BEIJING, Nov. 30, 2021 /PRNewswire/ -- Waterdrop Inc.
("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading
technology platform dedicated to insurance and healthcare service
with a positive social impact, today announced its unaudited
financial results for the third quarter ended September 30, 2021.
Financial and Operational Highlights for the Third
Quarter of 2021
- Solid business growth: The first-year premiums ("FYP")
generated through our Waterdrop Insurance Marketplace for the nine
months ended September 30, 2021
reached RMB14,464 million
(US$2,245 million), surpassing the
full-year FYP of 2020, or representing an increase of 37.5% year
over year.
- Effective cost control: Sales and marketing expenses decreased
by 37.2%, and total operating costs and expenses decreased by 26.4%
quarter over quarter in the third quarter of 2021, showcasing our
effective cost control and commitment to profitability improvement
in the long term.
- Strong growth in the number of insurance customers and FYP per
customer: The number of cumulative insurance customers reached
108.7 million and cumulative paying insurance customers reached
27.2 million as of September 30,
2021. The FYP per customer increased to RMB1,292 for the third quarter, or up by 17.1%
year over year.
- Further expanded product offerings: As of September 30, 2021, we offered 323 insurance
products on our platform. Over 90% of our FYP was contributed by
our exclusive customized insurance products. In terms of product
type, the FYP of critical illness insurance increased by 71% year
over year in the third quarter of 2021, continuing the strong
growth and product mix optimization since the beginning of the
year.
- As of September 30, 2021,
approximately 383 million people donated an aggregate of over
RMB45.7 billion to over 2.2 million
patients through our Waterdrop Medical Crowdfunding. Waterdrop
Medical Crowdfunding charges zero service fees and we do not
generate any revenues from medical crowdfunding business.
Mr. Peng Shen, Founder, Chairman
and Chief Executive Officer of Waterdrop, commented, "In recent
months, the capital markets have seen higher volatility, and the
insurance industry has experienced a
period of transformation. Notwithstanding this, we continued
to strive to be customer-centric and focus on solidifying our core
fundamentals. We have established a solid business infrastructure
through our customer base and network, product innovation
capabilities, technological advantages, and unique synergies among
our business segments. This enables us to stay resilient and
adaptive to all the changes. Based on our confidence in the
Company's prospects, we
pragmatically implemented the one-year share repurchase program
announced in September. Our core
management team have, prior to our IPO, undertaken not to dispose
their interests in Waterdrop until
18 months after the 180-day IPO lockup expired in this November,
and will remain focused on sustainable business development with
stringent compliance and stability."
Mr. Guang Yang, Co-founder,
Director and General Manager of Insurance Marketplace, said,
"In the current industry environment, our FYP for the third quarter
reached RMB4,639 million
(US$720 million), remaining stable
and positive growth. We have taken the initiative to upgrade and
optimize the online customer acquisition model during the third
quarter, to better comply with the new regulatory guidance and
evolving industry trends. We hope to promote an enhancement in the
short-term insurance marketing model in the industry and further
improve users' economics, thereby achieving a healthier and
sustainable development. In the third quarter, we have seen
significant improvement in our efficiency indicators. Despite the
slowdown in the industry, we have sustained our business resilience
given our large customer base and our ability to tap the full value
of existing customers. Compared to the initial rapid growth stage
of our Company, we are now placing more emphasis on building
quality service capabilities and providing better services to
enhance user experience."
Mr. Yao Hu, Co-founder, Director
and General Manager of Medical Crowdfunding and Healthcare,
commented, "We uphold technological innovation and continue to
invest in R&D to strengthen our capabilities and further
empower insurance partners. Our medical crowdfunding business has
further solidified its market-leading position, and we
assisted local governments to explore a model of multi-level
medical insurance and medical assistance system to contribute
to common prosperity. Our healthcare business is built on our
existing infrastructure leveraging our competitive edge in
Waterdrop Medical Crowdfunding, our vast patient base and extensive
network, and has begun to gain growth momentum since the initial
exploration last year. "
Mr. Kangping Shi, Chief Financial
Officer of Waterdrop, added, "In the third quarter, we achieved a
37.2% reduction in our sales and marketing expenses compared to the
second quarter of 2021, as mentioned in the outlook of our last
results announcement. Along with the sales model upgrade, our
top-line growth has softened, with a decrease in adjusted net
operating revenue by 7.3% on a comparable basis year over year,
while we managed to reduce reliance on third-party traffic through
more refined operational management, and materially reduced the net
loss by 27.3% compared with the second quarter. Looking ahead, we
will continue to uphold our commitment to deliver quality
enhancement and profitability improvement."
