Qudian Inc. Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
03/18/2024
Fourth Quarter 2023 Financial Highlights:
- Total revenues were
RMB63.8 million (US$9.0 million ), compared toRMB160.1 million for the same period of last year - Net loss attributable to Qudian's shareholders was
RMB117.1 million (US$16.5 million ), compared to net income ofRMB490.1 million for the same period of last year; net loss per diluted ADS wasRMB0.57 (US$0.08 ) for the fourth quarter of 2023 - Non-GAAP net loss attributable to Qudian's shareholders was
RMB 116.6 million (US$16.4 million ), compared to Non-GAAP net income ofRMB493.3 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 loss per diluted ADS wasRMB0.57 (US$0.08 ) for the fourth quarter of 2023
Full Year 2023 Financial Highlights:
- Total revenues were
RMB126.3 million (US$17.8 million ) for 2023, representing a decrease of 78.1% from 2022, primarily due to the winding down of the loan book business - Net income attributable to Qudian's shareholders was
RMB39.1 million (US$5.5 million ), compared to a loss ofRMB362.0 million in 2022; net income per diluted ADS wasRMB0.18 (US$0.03 ) for 2023 - Non-GAAP net income attributable to Qudian's shareholders was
RMB 44.1million (US$6.2 million ), compared to a Non-GAAP loss ofRMB347.9 million in 2022; non-GAAP net loss per diluted ADS wasRMB0.20 (US$0.03 ) for 2023
"We are pleased to announce the exciting advancements in the development of our smart last-mile delivery business, which generated approximately
"Considering our healthy balance sheet, we firmly believe the current market valuation fails to adequately reflect the intrinsic value and potential of
"As of
Fourth Quarter Financial Results
Total revenues were
Financing income, penalty fee, 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
Total operating costs and expenses increased to
Cost of revenues increased to
Sales and marketing expenses decreased by 93.7% to
General and administrative expenses increased by 12.4% to
Research and development expenses increased by 534.5% to
Expected credit loss for receivables and other assets was
Loss from operations was
Interest and investment income, net decreased by 93.6% to
Loss on derivative instrument was
Net loss attributable to
Non-GAAP net loss attributable to
Full Year 2023 Financial Results
Total revenues were
Financing income, penalty fee, 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
Total operating costs and expenses decreased by 45.4% to
Cost of revenues decreased by 58.2% to
Sales and marketing expenses decreased by 98.6% to
General and administrative expenses decreased by 4.8% to
Research and development expenses decreased by 18% to
Expected credit loss for receivables and other assets was
Loss from operations was
Interest and investment income, net increased by 126.3% to
Gain on derivative instrument was
Net income attributable to
Non-GAAP net income attributable to
Cash Flow
As of
For the fourth quarter of 2023, net cash provided by operating activities was
For the full year of 2023, net cash provided by 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 |
2022 |
2023 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
Revenues: |
||||||
Financing income |
29,276 |
- |
- |
|||
Sales commission fee |
- |
- |
- |
|||
Sales income and others |
19,305 |
63,794 |
8,985 |
|||
Penalty fee |
3,966 |
- |
- |
|||
Loan facilitation income and other related income |
4,942 |
- |
- |
|||
Transaction services fee and other related income |
102,580 |
- |
- |
|||
Total revenues |
160,069 |
63,794 |
8,985 |
|||
Operating cost and expenses: |
||||||
Cost of revenues |
(73,653) |
(78,363) |
(11,037) |
|||
Sales and marketing |
(18,520) |
(1,167) |
(164) |
|||
General and administrative |
(67,764) |
(76,173) |
(10,729) |
|||
Research and development |
(2,538) |
(16,103) |
(2,268) |
|||
Changes in guarantee liabilities and risk assurance liabilities(1) |
16,857 |
- |
- |
|||
Expected credit gain/(loss) for receivables and other assets |
140,726 |
(9,266) |
(1,305) |
|||
Impairment loss from other assets |
(103,950) |
(3,054) |
(430) |
|||
Total operating cost and expenses |
(108,842) |
(184,126) |
(25,933) |
|||
Other operating income |
14,858 |
13,086 |
1,843 |
|||
Income/(Loss) from operations |
66,085 |
(107,246) |
