Waterdrop Inc. Announces First Quarter 2024 Unaudited Financial Results
Waterdrop Inc. (NYSE: WDH) reported its unaudited financial results for Q1 2024. The company achieved a net profit of RMB80.6 million, a 36.5% growth quarter-over-quarter. Operating revenue increased by 16.3% year over year to RMB704.7 million. First-year premiums from insurance rose by 3.7% to RMB1,754.5 million, with life insurance products contributing 56.4% compared to 46.5% last year. The company also saw growth in its medical crowdfunding platform, accumulating RMB63.8 billion in donations. Operating expenses increased by 10.5% to RMB658.3 million, with notable rises in operating costs and sales and marketing expenses. However, general and administrative expenses decreased by 7.1%. The company's cash and equivalents stood at RMB3,484.4 million as of March 31, 2024.
Waterdrop's CEO highlighted the company's sustained profitability and strategic initiatives in the insurance and healthcare sectors. The company aims to enhance its digital clinical trial services and expand its market presence while maintaining a focus on core technology competitiveness. The press release emphasized the company's mission to provide customized, cost-effective products and services.
- Net profit attributable to shareholders reached RMB80.6 million, a 36.5% quarter-over-quarter growth.
- Operating revenue increased by 16.3% year over year to RMB704.7 million.
- First-year premiums (FYP) from insurance business rose to RMB1,754.5 million, up 3.7% year over year.
- Life insurance products' FYP contribution increased to 56.4% from 46.5% last year.
- Cumulative donations on the crowdfunding platform reached RMB63.8 billion.
- Cash and cash equivalents and short-term investments totaled RMB3,484.4 million as of March 31, 2024.
- Nine consecutive quarters of profitability maintained.
- Adjusted net profit for Q1 2024 was RMB98.4 million, up from RMB74.7 million in the previous quarter.
- Share repurchase programs have repurchased approximately 45.5 million ADSs with a total consideration of US$95.9 million.
- Operating costs and expenses increased by 10.5% year over year to RMB658.3 million.
- Operating costs rose by 33.6% year over year to RMB331.2 million due to increased personnel costs and referral fees.
- Sales and marketing expenses increased by 5.0% year over year to RMB182.1 million.
- Healthcare-related income decreased by 8.3% quarter over quarter.
- General and administrative expenses saw a 7.1% year-over-year decrease but were partially offset by an increase in allowance for doubtful accounts.
Insights
Waterdrop Inc.'s first-quarter financial results reveal several critical points for investors. Notably, the company's net profit attributable to ordinary shareholders has reached
Examining the insurance-related income, which saw a
In summary, Waterdrop's financial health appears strong and its diverse revenue model offers resilience. Nonetheless, investors should closely monitor operating expenses to ensure they do not outpace revenue growth in the future.
Waterdrop's performance in its insurance and crowdfunding segments is particularly noteworthy. The insurance segment remains the most significant revenue driver, with first-year premiums (FYP) up
On the crowdfunding front, the platform has evidently expanded its coverage with 456 million cumulative donors and over
However, the digital clinical trial services sector, while still in its growth phase, shows potential with nearly 7,800 patients enrolled in 960 programs. This new initiative could position Waterdrop as a key player in the digital healthcare space if it continues to develop effectively.
Overall, Waterdrop is showing promising progress in its primary business areas, which could bode well for its long-term market positioning and revenue stability.
