Qudian(QD) - 2024 Q1 - Quarterly Report

Financial Performance - Total revenues for Q4 2023 were RMB63.8 million (US$9.0 million), a decrease of 60.1% from RMB160.1 million in Q4 2022[2] - Net loss attributable to Qudian's shareholders for Q4 2023 was RMB117.1 million (US$16.5 million), compared to a net income of RMB490.1 million in Q4 2022[2] - Full year 2023 total revenues were RMB126.3 million (US$17.8 million), representing a decrease of 78.1% from RMB577.5 million in 2022[3] - The company reported a net income of RMB39.1 million (US$5.5 million) for 2023, a significant recovery from a loss of RMB362.0 million in 2022[3] - Total revenues for the three months ended December 31, 2023, were RMB 63,794, a significant decrease from RMB 160,069 in the same period of 2022, representing a decline of approximately 60%[25] - Net income attributable to Qudian Inc.'s shareholders for the three months ended December 31, 2023, was a loss of RMB 117,074, compared to a profit of RMB 490,103 in the same period of 2022[25] - For the year ended December 31, 2023, total revenues were RMB 126,338, a decrease from RMB 577,492 in 2022, representing a decline of approximately 78%[26] - The net income attributable to Qudian Inc.'s shareholders for the year ended December 31, 2023, was RMB 39,133, a significant recovery from a loss of RMB 361,964 in 2022[26] Expenses and Liabilities - Total operating costs and expenses for the three months ended December 31, 2023, were RMB 184,126, up from RMB 108,842 in the same period of 2022, indicating an increase of approximately 69%[25] - Total current liabilities rose to RMB 754,486, an increase of 28.9% from RMB 584,930 as of December 31, 2022[28] - The company’s total liabilities increased to RMB 794,245, up 12.9% from RMB 703,723 in the previous year[28] Cash and Assets - Cash and cash equivalents totaled RMB7,207.3 million (US$1,015.1 million) as of December 31, 2023[14] - Cash and cash equivalents increased significantly to RMB 7,207,343, up 106.0% from RMB 3,486,376 in the previous year[27] - As of December 31, 2023, Qudian Inc. reported total assets of RMB 12,482,196, a decrease of 2.1% from RMB 12,746,435 as of December 31, 2022[27][28] - The company’s cash and cash equivalents represented approximately 57.7% of total current assets as of December 31, 2023[27] Shareholder Actions - Qudian has approved a new share repurchase program to buy up to US$300 million worth of Class A ordinary shares or ADSs over the next 36 months starting from June 13, 2024[4] - As of March 13, 2024, the company has cumulatively purchased 146.7 million ADSs for approximately US$675.4 million[5] Research and Development - Research and development expenses increased by 534.5% to RMB16.1 million (US$2.3 million) in Q4 2023, driven by an increase in staff headcount[8] Share Performance - Basic and diluted earnings per share for Class A and Class B ordinary shares were both RMB (0.57) for the three months ended December 31, 2023, compared to RMB 2.07 for the same period in 2022[25] - Non-GAAP net loss attributable to shareholders was RMB 116,574 for the same period, reflecting a significant decline from a non-GAAP net income of RMB 493,295 in Q4 2022[29] - Qudian Inc. reported a non-GAAP net income per share—basic of RMB (0.57) for Q4 2023, compared to RMB 2.08 in Q4 2022[29] Equity and Share Count - The weighted average number of Class A and Class B ordinary shares outstanding was 204,075,368 for the three months ended December 31, 2023, compared to 236,882,380 in the same period of 2022[25] - The weighted average shares outstanding decreased to 204,075,368 for the three months ended December 31, 2023, down from 236,882,380 in the previous year[29] - Total shareholders' equity decreased to RMB 11,687,951, a decline of 2.9% from RMB 12,042,712 as of December 31, 2022[28]