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
February 2023
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 x 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 x
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
| Exhibit 99.1 | Press release: Qudian Inc. Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results |
2
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: February 22, 2023
3
Exhibit 99.1
Qudian Inc. Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results
XIAMEN, China, February 21, 2023/PRNewswire/ -- Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2022.
Fourth Quarter 2022 Operational Highlights:
| ● | As a result of the Company’s previously announced decision to cease new credit offerings after September 6, 2022, there was no outstanding loan balance[1] from the loan book business as of December 31, 2022. In addition, the Company did not facilitate any credit transactions in the fourth quarter of 2022. |
[1] 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.
Fourth Quarter 2022 Financial Highlights:
| ● | Total revenues were RMB160.1 million (US$23.2 million), compared to RMB378.9 million for the same period of last year |
| ● | Net income attributable to Qudian’s shareholders was RMB490.1 million (US$71.1 million), compared to net loss of RMB65.1 million for the same period of last year; net income per diluted ADS was RMB2.07 (US$0.30) for the fourth quarter of 2022 |
| ● | Non-GAAP net income attributable to Qudian’s shareholders was RMB493.3 million (US$71.5 million), compared to net loss of RMB59.3 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 income per diluted ADS was RMB2.08 (US$0.30) for the fourth quarter of 2022 |
Full Year 2022 Financial Highlights:
| ● | Total revenues were RMB577.5 million (US$83.7 million) for 2022, representing a decrease of 65.1% from 2021, primarily due to the decrease in the amount of credit transactions |
| ● | Net loss attributable to Qudian’s shareholders was RMB362.0 million (US$52.5 million), compared to an income of RMB589.1 million in 2021; net loss per diluted ADS was RMB1.47 (US$0.21) for 2022 |
| ● | Non-GAAP net loss attributable to Qudian’s shareholders was RMB347.9 million (US$50.4 million), compared to an income of RMB612.4 million in 2021; non-GAAP net loss per diluted ADS was RMB1.41 (US$0.21) for 2022 |
“Macro headwinds and COVID disruptions created challenging business conditions in 2022. In this volatile environment, we prudently implemented our operating strategy while maintaining a healthy balance sheet by pursuing efficient cash management. We continued in the fourth quarter to execute our business transition, with the winding down of our loan book business to its final stage,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. “As we enter 2023, we remain agile, navigating market dynamics and capitalizing on new business opportunities, including those overseas, committed, as always, to building long-term value for our shareholders.”
Fourth Quarter Financial Results
Total revenues were RMB160.1 million (US$23.2 million), representing a decrease of 57.8% from RMB378.9 million for the fourth quarter of 2021.
Financing income totaled RMB29.3 million (US$4.2 million), representing a decrease of 90.1% from RMB296.4 million for the fourth quarter of 2021, as a result of the decrease in the average on-balance sheet loan balance.
Loan facilitation income and other related income decreased by 50.2% to RMB4.9 million (US$0.7 million) from RMB9.9 million for the fourth quarter of 2021, as a result of the wind down of off-balance sheet loans during this quarter.
Transaction services fee and other related income increased to RMB102.6 million (US$14.9 million) from RMB41.6 million for the fourth quarter of 2021, primarily due to the change in estimate for variable consideration for the transactions facilitated in the past years.
Sales income and others increased to RMB19.3 million (US$2.8 million), which was mostly attributable to sales income generated by QD Food, compared with RMB7.2 million for the fourth quarter of 2021, which was mainly attributable to sales income generated by the Wanlimu Kids. We have wound down the QD Food business.
Total operating costs and expenses decreased to RMB108.8 million (US$15.8 million) from RMB387.8 million for the fourth quarter of 2021.
Cost of revenues increased by 92.4% to RMB73.7 million (US$10.7 million) from RMB38.3 million for the fourth quarter of 2021, primarily due to the inventory clearance relating to QD Food.
Sales and marketing expenses decreased by 33.4% to RMB18.5 million (US$2.7 million) from RMB27.8 million for the fourth quarter of 2021, primarily due to the winding down of the WLM Kids business.
General and administrative expenses decreased by 38.3% to RMB67.8 million (US$9.8 million) from RMB109.8 million for the fourth quarter of 2021, primarily due to the winding down of the WLM Kids business.
