BEIJING, Dec. 11,
2024 /PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the
"Company" or "we") (NYSE: WDH), a leading technology platform
dedicated to insurance and healthcare service with a positive
social impact, today announced its unaudited financial results for
the three and nine months ended September 30, 2024.
Financial and Operational Highlights for the
Third Quarter of 2024
- Marked improvement in profitability and healthy liquidity: In
the third quarter of 2024, net profit attributable to our ordinary
shareholders reached RMB92.8 million,
representing a year-over-year growth of 152.6%. As of September 30, 2024, we continued to generate
positive operating cash flow during the third quarter of 2024.
- Strong business performance: For the third quarter of 2024, the
first-year premiums ("FYP") generated through our insurance
business amounted to RMB2,041.8
million (US$290.9 million),
representing an increase of 20.4% year over year. Net operating
revenue was RMB704.1 million
(US$100.3 million), representing an
increase of 2.6% year over year.
- Expanded crowdfunding coverage: As of September 30, 2024, around 466 million people
cumulatively had donated an aggregate of RMB66.3 billion to 3.32 million patients through
Waterdrop Medical Crowdfunding.
- Dependable performance in patient recruitment: As of
September 30, 2024, the Company had
cumulatively enrolled over 9,500 patients into 1,137 clinical trial
programs through the E-Find Platform.
Mr. Peng Shen, Founder, Chairman, and Chief Executive
Officer of Waterdrop, commented, "We are delighted to announce
another quarter of robust profitability, with net profit
attributable to ordinary shareholders reaching 2.5 times that of
the third quarter last year.
Our insurance business has achieved a 14.8% quarter-over-quarter
growth in FYP and maintained an operating profit margin above 20%.
We delivered solid FYP growth in both short-term and long-term
insurance, driven by user
acquisition, innovative tailor-made products, and the contribution
of Shenlanbao. I believe with our
data-driven user insights, unique product offerings, and
diversified distribution channels, we are well-positioned to
maintain a strong competitive advantage.
This quarter marks a significant milestone for our medical
crowdfunding business and the industry as a whole, following the
issuance of the 'Measures for Administration of Online Service
Platforms for Individuals Seeking Financial Help' released by
Ministry of Civil Affairs of PRC and other government departments
on September 5, 2024. The Measures
for Administration officially announce the legal framework of
fundraising sector, and offer guidance on management and
information transparency.
During this quarter, our digital clinical trial solution income
continued its growth, realizing a quarter-over-quarter increase of
17.4%. We collaborated with a total of 184 pharmaceutical companies
and contract research organizations ("CROs"). Moreover, we enrolled
909 patients and initiated services for 88 new programs during the
third quarter of 2024.
We are also delighted to report notable progress in AI.
Internally, 'AI Consultant', a conversational AI agent powered by
our 'Waterdrop Guardian' large language model, has reached the
capacity to generate million yuan in monthly premiums by serving
user inquires. Meanwhile, a new application, 'AI Service Quality
Agent', was deployed to streamline the service quality inspection
process by replacing manual work. Externally, we launched 'AI Top
Sales Platform 3.0', a conversational AI platform that customizes
AI sales agents for businesses, and have initiated pilots with
insurance carriers and companies in non-insurance sectors.
We value the trust from our investors and prioritize shareholder
returns. By the end of November 2024,
the Company had cumulatively repurchased approximately 50.9 million
ADSs from the open market. Moreover, we recently completed our
second special cash dividend of approximately US$7.3 million.
With our strong execution capability, ample cash reserves and
continuous profitability, we will continue to focus on fostering
sustainable growth, and strive to deliver substantial returns to
our shareholders and investors."
Financial Results for the Third Quarter of
2024
Operating revenue, net
Net operating revenue for the third quarter of 2024 increased by
2.6% year over year to RMB704.1
million (US$100.3 million)
from RMB686.5 million for the same
period of 2023. On a quarter-over-quarter basis, net operating
revenue increased by 4.1%.
