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BlueCity Announces Second Quarter 2021 Unaudited Financial Results

— 18.0% year-over-year revenue growth–

— 58.1% year-over-year total paying user growth–

BEIJING, Aug. 24, 2021 (GLOBE NEWSWIRE) — BlueCity Holdings Limited (“BlueCity” or the “Company”) (Nasdaq: BLCT), a leading online LGBTQ platform, today announced its unaudited financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Total revenues reached RMB291.9 million (US$45.2 million), an increase of 18.0% from the same period in 2020.

  • Net loss was RMB35.0 million (US$5.4 million), compared with net loss of RMB3.3 million in the second quarter of 2020.

  • Adjusted Net Loss

    1

    (Non-GAAP) was RMB38.4 million (US$5.9 million), compared with adjusted net loss (non-GAAP) of RMB3.0 million in the second quarter of 2020.

  • Monthly active users (“MAUs”) of BlueCity’s portfolio apps2 reached 8.3 million, an increase of 29.3% from the same period in 2020.

  • Total paying users

    3
     of BlueCity’s portfolio apps reached 724 thousand, an increase of 58.1% compared with 458 thousand in the second quarter of 2020.

Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, commented: “We are pleased to announce another healthy quarter as we continued to optimize our product offerings with strong user engagement growth. Total MAU grew by 29.3% year over year, reaching 8.3 million. Our total paying users grew by 58.1% year over year to 724 thousand. We are excited to see this strong growth, which reflects our dedication in optimizing products and cultivating our users’ consumption habits. We remain committed to actively exploring new ways to enrich our product and service offerings, and are optimistic in further expanding our monetization capabilities.”

Mr. Ma added: “Significant progress was achieved and maintained in an upwards trend with He Health. In late July, we officially launched online consultation services with dozens of doctors from China’s top hospitals. Thousands of men have had consultations since launch, illustrating again the huge demand of this flourishing business sector. We will continue to devote resources and initiate a wide range of activities to promote health awareness for men and expand geographic coverage of our fast-delivery services, and believe we can achieve meaningful progress in the near future with our inherent competitive value and first-mover advantages with a focus on men’s health.”

Mr. Junchen Sun, BlueCity’s acting Chief Financial Officer commented: “We achieved healthy growth among all of our business sectors for the second quarter. Total revenues grew by 18.0% year over year to RMB291.9 million. Revenues from He Health grew significantly by 134.5% year over year. By optimizing our content offerings and enriching customized services, membership services revenue also achieved a strong growth of 113.0% year over year. These results demonstrate both the strength of our strategy and our ability to execute. We are confident about our product roadmap and execution velocity.”

Second Quarter 2021 Financial Results


Total Revenues

Total revenues were RMB291.9 million (US$45.2million), representing an increase of 18.0% year-over-year.

Live streaming services. Revenues from live streaming services reached RMB223.0 million (US$34.5 million), representing an increase of 6.1% from the same period of 2020. The increase was primarily resulted from the growth in the number of paying users for live streaming services.

Membership services. Revenues from membership services reached RMB33.7 million (US$5.2 million), representing an increase of 113.0% from the same period of 2020. The increase was primarily due to the significant increase in the number of paying users benefited from new membership service offerings on the Company’s portfolio apps.

Advertising services. Revenues from advertising services reached RMB18.0 million (US$2.8 million), representing an increase of 67.7% from the same period of 2020, the increase was primarily due to the Company’s enhanced efforts to attract more advertisers with new advertising and marketing solutions as well as improved advertising efficiency.

Merchandise sales. Revenues from merchandise sales of “He Health” reached RMB15.3 million (US$2.4 million), representing an increase of 134.5% from the same period of 2020. The increase was primarily due to the continuous expansion of the Company’s health-related services.

Others. Revenues from other services were RMB1.9 million (US$0.3 million), representing a decrease of 53.9% from RMB4.2 million in 2020. The decrease was primarily due to the decreased revenue from family planning services as the Company no longer provides these services since March 2021.


Cost and expenses

  • Cost of revenues. The cost of revenues was RMB192.1 million (US$29.8 million), representing an increase of 12.9% year-over-year. The increase was primarily due to the growth of revenue-sharing costs along with the growth of live streaming services, the increased cost of products in connection with the growth of “He Health” merchandise sales as well as the increased staff cost.

  • Selling and marketing expenses. Selling and marketing expenses were RMB68.9 million (US$10.7 million), representing an increase of 68.2% year-over-year. The increase was mainly due to the increased advertising and promotion expenses, the increased staff cost and share-based compensation expenses.

  • Technology and development expenses. Technology and development expenses were RMB51.6 million (US$8.0 million), representing an increase of 64.6% year-over-year. The increase was mainly due to the increased staff cost in technology related department, the increase in content, server and bandwidth cost in line with our business growth as well as share-based compensation expenses.

  • General and administration expenses. General and administrative expenses were RMB15.4 million (US$2.4 million), representing an increase of 49.4% year-over-year. The increase was mainly due to the increased professional fees as well as staff cost, partially offset by the decrease of share-based expenses due to the forfeiture of stock options.


Operating loss

Operating loss was RMB36.2 million (US$5.6 million), compared with a loss of RMB5.5 million in the second quarter of 2020.


Income tax benefit

Income tax benefit were RMB426 thousand (US$66 thousand), compared with income tax benefit amounted to RMB156 thousand in the second quarter of 2020.


Net loss

Net loss was RMB35.0 million (US$5.4 million), compared with net loss of RMB3.3 million in the second quarter of 2020.


Adjusted net loss (Non-GAAP)



4

Adjusted net loss was RMB38.4 million (US$5.9 million) compared with adjusted net loss of RMB3.0 million in the second quarter of 2020.


Cash and cash equivalents and term deposits

As of June 30, 2021, the Company had cash and cash equivalents and term deposits of RMB453.7 million (US$70.3 million), compared to RMB611.8 million as of December 31, 2020.

Business Outlook

For the full year 2021, the Company expects total revenues to be between RMB1.15 billion to RMB1.20 billion, representing year-over-year growth of 12% to 16%. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call

BlueCity’s management team will host an earnings conference call at 8:00 AM on Tuesday, August 24, 2021, U.S. Eastern Time (8:00 PM on August 24, 2021, Beijing/Hong Kong Time).

Please register in advance of the conference using the link provided below. Conference access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/5799482

A replay of the conference call may be accessed by phone at the following numbers until September 1, 2021. To access the replay, please reference the conference ID 5799482.

  Phone Number
International +61 2 8199-0299
United States +1 (855) 452-5696
Hong Kong +852 800963117
Mainland China +86 4006322162
+86 8008700205

A live and archived webcast of the conference call will be available on the company’s investors relations website at https://ir.blue-city.com/.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.

Use of Non-GAAP
Financial Measures

The Company uses non-GAAP measures, such as Adjusted net loss, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines Adjusted net loss as net loss before share-based compensation expenses, amortization related to intangible assets resulting from acquisitions, income tax related to intangible assets resulting from acquisitions, and changes in fair value of financial instruments. The Company believes that the non-GAAP financial measures help identify underlying financial and business trends relating to its results of operations that could otherwise be distorted by the effect of certain expenses that the Company includes in net loss. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Each of the non-GAAP financial measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the non-GAAP financial measures. The non-GAAP financial measures 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 the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) 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 RMB6.4566 to US$1.00, the noon buying rate in effect on June 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 to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under 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 “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, business outlook and quotations from management in this announcement, as well as BlueCity’s strategic and operational plans, contain forward-looking statements. BlueCity may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 but not limited to statements about BlueCity’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: the Company’s goals and strategies; the Company’s ability to retain and increase the number of users, paying members and advertisers, and expand its product and service offerings; the Company’s future business development, financial condition and results of operations; the expected changes in the Company’s revenues, costs or expenditures; the Company’s expectation regarding the use of proceeds from its IPO; competition in the Company’s industry and its popularity within the LGBTQ population; and relevant government policies and regulations relating to the Company’s industry; and the development and impacts of COVID-19. 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 and in the attachments is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

BlueCity Holdings Limited
Ms. Lingling Kong
Investor Relations Director
Phone: +86 10-5876-9662
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: [email protected]

 
BlueCity Holdings Limited         
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS     
               
  As of December 31,
2020 		    As of June 30, 2021     
  RMB     RMB      US$


 		 
                   
ASSETS                     
Current assets:                 
Cash and cash equivalents 439,492,788     344,556,719      53,365,040  
Term deposits 172,257,360     109,175,690      16,909,161  
Accounts receivable, net 5,588,023     13,164,831      2,038,973  
Inventories 6,853,202     7,225,055      1,119,019  
Prepayments and other current assets 58,629,416     112,655,733      17,448,151  
Total current assets 682,820,789     586,778,028      90,880,344  
                    
Non-current assets:                
Investment securities 50,000     –     –  
Property and equipment, net 11,445,548     14,035,175     2,173,772  
Intangible assets, net 52,084,512     51,210,732     7,931,532  
Goodwill 196,002,568     191,560,426     29,668,932  
Other non-current assets 2,426,128     2,446,246     378,875  
Total non-current assets 262,008,756     259,252,579     40,153,111  
TOTAL ASSETS 944,829,545     846,030,607     131,033,455  
                    
LIABILITIES                
Current liabilities:                
Accounts payable 20,372,680     27,578,042     4,271,295  
Deferred revenue 35,226,237     37,768,011     5,849,520  
Income tax payable 2,122,765     2,517,891     389,972  
Accrued expenses and other current liabilities 118,958,796     105,116,854     16,280,526  
Total current liabilities 176,680,478     172,980,798     26,791,313  
             
Non-current liabilities            
Deferred income tax liabilities 10,954,883     10,528,316     1,630,629  
Total non-current liabilities 10,954,883     10,528,316     1,630,629  
Total liabilities 187,635,361     183,509,114     28,421,942  
                    
SHAREHOLDERS’ EQUITY:                
Ordinary shares5 12,018     12,419     1,923  
Additional paid-in capital 2,188,870,625     2,191,958,362     339,491,120  
Accumulated other comprehensive loss (107,514,737 )   (118,180,124 )   (18,303,770 )
Accumulated deficit (1,324,173,722 )   (1,411,269,164 )   (218,577,760 )
Total shareholders’ equity 757,194,184     662,521,493     102,611,513  
                    
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 944,829,545     846,030,607     131,033,455  

BlueCity Holdings Limited            
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS      
                       
  For the Three Months Ended June 30,   For the Six Months Ended June 30,
               
  2020     2021     2020     2021  
  RMB   RMB   US$   RMB   RMB   US$
Revenues 247,439,121     291,883,490     45,206,996     454,912,531     563,014,350     87,199,819  
Cost and expenses:                      
Cost of revenues (170,256,207 )   (192,147,582 )   (29,759,871 )   (309,469,419 )   (377,235,822 )   (58,426,389 )
Selling and marketing expenses (40,963,706 )   (68,908,693 )   (10,672,597 )   (79,574,875 )   (134,256,422 )   (20,793,672 )
Technology and development expenses (31,336,233 )   (51,568,967 )   (7,987,016 )   (61,618,771 )   (99,746,991 )   (15,448,842 )
General and administrative expenses (10,333,962 )   (15,436,516 )   (2,390,812 )   (20,124,281 )   (40,645,940 )   (6,295,254 )
Total cost and expenses (252,890,108 )   (328,061,758 )   (50,810,296 )   (470,787,346 )   (651,885,175 )   (100,964,157 )
Operating loss (5,450,987 )   (36,178,268 )   (5,603,300 )   (15,874,815 )   (88,870,825 )   (13,764,338 )
Change in fair value of financial instruments (387 )   –     –     (5,270 )   –     –  
Interest income 1,945,683     737,797     114,270     4,376,602     947,077     146,684  
Loss before income taxes (3,505,691 )   (35,440,471 )   (5,489,030 )   (11,503,483 )   (87,923,748 )   (13,617,654 )
Income tax benefit 155,928     426,252     66,018     540,642     828,306     128,288  
Net loss (3,349,763 )   (35,014,219 )   (5,423,012 )   (10,962,841 )   (87,095,442 )   (13,489,366 )
Reversal of accretion and modification of Redeemable Convertible Preferred Shares to redemption value 264,368,945     –     –     244,080,678     –     –  
Net income/(loss) available for distribution 261,019,182     (35,014,219 )   (5,423,012 )   233,117,837     (87,095,442 )   (13,489,366 )
                                   
