Form 6-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

September 2020

 

 

Commission File Number: 001-38230

 

 

QUDIAN INC.

 

 

Tower A, AVIC Zijin Plaza,

Siming District, Xiamen, Fujian Province 361000,

China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 


Table of Contents

TABLE OF CONTENTS

 

Exhibit 99.1   

Press release: Qudian Inc. Reports Second Quarter 2020 Unaudited Financial Results

 

2


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

QUDIAN INC.
By:  

/s/ Yan Gao

Name:      

Yan Gao

Title:  

Vice President of Finance

Date: September 9, 2020

 

3

EX-99.1

Exhibit 99.1

Qudian Inc. Reports Second Quarter 2020

Unaudited Financial Results

XIAMEN, China, September 7, 2020 /PRNewswire/ — Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced its unaudited financial results for the quarter ended June 30, 2020.

Second Quarter 2020 Operational Highlights:

 

   

Total number of registered users as of June 30, 2020 reached 80.8 million, representing an increase of 6.4% from June 30, 2019

 

   

Number of outstanding borrowers[1] from loan book business and transaction services business as of June 30, 2020 decreased by 12.5% to 5.0 million from 5.7 million as of March 31, 2020 as a result of the conservative and prudent strategy which the Company has deployed

 

   

Total outstanding loan balance from loan book business[2] decreased by 36.4% to RMB9.7 billion as of June 30, 2020, compared to the outstanding balance as of March 31, 2020; Total outstanding loan balance from transaction serviced on open platform decreased by 25.4% to RMB9.8 billion as of June 30, 2020, compared to the outstanding balance as of March 31, 2020

 

   

Amount of transactions from loan book business for this quarter decreased by 5.9% to RMB4.2 billion from the first quarter of 2020; Amount of transactions from transaction serviced on open platform for this quarter decreased by 72.3% to RMB0.7 billion from the first quarter of 2020

 

   

Weighted average loan tenure for our loan book business was 4.7 months for this quarter, compared with 8.4 months for the first quarter of 2020; Weighted average loan tenure for transactions serviced on open platform was 10.6 months for this quarter, compared with 11.2 months for the first quarter of 2020

 

[1] 

Outstanding borrowers are borrowers who have outstanding loans as of a particular date, including outstanding borrowers from both loan book business and transaction services business. Transaction services business, relates to various services, including credit assessment, referral and post-origination services, provided through our open platform, which was launched in the second half of 2018.

[2] 

Includes (i) off and on balance sheet loans directly or indirectly funded by our institutional funding partners or our own capital, net of cumulative write-offs and (ii) does not include auto loans from Dabai Auto business.


Second Quarter 2020 Financial Highlights:

 

   

Total revenues were RMB1,167.0 million (US$165.2 million), representing a decrease of 47.4% from the same period of last year

 

   

Net income decreased by 84.3% year-on-year to RMB179.2 million (US$25.4 million), or RMB0.68 (US$0.10) per diluted ADS

 

   

Non-GAAP net income[3] decreased by 97.4% year-on-year to RMB29.9 million (US$4.2 million), or RMB0.12 (US$0.02) per diluted ADS

 

[3] 

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.

“We continued the prudent operation of our cash credit business during the second quarter of 2020,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. “In light of unstable market conditions during the period, we adopted an extremely stringent approach for loan approvals while keeping focused on decreasing exposure to credit market risks. As such, our loan book business, as compared with the first quarter, maintained loan transaction volume that was relatively flat during the period. Meanwhile, as some of our institutional funding partners tightened their credit assessments, transaction volume on our open platform decreased by approximately 70% sequentially.”

“In the second quarter, we completed a strategic investment in Secoo. We look forward to generating synergies in the luxury consumer business,” said Ms. Sissi Zhu, Vice President of Investor Relations of Qudian.

