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
December 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 ¨
TABLE OF CONTENTS
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.
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QUDIAN INC. |
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By: |
/s/ Yan Gao |
|
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Name: |
Yan Gao |
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Title: |
Vice President of Finance |
Date: December 18, 2023
Exhibit 99.1
Qudian Inc. Reports
Third Quarter 2023
Unaudited Financial
Results
XIAMEN, China,
December 11, 2023/PRNewswire/ -- Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD),
a consumer-oriented technology company, today announced its unaudited financial results for the quarter ended September 30, 2023.
Third Quarter
2023 Financial Highlights:
| ● | Total
revenues were RMB29.6 million (US$4.1 million), compared to RMB 110.2 million for the same
period of last year |
| ● | Net
loss attributable to Qudian’s shareholders was RMB181.2 million (US$24.8 million),
compared to net loss of RMB648.0 million for the same period of last year; net loss per diluted
ADS was RMB0.84 (US$0.12) for the third quarter of 2023 |
| ● | Non-GAAP
net loss attributable to Qudian’s shareholders was RMB179.8 million (US$24.6 million),
compared to net loss of RMB643.9 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 was RMB0.84
(US$0.11) for the third quarter of 2023 |
“We
are delighted to report our advancements in the development of our smart last-mile logistics business, which recorded approximately RMB29
million of revenue in the third quarter,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. “We
are optimistic about the potential of the e-commerce market across various regions globally. In line with our strategic vision, we are
dedicated to expanding our investment in this sector. It is important to note that while pursuing growth, there is a possibility that
we may incur additional operational losses. Nevertheless, we remain steadfast in our commitment to executing our business transition
and simultaneously maintaining prudent cash management to safeguard our balance sheet.”
Third Quarter
Financial Results
Total
revenues were RMB29.6 million (US$4.1 million), representing a decrease of 73.1% from RMB110.2
million for the third quarter of 2022.
Financing
income, penalty fee, 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 decreased to RMB29.6 million (US$4.1 million), which was mostly attributable
to incomes generated from last-mile delivery business, compared with RMB50.4 million for the third quarter of 2022, which was mainly
attributable to sales income generated by QD Food. We have wound down the QD Food business in second quarter of 2023.
Total
operating costs and expenses decreased to RMB141.1 million (US$19.3 million) from RMB 410.6
million for the third quarter of 2022.
Cost
of revenues decreased by 80.4% to RMB46.3 million (US$6.3 million) from RMB236.2 million
for the third quarter of 2022, primarily due to the winding down of the QD Food business and loan book business, partially offset by
cost from last-mile delivery business.
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 28.1% to RMB80.8 million (US$11.1 million) from
RMB63.1 million for the third quarter of 2022, primarily due to the increase in third-party professional services fees and travel expenses.
Research
and development expenses decreased by 35.1% to RMB11.3 million (US$1.5 million) from RMB17.4
million for the third quarter of 2022, 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.
Expected
credit loss for receivables and other assets was RMB4.0 million (US$0.5 million) as compared
to a gain of RMB63.6 million for the third quarter of 2022, primarily because we collected previously impaired bad debt related to the
businesses the Company historically operated in the third quarter of 2022.
Loss
from operations was RMB100.8 million (US$13.8 million), compared to RMB 299.8 million for
the third quarter of 2022.
Interest
and investment loss, net decreased by 90.4% to RMB7.1 million (US$1.0 million) from RMB73.6
million for the third quarter of 2022, mainly due to the decrease of loss from investments in the third quarter of 2023.
Loss
on derivative instrument decreased by 69.8% to RMB108 million (US$14.8 million) from RMB358.2
million for the third quarter of 2022, primarily due to the decrease in quoted price of the underlying equity securities relating to
the derivative instruments we held.
Net
loss attributable to Qudian’s shareholders was RMB181.2 million (US$24.8 million).
Net loss per diluted ADS was RMB0.84 (US$0.12).
Non-GAAP net
loss attributable to Qudian’s shareholders was RMB179.8 million (US$24.6 million). Non-GAAP net loss per diluted ADS was RMB0.84
(US$0.11).
Cash Flow
As of September 30,
2023, the Company had cash and cash equivalents of RMB7,226.4 million (US$990.5 million) and restricted cash
of RMB67.1 million (US$9.2 million).
For
the third quarter of 2023, net cash used in operating activities was RMB151.2 million (US$20.7 million), mainly due to the purchase of
operating assets, payments for labor-related costs and expenses, and partially offset by cash received from interest
income from the Company’s short-term investments.Net cash provided
by investing activities was RMB2,584.2 million (US$354.2 million), mainly due to the net proceeds from the redemption of short-term investments.
Net cash used in financing activities was RMB215.4 million (US$29.5 million), mainly due to the repurchase of ordinary shares.
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 Company operates such business under the brand name of “Fast
Horse.”
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 US$200 million
worth of its Class A ordinary shares and/or ADSs over a 24-month period. From the launch of the share repurchase program on June 13,
2022 to December 5, 2023, the Company has in aggregate purchased 44.9 million ADSs in the open market for a total amount of approximately
US$68.2 million (an average price of $1.5 per ADS) pursuant to the share repurchase program.