Research and development expenses decreased by 88.9% to RMB2.5 million (US$0.4 million) from RMB22.8 million for the fourth quarter of 2021, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries and a decrease in third-party service fees.
Provision for receivables and other assets was a reversal of RMB140.7 million (US$20.4 million) for the fourth quarter of 2022, mainly due to the decrease in past-due on-balance sheet outstanding principal receivables.
Impairment loss from long-lived assets was RMB104.0 million (US$15.1 million) for the fourth quarter of 2022, as a result of the winding down of the WLM Kids business and QD Food business.
Income from operations was RMB66.1 million (US$9.6 million), compared to RMB47.8 million for the fourth quarter of 2021.
Net income attributable to Qudian’s shareholders was RMB490.1 million (US$71.1 million). Net income per diluted ADS was RMB2.07 (US$0.30).
Non-GAAP net income attributable to Qudian’s shareholders was RMB493.3 million (US$71.5 million). Non-GAAP net income per diluted ADS was RMB2.08 (US$0.30).
Full Year 2022 Financial Results
Total revenues were RMB577.5 million (US$83.7 million), a decrease of 65.1% from RMB1,654.0 million for 2021.
Financing income totaled RMB308.7 million (US$44.8 million), a decrease of 75.4% from RMB1,255.5 million for 2021, as a result of the decrease in the average on-balance sheet loan balance to zero as of the end of 2022.
Loan facilitation income and other related income decreased by 56.7% to RMB18.8 million (US$2.7 million) from RMB43.5 million for 2021, as a result of the wind down of off-balance sheet transactions.
Transaction services fee and other related income was RMB113.8 million (US$16.5 million), compared to RMB151.7 million for 2021, primarily due to the change in estimate for variable consideration for the transactions facilitated in the past years.
Sales income and others decreased by 17.9% to RMB82.6 million (US$12.0 million) from RMB100.7 million for 2021, mainly due to the winding down of the Wanlimu e-commerce platform, partially offset by sales relating to QD Food.
Total operating costs and expenses increased by 16.1% to RMB944.2 million (US$136.9 million) from RMB813.6 million for 2021.
Cost of revenues increased by 28.2% to RMB383.1 million (US$55.5 million) from RMB298.7 million for 2021, primarily due to the increase in the cost of goods sold relating to QD Food.
Sales and marketing expenses increased by 113.2% to RMB271.6 million (US$39.4 million) from RMB127.4 million for 2021. The increase was primarily due to marketing expenses incurred by QD Food.
General and administrative expenses decreased by 35.2% to RMB287.5 million (US$41.7 million) from RMB443.3 million for 2021, primarily due to the winding down of the WLM Kids business.
Research and development expenses decreased by 58.7% to RMB58.3 million (US$8.4 million) from RMB141.3 million for 2021. The decrease was primarily due to the decrease in staff head count, which led to a corresponding decrease in staff salaries and a decrease in third-party service fees.
Provision for receivables and other assets was a reversal of RMB221.1 million (US$32.1 million) for 2022, mainly due to the decrease in past-due on-balance sheet outstanding principal receivables.
Impairment loss from long-lived assets was RMB268.9 million (US$39.0 million) for 2022, as a result of the winding down of the WLM Kids business and QD Food.
Loss from operations was RMB329.5 million (US$47.8 million) compared to an income of RMB922.7 million for 2021.
Net loss attributable to Qudian’s shareholders was RMB362.0 million (US$52.5 million), compared to an income of RMB589.1 million. Net loss per diluted ADS was RMB1.47 (US$0.21) for 2022.
Non-GAAP net loss attributable to Qudian’s shareholders was RMB347.9 million (US$50.4 million), compared to an income of RMB612.4 million. Non-GAAP net loss per diluted ADS was RMB1.41 (US$0.21) for 2022.
Cash Flow
As of December 31, 2022, the Company had cash and cash equivalents of RMB3,502.0 million (US$507.7 million) and restricted cash of RMB70.7 million (US$10.3 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of on-and-off balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company.