Financial Results for the Third Quarter of
2021
Operating revenue, net
Net operating revenue for the third quarter of 2021
decreased by 9.7% year over year to RMB779.3
million (US$120.9 million)
from RMB863.0 million for the same
period of 2020, which was primarily due to the decrease of
insurance related income.
- 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 to
insurance companies, insurance brokerage and agency companies,
including customer relationship maintenance, customer complaint
management, claim review, and user referral services, etc. Our
insurance related income amounted to RMB758.6 million (US$117.7
million) in the third quarter of 2021, representing a
decrease of 9.4% year over year from RMB837.3 million for the third quarter of 2020,
which was mainly due to the decrease in insurance brokerage
income.
- Net operating revenue from management fee income was nil for
the third quarter of 2021, compared to RMB22.3 million for the third quarter of 2020,
which was mainly due to the cessation of the mutual aid business at
the end of March 2021. Following this
adjustment, the corresponding management fee income from mutual aid
business is no longer a revenue stream for the Company in the
second and third quarter of 2021 and onwards. Excluding such
management fee income, the adjusted net operating
revenue(1) for the third quarter of 2021 decreased by
7.3% compared with the same period of 2020.
_____________
|
Note: (1) See the sections entitled
"Non-GAAP Financial Measures" for more information.
|
Operating costs and expenses
Operating costs and expenses increased by RMB309.7 million, or 31.5% year over year, to
RMB1,292.3 million (US$200.6 million) for the third quarter of 2021
from RMB982.6 million for the same
period of 2020.
However, on a quarter-over-quarter basis, attributable to the
effective cost control measures since this quarter, operating costs
and expenses for the third quarter of 2021 decreased by 26.4%
compared to the second quarter of 2021.
- Operating costs increased by 49.2% year over year to
RMB296.3 million (US$46.0 million) for the third quarter of 2021,
compared with RMB198.7 million for
the third quarter of 2020, which was mainly due to (i) RMB60.3 million increase in personnel cost as our
consultants and insurance agents team rapidly expanded, (ii)
RMB41.3 million increase in
professional and outsourced customer service fees, and (iii)
partially offset by a decrease of RMB3.8
million of payout investigation cost due to the cessation of
mutual aid business. On a quarter-over-quarter basis, operating
costs increased by 13.8%, primarily due to an increase in personnel
cost and professional and outsourced customer service fees.
- Sales and marketing expenses increased by 24.3% year over year
to RMB781.7 million (US$121.3 million) for the third quarter of 2021,
compared with RMB628.7 million for
the third quarter of 2020. The increase was primarily due to (i)
RMB130.2 million increase in
outsourced sales and marketing service fees to third parties, (ii)
RMB22.9 million in payroll and
related expenses for employees involved in sales and marketing
functions, and offset by (iii) RMB7.5
million decrease in marketing expenses to third-party
traffic channels. On a quarter-over-quarter basis, sales and
marketing expenses materially decreased by 37.2% from RMB1,244.9 million for the second quarter of
2021. This was mainly due to the decrease of RMB460.4 million in marketing expenses to
third-party traffic channels under our cost control plan and more
strict budgeting for expenses.
- General and administrative expenses increased by 9.4% year over
year to RMB111.4 million
(US$17.3 million) for the third
quarter of 2021, compared with RMB101.9
million for the third quarter of 2020. The increase was
primarily due to an increase of RMB34.0
million in professional service fees and personnel cost,
partially offset by an RMB24.8
million decrease in share-based compensation expenses. On a
quarter-over-quarter basis, general and administrative expenses
decreased by 25.3% from RMB149.1
million for the second quarter of 2021, which was mainly due
to the decrease of RMB45.5 million in
share-based compensation expenses.