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 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 RMB7.2960 to US$1.00, the noon buying rate
in effect on September 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ 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
QUDIAN INC.
Unaudited Condensed Consolidated Statements of Operations
| |
Three months ended September 30, | |
(In thousands except for number | |
2022 | | |
2023 | |
of shares and per-share data) | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
Revenues: | |
| | | |
| | | |
| | |
Financing income | |
| 35,308 | | |
| - | | |
| - | |
Sales income and others | |
| 50,417 | | |
| 29,598 | | |
| 4,057 | |
Penalty fee | |
| 14,872 | | |
| - | | |
| - | |
Loan facilitation income and other related income | |
| 6,806 | | |
| - | | |
| - | |
Transaction services fee and other related income | |
| 2,755 | | |
| - | | |
| - | |
Total revenues | |
| 110,158 | | |
| 29,598 | | |
| 4,057 | |
| |
| | | |
| | | |
| | |
Operating cost and expenses: | |
| | | |
| | | |
| | |
Cost of revenues | |
| (236,226 | ) | |
| (46,279 | ) | |
| (6,343 | ) |
Sales and marketing | |
| (176,797 | ) | |
| - | | |
| - | |
General and administrative | |
| (63,121 | ) | |
| (80,796 | ) | |
| (11,074 | ) |
Research and development | |
| (17,387 | ) | |
| (11,277 | ) | |
| (1,546 | ) |
Changes in guarantee liabilities and risk assurance liabilities(1) | |
| 25,177 | | |
| - | | |
| - | |
Expected credit gain/(loss) for receivables and other assets | |
| 63,630 | | |
| (3,974 | ) | |
| (545 | ) |
Impairment (loss)/gain from other assets | |
| (5,913 | ) | |
| 1,258 | | |
| 172 | |
Total operating cost and expenses | |
| (410,637 | ) | |
| (141,068 | ) | |
| (19,336 | ) |
Other operating income | |
| 687 | | |
| 10,668 | | |
| 1,462 | |
| |
| | | |
| | | |
| | |
Loss from operations | |
| (299,792 | ) | |
| (100,802 | ) | |
| (13,817 | ) |
Interest and investment loss, net | |
| (73,610 | ) | |
| (7,099 | ) | |
| (973 | ) |
(Loss)/Gain from equity method investments | |
| (44 | ) | |
| 1,010 | | |
| 138 | |
Loss on derivative instruments | |
| (358,165 | ) | |
| (107,969 | ) | |
| (14,798 | ) |
Foreign exchange gain, net | |
| 1,006 | | |
| 274 | | |
| 38 | |
Other income | |
| 9,931 | | |
| 10,694 | | |
| 1,466 | |
Other expenses | |
| (9,587 | ) | |
| (2,157 | ) | |
| (296 | ) |
Net loss before income taxes | |
| (730,261 | ) | |
| (206,049 | ) | |
| (28,242 | ) |
Income tax expenses | |
| 82,309 | | |
| 24,821 | | |
| 3,402 | |
Net loss | |
| (647,952 | ) | |
| (181,228 | ) | |
| (24,840 | ) |
Less: net loss attributable to
non-controlling interest shareholders | |
| - | | |
| - | | |
| - | |
Net loss attributable to
Qudian Inc.'s shareholders | |
| (647,952 | ) | |
| (181,228 | ) | |
| (24,840 | ) |
| |
| | | |
| | | |
| | |
Loss per share for Class A and Class B ordinary
shares: | |
| | | |
| | | |
| | |
Basic | |
| (2.64 | ) | |
| (0.84 | ) | |
| (0.12 | ) |
Diluted | |
| (2.64 | ) | |
| (0.84 | ) | |
| (0.12 | ) |
| |
| | | |
| | | |
| | |
Loss per ADS (1 Class A ordinary share equals 1
ADSs): | |
| | | |
| | | |
| | |
Basic | |
| (2.64 | ) | |
| (0.84 | ) | |
| (0.12 | ) |
Diluted | |
| (2.64 | ) | |
| (0.84 | ) | |
| (0.12 | ) |
| |
| | | |
| | | |
| | |
Weighted average number of Class A and Class B
ordinary shares outstanding: | |
| | | |
| | | |
| | |
Basic | |
| 245,215,663 | | |
| 214,666,223 | | |
| 214,666,223 | |
Diluted | |
| 245,215,663 | | |
| 214,666,223 | | |
| 214,666,223 | |
| |
| | | |
| | | |
| | |
Other comprehensive gain: | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| 30,657 | | |
| (1,471 | ) | |
| (202 | ) |
Total comprehensive loss | |
| (617,295 | ) | |
| (182,699 | ) | |
| (25,042 | ) |
Less: total comprehensive loss attributable to non-controlling interest shareholders | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Total comprehensive loss
attributable to Qudian Inc.'s shareholders | |
| (617,295 | ) | |
| (182,699 | ) | |
| (25,042 | ) |
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 June 30, | | |
As of September 30, | |
(In thousands except for number | |
2023 | | |
2023 | |