For the fourth quarter of 2022, net cash provided by operating activities was RMB83.3 million (US$12.1 million), mainly due to proceeds from interest and investment income. Net cash provided by investing activities was RMB332.3 million (US$48.2 million), mainly due to the net proceeds from the collection of loan principal. Net cash used in financing activities was RMB51.5 million (US$7.5 million), mainly due to the repurchase of ordinary shares.
For the full year of 2022, net cash used in operating activities was RMB184.5 million (US$26.7 million), mainly due to payments made to suppliers and employees and partially offset by cash received from investment income. Net cash provided by investing activities was RMB2,330.2 million (US$337.8 million), mainly due to the net proceeds from the collection of loan principal. Net cash used in financing activities was RMB835.0 million (US$121.1 million), mainly due to the repurchases of ordinary shares and convertible senior notes.
Update on Share Repurchase
As of the date of this release, the Company has cumulatively completed total share repurchases of approximately US$602.1 million.
About Qudian Inc.
Qudian Inc. ("Qudian") is a consumer-oriented technology company in China. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative consumer products and services to satisfy Chinese consumers' fundamental and daily needs by leveraging its technology capabilities.
For more information, please visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP net income/loss attributable to Qudian’s shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders 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, which is non-cash and non-recurring. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders 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.
Non-GAAP net income/loss attributable to Qudian’s shareholders 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 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 RMB6.8972 to US$1.00, the noon buying rate in effect on December 30, 2022, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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 products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates 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:
In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com
In the United States:
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 December 31, | ||||||||||
| 2021 | 2022 | |||||||||
| (In thousands except for number | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
| of shares and per-share data) | RMB | RMB | US$ | |||||||
| Revenues: | ||||||||||
| Financing income | 296,443 | 29,276 | 4,245 | |||||||
| Sales commission fee | 7,545 | - | - | |||||||
| Sales income and others | 7,158 | 19,305 | 2,799 | |||||||
| Penalty fee | 16,178 | 3,966 | 575 | |||||||
| Loan facilitation income and other related income | 9,925 | 4,942 | 717 | |||||||
| Transaction services fee and other related income | 41,638 | 102,580 | 14,873 | |||||||
| Total revenues | 378,887 | 160,069 | 23,209 | |||||||
| Operating cost and expenses: | ||||||||||
| Cost of revenues | (38,272 | ) | (73,653 | ) | (10,679 | ) | ||||
| Sales and marketing | (27,799 | ) | (18,520 | ) | (2,685 | ) | ||||
| General and administrative | (109,793 | ) | (67,764 | ) | (9,825 | ) | ||||
| Research and development | (22,798 | ) | (2,538 | ) | (368 | ) | ||||
| Changes in guarantee liabilities and risk assurance liabilities(1) | 38,826 | 16,857 | 2,444 | |||||||
| Provision for receivables and other assets | (71,544 | ) | 140,726 | 20,403 | ||||||
| Impairment loss from long-lived assets | (156,394 | ) | (103,950 | ) | (15,071 | ) | ||||
