Qudian Inc. Reports Second Quarter 2023 Unaudited Financial Results
- Last-mile delivery business shows progress in Australia
- Share repurchase program purchases 36.0 million ADSs worth US$50.8 million
- Total revenues decrease by 89.5% to RMB11.1 million
- Net loss attributable to shareholders is RMB76.9 million
Second Quarter 2023 Financial Highlights:
- Total revenues were
RMB11.1 million (US ), compared to$1.5 million RMB105.4 million for the same period of last year - Net loss attributable to Qudian's shareholders was
RMB76.9 million (US ), compared to net loss of$10.6 million RMB61.3 million for the same period of last year; net loss per diluted ADS wasRMB0.34 (US ) for the second quarter of 2023$0.05 - Non-GAAP net loss attributable to Qudian's shareholders was
RMB75.5 million (US ), compared to net loss of$10.4 million RMB52.8 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 wasRMB0.34 (US ) for the second quarter of 2023$0.05
"We are delighted to report our initial advancements in the global expansion of our smart last-mile logistics business, marking the inaugural phase of our comprehensive group-wide strategic transformation," said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. "We continued to execute our business transition and establish our new last-mile delivery business while maintaining a healthy balance sheet by pursuing efficient cash management."
Mr. Luo continued, "Our new last-mile delivery business has made steady progress since we launched it on a trial basis in December 2022 and started to achieve initial shape and scale in the second quarter of 2023 in
Second Quarter Financial Results
Total revenues were
Financing income, 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 to
Cost of revenues decreased by
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
Research and development expenses decreased by
Expected credit loss for receivables and other assets was
Loss from operations was
Interest and investment income, net increased by
Gain on derivative instrument was
Net loss attributable to Qudian's shareholders was
Non-GAAP net loss attributable to Qudian's shareholders was
Cash Flow
As of June 30, 2023, the Company had cash and cash equivalents of
For the second quarter 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 December 2022, the Company introduced a pioneering strategic venture into last-mile delivery services. The business was launched on a trial basis and has successfully taking shape and achieving initial 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
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 June 30, | |||||||
(In thousands except for number | 2022 | 2023 | |||||
of shares and per-share data) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
RMB | RMB | US$ | |||||
Revenues: | |||||||
Financing income | 66,231 | - | - | ||||
Sales commission fee | 95 | - | - | ||||
Sales income and others | 8,753 | 11,088 | 1,529 | ||||
Penalty fee | 17,297 | - | - | ||||
Loan facilitation income and other related income | 6,589 | - | - | ||||
Transaction services fee and other related income | 6,481 | - | - | ||||
Total revenues | 105,446 | 11,088 | 1,529 | ||||
Operating cost and expenses: | |||||||
Cost of revenues | (41,083) | (12,667) | (1,747) | ||||
Sales and marketing | (53,211) | - | - | ||||
General and administrative | (34,828) | (65,419) | (9,022) | ||||
Research and development | (18,774) | (9,918) | (1,368) | ||||
Changes in guarantee liabilities and risk assurance liabilities(1) | 28,839 | - | - | ||||
Expected credit gain/(loss) for receivables and other assets | 28,657 | (17,313) | (2,388) | ||||
Impairment loss from other assets | (45,536) | (1,343) | (185) | ||||
Total operating cost and expenses | (135,936) | (106,660) | (14,710) | ||||
Other operating income | 1,129 | 1,470 | 203 | ||||
Loss from operations | (29,361) | (94,102) | (12,978) | ||||
Interest and investment income, net | 4,646 | 6,798 | 937 | ||||
(Loss)/Gain from equity method investments | (241) | 2,661 | 367 | ||||
(Loss)/Gain on derivative instruments | (34,671) | 10,434 | 1,439 | ||||
Foreign exchange gain/(loss), net | 798 | (42) | (6) | ||||
Other income | 9,569 | 16,622 | 2,292 | ||||
Other expenses | (4,974) | (308) | (42) | ||||
Net loss before income taxes | (54,234) | (57,937) | (7,991) | ||||
Income tax expenses | (7,081) | (18,928) | (2,610) | ||||
Net loss | (61,315) | (76,865) | (10,601) | ||||
Less: net loss attributable to non-controlling | - | - | - | ||||
Net loss attributable to Qudian Inc.'s | (61,315) | (76,865) | (10,601) | ||||
