HANGZHOU, China, Aug. 27, 2021 /PRNewswire/ -- Weidai Ltd.
("Weidai" or the "Company") (NYSE: WEI), a leading auto-backed
financing solution provider in China, today announced its financial results
for the six months ended June 30,
2021, which have not been audited or reviewed by the
Company's independent registered accounting firm.
Six Months Ended June 30, 2021
Operational Highlights
Loan balance
Total loan balance as of June 30,
2021 was RMB2.3 billion
(US$0.4 billion).
Six Months Ended June 30, 2021
Financial Results
Net revenues in the six months ended June 30, 2021 was RMB535.9
million (US$83.0 million).
Among net revenues, loan service fees were RMB531.0 million (US$82.2
million), other revenues were RMB6.7
million (US$1.0 million) and
net financing expense was RMB0.2
million (US$32 thousand).
Provision for loans and advances in the six months
ended June 30, 2021 was RMB114.1 million (US$17.7
million).
Operating costs and expenses in the six months ended
June 30, 2021 were RMB364.6 million (US$56.5
million). Among operating costs and expenses, provision for
financial guarantee liabilities was RMB78.0
million (US$12.1 million),
origination and servicing expenses were RMB200.0 million (US$31.0
million), sales and marketing expenses were RMB14.5 million (US$2.2
million), general and administrative expenses were
RMB58.3 million (US$9.0 million), and research and development
expenses were RMB13.8 million
(US$2.1
million). Share-based compensation expenses in
the six months ended June 30, 2021
were RMB5.5 million (US$0.9 million), which are included in
origination and servicing expenses, general and administrative
expenses and research and development expenses.
Income from Operations in the six months
ended June 30, 2021 was RMB57.2 million (US$8.9
million).
Income tax expenses in the six months ended
June 30, 2021 were RMB453.0 million (US$70.2
million).
Net loss in the six months ended June 30, 2021 was RMB397.1
million (US$61.5 million).
Net loss attributable to Weidai Ltd.'s ordinary
shareholders in the six months ended June 30, 2021 was RMB395.5
million (US$61.2 million).
Adjusted net loss in the six months ended June 30, 2021 was RMB391.6
million (US$60.7 million).
Regulatory Developments
In July 2021, Weidai, in
coordination with the relevant governmental authorities, commenced
the repayment of outstanding net principal balances to all
investors (the aggregate principal invested by a certain investor
minus the aggregate amount that has been withdrawn by such
investor) on the Company's platform. As of the date of this
earnings release, all such outstanding net principal balances on
Weidai's platform have been fully repaid.
Use of Non-GAAP Financial Measures
The Company uses adjusted net loss, a non-GAAP financial
measure, in evaluating its operating results and for financial and
operational decision-making purposes. The Company believes that
adjusted net loss helps identify underlying trends in its business
by excluding the impact of share-based compensation expenses. The
Company believes that adjusted net loss provides useful
information about its operating results, enhances the overall
understanding of its past performance and future prospects and
allows for greater visibility with respect to key metrics used by
the Company's management in its financial and operational
decision-making.
Adjusted net loss 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
the Company's operating performance, cash flows or liquidity,
investors should not consider it in isolation, or as a substitute
for net loss, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP. The Company encourages investors and
others to review its financial information in its entirety and not
rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and Non-GAAP
results" set forth at the end of this press release.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com/.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB
to U.S. dollars are made at a rate of RMB6.4566 to US$1.00, the noon buying rate on June 30, 2021 set forth in the H.10 statistical
release of the U.S. Federal Reserve Board.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. 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," "target," "confident" and similar statements. Weidai
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 Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; and Weidai's ability to meet the
standards necessary to maintain listing of its ADSs on the NYSE,
including its ability to cure any non-compliance with the NYSE's
continued listing criteria. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
WEIDAI
LTD.