of shares and per-share data) | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
ASSETS: | |
| | | |
| | | |
| | |
Current assets: | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| 5,013,109 | | |
| 7,226,438 | | |
| 990,466 | |
Restricted cash | |
| 63,407 | | |
| 67,091 | | |
| 9,196 | |
Short-term investments | |
| 3,777,220 | | |
| 2,468,954 | | |
| 338,398 | |
Accounts receivables | |
| - | | |
| 25,794 | | |
| 3,535 | |
Other current assets | |
| 2,078,060 | | |
| 677,612 | | |
| 92,874 | |
Total current assets | |
| 10,931,796 | | |
| 10,465,889 | | |
| 1,434,469 | |
| |
| | | |
| | | |
| | |
Non-current assets: | |
| | | |
| | | |
| | |
Right-of-use assets | |
| 104,156 | | |
| 175,231 | | |
| 24,017 | |
Investment in equity method investee | |
| 137,965 | | |
| 139,092 | | |
| 19,064 | |
Long-term investments | |
| 206,857 | | |
| 206,857 | | |
| 28,352 | |
Property and equipment, net | |
| 1,069,145 | | |
| 1,152,841 | | |
| 158,010 | |
Intangible assets | |
| 3,452 | | |
| 3,287 | | |
| 451 | |
Other non-current assets | |
| 450,923 | | |
| 511,646 | | |
| 70,127 | |
Total non-current assets | |
| 1,972,498 | | |
| 2,188,954 | | |
| 300,021 | |
| |
| | | |
| | | |
| | |
TOTAL ASSETS | |
| 12,904,294 | | |
| 12,654,843 | | |
| 1,734,490 | |
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets (Continued)
| |
As of June 30, | | |
As of September 30, | |
(In thousands except for number | |
2023 | | |
2023 | |
of shares and per-share data) | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | | |
| | | |
| | |
Current liabilities: | |
| | | |
| | | |
| | |
Short-term lease liabilities | |
| 6,766 | | |
| 30,285 | | |
| 4,151 | |
Derivative instruments-liability | |
| 179,444 | | |
| 281,478 | | |
| 38,580 | |
Accrued expenses and other current liabilities | |
| 204,898 | | |
| 211,106 | | |
| 28,934 | |
Income tax payable | |
| 164,173 | | |
| 131,691 | | |
| 18,050 | |
Total current liabilities | |
| 555,281 | | |
| 654,560 | | |
| 89,715 | |
| |
| | | |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | | |
| | |
Deferred tax liabilities, net | |
| 23 | | |
| - | | |
| - | |
Long-term lease liabilities | |
| 2,603 | | |
| 50,612 | | |
| 6,936 | |
Total non-current liabilities | |
| 2,626 | | |
| 50,612 | | |
| 6,936 | |
Total liabilities | |
| 557,907 | | |
| 705,172 | | |
| 96,651 | |
| |
| | | |
| | | |
| | |
Shareholders' equity: | |
| | | |
| | | |
| | |
Class A Ordinary shares | |
| 132 | | |
| 132 | | |
| 19 | |
Class B Ordinary shares | |
| 44 | | |
| 44 | | |
| 6 | |
Treasury shares | |
| (580,653 | ) | |
| (792,839 | ) | |
| (108,668 | ) |
Additional paid-in capital | |
| 4,034,824 | | |
| 4,032,993 | | |
| 552,768 | |
Accumulated other comprehensive loss | |
| 15,351 | | |
| 13,880 | | |
| 1,902 | |
Retained earnings | |
| 8,876,689 | | |
| 8,695,461 | | |
| 1,191,812 | |
Total shareholders' equity | |
| 12,346,387 | | |
| 11,949,671 | | |
| 1,637,839 | |
| |
| | | |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | |
| 12,904,294 | | |
| 12,654,843 | | |
| 1,734,490 | |
QUDIAN INC.
Unaudited Reconciliation of GAAP And Non-GAAP Results
| |
Three months ended September 30, | |
(In thousands except for number | |
2022 | | |
2023 | |
of shares and per-share data) | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
Total net loss attributable to Qudian Inc.'s shareholders | |
| (647,952 | ) | |
| (181,228 | ) | |
| (24,840 | ) |
Add: Share-based compensation expenses | |
| 4,284 | | |
| 1,432 | | |
| 196 | |
Less: Convertible bonds buyback income | |
| 188 | | |
| - | | |
| - | |
Non-GAAP net loss attributable to Qudian Inc.'s shareholders | |
| (643,856 | ) | |
| (179,796 | ) | |
| (24,644 | ) |
| |
| | | |
| | | |
| | |
Non-GAAP net loss per share—basic | |
| (2.63 | ) | |
| (0.84 | ) | |
| (0.11 | ) |
Non-GAAP net loss per share—diluted | |
| (2.63 | ) | |
| (0.84 | ) | |
| (0.11 | ) |
Weighted average shares outstanding—basic | |
| 245,215,663 | | |
| 214,666,223 | | |
| 214,666,223 | |
Weighted average shares outstanding—diluted | |
| 245,215,663 | | |
| 214,666,223 | | |
| 214,666,223 | |
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