                                   
Net loss (3,349,763 )   (35,014,219 )   (5,423,012 )   (10,962,841 )   (87,095,442 )   (13,489,366 )
Other comprehensive income/(loss)                                  
Unrealized gain on an available-for-sale investment, net of nil income taxes 1,123,335     –     –     772,948     –     –  
Foreign currency translation adjustment, net of nil income taxes 3,256,853     (12,408,052 )   (1,921,763 )   (19,902,688 )   (10,665,387 )   (1,651,858 )
Comprehensive income/(loss) 1,030,425     (47,422,271 )   (7,344,775 )   (30,092,581 )   (97,760,829 )   (15,141,224 )

BlueCity Holdings Limited     
NOTES TO UNAUDITED FINANCIAL INFORMATION     
            
    For the Three Months Ended June 30,

 		 For the Six Months Ended June 30,
  2020   2021     2020   2021  
  RMB   RMB


 		    US$


 		    RMB


 		  RMB


 		    US$


 		 
Share-based compensation expenses included in:                              
—Cost of revenues –   167,972     26,016     –   1,023,006     158,443  
—Selling and marketing expenses –   1,092,857     169,262     –   3,796,512     588,005  
—Technology and development expenses –   1,255,670     194,478     –   2,614,641     404,956  
—General and administrative expenses –   (7,525,573 )   (1,165,563 )   –   (4,386,058 )   (679,314 )
Total –   (5,009,074 )   (775,807 )   –   3,048,101     472,090  
                               
Amortization related to intangible assets resulting from acquisitions included in:                              
—Cost of revenues 411,086   1,640,975     254,155     411,086   3,097,351     479,719  
—Selling and marketing expenses –   518,840     80,358     –   1,037,680     160,716  
Total 411,086   2,159,815     334,513     411,086   4,135,031     640,435  
                                 

Unaudited Reconciliations of GAAP and Non-GAAP Results     
      
            
  For the
Three
Months Ended June 30,


 		    For the Six Months Ended June 30,


 		 
  2020     2021     2020     2021  
  RMB     RMB     US$       RMB       RMB


 		    US$


 		 
Net loss (3,349,763 )   (35,014,219 )   (5,423,012 )   (10,962,841 )   (87,095,442 )   (13,489,366


 		)
Add:                                        
Share-based compensation expenses –     (5,009,074 )   (775,807 )   –     3,048,101     472,090  
Amortization related to intangible assets resulting from acquisitions 411,086     2,159,815     334,513     411,086     4,135,031     640,435  
Income tax related to intangible assets resulting from acquisitions (102,772 )   (539,954 )   (83,628 )   (102,772 )   (1,033,758 )   (160,109 )
Changes in fair value of financial instruments 387     –     –     5,270     –     –  
Adjusted net loss (3,041,062 )   (38,403,432 )   (5,947,934 )   (10,649,257 )   (80,946,068 )   (12,536,950 )
                       

_______________________
1 Adjusted Net Loss, a non-GAAP financial measure, represents net loss excluding share-based compensation expenses, amortization related to intangible assets resulting from acquisitions, income tax related to intangible assets resulting from acquisitions and changes in fair value of financial instruments. For further information, please see “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliations of GAAP and non-GAAP results” at the bottom of this release.
2 BlueCity’s portfolio apps include Blued, LESDO and Finka. We count MAUs of LESDO and Finka into our MAUs, starting from September 2020 and December 2020, respectively, without eliminating duplicates among our portfolio apps.
3 “Total paying users” is to the total number of users who paid for virtual currency (which can be used to purchase and send virtual gifts in live streaming) and membership services. A user who makes payments for different services offered on the Company’s platform using the same registered account is counted as one paying user.
4 Adjusted net loss is a non-GAAP financial measure. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
5 As of June 30, 2021, there were 13,327,699 Class A Ordinary Shares and 5,114,840 Class B ordinary shares issued and outstanding.



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Inseego Launches MiFi M2000 on Sunrise UPC Switzerland’s Nationwide 5G Network

Inseego Launches MiFi M2000 on Sunrise UPC Switzerland’s Nationwide 5G Network

SAN DIEGO & ZURICH–(BUSINESS WIRE)–Inseego Corp. (Nasdaq: INSG), a leader in 5G and IoT device-to-cloud solutions, today announced its global customer base is growing with the launch of its 5G MiFi® M2000 mobile hotspot for Sunrise UPC Switzerland, now part of Liberty Global (Nasdaq: LBTYA). The companies have come together to bring the award-winning MiFi M2000 to customers on the Sunrise UPC 5G network, providing unparalleled access to connectivity on the go, whether for work or play.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210824005372/en/

Inseego 5G MiFi M2000 now at Sunrise Switzerland (Photo: Business Wire)

Inseego 5G MiFi M2000 now at Sunrise Switzerland (Photo: Business Wire)

The MiFi M2000 brings out the best in the Sunrise UPC 5G network by providing high-speed, low-latency connections, with Wi-Fi for up to 30 devices. In addition to 5G, it provides fallback to advanced 4G LTE (Cat 22) for reliable internet access everywhere across the Sunrise UPC nationwide network. Using Inseego’s advanced antenna designs, the M2000 delivers a strong signal even at the edge of the network, making it ideal for use not only in cities, but also along highways, in ski resorts, chalets in the mountains and lakes, and other rural locations.

“Inseego connectivity solutions are widely recognized for their outstanding performance, security and quality, and we’re pleased to bring this new 5G product to our customers,” said Stefan Fuchs, Chief Marketing Officer for Sunrise UPC. “Business users and consumers alike can benefit from faster, more reliable internet, videoconferencing, streaming media and file transfers — almost anywhere.”

“The growing demand for Inseego’s high-performance 5G products is a testament to the innovation, reliability and security that we build into every one of our solutions,” said Simon Rayne, senior vice president and managing director, UK, EMEA, and Asia-Pacific for Inseego. “We’re proud that Sunrise UPC has chosen the MiFi M2000 to connect their customers to the 5G network, and to help enable exciting new applications in tourism, agriculture, healthcare, entertainment and other industries.”

Exceptional signal performance indoors, outdoors and in remote locations

The Inseego 5G MiFi M2000 can deliver gigabit-plus* data speeds in sub-6 GHz bands. It also supports new applications requiring the ultra-low latency responsiveness that 5G technology enables. The MiFi M2000 provides a reliable and secure 5G experience, allowing Sunrise UPC customers to:

  • Enjoy faster throughput with Wi-Fi 6 – The 5G MiFi M2000 uses efficient, simultaneous, dual-band Wi-Fi 6 technology which offers up to 4x greater throughput per user* and significantly faster speeds for connected devices compared to Wi-Fi 5. It provides secure connections for up to 30 Wi-Fi enabled devices.
  • Connect with enterprise-grade security – Designed and developed in the USA, the 5G MiFi M2000 series provides multiple layers of protection with the latest WPA 3 Wi-Fi security protocol, advanced encryption, hacker prevention, password protection, Guest Wi-Fi network, VPN pass-through and Open VPN.
  • Connect any Wi-Fi enabled device to the power of 5G – With a large 2.4” touchscreen color display and simple menus supporting multiple languages, the plug-and-play 5G MiFi 2000 makes it easy to connect laptops, smartphones, tablets and other Wi-Fi enabled devices.
  • All-day power and pocket-sized portability – With its sleek, compact design, long battery life and fast recharging, the MiFi M2000 can go with you anywhere and power your Wi-Fi connections all day*.

Bringing 5G to a world of new applications

From data-hungry consumers to remote workers to cutting-edge enterprise applications, the 5G MiFi M2000provides ultra-fast, secure, reliable 5G connectivity for applications that require high speed, high capacity and low latency, including tourism, healthcare, emergency response, manufacturing, education, entertainment and more.

To learn more about Inseego 5G solutions or schedule an executive interview, please contact [email protected].

*Actual speeds and coverage may vary. 4x higher Wi-Fi 6 throughput per user when multiple devices are connected. Battery life and charge time may vary depending on the number of connected devices and activity. Inseego 5G MiFi M2000 chipset: Qualcomm® Snapdragon® X55 5G Modem-RF System.

About Inseego Corp.

Inseego Corp. (Nasdaq: INSG) is an industry leader in smart device-to-cloud solutions that extend the 5G network edge, enabling broader 5G coverage, multi-gigabit data speeds, low latency and strong security to deliver highly reliable internet access. Our innovative mobile broadband, fixed wireless access (FWA) solutions, and software platform incorporate the most advanced technologies (including 5G, 4G LTE, Wi-Fi 6 and others) into a wide range of products that provide robust connectivity indoors, outdoors and in the harshest industrial environments. Designed and developed in the USA, Inseego products and SaaS solutions build on the company’s patented technologies to provide the highest quality wireless connectivity for service providers, enterprises, and government entities worldwide. www.inseego.com #Putting5GtoWork

About Sunrise UPC

Sunrise UPC offers Switzerland’s leading gigabit fibre optic cable network and one of the world’s best mobile networks. Sunrise UPC offers the fastest and most reliable 5G mobile network in Switzerland (connect magazine 1/2021). The Sunrise UPC 5G network covers more than 780 cities and villages with high-speed 5G (up to 2 Gbit/s) and over 93.6% of the Swiss population with basic 5G (up to 1 Gbit/s). In addition to this, Sunrise UPC offers the best geographic 4G/LTE coverage across more than 96% of Switzerland to 99.98% of the population. 4G+ coverage is approximately 90% of the Swiss population, with speeds of up to 900 Mbit/s. Sunrise UPC provides more than 1.1 million residential and business customers with fast and easy access to the digital world – at home and on the move. UPC Switzerland reaches around 3 million households with its high-performance network of fiber-optic cables and offers Internet speeds of 1 Gbit/s throughout the entire distribution area – regardless of whether it is in the city or the countryside. At the end of 2020, Sunrise and UPC together had 2.79 m mobile customers, 1.18 m broadband customers and 1.27 m TV customers in Switzerland.

www.sunrise.ch / www.upc.ch

©2021 Inseego Corp. All rights reserved. The Inseego name and logo and MiFi are registered trademarks of Inseego Corp.

Other Company, product or service names mentioned herein are the trademarks of their respective owners.

Inseego Media contact:

Anette Gaven

Tel: +1 (619) 993-3058

[email protected]

Investor Relations contact:

Joo-Hun Kim, MKR Group

Tel: +1 (212) 868-6760

Sunrise UPC

Media Relations

[email protected]

Phone: 0800 333 000

KEYWORDS: Ireland Switzerland United States United Kingdom North America Europe California

INDUSTRY KEYWORDS: Networks Internet Hardware Mobile/Wireless Technology

MEDIA:

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Inseego 5G MiFi M2000 now at Sunrise Switzerland (Photo: Business Wire)
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Maxar Awarded Contract to Build SXM-10 Satellite for SiriusXM

Maxar Awarded Contract to Build SXM-10 Satellite for SiriusXM

WESTMINSTER, Colo.–(BUSINESS WIRE)–
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) today announced it received an order to build another geostationary communications satellite for longtime customer SiriusXM, following the SXM-9 satellite order that was announced earlier this month.

SXM-10, a high-powered digital audio radio satellite, will be built on Maxar’s proven 1300-class platform at the company’s manufacturing facility in Palo Alto, California.

Maxar has been building satellites for SiriusXM for more than two decades, including the first-generation Sirius satellites launched in 2000, the second-generation Sirius satellites launched in 2009 and 2013, and the company’s third-generation satellites, the last one of which was launched earlier this year.

“Maxar has been manufacturing communications satellites for SiriusXM for decades, and we’re proud to continue this relationship for both SXM-9 and SXM-10,” said Chris Johnson, Maxar’s Senior Vice President of Space Programs Delivery.

About Maxar

Maxar is a trusted partner and innovator in Earth Intelligence and Space Infrastructure. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.

About SiriusXM

Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment company in North America, and the premier programmer and platform for subscription and digital advertising-supported audio products. SiriusXM’s platforms collectively reach approximately 150 million listeners, the largest digital audio audience across paid and free tiers in North America, and deliver music, sports, talk, news, comedy, entertainment and podcasts. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM’s subsidiaries Stitcher, Simplecast and AdsWizz make it a leader in podcast hosting, production, distribution, analytics and monetization. The Company’s advertising sales organization, which operates as SXM Media, leverages its scale, cross-platform sales organization and ad tech capabilities to deliver results for audio creators and advertisers. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com.