“Given the still challenging and fast-evolving market environment for our credit loan business and, in an effort to mitigate risk, we will remain strict with our credit approval standards when operating our loan book business. Despite headwinds, we are taking appropriate actions to protect our net assets while actively exploring market opportunities for future growth,” Ms. Zhu concluded.

Second Quarter Financial Results

Total revenues were RMB1,167.0 million (US$165.2 million), representing a decrease of 47.4% from RMB2,220.7 million for the second quarter of 2019.

Financing income totaled RMB580.9 million (US$82.2 million), representing a decrease of 41.0% from RMB984.4 million for the second quarter of 2019, as a result of a decrease in average on-balance sheet loan balance.


Loan facilitation income and other related income decreased by 58.2% to RMB255.1 million (US$36.1 million) from RMB609.7 million for the second quarter of 2019, as a result of the reduction of transaction volume of off-balance sheet loans this quarter, partially offset by reclassification of guarantee income in accordance with ASC326.

Transaction services fee and other related income decreased to RMB4.1 million (US$0.6 million) from RMB398.1 million for the second quarter of 2019, mainly as a result of a substantial decrease in the transaction amount of open platform.

Sales income substantially increased to RMB293.3 million (US$41.5 million) from RMB123.5 million for the second quarter of 2019, mainly due to the launch of the Wanlimu e-commerce platform.

Sales commission fee decreased by 84.9% to RMB14.4 million (US$2.0 million) from RMB95.6 million for the second quarter of 2019, due to a decrease in the amount of merchandise credit transaction.

Total operating costs and expenses increased by 2.4% to RMB982.4 million (US$139.0 million) from RMB959.1 million for the second quarter of 2019.

Cost of revenues increased by 28.0% to RMB366.4 million (US$51.9 million) from RMB286.1 million for the second quarter of 2019, primarily due to an increase in cost of goods sold related to the Wanlimu e-commerce platform.

Sales and marketing expenses increased by 101.7% to RMB156.8 million (US$22.2 million) from RMB77.7 million for the second quarter of 2019, primarily due to marketing expenses incurred by the Wanlimu e-commerce platform.

General and administrative expenses increased by 11.9% to RMB75.3 million (US$10.7 million) from RMB67.3 million for the second quarter of 2019.

Research and development expenses decreased by 10.5% to RMB56.3 million (US$8.0 million) from RMB62.9 million for the second quarter of 2019.

Provision for receivables and other assets increased by 5.0% to RMB519.0 million (US$73.5 million) from RMB494.5 million for the second quarter of 2019. The increase was primarily due to an increase in past-due on-balance sheet outstanding principal receivables compared to the second quarter of 2019.


As of June 30, 2020, the total balance of outstanding principal and financing service fee receivables for on-balance sheet transactions for which any installment payment was more than 30 calendar days past due was RMB1,166.5 million (US$165.1 million), and the balance of allowance for principal and financing service fee receivables at the end of the period was RMB2,050.3 million (US$290.2 million), indicating M1+ Delinquency Coverage Ratio of 1.8x.

The following charts display the “vintage charge-off rate.” Total potential receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 180 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

 

LOGO

Current receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 180 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.


LOGO

Total potential receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 30 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

 

LOGO


Current receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 30 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

 

LOGO

Income from operations decreased to RMB312.4 million (US$44.2 million) from RMB1,264.2 million for the second quarter of 2019.

Net income attributable to Qudian’s shareholders was RMB179.2 million (US$25.4 million), or RMB0.68 (US$0.10) per diluted ADS.

Non-GAAP net income attributable to Qudian’s shareholders was RMB29.9 million (US$4.2 million), or RMB0.12 (US$0.02) per diluted ADS.

