Qudian Inc. Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
Fourth Quarter 2024 Financial Highlights:
- Total revenues were
RMB52.2 million (US$7.2 million ), compared toRMB63.8 million for the same period of last year - Net loss attributable to Qudian's shareholders was
RMB66.4 million (US$9.1 million ), compared to net loss ofRMB117.1 million for the same period of last year; net loss per diluted ADS wasRMB0.38 (US$0.05 ) for the fourth quarter of 2024 - Non-GAAP net loss attributable to Qudian's shareholders was
RMB64.2 million (US$8.8 million ), compared to Non-GAAP net loss ofRMB116.6 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 wasRMB0.37 (US$0.05 ) for the fourth quarter of 2024
Full Year 2024 Financial Highlights:
- Total revenues were
RMB216.4 million (US$29.7 million ) for 2024, representing an increase of 71.3% from 2023, primarily attributable to the increase in sales income generated from last-mile delivery business - Net income attributable to Qudian's shareholders was
RMB91.7 million (US$12.6 million ), compared toRMB39.1 million in 2023; net income per diluted ADS wasRMB0.49 (US$0.07 ) for 2024 - Non-GAAP net income attributable to Qudian's shareholders was
RMB 94.0 million (US$12.9 million ), compared toRMB 44.1 million in 2023; non-GAAP net income per diluted ADS wasRMB0.50 (US$0.07 ) for 2024
The Company's last-mile delivery business encountered intense competition in the fourth quarter of 2024, which led to a decline in revenue to approximately
Fourth Quarter Financial Results
Sales income and others
decreased by 18.1% to
Total operating costs and expenses
decreased to
Cost of revenues
decreased by 39.0% to
General and administrative expenses
increased by 49.1% to
Research and development expenses
decreased by 20.4% to
Loss from operations
was
Loss on derivative instrument
was
Net loss attributable to
Non-GAAP net loss attributable to
Full Year 2024 Financial Results
Sales income and others
increased by 71.3% to
Total operating costs and expenses
increased by 1.8% to
Cost of revenues
increased by 25.5% to
General and administrative expenses
was
Research and development expenses
increased by 22.4% to
Loss from operations
was
Interest and investment income, net
increased by 48.8% to
Gain on derivative instrument
was
Net income attributable to
Non-GAAP net income attributable to
Cash Flow
As of
For the fourth quarter of 2024, net cash used in operating activities was
For the full year 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
Update on Share Repurchase
Our Board approved a share repurchase program in
As of
About
For more information, please visit http://ir.qudian.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP net income/loss attributable to
Non-GAAP net income/loss attributable to
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.
For investor and media inquiries, please contact:
In
Tel: +86-592-596-8208
E-mail: ir@qudian.com
|
||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||
|
|
|
|
|
|
|
|
|
Three months ended |
||||
(In thousands except for number |
|
2023 |
|
2024 |
||
of shares and per-share data) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
Sales income and others |
|
63,794 |
|
52,236 |
|
7,156 |
|
|
|
|
|
|
|
Total revenues |
|
63,794 |
|
52,236 |
|
7,156 |
|
|
|
|
|
|
|
Operating cost and expenses: |
|
|
|
|
|
|
Cost of revenues |
|
(78,363) |
|
(47,826) |
|
(6,552) |
Sales and marketing |
|
(1,167) |
|
(2,586) |
|
(354) |
General and administrative |
|
(76,173) |
|
(113,560) |
|
(15,558) |
Research and development |
|
(16,103) |
|
(12,816) |
|
(1,756) |
Expected credit (loss)/reversal for receivables and other assets |
(9,266) |
|
13,346 |
|
1,828 |
|
Impairment loss from other assets |
|
(3,054) |
|
(229) |
|
(31) |
Total operating cost and expenses |
|
(184,126) |
|
(163,671) |
|
(22,423) |
Other operating income |
|
13,086 |
|
157 |
|
22 |
|
|
|
|
|
|
|
Loss from operations |
|
(107,246) |
|
(111,278) |
|
(15,245) |
Interest and investment income, net |
|
14,347 |
|
7,971 |
|
1,092 |
Loss from equity method investments |
|
(1,778) |
|
(2,102) |
|
(288) |