| Total operating cost and expenses | (387,774 | ) | (108,842 | ) | (15,781 | ) | ||||
| Other operating income | 56,728 | 14,858 | 2,154 | |||||||
| Income from operations | 47,841 | 66,085 | 9,582 | |||||||
| Interest and investment income, net | 149,352 | 224,055 | 32,485 | |||||||
| (Loss)/Gain from equity method investments | (221,798 | ) | 12,839 | 1,861 | ||||||
| Gain on derivative instruments | 17,375 | 262,049 | 37,994 | |||||||
| Foreign exchange gain/(loss), net | 78 | (1,639 | ) | (238 | ) | |||||
| Other income | 20 | 254 | 37 | |||||||
| Other expenses | (3,355 | ) | - | - | ||||||
| Net (loss)/income before income taxes | (10,487 | ) | 563,643 | 81,721 | ||||||
| Income tax expenses | (55,503 | ) | (73,540 | ) | (10,662 | ) | ||||
| Net (loss)/Income | (65,990 | ) | 490,103 | 71,059 | ||||||
| Less: net loss attributable to non-controlling interest shareholders | (927 | ) | - | - | ||||||
| Net (loss)/income attributable to Qudian Inc.’s shareholders | (65,063 | ) | 490,103 | 71,059 | ||||||
| Loss/(Earning) per share for Class A and Class B ordinary shares: | ||||||||||
| Basic | (0.26 | ) | 2.07 | 0.30 | ||||||
| Diluted | (0.26 | ) | 2.07 | 0.30 | ||||||
| Loss/(Earning) per ADS (1 Class A ordinary share equals 1 ADSs): | ||||||||||
| Basic | (0.26 | ) | 2.07 | 0.30 | ||||||
| Diluted | (0.26 | ) | 2.07 | 0.30 | ||||||
| Weighted average number of Class A and Class B ordinary shares outstanding: | ||||||||||
| Basic | 253,682,383 | 236,955,750 | 236,955,750 | |||||||
| Diluted | 265,107,010 | 236,955,750 | 236,955,750 | |||||||
| Other comprehensive loss: | ||||||||||
| Foreign currency translation adjustment | (2,517 | ) | (23,059 | ) | (3,343 | ) | ||||
| Total comprehensive (loss)/income | (68,507 | ) | 467,044 | 67,716 | ||||||
| Less: total comprehensive loss attributable to non-controlling interest shareholders | (927 | ) | - | - | ||||||
| Total comprehensive (loss)/income attributable to Qudian Inc.’s shareholders | (67,580 | ) | 467,044 | 67,716 | ||||||
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 Statements of Operations
| Year ended December 31, | ||||||||||
| 2021 | 2022 | |||||||||
| (In thousands except for number | (Audited) | (Unaudited) | (Unaudited) | |||||||
| of shares and per-share data) | RMB | RMB | US$ | |||||||
| Revenues: | ||||||||||
| Financing income | 1,255,488 | 308,717 | 44,760 | |||||||
| Sales commission fee | 35,411 | 115 | 17 | |||||||
| Sales income and others | 100,668 | 82,616 | 11,978 | |||||||
| Penalty fee | 67,316 | 53,445 | 7,749 | |||||||
| Loan facilitation income and other related income | 43,466 | 18,809 | 2,727 | |||||||
| Transaction services fee and other related income | 151,694 | 113,790 | 16,498 | |||||||
| Total revenues | 1,654,043 | 577,492 | 83,729 | |||||||
| Operating cost and expenses: | ||||||||||
| Cost of revenues | (298,726 | ) | (383,091 | ) | (55,543 | ) | ||||
| Sales and marketing | (127,376 | ) | (271,611 | ) | (39,380 | ) | ||||
| General and administrative | (443,276 | ) | (287,457 | ) | (41,677 | ) | ||||
| Research and development | (141,264 | ) | (58,275 | ) | (8,449 | ) | ||||
| Changes in guarantee liabilities and risk assurance liabilities(1) | 201,602 | 103,991 | 15,077 | |||||||
| Provision for receivables and other assets | 151,817 | 221,121 | 32,060 | |||||||
| Impairment loss from long-lived assets | (156,394 | ) | (268,927 | ) | (38,991 | ) | ||||
| Total operating cost and expenses | (813,617 | ) | (944,249 | ) | (136,903 | ) | ||||
| Other operating income | 82,273 | 37,255 | 5,401 | |||||||
| Income/(Loss) from operations | 922,699 | (329,502 | ) | (47,773 | ) | |||||
| Interest and investment income, net | 129,456 | 112,816 | 16,357 | |||||||