Financial and Operational Highlights for the First Quarter of 2024
- Consecutive profitability and positive operating cash flow: In the first quarter of 2024, net profit attributable to our ordinary shareholders reached
RMB80.6 million , representing a quarter-over-quarter growth of36.5% . As of March 31, 2024, our cash and cash equivalents and short-term investments balance amounted toRMB3,484.4 million (US .6 million). We continued to generate positive operating cash flow during the first quarter of 2024.$482 - Robust business performance: For the first quarter of 2024, the first-year premiums ("FYP") generated through our insurance business amounted to
RMB1,754.5 million (US ), representing an increase of$243.0 million 3.7% year over year. Net operating revenue wasRMB704.7 million (US ), representing an increase of$97.6 million 16.3% year over year. - Improving FYP share from life insurance products: The contribution of FYP generated from long-term insurance products to overall FYP has further increased. In addition, in the first quarter of 2024, the FYP generated from life insurance products increased 9.9 percentage points to
56.4% of overall long-term insurance products from46.5% for the same period of 2023. - Broadening crowdfunding coverage: As of March 31, 2024, around 456 million people cumulatively had donated an aggregate of approximately
RMB63.8 billion to over 3.17 million patients through Waterdrop Medical Crowdfunding. - Digital clinical trial services in good progress: As of March 31, 2024, the Company had cumulatively enrolled nearly 7,800 patients into over 960 clinical trial programs through E-Find Platform.
Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "We are thrilled to kick off 2024 with solid first quarter financial results. The quarterly net profit attributable to our ordinary shareholders reached
Waterdrop Insurance Marketplace has continually improved online traffic conversion capabilities and efficiency. We have been leveraging various content distribution platforms and optimizing our product offerings accordingly. Our capability in tailoring various products to meet user needs continues to improve. Targeting a market segment, we have successfully upgraded one of our star products "Jiehaoyun" to version 2.0, which gained top recognition on various platforms. The FYP generated through our insurance business increased by
Regarding Waterdrop Medical Crowdfunding, we ensured stringent oversight over the transparency of fundraising activities on our platform and strengthened our risk management measures. For instance, before manual verification, we integrated algorithm recognition to identify false or fake medical documents and mitigate related risks effectively.
In this quarter, our healthcare-related business continued its momentum, bringing the number of collaborating pharmaceutical companies and contract research organizations (collectively, "CROs") to 179. In addition, we enrolled over 800 patients and started providing services to 88 new programs in the first quarter of 2024. We accelerated the implementation of our digital capabilities in clinical trial solution and multichannel marketing to serve a broader client base.
Looking ahead, we are committed to patiently building core technology competitiveness for the Company, supporting the long-term strategic execution to maintain stable profitability. Guided by our mission and values, we will continuously explore more customized, cost-effective products and services, while expanding our business boundaries."
Financial Results for the First Quarter of 2024
Operating revenue, net
Net operating revenue for the first quarter of 2024 increased by
- Insurance-related income includes insurance brokerage income and technical service income. Insurance brokerage income represents brokerage commissions earned from insurance companies. Technical service income is derived from providing technical services including customer relationship maintenance, customer complaint management, claim review, and user referral services, among other things, to insurance companies, insurance brokers, and agency companies. Our insurance-related income amounted to
RMB606.8 million (US ) in the first quarter of 2024, representing an increase of$84.0 million 13.1% year over year fromRMB536.3 million for the first quarter of 2023, which was mainly due to the increase in insurance brokerage income. On a quarter-over-quarter basis, insurance-related income increased by3.2% . - Crowdfunding service fees represent the service income earned when patients successfully withdraw the proceeds from their crowdfunding campaigns. Our role is to operate the Waterdrop Medical Crowdfunding platform to provide crowdfunding related services through the internet, enabling patients with significant medical bills to seek help from caring hearts through technology (the "medical crowdfunding services"). Our medical crowdfunding services generally consist of providing technical and internet support, managing, reviewing and supervising the crowdfunding campaigns, providing comprehensive risk management and anti-fraud measures, and facilitating the collection and transfer of the funds. For the first quarter of 2024, we generated
RMB67 .4 million (US ) in service fees, representing an increase of$9.3 million 60.3% year over year fromRMB42 .0 million for the first quarter of 2023. On a quarter-over-quarter basis, crowdfunding service fees increased by68.3% . - We are expanding the healthcare-related services, including digital clinical trial solution and digital multichannel marketing solution. Digital clinical trial solution income represents the service income earned from our customers mainly including biopharmaceutical companies and leading biotechnology companies. We match qualified and suitable patients for enrollment in clinical trials for our customers and generate digital clinical trial solution revenue for successful matches and we typically charge our customers a fixed unit price per successful match. Digital multichannel marketing solution income is derived from life science and healthcare companies. Focusing on the needs of our customers, we provide comprehensive digital marketing solutions around the whole life cycle of products through integrated services such as patient screening, medication management, doctor-patient services, innovative payment methods, and channel marketing. For the first quarter of 2024, our healthcare-related income amounted to
RMB25.3 million (US ), representing an increase of$3.5 million 7.3% fromRMB23.6 million in the same period of 2023. On a quarter-over-quarter basis, healthcare-related income decreased by8.3% .
