BEIJING, Sept. 4, 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 six months ended June 30, 2024 and a special cash dividend.
Financial and Operational Highlights for the Second Quarter of 2024
Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, “During the second quarter of 2024, we delivered sound results in profitability. The quarterly net profit attributable to our ordinary shareholders reached RMB88.3 million, representing a significant year-over-year growth of 306.9%.
Our insurance business has shown sequential developments with FYP increasing by 1.4% quarter-over-quarter. We have continually improved online traffic conversion capabilities and efficiency, driving the number of new users to grow at 15.8%. At the same time, we have effectively sustained the policy renewal rate at high level.
Committed to investment in technology, we further piloted our Shuishou large language model, known as “Waterdrop Guardian”, in multiple service scenarios covering medical, critical illness, and auto insurance categories. During the quarter, the Company initiated a strategic cooperation with a property & casualty (P&C) insurer. This is the first time we export a customized solution of non-life insurance and we look forward to empowering more industry partners with AI solutions.
We continually iterate service and business processes in medical crowdfunding to address user pain points. For instance, in regions populated by ethnic minorities, our platform now supports bilingual fundraising, aiding in the spread of cases within local communities and bolstered by AI-assisted bilingual case verification to minimize fraud.
During this quarter, our healthcare-related business maintained its growth, realizing a quarter-over-quarter growth of 4.1%. We collaborated with a total of 185 pharmaceutical companies and contract research organizations (“CROs”). Moreover, we enrolled more than 820 patients and initiated services for 88 new programs during the second quarter of 2024. We stay focused on digitalization trends in clinical trial and multichannel marketing solutions to serve a broader client base from this angle.
We are grateful for the ongoing support of our shareholders and investors, and prioritize shareholder interests and investor returns. The Company has actively carried out share repurchases for three consecutive years, and our board has recently approved a new annual repurchase plan. The repurchased shares will continue to be used in employee share incentive plans.
In addition, we also completed our first special cash dividend in the past quarter. We are pleased to announce that, with the board approval, the Company will soon start the second special cash dividend of approximately US$7.5 million.”
Financial Results for the Second Quarter of 2024
Operating revenue, net
Net operating revenue for the second quarter of 2024 decreased by 0.4% year over year to RMB676.2 million (US$93.0 million) from RMB678.7 million for the same period of 2023. On a quarter-over-quarter basis, net operating revenue decreased by 4.1%. Net operating revenue generated by Shenlanbao(1) for the second quarter of 2024 was RMB40.4 million (US$5.6 million).
Operating costs and expenses
Operating costs and expenses decreased by 13.4% year over year to RMB623.8 million (US$85.8 million) for the second quarter of 2024. On a quarter-over-quarter basis, operating costs and expenses decreased by 5.2%. Operating costs and expenses from Shenlanbao(1) for the second quarter of 2024 were RMB57.4 million (US$7.9 million).
Operating profit for the second quarter of 2024 was RMB52.4 million (US$7.2 million), as compared with an operating loss of RMB41.6 million for the second quarter of 2023 and an operating profit of RMB46.4 million for the first quarter of 2024.
Interest income for the second quarter of 2024 was RMB37.5 million (US$5.2 million), as compared with RMB37.6 million for the second quarter of 2023 and RMB39.8 million for the first quarter of 2024. The decrease was primarily due to the decrease in our short-term and long-term investments.
Income tax expense for the second quarter of 2024 was RMB7.0 million (US$1.0 million), as compared with an income tax benefit of RMB10.5 million for the second quarter of 2023 and an income tax expense of RMB8.6 million for the first quarter of 2024.
Net profit attributable to the Company’s ordinary shareholders for the second quarter of 2024 was RMB88.3 million (US$12.1 million), as compared with RMB21.7 million for the same period of 2023, and RMB80.6 million for the first quarter of 2024.
Adjusted net profit attributable to the Company’s ordinary shareholders (non-GAAP(2)) for the second quarter of 2024 was RMB108.7 million (US$15.0 million), as compared with RMB50.3 million for the same period of 2023, and RMB98.4 million for the first quarter of 2024.
Cash and cash equivalents and short-term investments
As of June 30, 2024, the Company had combined cash and cash equivalents and short-term investments of RMB2,933.3 million (US$403.6 million), as compared with RMB3,393.4 million as of December 31, 2023.