Loss per share for Class A and Class B ordinary shares: | |||||||
Basic | (0.25) | (0.34) | (0.05) | ||||
Diluted | (0.25) | (0.34) | (0.05) | ||||
Loss per ADS (1 Class A ordinary share equals 1 ADSs): | |||||||
Basic | (0.25) | (0.34) | (0.05) | ||||
Diluted | (0.25) | (0.34) | (0.05) | ||||
Weighted average number of Class A and Class | |||||||
Basic | 248,458,980 | 223,467,498 | 223,467,498 | ||||
Diluted | 253,530,688 | 226,379,819 | 226,379,819 | ||||
Other comprehensive gain: | |||||||
Foreign currency translation adjustment | 6,489 | 65,401 | 9,019 | ||||
Total comprehensive loss | (54,826) | (11,464) | (1,582) | ||||
Less: total comprehensive loss attributable | - | - | - | ||||
Total comprehensive loss attributable to | (54,826) | (11,464) | (1,582) | ||||
Note: |
QUDIAN INC. | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
As of March 31, | As of June 30, | |||||
(In thousands except for number | 2023 | 2023 | ||||
of shares and per-share data) | (Audited) | (Unaudited) | (Unaudited) | |||
RMB | RMB | US$ | ||||
ASSETS: | ||||||
Current assets: | ||||||
Cash and cash equivalents | 5,001,285 | 5,013,109 | 691,339 | |||
Restricted cash | 56,503 | 63,407 | 8,744 | |||
Short-term investments | 4,812,491 | 3,777,220 | 520,902 | |||
Short-term finance lease receivables | 960 | - | - | |||
Other current assets | 1,422,320 | 2,078,060 | 286,578 | |||
Total current assets | 11,293,559 | 10,931,796 | 1,507,563 | |||
Non-current assets: | ||||||
Right-of-use assets | 105,749 | 104,156 | 14,364 | |||
Investment in equity method investee | 134,293 | 137,965 | 19,026 | |||
Long-term investments | 211,212 | 206,857 | 28,527 | |||
Property and equipment, net | 833,722 | 1,069,145 | 147,442 | |||
Intangible assets | 4,353 | 3,452 | 476 | |||
Other non-current assets | 451,134 | 450,923 | 62,185 | |||
Total non-current assets | 1,740,463 | 1,972,498 | 272,020 | |||
TOTAL ASSETS | 13,034,022 | 12,904,294 | 1,779,583 | |||
QUDIAN INC. | ||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||||
As of March 31, | As of June 30, | |||||
(In thousands except for number | 2023 | 2023 | ||||
of shares and per-share data) | (Audited) | (Unaudited) | (Unaudited) | |||
RMB | RMB | US$ | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings and interest payables | 145,312 | - | - | |||
Short-term lease liabilities | 8,083 | 6,766 | 933 | |||
Derivative instruments-liability | 108,729 | 179,444 | 24,746 | |||
Accrued expenses and other current liabilities | 213,928 | 204,898 | 28,257 | |||
Income tax payable | 158,498 | 164,173 | 22,640 | |||
Total current liabilities | 634,550 | 555,281 | 76,576 | |||
Non-current liabilities: | ||||||
Deferred tax liabilities, net | 19 | 23 | 3 | |||
Long-term lease liabilities | 2,038 | 2,603 | 359 | |||
Total non-current liabilities | 2,057 | 2,626 | 362 | |||
Total liabilities | 636,607 | 557,907 | 76,938 | |||
Shareholders' equity: | ||||||
Class A Ordinary shares | 132 | 132 | 19 | |||
Class B Ordinary shares | 44 | 44 | 6 | |||
Treasury shares | (542,715) | (580,653) | (80,076) | |||
Additional paid-in capital | 4,036,452 | 4,034,824 | 556,428 | |||
Accumulated other comprehensive loss | (50,050) | 15,351 | 2,117 | |||
Retained earnings | 8,953,552 | 8,876,689 | 1,224,151 | |||
Total shareholders' equity | 12,397,415 | 12,346,387 | 1,702,645 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' | 13,034,022 | 12,904,294 | 1,779,583 |
QUDIAN INC. | |||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results | |||||||
Three months ended June 30, | |||||||
2022 | 2023 | ||||||
(In thousands except for number | (Unaudited) | (Unaudited) | (Unaudited) | ||||
of shares and per-share data) | RMB | RMB | US$ | ||||
Total net loss attributable to Qudian Inc.'s shareholders | (61,315) | (76,865) | (10,601) | ||||
Add: Share-based compensation expenses | 8,672 | 1,335 | 184 | ||||
Less: Convertible bonds buyback income | 196 | - | - | ||||
Non-GAAP net loss attributable to Qudian Inc.'s shareholders | (52,839) | (75,530) | (10,417) | ||||
Non-GAAP net loss per share—basic | (0.21) | (0.34) | (0.05) | ||||
Non-GAAP net loss per share—diluted | (0.21) | (0.34) | (0.05) | ||||
Weighted average shares outstanding—basic | 248,458,980 | 223,467,498 | 223,467,498 | ||||
Weighted average shares outstanding—diluted | 253,530,688 | 226,379,819 | 226,379,819 |
View original content:https://www.prnewswire.com/news-releases/qudian-inc-reports-second-quarter-2023-unaudited-financial-results-301920366.html
SOURCE Qudian Inc.