Qudian Inc. Reports Third Quarter 2023 Unaudited Financial Results
12/11/2023
Third Quarter 2023 Financial Highlights:
- Total revenues were
RMB29.6 million (US$4.1 million ), compared toRMB 110.2 million for the same period of last year - Net loss attributable to Qudian's shareholders was
RMB181.2 million (US$24.8 million ), compared to net loss ofRMB648.0 million for the same period of last year; net loss per diluted ADS wasRMB0.84 (US$0.12 ) for the third quarter of 2023 - Non-GAAP net loss attributable to Qudian's shareholders was
RMB179.8 million (US$24.6 million ), compared to net loss ofRMB643.9 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 wasRMB0.84 (US$0.11 ) for the third quarter of 2023
"We are delighted to report our advancements in the development of our smart last-mile logistics business, which recorded approximately
Third 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 decreased to
Total operating costs and expenses decreased to
Cost of revenues decreased by 80.4% to
Sales and marketing expenses decreased to nil as a result of the winding down of the loan book business and QD Food business.
General and administrative expenses increased by 28.1% to
Research and development expenses decreased by 35.1% to
Expected credit loss for receivables and other assets was
Loss from operations was
Interest and investment loss, net decreased by 90.4% to
Loss on derivative instrument decreased by 69.8% to
Net loss attributable to
Non-GAAP net loss attributable to
Cash Flow
As of
For the third quarter of 2023, 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
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) |
(Unaudited) |
||||
RMB |
RMB |
US$ |
|||||
Revenues: |
|||||||
Financing income |
35,308 |
- |
- |
||||
Sales income and others |
50,417 |
29,598 |
4,057 |
||||
Penalty fee |
14,872 |
- |
- |
||||
Loan facilitation income and other related income |
6,806 |
- |
- |
||||
Transaction services fee and other related income |
2,755 |
- |
- |
||||
Total revenues |
110,158 |
29,598 |
4,057 |
||||
Operating cost and expenses: |
|||||||
Cost of revenues |
(236,226) |
(46,279) |
(6,343) |
||||
Sales and marketing |
(176,797) |
- |
- |
||||
General and administrative |
(63,121) |
(80,796) |
(11,074) |
||||
Research and development |
(17,387) |
(11,277) |
(1,546) |
||||
Changes in guarantee liabilities and risk assurance liabilities(1) |
25,177 |
- |
- |
||||
Expected credit gain/(loss) for receivables and other assets |
63,630 |
(3,974) |
(545) |
||||
Impairment (loss)/gain from other assets |
(5,913) |
1,258 |
172 |
||||
Total operating cost and expenses |
(410,637) |
(141,068) |
(19,336) |
||||
Other operating income |
687 |
10,668 |
1,462 |
||||
Loss from operations |
(299,792) |
(100,802) |
(13,817) |
||||
Interest and investment loss, net |
(73,610) |
(7,099) |
(973) |
||||
(Loss)/Gain from equity method investments |
(44) |
1,010 |
138 |
||||
Loss on derivative instruments |
(358,165) |
(107,969) |
(14,798) |
||||
Foreign exchange gain, net |
1,006 |
274 |
38 |
||||
Other income |
9,931 |
10,694 |
1,466 |
||||
Other expenses |
(9,587) |
(2,157) |
(296) |
||||
Net loss before income taxes |
(730,261) |
(206,049) |
(28,242) |
||||
Income tax expenses |
82,309 |
24,821 |
3,402 |
||||
Net loss |
(647,952) |
(181,228) |
(24,840) |
||||
Less: net loss attributable to non-controlling |
- |
- |
- |
||||
Net loss attributable to |
(647,952) |
(181,228) |
(24,840) |
||||
Loss per share for Class A and Class B ordinary |
|||||||
Basic |
(2.64) |
(0.84) |
(0.12) |
||||
Diluted |
(2.64) |
(0.84) |
(0.12) |
||||
Loss per ADS (1 Class A ordinary share equals 1 |
|||||||
Basic |
(2.64) |
(0.84) |
(0.12) |
||||
Diluted |
(2.64) |
(0.84) |
(0.12) |
||||
Weighted average number of Class A and Class B |
|||||||
Basic |
245,215,663 |
214,666,223 |
214,666,223 |
