250)
|
|
(108,544)
|
View original
content:http://www.prnewswire.com/news-releases/weidai-ltd-announces-full-year-2020-financial-results-301250935.html
SOURCE Weidai Ltd.