- Insurance-related income includes insurance brokerage income
and technical service income. Insurance brokerage income represents
brokerage commissions earned from insurance companies. Technical
service income is derived from providing technical services
including customer relationship maintenance, customer complaint
management, claim review, and user referral services, among other
things, to insurance companies, insurance brokers, and agency
companies. Our insurance-related income amounted to RMB600.7 million (US$85.6
million) in the third quarter of 2024, representing a
decrease of 3.0% year over year from RMB619.3 million for the third quarter of 2023,
which was mainly due to the decrease in technical service income.
On a quarter-over-quarter basis, insurance-related income increased
by 4.7%.
- Crowdfunding service fees represent the service income earned
when patients successfully withdraw the proceeds from their
crowdfunding campaigns. Our role is to operate the Waterdrop
Medical Crowdfunding platform to provide crowdfunding related
services through the internet, enabling patients with significant
medical bills to seek help from caring hearts through technology
(the "medical crowdfunding services"). Our medical crowdfunding
services generally consist of providing technical and internet
support, managing, reviewing and supervising the crowdfunding
campaigns, providing comprehensive risk management and
anti-fraud measures, and facilitating the collection
and transfer of the funds. For the third quarter of 2024, we
generated RMB65.8 million
(US$9.4 million) in service fees,
representing an increase of 83.0% year over year from RMB36.0 million for the third quarter of 2023. On
a quarter-over-quarter basis, crowdfunding service fees decreased
by 5.0%.
- Digital clinical trial solution income represents the service
income earned from our customers mainly including biopharmaceutical
companies and leading biotechnology companies. We match qualified
and suitable patients for enrollment in clinical trials for our
customers and generate digital clinical trial solution revenue for
successful matches and we typically charge our customers a fixed
unit price per successful match. For the third quarter of 2024, our
digital clinical trial solution income amounted to RMB24.3 million (US$3.5
million), representing a decrease of 12.1% from RMB27.6 million in the same period of 2023. On a
quarter-over-quarter basis, digital clinical trial solution income
increased by 17.4%.
Operating costs and expenses
Operating costs and expenses decreased by 1.6% year over year to
RMB677.7 million (US$96.6 million) for the third quarter
of 2024. On a quarter-over-quarter basis, operating costs and
expenses increased by 8.6%.
- Operating costs increased by 9.1% year over year to
RMB340.6 million (US$48.5 million) for the third quarter of 2024,
as compared with RMB312.3 million for
the third quarter of 2023, which was primarily driven by (i) an
increase of RMB46.5 million in costs
of referral and service fees, partially offset by (ii) a decrease
of RMB10.0 million in personnel
costs, and (iii) a decrease of RMB7.0
million in the costs for crowdfunding consultants team. On a
quarter-over-quarter basis, operating costs increased by 6.7% from
RMB319.1 million, primarily due to
(i) an increase of RMB32.6 million in
costs of referral and service fees, partially offset by (ii) a
decrease of RMB8.9 million in
personnel costs, and (iii) a decrease of RMB5.1 million in the costs for crowdfunding
consultants team.
- Sales and marketing expenses decreased by 7.7% year over year
to RMB173.2 million (US$24.7 million) for the third quarter of 2024,
as compared with RMB187.7 million for
the same quarter of 2023. The decrease was primarily due to (i) a
decrease of RMB36.5 million in
personnel costs and share-based compensation expenses, partially
offset by (ii) an increase of RMB21.1
million in marketing expenses to third-party traffic
channels. On a quarter-over-quarter basis, sales and marketing
expenses increased by 10.0% from RMB157.4
million, primarily due to (i) an increase of RMB14.4 million in marketing expenses to
third-party traffic channels, (ii) an increase of RMB4.5 million in outsourced sales and marketing
service fees to third parties, and partially offset by (iii) a
decrease of RMB3.1 million in sales
and marketing personnel costs and share-based compensation
expenses
- General and administrative expenses decreased by 3.2% year over
year to RMB111.0 million
(US$15.8 million) for the third
quarter of 2024, compared with RMB114.6
million for the same quarter of 2023. The year-over-year
variance was due to (i) a decrease of RMB24.8 million in professional service fees,
(ii) a decrease of RMB5.8 million in
personnel costs and share-based compensation expenses, partially
offset by (iii) an increase of RMB10.6
million in allowance for doubtful accounts, and (iv) an
increase of RMB20.6 million
impairment loss for intangible assets related to the acquisition of
Shenzhen Cunzhen Qiushi Technology Co., Ltd. and its subsidiaries
("Shenlanbao"). On a quarter-over-quarter basis, general and
administrative expenses increased by 18.1% from RMB94.0 million, due to (i) an increase of
RMB20.6 million impairment loss for
intangible assets related to the acquisition of Shenlanbao, (ii) an
increase of RMB6.9 million in
personnel costs and share-based compensation expenses, partially
offset by (iii) a decrease of RMB6.8
million in professional service fees, and (iv) a decrease of
RMB3.1 million allowance for doubtful
accounts.