Cash Flow

As of June 30, 2020, the Company had cash and cash equivalents of RMB1,066.0 million (US$150.9 million) and restricted cash of RMB510.8 million (US$72.3 million). Restricted cash mainly represents (i) cash held by the consolidated trusts through segregated bank accounts; and (ii) security deposits held in designated bank accounts for the guarantee of off-balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the second quarter of 2020, net cash provided by operating activities was RMB317.3 million (US$44.9 million), mainly attributable to net income of RMB179.2 million (US$25.4 million) and the collection of repayments of service fees from transactions facilitated in 2019. Net cash used in investing activities was RMB724.9 million (US$102.6 million), mainly due to investments in short-term wealth management products and purchase of equity method investments. Net cash used in financing activities was RMB53.9 million (US$7.6 million), mainly due to repurchase of convertible bond.


Update on Share Repurchase and Convertible Bond Repurchase

As of the date of this release, the Company has repurchased and cancelled total principal amount of convertible senior notes of US$199 million. The Company has cumulatively completed total share repurchases of approximately US$572.8 million. As of June 30, 2020, the total number of ordinary shares outstanding was 253,729,349.

Strategic Investment in Secoo

In June 2020, the Company made a strategic investment in Secoo Holding Limited (“Secoo”) of up to US$100 million. As of June 30, 2020, the total amounts had been fully paid. The Company has elected the fair value option to measure its equity method investment in Secoo. All subsequent changes in fair value are reported in earnings.

Regulation Update

On August 20, 2020, the Supreme People’s Court of China issued the Decisions of the Supreme People’s Court to Amend the Provisions on Several Issues concerning the Application of Law in the Trial of Private Lending Cases (“Decisions”), effective immediately, which set the court protected one-year interest rate cap at four times that of the Loan Prime Rate (“LPR”) for private lending.

According to the Decisions, the interest rate cap is not applicable to the lending business of financial institutions and their branches that have been established with the approval of financial regulatory authorities. Rather, this new policy is generally interpreted as only being applicable to private lending, while our business almost entirely involves financial institutions. However, it is important to note that the Decisions are newly promulgated, and the policy is subject to further clarifications by courts and regulatory authorities. If the same interest rate cap were applied to our business as required by relevant courts or regulatory authorities, our profitability may suffer a material adverse impact, and we could incur net losses.

For the complete text of the Decisions, please refer to http://www.court.gov.cn/fabu-xiangqing-249031.html. The information contained on this website is not a part of this press release.


Conference Call

The Company’s management will host an earnings conference call on September 7, 2020 at 7:00 AM U.S. Eastern Time, (7:00 PM Beijing/Hong Kong Time). Details for the conference call are as follows:

 

Title of Event:

   Qudian Inc. Second Quarter 2020 Earnings Conference Call

Conference ID:

   8489234

Registration link:

   http://apac.directeventreg.com/registration/event/8489234

For participants who wish to join the call, please complete the online registration at least 15 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including participant dial-in numbers, a Direct Event Passcode, a unique Registrant ID, and an e-mail with detailed instructions to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.qudian.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until September 14, 2020, by dialing the following telephone numbers:

 

U.S.:    +1-855-452-5696 (toll-free) / +1-646-254-3697
International:    +61-2-8199-0299
Hong Kong, China:    800-963-117 (toll-free) / +852-3051-2780
Mainland China:    400-632-2162 (toll-free) / 800-870-0205 (toll-free)
Passcode:    8489234

About Qudian Inc.

Qudian Inc. (“Qudian”) is a leading technology platform empowering the enhancement of online consumer finance experience in China. The Company’s mission is to use technology to make personalized credit accessible to hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending but are underserved by traditional financial institutions due to lack of traditional credit data or high cost of servicing. Qudian’s credit solutions enable licensed, regulated financial institutions and ecosystem partners to offer affordable and customized loans to this young generation of consumers.


For more information, please visit http://ir.qudian.com.

Use of Non-GAAP Financial Measures

We use adjusted net income/loss, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted net income/loss 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. We believe that adjusted net income/loss 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.

Adjusted net income/loss is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, 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 RMB7.0651 to US$1.00, the noon buying rate in effect on June 30, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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 credit products; Qudian’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborate 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:

Qudian Inc.