(15,105) |
|||
Interest and investment income, net |
224,055 |
14,347 |
2,021 |
|||
Gain/(Loss) from equity method investments |
12,839 |
(1,778) |
(250) |
|||
Gain/(Loss) on derivative instruments |
262,049 |
(35,480) |
(4,997) |
|||
Foreign exchange loss, net |
(1,639) |
(1,390) |
(196) |
|||
Other income |
254 |
84 |
12 |
|||
Other expenses |
- |
(2,930) |
(413) |
|||
Net income/(loss) before income taxes |
563,643 |
(134,393) |
(18,928) |
|||
Income tax expenses |
(73,540) |
17,319 |
2,439 |
|||
Net income/(loss) |
490,103 |
(117,074) |
(16,489) |
|||
Net profit attributable to non-controlling interest |
- |
- |
- |
|||
Net income/(loss) attributable to Qudian |
490,103 |
(117,074) |
(16,489) |
|||
Earnings/(Loss) per share for Class A and Class |
||||||
Basic |
2.07 |
(0.57) |
(0.08) |
|||
Diluted |
2.07 |
(0.57) |
(0.08) |
|||
Earnings/(Loss) per ADS (1 Class A ordinary |
||||||
Basic |
2.07 |
(0.57) |
(0.08) |
|||
Diluted |
2.07 |
(0.57) |
(0.08) |
|||
Weighted average number of Class A and Class B |
||||||
Basic |
236,882,380 |
204,075,368 |
204,075,368 |
|||
Diluted |
236,882,380 |
207,646,764 |
207,646,764 |
|||
Other comprehensive loss: |
||||||
Foreign currency translation adjustment |
(23,059) |
(38,011) |
(5,354) |
|||
Total comprehensive income/(loss) |
467,044 |
(155,085) |
(21,843) |
|||
Less: total comprehensive profit attributable to |
- |
- |
- |
|||
Total comprehensive income/(loss) |
467,044 |
(155,085) |
(21,843) |
|||
Note: |
|
||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||
Year ended |
||||||
(In thousands except for number |
2022 |
2023 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
Revenues: |
||||||
Financing income |
308,717 |
- |
- |
|||
Sales commission fee |
115 |
- |
- |
|||
Sales income and others |
82,616 |
126,338 |
17,794 |
|||
Penalty fee |
53,445 |
- |
- |
|||
Loan facilitation income and other related income |
18,809 |
- |
- |
|||
Transaction services fee and other related income |
113,790 |
- |
- |
|||
Total revenues |
577,492 |
126,338 |
17,794 |
|||
Operating cost and expenses: |
||||||
Cost of revenues |
(383,091) |
(160,114) |
(22,552) |
|||
Sales and marketing |
(271,611) |
(3,796) |
(535) |
|||
General and administrative |
(287,457) |
(273,589) |
(38,534) |
|||
Research and development |
(58,275) |
(47,763) |
(6,727) |
|||
Changes in guarantee liabilities and risk assurance liabilities(1) |
103,991 |
- |
- |
|||
Expected credit gain/(loss) for receivables and other assets |
221,121 |
(24,654) |
(3,472) |
|||
Impairment loss from other assets |
(268,927) |
(5,800) |
(817) |
|||
Total operating cost and expenses |
(944,249) |
(515,716) |
(72,637) |
|||
Other operating income |
37,255 |
58,368 |
8,221 |
|||
Loss from operations |
(329,502) |
(331,010) |
(46,622) |
|||
Interest and investment income, net |
112,816 |
255,333 |
35,963 |
|||
Gain from equity method investments |
13,998 |
3,207 |
452 |
|||
(Loss)/Gain on derivative instruments |
(70,420) |
153,835 |
21,667 |
|||
Foreign exchange gain/(loss), net |
250 |
(2,932) |
(413) |
|||
Other income |
19,833 |
29,005 |
4,085 |
|||
Other expenses |
(16,599) |
(5,965) |
(840) |
|||
Net (loss)/income before income taxes |
(269,624) |
101,473 |
14,292 |
|||
Income tax expenses |
(92,428) |
(62,340) |
(8,780) |
|||
Net (loss)/income |
(362,052) |
39,133 |
5,512 |
|||
Less: net loss attributable to non-controlling |
(88) |
- |
- |
|||
Net (loss)/income attributable to |
(361,964) |
39,133 |
5,512 |
|||
(Loss)/Earnings per share for Class A and Class B |
||||||
Basic |
(1.47) |
0.18 |
0.03 |
|||
Diluted |
(1.47) |
0.18 |
0.03 |
|||
(Loss)/Earnings per ADS (1 Class A ordinary |
||||||
Basic |
(1.47) |
0.18 |
0.03 |
|||
Diluted |
(1.47) |
0.18 |
0.03 |
|||
Weighted average number of Class A and Class B |
||||||
Basic |
246,024,592 |
217,281,512 |
217,281,512 |
|||
Diluted |
246,024,592 |
220,456,063 |
220,456,063 |
|||
Other comprehensive gain: |
||||||
Foreign currency translation adjustment |
13,037 |
21,830 |
3,075 |
|||
Total comprehensive (loss)/income |
(349,015) |
60,963 |
8,587 |
|||
Less: total comprehensive loss attributable to |
(88) |
- |
- |
|||
Total comprehensive (loss)/income |
(348,927) |
60,963 |
8,587 |
|||
Note: |
|
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
As of |
As of |
|||||
