-Third Quarter Total Transaction Volume reached
RMB52.2 billion, up 1.8%
year-over-year-
-Third Quarter International Transaction Volume reached
RMB2.7 billion, up 22.7%
year-over-year-
-Third Quarter International Revenues increased to RMB635.5 million, up 8.7% year-over-year,
contributing 19.4% of total net revenues-
SHANGHAI, Nov. 18,
2024 /PRNewswire/ -- FinVolution Group ("FinVolution"
or the "Company") (NYSE: FINV), a leading fintech platform in
China, Indonesia and the
Philippines, today announced its unaudited financial results
for the third quarter ended September 30,
2024.
|
For the
Three Months Ended/As of
|
YoY
Change
|
|
September
30,
2023
|
September
30,
2024
|
|
Total Transaction
Volume (RMB in
billions)[1]
|
51.3
|
52.2
|
1.8 %
|
|
Transaction Volume
(China's Mainland)[2]
|
49.1
|
49.5
|
0.8 %
|
|
Transaction Volume
(International)[3]
|
2.2
|
2.7
|
22.7 %
|
|
Total Outstanding
Loan Balance (RMB in billions)
|
65.9
|
68.1
|
3.3 %
|
|
Outstanding Loan
Balance (China's Mainland)[4]
|
64.6
|
66.5
|
2.9 %
|
|
Outstanding Loan
Balance (International)[5]
|
1.3
|
1.6
|
23.1 %
|
Third Quarter 2024 China Market Operational
Highlights
- Cumulative registered users[6] reached
166.8 million as of September 30,
2024, an increase of 9.3% compared with September 30, 2023.
- Cumulative borrowers[7] reached 26.3 million as of
September 30, 2024, an increase of
6.0% compared with September 30,
2023.
- Number of unique borrowers[8] for the third quarter
of 2024 was 2.0 million, a decrease of 13.0% compared with the same
period of 2023.
- Transaction volume[2] reached RMB49.5 billion for the third quarter of
2024, an increase of 0.8% compared with the same period of
2023.
- Transaction volume facilitated for repeat individual
borrowers[9] for the third quarter of 2024 was
RMB43.0 billion, an increase of
1.4% compared with the same period of 2023.
- Outstanding loan balance[4] reached RMB66.5 billion as of September 30, 2024, an increase of 2.9% compared
with September 30, 2023.
- Average loan size[10] was RMB10,066 for the third quarter of 2024,
compared with RMB8,505 for the
same period of 2023.
- Average loan tenure[11] was 8.0 months for the third
quarter of 2024, compared with 8.2 months for the same period of
2023.
- 90 day+ delinquency ratio[12] was 2.50% as of
September 30, 2024, compared with
1.67% as of September 30, 2023.
Third Quarter 2024 International Market Operational
Highlights
- Cumulative registered users[13] reached
32.4 million as of September 30,
2024, an increase of 44.0% compared with September 30, 2023.
- Cumulative borrowers[14] for the international
market reached 6.3 million as of September
30, 2024, an increase of 43.2% compared with September 30, 2023.
- Number of unique borrowers[15] for the third quarter
of 2024 was 1.4 million, an increase of 50.5% compared with the
same period of 2023.
- Number of new borrowers[16] for the third quarter of
2024 was 0.67 million, an increase of 59.5% compared with the same
period of 2023.
- Transaction volume[3] reached RMB2.7 billion for the third quarter of
2024, an increase of 22.7% compared with the same period of
2023.
- Outstanding loan balance[5] reached RMB1.6 billion as of September 30, 2024, an increase of 23.1% compared
with September 30, 2023.
- International business revenue was RMB635.5 million (US$90.6
million) for the third quarter of 2024, an increase of 8.7%
compared with the same period of 2023, representing 19.4% of total
revenue for the third quarter of 2024.
Third Quarter 2024 Financial Highlights
- Net revenue was RMB3,276.1
million (US$466.8 million) for
the third quarter of 2024, compared with RMB3,197.5 million for the same period of
2023.
- Net profit was RMB624.1 million
(US$88.9 million) for the third
quarter of 2024, compared with RMB574.7
million for the same period of 2023.