Forward-Looking Statements

Certain statements and other information included in this release constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws. Statements including words such as “may”, “will”, “could”, “should”, “would”, “plan”, “potential”, “intend”, “anticipate”, “believe”, “estimate” or “expect” and other words, terms and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, as well as other statements referring to or including forward-looking information included in this presentation.

Forward-looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this presentation. As a result, although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors and other disclosures about the Company and its business included inthe Company’s continuous disclosure materials filed from time to time with U.S. securities and Canadian regulatory authorities, which are available online under the Company’s EDGAR profile at www.sec.gov, under the Company’s SEDAR profile at www.sedar.com or on the Company’s website at www.maxar.com.

The forward-looking statements contained in this release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this presentation or other specified date and speak only as of such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this presentation as a result of new information or future events, except as may be required under applicable securities legislation.

Investor Relations Contact:

Jason Gursky

Maxar VP, Investor Relations and Corporate Treasurer

1-303-684-2207

[email protected]

Hooper Stevens

SiriusXM

212-901-6718

[email protected]

Media Contact:

Kristin Carringer

Maxar Media Relations

1-303-684-4352

[email protected]

Patrick Reilly

SiriusXM

[email protected]

Kevin Bruns

SiriusXM

[email protected]

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Entertainment Technology Satellite TV and Radio Telecommunications Hardware

MEDIA:

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Credit Demand Rebounds as Canada Reopens

  • Overall credit market health improved as economic and credit recovery strengthens

  • Demand for new credit rose as pandemic-related restrictions relaxed and the Canadian economy reopened

  • Mortgage originations led the rebound, driven by a strong housing market and low interest rates

TORONTO, Aug. 24, 2021 (GLOBE NEWSWIRE) — Today, TransUnion released the findings of its Q2 2021 TransUnion Canada Credit Industry Insights Report, which showed that the credit market has begun to recover as the economy reopens. Positive momentum around key consumer credit trends and performance contributed to TransUnion Canada’s Credit Industry Indicator (CII) rising to 93.5 points, up nine points from the previous quarter and up 29 points from the lowest point in the pandemic (August 2020 at 63.6). The CII, which TransUnion launched in July 2021, is a country-specific measure of consumer credit health trends in four categories: demand, supply, consumer behaviour and performance.



An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91099796-2e70-47d3-8706-1451dbcc80bf

Source: TransUnion Canada consumer credit database.

(i) A lower CII number compared to the prior period represents a decline in credit health, while a higher number reflects an improvement. The CII number needs to be looked at in relation to the previous period(s) and not in isolation. In June 2021, the CII of 93.5 represented an improvement in credit health compared to same month prior year (June 2020) and compared to prior month (May 2021).

“With the economy reopening and many Canadians returning to some normalcy, we expect to see overall consumption and demand ramp up,” said Matt Fabian, director of financial services research and consulting at TransUnion. “As consumer confidence soars and the pandemic recovery continues, lenders need to be prepared to meet the increase in credit demand.”


Consumers are re-engaging and driving demand for new credit

TransUnion’s Industry Insights Report shows that consumers’ demand for credit began to increase in Q2 2021, with applications for credit (i.e., inquiries) returning to pre-pandemic levels. Inquiries rose 5% from June 2020 to June 2021, with the growth led predominantly by low-risk consumers, as inquiries from super prime2 consumers were up 29% YoY.

  YoY change in
inquiry volume by
risk level (Q2 2021)
Super prime +28.5%
Prime plus +7.1%
Prime +4.8%
Near prime -0.5%
Subprime -0.7%

While origination volumes have not yet returned to pre-pandemic levels, they have begun to increase as the economy reopens. Originations in Q1 2021 were up 34% over their level at the lowest point of the pandemic in Q2 2020.

Growth in new credit continues to be fueled by the mortgage market as the pandemic drove a housing market boom. With low interest rates, and consumers looking for larger or unshared living spaces, home sales increased in volume and average sale prices increased 38% YoY. Mortgage originations increased 37.5% YoY in Q1 2021, and new mortgage originations accounted for $96B of new mortgage debt in the quarter, up 59.5% from Q1 2020.

However, the growth in the mortgage market was not evenly distributed across risk tiers. The Office of the Superintendent of Financial Institutions (OSFI) issued tighter rules for mortgage qualifying rates that went into effect in June 2018. The higher bar has led to a shift in the risk distribution of new mortgages, with the majority of new mortgages being issued to consumers in above-prime risk tiers (CreditVision® scores 760 or higher). Above-prime mortgage growth rose 53% YoY, while subprime mortgage originations declined 31% YoY, largely due to the implementation of the new rules.

In TransUnion’s recent Consumer Pulse survey, almost 70% of respondents indicated positive feelings about their financial outlook, reflecting growing confidence that is likely contributing to the increasing demand for credit.


Consumers are leveraging non-revolving credit

While demand for new credit is showing positive signs, Canadian consumers are somewhat cautious about adding to their debt levels. Only 21% of Consumer Pulse survey respondents in Q2 2021 said they planned to apply for new credit or refinance existing credit for the rest of 2021, down from 26% in the prior quarter. The total amount of revolving balances declined by 2.6% YoY in Q2 2021. Total credit card balances, which account for over three-quarters of all revolving balances, decreased by 3.9% YoY and line of credit balances decreased by 2.2%. “We are seeing consumers taking advantage of their higher liquidity to pay down debt,” said Fabian. “According to TransUnion’s recent Consumer Pulse survey, 46% have reduced their discretionary spending and 20% said they paid down debt faster.”

In contrast, non-revolving credit balances increased since Q2 2020, primarily driven by prime and above risk tiers. Unsecured loans saw the greatest increase, with a 17% rise YoY. In line with the housing boom, higher real estate prices drove an 8% increase in mortgage balances YoY. Similarly, strong demand and a shift in consumer preference toward pick-up trucks, SUV and luxury brands have contributed to a 3.3% rise in auto loan balances.

  Average balance
per consumer 		YoY % change
Credit Cards $ 3,448   -3.9%
Auto Loans $ 24,726   3.3%
Lines of Credit $ 33,447   -1.7%
Unsecured Loans $ 47,144   17.0%
Mortgages $ 304,772   8.0%

Consistent with consumers paying down debt, delinquencies fell across all credit products throughout the pandemic. Overall consumer delinquency (90 or more days past due for credit cards; 60+ days past due for all other products) was down by 0.63% YoY to 1.96% as of Q2 2021. As the pandemic unfolded through 2020 and unemployment rates increased significantly (14% last May and improving to 7.8% by end of Q2 2021), declines in delinquency seemed unlikely, but consumers have benefited from higher levels of liquidity due to record savings, government subsidies, and lender deferrals. Canadian households accumulated $184 billion in gross savings between Q1 2020 and Q1 2021 and are estimated to have used $22 billion to pay down debt during the pandemic.3


Future recovery likely, but dependent on COVID-19 factors

Over the next 12 months, Canada appears set to experience a vigorous economic rebound, supported by a steadily growing economy, rise in employment rates and ongoing low interest rates. However, despite the overall trend towards recovery, a full return to pre-pandemic credit activity will depend upon factors such as the vaccine rollout and the impact of the Delta variant of COVID-19. A renewed outbreak would likely cause setbacks in reopening and a corresponding slowdown in economic activity.

“While pandemic-related threats to the economy do remain, as Canada continues to reopen, we expect consumers to increase their spending and for the recent acceleration in new credit growth to continue. Lenders should consider ramping up their acquisition strategies and channels accordingly. Market competition for acquisition and share of wallet will be high, as debt levels remain well below pre-pandemic levels,” commented Fabian. “Accordingly, TransUnion Canada’s next annual Financial Services Summit, to be held on September 9-10 this year, will focus on enhanced strategies that lenders can leverage when prioritizing and preparing for future growth.”


1

Unless otherwise stated, the source of the information in this release is from the TransUnion Canada consumer database.


2

T
ransUnion
CreditVision

®

score risk tier segment definitions: subprime = 300-639; near prime = 640-719; prime = 720-759; prime plus = 760-799; super prime = 800+


3

Source
:
Oxford Economics Research Briefing, July 13, 2021

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.® TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. Our customers in Canada comprise some of the nation’s largest banks and card issuers, and TransUnion is a major credit reporting, fraud, and analytics solutions provider across the finance, retail, telecommunications, utilities, government and insurance sectors.

For more information or to request an interview, contact:
Contact Fiona Bang
E-mail [email protected]
Telephone 647-680-2885



Posted on

Tritium Pioneers Fast Chargers for the Mining Industry in Combination with Miller Technology’s Most Advanced Light Duty Mining Electric Vehicle

Tritium Pioneers Fast Chargers for the Mining Industry in Combination with Miller Technology’s Most Advanced Light Duty Mining Electric Vehicle

First project, launched at BHP Mitsubishi Alliance mine in Queensland, provides mining industry pathway to achieving global carbon emissions reduction goals.

BRISBANE, Australia–(BUSINESS WIRE)–
Tritium, a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), and Miller Technology, a leading supplier of mobile mining equipment for safety and productivity, today announced they are providing innovative fast chargers and light duty battery EVs for the mining industry. The companies’ inaugural project at the BHP Mitsubishi Alliance (“BMA”) mine in Queensland is an important milestone, supporting the BHP Group’s commitment to reach net-zero emissions by 2050.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210824005119/en/

Tritium, a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), and Miller Technology, a leading supplier of mobile mining equipment for safety and productivity, today announced they are providing innovative fast chargers and light duty battery EVs for the mining industry. (Photo: Business Wire)

Tritium, a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), and Miller Technology, a leading supplier of mobile mining equipment for safety and productivity, today announced they are providing innovative fast chargers and light duty battery EVs for the mining industry. (Photo: Business Wire)

Tritium provided RT175-S fast chargers to BMA for the project. At 175kW of output, the RT175-S can provide 171 kilometres (106 miles) of range to an EV in as little as 10 minutes. This robust charger is liquid cooled with an enclosure that is sealed and IP65 rated, protecting the power electronics against dirt and dust on mine sites.

“As the only liquid cooled, IP65-rated EV charging technology provider, Tritium is uniquely positioned to support the mining industry’s transition to electric vehicles through innovative charging technology that is sealed to protect against sediment, dust and moisture, and rated to operate in harsh conditions,” said Tritium CEO Jane Hunter. “Tritium’s chargers have been operating in the field since 2013 across an array of conditions from the Nordics to Australia. In this industry, that’s a long history of proven track record which gave Miller Technology the confidence to choose Tritium to partner with them in this operational change in support of their goal to reduce emissions at their sites.”

Tritium made modifications to the already robust RT175-S fast charger to meet and exceed Australian mining standards. The modifications made during this project influenced the design of Tritium’s latest charging products with inclusions such as additional safety standards and filtration capabilities.

Miller Technology provided BMA with their all-new, fully electric light duty vehicle, the Relay. Capable of charging in as little as 20 minutes for a typical 10-hour mining shift, the Relay can add up to two hours of additional run time through regenerative braking technology. Miller Technology has invested over a decade of research and development into the Relay, concentrating on serviceability, modularity with rugged design and construction.

“Relay’s technology creates a game changing vehicle with its unique battery management system and cooling and temperature monitoring capabilities. As a result, the Relay is the most environmentally-friendly, safe and efficient light duty mining vehicle of its kind available today,” said Paul Summers, Miller Technology’s Lead Battery Electric Vehicle Engineer. “We’re proud to have provided BMA with the industry’s most advanced solution for sustainable mining in partnership with Tritium and its market-leading fast charging technology.”

The Relay, designed entirely in-house, can carry a two-ton payload and provides 1,550 newton-metre (“Nm”) of torque. It uses an exceptionally efficient and robustly-tested rechargeable energy storage system (“RESS”). The Relay charges through the combined charging system (“CCS”) type 2, one of the most convenient and most widely adopted charging standards.

About Tritium

Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.

As announced on May 26, 2021, Tritium has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW), a publicly traded special purpose acquisition company (SPAC), that would result in Tritium becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the fourth quarter of 2021.

For more information, visit tritiumcharging.com.

About Miller Technology

Miller Technology has designed and produced vehicles for the mining sector for over 40 years, being founded in 1979. Core business in recent decades has focussed on modifying the Toyota Land Cruiser for specific mining applications, such as underground scissor lifts, personnel carriers, ANFO Explosive Loaders, etc.

In 2011 it was realised that new technologies were needed to offer a cleaner, safer environment for mine workers and the general environment. Miller Technology started to explore these new technologies, initially pursuing Battery Electric Vehicle technology, and the subsequent 10 years of exhaustive development has culminated in the Relay BEV, along with an electric underground grader utilising the same powertrain as the Relay.

