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BEIJING, Dec. 6, 2022 /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 third quarter ended September 30, 2022. Financial and Operational Highlights for the Third Quarter of 2022 Healthy and solid revenue growth: For the third quarter of 2022, the first-year premiums ("FYP") generated through our Waterdrop Insurance Marketplace amounted to RMB1,785.3 million (US$251.0 million), an increase of 8.4% quarter over quarter. Our net operating revenue was RMB772.2 million (US$108.6 million), representing an increase of 10.1% quarter over quarter, extending our growth momentum as we made further progress on reforming our business strategy. Effective cost control and sustained profitability: For the third quarter of 2022, our sales and marketing expenses decreased by 82.4%, and total operating costs and expenses decreased by 50.5% year over year. Our net profit reached RMB169.6 million (US$23.8million), continuing the trend in profitability since the beginning of 2022. Our solid financial performance highlights our achievements in cost control and profit enhancement. Positive cash flow: As of September 30, 2022, our cash and cash equivalents and short-term investments balance increased by RMB300.5 million from the end of the second quarter of 2022 to RMB3,588.6 million (US$504.5 million), as we continued to generate positive operating cash flow, partially offset by the investing and financing cash outflow. Further expanded product offerings: As of September 30, 2022, we offered 536 insurance products on our platform, as compared with 454 as of June 30, 2022. In the third quarter of 2022, the FYP generated from critical illness insurance products increased by 7.8% quarter over quarter and accounted for 28.6% of overall FYP. As of September 30, 2022, around 420 million people cumulatively had donated an aggregate of approximately RMB55.4 billion to over 2.69 million patients through Waterdrop Medical Crowdfunding. Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "We delivered another quarter of solid financial performance with revenue increasing by 10.1% sequentially despite the COVID-19 resurgence and soft macroeconomic environment. In addition, our net profit reached RMB169.6 million in the third quarter, which once again demonstrated our ability to maintain our consistent momentum toward achieving the profitability goal we set for the full year. For our insurance business, we continually launched customized critical illness insurance products waiving health declarations, enriching our product offering to the next level. During the quarter, we enhanced our take rates and sustained our repurchase and renewal rates at high levels. By leveraging the competitive advantages born out of our unique integrated business model, and by maintaining high-frequency engagements with our users at all levels through various channels, we have been able to proactively align our insurance business directions and operational strategies with what users really need. Take one of our customized critical illness products as an example: the product was designed for the children, offering additional medical service benefits for leukemia. It has filled the gap in the insurance coverage for the pediatric group and provided them with more comprehensive protection. Meanwhile, to further meet the needs of younger users, we provided more cost-effective products for this group, and consequently, the premiums contributed from users under 40 increased by 20% quarter over quarter. For the medical crowdfunding business, our Operational Transparency Committee continued to enhance operational controls related to authenticity and transparency, and launched several new initiatives to increase the transparency of fund flows for each donation. Thanks to our effective measures, there has been no malicious fundraising activities on our platform for several consecutive months. In the third quarter, our E-find Patient Platform sustained its growth momentum, recruiting more than 900 patients for clinical trials and bringing the total number of clinical trial programs to over 400. In particular, our E-find Patient Platform has established collaborations with a number of leading partners, which has allowed us to work on several international multicenter clinical trials initiated by multinational pharmaceutical companies. Our unique digital patient recruitment capabilities have helped us build up an influential position in the industry. Looking ahead, we will continue to uphold our commitment to offering multi-level protection, establishing ourselves as a role model for Chinese insurtech and healthcare platforms, and generating increasing value for our users, shareholders, and society." Financial Results for the Third Quarter of 2022 Operating revenue, net Net operating revenue for the third quarter of 2022 decreased by 0.9% year over year to RMB772.2 million (US$108.6million) from RMB779.3 million for the same period of 2021, which remained relatively flat. 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 RMB693.5 million (US$97.5 million) in the third quarter of 2022, representing a decrease of 8.6% year over year from RMB758.6 million for the third quarter of 2021, which was mainly due to the decrease in insurance brokerage income. 