Qudian Inc. (NYSE:QD) Q1 2019 Earnings Conference Call Transcript
May 20, 2019 • 07:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to Qudian, Inc. First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded.
I will now turn the call over to your host, Ms. Annie Huang, Director of Capital Markets for the Company. Annie, please go ahead.
Hello, everyone, and welcome to Qudian's first quarter 2019 earnings conference call. The Company's results were issued via newswire services earlier today and were posted online. You can download the earnings press release and sign up for the Company's distribution list by visiting our website at ir.qudian.com. Mr. Min Luo, our Founder, Chairman and CEO, and Mr. Carl Yeung, our CFO will start the call with their prepared remarks.
Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's results will be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the Company's 20-F as filed with the US SEC. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.
Please also note that Qudian's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-cash financial measures. Qudian's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. We also posted a slide presentation on our IR Website providing details on our results in the quarter. We will reference those results in our prepared remarks but will not refer to specific slides during our discussion.
I will now turn the call over to our CEO, Min Luo. Please go ahead.
Thank you, Annie. I want to continue to thank all the investors, analysts and the media who have taken interest to join today's call. We have exciting results to share. I will give you a brief overview, then Carl and Annie will give more details. This was another look back quarter. This quarter was a solid start for 2019, with stronger and better operating and financial results. Our core (ph) consumption finance business continued to deliver exceptional risk adjustment profit, driven by strong user demand and the risk management capability.
First on the user side, since our thoughtful and streamlined product and service offering, as well as strong brand recognition, our registered users continued to grow to 73.3 million with little additional marketing costs. In particular, our efforts to activate our dormant user base have paid off evidenced by a sequential growth of 16.6% in new active borrowers.
Second on a founding site we further diversified our institutional funding base and expect to secure sufficient funding for this year. During this quarter, we added five more institutional