- Non-GAAP adjusted operating income,[17] which
excludes share-based compensation expenses before tax, was
RMB599.8 million (US$85.5 million) for the third quarter
of 2024, compared with RMB583.8 million for the same period of
2023.
- Diluted net profit per American depositary share ("ADS") was
RMB2.40 (US$0.34) and diluted net profit per share was
RMB0.48 (US$0.07) for the third quarter of 2024, compared
with RMB2.05 and RMB0.41 for the same period of 2023
respectively.
- Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36)
and non-GAAP diluted net profit per share was RMB0.51 (US$0.07)
for the third quarter of 2024, compared with RMB2.16 and RMB0.43
for the same period of 2023 respectively. Each ADS of the Company
represents five Class A ordinary shares of the Company.
|
[1]
Represents the total transaction volume facilitated in China's
Mainland and the international markets on the Company's platforms
during the period presented.
|
|
[2] Represents our transaction volume
facilitated in China's Mainland during the period presented. During
the third quarter, RMB14.6 billion were facilitated under the
capital-light model, for which the Company does not bear principal
risk.
|
|
[3]
Represents our transaction volume facilitated in markets outside
China's Mainland during the period presented.
|
|
[4]
Outstanding loan balance (China's Mainland) as of any date refers
to the balance of outstanding loans in China's Mainland market
excluding loans delinquent for more than 180 days from such
date. As of September 30, 2024, RMB21.4 billion were
facilitated under the capital-light model, for which the Company
does not bear principal risk.
|
|
[5]
Outstanding loan balance (international) as of any date refers to
the balance of outstanding loans in the international markets
excluding loans delinquent for more than 30 days from such
date.
|
|
[6] On a
cumulative basis, the total number of users in China's Mainland
market registered on the Company's platform as of September 30,
2024.
|
|
[7] On a
cumulative basis, the total number of borrowers in China's Mainland
market registered on the Company's platform as of September
30, 2024.
|
|
[8]
Represents the total number of borrowers in China's Mainland who
have successfully borrowed on the Company's platform during the
period presented.
|
|
[9]
Represents the transaction volume facilitated for repeat borrowers
in China's Mainland who successfully completed a transaction on the
Company's platform during the period presented.
|
|
[10]
Represents the average loan size on the Company's platform in
China's Mainland during the period presented.
|
|
[11]
Represents the average loan tenor on the Company's platform in
China's Mainland during the period presented.
|
|
[12] "90 day+ delinquency ratio"
refers to the outstanding principal balance of loans, excluding
loans facilitated under the capital-light model, that were 90 to
179 calendar days past due as a percentage of the total outstanding
principal balance of loans, excluding loans facilitated under
the capital-light model on the Company's platform as of a specific
date. Loans that originated outside China's Mainland are not
included in the calculation.
|
|
[13] On a
cumulative basis, the total number of users registered on the
Company's platforms outside China's Mainland market, as of
September 30, 2024.
|
|
[14] On a
cumulative basis, the total number of borrowers on the Company's
platforms outside China's Mainland market, as of September 30,
2024.
|
|
[15]
Represents the total number of borrowers outside China's Mainland
who have successfully borrowed on the Company platforms during the
period presented.
|
|
[16]
Represents the total number of new borrowers outside China's
Mainland whose transactions were facilitated on the Company's
platforms during the period presented.
|
|
[17] Please
refer to "UNAUDITED Reconciliation of GAAP And Non-GAAP Results"
for reconciliation between GAAP and Non-GAAP adjusted operating
income.
|
Mr. Tiezheng Li, Chief Executive
Officer of FinVolution, commented, "Through strong execution of our
Local Excellence, Global Outlook strategy, we have cumulatively
served 32.6 million borrowers across China, Indonesia and the
Philippines as of the end of the third quarter. We continued
to prioritize the acquisition of high-quality borrowers, once again
driving the total number of new borrowers across all our platforms
beyond the one million mark. Total transaction volume reached
RMB52.2 billion, while total
outstanding loan balance reached RMB68.1
billion, up 1.8% and 3.3% year-over-year, respectively.
