Technology
Waterdrop Inc. Announces Second Quarter 2024 Unaudited Financial Results and a Special Cash Dividend
Published
2 weeks agoon
By
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
Substantial growth in profit and positive operating cash flow: In the second quarter of 2024, net profit attributable to our ordinary shareholders reached RMB88.3 million, representing a year-over-year growth of 306.9%. As of June 30, 2024, we continued to generate positive operating cash flow during the second quarter of 2024.Resilient revenue amidst industry challenges: For the second quarter of 2024, the first-year premiums (“FYP”) generated through our insurance business amounted to RMB1,778.6 million (US$244.7 million), representing a decrease of 19.0% year over year. Net operating revenue was RMB676.2 million (US$93.0 million), representing a decrease of 0.4% year over year.Improving margin of insurance segment: For the second quarter of 2024, the operating profit margin of insurance business increased year over year to 21.4%, compared with 16.7% for the same quarter of 2023.Broadened crowdfunding coverage: As of June 30, 2024, around 461 million people cumulatively had donated an aggregate of RMB65.1 billion to 3.25 million patients through Waterdrop Medical Crowdfunding.Digital clinical trial services in good progress: As of June 30, 2024, the Company had cumulatively enrolled nearly 8,600 patients into 1,050 clinical trial programs through the E-Find Platform.
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).
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 RMB573.8 million (US$79.0 million) in the second quarter of 2024, representing a decrease of 4.0% year over year from RMB597.4 million for the second quarter of 2023, which was mainly due to the decrease in FYP. On a quarter-over-quarter basis, insurance-related income decreased by 5.4%.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 second quarter of 2024, we generated RMB69.3 million (US$9.5 million) in service fees, representing an increase of 55.2% year over year from RMB44.7 million for the second quarter of 2023. On a quarter-over-quarter basis, crowdfunding service fees increased by 2.9%.We are expanding the healthcare-related services, including digital clinical trial solution and digital multichannel marketing solution. 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. Digital multichannel marketing solution income is derived from life science and healthcare companies. Focusing on the needs of our customers, we provide comprehensive digital marketing solutions around the whole life cycle of products through integrated services such as patient screening, medication management, doctor-patient services, innovative payment methods, and channel marketing. For the second quarter of 2024, our healthcare-related income amounted to RMB26.4 million (US$3.6 million), representing a decrease of 17.0% from RMB31.8 million in the same period of 2023. On a quarter-over-quarter basis, healthcare-related income increased by 4.2%.
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 costs decreased by 4.2% year over year to RMB319.1 million (US$43.9 million) for the second quarter of 2024, as compared with RMB333.1 million for the second quarter of 2023, which was primarily driven by (i) a decrease of RMB12.9 million in costs of referral and service fees, (ii) a decrease of RMB8.6 million in the costs for patient recruitment consultants team, partially offset by (iii) an increase of RMB11.5 million in personnel costs mainly due to the consolidation of the financial results of Shenlanbao which incurred personnel costs of RMB16.9 million. On a quarter-over-quarter basis, operating costs decreased by 3.7% from RMB331.2 million, primarily due to a decrease of RMB9.9 million in costs of referral and service fees. Sales and marketing expenses decreased by 23.0% year over year to RMB157.4 million (US$21.7 million) for the second quarter of 2024, as compared with RMB204.5 million for the same quarter of 2023. The decrease was primarily due to (i) a decrease of RMB38.0 million in marketing expenses to third-party traffic channels, and (ii) a decrease of RMB33.2 million in personnel costs and share-based compensation expenses, partially offset by (iii) the consolidation of the financial results of Shenlanbao which incurred sales and marketing expenses of RMB30.1 million. On a quarter-over-quarter basis, sales and marketing expenses decreased by 13.6% from RMB182.1 million, primarily due to (i) a decrease of RMB14.4 million in marketing expenses to third-party traffic channels, (ii) a decrease of RMB4.9 million in sales and marketing personnel costs and share-based compensation expenses, and (iii) a decrease of RMB2.7 million in outsourced sales and marketing service fees to third parties.General and administrative expenses decreased by 2.1% year over year to RMB94.0 million (US$12.9 million) for the second quarter of 2024, compared with RMB96.0 million for the same quarter of 2023. The year-over-year variance was due to (i) a decrease of RMB5.5 million in personnel costs and share-based compensation expenses, (ii) a decrease of RMB8.4 million in professional service fees, partially offset by (iii) an increase of RMB12.6 million allowance for doubtful accounts. On a quarter-over-quarter basis, general and administrative expenses increased by 5.6% from RMB89.0 million, due to (i) an increase of RMB8.0 million allowance for doubtful accounts, partially offset by (ii) a decrease of RMB1.7 million in professional service fees.Research and development expenses decreased by 38.5% year over year to RMB53.3 million (US$7.3 million) for the second quarter of 2024, compared with RMB86.7 million for the same period of 2023. The decrease was primarily due to a decrease of RMB35.3 million in personnel costs and share-based compensation expenses, partially offset by the consolidation of the financial results of Shenlanbao. On a quarter-over-quarter basis, research and development expenses decreased by 4.8% from RMB56.0 million, which was mainly due to a decrease of RMB2.8 million in research and development personnel costs and share-based compensation expenses.
