Qudian Inc. Reports Second Quarter 2020 Unaudited Financial Results

XIAMEN, China, Sept. 7, 2020 /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a leading technology platform empowering the enhancement of online consumer finance experience in China, today announced its unaudited financial results for the quarter ended June 30, 2020.

Second Quarter 2020 Operational Highlights:

    --  Total number of registered users as of June 30, 2020 reached 80.8
        million, representing an increase of 6.4% from June 30, 2019
    --  Number of outstanding borrowers([1]) from loan book business and
        transaction services business as of June 30, 2020 decreased by 12.5% to
        5.0 million from 5.7 million as of March 31, 2020 as a result of the
        conservative and prudent strategy which the Company has deployed
    --  Total outstanding loan balance from loan book business([2]) decreased by
        36.4% to RMB9.7 billion as of June 30, 2020, compared to the outstanding
        balance as of March 31, 2020; Total outstanding loan balance from
        transaction serviced on open platform decreased by 25.4% to RMB9.8
        billion as of June 30, 2020, compared to the outstanding balance as of
        March 31, 2020
    --  Amount of transactions from loan book business for this quarter
        decreased by 5.9% to RMB4.2 billion from the first quarter of 2020;
        Amount of transactions from transaction serviced on open platform for
        this quarter decreased by 72.3% to RMB0.7 billion from the first quarter
        of 2020
    --  Weighted average loan tenure for our loan book business was 4.7 months
        for this quarter, compared with 8.4 months for the first quarter of
        2020; Weighted average loan tenure for transactions serviced on open
        platform was 10.6 months for this quarter, compared with 11.2 months for
        the first quarter of 2020

                        [1] Outstanding borrowers are
                         borrowers who have outstanding
                         loans as of a particular date,
                         including outstanding borrowers
                         from both loan book business and
                         transaction services business.
                         Transaction services business,
                         relates to various services,
                         including credit assessment,
                         referral and post-origination
                         services, provided through our open
                         platform, which was launched in the
                         second half of 2018.

                        [2] Includes (i) off and on balance
                         sheet loans directly or indirectly
                         funded by our institutional funding
                         partners or our own capital, net of
                         cumulative write-offs and (ii)
                         does not include auto loans from
                         Dabai Auto business.

Second Quarter 2020 Financial Highlights:

    --  Total revenues were RMB1,167.0 million (US$165.2 million), representing
        a decrease of 47.4% from the same period of last year
    --  Net income decreased by 84.3% year-on-year to RMB179.2 million (US$25.4
        million), or RMB0.68 (US$0.10) per diluted ADS
    --  Non-GAAP net income([3]) decreased by 97.4% year-on-year to RMB29.9
        million (US$4.2 million), or RMB0.12 (US$0.02) per diluted ADS

                            [3] 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.

"We continued the prudent operation of our cash credit business during the second quarter of 2020," said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. "In light of unstable market conditions during the period, we adopted an extremely stringent approach for loan approvals while keeping focused on decreasing exposure to credit market risks. As such, our loan book business, as compared with the first quarter, maintained loan transaction volume that was relatively flat during the period. Meanwhile, as some of our institutional funding partners tightened their credit assessments, transaction volume on our open platform decreased by approximately 70% sequentially."

"In the second quarter, we completed a strategic investment in Secoo. We look forward to generating synergies in the luxury consumer business," said Ms. Sissi Zhu, Vice President of Investor Relations of Qudian.

"Given the still challenging and fast-evolving market environment for our credit loan business and, in an effort to mitigate risk, we will remain strict with our credit approval standards when operating our loan book business. Despite headwinds, we are taking appropriate actions to protect our net assets while actively exploring market opportunities for future growth," Ms. Zhu concluded.

Second Quarter Financial Results

Total revenues were RMB1,167.0 million (US$165.2 million), representing a decrease of 47.4% from RMB2,220.7 million for the second quarter of 2019.

Financing income totaled RMB580.9 million (US$82.2 million), representing a decrease of 41.0% from RMB984.4 million for the second quarter of 2019, as a result of a decrease in average on-balance sheet loan balance.

Loan facilitation income and other related income decreased by 58.2% to RMB255.1 million (US$36.1 million) from RMB609.7 million for the second quarter of 2019, as a result of the reduction of transaction volume of off-balance sheet loans this quarter, partially offset by reclassification of guarantee income in accordance with ASC326.