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. Since April 7, 2022, our crowdfunding platform has ceased to fully subsidize the related cost and started to charge a service fee of 3% of the funds raised, up to a maximum amount of RMB5,000 for a single campaign. Considering the specific situation of each case, we may selectively subsidize the service fee for certain extremely needy patients. For the third quarter of 2022, we generated RMB59.0 million in service fees, compared to nil in the same period of 2021. Operating costs and expenses Operating costs and expenses decreased by 50.5% year over year to RMB639.6 million (US$89.9 million) for the third quarter of 2022, due to the effective cost control measures taken since the third quarter of 2021. On a quarter-over-quarter basis, operating costs and expenses increased by 17.3%. Operating costs increased by 15.2% year over year to RMB341.3 million (US$48.0 million) for the third quarter of 2022, compared with RMB296.3 million for the third quarter of 2021, which was primarily driven by (i) a RMB22.8 million increase in professional and outsourced customer service fees, (ii) an increase of RMB63.7 million mainly due to recording the crowdfunding consultants team costs as operating costs rather than as sales and marketing expense, as we started to generate crowdfunding service fees since April, 2022, and (iii) a RMB19.5 million increase in the cost of one-year health insurance coverage related to the termination of mutual aid plan based on the final settlement information, partially offset by (iv) a RMB85.0 million decrease in personnel cost for our consultants and insurance agents team. On a quarter-over-quarter basis, operating costs increased by 39.5% in the third quarter of 2022, primarily due to the fact that professional and outsourced customer service fees increased by RMB64.1 million, as compared to the second quarter of 2022. Sales and marketing expenses decreased materially by 82.4% year over year to RMB137.9 million (US$19.4 million) for the third quarter of 2022, compared with RMB781.7 million for the same quarter of 2021. The decrease was primarily due to (i) a RMB500.6 million decrease in marketing expenses to third-party traffic channels and (ii) a RMB124.2 million decrease in outsourced sales and marketing service fees to third parties. On a quarter-over-quarter basis, sales and marketing expenses remained stable compared with RMB144.4 million for the second quarter of 2022. General and administrative expenses decreased by 26.4% year over year to RMB82.0 million (US$11.5 million) for the third quarter of 2022, compared with RMB111.4 million for the same quarter of 2021. The year-over-year variance was due to the combined impact of (i) a decrease of RMB8.7 million in share-based compensation expenses, (ii) a RMB9.9 million decrease in personnel cost, and (iii) a decrease of RMB5.4 million in rental expenses. On a quarter-over-quarter basis, general and administrative expenses remained stable compared with RMB86.1 million for the second quarter of 2022. Research and development expenses decreased by 23.8% year over year to RMB78.4 million (US$11.0 million) for the third quarter of 2022, compared with RMB102.9 million for the same period of 2021. The decrease was primarily due to RMB19.5 million decreases in research and development personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, research and development expenses increased by 11.3% from RMB70.4 million, which was mainly due to RMB7.7 million increases in research and development personnel costs and share-based compensation expenses. Operating profit for the third quarter of 2022 was RMB132.6 million (US$18.6 million), compared with an operating loss of RMB513.0 million for the third quarter of 2021 and a profit of RMB155.9 million for the second quarter of 2022. Interest income for the third quarter of 2022 was RMB24.3 million (US$3.4 million), compared with RMB11.9 million for the same period of 2021. The increase was primarily due to the increase in our bank balance and short-term investments as a result of the positive operating cash flow generated from the business. Income tax benefit for the third quarter of 2022 was RMB9.1 million (US$1.3million), compared with an income tax benefit of RMB8.2 million for the same period of 2021. Net profit attributable to Waterdrop for the third quarter of 2022 was RMB169.6 million (US$23.8million), compared with a net loss of RMB477.0 million for the same period of 2021, and a net profit of RMB206.9 million for the second quarter of 2022. Adjusted net profit attributable to Waterdrop for the third quarter of 2022 was RMB215.7 million (US$30.3 million), compared with an adjusted net loss of RMB453.6 million for the same period of 2021, and an adjusted net profit of RMB232.5 million for the second quarter of 2022. Cash and cash equivalents and short-term investments As of September 30, 2022, the Company had combined cash and cash equivalents and short-term investments of RMB3,588.6 million (US$504.5 million), as compared with RMB2,787.1 million as of December 31, 2021. Share Repurchase Plan Pursuant to the share repurchase program launched in September 2021 and amended in September 2022, as of the end of the third quarter of 2022, we cumulatively repurchased approximately 5.8 million ADSs from the open market with cash for a total consideration of approximately US$8.5 million. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") 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 RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 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 Measures The Company uses non-GAAP financial measures, such as adjusted net operating revenue and adjusted net profit/loss, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net operating revenue represents net operating revenue excluding management fee income from mutual aid business. Adjusted net profit/loss represents net profit/loss excluding share-based compensation expense, the impact of terminating the mutual aid plan and foreign currency exchange gain or losses. Such adjustments have no impact on income tax. The non-GAAP financial measures are 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 measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them 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 measures to the most directly comparable GAAP measures. Adjusted net operating revenue and adjusted