Tel: +86-592-591-1711

E-mail: ir@qudian.com


The Piacente Group, Inc.

Xi Zhang

Tel: +86 (10) 6508-0677

E-mail: qudian@tpg-ir.com

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: qudian@tpg-ir.com


QUDIAN INC.

Unaudited Condensed Consolidated Statements of Operations

 

     Three months ended June 30,  
(In thousands except for number    2019     2020  
of shares and per-share data)    (Unaudited)     (Unaudited)     (Unaudited)  
     RMB     RMB     US$  

Revenues:

      

Financing income

     984,446       580,856       82,215  

Sales commission fee

     95,602       14,404       2,039  

Sales income

     123,536       293,292       41,513  

Penalty fee

     9,394       19,335       2,736  

Loan facilitation income and other related income

     609,651       255,063       36,102  

Transaction services fee and other related income

     398,068       4,098       580  
  

 

 

   

 

 

   

 

 

 

Total revenues

     2,220,697       1,167,048       165,185  

Operating cost and expenses:

      

Cost of revenues

     (286,135     (366,381     (51,858

Sales and marketing

     (77,732     (156,806     (22,194

General and administrative

     (67,326     (75,334     (10,663

Research and development

     (62,882     (56,265     (7,964

Changes in guarantee liabilities and risk assurance liabilities(1)

     29,473       191,420       27,094  

Provision for receivables and other assets

     (494,454     (519,014     (73,462
  

 

 

   

 

 

   

 

 

 

Total operating cost and expenses

     (959,056     (982,380     (139,047

Other operating income

     2,570       127,698       18,074  

Income from operations

     1,264,211       312,366       44,212  

Interest and investment (loss)/income, net

     11,348       (65,758     (9,307

Foreign exchange gain/(loss), net

     (1,074     4,960       702  

Other income

     21,915       10,059       1,424  

Other expenses

     (372     (94     (13
  

 

 

   

 

 

   

 

 

 

Net income before income taxes

     1,296,028       261,533       37,018  

Income tax expenses

     (152,622     (82,371     (11,659
  

 

 

   

 

 

   

 

 

 

Net income

     1,143,406       179,162       25,359  
  

 

 

   

 

 

   

 

 

 

Net income attributable to Qudian Inc.’s shareholders

     1,143,406       179,162       25,359  
  

 

 

   

 

 

   

 

 

 

Earnings per share for Class A and Class B ordinary shares:

      

Basic

     4.03       0.71       0.10  

Diluted

     4.00       0.68       0.10  

Earnings per ADS (1 Class A ordinary share equals 1 ADSs):

      

Basic

     4.03       0.71       0.10  

Diluted

     4.00       0.68       0.10  

Weighted average number of Class A and Class B ordinary shares outstanding:

      

Basic

     284,022,960       253,724,694       253,724,694  

Diluted

     285,735,609       272,190,273       272,190,273  

Other comprehensive (loss)/income:

      

Foreign currency translation adjustment

     9,755       (10,165     (1,439
  

 

 

   

 

 

   

 

 

 

Total comprehensive income

     1,153,161       168,997       23,920  
  

 

 

   

 

 

   

 

 

 

Total comprehensive income attributable to Qudian Inc.’s shareholders

     1,153,161       168,997       23,920  
  

 

 

   

 

 

   

 

 

 

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 March 31,      As of June 30,  
(In thousands except for number    2020      2020     

 

 
of shares and per-share data)    (Unaudited)      (Unaudited)      (Unaudited)  
     RMB      RMB      US$  

ASSETS:

        

Current assets:

        

Cash and cash equivalents

     1,516,175        1,065,977        150,879  

Restricted cash

     540,440        510,795        72,298  

Time Deposits

     235,083        —          —    

Short-term investments

     1,232,850        2,287,840        323,823  

Short-term loan principal and financing service fee receivables

     7,286,743        5,758,287        815,033  

Short-term finance lease receivables

     353,186        339,838        48,101  

Short-term contract assets

     1,543,687        731,478        103,534  

Other current assets

     1,113,298        1,360,474        192,563  
  

 