"Our international markets continued to deliver faster growth
with solid progress across numerous metrics. The number of new
borrowers in the international markets surpassed the number of new
borrowers in the China market for
the second consecutive quarter, reaching 671 thousand, up 59.5%
year-over-year. Also, the international market's transaction volume
and outstanding loan balances rose to RMB2.7
billion and RMB1.6 billion, up
22.7% and 23.1% year-over-year, respectively, validating our deep
commitment to international expansion," concluded Mr. Li.
Mr. Jiayuan Xu, FinVolution's
Chief Financial Officer, continued, "Our financial performance
improved progressively with net revenues for the third quarter
reaching RMB3,276.1 million
(US$466.8 million), up 2.5%
year-over-year. Contributions from international revenue grew
further to RMB635.5 million
(US$90.6 million), up 8.7%
year-over-year, and accounted for 19.4% of total revenue. Our total
liquidity position as of September 30,
2024 stood at RMB8,970.3
million (US$1,278.3 million),
up 13.1% from December 31, 2023,
reflecting our ability to deliver consistent growth across all our
markets while strengthening our capital return program.
"As part of our commitment to consistently return value to
shareholders through business growth and capital return, we
deployed US$24.3 million in the third
quarter of 2024 to repurchase our shares on the secondary market.
For the first nine months of 2024, we deployed US$81.1 million to repurchase our shares on the
secondary market, up 23.2% year-over-year. Cumulatively, we have
returned a total of US$686.1 million
to our shareholders through our capital return program since 2018,
demonstrating our dedication to consistent and sustainable
shareholder value creation," concluded Mr. Xu.
Third Quarter 2024 Financial Results
Net revenue for the third quarter of 2024
was RMB3,276.1 million (US$466.8 million), compared with
RMB3,197.5 million for the same
period of 2023. This increase was primarily due to the increase in
loan facilitation service fees, guarantee income and other
revenue.
Loan facilitation service fees
was RMB1,253.1 million (US$178.6 million) for the third quarter of
2024, compared with RMB1,129.8
million for the same period of 2023. The increase was
primarily due to the increase in the transaction volume.
Post-facilitation service fees
was RMB425.3 million (US$60.6 million) for the third quarter of
2024, compared with RMB498.9 million for the same period of
2023. This decrease was primarily due to the rolling impact of
deferred transaction fees in the China market.
Guarantee income was RMB1,234.8 million
(US$176.0 million) for the third
quarter of 2024, compared with RMB1,152.0 million for the same
period of 2023. This increase was primarily due to the increased
outstanding loan balance of off-balance sheet loans in the
international market, as well as the rolling impact of deferred
guarantee income. The fair value of quality assurance
commitment upon loan origination is released as guarantee income
systematically over the term of the loans subject to quality
assurance commitment.
Net interest income was RMB185.7 million
(US$26.5 million) for the third
quarter of 2024, compared with RMB273.3 million for the same
period of 2023.This decrease was primarily due to the decrease in
the average outstanding loan balances of on-balance sheet loans in
the international markets.
Other revenue was RMB177.1 million
(US$25.2 million) for the third
quarter of 2024, compared with RMB143.5 million for the
same period of 2023. This increase was primarily due to the
increase in the contributions from other revenue streams.
Origination, servicing expenses and other costs of
revenue was RMB603.1 million (US$85.9 million) for the third quarter of
2024, compared with RMB520.0 million for the same period of
2023. This increase was primarily due to the increase in
facilitation costs and loan collection expenses as a result of
higher outstanding loan balances.
Sales and marketing expenses was RMB560.2 million
(US$79.8 million) for the third
quarter of 2024, compared with RMB530.1
million for the same period of 2023, as a result of our more
proactive customer acquisition efforts focusing on quality
borrowers in both China and the
international markets.
Research and development expenses
was RMB130.7 million (US$18.6 million) for the third quarter of
2024, compared with RMB132.6 million for the same period of
2023. This decrease was primarily due to our improvements in
technology development efficiency.
General and administrative expenses
was RMB116.8 million (US$16.6 million) for the third quarter of
2024, compared with RMB98.6 million
for the same period of 2023. This increase was primarily
due to the increased benefits we provided to our
employees.