(1) |
We started to consolidate the financial results of Shenzhen Cunzhen Qiushi Technology Co., Ltd. and its subsidiaries (collectively, “Cunzhen Qiushi”, also known as “Shenlanbao”) in the third quarter of 2023. |
|||||||||
(2) |
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. |
Share Repurchase Programs
Pursuant to the share repurchase programs launched in September 2021, September 2022 and September 2023, respectively, we had cumulatively repurchased approximately 49.3 million ADSs from the open market with cash for a total consideration of over US$100.4 million as of August 31, 2024.
The board of the directors of the Company (the “Board”) has approved a new share repurchase program whereby the Company is authorized to repurchase its own ordinary shares in the form of American depository shares with an aggregate value of up to US$50 million during the 12-month period through September 9, 2025. The Company expects to fund the repurchase out of its existing cash balance. The Company’s proposed repurchase may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The Board will review the share repurchase program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program.
Special Cash Dividend
The Board has approved a special cash dividend of US$0.02 per ADS or US$0.002 per ordinary share to shareholders of record as of the close of business on October 11, 2024. The payment date is expected to be on or around November 5, 2024 for holders of ordinary shares and on or around November 8, 2024 for holders of ADSs.
Supplemental Information
We organize and report our business in three operating segments:
The table below sets forth the segment operating results, with the six-month comparative figures retrospectively adjusted to conform to this presentation.
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2023* |
June 30, 2024 |
||||||||||
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||
(All amounts in thousands) |
||||||||||||||
Operating revenue, net |
||||||||||||||
Insurance** |
597,437 |
606,777 |
573,832 |
78,962 |
1,133,780 |
1,180,609 |
162,457 |
|||||||
Crowdfunding |
44,677 |
67,350 |
69,323 |
9,539 |
86,699 |
136,673 |
18,807 |
|||||||
Others |
36,586 |
30,573 |
33,001 |
4,541 |
64,386 |
63,574 |
8,748 |
|||||||
Total consolidated operating |
678,700 |
704,700 |
676,156 |
93,042 |
1,284,865 |
1,380,856 |
190,012 |
|||||||
Operating profit/(loss) |
||||||||||||||
Insurance** |
99,759 |
129,163 |
122,955 |
16,919 |
254,714 |
252,118 |
34,693 |
|||||||
Crowdfunding |
(64,131) |
(32,237) |
(22,936) |
(3,156) |
(125,265) |
(55,173) |
(7,592) |
|||||||
Others |
(47,877) |
(31,432) |
(27,450) |
(3,778) |
(84,444) |
(58,882) |
(8,103) |
|||||||
Total segment operating |
(12,249) |
65,494 |
72,569 |
9,985 |
45,005 |
138,063 |
18,998 |
|||||||
Unallocated item*** |
(29,393) |
(19,130) |
(20,205) |
(2,780) |
(76,319) |
(39,335) |
(5,412) |
|||||||
Total consolidated operating |
(41,642) |
46,364 |
52,364 |
7,205 |
(31,314) |
98,728 |
13,586 |
|||||||
Total other income |
52,835 |
42,781 |
38,366 |
5,280 |
89,606 |
81,147 |
11,166 |
|||||||
Profit before income tax |
11,193 |
89,145 |
90,730 |
12,485 |
58,292 |
179,875 |
24,752 |
|||||||
Income tax benefit/(expense) |
10,504 |
(8,588) |
(7,026) |
(967) |
13,130 |
(15,614) |
(2,149) |
|||||||
Net profit |
21,697 |
80,557 |
83,704 |
11,518 |
71,422 |
164,261 |
22,603 |
* |
Staring from the second quarter of 2023, our chief operating decision maker starts to manage the business by three operating segments and assess the performance and allocate resources under the new operating segment structure. The six-month comparative figures were retrospectively adjusted to conform to this presentation. |
** |
The Company started to consolidate the financial results of Shenlanbao since July 4, 2023 and reported the results of Shenlanbao under the Insurance segment. |
*** |
The share-based compensation represents an unallocated item in the segment information because our management does not consider this 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 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 and foreign currency exchange gain or losses. Such adjustments have no impact on income tax.