Latest technologies continue to be explored with current engagement in fully autonomous electric vehicles for mining and investigations into the development of hydrogen fuel cells as an energy source.

More information on the current vehicle range can be found at millertechnology.com.

Tritium Investors Contact

Caldwell Bailey

ICR, Inc.

[email protected]

Tritium Media Contact

[email protected]

KEYWORDS: Australia/Oceania Australia United States North America California

INDUSTRY KEYWORDS: Automotive Manufacturing Automotive Technology Manufacturing Mining/Minerals Natural Resources Software Alternative Vehicles/Fuels Alternative Energy Energy Hardware

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Tritium, a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), and Miller Technology, a leading supplier of mobile mining equipment for safety and productivity, today announced they are providing innovative fast chargers and light duty battery EVs for the mining industry. (Photo: Business Wire)
Posted on

Scotiabank Announces Dividend on Outstanding Shares

Canada NewsWire

TORONTO, Aug. 24, 2021 /CNW/ – Scotiabank today announced a dividend on the outstanding shares of the Bank, payable October 27, 2021 to shareholders of record at the close of business on October 5, 2021:

Common Shares

  • Dividend No. 609                       of         $0.90 per share;

Non-Cumulative Preferred Shares

  • Series 38, Dividend No. 20      of         $0.303125 per share;
  • Series 40, Dividend No. 12      of         $0.303125 per share;

Holders may elect to receive their dividends in common shares of the Bank in lieu of cash dividends, in accordance with the Bank’s Shareholder Dividend and Share Purchase Plan (the “Plan”). As previously announced, until such time as the Bank elects otherwise, the Bank has discontinued the issuance of common shares from treasury under the Plan. Purchases of common shares under the Plan will be made by Computershare Trust Company of Canada, as agent under the Plan, in the secondary market at the Average Market Price (as defined in the Plan). All brokerage commissions or service charges in connection with such purchases will be paid by the Bank.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future” we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

Posted on

Scotiabank reports third quarter results

Canada NewsWire

All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended July 31, 2021 and related notes prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise noted. Our complete Third Quarter 2021 Report to Shareholders, including our unaudited interim financial statements for the period ended July 31, 2021, can also be found on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC’s website at www.sec.gov. Supplementary Financial Information is also available, together with the Third Quarter 2021 Report to Shareholders on the Investor Relations page of www.scotiabank.com

 


Third Quarter Highlights on a Reported basis (versus Q3 2020)


Third Quarter Highlights on an Adjusted basis(


1

)

 (versus Q3 2020)

•

Net income of $2,542 million, compared to $1,304 million

•

Net income of $2,560 million, compared to $1,308 million

•

Earnings per share (diluted) of $1.99, compared to $1.04

•

Earnings per share (diluted) of $2.01, compared to $1.04

•

Return on equity of 15.0%, compared to 8.3%

•

Return on equity of 15.1%, compared to 8.3%

TORONTO, Aug. 24, 2021 /CNW/ – Scotiabank reported third quarter net income of $2,542 million compared to $1,304 million in the same period last year. Diluted earnings per share (EPS) were $1.99, up 91% from $1.04 in the previous year. Return on equity was 15.0%, up from 8.3% in the previous year.

Adjusted net income(1)  increased 96% to $2,560 million and diluted EPS of $2.01, increased 93% compared to the prior year. Return on equity was 15.1% compared to 8.3% a year ago.

“We delivered another quarter of strong results, with contributions from all our operating segments, reflecting the benefits of a well-diversified business model. While the economic recovery is unfolding at different rates across our footprint, I’m very proud of the Scotiabank team’s on-going resilience and continued commitment to our customers,” said Brian Porter, President and CEO of Scotiabank.

“During the quarter, the Bank was recognized as the Most Innovative in Data by The Banker’s Global Innovation in Digital Banking Awards 2021. This award recognizes our commitment to data and analytics and highlights our ability to identify and support our most vulnerable customers. We are also proud to highlight the Bank’s recent closing of its inaugural USD $1 billion 3-year sustainability bond offering, the largest sustainability bond issued by a Canadian corporate to date. This offering is yet another example of our social responsibility initiatives in support of our commitment to making a positive impact and creating better communities for every future.”

Canadian Banking generated strong earnings of $1,083 million, driven by higher non-interest income, lower provision for credit losses, as well as strong asset and deposit growth.

Global Wealth Management’s earnings of $397 million were supported by strong revenue growth, positive operating leverage for the seventh consecutive quarter, and a 17% growth in AUM and AUA on higher net sales.

Global Banking and Markets reported earnings of $513 million supported by strong performance in our advisory and capital markets businesses.

International Banking generated earnings of $493 million demonstrating continuing growth momentum across our key markets.

With a Common Equity Tier 1 capital ratio of 12.2% the Bank remains well capitalized to support its strategic growth plans.

_____________________


(1) Refer to Non-GAAP Measures section on page 2.

Financial Highlights


Reported Results

For the three months ended

For the nine months ended


July 31 

April 30 

July 31 


July 31 

July 31 


(Unaudited)($ millions)


2021

2021

2020


2021

2020

Net interest income


$


4,217

$

4,176

$

4,253


$


12,744

$

13,062

Non-interest income


3,540

3,560

3,481


10,821

10,769

Total revenue


7,757

7,736

7,734


23,565

23,831

Provision for credit losses


380

496

2,181


1,640

4,953

Non-interest expenses


4,097

4,042

4,018


12,347

12,799

Income tax expense


738

742

231


2,182

1,125


Net income


$


2,542

$

2,456

$

1,304


$


7,396

$

4,954

Net income attributable to non-controlling interests in

      subsidiaries


81

90

(51)


261

3

Net income attributable to equity holders of the Bank


$


2,461

$

2,366

$

1,355


$


7,135

$

4,951

Preferred shareholders and other equity instrument holders


35

77

23


155

114

Common shareholders


$


2,426

$

2,289

$

1,332


$


6,980

$

4,837


Earnings per common share
(in dollars)

Basic


$


2.00

$

1.89

$

1.10


$


5.75

$

3.99

Diluted


$


1.99

$

1.88

$

1.04


$


5.73

$

3.88

Non-GAAP Measures

The Bank uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS), are not defined by GAAP and do not have standardized meanings that would ensure consistency and comparability among companies using these or similar measures. The Bank believes that certain non-GAAP measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-GAAP measures are used throughout this press release and are defined in the “Non-GAAP Measures” section in the Third Quarter 2021 Report to Shareholders.

Adjusted results and diluted earnings per share

The following table presents reconciliations of GAAP reported financial results to non-GAAP adjusted financial results. The adjustments summarized below are consistent with those described in the Bank’s 2020 Annual Report. For a complete description of the adjustments, refer to the Non-GAAP measures section in the Bank’s 2020 Annual Report.

Adjustment impacting current and prior periods:

  • Amortization of acquisition-related intangible assets, excluding software.

Adjustments impacting prior periods only:

  • Acquisition and divestiture-related costs – Include costs related to integrating acquired operations and net (gain)/loss on divestitures.
  • Valuation-related adjustments, recorded in Q1 2020 – Relate to the inclusion of an additional scenario in the measurement of allowance for credit losses, a fair value methodology change relating to uncollateralized OTC derivatives, and a software-related impairment loss.

Reconciliation of reported and adjusted results

For the three months ended

For the nine months ended


July 31

April 30

July 31


July 31

July 31


(Unaudited)($ millions)


2021

2021

2020


2021

2020


Reported Results

Net interest income


$


4,217

$

4,176

$

4,253


$


12,744

$

13,062

Non-interest income


3,540

3,560

3,481


10,821

10,769

Total revenue


7,757

7,736

7,734


23,565

23,831

Provision for credit losses


380

496

2,181


1,640

4,953

Non-interest expenses


4,097

4,042

4,018


12,347

12,799

Income before taxes


3,280

3,198

1,535


9,578

6,079

Income tax expense


738

742

231


2,182

1,125


Net income


$


2,542

$

2,456

$

1,304


$


7,396

$

4,954

Net income attributable to non-controlling interests in subsidiaries (NCI)


81

90

(51)


261

3

Net income attributable to equity holders


2,461

2,366

1,355


7,135

4,951

Net income attributable to common shareholders


$


2,426

$

2,289

$

1,332


$


6,980

$

4,837


Diluted earnings per share (in dollars)


$


1.99

$

1.88

$

1.04


$


5.73

$

3.88


Adjustments

Acquisition-related costs

Integration costs(1)


$


–

$

–

$

40


$


–

$

157

Amortization of Acquisition-related intangible assets, excluding software(1)


24

26

26


78

80


24

26

66


78

237

Allowance for credit losses – Additional scenario(2)


–

–

–


–

155

Derivatives valuation adjustment(3)


–

–

–


–

116

Net (gain)/loss on divestitures(4)


–

–

(44)


–

(306)

Impairment charge on software asset(1)


–

–

–


–

44


Adjustments (Pre-tax)


$


24

$

26

$

22


$


78

$

246

Income tax expense/(benefit)


(6)

(7)

(18)


(21)

(177)


Adjustments (After tax)


$


18

$

19

$

4


$


57

$

69

Adjustment attributable to NCI


–

–

(5)


–

(60)


Adjustments (After tax and NCI)


$


18

$

19

$

(1)


$


57

$

9


Adjusted Results

Net interest income


$


4,217

$

4,176

$

4,253


$


12,744

$

13,062

Non-interest income


3,540

3,560

3,436


10,821

10,572

Total revenue


7,757

7,736

7,689


23,565

23,634

Provision for credit losses


380

496

2,181


1,640

4,798

Non-interest expenses


4,073

4,016

3,951


12,269

12,511

Income before taxes


3,304

3,224

1,557


9,656

6,325

Income tax expense


744

749

249


2,203

1,302


Net income


$


2,560

$

2,475

$

1,308


$


7,453

$

5,023

Net income attributable to NCI


81

90

(46)


261

63

Net income attributable to equity holders


2,479

2,385

1,354


7,192

4,960

Net income attributable to common shareholders


$


2,444

$

2,308

$

1,331


$


7,037

$

4,846


Adjusted diluted earnings per share (in dollars)


$


2.01

$

1.90

$

1.04


$


5.78

$

3.91


(1)


Recorded in non-interest expenses.


(2)


Recorded in provision for credit losses.


(3)


Recorded in non-interest income.


(4)


Recorded in non-interest income; costs related to divestitures are recorded in non-interest expenses.

 


Reconciliation of reported and adjusted results by business line(1)


(Unaudited)($ millions)


Canadian Banking


International Banking


Global Wealth Management


Global Banking and Markets


Other


Total


For the three months ended July 31, 2021


Reported net income


$


1,079


$


564


$


392


$


513


$


(6)


$


2,542

Total adjustments (after tax)


4


7


7


–


–


18


Adjusted net income


$


1,083


$


571


$


399


$


513


$


(6)


$


2,560


Adjusted net income attributable to equity holders


$


1,083


$


493


$


397


$


513


$


(7)


$


2,479

For the three months ended April 30, 2021

Reported net income

$

927

$

507

$

374

$

517

$

131

$

2,456

Total adjustments (after tax)

4

9

6

–

–

19

Adjusted net income

$

931

$

516

$

380

$

517

$

131

$

2,475

Adjusted net income attributable to equity holders

$

931

$

429

$

378

$

517

$

130

$

2,385

For the three months ended July 31, 2020

Reported net income

$

429

$

(28)

$

324

$

600

$

(21)

$

1,304

Total adjustments (after tax)

4

32

11

–

(43)

4

Adjusted net income

$

433

$

4

$

335

$

600

$

(64)

$

1,308

Adjusted net income attributable to equity holders

$

433

$

53

$

332

$

600

$

(64)

$

1,354


For the nine months ended July 31, 2021


Reported net income


$


2,917


$


1,548


$


1,187


$


1,573


$


171


$


7,396

Total adjustments (after tax)


12


25


20


–


–


57


Adjusted net income


$


2,929


$


1,573


$


1,207


$


1,573


$


171


$


7,453


Adjusted net income attributable to equity holders


$


2,929


$


1,320


$


1,200


$


1,573


$


170


$


7,192

For the nine months ended July 31, 2020

Reported net income

$

1,758

$

739

$

937

$

1,495

$

25

$

4,954

Total adjustments (after tax)

64

180

35

79

(289)

69

Adjusted net income

$

1,822

$

919

$

972

$

1,574

$

(264)

$

5,023

Adjusted net income attributable to equity holders

$

1,822

$

865

$

964

$

1,574

$

(265)

$

4,960


(1)


Refer to Business Segment Overview in the Third Quarter 2021 Report to Shareholders.