- Research and development expenses increased by 92.9% year over
year to RMB102.9 million
(US$16.0 million) for the third
quarter of 2021, compared with RMB53.3
million for the third quarter of 2020. The increase was
primarily due to an RMB47.1 million
increase in research and development personnel cost and share-based
compensation expenses, as our research and development team
continued to expand to enhance our competitive capabilities in
technology. On a quarter-over-quarter basis, research and
development expenses increased by 2.6% compared to the second
quarter of 2021.
Operating loss for the third quarter
of 2021 was RMB513.0
million (US$79.6 million),
compared with a loss of RMB119.6
million for the same period of 2020. Compared to the
second quarter of 2021, operating loss for the third quarter of
2021 decreased by 37.1%.
Interest income for the third quarter of
2021 was RMB11.9 million (US$1.9 million), compared
with RMB6.8 million for the same period of 2020. The
increase was primarily due to the increase in our bank balance
and short-term investments as a result of the receipt of net
proceeds from the completion of our initial public offering in
May 2021. The Company does not
generate interest income from the medical crowdfunding
business.
Income tax benefit for the third quarter of
2021 was RMB8.2 million
(US$1.3 million), compared with
income tax expense of RMB25.3 million
for the same period of 2020.
Net loss attributable to Waterdrop for
the third quarter of 2021 was RMB477.0 million (US$74.0 million), compared with net loss of
RMB139.3 million for the same period
of 2020, and decreased by 27.3% compared with net loss of
RMB655.8 million for the second
quarter of 2021.
Adjusted net loss attributable to
Waterdrop for the third quarter of
2021 was RMB453.6 million
(US$70.4 million), compared with
adjusted net loss of RMB75.9 million
for the same period of 2020. It decreased by 20.4% compared to
the second quarter of 2021 on a quarter-over-quarter basis.
Cash and cash equivalents and short-term
investment
As of September 30, 2021, the
Company had combined cash and cash equivalents and short-term
investment of RMB2,611.1 million
(US$405.2 million), as compared with
RMB2,255.1 million as of
December 31, 2020.
Share Repurchase Plan
Pursuant to the 12-month share repurchase program announced
on September 8, 2021, since the announcement up to the end of
the third quarter, we repurchased approximately 492 thousand ADSs
from the open market with cash for a total consideration of
approximately US$1.4 million.
Business Outlook
For the fourth quarter of 2021, the Company expects to
materially reduce the sales and marketing expenses as well as total
operating costs and expenses compared to the third quarter of 2021.
This forecast is based on the current market conditions and
reflects the Company's preliminary view and estimates, which are
all subject to changes.
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD" or "US$") at specified rates solely for
the convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of
RMB6.4434 to US$1.00, the noon buying rate in effect on
September 30, 2021 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or USD amounts referred could
be converted into USD or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as
adjusted net operating revenue and adjusted net loss, in evaluating
the Company's operating results and for financial and operational
decision-making purposes. Adjusted net operating revenue represents
net operating revenue excluding management fee income from mutual
aid business. Adjusted net loss represents net loss excluding
share-based compensation expense, impact of terminating the
mutual aid plan, foreign currency exchange gain or losses, and
share of results of equity method investee. Such adjustments have
no impact on income tax.
These non-GAAP financial measures should not be considered in
isolation or construed as an alternative to net loss or any other
measure of performance or as an indicator of our operating
performance. Investors are encouraged to review the Company's
historical non-GAAP financial measures to the most directly
comparable GAAP measures. Adjusted net operating revenue and
adjusted net loss presented here may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to our data. The Company
encourage investors and others to review its financial information
in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. Waterdrop 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 Waterdrop's beliefs, plans 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: Waterdrop's mission, goals and strategies; Waterdrop's
future business development, financial condition and results of
operations; the expected growth of the insurance and online
healthcare industry in China;
Waterdrop's expectations regarding demand for and market acceptance
of our products and services; Waterdrop's expectations regarding
its relationships with consumers, insurance carriers and other
partners; competition in the industry and relevant government
policies and regulations relating to insurance and online
healthcare industry. Further information regarding these and other
risks is included in Waterdrop's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and Waterdrop does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Conference Call Information
Waterdrop's management team will hold a conference call on
November 30, 2021 at 7:00
AM U.S. Eastern Time (8:00 PM
Beijing/Hong Kong Time on the same day) to discuss the financial
results. Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-323-794-2093
|
Hong Kong:
|
852-3008-1527
|
Mainland
China:
|
400-120-9101
|
Elite Entry
Number:
|
1432784 #
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the Elite Entry Number to join the call.