Provision for accounts receivable and contract assets was
RMB99.0 million (US$14.1 million) for the third quarter of 2024,
compared with RMB86.9 million for the
same period of 2023. This increase was primarily due to the
increase in transaction loan volume in both China and international markets.
Provision for loans receivable
was RMB82.4 million (US$11.7 million) for the third quarter of
2024, compared with RMB176.8 million for the same period of
2023. This decrease was primarily due to the decrease in the loan
volume and the outstanding loan balances of on-balance sheet loans
in the international markets.
Credit losses for quality assurance commitment
was RMB1,123.6 million (US$160.1 million) for the third quarter of
2024, compared with RMB1,099.2
million for the same period of 2023. The increase was
primarily due to the increased outstanding loan balances of
off-balance sheet loans in the international markets.
Operating profit was RMB560.2 million
(US$79.8 million) for the third
quarter of 2024, compared with RMB553.4 million for the same
period of 2023.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB599.8 million (US$85.5
million) for the third quarter of 2024, compared with
RMB583.8 million for the same period
of 2023.
Other income was RMB185.5
million (US$26.4 million) for
the third quarter of 2024, compared with RMB124.4 million for the same period of 2023. The
increase was mainly due to the increase in government
subsidies.
Income tax expense was RMB121.7
million (US$17.3 million) for
the third quarter of 2024, compared with RMB103.1 million for the same period of 2023.
This increase was mainly due to the increase in pre-tax profit and
the change in effective tax rate.
Net profit was RMB624.1
million (US$88.9 million) for
the third quarter of 2024, compared with RMB574.7 million for the same period of 2023.
Net profit attributable to ordinary shareholders of the
Company was RMB623.6 million
(US$88.9 million) for the third
quarter of 2024, compared with RMB566.0
million for the same period of 2023.
Diluted net profit per ADS was RMB2.40 (US$0.34) and diluted net profit
per share was RMB0.48
(US$0.07) for the third quarter of
2024, compared with RMB2.05 and
RMB0.41 for the same period of 2023
respectively.
Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36) and non-GAAP diluted
net profit per share was RMB0.51
(US$0.07) for the third quarter of
2024, compared with RMB2.16 and
RMB0.43 for the same period of 2023
respectively. Each ADS represents five Class A ordinary shares of
the Company.
As of September 30, 2024, the
Company had cash and cash equivalents of RMB5,104.3 million (US$727.4 million) and short-term investments,
mainly in wealth management products and term deposits, of
RMB3,866.0 million (US$550.9 million).
The following chart shows the historical cumulative 30-day plus
past due delinquency rates by loan origination vintage for loan
products facilitated through the Company's platform in China's Mainland as of September 30, 2024. Loans facilitated under the
capital-light model, for which the Company does not bear principal
risk, are excluded from the chart.
Click here to view the chart:
https://mma.prnewswire.com/media/2560279/Picture1.jpg?p=publish
Shares Repurchase Update
For the third quarter of 2024, the Company deployed a total of
US$24.3 million to repurchase its own
Class A ordinary shares in the form of ADSs in the market. As of
September 30, 2024, in combination
with the Company's historical and existing share repurchase
programs, the Company had cumulatively repurchased its own Class A
ordinary shares in the form of ADSs with a total aggregate value of
approximately US$361.1 million since
2018.
Business Outlook
While the macroeconomic recovery continued to gain traction with
pockets of improvement since the beginning of 2024, uncertainties
persist in the markets in which we operate. The Company has
observed encouraging signs of recovery and will continue to closely
monitor macro conditions across our pan-Asian markets and remain
prudent in our business operations. The Company reiterates its
full-year 2024 transaction volume guidance for the China market in the range of RMB195.7 billion to RMB205.0 billion, representing year-over-year
growth of approximately 5.0% to 10.0%. At the same time, the
Company expects its full-year 2024 transaction volume for the
international markets to be in the range of RMB9.4 billion to RMB11.0
billion, representing year-over-year growth of approximately
20.0% to 40.0%.