- Research and development expenses decreased by 28.4% year over
year to RMB53.0 million (US$7.5 million) for the third quarter of 2024,
compared with RMB73.9 million for the
same period of 2023. The decrease was primarily due to a decrease
of RMB18.9 million in personnel costs
and share-based compensation expenses. On a quarter-over-quarter
basis, research and development expenses remained stable.
Operating profit for the
third quarter of 2024 was RMB26.5 million (US$3.8 million), as compared with an
operating loss of RMB2.1 million
for the third quarter of 2023 and an operating
profit of RMB52.4 million for
the second quarter of 2024.
Interest income for the third quarter of 2024
was RMB36.0
million (US$5.1 million), as
compared with RMB32.9 million for the third
quarter of 2023 and RMB37.5
million for the second quarter of 2024.
Income tax benefit for the
third quarter of 2024 was RMB7.8
million (US$1.1 million), as
compared with RMB1.5 million
for the third quarter of 2023 and an income tax
expense of RMB7.0 million for the
second quarter of 2024.
Net profit attributable to the Company's
ordinary shareholders for the third quarter of 2024 was
RMB92.8 million (US$13.2 million), as compared with RMB36.7 million for the same period of 2023, and
RMB88.3 million for the second
quarter of 2024.
Adjusted net profit attributable to the
Company's ordinary shareholders (non-GAAP(1)) for the third quarter of
2024 was RMB126.0 million
(US$18.0 million), as compared with
RMB74.3 million for the same period
of 2023, and RMB108.7 million for the second quarter of
2024.
Cash position(2)
As of September 30, 2024, cash
position of the Company was RMB3,440.1
million (US$490.2 million), as
compared with RMB3,571.6 million as
of December 31, 2023.
|
(1) See
the sections entitled "Non-GAAP Financial Measure" and
"Reconciliations of GAAP and Non-GAAP Results" for more information
about the non-GAAP
measures referred to in this announcement.
(2) Cash position includes cash and cash
equivalents, short-term investments, and long-term debt investments
included in long-term investments.
|
Share Repurchase Programs
Pursuant to the share repurchase programs launched in
September 2021, September 2022, September
2023 and September 2024,
respectively, we had cumulatively repurchased approximately 50.9
million ADSs from the open market with cash for a total
consideration of approximately US$102.3
million as of November 30,
2024.
Supplemental Information
We organize and report our business in three operating
segments:
- Insurance, which mainly includes Waterdrop Insurance
Marketplace, Shenlanbao Insurance Marketplace and technical support
service;
- Crowdfunding, which mainly includes Waterdrop Medical
Crowdfunding; and
- Others, which mainly include Digital Clinical Trial Solution
and other new initiatives.
The table below sets forth the segment operating results, with
the nine-month comparative figures retrospectively adjusted to
conform to this presentation.