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:
Insurance, which mainly includes Waterdrop Insurance Marketplace, Shenlanbao Insurance Marketplace and technical support service;Crowdfunding, which mainly includes Waterdrop Medical Crowdfunding; andOthers, which mainly include Digital Clinical Trial Solution and other new initiatives.
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
revenue, net
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
(loss)/profit
(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
(loss)/profit
(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-
controlling interests shareholders
–
(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
as non-controlling interests shareholders
–
(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
net profit per share
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
ordinary shareholders
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
shareholders
50,252
98,378
108,749
14,964
146,621
207,126
28,501
View original content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-second-quarter-2024-unaudited-financial-results-and-a-special-cash-dividend-302237845.html
SOURCE Waterdrop Inc.
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Bonus Days Off, No Meeting Days and Virtual Water Coolers: Naturals2Go Brings a New Era of Company Culture & Commitment
Published
24 mins agoon
September 20, 2024By
Naturals2Go, a leader in the unattended retail, breakroom experience, and vending industry, is unveiling a series of meaningful initiatives designed to foster connection, creativity, and care within its workforce. These initiatives reflect Naturals2Go’s commitment to cultivating an environment where both personal and professional growth are prioritized, helping the quickly growing company hold its position as an organization that simply values its employees with as much care as its customers. It just does business differently.
SAVANNAH, Ga., Sept. 20, 2024 /PRNewswire-PRWeb/ — Naturals2Go, a leader in the unattended retail, breakroom experience, and vending industry, is unveiling a series of meaningful initiatives designed to foster connection, creativity, and care within its workforce. These initiatives reflect Naturals2Go’s commitment to cultivating an environment where both personal and professional growth are prioritized, helping the quickly growing company hold its position as an organization that simply values its employees with as much care as its customers. It just does business differently.
Innovation In Action
Naturals2Go is known for innovating the vending industry by offering the only proven program to enhance or improve income, investment, or future wealth through a part-time or full-time vending machine business. They have changed the industry again by developing regional operations centers and a wider range of services.
To do so, Naturals2Go has grown from 20 to 140 employees over the past four years. To help the team stay successful and cared for through this rapid expansion, Naturals2Go executives have introduced three new programs.
These exciting initiatives enhance the quality of life, not just work, for employees — whether they are one of the 100 remote members of the team or in one of the company’s regional operations centers (ROCs).
“You don’t have to be, and shouldn’t be, ‘in it’ all the time,” says Heath Falzarano, President of Naturals2Go.
Refresh2Go: This initiative gives employees one additional (paid) Friday each month, at the same time, to step away from work to recharge however they wish.Vision2Go: Every Wednesday, employees have a mandatory day of no meetings — a day dedicated to creative thinking, process improvement, and strategic planning. This initiative helps individuals and teams take a breather from day-to-day demands and see the bigger picture to guide improvements from ideas to efficiencies.Water Cooler Chats: Recognizing the challenges faced by a dispersed workforce, Naturals2Go has also implemented two daily 15-minute water cooler chats. These optional sessions are designed for a social break – a chance to connect with peers they may not even know yet, strengthening the company’s culture and community.
Why These Initiatives Matter
Falzarano emphasizes his personal belief in caring for those in the organization as much as customers: “We get to help people make a really good living while also letting them live a really good life.” This is true for both the company and those who invest in a Naturals2Go business program.
The importance of these initiatives is underscored by industry trends which highlight the growing need for companies to prioritize employee well-being. Falzarano has championed these initiatives at Naturals2Go, believing that a healthy, supported workforce is crucial to the company’s long-term success.