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 September 4, 2024 at 8:00 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: |
9073979 |
English Interpretation Line (Listen-only Mode) Entry Number: |
6371615 |
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 September 11, 2024 by dialing the following numbers:
United States Toll Free: |
1-877-344-7529 |
International: |
1-412-317-0088 |
Chinese Line Access Code: |
7243413 |
English Interpretation Line Access Code: |
8969523 |
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 |
June 30, 2024 |
||||
RMB |
RMB |
USD |
|||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
396,905 |
719,036 |
98,943 |
||
Restricted cash |
577,121 |
507,151 |
69,786 |
||
Short-term investments |
2,996,527 |
2,214,227 |
304,688 |
||
Accounts receivable, net |
693,110 |
718,002 |
98,800 |
||
Current contract assets |
572,871 |
611,290 |
84,116 |
||
Amount due from related parties |
65 |
169 |
23 |
||
Prepaid expense and other assets |
189,846 |
194,769 |
26,801 |
||
Total current assets |
5,426,445 |
4,964,644 |
683,157 |
||
Non-current assets |
|||||
Non-current contract assets |
134,383 |
154,745 |
21,294 |
||
Property, equipment and software, net |
33,878 |
30,729 |
4,228 |
||
Intangible assets, net |
177,407 |
173,635 |
23,893 |
||
Long-term investments |
211,758 |
581,813 |
80,060 |
||
Right of use assets, net |
59,851 |
63,580 |
8,749 |
||
Deferred tax assets |
24,190 |
31,279 |
4,304 |
||
Goodwill |
80,751 |
80,751 |
11,112 |
||
Total non-current assets |
722,218 |
1,116,532 |
153,640 |
||
Total assets |
6,148,663 |
6,081,176 |
836,797 |
||
Liabilities, Mezzanine Equity and Shareholders’ Equity |
|||||
Current liabilities |
|||||
Amount due to related parties |
9,509 |
10,031 |
1,380 |
||
Insurance premium payables |
591,953 |
521,272 |
71,729 |
||
Accrued expenses and other current liabilities |
597,684 |
651,874 |
89,701 |
||
Short-term loans |
137,557 |
– |
– |
||
Current lease liabilities |
32,908 |
37,246 |
5,125 |
||
Total current liabilities |
1,369,611 |
1,220,423 |
167,935 |
||
Non-current liabilities |
|||||
Non-current lease liabilities |
27,293 |
26,462 |
3,641 |
||
Deferred tax liabilities |
73,305 |
95,592 |
13,154 |
||
Total non-current liabilities |
100,598 |
122,054 |
16,795 |
||
Total liabilities |
1,470,209 |
1,342,477 |
184,730 |
||
Mezzanine Equity |
|||||
Redeemable non-controlling interests |
92,760 |
88,099 |
12,123 |
||
Shareholders’ equity |
|||||
Class A ordinary shares |
112 |
112 |
15 |
||
Class B ordinary shares |
27 |
27 |
4 |
||
Treasury stock |
(12) |
(15) |
(2) |
||
Additional paid-in capital |
7,003,423 |
6,860,770 |
944,073 |
||
Accumulated other comprehensive income |
144,107 |
182,747 |
25,147 |
||
Accumulated deficit |
(2,561,963) |
(2,393,041) |
(329,293) |
||
Total shareholders’ equity |
4,585,694 |
4,650,600 |
639,944 |
||
Total liabilities, mezzanine equity and shareholders’ equity |
6,148,663 |
6,081,176 |
836,797 |
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 Six Months Ended |
|||||||||||||
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
||||||||||
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||
Operating revenue, net |
678,700 |
704,700 |
676,156 |
93,042 |
1,284,865 |
1,380,856 |
190,012 |
|||||||
Operating costs and expenses(i) |
||||||||||||||
Operating costs |
(333,140) |
(331,243) |
(319,101) |
(43,910) |
(581,123) |
(650,344) |
(89,490) |
|||||||
Sales and marketing expenses |
(204,548) |
(182,146) |
(157,413) |
(21,661) |
(377,949) |
(339,559) |
(46,725) |
|||||||
General and administrative expenses |
(95,997) |
(88,961) |
(93,978) |
(12,932) |
(191,795) |
(182,939) |
(25,173) |
|||||||
Research and development expenses |
(86,657) |
(55,986) |
(53,300) |
(7,334) |
(165,312) |
(109,286) |