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
September 30,
2023
|
|
June 30,
2024
|
|
September 30,
2024
|
|
September
30, 2023*
|
|
September 30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
(All amounts in
thousands)
|
|
|
|
|
|
Operating revenue,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
|
619,269
|
|
573,832
|
|
600,726
|
|
85,603
|
|
1,753,049
|
|
1,781,335
|
|
253,838
|
Crowdfunding
|
|
35,971
|
|
69,323
|
|
65,839
|
|
9,382
|
|
122,670
|
|
202,512
|
|
28,858
|
Others
|
|
31,238
|
|
33,001
|
|
37,576
|
|
5,354
|
|
95,624
|
|
101,150
|
|
14,414
|
Total consolidated
operating
revenue, net
|
|
686,478
|
|
676,156
|
|
704,141
|
|
100,339
|
|
1,971,343
|
|
2,084,997
|
|
297,110
|
Operating
profit/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
|
145,200
|
|
122,955
|
|
122,501
|
|
17,457
|
|
399,914
|
|
374,619
|
|
53,383
|
Crowdfunding
|
|
(68,793)
|
|
(22,936)
|
|
(17,902)
|
|
(2,551)
|
|
(194,058)
|
|
(73,075)
|
|
(10,413)
|
Others
|
|
(43,713)
|
|
(27,450)
|
|
(31,716)
|
|
(4,520)
|
|
(128,157)
|
|
(90,598)
|
|
(12,911)
|
Total segment
operating
profit
|
|
32,694
|
|
72,569
|
|
72,883
|
|
10,386
|
|
77,699
|
|
210,946
|
|
30,059
|
Unallocated
item**
|
|
(34,762)
|
|
(20,205)
|
|
(46,413)
|
|
(6,614)
|
|
(111,081)
|
|
(85,748)
|
|
(12,219)
|
Total consolidated
operating
(loss)/profit
|
|
(2,068)
|
|
52,364
|
|
26,470
|
|
3,772
|
|
(33,382)
|
|
125,198
|
|
17,840
|
Total other
income
|
|
36,914
|
|
38,366
|
|
60,842
|
|
8,670
|
|
126,520
|
|
141,989
|
|
20,233
|
Profit before income
tax
|
|
34,846
|
|
90,730
|
|
87,312
|
|
12,442
|
|
93,138
|
|
267,187
|
|
38,073
|
Income tax
benefit/(expense)
|
|
1,479
|
|
(7,026)
|
|
7,843
|
|
1,118
|
|
14,609
|
|
(7,771)
|
|
(1,107)
|
Net
profit
|
|
36,325
|
|
83,704
|
|
95,155
|
|
13,560
|
|
107,747
|
|
259,416
|
|
36,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Starting from the second quarter of 2023, our chief operating
decision maker began managing the business through three
operating segments and assessing
performance and allocating resources under this new operating
segment structure. The
nine-month comparative figures were
retrospectively adjusted to conform to this
presentation.
|
**
The share-based compensation and impairment of intangible
assets acquired from business combination represent
unallocated items in the segment
information because our management does not consider these as part
of the segment
operating performance
measure.
|
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD" or "US$") at specified rates solely for
the convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of
RMB7.0176 to US$1.00, the noon buying rate in effect on
September 30, 2024 in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
RMB or USD amounts referred could be converted into USD or
RMB, as the case may be, at any particular rate or at all. For
analytical presentation, all percentages are calculated using the
numbers presented in the financial statements contained in this
earnings release.
Non-GAAP Financial Measure
The Company uses non-GAAP financial measure, adjusted net
profit attributable to our ordinary shareholders, in evaluating the
Company's operating results and for financial and operational
decision-making purposes. Adjusted net profit attributable to our
ordinary shareholders represents net profit attributable to
our ordinary shareholders excluding share-based compensation
expense attributable to our ordinary shareholders, foreign
currency exchange gain or losses, impairment of intangible assets
acquired from business combination and related tax effects on
non-GAAP adjustments
The non-GAAP financial measure is not presented in
accordance with U.S. GAAP and may be different from non-GAAP
methods of accounting and reporting used by other companies. The
non-GAAP financial measure has limitations as analytical tools
and when assessing the Company's operating performance, investors
should not consider it in isolation, or as a substitute for net
loss or other consolidated statements of comprehensive loss data
prepared in accordance with U.S. GAAP. The Company encourages
investors and others to review its financial information in its
entirety and not rely on a single financial measure. Investors are
encouraged to review the Company's historical non-GAAP financial
measure to the most directly comparable GAAP measure. Adjusted net
profit attributable to our ordinary shareholders presented here may
not be comparable to similarly titled measure presented by other
companies. Other companies may calculate similarly titled measure
differently, limiting its usefulness as a comparative
measure to our data.
The Company mitigates 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 the Company's performance.