||||
Diluted |
245,215,663 |
214,666,223 |
214,666,223 |
||||
Other comprehensive gain: |
|||||||
Foreign currency translation adjustment |
30,657 |
(1,471) |
(202) |
||||
Total comprehensive loss |
(617,295) |
(182,699) |
(25,042) |
||||
Less: total comprehensive loss attributable to non- |
- |
- |
- |
||||
Total comprehensive loss attributable to |
(617,295) |
(182,699) |
(25,042) |
||||
Note: |
|
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
As of |
As of |
|||||
(In thousands except for number |
2023 |
2023 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
RMB |
RMB |
US$ |
||||
ASSETS: |
||||||
Current assets: |
||||||
Cash and cash equivalents |
5,013,109 |
7,226,438 |
990,466 |
|||
Restricted cash |
63,407 |
67,091 |
9,196 |
|||
Short-term investments |
3,777,220 |
2,468,954 |
338,398 |
|||
Accounts receivables |
- |
25,794 |
3,535 |
|||
Other current assets |
2,078,060 |
677,612 |
92,874 |
|||
Total current assets |
10,931,796 |
10,465,889 |
1,434,469 |
|||
Non-current assets: |
||||||
Right-of-use assets |
104,156 |
175,231 |
24,017 |
|||
Investment in equity method investee |
137,965 |
139,092 |
19,064 |
|||
Long-term investments |
206,857 |
206,857 |
28,352 |
|||
Property and equipment, net |
1,069,145 |
1,152,841 |
158,010 |
|||
Intangible assets |
3,452 |
3,287 |
451 |
|||
Other non-current assets |
450,923 |
511,646 |
70,127 |
|||
Total non-current assets |
1,972,498 |
2,188,954 |
300,021 |
|||
TOTAL ASSETS |
12,904,294 |
12,654,843 |
1,734,490 |
|||
|
||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) |
||||||
As of |
As of |
|||||
(In thousands except for number |
2023 |
2023 |
||||
of shares and per-share data) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
RMB |
RMB |
US$ |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Short-term lease liabilities |
6,766 |
30,285 |
4,151 |
|||
Derivative instruments-liability |
179,444 |
281,478 |
38,580 |
|||
Accrued expenses and other current liabilities |
204,898 |
211,106 |
28,934 |
|||
Income tax payable |
164,173 |
131,691 |
18,050 |
|||
Total current liabilities |
555,281 |
654,560 |
89,715 |
|||
Non-current liabilities: |
||||||
Deferred tax liabilities, net |
23 |
- |
- |
|||
Long-term lease liabilities |
2,603 |
50,612 |
6,936 |
|||
Total non-current liabilities |
2,626 |
50,612 |
6,936 |
|||
Total liabilities |
557,907 |
705,172 |
96,651 |
|||
Shareholders' equity: |
||||||
Class A Ordinary shares |
132 |
132 |
19 |
|||
Class B Ordinary shares |
44 |
44 |
6 |
|||
Treasury shares |
(580,653) |
(792,839) |
(108,668) |
|||
Additional paid-in capital |
4,034,824 |
4,032,993 |
552,768 |
|||
Accumulated other comprehensive loss |
15,351 |
13,880 |
1,902 |
|||
Retained earnings |
8,876,689 |
8,695,461 |
1,191,812 |
|||
Total shareholders' equity |
12,346,387 |
11,949,671 |
1,637,839 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
12,904,294 |
12,654,843 |
1,734,490 |
|||
|
|||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results |
|||||||
Three months ended |
|||||||
2022 |
2023 |
||||||
(In thousands except for number |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
of shares and per-share data) |
RMB |
RMB |
US$ |
||||
Total net loss attributable to |
(647,952) |
(181,228) |
(24,840) |
||||
Add: Share-based compensation expenses |
4,284 |
1,432 |
196 |
||||
Less: Convertible bonds buyback income |
188 |
- |
- |
||||
Non-GAAP net loss attributable to |
(643,856) |
(179,796) |
(24,644) |
||||
Non-GAAP net loss per share—basic |
(2.63) |
(0.84) |
(0.11) |
||||
Non-GAAP net loss per share—diluted |
(2.63) |
(0.84) |
(0.11) |
||||
Weighted average shares outstanding—basic |
245,215,663 |
214,666,223 |
214,666,223 |
||||
Weighted average shares outstanding—diluted |
245,215,663 |
214,666,223 |
214,666,223 |
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