Operating costs and expenses
Operating costs and expenses increased by
- Operating costs increased by
33.6% year over year toRMB331 .2 million (US .9 million) for the first quarter of 2024, as compared with$45 RMB248 .0 million for the first quarter of 2023, which was primarily driven by (i) an increase ofRMB13.8 million in personnel costs mainly due to the consolidation of the financial results of Shenlanbao which incurred personnel costs ofRMB17.2 million , and (ii) an increase ofRMB66.0 million in costs of referral and service fees. On a quarter-over-quarter basis, operating costs increased by9.6% fromRMB302.1 million , primarily due to an increase ofRMB29.7 million in costs of referral and service fees. - Sales and marketing expenses increased by
5.0% year over year toRMB182 .1 million (US .2 million) for the first quarter of 2024, as compared with$25 RMB173 .4 million for the same quarter of 2023. The increase was primarily due to (i) the consolidation of the financial results of Shenlanbao which incurred sales and marketing expenses ofRMB34.2 million , (ii) an increase ofRMB6.4 million in outsourced sales and marketing service fees to third parties, (iii) an increase ofRMB4.1 million in marketing expenses to third-party traffic channels, partially offset by (iv) a decrease ofRMB37.0 million in personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, sales and marketing expenses increased by4.2% fromRMB174.8 million , primarily due to (i) an increase ofRMB18.3 million in marketing expenses to third-party traffic channels, (ii) an increase ofRMB5.8 million in outsourced sales and marketing service fees to third parties, partially offset by (iii) a decrease ofRMB17.3 million in sales and marketing personnel costs and share-based compensation expenses. - General and administrative expenses decreased by
7.1% year over year toRMB89 .0 million (US .3 million) for the first quarter of 2024, compared with$12 RMB95 .8 million for the same quarter of 2023. The year-over-year variance was due to (i) a decrease ofRMB12.7 million in personnel costs and share-based compensation expenses, and partially offset by (ii) an increase ofRMB8.6 million allowance for doubtful accounts. On a quarter-over-quarter basis, general and administrative expenses decreased by7.3% fromRMB96.0 million , due to (i) a decrease ofRMB13.5 million allowance for doubtful accounts, partially offset by (ii) an increase ofRMB4.4 million in professional service fees, and (iii) an increase ofRMB3.1 million in personnel costs and share-based compensation expenses. - Research and development expenses decreased by
28.8% year over year toRMB56 .0 million (US .8 million) for the first quarter of 2024, compared with$7 RMB78.7 million for the same period of 2023. The decrease was primarily due to a decrease ofRMB26 .3 million in personnel costs and share-based compensation expenses, partially offset by the consolidation of the financial results of Shenlanbao. On a quarter-over-quarter basis, research and development expenses decreased by6.4% fromRMB59 .8 million, which was mainly due to a decrease of RMB3.9 million in research and development personnel costs and share-based compensation expenses.
Operating profit for the first quarter of 2024 was
Interest income for the first quarter of 2024 was
Income tax expense for the first quarter of 2024 was
Net profit attributable to the Company's ordinary shareholders for the first quarter of 2024 was
Adjusted net profit attributable to the Company's ordinary shareholders for the first quarter of 2024 was
Cash and cash equivalents and short-term investments
As of March 31, 2024, the Company had combined cash and cash equivalents and short-term investments of
Share Repurchase Programs
Pursuant to the share repurchase programs launched in September 2021, September 2022 and September 2023, respectively, we had cumulatively repurchased approximately 45.5 million ADSs from the open market with cash for a total consideration of approximately
Supplemental Information
Starting from the second quarter of 2023, our chief operating decision maker starts to manage the business by three operating segments and assess the performance and allocate resources under the new operating segment structure.