Loss on derivative instruments |
|
(35,480) |
|
(32,648) |
|
(4,473) |
Foreign exchange (loss)/gain, net |
|
(1,390) |
|
29,524 |
|
4,045 |
Other income |
|
84 |
|
51,216 |
|
7,017 |
Other expenses |
|
(2,930) |
|
(7,284) |
|
(998) |
|
|
|
|
|
|
|
Net loss before income taxes |
|
(134,393) |
|
(64,601) |
|
(8,850) |
Income tax expenses |
|
17,319 |
|
(1,760) |
|
(241) |
|
|
|
|
|
|
|
Net loss |
|
(117,074) |
|
(66,361) |
|
(9,091) |
|
|
|
|
|
|
|
Net loss attributable to |
|
(117,074) |
|
(66,361) |
|
(9,091) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share for Class A and Class B ordinary shares: |
|
|
|
|
|
|
Basic |
|
(0.57) |
|
(0.38) |
|
(0.05) |
Diluted |
|
(0.57) |
|
(0.38) |
|
(0.05) |
|
|
|
|
|
|
|
Loss per ADS (1 Class A ordinary share equals 1 |
|
|
|
|
|
|
Basic |
|
(0.57) |
|
(0.38) |
|
(0.05) |
Diluted |
|
(0.57) |
|
(0.38) |
|
(0.05) |
|
|
|
|
|
|
|
Weighted average number of Class A and Class B |
|
|
|
|
|
|
Basic |
|
204,075,368 |
|
172,381,467 |
|
172,381,467 |
Diluted |
|
207,646,764 |
|
177,303,133 |
|
177,303,133 |
|
|
|
|
|
|
|
Other comprehensive (loss)/gain: |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(38,011) |
|
60,308 |
|
8,262 |
|
|
|
|
|
|
|
Total comprehensive loss |
|
(155,085) |
|
(6,053) |
|
(829) |
|
|
|
|
|
|
|
Total comprehensive loss attributable to |
|
(155,085) |
|
(6,053) |
|
(829) |
|
||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||
|
|
|
|
|
|
|
|
|
Year ended |
||||
(In thousands except for number |
|
2023 |
|
2024 |
||
of shares and per-share data) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
Sales income and others |
|
126,338 |
|
216,428 |
|
29,651 |
|
|
|
|
|
|
|
Total revenues |
|
126,338 |
|
216,428 |
|
29,651 |
|
|
|
|
|
|
|
Operating cost and expenses: |
|
|
|
|
|
|
Cost of revenues |
|
(160,114) |
|
(201,023) |
|
(27,540) |
Sales and marketing |
|
(3,796) |
|
(5,868) |
|
(804) |
General and administrative |
|
(273,589) |
|
(276,565) |
|
(37,889) |
Research and development |
|
(47,763) |
|
(58,464) |
|
(8,010) |
Expected credit (loss)/reversal for receivables and other assets |
(24,654) |
|
18,616 |
|
2,550 |
|
Impairment loss from other assets |
|
(5,800) |
|
(1,570) |
|
(215) |
Total operating cost and expenses |
|
(515,716) |
|
(524,874) |
|
(71,908) |
Other operating income |
|
58,368 |
|
298 |
|
41 |
|
|
|
|
|
|
|
Loss from operations |
|
(331,010) |
|
(308,148) |
|
(42,216) |
Interest and investment income, net |
|
255,333 |
|
380,062 |
|
52,068 |
Gain/(Loss) from equity method investments |
|
3,207 |
|
(4,049) |
|
(555) |
Gain on derivative instruments |
|
153,835 |
|
19,457 |
|
2,666 |
Foreign exchange (loss)/gain, net |
|
(2,932) |
|
20,658 |
|
2,830 |
Other income |
|
29,005 |
|
61,352 |
|
8,405 |
Other expenses |
|
(5,965) |
|
(21,682) |
|
(2,970) |
|
|
|
|
|
|
|
Net income before income taxes |
|
101,473 |
|
147,650 |
|
20,228 |
Income tax expenses |
|
(62,340) |
|
(55,919) |
|
(7,661) |
|
|
|
|
|
|
|
Net income |
|
39,133 |
|
91,731 |
|
12,567 |
|
|
|
|
|
|
|
Net income attributable to |
|
39,133 |
|
91,731 |
|
12,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B ordinary shares: |
|
|
|
|
|
|
Basic |
|
0.18 |
|
0.50 |
|
0.07 |
Diluted |
|
0.18 |
|
0.49 |
|
0.07 |
|
|
|
|
|
|
|
Earnings per ADS (1 Class A ordinary share equals 1 ADSs): |
|
|
|
|
|
|
Basic |
|
0.18 |
|
0.50 |
|
0.07 |
Diluted |
|
0.18 |
|
0.49 |
|
0.07 |
|
|
|
|
|
|
|
Weighted average number of Class A and Class B ordinary |
|
|
|
|
|
|
Basic |
|
217,281,512 |
|
182,859,075 |
|
182,859,075 |
Diluted |
|
222,222,858 |
|
187,780,699 |
|
187,780,699 |
|
|
|
|
|
|
|
Other comprehensive gain: |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
21,830 |
|
37,882 |
|
5,190 |
|
|
|
|
|
|
|
Total comprehensive income |
|
60,963 |
|
129,613 |
|
17,757 |
|
|
|
|
|
|
|
Total comprehensive income attributable to Qudian |
|
60,963 |
|
129,613 |
|
17,757 |
|
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
(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 |
|
4,263,312 |
584,071 |
Restricted cash |
|
|
59,435 |
|
781,187 |
107,022 |
Time and structured deposit |
|
|