Business Segment Review


Canadian Banking

Q3 2021 vs Q3 2020

Net income attributable to equity holders was $1,079 million, compared to $429 million. Adjusted net income was $1,083 million, an increase of $650 million or 150%. The increase was due primarily to lower provision for credit losses and higher revenues, partly offset by higher non-interest expenses.

Q3 2021 vs Q2 2021

Net income attributable to equity holders increased $152 million or 16%. The increase was due primarily to higher revenues, and lower provision for credit losses, partly offset by higher non-interest expenses.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

Net income attributable to equity holders was $2,917 million, an increase of $1,159 million or 66%. Adjusted net income was $2,929 million, an increase of $1,107 million or 61%. The increase was due primarily to lower provision for credit losses and higher revenues, partly offset by higher non-interest expenses.


International Banking

Q3 2021 vs Q3 2020

Net income attributable to equity holders was $486 million, compared to $26 million. Adjusted net income increased to $493 million from $53 million. This increase was driven by lower provision for credit losses and lower non-interest expenses, partially offset by lower revenues, higher income taxes, and the negative impact of foreign currency translation.

Q3 2021 vs Q2 2021

Net income attributable to equity holders increased $66 million or 16%. Adjusted net income attributable to equity holders increased by $64 million or 15%. This was due largely to lower provision for credit losses and income taxes, partially offset by lower revenues.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

Net income attributable to equity holders was $1,295 million, an increase of $578 million. Adjusted net income attributable to equity holders was $1,320 million, an increase of $455 million. This increase was due largely to lower provision for credit losses and non-interest expenses, partially offset by lower revenues, higher income taxes, and the negative impact of foreign currency translation.


Financial Performance on an Adjusted and Constant Dollar Basis

The discussion below on the results of operations is on an adjusted and constant dollar basis. Constant dollar basis excludes the impact of foreign currency translation, which is a non-GAAP financial measure (refer to “Non-GAAP” measures section in the Third Quarter 2021 Report to Shareholders). The Bank believes that reporting in constant dollar is useful for readers in assessing ongoing business performance.

Q3 2021 vs Q3 2020

Net income attributable to equity holders was $486 million, an increase of $477 million. Adjusted net income increased to $493 million from $33 million. This increase was driven by lower provision for credit losses, partially offset by higher income taxes.

Q3 2021 vs Q2 2021

Net income attributable to equity holders increased $72 million or 17%. Adjusted net income attributable to equity holders increased by $71 million or 17%. This was due largely to lower provision for credit losses, higher non-interest income, and lower income taxes, partially offset by higher non-interest expenses.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

Net income attributable to equity holders was $1,295 million, an increase of $679 million. Adjusted net income attributable to equity holders was $1,320 million, up $563 million. This increase was due largely to lower provision for credit losses and non-interest expenses, partially offset by lower revenues and higher income taxes.


Global Wealth Management

Q3 2021 vs Q3 2020

Net income attributable to equity holders was $390 million, an increase of $69 million or 21%. Adjusted net income increased to $397 million, up $65 million or 19%, due primarily to higher mutual fund fees and brokerage revenues, partially offset by higher volume-related expenses.

Q3 2021 vs Q2 2021

Net income attributable to equity holders increased $18 million or 5%. Adjusted net income increased $19 million or 5%, due primarily to higher fee income from strong net sales and market appreciation, partially offset by volume driven expense growth.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

Net income attributable to equity holders was $1,180 million, an increase of $251 million or 27%. Adjusted net income increased to $1,200 million, up 24%, due primarily to higher mutual fund fees, brokerage revenues, and elevated performance fees, partially offset by higher volume related expenses.


Global Banking and Markets

Q3 2021 vs Q3 2020

Net income attributable to equity holders was $513 million, a decrease of $87 million or 14%, due to lower net interest income and non-interest income and the negative impact of foreign currency translation, partially offset by lower provision for credit losses.

Q3 2021 vs Q2 2021

Net income attributable to equity holders decreased by $4 million or 1%, due mainly to lower non-interest income, higher provision for credit losses and the negative impact of foreign currency translation, partially offset by higher net interest income and lower non-interest expenses.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

Net income attributable to equity holders was $1,573 million, an increase of $78 million or 5%. Adjusted net income attributable to equity holders decreased by $1 million, due to lower non-interest income and net interest income, offset by lower provision for credit losses and lower non-interest expenses.


Other

Q3 2021 vs Q3 2020

Net income attributable to equity holders was a net loss of $7 million compared to a net loss of $21 million in the prior year. Adjusted net income attributable to equity holders was up $57 million due mainly to higher contribution from asset/liability management activities and lower COVID-19 related costs, partially offset by lower investment gains.

Q3 2021 vs Q2 2021

Net income attributable to equity holders decreased $137 million from the prior quarter. The decrease was due primarily to lower investment gains, and income from associated corporations.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

Net income attributable to equity holders was $170 million compared to $52 million in the prior year. Adjusted net income attributable to equity holders was up $435 million due mainly to higher contribution from asset/liability management activities and lower non-interest expenses, which included metals business charges of $221 million and higher COVID-19 related costs in the prior year, partially offset by the investment in the SCENE loyalty program in the current year.

Credit risk


Provision for credit losses

Q3 2021 vs Q3 2020

The provision for credit losses was $380 million compared to $2,181 million, a decrease of $1,801 million or 83%. The provision for credit losses ratio decreased 112 basis points to 24 basis points.

Provision on performing loans was a net reversal of $461 million compared to $1,253 million, a decrease of $1,714 million. Of this decrease, $1,299 million is related to retail due primarily to the more favourable macroeconomic outlook across the footprint and credit migration to impaired, mainly in International Banking. Commercial and corporate banking provisions decreased $415 million driven primarily by the improving macroeconomic outlook.

Provision on impaired loans was $841 million compared to $928 million, a decrease of $87 million or 9% driven by lower commercial and corporate provisions, partially offset by higher retail provisions in International Banking driven by credit migration. The provision for credit losses ratio on impaired loans decreased five basis points to 53 basis points.

Q3 2021 vs Q2 2021

The provision for credit losses was $380 million compared to $496 million, a decrease of $116 million. The provision for credit losses ratio decreased nine basis points to 24 basis points.

Provision on performing loans was a net reversal of $461 million compared to net reversal of $696 million last quarter. Approximately $180 million of the provision reversals this quarter was due to reduction of allowances built in prior periods reflecting the improvement in credit quality and more favourable macroeconomic outlook. The remaining reversal was due to credit migration, the majority of which was to impaired loans in the retail portfolio, mainly in International Banking.

Provision on impaired loans was $841 million, a decrease of $351 million or 29% due primarily to lower retail provisions driven by lower formations. The provision for credit losses ratio on impaired loans was 53 basis points, a decrease of 27 basis points.

Year-to-date Q3 2021 vs Year-to-date Q3 2020

The provision for credit losses was $1,640 million compared to $4,953 million, a decrease of $3,313 million. Adjusted provision for credit losses decreased $3,158 million or 66%. The provision for credit losses ratio decreased 71 basis points to 35 basis points and the adjusted provision for credit losses ratio decreased by 68 basis points.

Provision on performing loans was a net reversal of $1,155 million compared to $2,320 million, a decrease of $3,475 million. The adjusted provision for performing loans decreased $3,353 million of which $2,566 million related to retail driven by the more favourable macroeconomic outlook and credit migration. Commercial and corporate banking provisions decreased $787 million driven primarily by improving macroeconomic outlook. Approximately $380 million (July 31, 2020 – nil) of the provision reversals was due to release of allowances built in prior periods.

The provision for credit losses on impaired loans was $2,795 million, an increase of $162 million. Adjusted provision for credit losses on impaired loans increased $195 million or 8% due to higher retail provisions in International Banking driven by credit migration, partially offset by lower provisions in Canadian Banking portfolios. The provision for credit losses ratio on impaired loans increased four basis points to 60 basis points and also increased four basis points on an adjusted basis.


Allowance for credit losses

The total allowance for credit losses as at July 31, 2021 was $6,232 million. The allowance for credit losses on loans was $6,079 million, down $637 million from the prior quarter. The decrease was due primarily to lower performing loan provisions driven by credit migration and write-offs related to the International Banking retail portfolio, and reversals due to the more favourable macroeconomic outlook.

The allowance against performing loans was lower at $4,320 million compared to $4,778 million last quarter. The decrease was due primarily to credit migration and write-offs related to the International Banking retail portfolio, and reversals due to the more favourable macroeconomic outlook.

The allowance on impaired loans decreased to $1,759 million from $1,938 million last quarter. The decrease is related to the International Banking retail portfolio as write-offs more than offset current provisions.


Impaired loans

Gross impaired loans decreased to $4,735 million as at July 31, 2021, from $5,116 million last quarter. The decrease was due primarily to lower formations across portfolios and higher write-offs related to the International Banking retail portfolio. The gross impaired loan ratio was 73 basis points as at July 31, 2021, a decrease of eight basis points.

Net impaired loans in Canadian Banking were $459 million as at July 31, 2021, a decrease of $79 million from April 30, 2021. International Banking’s net impaired loans were $2,301 million as at July 31, 2021, a decrease of $74 million from last quarter. In Global Banking and Markets, net impaired loans were $196 million as at July 31, 2021, a decrease of $47 million from the prior quarter. In Global Wealth Management, net impaired loans were $20 million as at July 31, 2021, a decrease of $2 million quarter over quarter. Net impaired loans as a percentage of loans and acceptances were 0.46% as at July 31, 2021, a decrease of four basis points from 0.50% from last quarter.

Capital Ratios

The Bank’s Common Equity Tier 1 (CET1) capital ratio was 12.2% at July 31, 2021, a decrease of 10 basis points from the prior quarter, due primarily to increases in risk-weighted assets primarily in retail mortgages, personal and business lending, OSFI’s reversal of its temporary reduction in the SVaR multiplier, and a lower CET1 inclusion from declines in Stage 1 and Stage 2 expected credit losses (ECL), partly offset by strong internal capital generation. As at July 31, 2021, the Bank’s CET1 ratio included a benefit of nine basis points (April 30, 2021 – 14 basis points; October 31, 2020 – 30 basis points) from OSFI’s transitional adjustment for the partial inclusion of increases in Stage 1 and Stage 2 ECL relative to their pre-crisis baseline levels.

The Bank’s Tier 1 capital ratio was 13.7% as at July 31, 2021, an increase of approximately 10 basis points from the prior quarter, due primarily to the Bank’s issuance of $1.25 billion of Tier 1 qualifying Limited Recourse Capital Notes (LRCNs), partly offset by the above noted impacts to the CET1 capital ratio and the redemption of $500 million of Basel III compliant NVCC preferred shares. The Bank’s Total capital ratio of 15.7% was unchanged from the prior quarter.

The Leverage ratio was 4.8% as at July 31, 2021, an increase of approximately 10 basis points from the prior quarter, as higher Tier 1 capital was partly offset by growth in the Bank’s on and off-balance sheet assets.

As at July 31, 2021, the CET1, Tier 1, Total capital and Leverage ratios were well above OSFI’s minimum capital ratios.

Forward-looking statements

From time to time, our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management’s Discussion and Analysis in the Bank’s 2020 Annual Report under the headings “Outlook” and in other statements regarding the Bank’s objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results, and the outlook for the Bank’s businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as “believe,” “expect,” “foresee,” “forecast,” “anticipate,” “intend,” “estimate,” “plan,” “goal,” “project,” and similar expressions of future or conditional verbs, such as “will,” “may,” “should,” “would” and “could.”

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved.

We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; changes to our credit ratings; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank’s ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber-attacks) on the Bank’s information technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and in business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and the Bank’s business, results of operations, financial condition and prospects; and the Bank’s anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank’s business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank’s financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank’s actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results, for more information, please see the “Risk Management” section of the Bank’s 2020 Annual Report, as may be updated by quarterly reports.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2020 Annual Report under the headings “Outlook”, as updated by quarterly reports. The “Outlook” sections are based on the Bank’s views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.

Additional information relating to the Bank, including the Bank’s Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC’s website at www.sec.gov.