Transaction services fee and other related income decreased to RMB4.1 million (US$0.6 million) from RMB398.1 million for the second quarter of 2019, mainly as a result of a substantial decrease in the transaction amount of open platform.

Sales income substantially increased to RMB293.3 million (US$41.5 million) from RMB123.5 million for the second quarter of 2019, mainly due to the launch of the Wanlimu e-commerce platform.

Sales commission fee decreased by 84.9% to RMB14.4 million (US$2.0 million) from RMB95.6 million for the second quarter of 2019, due to a decrease in the amount of merchandise credit transaction.

Total operating costs and expenses increased by 2.4% to RMB982.4 million (US$139.0 million) from RMB959.1 million for the second quarter of 2019.

Cost of revenues increased by 28.0% to RMB366.4 million (US$51.9 million) from RMB286.1 million for the second quarter of 2019, primarily due to an increase in cost of goods sold related to the Wanlimu e-commerce platform.

Sales and marketing expenses increased by 101.7% to RMB156.8 million (US$22.2 million) from RMB77.7 million for the second quarter of 2019, primarily due to marketing expenses incurred by the Wanlimu e-commerce platform.

General and administrative expenses increased by 11.9% to RMB75.3 million (US$10.7 million) from RMB67.3 million for the second quarter of 2019.

Research and development expenses decreased by 10.5% to RMB56.3 million (US$8.0 million) from RMB62.9 million for the second quarter of 2019.

Provision for receivables and other assets increased by 5.0% to RMB519.0 million (US$73.5 million) from RMB494.5 million for the second quarter of 2019. The increase was primarily due to an increase in past-due on-balance sheet outstanding principal receivables compared to the second quarter of 2019.

As of June 30, 2020, the total balance of outstanding principal and financing service fee receivables for on-balance sheet transactions for which any installment payment was more than 30 calendar days past due was RMB1,166.5 million (US$165.1 million), and the balance of allowance for principal and financing service fee receivables at the end of the period was RMB2,050.3 million (US$290.2 million), indicating M1+ Delinquency Coverage Ratio of 1.8x.

The following charts display the "vintage charge-off rate." Total potential receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 180 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

Current receivables at risk vintage charge-off rate refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 180 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

Total potential receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the total potential outstanding principal balance of the transactions that are delinquent for more than 30 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

Current receivables at risk M1+ delinquency rate by vintage refers to, with respect to on- and off-balance sheet transactions facilitated under the loan book business during a specified time period, the actual outstanding principal balance of the transactions that are delinquent for more than 30 days up to twelve months after origination, divided by the total initial principal of the transactions facilitated in such vintage. Delinquencies may increase or decrease after such 12-month period.

Income from operations decreased to RMB312.4 million (US$44.2 million) from RMB1,264.2 million for the second quarter of 2019.

Net income attributable to Qudian's shareholders was RMB179.2 million (US$25.4 million), or RMB0.68 (US$0.10) per diluted ADS.

Non-GAAP net income attributable to Qudian's shareholders was RMB29.9 million (US$4.2 million), or RMB0.12 (US$0.02) per diluted ADS.

Cash Flow

As of June 30, 2020, the Company had cash and cash equivalents of RMB1,066.0 million (US$150.9 million) and restricted cash of RMB510.8 million (US$72.3 million). Restricted cash mainly represents (i) cash held by the consolidated trusts through segregated bank accounts; and (ii) security deposits held in designated bank accounts for the guarantee of off-balance sheet transactions. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the second quarter of 2020, net cash provided by operating activities was RMB317.3 million (US$44.9 million), mainly attributable to net income of RMB179.2 million (US$25.4 million) and the collection of repayments of service fees from transactions facilitated in 2019. Net cash used in investing activities was RMB724.9 million (US$102.6 million), mainly due to investments in short-term wealth management products and purchase of equity method investments. Net cash used in financing activities was RMB53.9 million (US$7.6 million), mainly due to repurchase of convertible bond.

Update on Share Repurchase and Convertible Bond Repurchase

As of the date of this release, the Company has repurchased and cancelled total principal amount of convertible senior notes of US$199 million. The Company has cumulatively completed total share repurchases of approximately US$572.8 million. As of June 30, 2020, the total number of ordinary shares outstanding was 253,729,349.