(15,038) |
|||||||
Total operating costs and expenses |
(720,342) |
(658,336) |
(623,792) |
(85,837) |
(1,316,179) |
(1,282,128) |
(176,426) |
|||||||
Operating (loss)/profit |
(41,642) |
46,364 |
52,364 |
7,205 |
(31,314) |
98,728 |
13,586 |
|||||||
Other income |
||||||||||||||
Interest income |
37,618 |
39,804 |
37,510 |
5,162 |
68,494 |
77,314 |
10,639 |
|||||||
Foreign currency exchange gain/(loss) |
838 |
1,514 |
(444) |
(61) |
1,120 |
1,070 |
147 |
|||||||
Others, net |
14,379 |
1,463 |
1,300 |
179 |
19,992 |
2,763 |
380 |
|||||||
Profit before income tax |
11,193 |
89,145 |
90,730 |
12,485 |
58,292 |
179,875 |
24,752 |
|||||||
Income tax benefit/(expense) |
10,504 |
(8,588) |
(7,026) |
(967) |
13,130 |
(15,614) |
(2,149) |
|||||||
Net profit |
21,697 |
80,557 |
83,704 |
11,518 |
71,422 |
164,261 |
22,603 |
|||||||
Net loss attributable to mezzanine equity classified as non- |
– |
(75) |
(4,586) |
(631) |
– |
(4,661) |
(641) |
|||||||
Net profit attributable to ordinary shareholders |
21,697 |
80,632 |
88,290 |
12,149 |
71,422 |
168,922 |
23,244 |
|||||||
Other comprehensive income: |
||||||||||||||
Foreign currency translation adjustment, net of tax |
64,434 |
25,143 |
13,497 |
1,857 |
67,820 |
38,640 |
5,317 |
|||||||
Unrealized loss on available for sale investments, net of tax |
(3,508) |
– |
– |
– |
(1,551) |
– |
– |
|||||||
Total comprehensive income |
82,623 |
105,700 |
97,201 |
13,375 |
137,691 |
202,901 |
27,920 |
|||||||
Total comprehensive loss attributable to mezzanine equity classified |
– |
(75) |
(4,586) |
(631) |
– |
(4,661) |
(641) |
|||||||
Total comprehensive income attributable to ordinary shareholders |
82,623 |
105,775 |
101,787 |
14,006 |
137,691 |
207,562 |
28,561 |
|||||||
Weighted average number of ordinary shares used in computing |
||||||||||||||
Basic |
3,795,521,186 |
3,696,619,172 |
3,660,589,600 |
3,660,589,600 |
3,831,316,817 |
3,678,604,386 |
3,678,604,386 |
|||||||
Diluted |
3,949,592,050 |
3,756,462,107 |
3,734,346,444 |
3,734,346,444 |
3,988,673,677 |
3,745,404,276 |
3,745,404,276 |
|||||||
Net profit per share attributable to ordinary shareholders |
||||||||||||||
Basic |
0.01 |
0.02 |
0.02 |
0.00 |
0.02 |
0.05 |
0.01 |
|||||||
Diluted |
0.01 |
0.02 |
0.02 |
0.00 |
0.02 |
0.05 |
0.01 |
|||||||
(i) Share-based compensation expenses are included in the operating costs and expenses as follows. |
||||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
||||||||||
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||
Sales and marketing expenses |
(7,888) |
(1,820) |
(1,320) |
(181) |
(24,417) |
(3,140) |
(432) |
|||||||
General and administrative expenses |
(18,122) |
(14,327) |
(16,285) |
(2,241) |
(44,582) |
(30,612) |
(4,212) |
|||||||
Research and development expenses |
(3,383) |
(2,983) |
(2,600) |
(358) |
(7,320) |
(5,583) |
(768) |
|||||||
Total |
(29,393) |
(19,130) |
(20,205) |
(2,780) |
(76,319) |
(39,335) |
(5,412) |
WATERDROP INC. |
||||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
||||||||||||||
(All amounts in thousands, unless otherwise noted) |
||||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
||||||||||
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||
Net profit attributable to the Company’s ordinary shareholders |
21,697 |
80,632 |
88,290 |
12,149 |
71,422 |
168,922 |
23,244 |
|||||||
Add: |
||||||||||||||
Share-based compensation expense attributable to the Company’s |
29,393 |
19,260 |
20,015 |
2,754 |
76,319 |
39,274 |
5,404 |
|||||||
Foreign currency exchange (gain)/loss |
(838) |
(1,514) |
444 |
61 |
(1,120) |
(1,070) |
(147) |
|||||||
Adjusted net profit attributable to the Company’s ordinary |
50,252 |
98,378 |
108,749 |
14,964 |
146,621 |
207,126 |
28,501 |
SOURCE Waterdrop Inc.
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