net profit/loss 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 our 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 "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 Securities and Exchange Commission (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 6, 2022 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 Elite Entry Number: 5857670 Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call. A telephone replay will be accessible two hours after the conclusion of the conference call through December 13, 2022 by dialing the following numbers: United States Toll Free: 1-877-344-7529 International: 1-412-317-0088 Access Code: 4470089 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 contactWaterdrop Inc.IR@shuidi-inc.com WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, unless otherwise noted) As of December 31,2021 September 30,2022 RMB RMB USD Assets Current assets Cash and cash equivalents 817,719 598,353 84,115 Restricted cash 667,664 464,646 65,319 Short-term investments 1,969,362 2,990,238 420,361 Accounts receivable, net 643,843 762,402 107,177 Current contract assets 563,611 389,314 54,729 Amount due from related parties 1,049 477 67 Prepaid expense and other assets 369,794 338,962 47,650 Total current assets 5,033,042 5,544,392 779,418 Non-current assets Non-current contract assets 29,889 93,728 13,176 Property, equipment and software, net 44,762 35,302 4,963 Intangible assets, net 56,753 56,649 7,964 Long-term investments 11,812 12,034 1,692 Right of use assets, net 59,081 24,944 3,507 Deferred tax assets 11,840 - - Goodwill 3,420 3,420 481 Total non-current assets 217,557 226,077 31,783 Total assets 5,250,599 5,770,469 811,201 Liabilities and Shareholders' Equity Current liabilities Amount due to related parties 20,449 11,886 1,671 Insurance premium payables 685,028 468,504 65,861 Deferred revenue 803 - - Accrued expenses and other current liabilities 498,752 579,313 81,439 Current lease liabilities 44,113 15,815 2,223 Total current liabilities 1,249,145 1,075,518 151,194 Non-current liabilities Non-current lease liabilities 14,477 6,203 872 Deferred tax liabilities 13,551 20,501 2,882 Total non-current liabilities 28,028 26,704 3,754 Total liabilities 1,277,173 1,102,222 154,948 Shareholders' equity Class A ordinary shares 107 107 15 Class B ordinary shares 27 27 4 Treasury stock - (2) - Additional paid-in capital 7,329,420 7,368,355 1,035,827 Accumulated other comprehensive (loss)/income (21,492) 152,881 21,492 Accumulated deficit (3,334,636) (2,853,121) (401,085) Total shareholders' equity 3,973,426 4,668,247 656,253 Total liabilities and shareholders' equity 5,250,599 5,770,469 811,201 WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (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, September 30, 2021 June 30, 2022 September 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Operating revenue, net 779,305 701,418 772,192 108,553 2,602,026 2,122,298 298,348 Operating costs and expenses(i) Operating costs (296,317) (244,616) (341,293) (47,978) (857,342) (740,789) (104,138) Sales and marketing expenses (781,671) (144,423) (137,919) (19,388) (2,863,759) (486,685) (68,417) General and administrative expenses (111,419) (86,054) (82,039) (11,533) (381,807) (270,088) (37,968) Research and development expenses (102,889) (70,402) (78,378) (11,018) (288,023) (219,605) (30,872) Total operating costs and expenses (1,292,296) (545,495) (639,629) (89,917) (4,390,931) (1,717,167) (241,395) Operating (loss)/profit (512,991) 155,923 132,563 18,636 (1,788,905) 405,131 56,953 Other income Interest income 11,928 15,213 24,331 3,420 36,470 54,036 7,596 Foreign currency exchange gain/(loss) 12,708 163 (1,012) (142) 14,965 (196) (28) Others, net 3,133 15,888 4,598 646 8,566 44,975 6,323 (Loss)/profit before income tax (485,222) 187,187 160,480 22,560 (1,728,904) 503,946 70,844 Income tax benefit/(expense) 8,247 19,756 9,134 1,284 226,021 (22,431) (3,153) Net (loss)/profit attributable to Waterdrop Inc. (476,975) 206,943 169,614 23,844 (1,502,883) 481,515 67,691 Preferred shares redemption value accretion - - - - (152,287) - - Net (loss)/profit attributable to ordinary shareholders (476,975) 206,943 169,614 23,844 (1,655,170) 481,515 67,691 Net (loss)/profit (476,975) 206,943 169,614 23,844 (1,502,883) 481,515 67,691 Other comprehensive (loss)/income: Foreign currency translation adjustment, net of tax (14,140) 83,901 93,742 13,178 (26,175) 169,860 23,879 Unrealized (loss)/gains on available for sale investments, net of tax (181) 3,100 341 48 38 4,513 634 Comprehensive (loss)/income (491,296) 293,944 263,697 37,070 (1,529,020) 655,888 92,204 Weighted average number of ordinary shares used in computing net (loss)/profit per share Basic 3,940,716,014 3,926,602,657 3,916,993,146 3,916,993,146 2,672,182,796 3,927,371,780 3,927,371,780 Diluted 3,940,716,014 4,006,060,346 3,999,147,416 3,999,147,416 2,672,182,796 4,007,639,428 4,007,639,428 Net (loss)/profit per share attributable to ordinary shareholders Basic (0.12) 0.05 0.04 0.01 (0.62) 0.12 0.02 Diluted (0.12) 0.05 0.04 0.01 (0.62) 0.12 0.02 (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, September 30, 2021 June 30, 2022 September 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Sales and marketing expenses (2,363) (1,771) (1,912) (269) (8,977) (6,485) (912) General and administrative expenses (28,412) (19,976) (19,665) (2,764) (164,372) (56,562) (7,951) Research and development expenses (5,265) (3,998) (3,975) (559) (21,038) (11,257) (1,582) Total (36,040) (25,745) (25,552) (3,592) (194,387) (74,304) (10,445) 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, September 30, 2021 June 30, 2022 September 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Net operating revenue 779,305 701,418 772,192 108,553 2,602,026 2,122,298 298,348 Less: Management fee income - - - - 2,745 (ii) - - Adjusted net operating