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEET
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
As of June
30,
|
|
2021
|
|
RMB
|
|
US$
|
|
|
|
|
ASSETS
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
333,512
|
|
51,654
|
Restricted
cash
|
187,997
|
|
29,117
|
Loans and advances,
net
|
397,081
|
|
61,500
|
Prepaid expenses and
other current assets, net
|
330,380
|
|
51,168
|
Other receivables due
from special account
|
797,108
|
|
123,456
|
Amounts due from
related parties
|
9,540
|
|
1,478
|
Total current
assets
|
2,055,618
|
|
318,373
|
Non-current
assets:
|
|
|
|
Long-term
investments
|
13,574
|
|
2,102
|
Loans and advances,
net
|
-
|
|
-
|
Prepaid expenses and
other non-current assets
|
10,188
|
|
1,578
|
Property, equipment
and software, net
|
32,665
|
|
5,059
|
Total non-current
assets
|
56,427
|
|
8,739
|
Total
assets
|
2,112,045
|
|
327,112
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities (including current liabilities of the
consolidated variable interest entities and
subsidiaries
without recourse to the Company of
RMB1,732,593
(US$268,345) as of June 30,
2021):
|
|
|
|
Payable to
institutional funding partners and online investors
|
11,618
|
|
1,799
|
Current account with
online investors and borrowers
|
245,411
|
|
38,009
|
Income tax
payable
|
303,751
|
|
47,045
|
Accrued expenses and
other liabilities
|
273,594
|
|
42,373
|
Amounts due to
related parties
|
5,006
|
|
775
|
Contract
liabilities
|
93,437
|
|
14,472
|
Total current
liabilities
|
932,817
|
|
144,473
|
Non-current
liabilities (including non-current liabilities
of the consolidated variable interest entities
and
subsidiaries without recourse to the Company of
RMB1,768 (US$274) as
of June 30, 2021):
|
|
|
|
Contract
liabilities
|
1,768
|
|
274
|
Total non-current
liabilities
|
1,768
|
|
274
|
Total
liabilities
|
934,585
|
|
144,747
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Class A ordinary
shares (par value of US$0.000002 per
share; 35,390,055 shares issued and outstanding as
of
June 30, 2021)
|
-
|
|
-
|
Class B ordinary
shares (par value of US$0.000002 per
share; 35,071,400 shares issued and outstanding as
of
June 30, 2021)
|
1
|
|
-
|
Additional paid-in
capital
|
1,247,339
|
|
193,188
|
Accumulated other
comprehensive loss
|
(2,510)
|
|
(389)
|
Retained
earnings
|
(69,726)
|
|
(10,799)
|
Total Weidai Ltd.
shareholders' equity
|
1,175,104
|
|
182,000
|
Noncontrolling
interests
|
2,356
|
|
365
|
Total
equity
|
1,177,460
|
|
182,365
|
TOTAL LIABILITIES
AND EQUITY
|
2,112,045
|
|
327,112
|
Weidai
Ltd.
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENT OF OPERATION LOSS
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
Six Months
Ended
June 30, 2021
|
|
RMB
|
|
US$
|
|
|
|
|
Net
revenues:
|
|
|
|
Loan service
fee
|
530,978
|
|
82,238
|
Other
revenues
|
6,667
|
|
1,033
|
Financing
income
|
3,355
|
|
520
|
Less: Funding
costs
|
(3,567)
|
|
(552)
|
Net financing
loss
|
(212)
|
|
(32)
|
Business related taxes
and surcharges
|
(1,490)
|
|
(231)
|
Total net
revenues
|
535,943
|
|
83,008
|
Provision for loans and
advances
|
(114,114)
|
|
(17,674)
|
Net revenues after
provision for loans and
advances
|
421,829
|
|
65,334
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
Provision for financial
guarantee liabilities
|
(77,956)
|
|
(12,074)
|
Origination and
servicing
|
(200,038)
|
|
(30,982)
|
Sales and
marketing
|
(14,517)
|
|
(2,248)
|
General and
administrative
|
(58,273)
|
|
(9,025)
|
Research and
development
|
(13,826)
|
|
(2,142)
|
Total operation
costs and expenses
|
(364,610)
|
|
(56,471)
|
|
|
|
|
Income from
operations
|
57,219
|
|
8,863
|
Interest expense,
net
|
(842)
|
|
(130)
|
Government
subsidies
|
2,187
|
|
339
|
Other expenses,
net
|
(2,662)
|
|
(412)
|
Net income before
income taxes
|
55,902
|
|
8,660
|
Income tax
expenses
|
(453,029)
|
|
(70,165)
|
Net
loss
|
(397,127)
|
|
(61,505)
|
Net loss attributable
to noncontrolling
interests
|
1,651
|
|
256
|
Net loss
attributable to Weidai Ltd.'s
ordinary shareholders
|
(395,476)
|
|
(61,249)
|
Loss per
share:
|
|
|
|
Basic and
diluted
|
(5.61)
|
|
(0.87)
|
Shares used in
earnings per share
computation:
|
|
|
|
Basic and
diluted
|
70,461,455
|
|
70,461,455
|
Weidai
Ltd.
|
Reconciliation
of GAAP And Non-GAAP Results
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
Six Months
Ended
June 30, 2021
|
|
RMB
|
|
US$
|
|
|
|
|
Net
loss
|
397,127
|
|
61,505
|
Add:
|
|
|
|
Share-based
compensation expenses
|
(5,494)
|
|
(851)
|
Adjusted net
loss
|
391,633
|
|
60,654
|
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SOURCE Weidai Ltd.