A telephone replay will be accessible through 10:00 AM U.S. Eastern Time, December 7, 2021 by dialing the following
numbers:
United
States:
|
1-719-457-0820
|
International:
|
1-888-203-1112
|
Hong Kong:
|
852-5808-3200
|
Mainland
China:
|
400-120-1651
|
Access
Code:
|
1432784 #
|
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.
Xiaojiao Cui
IR@shuidi-inc.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-1380-111-0739
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
WATERDROP
INC.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(All amounts in
thousands, unless otherwise noted)
|
|
|
As
of
|
|
December
31,
2020
|
September
30,
2021
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
1,061,962
|
710,784
|
110,312
|
Restricted
cash
|
261,387
|
619,532
|
96,150
|
Short-term
investments
|
1,193,160
|
1,900,328
|
294,926
|
Accounts
receivable
|
539,791
|
713,746
|
110,772
|
Current contract
assets
|
824,544
|
732,181
|
113,633
|
Amount due from
related parties
|
813
|
464
|
72
|
Prepaid expense and
other assets
|
651,080
|
505,296
|
78,421
|
Total current
assets
|
4,532,737
|
5,182,331
|
804,286
|
Non-current
assets
|
|
|
|
Non-current contract
assets
|
24,006
|
26,998
|
4,190
|
Property, equipment
and software, net
|
28,724
|
46,525
|
7,221
|
Intangible assets,
net
|
53,034
|
57,524
|
8,928
|
Long-term
investments
|
2,741
|
1,933
|
300
|
Right of use assets,
net
|
60,694
|
69,790
|
10,831
|
Deferred tax
assets
|
-
|
15,786
|
2,450
|
Goodwill
|
3,119
|
3,119
|
484
|
Total non-current
assets
|
172,318
|
221,675
|
34,404
|
Total
assets
|
4,705,055
|
5,404,006
|
838,690
|
|
|
|
|
Liabilities,
Mezzanine Equity and Shareholders'
(Deficit)/Equity
|
|
|
|
Current
liabilities
|
|
|
|
Amount due to related
parties
|
9,789
|
20,722
|
3,216
|
Insurance premium
payables
|
607,326
|
653,183
|
101,372
|
Deferred
revenue
|
22,017
|
4,217
|
654
|
Accrued expenses and
other current liabilities
|
595,606
|
617,520
|
95,839
|
Current lease
liabilities
|
36,551
|
44,799
|
6,953
|
Total current
liabilities
|
1,271,289
|
1,340,441
|
208,034
|
Non-current
liabilities
|
|
|
|
Non-current lease
liabilities
|
27,709
|
22,712
|
3,525
|
Deferred tax
liabilities
|
225,745
|
13,551
|
2,103
|
Total non-current
liabilities
|
253,454
|
36,263
|
5,628
|
Total
liabilities
|
1,524,743
|
1,376,704
|
213,662
|
|
|
|
|
Total mezzanine
equity
|
4,837,336
|
-
|
-
|
Shareholders'
(deficit)/equity
|
|
|
|
Ordinary shares
|
41
|
-
|
-
|
Class A ordinary
shares
|
-
|
107
|
17
|
Class B ordinary
shares
|
-
|
27
|
4
|
Additional paid-in
capital
|
-
|
7,301,788
|
1,133,220
|
Accumulated other
comprehensive income/(loss)
|
14,956
|
(11,181)
|
(1,735)
|
Accumulated
deficit
|
(1,672,021)
|
(3,263,439)
|
(506,478)
|
Total
shareholders' (deficit)/equity
|
(1,657,024)
|
4,027,302
|
625,028
|
Total liabilities,
mezzanine equity and shareholders'
(deficit)/equity
|
4,705,055
|
5,404,006
|
838,690
|
WATERDROP
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended September 30,
|
|
September 30,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue,
net
|
862,971
|
|
939,354
|
|
779,305
|
|
120,946
|
|
2,197,605
|
|
2,602,026
|
|
403,828
|
Operating costs