revenue 779,305 701,418 772,192 108,553 2,599,281 2,122,298 298,348 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 June 30, 2022 September 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Net (loss)/profit (476,975) 206,943 169,614 23,844 (1,502,883) 481,515 67,691 Add: Share-based compensation expense 36,040 25,745 25,552 3,592 194,387 74,304 10,445 Foreign currency exchange (gain)/loss (12,708) (163) 1,012 142 (14,965) 196 28 Impact of terminating the mutual aid plan (iii) - - 19,549 2,748 96,697 19,549 2,748 Adjusted net (loss)/profit (453,643) 232,525 215,727 30,326 (1,226,764) 575,564 80,912 (ii) This represents the net management fee revenue related to the mutual aid business for the three months ended March 31, 2021 after recording the RMB19.9 million reduction of management fee revenue previously recognized for each participant to the extent of the cumulative amount earned until March 26, 2021. (iii) This represents the estimated cost of medical expenses and cost of one-year health insurance coverage. RMB19.9 million (US$3.0 million) was accounted for as a reduction of management fee revenue previously recognized for each participant to the extent of the cumulative amount earned until March 26, 2021. RMB96.4 million (US$13.6 million) was recorded as operating costs.
BEIJING, Dec. 2, 2022 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH) ("Waterdrop" or the "Company"), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced that it will report its unaudited financial results for the third quarter ended September 30, 2022, before U.S. markets open on Tuesday, December 6, 2022. Waterdrop's management team will hold a conference call on December 6, 2022 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 Elite Entry Number: 5857670 Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call. A telephone replay will be accessible two hours after the conclusion of the conference call through December 13, 2022 by dialing the following numbers: United States Toll Free: 1-877-344-7529 International: 1-412-317-0088 Access Code: 4470089 Additionally, a live and archived webcast of the conference call will 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
NEW YORK, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Deutsche Bank today announced the lineup for its Depositary Receipts Virtual Investor Conference (“dbVIC”) on Wednesday, November 16 and Thursday, November 17, featuring live webcast presentations from international companies with American Depositary Receipt (ADR) programs in the US. Representatives from participating companies based in Australia, China, Hong Kong, Germany, and Switzerland will respond to questions during formal presentations and will also interact with investors via virtual trade booths. The conference is targeted to all categories of investors and analysts interested in non-US companies. There is no fee for participants to log in, attend live presentations and/or ask questions. Please register via this link: www.adr.db.com/dbvic Pre-registration is suggested. November 16 Agenda (US Eastern Standard Time): 8:00 AM: First Pacific Company Limited (HKEX: 142, OTC: FPAFY) 9:00 AM: Puyi Inc. (NASDAQ: PUYI) 9:30 AM: Vection Technologies Ltd (ASX: VR1, OTC: VCTTF) 10:00 AM: Deutsche Lufthansa AG (FRA: LHA, OTC: DLAKY) November 17 Agenda (US Eastern Standard Time): 8:00 AM: Hywin Holdings Ltd (Nasdaq: HYW) 8:30 AM: 51Talk Online Education Group (NYSE: COE) 9:00 AM: European Metals Holdings Ltd (ASX: EMH, OTC: EMHXY) 9:30 AM: Lizhi Inc. (NASDAQ: LIZI) 10:30 AM: Swiss Re Ltd (SWX: SREN, OTC: SSREY) 11:00 AM: HUTCHMED (China) Ltd (HKEX:13, NASDAQ: HCM) The presentations will be available for replay after the Conference. In addition to specializing in administering cross-border equity structures such as American and Global Depositary Receipts, Deutsche Bank provides corporates, financial institutions, hedge funds and supranational agencies around the world with trustee, agency, escrow and related services. The Bank offers a broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings. For further information, please contact: Deutsche Bank AG Press & Media Relations Jon Laycock Phone: +1 212 250-9504 E-Mail: jon.laycock@db.com Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. Deutsche Bank is sponsoring the Deutsche Bank Depositary Receipt Investor Conference solely for informational purposes. Deutsche Bank does not prepare, review, approve or edit any presentations, statements, documents or other information or materials, whether in written, electronic or verbal form, provided by any company participating in such conference, and disclaims any responsibility for the accuracy or adequacy of any such information or materials. Deutsche Bank is not promoting, endorsing or recommending any company participating in the conference. The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the “Act”). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Conduct Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© November 2022 Deutsche Bank AG. All rights reserved.
Turin, 19th October 2022. Iveco Group N.V. (MI: IVG) announces that its financial results for the Third Quarter of 2022 will be presented on Wednesday, 9th November 2022. The press release, presentation and other earnings’ supporting documents are expected to be posted on the corporate website at Financials | Iveco Group in the morning. A live audio webcast of the 2022 Third Quarter results conference call will take place later the same day at 6:00pm CET / 5:00pm GMT. Details for accessing the webcast presentation are available at the following address: Q3 2022 IVECO GROUP webcast For those unable to take part in the live session, a replay will be available in the Investors section of the company website (www.ivecogroup.com) following the conference call. Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly-specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs approximately 34,000 people around the world and has 28 manufacturing plants and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com Media Contacts: Francesco Polsinelli, Tel: +39 335 1776091 Fabio Lepore, Tel: +39 335 7469007 E-mail: mediarelations@ivecogroup.com Investor Relations: Federico Donati, Tel: +39 011 0073539 E-mail: investor.relations@ivecogroup.com