Shareholders Information

Dividend and Share Purchase Plan

Scotiabank’s dividend reinvestment and share purchase plan allows common and preferred shareholders to purchase additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees. As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. All administrative costs of the plan are paid by the Bank. For more information on participation in the plan, please contact the transfer agent.

Website

For information relating to Scotiabank and its services, visit us at our website: www.scotiabank.com.

Conference Call and Web Broadcast

The quarterly results conference call will take place on August 24, 2021, at 7:15 am EDT and is expected to last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone at 416-641-6104 or toll-free, at 1-800-952-5114 using ID 7804527# (please call shortly before 7:15 am EDT). In addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations page of www.scotiabank.com. 

Following discussion of the results by Scotiabank executives, there will be a question and answer session. A telephone replay of the conference call will be available from August 24, 2021, to September 23, 2021, by calling 905-694-9451 or 1-800-408-3053 (North America toll-free) and entering the access code 6256334#. The archived audio webcast will be available on the Bank’s website for three months.

Additional Information

Investors:

Financial Analysts, Portfolio Managers and other Institutional Investors requiring financial information, please contact Investor Relations, Finance Department:

Scotiabank
Scotia Plaza, 44 King Street West
Toronto, Ontario, Canada M5H 1H1
Telephone: (416) 775-0798
E-mail: [email protected]

Global Communications:
Scotiabank
44 King Street West, Toronto, Ontario
Canada M5H 1H1
E-mail: [email protected]

Shareholders:

For enquiries related to changes in share registration or address, dividend information, lost share certificates, estate transfers, or to advise of duplicate mailings, please contact the Bank’s transfer agent:

Computershare Trust Company of Canada
100 University Avenue, 8th Floor
Toronto, Ontario, Canada M5J 2Y1
Telephone: 1-877-982-8767
Fax: 1-888-453-0330
E-mail: [email protected]

Co-Transfer Agent (U.S.A.)
Computershare Trust Company, N.A.
Att: Stock Transfer Department
Overnight Mail Delivery: 462 South 4th Street, Louisville, KY 40202
Regular Mail Delivery: P.O. Box 505005, Louisville, KY 40233-5005
Telephone: 1-800-835-8778

For other shareholder enquiries, please contact the Corporate Secretary’s Department:
Scotiabank
Scotia Plaza, 44 King Street West
Toronto, Ontario, Canada M5H 1H1
Telephone: (416) 866-3672
E-mail: [email protected]

Rapport trimestriel disponible en français

Le Rapport annuel et les états financiers de la Banque sont publiés en français et en anglais et distribués aux actionnaires dans la version de leur choix. Si vous préférez que la documentation vous concernant vous soit adressée en français, veuillez en informer Relations publiques, Affaires de la société et Affaires gouvernementales, La Banque de Nouvelle-Écosse, Scotia Plaza, 44, rue King Ouest, Toronto (Ontario), Canada M5H 1H1, en joignant, si possible, l’étiquette d’adresse, afin que nous puissions prendre note du changement.

SOURCE Scotiabank

Posted on

More Than Half of Parents Say Their Kids Experienced Signs of Depression or Anxiety for the First Time During the Pandemic

41% of parents are either seeking private counseling for their child or considering it as an option

PR Newswire

PROVO, Utah and SEATTLE, Aug. 24, 2021 /PRNewswire/ — The stress of the pandemic has taken its toll on the mental health of school-age kids, who are now facing their second back-to-school season during a global pandemic. More than half of parents (55%) say their kids experienced one of the following for the first time during the pandemic: signs of depression, signs of anxiety, or loss of sleep due to anxiety, according to a new study by Qualtrics (Nasdaq: XM), leader and creator of the Experience Management (XM) category. The full results of the study can be found here.

Most of the country’s schools are preparing to reopen for in-person instruction this fall, if they haven’t done so already, and 74% of parents believe returning to in-person school will improve their children’s mental health. But as the Delta variant continues to spread, administrators are rethinking COVID safety policies for the new school year. School leaders who focus on understanding the mental health needs of students and work to actively address those needs in their back-to-school plans, will be able to create more effective learning environments.

“We hear from educators across the country about the widespread impacts of the COVID crisis on mental health and the wellbeing of their school communities. The uncertainty brought on by a global pandemic has been exhausting for students and teachers alike,” said Karla Fisher, chief industry advisor for education, Qualtrics. “By working together to understand the student experience and make community-based decisions, parents, teachers, and administrators can create environments that support individuals mentally and emotionally, while also helping kids focus on learning with their peers.”

More key takeaways from the study:


  • COVID hurt many students’ mental health: 35%     of parents say their kids’ mental health issues worsened during the pandemic, while only 11% say their children’s mental health has improved

  • In-person learning may help: 74%     of parents believe returning to in-person school will improve their children’s mental health

  • Parents are looking for outside help with mental health:
     28% of parents are seeking private counseling as their children return to school. 13% are considering it as an option

  • Schools offer support:     Most parents (57%) say their kids’ schools offer mental health services

Methodology

This study was fielded between July 28-30, 2021. Respondents were selected from a randomized panel and were considered eligible if they live in the United States, are at least 18 years of age and are parents of children aged 5-18. The total number of respondents was 1,025. Respondents who did not pass quality standards were removed.

Additional information

About Qualtrics


Qualtrics
, the leader and creator of the Experience Management (XM) category, is changing the way organizations manage and improve the four core experiences of business—customer, employee, product and brand. Over 13,500 organizations around the world use Qualtrics to listen, understand and take action on experience data (X-data™)—the beliefs, emotions and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platform™ is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love and build a brand people are passionate about. To learn more, please visit qualtrics.com.

Contact:

[email protected]

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/more-than-half-of-parents-say-their-kids-experienced-signs-of-depression-or-anxiety-for-the-first-time-during-the-pandemic-301360971.html

SOURCE Qualtrics

Posted on

36Kr Holdings Inc. Reports Second Quarter 2021 Unaudited Financial Results

PR Newswire

BEIJING, Aug. 24, 2021 /PRNewswire/ — 36Kr Holdings Inc. (“36Kr” or the “Company” or “We”) (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced its unaudited financial results for the second quarter 2021 ended June 30, 2021.


Second Quarter 2021 Operational and Financial Highlights

  • Average monthly page views (“PV”) for the twelve-month period ended June 30, 2021 increased by 69.5% to 846.3 million, from 499.2 million for the twelve-month period ended June 30, 2020.
  • Total revenues were RMB72.1 million (US$11.2 million) in the second quarter of 2021, compared to RMB76.7 million in the same period of 2020.
  • Revenues from online advertising services increased by 65.1% to RMB51.7 million (US$8.0 million) in the second quarter of 2021, from RMB31.3 million in the same period of 2020.
  • Revenues from enterprise value-added services were RMB14.3 million (US$2.2 million) in the second quarter of 2021, compared to RMB42.6 million in the same period of 2020. Gross transaction value[1] increased by 35.9% to RMB57.9 million in the second quarter of 2021, from RMB42.6 million in the same period of 2020.
  • Subscription services revenues increased by 124.1% to RMB6.0 million (US$0.9 million) in the second quarter of 2021, from RMB2.7 million in the same period of 2020.
  • Gross profit increased by 86.1% to RMB41.4 million (US$6.4 million) in the second quarter of 2021, from RMB22.2 million in the same period of 2020. Gross profit margin was 57.4% in the second quarter of 2021, compared to 29.0% in the same period of 2020.
  • Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders was RMB34.1 million (US$5.3 million) in the second quarter of 2021, compared to RMB79.5 million in the same period of 2020.


[1] Starting from January 1, 2021, 36Kr recognized revenues of certain enterprise value-added services on a net basis, to reflect the fact that the Company continuously shifted focus towards higher margin businesses hence ceased to act as a principal in certain low gross margin businesses and only acted as an agent. To increase comparability of operating results and help investors better understand our business performance and operating trends, we introduced the gross transaction value as a supplemental metric to describe our business. Gross transaction value is defined as the value of executed confirmed orders for services provided for our customers.


Selected Operating Data


For the Three Months Ended


June 30,


2020


2021


Online advertising services

Number of online advertising services end customers

161

188

Average revenue per online advertising services end
customer (RMB’000)[2]

194.7

275.2


Enterprise value-added services

Number of enterprise value-added services end customers

80

50

Average revenue per enterprise value-added services end
customer (RMB’000)[3]

533.0

286.1


Subscription services

Number of individual subscribers

982

581

Average revenue per individual subscriber (RMB)[4]

521.0

1,420.0

Number of institutional investors

33

87

Average revenue per institutional investor (RMB’000)[5]

62.7

59.7


[2] Equals revenues generated from online advertising services for a period divided by the number
of online advertising services end customers in the same period.


[3] Equals revenues generated from enterprise value-added services for a period divided by the
number of enterprise value-added services end customers in the same period.



[4]
Equals revenues generated from individual subscription services for a period divided by the
number of individual subscribers in the same period.


[5] Equals revenues generated from institutional investor subscription services for a period
divided by the number of institutional investors in the same period.

Mr. Dagang Feng, co-chairman and chief executive officer of 36Kr, commented, “In the second quarter of 2021, we continued to broaden our New Economy-focused content and service offerings and once again achieved record-setting performance in total user traffic, with average monthly PVs reaching a new high at 846.3 million for the twelve-month period ended June 30, 2021, a 69.5% year-over-year increase, marking our 13th consecutive quarter of PV growth. We have been making robust progress in content enrichment with diversified presentation formats, appealing a wider user base and further solidifying our core competencies and spearheading business innovation. Moreover, our tireless optimization in products and technologies has been paving the way for us to empower the growth of New Economy participants as well as the digital transformation of traditional industries through our influential and comprehensive platform. As we continue to strategically focus on enterprise services as long-term growth driver, we believe we are well positioned to seize the vast opportunities in the new era, creating compelling value proposition for more customers, users and investors.”

Mr. Xiang Li, acting chief financial officer of 36Kr, stated, “We are pleased to report a set of solid financial results in the second quarter of 2021, with a strong year-over-year growth across all of our business segments on a comparable basis. Notably, our advertising revenues increased by 65.1% to RMB51.7 million, demonstrating sustained user engagement and customer interest in our premium content and service offerings. As we continued to shift our resources and focus towards higher margin businesses, we saw continuing improvement in both gross profit and gross profit margin, which reached 57.4% this quarter. Going forward, we will continue to build upon our content strengths and expand monetization channels to seize vast New Economy opportunities.”


Second Quarter 2021 Financial Results

Total revenues were RMB72.1 million (US$11.2 million) in the second quarter of 2021, compared to RMB76.7 million in the same period of 2020. 

  • Online advertising services revenues increased by 65.1% to RMB51.7 million (US$8.0 million) in the second quarter of 2021, from RMB31.3 million in the same period of 2020. The increase was primarily attributable to the strong recovery of market demand as well as more innovative marketing solutions we provided to our customers. The number of advertising customers and the average revenue per advertising customer both achieved strong growth in the second quarter of 2021.
  • Enterprise value-added services revenues were RMB14.3 million (US$2.2 million) in the second quarter of 2021, compared to RMB42.6 million in the same period of 2020. The decrease was primarily because we continuously shifted our focus towards higher margin businesses and starting from the first quarter of 2021, we ceased to act as a principal in certain low gross margin businesses and only acted as an agent. As a result, revenues of such businesses were recognized on a net basis from the first quarter of 2021 onward. To increase comparability of operating results and help investors better understand our business performance and operating trends, we introduced the gross transaction value as a supplemental metric to describe our business. Gross transaction value of enterprise value-added services was RMB57.9 million in the second quarter of 2021, compared to RMB42.6 million in the same period of 2020.
  • Subscription services revenues increased by 124.1% to RMB6.0 million (US$0.9 million) in the second quarter of 2021, from RMB2.7 million in the same period of 2020. The increase was primarily attributable to high-quality subscription products we offered to our institutional and individual subscribers.

Cost of revenues was RMB30.7 million (US$4.8 million) in the second quarter of 2021, compared to RMB54.4 million in the same period of 2020. The decrease was primarily because we continuously shifted our focus towards higher margin businesses and recognized certain revenues on a net basis. For more details, please refer to the aforementioned information in terms of enterprise value-added services revenues.

Gross profit increased by 86.1% to RMB41.4 million (US$6.4 million) in the second quarter of 2021, from RMB22.2 million in the same period of 2020. Gross profit margin was 57.4% in the second quarter of 2021, compared to 29.0% in the same period of 2020.