Strategic Investment in Secoo

In June 2020, the Company made a strategic investment in Secoo Holding Limited ("Secoo") of up to US$100 million. As of June 30, 2020, the total amounts had been fully paid. The Company has elected the fair value option to measure its equity method investment in Secoo. All subsequent changes in fair value are reported in earnings.

Regulation Update

On August 20, 2020, the Supreme People's Court of China issued the Decisions of the Supreme People's Court to Amend the Provisions on Several Issues concerning the Application of Law in the Trial of Private Lending Cases ("Decisions"), effective immediately, which set the court protected one-year interest rate cap at four times that of the Loan Prime Rate ("LPR") for private lending.

According to the Decisions, the interest rate cap is not applicable to the lending business of financial institutions and their branches that have been established with the approval of financial regulatory authorities. Rather, this new policy is generally interpreted as only being applicable to private lending, while our business almost entirely involves financial institutions. However, it is important to note that the Decisions are newly promulgated, and the policy is subject to further clarifications by courts and regulatory authorities. If the same interest rate cap were applied to our business as required by relevant courts or regulatory authorities, our profitability may suffer a material adverse impact, and we could incur net losses.

For the complete text of the Decisions, please refer to http://www.court.gov.cn/fabu-xiangqing-249031.html. The information contained on this website is not a part of this press release.

Conference Call

The Company's management will host an earnings conference call on September 7, 2020 at 7:00 AM U.S. Eastern Time, (7:00 PM Beijing/Hong Kong Time). Details for the conference call are as follows:


     Title of Event: 
     Qudian Inc. Second Quarter 2020 Earnings Conference Call


     Conference ID:                                                                                                               8489234


     Registration
      link:                                               
              
              http://apac.directeventreg.com/registration/event/8489234

For participants who wish to join the call, please complete the online registration at least 15 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including participant dial-in numbers, a Direct Event Passcode, a unique Registrant ID, and an e-mail with detailed instructions to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.qudian.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until September 14, 2020, by dialing the following telephone numbers:



              U.S.:                               +1-855-452-5696
                                                    (toll-free) /
                                                    +1-646-254-
                                                    3697



              International:                      +61-2-8199-0299



              Hong Kong, China:                   800-963-117
                                                    (toll-free)
                                                    /+852-
                                                    3051-2780


                                                  400-632-
                                                    2162 (toll-
                                                    free) /800-
                                                    870-0205

              Mainland China:                      (toll-free)



              Passcode:                                   8489234

About Qudian Inc.

Qudian Inc. ("Qudian") is a leading technology platform empowering the enhancement of online consumer finance experience in China. The Company's mission is to use technology to make personalized credit accessible to hundreds of millions of young, mobile-active consumers in China who need access to small credit for their discretionary spending but are underserved by traditional financial institutions due to lack of traditional credit data or high cost of servicing. Qudian's credit solutions enable licensed, regulated financial institutions and ecosystem partners to offer affordable and customized loans to this young generation of consumers.

For more information, please visit http://ir.qudian.com.

Use of Non-GAAP Financial Measures

We use adjusted net income/loss, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted net income/loss helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges, and convertible bonds buyback income. We believe that adjusted net income/loss 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.

Adjusted net income/loss is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, 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 RMB7.0651 to US$1.00, the noon buying rate in effect on June 30, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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 credit products; Qudian's expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborate 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:

Qudian Inc.
Tel: +86-592-591-1711
E-mail: ir@qudian.com

The Piacente Group, Inc.
Xi Zhang
Tel: +86 (10) 6508-0677
E-mail: qudian@tpg-ir.com

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: qudian@tpg-ir.com


                                                                         
              
                QUDIAN INC.