Therefore, we organize and report our business in three operating segments:
- Insurance, which mainly includes Waterdrop Insurance Marketplace, Shenlanbao Insurance Marketplace and technical support service;
- Crowdfunding, which mainly includes Waterdrop Medical Crowdfunding; and
- Others, which mainly include Digital Clinical Trial Solution and other new initiatives.
As a result, we have updated our segments reporting information to reflect the new operating and reporting structure.
Comparative figures were retrospectively adjusted to conform to this presentation.
For the Three Months Ended | ||||||||||||||||||||
March 31, 2023 | December 31, | March 31, 2024 | ||||||||||||||||||
RMB | RMB | RMB | USD | |||||||||||||||||
(All amounts in thousands) | ||||||||||||||||||||
Operating revenue, net | ||||||||||||||||||||
Insurance* | 536,343 | 587,866 | 606,777 | 84,038 | ||||||||||||||||
Crowdfunding | 42,022 | 40,013 | 67,350 | 9,328 | ||||||||||||||||
Others | 27,800 | 31,485 | 30,573 | 4,234 | ||||||||||||||||
Total consolidated operating | 606,165 | 659,364 | 704,700 | 97,600 | ||||||||||||||||
Operating profit/(loss) | ||||||||||||||||||||
Insurance* | 154,955 | 128,223 | 129,163 | 17,889 | ||||||||||||||||
Crowdfunding | (61,134) | (51,718) | (32,237) | (4,465) | ||||||||||||||||
Others | (36,567) | (27,078) | (31,432) | (4,354) | ||||||||||||||||
Total segment operating | 57,254 | 49,427 | 65,494 | 9,070 | ||||||||||||||||
Unallocated item** | (46,926) | (22,788) | (19,130) | (2,649) | ||||||||||||||||
Total consolidated operating | 10,328 | 26,639 | 46,364 | 6,421 | ||||||||||||||||
Total other income | 36,771 | 44,463 | 42,781 | 5,926 | ||||||||||||||||
Profit before income tax | 47,099 | 71,102 | 89,145 | 12,347 | ||||||||||||||||
Income tax benefit/(expense) | 2,626 | (15,164) | (8,588) | (1,189) | ||||||||||||||||
Net profit | 49,725 | 55,938 | 80,557 | 11,158 | ||||||||||||||||
* The Company started to consolidate the financial results of Shenlanbao since July 4, 2023 and reported the results of | ||||||||||||||||||||
** The share-based compensation represents an unallocated item in the segment information because our management does |
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-GAAP Financial Measure
The Company uses non-GAAP financial measure, adjusted net profit attributable to our ordinary shareholders, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net profit attributable to our ordinary shareholders represents net profit attributable to our ordinary shareholders excluding share-based compensation expense attributable to our ordinary shareholders and foreign currency exchange gain or losses. Such adjustments have no impact on income tax.
The non-GAAP financial measure is not presented in accordance with
The Company mitigates these limitations by reconciling the non-GAAP financial measure to the most comparable
For more information on the non-GAAP financial measure, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the
Conference Call Information
Waterdrop's management team will hold a conference call on June 5, 2024 at 8:00 AM
International: | 1-412-317-6061 |
United States Toll Free: | 1-888-317-6003 |
Hong Kong Toll Free: | 800-963976 |
852-58081995 | |
Mainland | 4001-206115 |
Chinese Line (Mandarin) Entry Number: | 8399398 |
English Interpretation Line (Listen-only Mode) Entry Number: | 0418783 |
Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.
