Qudian Inc. Reports First Quarter 2024 Unaudited Financial Results
06/13/2024
First Quarter 2024 Financial Highlights:
- Total revenues were
RMB55.8 million (US$7.7 million ), compared toRMB21.9 million for the same period of last year - Net loss attributable to
Qudian's shareholders wasRMB73.6 million (US$10.2 million ), compared to net income ofRMB414.3 million for the same period of last year; net loss per diluted ADS wasRMB0.38 (US$0.05 ) for the first quarter of 2024 - Non-GAAP net loss attributable to
Qudian's shareholders wasRMB73.5 million (US$10.2 million ), compared to Non-GAAP net income ofRMB416.0 million for the same period of last year. We exclude share-based compensation expenses from our non-GAAP measures. Non-GAAP net loss per diluted ADS wasRMB0.38 (US$0.05 ) for the first quarter of 2024
"We are pleased to announce the exciting advancements in the development of our smart last-mile delivery business, which generated approximately
First Quarter Financial Results
Total revenues were
Sales income and others increased to
Total operating costs and expenses increased to
Cost of revenues increased to
General and administrative expenses increased by 11.8% to
Research and development expenses increased by 51.5% to
Loss from operations was
Interest and investment income, net decreased by 77.5% to
Gain/(loss) on derivative instrument was a loss of
Net loss attributable to
Non-GAAP net loss attributable to
Cash Flow
As of
For the first quarter of 2024, net cash used in operating activities was
Last-mile Delivery Business
In response to the surging demand for cross-border e-commerce transactions, the Company has proactively sought innovative logistic services and solutions to meet global consumers' expectations for swift and top-tier delivery services. In
Update on Share Repurchase
As previously disclosed, the Company established a share repurchase program in
Subsequently, our Board has approved a new share repurchase program in
About
For more information, please visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP net income/loss attributable to
Non-GAAP net income/loss attributable to
We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable
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
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.
For investor and media inquiries, please contact:
In
Tel: +86-592-596-8208
E-mail: ir@qudian.com
|
||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||
Three months ended |
||||||
(In thousands except for number |
2023 |
2024 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
Revenues: |
||||||
Sales income and others |
21,859 |
55,849 |
7,735 |
|||
Total revenues |
21,859 |
55,849 |
7,735 |
|||
Operating cost and expenses: |
||||||
Cost of revenues |
(22,806) |
(58,036) |
(8,038) |
|||
Sales and marketing |
(2,629) |
(105) |
(15) |
|||
General and administrative |
(51,201) |
(57,261) |
(7,931) |
|||
Research and development |
(10,466) |
(15,853) |
(2,196) |
|||
Expected credit reversal for receivables and other assets |
5,900 |
3,223 |
446 |
|||
Impairment loss from other assets |
(2,661) |
(350) |
(48) |
|||
Total operating cost and expenses |
(83,863) |
(128,382) |
(17,782) |
|||
Other operating income |
33,144 |
22 |
3 |
|||
Loss from operations |
(28,860) |
(72,511) |
(10,044) |
|||
Interest and investment income, net |
241,287 |
54,187 |
7,505 |
|||
Gain/(Loss) from equity method investments |
1,314 |
(1,377) |
(191) |
|||
Gain/(Loss) on derivative instruments |
286,850 |
(36,517) |
(5,058) |
|||
Foreign exchange (loss)/gain, net |
(1,774) |
218 |
30 |
|||
Other income |
1,605 |
7,391 |
1,024 |
|||
Other expenses |
(571) |
(247) |
(34) |
|||
Net income/(loss) before income taxes |
499,851 |
(48,856) |
(6,768) |
|||
Income tax expenses |
(85,553) |
(24,754) |
(3,428) |
|||
Net income/(loss) |
414,298 |
(73,610) |
(10,196) |
|||
Net income/(loss) attributable to Qudian |
414,298 |
(73,610) |
(10,196) |