For more information on the non-GAAP financial measure, please
see the table captioned "Reconciliation of GAAP and Non-GAAP
Results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. Waterdrop may
also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts,
including statements about Waterdrop's beliefs, plans and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Waterdrop's mission, goals and
strategies; Waterdrop's future business development, financial
condition and results of operations; the expected growth of the
insurance, medical crowdfunding and healthcare industry in
China; Waterdrop's expectations
regarding demand for and market acceptance of our products and
services; Waterdrop's expectations regarding its relationships with
consumers, insurance carriers and other partners; competition in
the industry and relevant government policies and regulations
relating to insurance, medical crowdfunding and healthcare
industry. Further information regarding these and other risks is
included in Waterdrop's filings with the SEC. All information
provided in this press release is as of the date of this press
release, and Waterdrop does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
Conference Call Information
Waterdrop's management team will hold a conference call on
December 11, 2024 at 7:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day)
to discuss the financial results. Dial-in details for the earnings
conference call are as follows:
International:
|
1-412-317-6061
|
United States Toll
Free:
|
1-888-317-6003
|
Hong Kong Toll
Free:
|
800-963976
|
Hong Kong:
|
852-58081995
|
Mainland
China:
|
4001-206115
|
Chinese Line
(Mandarin) Entry Number:
|
4533234
|
English Interpretation
Line (Listen-only Mode) Entry Number:
|
2061532
|
Participants can choose between the Chinese and the English
interpretation lines. Please note that the English interpretation
option will be in listen-only mode. Please dial in 15 minutes
before the call is scheduled to begin and provide the Elite Entry
Number to join the call.
Telephone replays will be accessible two hours after the
conclusion of the conference call until December 18, 2024 by dialing the following
numbers:
United States Toll
Free:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Chinese Line Access
Code:
|
6305770
|
English Interpretation
Line Access Code:
|
9765426
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.waterdrop-inc.com/.
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a leading technology platform
dedicated to insurance and healthcare service with a positive
social impact. Founded in 2016, with the comprehensive coverage of
Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding,
Waterdrop aims to bring insurance and healthcare service to
billions through technology. For more information, please visit
www.waterdrop-inc.com.
For investor inquiries, please contact
Waterdrop Inc.
IR@shuidi-inc.com
WATERDROP
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands, unless otherwise noted)
|
|
As
of
|
|
December 31,
2023
|
|
September 30,
2024
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
396,905
|
|
442,145
|
|
63,005
|
Restricted
cash
|
577,121
|
|
474,683
|
|
67,642
|
Short-term
investments
|
2,996,527
|
|
1,912,873
|
|
272,582
|
Accounts
receivable, net
|
693,110
|
|
755,427
|
|
107,647
|
Current contract
assets
|
572,871
|
|
631,507
|
|
89,989
|
Amount due from
related parties
|
65
|
|
250
|
|
36
|
Prepaid expense
and other assets
|
189,846
|
|
192,153
|
|
27,381
|
Total current
assets
|
5,426,445
|
|
4,409,038
|
|
628,282
|
Non-current
assets
|
|
|
|
|
|
Non-current
contract assets
|
134,383
|
|