1,554,121 |
|
2,009,019 |
275,234 |
Short-term investments |
|
|
642,894 |
|
1,118,547 |
153,240 |
Accounts receivables |
|
|
25,877 |
|
34,275 |
4,696 |
Other current assets |
|
|
670,277 |
|
1,933,182 |
264,846 |
Total current assets |
|
|
10,159,947 |
|
10,139,522 |
1,389,109 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Right-of-use assets |
|
|
164,585 |
|
158,007 |
21,647 |
Investment in equity method investee |
|
|
136,804 |
|
146,101 |
20,016 |
Long-term investments |
|
|
210,591 |
|
78,987 |
10,821 |
Property and equipment, net |
|
|
1,308,338 |
|
1,548,120 |
212,092 |
Intangible assets |
|
|
3,093 |
|
2,207 |
302 |
Other non-current assets |
|
|
498,838 |
|
353,369 |
48,411 |
Total non-current assets |
|
|
2,322,249 |
|
2,286,791 |
313,289 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
12,482,196 |
|
12,426,313 |
1,702,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
(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 borrowings and interest payables |
|
|
- |
|
720,000 |
98,640 |
Short-term lease liabilities |
|
|
29,938 |
|
18,697 |
2,561 |
Derivative instruments-liability |
|
|
312,870 |
|
89,895 |
12,316 |
Accrued expenses and other current liabilities |
|
|
299,836 |
|
224,164 |
30,710 |
Income tax payable |
|
|
111,842 |
|
33,423 |
4,579 |
Total current liabilities |
|
|
754,486 |
|
1,086,179 |
148,806 |
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
||
Long-term lease liabilities |
|
|
39,759 |
|
48,706 |
6,673 |
Total non-current liabilities |
|
|
39,759 |
|
48,706 |
6,673 |
Total liabilities |
|
|
794,245 |
|
1,134,885 |
155,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Class A Ordinary shares |
|
|
132 |
|
132 |
18 |
Class B Ordinary shares |
|
|
44 |
|
44 |
6 |
Treasury shares |
|
|
(899,628) |
|
(1,419,286) |
(194,441) |
Additional paid-in capital |
|
|
4,033,146 |
|
4,026,668 |
551,651 |
Accumulated other comprehensive loss |
|
|
(24,130) |
|
13,752 |
1,884 |
Retained earnings |
|
|
8,578,387 |
|
8,670,118 |
1,187,801 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
11,687,951 |
|
11,291,428 |
1,546,919 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
12,482,196 |
|
12,426,313 |
1,702,398 |
|
|||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results |
|||||||
|
|
|
Three months ended |
||||
|
|
|
2023 |
|
2024 |
||
(In thousands except for number |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
of shares and per-share data) |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net loss attributable to |
|
(117,074) |
|
(66,361) |
|
(9,091) |
|
Add: Share-based compensation expenses |
|
|
500 |
|
2,150 |
|
295 |
Non-GAAP net loss attributable to |
|
(116,574) |
|
(64,211) |
|
(8,796) |
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per share—basic |
|
|
(0.57) |
|
(0.37) |
|
(0.05) |
Non-GAAP net loss per share—diluted |
|
|
(0.57) |
|
(0.37) |
|
(0.05) |
Weighted average shares outstanding—basic |
|
|
204,075,368 |
|
172,381,467 |
|
172,381,467 |
Weighted average shares outstanding—diluted |
|
|
207,646,764 |
|
177,303,133 |
|
177,303,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results |
|||||||
|
|
|
Year ended |
||||
|
|
|
2023 |
|
2024 |
||
(In thousands except for number |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
of shares and per-share data) |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income attributable to |
|
39,133 |
|
91,731 |
|
12,567 |
|
Add: Share-based compensation expenses |
|
|
4,936 |
|
2,258 |
|
309 |
Non-GAAP net income attributable to |
44,069 |
|
93,989 |
|
12,876 |
||
|
|
|
|
|
|
|
|
Non-GAAP net income per share—basic |
|
|
0.20 |
|
0.51 |
|
0.07 |
Non-GAAP net income per share—diluted |
|
|
0.20 |
|
0.50 |
|
0.07 |
Weighted average shares outstanding—basic |
|
|
217,281,512 |
|
182,859,075 |
|
182,859,075 |
Weighted average shares outstanding—diluted |
|
|
222,222,858 |
|
187,780,699 |
|
187,780,699 |
View original content:https://www.prnewswire.com/news-releases/qudian-inc-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results-302406859.html
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