| (Loss)/Gain from equity method investments | (221,798 | ) | 13,998 | 2,030 | ||||||
| Gain/(Loss) on derivative instruments | 17,375 | (70,420 | ) | (10,210 | ) | |||||
| Foreign exchange (loss)/gain, net | (51 | ) | 250 | 36 | ||||||
| Other income | 5,213 | 19,833 | 2,876 | |||||||
| Other expenses | (6,485 | ) | (16,599 | ) | (2,407 | ) | ||||
| Net income/(loss) before income taxes | 846,409 | (269,624 | ) | (39,091 | ) | |||||
| Income tax expenses | (260,482 | ) | (92,428 | ) | (13,401 | ) | ||||
| Net income/(loss) | 585,927 | (362,052 | ) | (52,492 | ) | |||||
| Less: net loss attributable to non-controlling interest shareholders | (3,147 | ) | (88 | ) | (13 | ) | ||||
| Net income/(loss) attributable to Qudian Inc.’s shareholders | 589,074 | (361,964 | ) | (52,479 | ) | |||||
| Earning/(loss) per share for Class A and Class B ordinary shares: | ||||||||||
| Basic | 2.32 | (1.47 | ) | (0.21 | ) | |||||
| Diluted | 2.27 | (1.47 | ) | (0.21 | ) | |||||
| Earning/(loss) per ADS (1 Class A ordinary share equals 1 ADSs): | ||||||||||
| Basic | 2.32 | (1.47 | ) | (0.21 | ) | |||||
| Diluted | 2.27 | (1.47 | ) | (0.21 | ) | |||||
| Weighted average number of Class A and Class B ordinary shares outstanding: | ||||||||||
| Basic | 253,438,807 | 246,043,086 | 246,043,086 | |||||||
| Diluted | 266,292,869 | 246,043,086 | 246,043,086 | |||||||
| Other comprehensive (loss)/income: | ||||||||||
| Foreign currency translation adjustment | (7,577 | ) | 13,037 | 1,890 | ||||||
| Total comprehensive income/(loss) | 578,350 | (349,015 | ) | (50,602 | ) | |||||
| Less: total comprehensive loss attributable to non-controlling interest shareholders | (3,147 | ) | (88 | ) | (13 | ) | ||||
| Total comprehensive income/(loss) attributable to Qudian Inc.’s shareholders | 581,497 | (348,927 | ) | (50,589 | ) | |||||
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 December 31, | As of December 31, | |||||||||
| 2021 | 2022 | |||||||||
| (In thousands except for number | (Audited) | (Unaudited) | (Unaudited) | |||||||
| of shares and per-share data) | RMB | RMB | US$ | |||||||
| ASSETS: | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | 2,065,495 | 3,502,041 | 507,748 | |||||||
| Restricted cash | 177,925 | 70,707 | 10,252 | |||||||
| Derivative instruments-assets | 17,376 | - | - | |||||||
| Short-term investments | 5,926,601 | 5,378,305 | 779,781 | |||||||
| Short-term loan principal and financing service fee receivables | 2,371,966 | - | - | |||||||
| Short-term finance lease receivables | 31,462 | 1,381 | 200 | |||||||
| Short-term contract assets | 27,965 | - | - | |||||||
| Other current assets | 1,599,300 | 2,106,092 | 305,355 | |||||||
| Total current assets | 12,218,090 | 11,058,526 | 1,603,336 | |||||||
| Non-current assets: | ||||||||||
| Long-term finance lease receivables | 399 | - | - | |||||||
| Operating lease right-of-use assets | 300,607 | 103,142 | 14,954 | |||||||
| Investment in equity method investee | 85,582 | 133,058 | 19,292 | |||||||
| Long-term investments | 286,065 | 217,046 | 31,469 | |||||||
| Property and equipment, net | 659,101 | 773,886 | 112,203 | |||||||
| Intangible assets | 11,012 | 9,701 | 1,406 | |||||||
| Long-term contract assets | 31 | - | - | |||||||
| Deferred tax assets, net | 87,286 | - | - | |||||||
| Other non-current assets | 442,952 | 451,076 | 65,400 | |||||||
| Total non-current assets | 1,873,035 | 1,687,909 | 244,724 | |||||||
| TOTAL ASSETS | 14,091,125 | 12,746,435 | 1,848,060 | |||||||
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets (Continued)
| As of December 31, | As of December 31, | |||||||||
| 2021 | 2022 | |||||||||
| (In thousands except for number | (Audited) | (Unaudited) | (Unaudited) | |||||||