The above forecast is based on the current market conditions and
reflects the Company's current preliminary views and expectations
on market and operational conditions and the regulatory and
operating environment, as well as customers' and institutional
partners' demands, all of which are subject to change.
Conference Call
The Company's management will host an earnings conference call
at 7:30 PM U.S. Eastern Time on
November 18, 2024 (8:30 AM Beijing/Hong Kong Time on November 19, 2024).
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
+1-888-346-8982
|
|
Canada (toll
free):
|
+1-855-669-9657
|
|
International:
|
+1-412-902-4272
|
|
Hong Kong, China (toll
free):
|
800-905-945
|
|
Hong Kong,
China:
|
+852-3018-4992
|
|
Mainland,
China:
|
400-120-1203
|
Participants should dial in at least five minutes before the
scheduled start time and ask to be connected to the call for
"FinVolution Group."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
https://ir.finvgroup.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until November 25, 2024, by dialing the following
telephone numbers:
|
United States (toll
free):
|
+1-877-344-7529
|
|
Canada (toll
free):
|
+1-855-669-9658
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
3196612
|
About FinVolution Group
FinVolution Group is a leading fintech platform with strong
brand recognition in China,
Indonesia and the
Philippines, connecting borrowers of the young generation with
financial institutions. Established in 2007, the Company is a
pioneer in China's online consumer
finance industry and has developed innovative technologies and has
accumulated in-depth experience in the core areas of credit risk
assessment, fraud detection, big data and artificial
intelligence. The Company's platforms, empowered by proprietary
cutting-edge technologies, features a highly automated loan
transaction process, which enables a superior user experience. As
of September 30, 2024, the Company
had 199.2 million cumulative registered users across China, Indonesia and the
Philippines.
For more information, please visit https://ir.finvgroup.com
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted operating income, non-GAAP operating
margin, non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS which are non-GAAP financial measures, in
evaluating our operating results and for financial and operational
decision-making purposes. We believe that these non-GAAP financial
measures help identify underlying trends in our business by
excluding the impact of share-based compensation expenses and
expected discretionary measures. We believe that non-GAAP financial
measures provide useful information about our operating results,
enhance the overall understanding of our past performance and
future prospects and allow for greater visibility with respect to
key metrics used by our management in its financial and operational
decision-making.
Non-GAAP adjusted operating income, non-GAAP operating margin,
non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS are not defined under U.S. GAAP and are not
presented in accordance with U.S. GAAP. These non-GAAP financial
measures have limitations as analytical tool, and when assessing
our operating performance, cash flows or our liquidity, investors
should not consider it in isolation, or as a substitute for net
income, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP. The Company encourages investors and
others to review our financial information in its entirety and not
rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and Non-GAAP
results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the rate in effect as of September 30, 2024 as certified for customs
purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited to, uncertainties as to
the Company's ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans
facilitated through the Company's marketplace, its ability to
introduce new loan products and platform enhancements, its ability
to compete effectively, laws, regulations and governmental policies
relating to the online consumer finance industry in China, general economic conditions in
China, and the Company's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE, including its ability to cure any non-compliance with the
