Qudian Inc. Reports First Quarter 2024 Unaudited Financial Results
Qudian Inc. (NYSE: QD) reported its first-quarter 2024 unaudited financial results. The company achieved total revenues of RMB55.8 million (US$7.7 million), a significant increase from RMB21.9 million in Q1 2023.
However, Qudian experienced a net loss attributable to shareholders of RMB73.6 million (US$10.2 million), compared to a net income of RMB414.3 million in the same period last year. The net loss per diluted ADS was RMB0.38 (US$0.05).
Operating costs rose to RMB128.4 million (US$17.8 million), primarily due to increased costs in last-mile delivery and higher general and administrative expenses due to staff expansion. The company's cash and cash equivalents stand at RMB7,040.0 million (US$975.0 million).
Qudian continues to expand its last-mile delivery business, generating RMB53.8 million in revenue, up from RMB0.3 million in Q1 2023. The company has also announced a new US$300 million share repurchase program, set to begin in June 2024.
- Total revenues increased by 155.5% year-over-year to RMB55.8 million (US$7.7 million).
- Last-mile delivery business generated RMB53.8 million (US$7.45 million) in revenue, up from RMB0.3 million in Q1 2023.
- New share repurchase program worth US$300 million approved, starting in June 2024.
- Cash and cash equivalents totalled RMB7,040.0 million (US$975.0 million) as of March 31, 2024.
- Net loss attributable to shareholders was RMB73.6 million (US$10.2 million), compared to a net income of RMB414.3 million in Q1 2023.
- Loss from operations increased to RMB72.5 million (US$10.0 million) from RMB28.9 million in Q1 2023.
- Total operating costs and expenses rose to RMB128.4 million (US$17.8 million) from RMB83.9 million in Q1 2023.
- General and administrative expenses increased by 11.8% to RMB57.3 million (US$7.9 million).
- Research and development expenses rose by 51.5% to RMB15.9 million (US$2.2 million).
- Interest and investment income, net decreased by 77.5% to RMB54.2 million (US$7.5 million).
- Loss on derivative instrument was RMB36.5 million (US$5.1 million) compared to a gain of RMB286.9 million in Q1 2023.
- Net cash used in operating activities was RMB112.8 million (US$15.6 million).
Insights
The financial results for Qudian Inc. reveal a mixed bag. While revenue increased significantly by
The substantial rise in operating costs and expenses, which grew to
Additionally, the decrease in interest and investment income by
From a market standpoint, Qudian’s pivot towards the last-mile delivery business under the brand ‘Fast Horse’ is notable. The revenue from this segment surged, contributing
However, the company's overall market performance remains in a transitional phase. The complete wind down of the QD Food business and the strategic shift towards logistics are ambitious but come with inherent risks. The high R&D expenses and increased general and administrative costs indicate substantial investment in this new venture, which may not yield immediate returns. It is critical to assess whether this business can achieve longer-term profitability and market penetration.
First Quarter 2024 Financial Highlights:
- Total revenues were
RMB55.8 million (US ), compared to$7.7 million RMB21.9 million for the same period of last year - Net loss attributable to Qudian's shareholders was
RMB73.6 million (US ), compared to net income of$10.2 million RMB414.3 million for the same period of last year; net loss per diluted ADS wasRMB0.38 (US ) for the first quarter of 2024$0.05 - Non-GAAP net loss attributable to Qudian's shareholders was
RMB73.5 million (US ), compared to Non-GAAP net income of$10.2 million RMB416.0 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 ) for the first quarter of 2024$0.05
"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
Research and development expenses increased by
Loss from operations was
Interest and investment income, net decreased by
Gain/(loss) on derivative instrument was a loss of
Net loss attributable to Qudian's shareholders was
Non-GAAP net loss attributable to Qudian's shareholders was
Cash Flow
As of March 31, 2024, the Company had cash and cash equivalents 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 December 2022, the Company launched its last-mile delivery services under the brand name of "Fast Horse." The business was initially launched on a trial basis and has gradually achieved meaningful scale in
Update on Share Repurchase
As previously disclosed, the Company established a share repurchase program in June 2022, under which the Company may purchase up to
Subsequently, our Board has approved a new share repurchase program in March 2024 to purchase up to
About Qudian Inc.
Qudian Inc. ("Qudian") is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative logistics services to satisfy consumers' demand for e-commerce transactions 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. 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
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. 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
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com
QUDIAN INC. | ||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||
Three months ended March 31, | ||||||
(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) |
QUDIAN INC. | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
As of December 31, | As of March 31, | |||||
(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 | |||
QUDIAN INC. | ||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||||
As of December 31, | As of March 31, | |||||
(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 |
QUDIAN INC. | |||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results | |||||||
Three months ended March 31, | |||||||
2023 | 2024 | ||||||
(In thousands except for number | (Unaudited) | (Unaudited) | |||||
of shares and per-share data) | RMB | RMB | US$ | ||||
Total net income/(loss) attributable to Qudian Inc.'s shareholders | 414,298 | (73,610) | (10,196) | ||||
Add: Share-based compensation expenses | 1,668 | 107 | 15 | ||||
Non-GAAP net income/(loss) attributable to Qudian Inc.'s shareholders | 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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SOURCE Qudian Inc.
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