Operating expenses were RMB75.3 million (US$11.7 million) in the second quarter of 2021, compared to RMB99.4 million in the same period of 2020.

  • Sales and marketing expenses were RMB33.4 million (US$5.2 million) in the second quarter of 2021, compared to RMB39.0 million in the same period of 2020. The decrease was primarily attributable to the decrease in marketing expenses and share-based compensation expenses.
  • General and administrative expenses were RMB29.9 million (US$4.6 million) in the second quarter of 2021, compared to RMB50.9 million in the same period of 2020. The decrease was primarily attributable to the decrease in the allowance for credit losses and share-based compensation expenses.
  • Research and development expenses were RMB12.0 million (US$1.9 million) in the second quarter of 2021, compared to RMB9.6 million in the same period of 2020. The increase was primarily attributable to the increase in payroll-related expenses as we beefed up our research and development capabilities.

Share-based compensation expenses recognized in cost of revenues, sales and marketing expenses, research and development expenses, as well as general and administrative expenses totaled RMB3.3 million (US$0.5 million) in the second quarter of 2021, compared to RMB12.6 million in the same period of 2020.

Other expenses were RMB0.4 million (US$0.1 million) in the second quarter of 2021, compared to RMB2.0 million in the same period of 2020. The decrease was primarily attributable to less losses recognized from equity method investments.

Income tax expense was RMB1 thousand (US$0.2 thousand) in the second quarter of 2021, compared to RMB85 thousand in the same period of 2020.

Net loss was RMB34.3 million (US$5.3 million) in the second quarter of 2021, compared to RMB79.3 million in the same period of 2020. Non-GAAP adjusted net loss[6] was RMB31.0 million (US$4.8 million) in the second quarter of 2021, compared to RMB66.7 million in the same period of 2020.

Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders was RMB34.1 million (US$5.3 million) in the second quarter of 2021, compared to RMB79.5 million in the same period of 2020.

Basic and diluted net loss per share were both RMB0.033(US$0.005) in the second quarter of 2021, compared to RMB0.078 in the same period of 2020.


[6] Non-GAAP adjusted loss represents net loss excluding share-based compensation expenses.


Certain Balance Sheet Items

As of June 30, 2021, the Company had cash, cash equivalents and short-term investments of RMB149.6 million (US$23.2 million), compared to RMB174.1 million as of March 31, 2021. The decrease was mainly attributable to the share repurchase as well as cash used in operating activities.


Share Repurchase Program

On May 6, 2020, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to a total of 1,000,000 of its American Depositary Shares (“ADSs”), each representing 25 Class A ordinary shares. As of June 30, 2021, the Company had repurchased approximately 785,713 ADSs for approximately RMB17.5 million (US$2.6 million) under this program.


Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 24, 2021 (8:00 PM Beijing/Hong Kong Time on August 24, 2021). Details for the conference call are as follows:

Event Title:

36Kr Holdings Inc. Second Quarter 2021 Earnings Conference Call

Conference ID:

5438658

Registration Link:


http://apac.directeventreg.com/registration/event/5438658

All participants must use the link provided above to complete the online registration process at least 20 minutes in advance of the conference call. Upon registering, each participant will receive a participant dial-in number, Direct Event passcode, and unique registrant ID, which will be used 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.36kr.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until August 31, 2021, by dialing the following telephone numbers:

United States:

+1-855-452-5696

International:

+61-2-8199-0299

Hong Kong, China:

800-963-117

Mainland China:

400-632-2162

Replay Access Code:

5438658

About 36Kr Holdings Inc.

36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China’s New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China’s New Economy. 

Use of Non-GAAP Financial Measures

In evaluating its business, the Company considers and uses two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess its operating performance. The presentation of these two non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitates investors’ assessment of its operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

Adjusted net loss represents net loss excluding share-based compensation expenses.

Adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment and amortization of intangible assets.  

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations 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 at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.4566 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on of June 30, 2021.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under 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,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’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: the Company’s goal and strategies; the Company’s future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company’s expectations regarding the use of proceeds from this offering; the Company’s expectations regarding demand for, and market acceptance of, its services; the Company’s ability to maintain and enhance its brand; the Company’s ability to provide high-quality content in a timely manner to attract and retain users; the Company’s ability to retain and hire quality in-house writers and editors; the Company’s ability to maintain cooperation with third-party professional content providers; the Company’s ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’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 the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

For investor and media inquiries, please contact:

In China:

36Kr Holdings Inc.
Investor Relations
Tel: +86 (10) 5825-4188
E-mail: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]


36Kr Holdings Inc.


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


December 31,
2020


June 3
0
,
2021


June 3
0
,
2021


RMB’000


RMB
‘000


US$’000


Assets

Current assets:

Cash and cash equivalents

60,846

90,180

13,967

Short–term investments

148,344

59,391

9,198

Accounts receivable, net

304,845

225,335

34,900

Receivables due from related parties

98

1,643

254

Prepayments and other current assets

16,319

37,077

5,742


Total current assets


530,452


413,626


64,061

Non–current assets:

Property and equipment, net

3,941

3,627

562

Intangible assets, net

471

692

107

Long-term investments

16,300

43,143

6,682

Operating lease right-of-use assets, net

27,365

19,801

3,067


Total non–current assets


48,077


67,263


10,418


Total assets


578,529


480,889


74,479


Liabilities                                         

Current liabilities:

Accounts payable

64,641

46,569

7,213

Salary and welfare payables

45,580

39,345

6,094

Taxes payable

18,824

9,547

1,479

Deferred revenue

18,849

34,885

5,403

Amounts due to related parties

548

1,318

204

Accrued liabilities and other payables

13,560

14,721

2,279

Operating lease liabilities

15,132

13,874

2,149


Total current liabilities


177,134


160,259


24,821

Non-current liabilities:

Operating lease liabilities

12,426

5,991

928


Total non-current liabilities


12,426


5,991


928


Total liabilities


189,560


166,250


25,749


Shareholders’ equity

Ordinary shares

687

694

107

Treasury stock

(14,081)

(19,861)

(3,076)

Additional paid-in capital

2,040,693

2,046,692

316,992

Accumulated deficit

(1,638,581)

(1,712,181)

(265,183)

Accumulated other comprehensive loss

(7,897)

(8,443)

(1,308)


Total 36Kr Holdings Inc.’s shareholders’ equity


380,821


306,901


47,532

Non-controlling interests

8,148

7,738

1,198


Total shareholders’
equity


388,969


314,639


48,730


Total liabilities and shareholders’
equity


578,529


480,889


74,479

 

 


36Kr Holdings Inc.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


Three Months Ended 


Six Months Ended 


June 30,


June 30,


June 30,


June 30,


June 30,


June 30,


2020


2021


2021


2020


2021


2021


RMB’000


RMB’000


US$’000


RMB’000


RMB’000


US$’000


Revenues:

   Online advertising services

31,340

51,742

8,014

52,382

84,972

13,160

   Enterprise value-added services

42,637

14,304

2,215

85,446

21,200

3,283

   Subscription services

2,686

6,019

932

4,033

9,434

1,461


Total revenues


76,663


72,065


11,161


141,861


115,606


17,904

   Cost of revenues  

(54,423)

(30,683)

(4,752)

(114,172)

(50,848)

(7,875)


Gross profit  


22,240


41,382


6,409


27,689


64,758


10,029


Operating expenses:

   Sales and marketing expenses

(38,989)

(33,431)

(5,178)

(73,929)

(69,131)

(10,707)

   General and administrative expenses  

(50,870)

(29,914)

(4,633)

(110,194)

(50,073)

(7,755)

   Research and development expenses  

(9,572)

(11,969)

(1,854)

(18,120)

(20,943)

(3,244)


Total operating expenses  


(99,431)


(75,314)


(11,665)


(202,243)


(140,147)


(21,706)


Loss from operations  


(77,191)


(33,932)


(5,256)


(174,554)


(75,389)


(11,677)


Other income/(expenses):

   Share of loss from equity method investments

(2,708)

(1,943)

(301)

(5,707)

(3,924)

(608)

   Short-term investment income

341

411

64

486

1,391

215

   Government grant

90

389

60

3,092

2,175

337

   Others, net  

228

772

120

1,433

982

152


Loss before income tax  


(79,240)


(34,303)


(5,313)


(175,250)


(74,765)


(11,581)

   Income tax (expenses)/credit

(85)

(1)

–

5

5

1


Net loss


(79,325)


(34,304)


(5,313)


(175,245)


(74,760)


(11,580)

   Net loss/(income) attributable to non-controlling interests

(155)

233

36

390

1,160

180


Net loss attributable to 36Kr Holdings Inc.’s ordinary
     shareholders  


(79,480)


(34,071)


(5,277)


(174,855)


(73,600)


(11,400)


Net loss


(79,325)


(34,304)


(5,313)


(175,245)


(74,760)


(11,580)


Other comprehensive (loss) /income

   Foreign currency translation adjustments  

313

(884)

(137)

2,145

(546)

(85)


Total other comprehensive (loss) /income


313


(884)


(137)


2,145


(546)


(85)


Total comprehensive loss


(79,012)


(35,188)


(5,450)


(173,100)


(75,306)


(11,665)

   Net loss/(income) attributable to non-controlling interests

(155)

233

36

390

1,160

180


Comprehensive loss attributable to 36Kr Holdings
     Inc.’s ordinary shareholders  


(79,167)


(34,955)


(5,414)


(172,710)


(74,146)


(11,485)


Net loss per ordinary share (RMB)

   Basic

(0.078)

(0.033)

(0.005)

(0.171)

(0.072)

(0.011)

   Diluted

(0.078)

(0.033)

(0.005)

(0.171)

(0.072)

(0.011)


Net loss per ADS (RMB)

   Basic

(1.946)

(0.834)

(0.129)

(4.280)

(1.794)

(0.278)

   Diluted 

(1.946)

(0.834)

(0.129)

(4.280)

(1.794)

(0.278)


Weighted average number of ordinary shares used in
     per share calculation

   Basic

1,021,075,312

1,024,200,699

1,024,200,699

1,021,369,649

1,026,791,094

1,026,791,094

   Diluted 

1,021,075,312

1,024,200,699

1,024,200,699

1,021,369,649

1,026,791,094

1,026,791,094


Weighted average number of ADS used in per ADS
     calculation

   Basic

40,843,012

40,968,028

40,968,028

40,854,786

41,071,644

41,071,644

   Diluted 

40,843,012

40,968,028

40,968,028

40,854,786

41,071,644

41,071,644

 

 


36Kr Holdings Inc.


UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS


Three Months Ended


Six Months Ended


June 3
0,


2020


June 3
0,


2021


June 3
0,


2021


June 3
0,


2020


June 3
0,


2021


June 3
0,


2021


RMB’000


RMB
‘000


US$’000


RMB’000


RMB
‘000


US$’000


Net loss


(79,325)


(34,304)


(5,313)


(175,245)


(74,760)


(11,580)

Share-based compensation expenses

12,588

3,332

516

25,597

5,999

929


Non-GAAP adjusted net loss


(66,737)


(30,972)


(4,797)


(149,648)


(68,761)


(10,651)

Interest income, net

(223)

(236)

(37)

(782)

(341)

(53)

Income tax expenses/(credit)

85

1

–

(5)

(5)

(1)

Depreciation and amortization expenses

1,334

652

101

2,564

1,306

202


Non-GAAP adjusted EBITDA


(65,541)


(30,555)


(4,733)


(147,871)


(67,801)


(10,503)

 

Cision View original content:https://www.prnewswire.com/news-releases/36kr-holdings-inc-reports-second-quarter-2021-unaudited-financial-results-301361349.html

SOURCE 36Kr Holdings Inc.

Posted on

Qudian Inc. Reports Second Quarter 2021 Unaudited Financial Results

PR Newswire

XIAMEN, China, Aug. 24, 2021 /PRNewswire/ — Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a leading technology platform empowering the enhancement of the online consumer finance experience in China, today announced its unaudited financial results for the quarter ended June 30, 2021.