|||
Earnings/(Loss) per share for Class A and Class |
||||||
Basic |
1.82 |
(0.38) |
(0.05) |
|||
Diluted |
1.81 |
(0.38) |
(0.05) |
|||
Earnings/(Loss) per ADS (1 Class A ordinary |
||||||
Basic |
1.82 |
(0.38) |
(0.05) |
|||
Diluted |
1.81 |
(0.38) |
(0.05) |
|||
Weighted average number of Class A and Class B |
||||||
Basic |
227,199,812 |
194,517,922 |
194,517,922 |
|||
Diluted |
229,412,998 |
199,633,026 |
199,633,026 |
|||
Other comprehensive loss: |
||||||
Foreign currency translation adjustment |
(4,090) |
24,076 |
3,335 |
|||
Total comprehensive income/(loss) |
410,208 |
(49,534) |
(6,861) |
|||
Total comprehensive income/(loss) |
410,208 |
(49,534) |
(6,861) |
|
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
As of |
As of |
|||||
(In thousands except for number |
2023 |
2024 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
ASSETS: |
||||||
Current assets: |
||||||
Cash and cash equivalents |
7,207,343 |
7,039,968 |
975,024 |
|||
Restricted cash |
59,435 |
53,644 |
7,430 |
|||
Time and structured deposit |
1,554,121 |
1,624,612 |
225,006 |
|||
Short-term investments |
642,894 |
316,526 |
43,838 |
|||
Accounts receivables |
25,877 |
36,149 |
5,007 |
|||
Other current assets |
670,277 |
733,375 |
101,571 |
|||
Total current assets |
10,159,947 |
9,804,274 |
1,357,876 |
|||
Non-current assets: |
||||||
Right-of-use assets |
164,585 |
162,276 |
22,475 |
|||
Investment in equity method investee |
136,804 |
149,750 |
20,740 |
|||
Long-term investments |
210,591 |
210,436 |
29,145 |
|||
Property and equipment, net |
1,308,338 |
1,340,884 |
185,710 |
|||
Intangible assets |
3,093 |
2,929 |
406 |
|||
Other non-current assets |
498,838 |
622,008 |
86,147 |
|||
Total non-current assets |
2,322,249 |
2,488,283 |
344,623 |
|||
TOTAL ASSETS |
12,482,196 |
12,292,557 |
1,702,499 |
|||
|
||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) |
||||||
As of |
As of |
|||||
(In thousands except for number |
2023 |
2024 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Short-term lease liabilities |
29,938 |
19,884 |
2,754 |
|||
Derivative instruments-liability |
312,870 |
343,743 |
47,608 |
|||
Accrued expenses and other current liabilities |
299,836 |
327,459 |
45,352 |
|||
Income tax payable |
111,842 |
97,647 |
13,524 |
|||
Total current liabilities |
754,486 |
788,733 |
109,238 |
|||
Non-current liabilities: |
||||||
Long-term lease liabilities |
39,759 |
49,688 |
6,882 |
|||
Total non-current liabilities |
39,759 |
49,688 |
6,882 |
|||
Total liabilities |
794,245 |
838,421 |
116,120 |
|||
Shareholders' equity: |
||||||
Class A Ordinary shares |
132 |
132 |
18 |
|||
Class B Ordinary shares |
44 |
44 |
6 |
|||
Treasury shares |
(899,628) |
(1,082,373) |
(149,907) |
|||
Additional paid-in capital |
4,033,146 |
4,031,610 |
558,372 |
|||
Accumulated other comprehensive loss |
(24,130) |
(55) |
(8) |
|||
Retained earnings |
8,578,387 |
8,504,778 |
1,177,898 |
|||
Total shareholders' equity |
11,687,951 |
11,454,136 |
1,586,379 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' |
12,482,196 |
12,292,557 |
1,702,499 |
|
|||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results |
|||||||
Three months ended |
|||||||
2023 |
2024 |
||||||
(In thousands except for number |
(Unaudited) |
(Unaudited) |
|||||
of shares and per-share data) |
RMB |
RMB |
US$ |
||||
Total net income/(loss) attributable to |
414,298 |
(73,610) |
(10,196) |
||||
Add: Share-based compensation expenses |
1,668 |
107 |
15 |
||||
Non-GAAP net income/(loss) attributable to |
415,966 |
(73,503) |
(10,181) |
||||
Non-GAAP net income/(loss) per share—basic |
1.83 |
(0.38) |
(0.05) |
||||
Non-GAAP net income/(loss) per share—diluted |
1.81 |
(0.38) |
(0.05) |
||||
Weighted average shares outstanding—basic |
227,199,812 |
194,517,922 |
194,517,922 |
||||
Weighted average shares outstanding—diluted |
229,412,998 |
199,633,026 |
199,633,026 |
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