最新的DisplayPort規格與USB Type-C及USB4介面更佳契合； 增添新功能以利用USB4達成更高效率的DisplayPort穿隧 美國視訊電子標準協會（VESA®）今日宣布推出最新的DisplayPort 2.1版本規格，可以反向相容並取代前代版本的DisplayPort（DisplayPort 2.0）。VESA與協會成員企業持續密切合作，以確保支援DisplayPort 2.0的產品可以完全符合更新、要求更高的DisplayPort 2.1規格。所有先前獲得DisplayPort 2.0認證的產品也因此受惠，包括通過UHBR（Ultra-high Bit Rate）認證的產品，不論是繪圖處理器、擴充基座晶片、顯示器純量晶片、諸如數位重計時器（re-timer）的埠實體層（PHY）中繼器晶片，或是DP40/ DP80訊號線（包括被動與主動、以及使用全尺寸的DisplayPort、Mini DisplayPort或USB Type-C接頭的訊號線），皆已取得更嚴格的DisplayPort 2.1的規格認證。 無論是透過原生的DisplayPort訊號線、透過DisplayPort Alt Mode（利用USB Type-C接頭傳送DisplayPort訊號）傳送，或穿隧通過USB4鏈路以達到強大的端對端用戶視覺體驗，都是VESA DisplayPort規格的第一要務。因此，DisplayPort 2.1已經與USB Type-C規格及USB4 PHY規格更緊密契合，促成可同時服務DisplayPort及USB4的共用PHY。此外，DisplayPort 2.1亦增加全新的DisplayPort頻寬管理功能，讓DisplayPort穿隧在USB4鏈路上以更高的效率與其它I/O資料流量共存。除了效率的提升，也強制要求必須支援VESA的視覺無損顯示串流壓縮（DSC）編碼解碼器，以及VESA的Panel Replay協定。DSC位元流的支援讓DisplayPort的傳輸頻寬減少超過67%，卻不會產生視覺雜訊；而VESA的Panel Replay功能在Panel Replay開始運作時，可以為DisplayPort的穿隧封包降低99%以上的傳輸頻寬。 VESA董事長暨VESA DisplayPort任務小組主席Alan Kobayashi表示：「在共用的PHY上達成DisplayPort與USB間更佳的契合度，一直是VESA內部極為努力達成的重要課題，特別是考量到DisplayPort與USB4生態系使用場景大幅重疊的情況。DisplayPort 2.1讓DisplayPort與USB4 PHY規格完成聚合，在各式各樣的消費產品上都能確保達到最高的視訊效能。透過DisplayPort進行的顯示器傳輸由於位元率較高，而且即便是處理高動態範圍（HDR）的視訊內容，DSC壓縮的影像品質也已經通過考驗，因此可以為幾乎所有的實際應用需求提供充裕的頻寬。諸如利用單一訊號線驅動多個顯示器等功能，或是以單一連接埠促成如視訊、功率與資料傳輸等多種功能，都無須在視訊格式的選擇上做任何妥協。來自電子業生態系300多家成員企業的寶貴貢獻，造就了DisplayPort視訊介面的先進功能。」 DisplayPort 2.1亦更新DisplayPort訊號線的規格，為全尺寸與Mini DisplayPort訊號線的配置提供進一步的強健性與增強，促成更完善的連接性與更長的訊號線長度（DP40訊號線超過2公尺、DP80訊號線超過1公尺），卻不減損UHBR的效能。VESA認證的DP40訊號線最高可以支援UHBR10鏈路速率（10 Gbps）並具備四個通道，最大可提供40 Gbps的傳輸量；而VESA認證的DP80訊號線最高可支援UHBR20鏈路速率（20 Gbps）並具備四個通道，可提供80 Gbps的最高傳輸量。 VESA法遵計劃經理James Choate表示：「對於包含DisplayPort在內的所有標準，VESA都投入龐大的資源進行測試與稽查程序，包括採用VESA規格的產品之間的互通性測試。這是為了確保市場上宣稱支援VESA標準的產品皆符合我們建立的高品質標準。VESA持續研究並開發可提升我們稽查流程的新程序，確保支援DisplayPort與其它VESA規格的高品質產品能在市場上穩健運作。有賴於測試設備業者的貢獻，VESA已建立起紮實的測試基礎設施，可以支援市面上DisplayPort 2.1認證裝置更廣泛的測試與部署。」 關於 VESA 美國視訊電子標準協會（VESA）是國際非營利標準協會，會員來自全球超過300家硬體、軟體、電腦、螢幕和零組件製造商，並致力發展和推廣電子業。30年來，VESA為現今視訊和電子產業設計和推廣簡單、具通用性的跨產品解決方案。VESA的各項標準包括有可取代DVI、LVDS和VGA等業界標準的DisplayPort™，其運用先進的數位傳輸協定，並提供一個可擴充的基礎，以實現令人驚艷的數位顯示體驗。如欲了解更多VESA相關資訊，請瀏覽VESA官網http://www.vesa.org/。 VESA®為註冊商標，DisplayPortTM是VESA的商標。本文提及的所有其他商標、服務商標、註冊商標和註冊服務商標均為其各自所有者的財產。
BEIJING, Sept. 9, 2022 /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 second quarter ended June 30, 2022. Financial and Operational Highlights for the Second Quarter of 2022 Healthy and solid revenue growth: For the second quarter of 2022, the first-year premiums ("FYP") generated through our Waterdrop Insurance Marketplace amounted to RMB1,646.3 million (US$245.8 million), and our net operating revenue was RMB701.4 million (US$104.7 million) which represented an increase of 8.1% quarter over quarter, further solidifying our growth trajectory as we continued to implement our new strategy. Consistent cost control and significant profit enhancement: For the second quarter of 2022, our sales and marketing expenses decreased by 88.4%, and total operating costs and expenses decreased by 68.9% year over year, respectively. Our net profit reached RMB206.9 million (US$30.9 million), following the profit of RMB105.0 million in the first quarter of 2022, representing a significant increase of 97.2% quarter over quarter. The profits we have delivered over three consecutive quarters demonstrate the effectiveness of the measures we have taken to control costs and enhance profitability. Positive cash flow: As of June 30, 2022, our cash and cash equivalents and short-term investment balance increased by RMB363.9 million from the end of the first quarter of 2022 to RMB3,288.1 million (US$490.9 million), as we continued to generate positive operating cash flow, partially offset by the investing and financing cash outflow. Further expanded product offerings: As of June 30, 2022, we offered 454 insurance products on our platform, as compared with 408 as of March 31, 2022. Over 90% of the FYP generated through our Waterdrop Insurance Marketplace was contributed by our exclusive customized insurance products. In the second quarter of 2022, the FYP of critical illness insurance accounted for 28.7% of overall FYP, compared to 27.6% in the first quarter of 2022. As of June 30, 2022, over 412 million people cumulatively donated an aggregate of approximately RMB53.3 billion to over 2.58 million patients through Waterdrop Medical Crowdfunding. Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "In the second quarter of 2022, we made further progress in enhancing our profitability. At this stage, our profits derive solely from insurance-related business. This third consecutive quarter of profitability is a testament to the fact that our business has entered the profit-making phase. Going forward, we will continue to strengthen our operational efficiency and optimize cost structure to achieve a healthy development. Our strong operational and financial performance has once again enhanced our confidence in our ability to maintain momentum and achieve the overall profitability goal we set for the full year of 2022. For our insurance business, we continued to optimize the operating model of 'multi-platform, multi-supply and multi-service mode' in the second quarter. Down the road, we will continue to strengthen insurance product innovation and offer value-added services to diverse customer segments, while actively exploring other potential growth channels. We managed to enhance our take rate and maintain the repurchase and renewal rates at a high level. We