 

    

 

 

    

 

 

 

Total current assets

     13,821,462        12,054,689        1,706,231  
  

 

 

    

 

 

    

 

 

 

Non-current assets:

        

Long-term finance lease receivables

     144,900        45,544        6,446  

Operating lease right-of-use assets

     142,596        139,039        19,680  

Investment in equity method investee

     23,084        487,618        69,018  

Long-term investments

     222,706        222,706        31,522  

Property and equipment, net

     113,983        145,910        20,652  

Intangible assets

     6,489        7,257        1,027  

Long-term contract assets

     98,399        69,494        9,836  

Deferred tax assets

     466,047        441,640        62,510  

Other non-current assets

     16,216        6,837        968  

Total non-current assets

     1,234,420        1,566,045        221,659  
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     15,055,882        13,620,734        1,927,890  
  

 

 

    

 

 

    

 

 

 


QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets

 

(In thousands except for number    As of March 31,
2020
    As of June 30,
2020
 
of shares and per-share data)    (Unaudited)     (Unaudited)     (Unaudited)  
     RMB     RMB     US$  

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      

Short-term borrowings and interest payables

     384,596       321,541       45,511  

Short-term lease liabilities

     20,378       21,911       3,101  

Accrued expenses and other current liabilities

     672,539       648,680       91,815  

Guarantee liabilities and risk assurance liabilities(1)

     1,798,603       715,577       101,283  

Income tax payable

     221,625       170,815       24,177  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     3,097,741       1,878,524       265,888  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities:

      

Deferred tax liabilities

     10,005       7,125       1,009  

Convertible senior notes

     1,438,448       1,009,992       142,955  

Long-term lease liabilities

     17,729       13,417       1,899  

Long-term borrowings and interest payables

     23,888       54,338       7,691  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     1,490,070       1,084,872       153,554  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     4,587,811       2,963,396       419,442  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity:

      

Class A Ordinary shares

     131       131       19  

Class B Ordinary shares

     44       44       6  

Treasury shares

     (369,227     (369,227     (52,261

Additional paid-in capital

     3,981,385       4,001,654       566,397  

Accumulated other comprehensive loss

     (14,342     (24,506     (3,469

Retained earnings

     6,870,080       7,049,242       997,756  
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     10,468,071       10,657,338       1,508,448  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

     15,055,882       13,620,734       1,927,890  
  

 

 

   

 

 

   

 

 

 

Note:

 

(1)

The amount includes the balance of the guarantee liabilities accounted in accordance with ASC 815,“Derivative”, and the balance of risk assurance liabilities accounted in accordance with ASC 450, “Contingencies” and ASC 460, “Guarantees”.


QUDIAN INC.

Unaudited Reconciliation of GAAP And Non-GAAP Results

 

     Three months ended June 30,  
     2019      2020  
(In thousands except for number    (Unaudited)      (Unaudited)      (Unaudited)  
of shares and per-share data)    RMB      RMB      US$  

Total net income attributable to Qudian Inc.’s shareholders

     1,143,406        179,162        25,359  

Add: Share-based compensation expenses

     15,162        20,269        2,869  

Less: Convertible bonds buyback income

     —          169,511        23,993  
  

 

 

    

 

 

    

 

 

 

Non-GAAP net income attributable to Qudian Inc.’s shareholders

     1,158,568        29,920        4,235  
  

 

 

    

 

 

    

 

 

 

Non-GAAP net income per share—basic

     4.08        0.12        0.02  

Non-GAAP net income per share—diluted

     4.05        0.12        0.02  

Weighted average shares outstanding—basic

     284,022,960        253,724,694        253,724,694  

Weighted average shares outstanding—diluted

     285,735,609        253,724,694        253,724,694