and expenses(i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
(198,655)
|
|
(260,417)
|
|
(296,317)
|
|
(45,988)
|
|
(491,383)
|
|
(857,342)
|
|
(133,057)
|
Sales and marketing
expenses
|
(628,727)
|
|
(1,244,935)
|
|
(781,671)
|
|
(121,313)
|
|
(1,464,110)
|
|
(2,863,759)
|
|
(444,448)
|
General and
administrative expenses
|
(101,873)
|
|
(149,101)
|
|
(111,419)
|
|
(17,292)
|
|
(289,062)
|
|
(381,807)
|
|
(59,256)
|
Research and
development expenses
|
(53,346)
|
|
(100,259)
|
|
(102,889)
|
|
(15,968)
|
|
(176,546)
|
|
(288,023)
|
|
(44,700)
|
Total operating
costs and expenses
|
(982,601)
|
|
(1,754,712)
|
|
(1,292,296)
|
|
(200,561)
|
|
(2,421,101)
|
|
(4,390,931)
|
|
(681,461)
|
Operating
loss
|
(119,630)
|
|
(815,358)
|
|
(512,991)
|
|
(79,615)
|
|
(223,496)
|
|
(1,788,905)
|
|
(277,633)
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
6,845
|
|
11,327
|
|
11,928
|
|
1,851
|
|
17,682
|
|
36,470
|
|
5,660
|
Fair value change of
warrant
|
(441)
|
|
-
|
|
-
|
|
-
|
|
(441)
|
|
-
|
|
-
|
Foreign currency
exchange (loss)/gain
|
(5,204)
|
|
1,473
|
|
12,708
|
|
1,972
|
|
972
|
|
14,965
|
|
2,323
|
Others,
net
|
4,432
|
|
3,332
|
|
3,133
|
|
486
|
|
8,953
|
|
8,566
|
|
1,329
|
Loss before income
tax, and share of loss in equity method investee
|
(113,998)
|
|
(799,226)
|
|
(485,222)
|
|
(75,306)
|
|
(196,330)
|
|
(1,728,904)
|
|
(268,321)
|
Income tax
(expense)/benefit
|
(25,313)
|
|
143,474
|
|
8,247
|
|
1,280
|
|
(63,726)
|
|
226,021
|
|
35,078
|
Share of loss in
equity method investee
|
(10)
|
|
-
|
|
-
|
|
-
|
|
(15)
|
|
-
|
|
-
|
Net loss
attributable to Waterdrop Inc.
|
(139,321)
|
|
(655,752)
|
|
(476,975)
|
|
(74,026)
|
|
(260,071)
|
|
(1,502,883)
|
|
(233,243)
|
Deemed dividend on
modification on preferred shares
|
-
|
|
-
|
|
-
|
|
-
|
|
(67,975)
|
|
-
|
|
-
|
Deemed dividend upon
issuance of warrants
|
-
|
|
-
|
|
-
|
|
-
|
|
(90,268)
|
|
-
|
|
-
|
Preferred shares
redemption value accretion
|
(80,047)
|
|
(42,000)
|
|
-
|
|
-
|
|
(195,011)
|
|
(152,287)
|
|
(23,635)
|
Net loss
attributable to ordinary shareholders
|
(219,368)
|
|
(697,752)
|
|
(476,975)
|
|
(74,026)
|
|
(613,325)
|
|
(1,655,170)
|
|
(256,878)
|
Net
loss
|
(139,321)
|
|
(655,752)
|
|
(476,975)
|
|
(74,026)
|
|
(260,071)
|
|
(1,502,883)
|
|
(233,243)
|
Other
comprehensive (loss)/income :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of tax
|
(16,831)
|
|
(9,253)
|
|
(14,140)
|
|
(2,194)
|
|
(13,241)
|
|
(26,175)
|
|
(4,062)
|
Unrealized
(loss)/gains on available for sale investments, net of
tax
|
(160)
|
|
(848)
|
|
(181)
|
|
(28)
|
|
233
|
|
38
|
|
6
|
Comprehensive
loss
|
(156,312)
|
|
(665,853)
|
|
(491,296)
|
|
(76,248)
|
|
(273,079)
|
|
(1,529,020)
|
|
(237,299)
|
Weighted average
number of ordinary shares used in computing net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
1,168,405,096
|
|
2,854,023,284
|
|
3,940,716,014
|
|
3,940,716,014
|
|
1,171,992,375
|
|
2,672,182,796
|
|
2,672,182,796
|
Net loss per share
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
(0.19)
|
|
(0.24)
|
|
(0.12)
|
|
(0.02)
|
|
(0.52)
|
|
(0.62)
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Share-based
compensation expenses are included in the operating costs and