also launched 'Waterdrop Blue Ocean', the industry's first customized critical illness insurance products waiving health declarations, further expanding our user base beyond healthy customers to extend coverage to customers with pre-existing medical conditions. For our medical crowdfunding business, we established an Operational Transparency Committee to systematically ensure the authenticity of the campaigns initiated on the Waterdrop Medical Crowdfunding platform, and to safeguard the rights and interests of fundraisers and donors. I myself serve as the head of the committee. We will make every effort to promote the best practices and the orderly development of the whole industry. In the second quarter of 2022, our E-find Patient Platform sustained its high growth momentum. We successfully enrolled approximately 700 patients in clinical trials and onboarded over 60 new programs by partnering with leading pharmaceutical companies, bringing the total number of clinical trial programs for new drug registrations to more than 300. Apart from the rapid progress of oncology and chronic disease clinical trials, we also made new breakthroughs in the field of rare diseases. Our E-find Patient Platform has become one of China's leading patient recruitment platforms thanks to our deliberate efforts, our ability to efficiently and accurately recruit patients suitable for trial projects, as well as our high operational efficiency. We have now collaborated with most of the top innovative pharmaceutical manufacturers and are exploring CRO business opportunities along the industry chain to maximize our advantages in healthcare." Financial Results for the Second Quarter of 2022 Operating revenue, net Net operating revenue for the second quarter of 2022 decreased by 25.3% year over year to RMB701.4 million (US$104.7 million) from RMB939.4 million for the same period of 2021, which was primarily due to the decrease of RMB273.1 million in insurance-related income, partially offset by the increase of RMB56.1 million from crowdfunding service fees. Net operating revenue increased by 8.1% compared with the first quarter of 2022, mainly driven by the increase in crowdfunding service fees. 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 brokerages, and agency companies. Our insurance-related income amounted to RMB625.9 million (US$93.4 million) in the second quarter of 2022, representing a decrease of 30.4% year over year from RMB899.1 million for the second quarter of 2021, which was mainly due to the decrease in insurance brokerage income. 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 on the internet, enabling those 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. Since April 7, 2022, our crowdfunding platform has ceased to fully subsidize the related cost and started to charge a service fee of 3% of the funds raised, up to a maximum amount of RMB5,000 for a single campaign. Considering the specific situation of each case, we may selectively subsidize the service fee for certain extremely needy patients. For the second quarter of 2022, we generated RMB56.1 million in service fees, compared to nil in the same period of 2021, and those fees are used to cover part of the operating costs of the crowdfunding platform. Operating costs and expenses Operating costs and expenses decreased by 68.9% year over year to RMB545.5 million (US$81.4 million) for the second quarter of 2022, due to the effective cost control measures taken since the third quarter of 2021. On a quarter-over-quarter basis, operating costs and expenses slightly increased by 2.5%. Operating costs decreased by 6.1% year over year to RMB244.6 million (US$36.5 million) for the second quarter of 2022, compared with RMB260.4 million for the second quarter of 2021, which was primarily driven by (i) a RMB58.1 million decrease in personnel cost for our consultants and insurance agents team; (ii) a RMB35.5 million decrease in professional and outsourced customer service fees, partially offset by (iii) the increase of RMB61.5 million mainly due to recording the crowdfunding consultants team costs from sales and marketing expense to operating costs, as we started to generate crowdfunding service fees since April, 2022. On a quarter-over-quarter basis, operating costs increased by 57.9%in the second quarter of 2022, primarily because the crowdfunding direct costs of RMB61.5 million were recorded in operating costs in the second quarter of 2022 as mentioned above, and the professional and outsourced customer service fees increased by RMB15.8 million, as compared to the first quarter of 2022. Sales and marketing expenses decreased materially by 88.4% year over year to RMB144.4 million (US$21.6 million) for the second quarter of 2022, compared with RMB1,244.9 million for the same quarter of 2021. The decrease was primarily due to (i) a RMB956.0 million decrease in marketing expenses to third-party traffic channels and (ii) a RMB136.4 million decrease in outsourced sales and marketing service fees to third parties. On a quarter-over-quarter basis, sales and marketing expenses decreased by 29.3% from RMB204.3 million for the first quarter of 2022. This was mainly due to the decrease of RMB61.5 million in crowdfunding related direct costs recorded from sales and marketing expenses to operating costs as above mentioned. General and administrative expenses decreased by 42.3% year over year to RMB86.1 million (US$12.8 million) for the second quarter of 2022, compared with RMB149.1 million for the same quarter of 2021. The year-over-year variance was due to a combined impact of (i) a decrease of RMB54.0 million in share-based compensation expenses, and (ii) a RMB6.7 million decrease in personnel cost. On a quarter-over-quarter basis, general and administrative expenses decreased by 15.6% from RMB102.0 million for the first quarter of 2022, which was mainly due to a