Telephone replays will be accessible two hours after the conclusion of the conference call through June 12, 2024 by dialing the following numbers:
United States Toll Free: | 1-877-344-7529 |
International: | 1-412-317-0088 |
Chinese Line Access Code: | 2937700 |
English Interpretation Line Access Code: | 1729095 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.waterdrop-inc.com/.
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.
For investor inquiries, please contact
Waterdrop Inc.
IR@shuidi-inc.com
WATERDROP INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(All amounts in thousands, unless otherwise noted) | ||||||
As of | ||||||
December 31, 2023 | March 31, 2024 | |||||
RMB | RMB | USD | ||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 396,905 | 321,780 | 44,566 | |||
Restricted cash | 577,121 | 404,201 | 55,981 | |||
Short-term investments | 2,996,527 | 3,162,661 | 438,023 | |||
Accounts receivable, net | 693,110 | 726,815 | 100,663 | |||
Current contract assets | 572,871 | 594,282 | 82,307 | |||
Amount due from related parties | 65 | 163 | 23 | |||
Prepaid expense and other assets | 189,846 | 163,368 | 22,626 | |||
Total current assets | 5,426,445 | 5,373,270 | 744,189 | |||
Non-current assets | ||||||
Non-current contract assets | 134,383 | 141,542 | 19,603 | |||
Property, equipment and software, net | 33,878 | 32,950 | 4,564 | |||
Intangible assets, net | 177,407 | 173,667 | 24,053 | |||
Long-term investments | 211,758 | 217,397 | 30,109 | |||
Right of use assets, net | 59,851 | 68,512 | 9,489 | |||
Deferred tax assets | 24,190 | 25,042 | 3,468 | |||
Goodwill | 80,751 | 80,751 | 11,184 | |||
Total non-current assets | 722,218 | 739,861 | 102,470 | |||
Total assets | 6,148,663 | 6,113,131 | 846,659 | |||
Liabilities, Mezzanine Equity and Shareholders' Equity | ||||||
Current liabilities | ||||||
Amount due to related parties | 9,509 | 12,794 | 1,772 | |||
Insurance premium payables | 591,953 | 405,672 | 56,185 | |||
Accrued expenses and other current liabilities | 597,684 | 790,723 | 109,514 | |||
Short-term loans | 137,557 | 75,173 | 10,411 | |||
Current lease liabilities | 32,908 | 34,320 | 4,753 | |||
Total current liabilities | 1,369,611 | 1,318,682 | 182,635 | |||
Non-current liabilities | ||||||
Non-current lease liabilities | 27,293 | 33,465 | 4,635 | |||
Deferred tax liabilities | 73,305 | 82,380 | 11,409 | |||
Total non-current liabilities | 100,598 | 115,845 | 16,044 | |||
Total liabilities | 1,470,209 | 1,434,527 | 198,679 | |||
Mezzanine Equity | ||||||
Redeemable non-controlling interests | 92,760 | 92,685 | 12,837 | |||
Shareholders' equity | ||||||
Class A ordinary shares | 112 | 112 | 16 | |||
Class B ordinary shares | 27 | 27 | 4 | |||
Treasury stock | (12) | (13) | (2) | |||
Additional paid-in capital | 7,003,423 | 6,897,876 | 955,345 | |||
Accumulated other comprehensive income | 144,107 | 169,250 | 23,441 | |||
Accumulated deficit | (2,561,963) | (2,481,333) | (343,661) | |||
Total shareholders' equity | 4,585,694 | 4,585,919 | 635,143 | |||
Total liabilities, mezzanine equity and shareholders' equity | 6,148,663 | 6,113,131 | 846,659 |
WATERDROP INC. | ||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||
(All amounts in thousands, except for share and per share data, or otherwise noted) | ||||||||||
For the Three Months Ended | ||||||||||
March 31, 2023 | December 31, 2023 | March 31, 2024 | ||||||||
RMB | RMB | RMB | USD | |||||||