141,262
|
|
20,130
|
Property,
equipment and software, net
|
33,878
|
|
237,616
|
|
33,860
|
Intangible
assets, net
|
177,407
|
|
153,043
|
|
21,808
|
Long-term
investments
|
211,758
|
|
1,122,407
|
|
159,942
|
Right of use
assets, net
|
59,851
|
|
55,149
|
|
7,859
|
Deferred tax
assets
|
24,190
|
|
29,297
|
|
4,175
|
Goodwill
|
80,751
|
|
80,751
|
|
11,507
|
Total non-current
assets
|
722,218
|
|
1,819,525
|
|
259,281
|
Total
assets
|
6,148,663
|
|
6,228,563
|
|
887,563
|
|
|
|
|
|
|
Liabilities,
Mezzanine Equity and Shareholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Amount due to
related parties
|
9,509
|
|
10,043
|
|
1,431
|
Insurance
premium payables
|
591,953
|
|
493,596
|
|
70,337
|
Accrued expenses
and other current liabilities
|
597,684
|
|
724,610
|
|
103,256
|
Short-term
loans
|
137,557
|
|
148,544
|
|
21,167
|
Current lease
liabilities
|
32,908
|
|
35,946
|
|
5,122
|
Total current
liabilities
|
1,369,611
|
|
1,412,739
|
|
201,313
|
Non-current
liabilities
|
|
|
|
|
|
Non-current
lease liabilities
|
27,293
|
|
18,464
|
|
2,631
|
Deferred tax
liabilities
|
73,305
|
|
85,713
|
|
12,214
|
Total non-current
liabilities
|
100,598
|
|
104,177
|
|
14,845
|
Total
liabilities
|
1,470,209
|
|
1,516,916
|
|
216,158
|
|
|
|
|
|
|
Mezzanine
Equity
|
|
|
|
|
|
Redeemable
non-controlling interests
|
92,760
|
|
90,449
|
|
12,889
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Class A ordinary
shares
|
112
|
|
113
|
|
16
|
Class B ordinary
shares
|
27
|
|
27
|
|
4
|
Treasury
stock
|
(12)
|
|
(15)
|
|
(2)
|
Additional
paid-in capital
|
7,003,423
|
|
6,821,616
|
|
972,073
|
Accumulated
other comprehensive income
|
144,107
|
|
99,693
|
|
14,206
|
Accumulated
deficit
|
(2,561,963)
|
|
(2,300,236)
|
|
(327,781)
|
Total shareholders'
equity
|
4,585,694
|
|
4,621,198
|
|
658,516
|
Total liabilities,
mezzanine equity and shareholders' equity
|
6,148,663
|
|
6,228,563
|
|
887,563
|
WATERDROP
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
|
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
September 30,
2023
|
|
June 30,
2024
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue,
net
|
|
686,478
|
|
676,156
|
|
704,141
|
|
100,339
|
|
1,971,343
|
|
2,084,997
|
|
297,110
|
Operating costs and
expenses(i)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
(312,278)
|
|
(319,101)
|
|
(340,560)
|
|
(48,529)
|
|
(893,401)
|
|
(990,904)
|
|
(141,203)
|
Sales and
marketing expenses
|
|
(187,685)
|
|
(157,413)
|
|
(173,172)
|
|
(24,677)
|
|
(565,634)
|
|
(512,731)
|
|
(73,064)
|
General and
administrative expenses
|
|
(114,641)
|
|
(93,978)
|
|
(110,988)
|
|
(15,816)
|
|
(306,436)
|
|
(293,927)
|
|
(41,884)
|
Research and
development expenses
|
|
(73,942)
|
|
(53,300)
|
|
(52,951)
|
|
(7,545)
|
|
(239,254)
|
|
(162,237)
|
|
(23,119)
|
Total operating
costs and expenses
|
|
(688,546)
|
|
(623,792)
|
|
(677,671)
|
|
(96,567)
|
|
(2,004,725)
|
|
(1,959,799)
|
|
(279,270)
|
Operating
(loss)/profit
|
|
(2,068)
|
|
52,364
|
|
26,470
|
|
3,772
|
|
(33,382)
|
|
125,198
|
|
17,840
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
32,890
|
|
37,510
|
|
36,005
|
|
5,131
|
|
101,384
|
|
113,319
|
|
16,148
|
Foreign currency
exchange (loss)/gain
|
|
(3,734)
|
|
(444)
|
|
7,909
|
|
1,127
|
|
(2,614)
|
|
8,979
|
|
1,279
|
Others,
net
|
|
7,758
|
|
1,300
|
|
16,928
|
|
2,412
|
|
27,750
|
|
19,691
|
|
2,806
|
Profit before income
tax
|
|
34,846
|
|
90,730
|
|
87,312
|
|
12,442
|
|
93,138
|
|
267,187
|
|
38,073
|
Income tax
benefit/(expense)
|
|
1,479
|
|
(7,026)
|
|
7,843
|
|
1,118
|
|
14,609
|
|
(7,771)
|
|
(1,107)
|
Net
profit
|
|
36,325
|
|
83,704
|
|
95,155
|
|
13,560
|
|
107,747
|
|
259,416