decrease of RMB10.9 million in allowance for doubtful accounts and RMB2.3 million in personnel cost and share-based compensation expenses. Research and development expenses decreased by 29.8% year over year to RMB70.4 million (US$10.5 million) for the second quarter of 2022, compared with RMB100.3 million for the same period of 2021. The decrease was primarily due to RMB26.5 million decreases in research and development personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, research and development expenses remained stable. Operating profit for the second quarter of 2022 was RMB155.9 million (US$23.3 million), compared with an operating loss of RMB815.4 million for the second quarter of 2021 and a profit of RMB116.6 million for the first quarter of 2022. Interest income for the second quarter of 2022 was RMB15.2 million (US$2.3 million), compared with RMB11.3 million for the same period of 2021. The increase was primarily due to the increase in our bank balance and short-term investments as a result of the receipt of net proceeds from the completion of our initial public offering in May 2021 and positive operating cash flow generated from the business. Income tax benefit for the second quarter of 2022 was RMB19.8 million (US$2.9 million), compared with an income tax benefit of RMB143.5 million for the same period of 2021. Net profit attributable to Waterdrop for the second quarter of 2022 was RMB206.9 million (US$30.9 million), compared with a net loss of RMB655.8 million for the same period of 2021, and a net profit of RMB105.0 million for the first quarter of 2022. Adjusted net profit attributable to Waterdrop for the second quarter of 2022 was RMB232.5 million (US$34.7 million), compared with an adjusted net loss of RMB570.1 million for the same period of 2021, and an adjusted net profit of RMB127.3 million for the first quarter of 2022. Cash and cash equivalents and short-term investments As of June 30, 2022, the Company had combined cash and cash equivalents and short-term investments of RMB3,288.1 million (US$490.9 million), as compared with RMB2,787.1 million as of December 31, 2021. Share Repurchase Plan Pursuant to the 12-month share repurchase program announced on September 8, 2021, since the announcement up to the end of the second quarter of 2022, we cumulatively repurchased approximately 4.7 million ADSs from the open market with cash for a total consideration of approximately US$7.2 million. The board of the Company (the "Board") has approved a new upsized share repurchase program. Under the new program, 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$80 million in the twelve-month period. The program will be funded by existing cash on the Company's balance sheet. The decision is made based on the management's confidence in both the external environment and the sound development of the Company. The Company's proposed repurchase may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission (the "SEC") Rule 10b-18 and/or Rule 10b5-1 requirements. The Board will review the share repurchase program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. Business Outlook The Company expects to achieve overall profitability on a non-GAAP basis for the year 2022 under the circumstances that we continue to invest in established businesses and new initiatives. This forecast is based on the current market conditions and reflects the Company's preliminary view and estimates, which are all subject to change. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") 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 RMB6.6981 to US$1.00, the noon buying rate in effect on June 30, 2022 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 Measures The Company uses non-GAAP financial measures, such as adjusted net operating revenue and adjusted net profit/loss, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net operating revenue represents net operating revenue excluding management fee income from mutual aid business. Adjusted net profit/loss represents net profit/loss excluding share-based compensation expense, the impact of terminating the mutual aid plan and foreign currency exchange gain or losses. Such adjustments have no impact on income tax. The non-GAAP financial measures are 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 measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them 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 measures to the most directly comparable GAAP measures. Adjusted net operating revenue and adjusted net profit/loss 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 our 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 "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 9, 2022 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 Elite Entry Number: 8726141 Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call. A telephone replay will be accessible two hours after the conclusion of the conference call through September 16, 2022 by dialing the following numbers: United States Toll Free: 1-877-344-7529 International: 1-412-317-0088 Access Code: 6133699 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.Xiaojiao CuiIR@shuidi-inc.com Christensen In ChinaMr. Eric YuanPhone: +86-1380-111-0739E-mail: Eyuan@christensenir.com In the USMs. Linda BergkampPhone: +1-480-614-3004Email: lbergkamp@christensenir.com WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, unless otherwise noted) As of December 31, 2021 June 30, 2022 RMB RMB USD Assets Current assets Cash and cash equivalents 817,719 868,593 129,678 Restricted cash 667,664 444,248 66,324 Short-term investments 1,969,362 2,419,525 361,226 Accounts receivable, net 643,843 663,053 98,991 Current contract assets 563,611 383,435 57,245 Amount due from related parties 1,049 256 38 Prepaid expense and other assets 369,794 409,748 61,174 Total current assets 5,033,042 5,188,858 774,676 