Operating revenue, net | 606,165 | 659,364 | 704,700 | 97,600 | ||||||
Operating costs and expenses(i) | ||||||||||
Operating costs | (247,983) | (302,143) | (331,243) | (45,877) | ||||||
Sales and marketing expenses | (173,401) | (174,817) | (182,146) | (25,227) | ||||||
General and administrative expenses | (95,798) | (95,959) | (88,961) | (12,321) | ||||||
Research and development expenses | (78,655) | (59,806) | (55,986) | (7,754) | ||||||
Total operating costs and expenses | (595,837) | (632,725) | (658,336) | (91,179) | ||||||
Operating profit | 10,328 | 26,639 | 46,364 | 6,421 | ||||||
Other income | ||||||||||
Interest income | 30,876 | 34,659 | 39,804 | 5,513 | ||||||
Foreign currency exchange gain | 282 | 6,956 | 1,514 | 210 | ||||||
Others, net | 5,613 | 2,848 | 1,463 | 203 | ||||||
Profit before income tax | 47,099 | 71,102 | 89,145 | 12,347 | ||||||
Income tax benefit/(expense) | 2,626 | (15,164) | (8,588) | (1,189) | ||||||
Net profit | 49,725 | 55,938 | 80,557 | 11,158 | ||||||
Net loss attributable to mezzanine equity classified as non- |
- |
(3,119) |
(75) |
(10) | ||||||
Net profit attributable to ordinary shareholders | 49,725 | 59,057 | 80,632 | 11,168 | ||||||
Other comprehensive income/(loss): | ||||||||||
Foreign currency translation adjustment, net of tax | 3,386 | (39,390) | 25,143 | 3,482 | ||||||
Unrealized gain on available for sale investments, net of tax | 1,957 | - | - | - | ||||||
Total comprehensive income | 55,068 | 16,548 | 105,700 | 14,640 | ||||||
Total comprehensive loss attributable to mezzanine equity classified |
- |
(3,119) |
(75) |
(10) | ||||||
Total comprehensive income attributable to ordinary shareholders | 55,068 | 19,667 | 105,775 | 14,650 | ||||||
Weighted average number of ordinary shares used in computing net profit per share | ||||||||||
Basic | 3,866,785,745 | 3,698,466,876 | 3,696,619,172 | 3,696,619,172 | ||||||
Diluted | 4,027,428,601 | 3,762,270,456 | 3,756,462,107 | 3,756,462,107 | ||||||
Net profit per share attributable to ordinary shareholders | ||||||||||
Basic | 0.01 | 0.02 | 0.02 | 0.00 | ||||||
Diluted | 0.01 | 0.02 | 0.02 | 0.00 | ||||||
(i) Share-based compensation expenses are included in the operating costs and expenses as follows. | ||||||||||
For the Three Months Ended | ||||||||||
March 31, 2023 | December 31, 2023 | March 31, 2024 | ||||||||
RMB | RMB | RMB | USD | |||||||
Sales and marketing expenses | (16,529) | (1,991) | (1,820) | (252) | ||||||
General and administrative expenses | (26,460) | (18,693) | (14,327) | (1,984) | ||||||
Research and development expenses | (3,937) | (2,104) | (2,983) | (413) | ||||||
Total | (46,926) | (22,788) | (19,130) | (2,649) |
WATERDROP INC. | ||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||||||
(All amounts in thousands, unless otherwise noted) | ||||||||||
For the Three Months Ended | ||||||||||
March 31, 2023 | December 31, 2023 | March 31, 2024 | ||||||||
RMB | RMB | RMB | USD | |||||||
Net profit attributable to the Company's ordinary shareholders | 49,725 | 59,057 | 80,632 | 11,168 | ||||||
Add: | ||||||||||
Share-based compensation expense attributable to the Company's | 46,926 | 22,556 | 19,260 | 2,667 | ||||||
Foreign currency exchange gain | (282) | (6,956) | (1,514) | (210) | ||||||
Adjusted net profit attributable to the Company's ordinary | 96,369 | 74,657 | 98,378 | 13,625 |
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SOURCE Waterdrop Inc.
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