“Encouraging people to just breathe – to step away from work and know you can enjoy what you have without worry – is what we’re trying to do here,” Falzarano explains. “Nothing bad is going to happen by taking care of yourself a bit more. I know we can do what we need to do in less time, more focus, and just feel better.”
About Naturals2Go
Naturals2Go is the leading unattended retail, breakroom experience and vending business opportunity in the United States – a trusted partner helping entrepreneurial-minded professionals grow for over 35 years. Naturals2Go is an innovator in healthy and intelligent vending and is the highest-rated, longest-serving, most awarded Vending Business Opportunity Company in the United States. The company is expanding with regional operations centers across the U.S. and an expanded suite of services plus a commitment to regional investment, local employment, and community impact. Naturals2Go is committed to leading the industry with a forward-thinking approach and a strong company culture.
If you would like more information about Naturals2Go, email kim.page@naturals2go.com or visit Naturals2Go on the Web at www.naturals2go.com.
Media Contact
Kim Page, Naturals2Go, 1 716-247-6621, kim.page@naturals2go.com, https://www.naturals2go.com/
View original content to download multimedia:https://www.prweb.com/releases/bonus-days-off-no-meeting-days-and-virtual-water-coolers-naturals2go-brings-a-new-era-of-company-culture–commitment-302252834.html
SOURCE Naturals2Go
Technology
This Week in Consumer News: 13 Stories You Need to See
Published
24 mins agoon
September 20, 2024By
A roundup of the most newsworthy consumer and retail announcements from PR Newswire this week, including new holiday flavors from My/Mochi and Simply, plus Toy Insider’s hottest toys of 2024.
NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help consumer/retail journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
Tupperware Voluntarily Initiates Chapter 11 Proceedings
Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online.M&M’S® Captures A Classic Within Its Iconic Colorful Candy Shell; Introducing NEW M&M’S Peanut Butter & Jelly
The first new flavor innovation since 2022, the delicious addition features berry flavored bite-sized chocolate treats with a deliciously smooth peanut butter center that will transport fans to the comforting experience of a PB&J sandwich.Chili’s® Fires at Fast Food Again with Irresistible 3 For Lunch Combos
During the week (Monday-Friday) from 11 a.m. to 3 p.m. local time (at participating locations), guests can enjoy real value with 11 available options in the new 3 For Lunch Combos, featuring bottomless chips and salsa, choice of entrée and a bottomless non-alcoholic drink, all starting at just $10.99.My/Mochi™ Makes the Holidays “Joyfully Chill” With the Launch of Three NEW Flavors: Hot Cocoa with Marshmallows, Sugar Cookie and Gingerbread
The original and largest mochi ice cream brand is also bringing back fan favorites Pumpkin Spice, Apple Pie á la Mode and Cool Peppermint. “My/Mochi is all about stretching the possibilities of what’s possible with mochi, and this time of year gives us so much runway to have fun with new flavors,” says Brigette Wolf, Chief Marketing Officer, My/Mochi.Crocs Launches the Keep It Going Classic Clog Made with 25% Recycled Material from Consumers’ Well-Loved Shoes
By incorporating bio-circular content, Crocs is giving a second life to plant-based byproducts that would have otherwise ended up as waste through material innovation. In combination with the 25% post-consumer recycled content, the Keep It Going Classic Clog showcases the brand’s efforts at the intersection of circular innovation and materials.KIT KAT® is Giving YOU a Break This Fall to Celebrate Its New Vanilla Flavor
To celebrate, KIT KAT® is giving fans a “break” through a giveaway on @KITKAT_US’s Instagram, where four lucky winners will receive KIT KAT®-branded BÉIS Carry-on luggage filled with KIT KAT® Vanilla bars, and one grand prize winner will receive an additional $1,000 vacation rental marketplace gift card toward travel expenses to spend on a vanilla getaway this fall.Target Brings Holiday Magic with More Savings Across Largest Holiday Assortment Ever
Target is offering consumers savings all season long starting with Target Circle Week, Oct. 6-12, for those who want a head start on holiday shopping. The retailer is also preparing to deliver a joyful and easy shopping experience by investing in its existing team and hiring approximately 100,000 additional seasonal team members.STOUFFER’S® Debuts First Shelf-Stable Offering with New Format of Macaroni and Cheese
With a stovetop cooking time of just ten minutes and no additional ingredients required, STOUFFER’s Supreme Shells & Cheese is a great-tasting and effortless meal for any night of the week, offering the perfect answer to the age-old question “What’s for dinner?” Martha Stewart’s Revitalizing Secret Exposed! Pure Leaf Unsweetened Iced Tea is “Martha’s Little Helper” in New Campaign As seen in videos across social media, her secret stash of Pure Leaf is always accessible for a quick, revitalizing pick-me-up – whether buried in her garden, hidden in her library books or even baked into a homemade cake.Holiday Shoppers, Rejoice: The Toy Insider Experts Reveal the Hottest Toys of 2024 that Deliver Big Value!