| of shares and per-share data) | RMB | RMB | US$ | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Short-term borrowings and interest payables | - | 29,062 | 4,214 | |||||||
| Short-term lease liabilities | 37,470 | 6,311 | 915 | |||||||
| Derivative instruments-liability | - | 163,128 | 23,651 | |||||||
| Accrued expenses and other current liabilities | 376,868 | 295,675 | 42,869 | |||||||
| Guarantee liabilities and risk assurance liabilities(2) | 886 | - | - | |||||||
| Income tax payable | 78,294 | 90,753 | 13,158 | |||||||
| Total current liabilities | 493,518 | 584,929 | 84,807 | |||||||
| Non-current liabilities: | ||||||||||
| Deferred tax liabilities, net | 68,543 | 2,118 | 307 | |||||||
| Convertible senior notes | 681,401 | - | - | |||||||
| Long-term lease liabilities | 168,800 | 426 | 62 | |||||||
| Long-term borrowings and interest payables | 145,312 | 116,249 | 16,855 | |||||||
| Other non-current liabilities | 10,012 | - | - | |||||||
| Total non-current liabilities | 1,074,068 | 118,793 | 17,224 | |||||||
| Total liabilities | 1,567,586 | 703,722 | 102,031 | |||||||
| Shareholders’ equity: | ||||||||||
| Class A Ordinary shares | 132 | 132 | 19 | |||||||
| Class B Ordinary shares | 44 | 44 | 6 | |||||||
| Treasury shares | (346,321 | ) | (481,582 | ) | (69,823 | ) | ||||
| Additional paid-in capital | 4,017,375 | 4,030,825 | 584,415 | |||||||
| Accumulated other comprehensive loss | (58,997 | ) | (45,960 | ) | (6,664 | ) | ||||
| Non-controlling interests | 6,853 | - | - | |||||||
| Retained earnings | 8,904,453 | 8,539,254 | 1,238,076 | |||||||
| Total shareholders’ equity | 12,523,539 | 12,042,713 | 1,746,029 | |||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 14,091,125 | 12,746,435 | 1,848,060 | |||||||
Note:
(2) 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 December 31, | ||||||||||
| 2021 | 2022 | |||||||||
| (In thousands except for number | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
| of shares and per-share data) | RMB | RMB | US$ | |||||||
| Total net (loss)/income attributable to Qudian Inc.’s shareholders | (65,063 | ) | 490,103 | 71,059 | ||||||
| Add: Share-based compensation expenses | 5,747 | 3,376 | 489 | |||||||
| Less: Convertible bonds buyback income | (36 | ) | 184 | 27 | ||||||
| Non-GAAP net income/(loss) attributable to Qudian Inc.’s shareholders | (59,280 | ) | 493,295 | 71,521 | ||||||
| Non-GAAP net (loss)/earning per share—basic | (0.23 | ) | 2.08 | 0.30 | ||||||
| Non-GAAP net (loss)/earning per share—diluted | (0.23 | ) | 2.08 | 0.30 | ||||||
| Weighted average shares outstanding—basic | 253,682,383 | 236,955,750 | 236,955,750 | |||||||
| Weighted average shares outstanding—diluted | 265,107,010 | 236,955,750 | 236,955,750 | |||||||
| Year ended December 31, | ||||||||||
| 2021 | 2022 | |||||||||
| (In thousands except for number | (Audited) | (Unaudited) | (Unaudited) | |||||||
| of shares and per-share data) | RMB | RMB | US$ | |||||||
| Total net income/(loss) attributable to Qudian Inc.’s shareholders | 589,074 | (361,964 | ) | (52,479 | ) | |||||
| Add: Share-based compensation expenses | 35,349 | 24,054 | 3,488 | |||||||
| Less: Convertible bonds buyback income | 12,046 | 10,028 | 1,454 | |||||||
| Non-GAAP net income/(loss) attributable to Qudian Inc.’s shareholders | 612,377 | (347,938 | ) | (50,446 | ) | |||||
| Non-GAAP net earning/(loss) per share—basic | 2.42 | (1.41 | ) | (0.21 | ) | |||||
| Non-GAAP net earning/(loss) per share—diluted | 2.36 | (1.41 | ) | (0.21 | ) | |||||
| Weighted average shares outstanding—basic | 253,438,807 | 246,043,086 | 246,043,086 | |||||||
| Weighted average shares outstanding—diluted | 266,292,869 | 246,043,086 | 246,043,086 | |||||||