|
|
36,966
|
Net (loss)/profit
attributable to mezzanine
equity classified as non-controlling interests
shareholders
|
|
(417)
|
|
(4,586)
|
|
2,350
|
|
335
|
|
(417)
|
|
(2,311)
|
|
(329)
|
Net profit
attributable to ordinary shareholders
|
|
36,742
|
|
88,290
|
|
92,805
|
|
13,225
|
|
108,164
|
|
261,727
|
|
37,295
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of
tax
|
|
8,983
|
|
13,497
|
|
(83,054)
|
|
(11,835)
|
|
76,803
|
|
(44,414)
|
|
(6,329)
|
Unrealized loss
on available for sale
investments, net of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,551)
|
|
-
|
|
-
|
Total comprehensive
income
|
|
45,308
|
|
97,201
|
|
12,101
|
|
1,725
|
|
182,999
|
|
215,002
|
|
30,637
|
Total
comprehensive (loss)/profit attributable
to mezzanine equity classified as non-
controlling interests shareholders
|
|
(417)
|
|
(4,586)
|
|
2,350
|
|
335
|
|
7,074
|
|
(2,311)
|
|
(329)
|
Total comprehensive
income attributable to
ordinary shareholders
|
|
45,725
|
|
101,787
|
|
9,751
|
|
1,390
|
|
175,925
|
|
217,313
|
|
30,966
|
Weighted average
number of ordinary shares
used in computing net profit per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
3,719,628,339
|
|
3,660,589,600
|
|
3,624,431,887
|
|
3,624,431,887
|
|
3,793,678,209
|
|
3,660,415,080
|
|
3,660,415,080
|
Diluted
|
|
3,808,529,672
|
|
3,734,346,444
|
|
3,689,357,838
|
|
3,689,357,838
|
|
3,921,118,226
|
|
3,726,590,324
|
|
3,726,590,324
|
Net profit per share
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.01
|
|
0.02
|
|
0.03
|
|
0.00
|
|
0.03
|
|
0.07
|
|
0.01
|
Diluted
|
|
0.01
|
|
0.02
|
|
0.03
|
|
0.00
|
|
0.03
|
|
0.07
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Share-based compensation expenses are
included in the operating costs and expenses as
follows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
September 30,
2023
|
|
June 30,
2024
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Sales and marketing
expenses
|
|
(8,944)
|
|
(1,320)
|
|
(1,993)
|
|
(284)
|
|
(33,361)
|
|
(5,133)
|
|
(731)
|
General and
administrative expenses
|
|
(22,060)
|
|
(16,285)
|
|
(21,297)
|
|
(3,035)
|
|
(66,642)
|
|
(51,909)
|
|
(7,397)
|
Research and
development expenses
|
|
(3,758)
|
|
(2,600)
|
|
(2,563)
|
|
(365)
|
|
(11,078)
|
|
(8,146)
|
|
(1,161)
|
Total
|
|
(34,762)
|
|
(20,205)
|
|
(25,853)
|
|
(3,684)
|
|
(111,081)
|
|
(65,188)
|
|
(9,289)
|
WATERDROP
INC.
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
(All amounts in
thousands, unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
|
September 30,
2023
|
|
June 30,
2024
|
|
September 30,
2024
|
|
September 30,
2023
|
|
September 30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
attributable to the Company's ordinary
shareholders
|
|
36,742
|
|
88,290
|
|
92,805
|
|
13,225
|
|
108,164
|
|
261,727
|
|
37,295
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense attributable to
the Company's ordinary shareholders
|
|
33,810
|
|
20,015
|
|
25,673
|
|
3,658
|
|
110,130
|
|
64,948
|
|
9,255
|
Foreign currency
exchange loss/(gain)
|
|
3,734
|
|
444
|
|
(7,909)
|
|
(1,127)
|
|
2,614
|
|
(8,979)
|
|
(1,279)
|
Impairment of
intangible assets acquired from
business combination
|
|
-
|
|
-
|
|
20,560
|
|
2,930
|
|
-
|
|
20,560
|
|
2,930
|
Tax effects on
non-GAAP adjustments
|
|
-
|
|
-
|
|
(5,140)
|
|
(732)
|
|
-
|
|
(5,140)
|
|
(732)
|
Adjusted net profit
attributable to the Company's
ordinary shareholders
|
|
74,286
|
|
108,749
|
|
125,989
|
|
17,954
|
|
220,908
|
|
333,116
|
|
47,469
|
View original
content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-third-quarter-2024-unaudited-financial-results-302328817.html
SOURCE Waterdrop Inc.