This year’s hottest toys appear on one of three featured lists: the Hot 20, the most popular playthings of the year; the STEM 10, top toys that encourage STEM learning; and the 12 Under $20, the best toys that won’t break the bank.Makers of the Jennie-O® Brand Share New State-By-State Consumer Insights on All Things Thanksgiving Among the survey findings: Most people take up to two weeks to plan and cook their Thanksgiving meal. Actual food preparation for this monumental eating occasion adds another three days, and five hours of actual cooking on the day of.Move Over Pumpkin Spice, Simply Spiked® Cranberry Arrives Just in Time to be Your New Fall Favorite
This limited-time offering marks the brand’s first foray into seasonal releases, introducing two delicious varieties: Signature Cranberry and Apple Cranberry.Personalized Skincare Brand, Curology Marks 10 Year Anniversary With A Funfetti® Partnership
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For more news like this, check out all of the latest retail-related releases from PR Newswire.
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Helping Journalists Stay Up to Date on Industry News
These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.
Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:
Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.
About PR Newswire
PR Newswire is the industry’s leading press release distribution partner with an unparalleled global reach of more than 440,000 newsrooms, websites, direct feeds, journalists and influencers and is available in more than 170 countries and 40 languages. From our award-winning Content Services offerings, integrated media newsroom and microsite products, Investor Relations suite of services, paid placement and social sharing tools, PR Newswire has a comprehensive catalog of solutions to solve the modern-day challenges PR and communications teams face. For 70 years, PR Newswire has been the preferred destination for brands to share their most important news stories across the world.
For questions, contact the team at media.relations@cision.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/this-week-in-consumer-news-13-stories-you-need-to-see-302253737.html
SOURCE PR Newswire
Technology
This Week in Tech News: 13 Stories You Need to See
Published
24 mins agoon
September 20, 2024By
A roundup of the most newsworthy tech announcements from PR Newswire this week, including Starlink Wi-Fi on United flights and a flying car manufacturing deal.
NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help tech journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
IBM and Microsoft Open Three New Experience Zones to Provide Global Clients with More Hands-on Access to Cloud and Generative AI Solutions
These Experience Zones are designed to help global clients across industries, such as financial services, government, healthcare, industrial, manufacturing and consumer packed goods (CPG), find new ways to derive value from generative AI, hybrid cloud and other Microsoft products and technologies.B-FY passwordless biometric solution: a real gamechanger in the fight against Cybercrime
The ongoing reliance on passwords as a primary authentication method has left countless organizations vulnerable to attacks, resulting in severe financial and reputational damage. B-FY offers a robust solution to this growing vulnerability by eliminating the need for passwords altogether.Lockheed Martin Awarded GeoXO Lightning Mapper Contract to Support Forecasters with Severe Weather Monitoring
The GeoXO Lightning Mapper (LMX) instrument detects and measures lightning flashes while onboard NOAA’s next-generation GeoXO weather satellites. This lightning data will provide persistent severe weather observations of the Western Hemisphere, improving storm analysis and prediction, and aiding the detection of tornado-producing storms.Zero Latency VR Enters A New Era With 100 Venues Worldwide And 4 Million Players Pushing The Limits Of Reality
Zero Latency is gearing up to launch its most ambitious experience yet: Warhammer 40,000: Space Marine VR – Defenders of Avarax. This groundbreaking adventure will plunge players into the most expansive and intricately detailed VR universe ever crafted.NASA Shares Hidden Figures Congressional Gold Medal Remarks
The awards recognized the women who contributed to the space race, including the NASA mathematicians who helped land the first astronauts on the Moon under the agency’s Apollo Program.Alef signs mass manufacturing flying car agreement
PUCARA Aero and MYC, a joint venture with experience manufacturing aviation grade parts for Boeing and Airbus, signs an agreement to manufacture parts for Alef. Alef has secured over 3,200 pre-orders and is now entering agreements for mass production of its Model A flying car.The Inflight Wi-Fi Revolution Now Arriving: United Signs Starlink Deal to Provide Industry-Leading Connectivity in the Sky – For Free