Non-current assets Non-current contract assets 29,889 70,581 10,537 Property, equipment and software, net 44,762 38,298 5,718 Intangible assets, net 56,753 56,684 8,463 Long-term investments 11,812 11,909 1,778 Right of use assets, net 59,081 38,001 5,673 Deferred tax assets 11,840 - - Goodwill 3,420 3,420 511 Total non-current assets 217,557 218,893 32,680 Total assets 5,250,599 5,407,751 807,356 Liabilities and Shareholders' Equity Current liabilities Amount due to related parties 20,449 8,995 1,343 Insurance premium payables 685,028 479,615 71,605 Deferred revenue 803 407 61 Accrued expenses and other current liabilities 498,752 463,478 69,195 Current lease liabilities 44,113 28,894 4,314 Total current liabilities 1,249,145 981,389 146,518 Non-current liabilities Non-current lease liabilities 14,477 8,663 1,293 Deferred tax liabilities 13,551 30,210 4,510 Total non-current liabilities 28,028 38,873 5,803 Total liabilities 1,277,173 1,020,262 152,321 Shareholders' equity Class A ordinary shares 107 107 16 Class B ordinary shares 27 27 4 Treasury stock - (2) - Additional paid-in capital 7,329,420 7,351,294 1,097,519 Accumulated other comprehensive (loss)/income (21,492) 58,798 8,778 Accumulated deficit (3,334,636) (3,022,735) (451,282) Total shareholders' equity 3,973,426 4,387,489 655,035 Total liabilities and shareholders' equity 5,250,599 5,407,751 807,356 WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (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, June 30, 2021 March 31, 2022 June 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Operating revenue, net 939,354 648,688 701,418 104,719 1,822,721 1,350,106 201,566 Operating costs and expenses(i) Operating costs (260,417) (154,880) (244,616) (36,520) (561,025) (399,496) (59,643) Sales and marketing expenses (1,244,935) (204,343) (144,423) (21,562) (2,082,088) (348,766) (52,069) General and administrative expenses (149,101) (101,995) (86,054) (12,848) (270,388) (188,049) (28,075) Research and development expenses (100,259) (70,825) (70,402) (10,510) (185,134) (141,227) (21,085) Total operating costs and expenses (1,754,712) (532,043) (545,495) (81,440) (3,098,635) (1,077,538) (160,872) Operating (loss)/profit (815,358) 116,645 155,923 23,279 (1,275,914) 272,568 40,694 Other income Interest income 11,327 14,492 15,213 2,271 24,542 29,705 4,435 Foreign currency exchange gain 1,473 653 163 24 2,257 816 122 Others, net 3,332 24,489 15,888 2,373 5,433 40,377 6,028 (Loss)/profit before income tax (799,226) 156,279 187,187 27,947 (1,243,682) 343,466 51,279 Income tax benefit/(expense) 143,474 (51,321) 19,756 2,949 217,774 (31,565) (4,713) Net (loss)/profit attributable to Waterdrop Inc. (655,752) 104,958 206,943 30,896 (1,025,908) 311,901 46,566 Preferred shares redemption value accretion (42,000) - - - (152,287) - - Net (loss)/profit attributable to ordinary shareholders (697,752) 104,958 206,943 30,896 (1,178,195) 311,901 46,566 Net (loss)/profit (655,752) 104,958 206,943 30,896 (1,025,908) 311,901 46,566 Other comprehensive (loss)/income: Foreign currency translation adjustment, net of tax (9,253) (7,783) 83,901 12,526 (12,035) 76,118 11,364 Unrealized gains on available for sale investments, net of tax (848) 1,072 3,100 463 219 4,172 623 Comprehensive (loss)/income (665,853) 98,247 293,944 43,885 (1,037,724) 392,191 58,553 Weighted average number of ordinary shares used in computing net (loss)/profit per share Basic 2,854,023,284 3,938,758,720 3,926,602,657 3,926,602,657 2,027,403,481 3,932,647,108 3,932,647,108 Diluted 2,854,023,284 4,017,949,706 4,006,060,346 4,006,060,346 2,027,403,481 4,009,442,628 4,009,442,628 Net (loss)/profit per share attributable to ordinary shareholders Basic (0.24) 0.03 0.05 0.01 (0.58) 0.08 0.01 Diluted (0.24) 0.03 0.05 0.01 (0.58) 0.08 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, June 30, 2021 March 31, 2022 June 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Sales and marketing expenses (3,633) (2,802) (1,771) (265) (6,614) (4,573) (683) General and administrative expenses (73,939) (16,921) (19,976) (2,982) (135,960) (36,897) (5,508) Research and development expenses (9,597) (3,284) (3,998) (597) (15,773) (7,282) (1,087) Total (87,169) (23,007) (25,745) (3,844) (158,347) (48,752) (7,278) 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, June 30, 2021 March 31, 2022 June 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Net operating revenue 939,354 648,688 701,418 104,719 1,822,721 1,350,106 201,566 Less: Management fee income - - - - 2,745(ii) - - Adjusted net operating revenue 939,354 648,688 701,418 104,719 1,819,976 1,350,106 201,566 For the Three Months Ended For the Six Months Ended June 30, June 30, 2021 March 31, 2022 June 30, 2022 2021 2022 RMB RMB RMB USD RMB RMB USD Net (loss)/profit (655,752) 104,958 206,943 30,896 (1,025,908) 311,901 46,566 Add: Share-based compensation expense 87,169 23,007 25,745 3,844 158,347 48,752 7,278 Foreign currency exchange gain (1,473) (653) (163) (24) (2,257) (816) (122) Impact of terminating the mutual aid plan (iii) - - - - 96,697 - - Adjusted net (loss)/profit (570,056) 127,312 232,525 34,716 (773,121) 359,837 53,722 (ii) This represents the net management fee revenue related to the mutual aid business for the three months ended March 31, 2021 after recording the RMB19.9 million reduction of management fee revenue previously recognized for each participant to the extent of the cumulative amount earned until March 26, 2021. (iii) This represents the estimated cost of medical expenses and cost of one-year health insurance coverage. RMB19.9 million (US$3.0 million) was accounted for as a reduction of management fee revenue previously recognized for each participant to the extent of the cumulative amount earned until March 26, 2021. RMB76.8 million (US$11.5 million) was recorded as operating costs.
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