                                                  
              
                Unaudited Condensed Consolidated Statements of Operations




                                                                           
              Three months ended June 30,



               (In thousands except for number                                                       2019                                        2020



               of shares and per-share data)                                  
              (Unaudited)                        
           (Unaudited)       
       (Unaudited)


                                                                                  
              RMB                                
           RMB             
         US$




                            Revenues:



                Financing income                                                                 984,446                                     580,856                 82,215


                 Sales commission fee                                                              95,602                                      14,404                  2,039



                Sales income                                                                     123,536                                     293,292                 41,513



                Penalty fee                                                                        9,394                                      19,335                  2,736


                 Loan facilitation income and other
                  related income                                                                609,651                                     255,063                 36,102


                 Transaction services fee and other
                  related income                                                                398,068                                       4,098                    580





                            Total revenues                                                      2,220,697                                   1,167,048                165,185




                            Operating cost and expenses:



                Cost of revenues                                                               (286,135)                                  (366,381)              (51,858)



                Sales and marketing                                                             (77,732)                                  (156,806)              (22,194)


                 General and administrative                                                      (67,326)                                   (75,334)              (10,663)


                 Research and development                                                        (62,882)                                   (56,265)               (7,964)


                 Changes in guarantee liabilities and
                  risk assurance liabilities(1)                                                  29,473                                     191,420                 27,094


                 Provision for receivables and
                  other assets                                                                  (494,454)                                  (519,014)              (73,462)



                            Total operating cost and
                             expenses                                                           (959,056)                                  (982,380)             (139,047)


                 Other operating income                                                             2,570                                     127,698                 18,074




                            Income from operations                                              1,264,211                                     312,366                 44,212


               Interest and investment
                (loss)/income, net                                                                 11,348                                    (65,758)               (9,307)


               Foreign exchange gain/(loss),
                net                                                                               (1,074)                                      4,960                    702



              Other income                                                                        21,915                                      10,059                  1,424



              Other expenses                                                                       (372)                                       (94)                  (13)





                            Net income before income taxes                                      1,296,028                                     261,533                 37,018



              Income tax expenses                                                              (152,622)                                   (82,371)              (11,659)





                            Net income                                                          1,143,406                                     179,162                 25,359





                            Net income attributable to
                             Qudian Inc.'s                                                      1,143,406                                     179,162                 25,359
    shareholders







               Earnings per share for Class A
                and Class B
    ordinary shares:



                Basic                                                                               4.03                                        0.71                   0.10



                Diluted                                                                             4.00                                        0.68                   0.10




               Earnings per ADS (1 Class A
                ordinary share
    equals 1 ADSs):



                Basic                                                                               4.03                                        0.71                   0.10



                Diluted                                                                             4.00                                        0.68                   0.10




               Weighted average number of Class
                A and Class
    B ordinary shares outstanding:



                Basic                                                                        284,022,960                                 253,724,694            253,724,694



                Diluted                                                                      285,735,609                                 272,190,273            272,190,273




                            Other comprehensive
                             (loss)/income:


               Foreign currency translation
                adjustment                                                                          9,755                                    (10,165)               (1,439)





                            Total comprehensive income                                          1,153,161                                     168,997                 23,920





                            Total comprehensive income
                             attributable                                                       1,153,161                                     168,997                 23,920
    to Qudian Inc.'s shareholders






              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 March 31,                               As of June 30,


               (In thousands except for number                                                            2020                                          2020




              of shares and per-share data)                                        
              (Unaudited)                       
              (Unaudited)      
       (Unaudited)


                                                                                        
              RMB                               
              RMB            
         US$



              
                ASSETS:



              
                 Current assets:



               Cash and cash equivalents                                                            1,516,175                                     1,065,977               150,879



               Restricted cash                                                                        540,440                                       510,795                72,298



               Time Deposits                                                                          235,083



               Short-term investments                                                               1,232,850                                     2,287,840               323,823




                Short-term loan principal and financing
                 service fee receivables                                                             7,286,743                                     5,758,287               815,033


                Short-term finance lease receivables                                                   353,186                                       339,838                48,101



               Short-term contract assets                                                           1,543,687                                       731,478               103,534



               Other current assets                                                                 1,113,298                                     1,360,474               192,563


                             Total current assets                                                   13,821,462                                    12,054,689             1,706,231





                             Non-current assets:


                Long-term finance lease receivables                                                    144,900                                        45,544                 6,446


                Operating lease right-of-use assets                                                    142,596                                       139,039                19,680


                Investment in equity method investee                                                    23,084                                       487,618                69,018



               Long-term investments                                                                  222,706                                       222,706                31,522



               Property and equipment, net                                                            113,983                                       145,910                20,652



               Intangible assets                                                                        6,489                                         7,257                 1,027



               Long-term contract assets                                                               98,399                                        69,494                 9,836



               Deferred tax assets                                                                    466,047                                       441,640                62,510



               Other non-current assets                                                                16,216                                         6,837                   968


                             Total non-current assets                                                1,234,420                                     1,566,045               221,659






              
                TOTAL ASSETS                                                            15,055,882                                    13,620,734             1,927,890







                                                                               
              
                QUDIAN INC.