“We’re excited to team up with United Airlines to transform the inflight experience,” said Gwynne Shotwell, President and Chief Operating Officer at SpaceX. “With Starlink onboard your United flight, you’ll have access to the world’s most advanced high-speed internet from gate to gate, and all the miles in between.”Spectrum Announces Unprecedented Customer Commitment, Free Internet Speed Lifts and New Bundled Pricing
These commitments are encapsulated within Spectrum’s new brand platform, Life Unlimited, which provides customers access to a life of ‘unlimited’ opportunity and possibility when seamlessly connected through Spectrum’s Internet, Mobile and Video services.Chipotle Debuts Autocado and the Augmented Makeline by Hyphen in Restaurants
With Autocado, crew members can focus on assisting with other food prep items and delivering exceptional hospitality to guests while Autocado cuts avocados, removes their skin, and separates their fruit through an automated process. On average, it takes Autocado approximately 26 seconds to fully flesh out the fruit inside an avocado.Infinix Taps Porsche Dreamer Stories Featured Creator: Discover the ZERO 40 Series GoPro Mode
Creative photographer Allan Yegon, armed with his Infinix ZERO 40 5G and GoPro device, embarked on an East African adventure. He dove beneath the waves and captured the rare moment of swimming with a giant whale shark.TerraMaster Unveils 9 New NAS Models with TOS 6 System
TerraMaster, a leading brand in home and enterprise storage solutions, announced the launch of 9 new NAS models, including two 8-bay all-flash NAS models specifically designed for high-performance needs.Ginkgo Bioworks Launches New Protein LLM and Model API Built on Google Cloud Technology
Chris Sakalosky, vice president of Strategic Industries, Google Cloud: “Ginkgo’s new protein LLM and open API mark a major step forward in making advanced AI tools accessible for drug discovery and biological research. By leveraging Google Cloud’s infrastructure and AI capabilities, Ginkgo is empowering both enterprises and individual scientists to accelerate their work and drive innovation in the life sciences.”Behind the Scenes at Apple Event 2024: How the iPhone 16 Pro and SmallRig Phone Cage Created Cinematic Magic?
It is the third consecutive year that the SmallRig phone cage has appeared at Apple’s event and the fourth consecutive year it has been featured in an Apple spot for the new iPhone series, showcasing how to achieve professional cinematic video using an iPhone.
For more news like this, check out all of the latest technology-related releases from PR Newswire.
Do you have a technology press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.
Info-Tech LIVE 2024
Info-Tech Research Group’s Info-Tech LIVE 2024 took place September 17-19 at the iconic Bellagio in Las Vegas. It offered journalists and media influencers a sneak peek into the latest technology research and trends, exclusive content, and the opportunity to meet industry experts, analysts and speakers.
Here are the front row updates straight from Info-Tech Research Group:
Info-Tech LIVE 2024 Day 1 Highlights: Key Insights Shared on Exponential IT, GenAI, and Emerging IT TrendsThe CIO Playbook Revealed by Info-Tech Research Group at LIVE 2024: New Program Will Drive IT Excellence Through a Systematic 12-Month RoadmapNext-Generation Management & Governance Framework Unveiled at LIVE 2024 Conference Will Empower IT Leaders in an Era of Exponential IT
Helping Journalists Stay Up to Date on Industry News
These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.
Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:
Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.
About PR Newswire
PR Newswire is the industry’s leading press release distribution partner with an unparalleled global reach of more than 440,000 newsrooms, websites, direct feeds, journalists and influencers and is available in more than 170 countries and 40 languages. From our award-winning Content Services offerings, integrated media newsroom and microsite products, Investor Relations suite of services, paid placement and social sharing tools, PR Newswire has a comprehensive catalog of solutions to solve the modern-day challenges PR and communications teams face. For 70 years, PR Newswire has been the preferred destination for brands to share their most important news stories across the world.
For questions, contact the team at media.relations@cision.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/this-week-in-tech-news-13-stories-you-need-to-see-302253751.html
SOURCE PR Newswire
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