(In thousands except for number |
2022 |
2023 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
ASSETS: |
||||||
Current assets: |
||||||
Cash and cash equivalents |
3,486,376 |
7,207,343 |
1,015,133 |
|||
Restricted cash |
86,372 |
59,435 |
8,371 |
|||
Time and structured deposit |
1,207,902 |
1,554,121 |
218,893 |
|||
Short-term investments |
4,170,403 |
642,894 |
90,550 |
|||
Accounts receivables |
- |
25,877 |
3,645 |
|||
Short-term finance lease receivables |
1,381 |
- |
- |
|||
Other current assets |
2,106,092 |
670,277 |
94,406 |
|||
Total current assets |
11,058,526 |
10,159,947 |
1,430,998 |
|||
Non-current assets: |
||||||
Right-of-use assets |
103,142 |
164,585 |
23,181 |
|||
Investment in equity method investee |
133,058 |
136,804 |
19,269 |
|||
Long-term investments |
217,046 |
210,591 |
29,661 |
|||
Property and equipment, net |
773,886 |
1,308,338 |
184,276 |
|||
Intangible assets |
9,701 |
3,093 |
436 |
|||
Other non-current assets |
451,076 |
498,838 |
70,260 |
|||
Total non-current assets |
1,687,909 |
2,322,249 |
327,083 |
|||
TOTAL ASSETS |
12,746,435 |
12,482,196 |
1,758,081 |
|||
|
||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) |
||||||
As of |
As of |
|||||
(In thousands except for number |
2022 |
2023 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Short-term borrowings and interest payables |
29,062 |
- |
- |
|||
Short-term lease liabilities |
6,311 |
29,938 |
4,217 |
|||
Derivative instruments-liability |
163,129 |
312,870 |
44,067 |
|||
Accrued expenses and other current liabilities |
295,675 |
299,836 |
42,231 |
|||
Income tax payable |
90,753 |
111,842 |
15,753 |
|||
Total current liabilities |
584,930 |
754,486 |
106,268 |
|||
Non-current liabilities: |
||||||
Deferred tax liabilities, net |
2,118 |
- |
- |
|||
Long-term lease liabilities |
426 |
39,759 |
5,600 |
|||
Long-term borrowings and interest payables |
116,249 |
- |
- |
|||
Total non-current liabilities |
118,793 |
39,759 |
5,600 |
|||
Total liabilities |
703,723 |
794,245 |
111,868 |
|||
Shareholders' equity: |
||||||
Class A Ordinary shares |
132 |
132 |
19 |
|||
Class B Ordinary shares |
44 |
44 |
6 |
|||
Treasury shares |
(486,955) |
(899,628) |
(126,710) |
|||
Additional paid-in capital |
4,036,197 |
4,033,146 |
568,055 |
|||
Accumulated other comprehensive loss |
(45,960) |
(24,130) |
(3,399) |
|||
Retained earnings |
8,539,254 |
8,578,387 |
1,208,242 |
|||
Total shareholders' equity |
12,042,712 |
11,687,951 |
1,646,213 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' |
12,746,435 |
12,482,196 |
1,758,081 |
|
||||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results |
||||||||
Three months ended |
||||||||
2022 |
2023 |
|||||||
(In thousands except for number |
(Unaudited) |
(Unaudited) |
||||||
of shares and per-share data) |
RMB |
RMB |
US$ |
|||||
Total net income/(loss) attributable to |
490,103 |
(117,074) |
(16,489) |
|||||
Add: Share-based compensation expenses |
3,376 |
500 |
70 |
|||||
Less: Convertible bonds buyback income |
184 |
- |
- |
|||||
Non-GAAP net income/(loss) attributable to |
493,295 |
(116,574) |
(16,419) |
|||||
Non-GAAP net income/(loss) per share—basic |
2.08 |
(0.57) |
(0.08) |
|||||
Non-GAAP net income/(loss) per share—diluted |
2.08 |
(0.57) |
(0.08) |
|||||
Weighted average shares outstanding—basic |
236,882,380 |
204,075,368 |
204,075,368 |
|||||
Weighted average shares outstanding—diluted |
236,882,380 |
207,646,764 |
207,646,764 |
|||||
Year ended |
||||||||
2022 |
2023 |
|||||||
(In thousands except for number |
(Unaudited) |
(Unaudited) |
||||||
of shares and per-share data) |
RMB |
RMB |
US$ |
|||||
Total net (loss)/income attributable to |
(361,964) |
39,133 |
5,512 |
|||||
Add: Share-based compensation expenses |
24,054 |
4,936 |
695 |
|||||
Less: Convertible bonds buyback income |
10,028 |
- |
- |
|||||
Non-GAAP net (loss)/income attributable to |
(347,938) |
44,069 |
6,207 |
|||||
Non-GAAP net (loss)/income per share—basic |
(1.41) |
0.20 |
0.03 |
|||||
Non-GAAP net (loss)/income per share—diluted |
(1.41) |
0.20 |
0.03 |
|||||
Weighted average shares outstanding—basic |
246,024,592 |
217,281,512 |
217,281,512 |
|||||
Weighted average shares outstanding—diluted |
246,024,592 |
220,456,063 |
220,456,063 |
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