                                                     
              
                
                  Unaudited Condensed Consolidated Balance Sheets






                                                                                  
              As of March 31,                               As of June 30,


               (In thousands except for number                                                            2020                                          2020




              of shares and per-share data)                                        
              (Unaudited)                       
              (Unaudited)      
       (Unaudited)


                                                                                        
              RMB                               
              RMB            
         US$




                            LIABILITIES AND SHAREHOLDERS' EQUITY


                             Current liabilities:


                Short-term borrowings and interest
                 payables                                                                              384,596                                       321,541                45,511



               Short-term lease liabilities                                                            20,378                                        21,911                 3,101


                Accrued expenses and other current
                 liabilities                                                                           672,539                                       648,680                91,815


                Guarantee liabilities and risk assurance
                 liabilities(1)                                                                      1,798,603                                       715,577               101,283



               Income tax payable                                                                     221,625                                       170,815                24,177



                             Total current liabilities                                               3,097,741                                     1,878,524               265,888






              
                 Non-current liabilities:



               Deferred tax liabilities                                                                10,005                                         7,125                 1,009



               Convertible senior notes                                                             1,438,448                                     1,009,992               142,955



               Long-term lease liabilities                                                             17,729                                        13,417                 1,899


                Long-term borrowings and interest
                 payables                                                                               23,888                                        54,338                 7,691





                             Total non-current liabilities                                           1,490,070                                     1,084,872               153,554



                             Total liabilities                                                       4,587,811                                     2,963,396               419,442







                             Shareholders' equity:



               Class A Ordinary shares                                                                    131                                           131                    19



               Class B Ordinary shares                                                                     44                                            44                     6



               Treasury shares                                                                      (369,227)                                    (369,227)             (52,261)



               Additional paid-in capital                                                           3,981,385                                     4,001,654               566,397


                Accumulated other comprehensive loss                                                  (14,342)                                     (24,506)              (3,469)



               Retained earnings                                                                    6,870,080                                     7,049,242               997,756





                             Total shareholders' equity                                             10,468,071                                    10,657,338             1,508,448





                            TOTAL LIABILITIES AND SHAREHOLDERS'
                             EQUITY                                                                 15,055,882                                    13,620,734             1,927,890








              Note:
    (1) The amount includes the balance of the guarantee liabilities accounted in accordance with ASC 815,"Derivative", and the balance of risk assurance
     liabilities accounted in accordance with ASC 450, "Contingencies" and ASC 460, "Guarantees".


                                                         
              
                QUDIAN INC.


                                          
            
            Unaudited Reconciliation of GAAP And Non-GAAP Results




                                                   
          Three months ended June 30,



                                                                        2019                                          2020



     (In thousands except for
      number                                         
          (Unaudited)                       
              (Unaudited)         
       (Unaudited)


     of shares and per-share
      data)                                            
            RMB                               
              RMB               
         US$






                  Total net income attributable to
                   Qudian Inc.'s shareholders                     1,143,406                                       179,162                   25,359


     Add: Share-based
      compensation expenses                                           15,162                                        20,269                    2,869


     Less: Convertible bonds
      buyback income                                                                                              169,511                   23,993


                  Non-GAAP net income attributable
                   to Qudian Inc.'s shareholders                     1,158,568                                        29,920                    4,235





     Non-GAAP net income per
      share-basic                                                       4.08                                          0.12                     0.02


     Non-GAAP net income per
      share-diluted                                                     4.05                                          0.12                     0.02


     Weighted average shares
      outstanding-basic                                          284,022,960                                   253,724,694              253,724,694


     Weighted average shares
      outstanding-diluted                                        285,735,609                                   253,724,694              253,724,694

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SOURCE Qudian Inc.