expenses as follows. As of September 30, 2021, there are
273,184,880 outstanding share options under 2018 Share Incentive
Plan, and nil Class A ordinary shares of the Company have been
issued as a result of the exercise of any option under the 2018
Plan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended September 30,
|
|
September 30,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(1,123)
|
|
(3,633)
|
|
(2,363)
|
|
(367)
|
|
(2,424)
|
|
(8,977)
|
|
(1,393)
|
General and
administrative expenses
|
(53,225)
|
|
(73,939)
|
|
(28,412)
|
|
(4,409)
|
|
(157,507)
|
|
(164,372)
|
|
(25,510)
|
Research and
development expenses
|
(3,454)
|
|
(9,597)
|
|
(5,265)
|
|
(817)
|
|
(8,095)
|
|
(21,038)
|
|
(3,265)
|
Total
|
(57,802)
|
|
(87,169)
|
|
(36,040)
|
|
(5,593)
|
|
(168,026)
|
|
(194,387)
|
|
(30,168)
|
WATERDROP
INC.
|
Reconciliations of
GAAP and Non-GAAP Results
|
(All amounts in
thousands, unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended September 30,
|
|
September 30,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
revenue
|
862,971
|
|
939,354
|
|
779,305
|
|
120,946
|
|
2,197,605
|
|
2,602,026
|
|
403,828
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fee
income
|
22,257
|
|
-
|
|
-
|
|
-
|
|
91,495
|
|
2,745(ii)
|
|
426
|
Adjusted net
operating revenue
|
840,714
|
|
939,354
|
|
779,305
|
|
120,946
|
|
2,106,110
|
|
2,599,281
|
|
403,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended September 30,
|
|
September 30,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(139,321)
|
|
(655,752)
|
|
(476,975)
|
|
(74,026)
|
|
(260,071)
|
|
(1,502,883)
|
|
(233,243)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expense
|
57,802
|
|
87,169
|
|
36,040
|
|
5,593
|
|
168,026
|
|
194,387
|
|
30,168
|
Foreign currency exchange
loss/(gain)
|
5,204
|
|
(1,473)
|
|
(12,708)
|
|
(1,972)
|
|
(972)
|
|
(14,965)
|
|
(2,323)
|
Fair value change of
warrant
|
441
|
|
-
|
|
-
|
|
-
|
|
441
|
|
-
|
|
-
|
Impact of terminating the
mutual aid plan(iii)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
96,697
|
|
15,007
|
Share of results of equity
method investee
|
10
|
|
-
|
|
-
|
|
-
|
|
15
|
|
-
|
|
-
|
Adjusted net
loss
|
(75,864)
|
|
(570,056)
|
|
(453,643)
|
|
(70,405)
|
|
(92,561)
|
|
(1,226,764)
|
|
(190,391)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) This represents
the net management fee revenue related to the mutual aid business
for the nine months ended September 30, 2021 after recording the
RMB19.9 million reduction of
management fee revenue previously recognized for each participant
to the extent of the cumulative amount earned until March 26,
2021.
|
(iii) This represents
the estimated cost of medical expenses and cost of one-year health
insurance coverage. RMB19.9 million (US$3.0 million) was
accounted for as a reduction of management
fee revenue previously recognized for each participant to the
extent of the cumulative amount earned until March 26, 2021.
RMB76.8 million (US$11.8 million) was recorded as operating
costs.
|
View original
content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-third-quarter-2021-unaudited-financial-results-301433653.html
SOURCE Waterdrop Inc.