 Second Quarter 2021 Operational Highlights:

  • Number of outstanding borrowers[1] from loan book business as of June 30, 2021 decreased by 3.8% to 2.9 million from 3.0 million as of March 31, 2021, as a result of the Company’s deployment of a conservative and prudent strategy
  • Total outstanding loan balance from loan book business[2]decreased by 13.8% to RMB3.5 billion as of June 30, 2021, compared to the outstanding balance as of March 31, 2021
  • Amount of transactions from loan book business for this quarter decreased by 12.1% to RMB3.9 billion from the first quarter of 2021; Amount of transactions serviced on open platform for this quarter decreased by 32.5% to RMB142.0 million from the first quarter of 2021
  • Weighted average loan tenure for our loan book business was 4.4 months for this quarter, compared with 4.5 months in the first quarter of 2021; Weighted average loan tenure for transactions serviced on open platform was 6.2 months for this quarter, compared with 6.7 months in the first quarter of 2021


[1] Outstanding borrowers are borrowers who have outstanding loans from the Company’s loan book business as of a particular date.


[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 2021 Financial Highlights:

  • Total revenues were RMB412.1 million (US$63.8 million), compared to RMB1,167.0 million from the same period of last year
  • Net income attributable to Qudian’s shareholders was RMB269.9 million (US$41.8 million), representing an increase of 50.7% from the same period of last year, or RMB1.03(US$0.16) per diluted ADS
  • Non-GAAP net income attributable to Qudian’s shareholders[3] was RMB282.5 million (US$43.7 million), representing an increase of 844.0% from the same period of last year, or RMB1.07(US$0.17) 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.

“During the second quarter of 2021, we analyzed evolving market dynamics and maintained a prudent approach to our cash credit business, ultimately generating total transaction volume of approximately RMB3.9 billion during the period,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. “We are also delighted with WLM KIDS’ steady progress. We opened two new WLM KIDS activities centers in Fuzhou and Xiamen. As of August 24, 2021, we have three WLM KIDS activities centers in operation, and we have signed the lease agreements for another 37 WLM KIDS activities centers, of which 24 WLM KIDS activities centers are currently under renovation. Going forward, we will prudently manage WLM KIDS’ expansion and continue to deliver state-of-the-art extra-curriculum activities services and products to China’s children and families.”

“As we continued to implement stringent credit approval standards and strategically shifted toward higher-quality borrowers, our asset quality further improved and the D1 delinquency rate[4] for our loan book business decreased to below 5% at the end of the second quarter. Looking ahead, we remain dedicated to controlling credit risk in our loan book business and committed to creating and delivering value to children, families and society with our extra-curriculum activities business,” said Ms. Sissi Zhu, Vice President of Investor Relations of Qudian.  


[4] “D1 delinquency rate” is defined as (i) the total amount of principal and financing service fees that became overdue as of a specified date, divided by (ii) the total amount of principal and financing services fees that was due for repayment as of such date, in each case with respect to our loan book business.

Second Quarter Financial Results


Total revenues
 were RMB412.1 million (US$63.8 million), representing a decrease of 64.7% from RMB1,167.0 million for the second quarter of 2020.


Financing income
 totaled RMB311.8 million (US$48.3 million), representing a decrease of 46.3% from RMB580.9 million for the second quarter of 2020, as a result of the decrease in the average on-balance sheet loan balance.


Loan facilitation income and other related income
decreased by 95.1% to RMB12.6 million (US$1.9 million) from RMB255.1 million for the second quarter of 2020, as a result of the reduction in transaction volume of off-balance sheet loans during this quarter. 


Transaction services fee and other related income
increased to RMB38.5 million (US$6.0 million) from RMB4.1 million for the second quarter of 2020, mainly as a result of the reassessment of variable consideration.


Sales income and others
decreased to RMB23.7 million (US$3.7 million) from RMB293.3 million for the second quarter of 2020, mainly due to sales related to the Wanlimu e-commerce platform, which we are in the process of winding down.


Sales commission fee
decreased by 37.0% to RMB9.1 million (US$1.4 million) from RMB14.4 million for the second quarter of 2020, due to the decrease in the amount of merchandise credit transactions.


Total operating costs and expenses
decreased by 90.9% to RMB89.3 million (US$13.8 million) from RMB982.4 million for the second quarter of 2020.


Cost of revenues
 decreased by 82.3% to RMB64.9 million (US$10.1 million) from RMB366.4 million for the second quarter of 2020, primarily due to the decrease in costs associated with the  loan book business and the decrease in cost of goods sold related to the Wanlimu e-commerce platform.


Sales and marketing expenses
 decreased by 81.4% to RMB29.1 million (US$4.5 million) from RMB156.8 million for the second quarter of 2020, primarily due to the decrease in marketing promotional expenses.


General and administrative expenses

 increased by 44.8% to RMB109.1 million (US$16.9 million) from RMB75.3 million for the second quarter of 2020, as a result of the increase in staff salaries primarily relating to WLM Kids business.


Research and development expenses

 decreased by 30.3% to RMB39.2 million (US$6.1 million) from RMB56.3 million for the second quarter of 2020, as a result of the decrease in staff salaries.


Provision for receivables and other assets
 was a reversal of RMB97.4 million (US$15.1 million), compared to a loss of RMB519.0 million for the second quarter of 2020, mainly due to the decrease in past-due on-balance sheet outstanding principal receivables compared to the second quarter of 2020.

As of June 30, 2021, 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 RMB147.5 million (US$22.8 million), and the balance of allowance for principal and financing service fee receivables at the end of the period was RMB374.3 million (US$58.0 million), indicating M1+ Delinquency Coverage Ratio of 2.5x.

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
 increased to RMB327.2 million (US$50.7 million) from RMB312.4 million for the second quarter of 2020.


Net income attributable to


Qu


dian’s shareholders

 was RMB269.9 million (US$41.8 million), or RMB1.03(US$0.16) per diluted ADS.


Non-GAAP net income attributable to Qudian’s shareholders

 was RMB282.5 million (US$43.7 million), or RMB1.07(US$0.17) per diluted ADS.

Cash Flow

As of June 30, 2021, the Company had cash and cash equivalents of RMB3,133.6 million (US$485.3 million) and restricted cash of RMB296.9 million (US$46.0 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 2021, net cash provided by operating activities was RMB570.3 million (US$88.3 million), mainly attributable to net income of RMB269.1 million (US$41.7 million). Net cash provided by investing activities was RMB456.8 million (US$70.7 million), mainly due to net proceeds from collection of loan principal and partially offset by net payments to originate loan principal. Net cash provided by financing activities was nil.

Conference Call

The Company’s management will host an earnings conference call on August 24, 2021 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 2021 Earnings Conference Call

Conference ID:

9770439

Registration link:


http://apac.directeventreg.com/registration/event/9770439   

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 August 31, 2021, by dialing the following telephone numbers:

United States:

+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

Mainland, China:

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

Passcode:

9770439

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 RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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: +86-592-596-8208
E-mail: [email protected] 

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

 

 

 


QUDIAN INC.


Unaudited Condensed Consolidated Statements of Operations

Three months ended June 30,

(In thousands except for number

2020

2021

of shares and per-share data)

(Unaudited)

(Unaudited)

(Unaudited)

RMB

RMB

US$


Revenues:

Financing income

580,856

311,755

48,285

Sales commission fee

14,404

9,081

1,406

Sales income and others

293,292

23,655

3,664

Penalty fee

19,335

16,569

2,566

Loan facilitation income and other related income

255,063

12,565

1,946

Transaction services fee and other related income

4,098

38,462

5,957


Total revenues


1,167,048


412,087


63,824


Operating cost and expenses:

Cost of revenues

(366,381)

(64,890)

(10,050)

Sales and marketing

(156,806)

(29,140)

(4,513)

General and administrative

(75,334)

(109,112)

(16,899)

Research and development

(56,265)

(39,204)

(6,072)

Changes in guarantee liabilities and risk assurance liabilities(1)

191,420

55,624

8,615

Provision for receivables and other assets

(519,014)

97,385

15,083


Total operating cost and expenses


(982,380)


(89,337)


(13,836)

Other operating income

127,698

4,482

694


Income from operations


312,366


327,232


50,682

Interest and investment income/(loss), net

(65,758)

17,713

2,743

Foreign exchange income, net

4,960

319

49

Other income

10,059

85

14

Other expenses

(94)

(750)

(116)


Net income before income taxes


261,533


344,599


53,372

Income tax expenses

(82,371)

(75,457)

(11,687)


Net income


179,162


269,142


41,685

Less: net loss attributable to non-controlling
interest shareholders

–

(805)

(124)


Net income attributable to Qudian Inc.’s 
shareholders


179,162


269,947


41,809

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

Basic

0.71

1.07

0.17

Diluted

0.68

1.03

0.16

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

Basic

0.71

1.07

0.17

Diluted

0.68

1.03

0.16

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

Basic

253,724,694

253,370,503

253,370,503

Diluted

272,190,273

266,973,780

266,973,780


Other comprehensive loss:

Foreign currency translation adjustment

(10,165)

(7,087)

(1,098)


Total comprehensive income


168,997


262,055


40,587

Less: total comprenhensive loss attributable to
non-controlling interest shareholders

–

(805)

(124)


Total comprehensive income attributable to
Qudian Inc.’s shareholders 


168,997


262,860


40,711

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

2021

2021

of shares and per-share data)

(Unaudited)

(Unaudited)

(Unaudited)

RMB

RMB

US$


ASSETS:


 Current assets:

 Cash and cash equivalents

2,187,502

3,133,623

485,336

 Restricted cash

234,112

296,915

45,986

 Short-term investments

5,079,154

5,024,942

778,264

 Short-term loan principal and financing service fee receivables

3,515,293

3,150,299

487,919

 Short-term finance lease receivables

128,830

88,805

13,754

 Short-term contract assets

50,077

26,422

4,092

 Other current assets

1,006,670

679,604

105,258


 Total current assets


12,201,638


12,400,610


1,920,609


 Non-current assets:

 Long-term finance lease receivables

11,795

3,818

591

 Operating lease right-of-use assets

296,253

526,259

81,507

 Investment in equity method investee

381,287

367,148

56,864

 Long-term investments

243,668

243,668

37,739

 Property and equipment, net

359,955

436,007

67,529

 Intangible assets

8,926

8,733

1,353

 Long-term contract assets

10,317

6,154

953

 Deferred tax assets, net

119,138

68,231

10,568

 Other non-current assets

425,464

463,042

71,717


 Total non-current assets


1,856,803


2,123,060


328,821


TOTAL ASSETS


14,058,441


14,523,670


2,249,430

 

 

 


QUDIAN INC.


Unaudited Condensed Consolidated Balance Sheets

As of March 31,

As of June 30,

(In thousands except for number

2021

2021

of shares and per-share data)

(Unaudited)

(Unaudited)

(Unaudited)

RMB

RMB

US$


LIABILITIES AND SHAREHOLDERS’ EQUITY 


 Current liabilities: 

 Short-term lease liabilities

41,543

51,388

7,959

 Accrued expenses and other current liabilities 

351,417

415,047

64,283

 Guarantee liabilities and risk assurance liabilities(1)

21,583

3,252

504

 Income tax payable 

100,054

34,354

5,320


 Total current liabilities 


514,597


504,041


78,066


 Non-current liabilities: 

 Deferred tax liabilities, net

18,564

12,182

1,887

 Convertible senior notes

827,555

817,685

126,643

 Long-term lease liabilities

152,184

369,666

57,254

 Long-term borrowings and interest payables  

145,312

145,312

22,506


 Total non-current liabilities 


1,143,615


1,344,845


208,290


 Total liabilities 


1,658,212


1,848,886


286,356


 Shareholders’ equity: 

 Class A Ordinary shares 

132

132

20

 Class B Ordinary shares 

44

44

7

 Treasury shares 

(368,681)

(352,533)

(54,600)

 Additional paid-in capital 

4,014,320

4,010,672

621,174

 Accumulated other comprehensive loss 

(49,160)

(56,247)

(8,711)

 Retained earnings 

8,793,741

9,063,688

1,403,786


 Total Qudian Inc. shareholders’ equity 


12,390,396


12,665,756


1,961,676


 Non-controlling interests


9,833


9,028


1,398


Total equity


12,400,229


12,674,784


1,963,074


TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 


14,058,441


14,523,670


2,249,430

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,

2020

2021

(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


179,162


269,947


41,809

Add: Share-based compensation expenses 

20,269

12,505

1,937

Less: Convertible bonds buyback income

169,511

–

–


Non-GAAP net income attributable to Qudian Inc.’s shareholders


29,920


282,452


43,746

Non-GAAP net income per share—basic

0.12

1.11

0.17

Non-GAAP net income per share—diluted

0.12

1.07

0.17

Weighted average shares outstanding—basic

253,724,694

253,370,503

253,370,503

Weighted average shares outstanding—diluted

253,724,694

266,973,780

266,973,780

 

 

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SOURCE Qudian Inc.