NYSE's continued listing criteria. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is as of the date of
this press release, and FinVolution does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
For investor and media inquiries, please contact:
In China:
FinVolution Group
Head of Capital Markets
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
|
FinVolution
Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
As of December
31,
|
As of
September 30,
|
|
2023
|
2024
|
|
RMB
|
RMB
|
USD
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
4,969,319
|
5,104,262
|
727,352
|
|
Restricted
cash
|
1,800,071
|
1,828,148
|
260,509
|
|
Short-term
investments
|
2,960,821
|
3,866,027
|
550,904
|
|
Investments
|
1,135,133
|
1,169,383
|
166,636
|
|
Quality assurance
receivable, net of credit loss allowance for
quality assurance receivable of RMB529,392 and
RMB453,718 as of December 31, 2023 and September 30,
2024,
respectively
|
1,755,615
|
1,722,136
|
245,402
|
|
Intangible
assets
|
98,692
|
137,298
|
19,565
|
|
Property, equipment
and software, net
|
140,933
|
637,928
|
90,904
|
|
Loans receivable, net
of credit loss allowance for loans receivable
of RMB214,550 and RMB206,241 as of December 31, 2023 and
September 30, 2024, respectively
|
1,127,388
|
2,217,496
|
315,991
|
|
Accounts receivable
and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB310,394 and RMB280,927 as of December 31, 2023 and
September 30, 2024, respectively
|
2,208,538
|
2,208,504
|
314,709
|
|
Deferred tax
assets
|
1,624,325
|
2,395,800
|
341,399
|
|
Right of use
assets
|
38,110
|
29,987
|
4,273
|
|
Prepaid expenses and
other assets
|
3,384,317
|
1,411,192
|
201,093
|
|
Goodwill
|
50,411
|
50,411
|
7,184
|
|
Total
assets
|
21,293,673
|
22,778,572
|
3,245,921
|
|
Liabilities and
Shareholders' Equity
|
|
|
Deferred guarantee
income
|
1,882,036
|
1,629,253
|
232,167
|
|
Liability from quality
assurance commitment
|
3,306,132
|
3,166,283
|
451,192
|
|
Payroll and welfare
payable
|
261,528
|
229,497
|
32,703
|
|
Taxes
payable
|
207,477
|
637,803
|
90,886
|
|
Short-term
borrowings
|
5,756
|
5,995
|
854
|
|
Funds payable to
investors of consolidated trusts
|
436,352
|
435,669
|
62,082
|
|
Contract
liability
|
5,109
|
11,573
|
1,649
|
|
Deferred tax
liabilities
|
340,608
|
464,312
|
66,164
|
|
Accrued expenses and
other liabilities
|
941,899
|
1,286,654
|
183,347
|
|
Leasing
liabilities
|
35,878
|
25,266
|
3,600
|
|
Total
liabilities
|
7,422,775
|
7,892,305
|
1,124,644
|
|
Commitments and
contingencies
|
|
|
|
|
FinVolution Group
Shareholders' equity
|
|
|
|
|
Ordinary
shares
|
103
|
103
|
15
|
|
Additional paid-in
capital
|
5,748,734
|
5,811,096
|
828,075
|
|
Treasury
stock
|
(1,199,683)
|
(1,730,759)
|
(246,631)
|
|
Statutory
reserves
|
762,472
|
762,472
|
108,651
|
|
Accumulated other
comprehensive income
|
80,006
|
64,421
|
9,180
|
|
Retained
Earnings
|
8,357,153
|
9,618,263
|
1,370,592
|
|
Total FinVolution
Group shareholders' equity
|
13,748,785
|
14,525,596
|
2,069,882
|
|
Non-controlling
interest
|
122,113
|
360,671
|
51,395
|
|
Total shareholders'
equity
|
13,870,898
|
14,886,267
|
2,121,277
|
|
Total liabilities
and shareholders' equity
|
21,293,673
|
22,778,572
|
3,245,921
|
|
FinVolution
Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
For the Three Months
Ended September 30,
|
For the
Nine Months Ended September
30,
|
|
2023
|
2024
|
2023
|
2024
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Operating
revenue:
|
|
|
|
|
|
|
|
Loan facilitation service fees
|
1,129,776
|
1,253,113
|
178,567
|
3,413,070
|
3,349,581
|
477,311
|
|
Post-facilitation service fees
|
498,916
|
425,348
|
60,612
|
1,474,274
|
1,279,776
|
182,367
|
|
Guarantee income
|
1,152,047
|
1,234,752
|
175,951
|
3,211,480
|
3,879,794
|
552,866
|
|
Net interest income
|
273,274
|
185,742
|
26,468
|
821,953
|
635,852
|
90,608
|
|
Other Revenue
|
143,514
|
177,096
|
25,236
|
403,071
|
464,129
|
66,138
|
|
Net
revenue
|
3,197,527
|
3,276,051
|
466,834
|
9,323,848
|
9,609,132
|
1,369,290
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Origination, servicing expenses and other cost of
revenue
|
(519,985)
|
(603,071)
|
(85,937)
|
(1,548,373)
|
(1,717,857)
|
(244,793)
|
|
Sales and marketing expenses
|
(530,110)
|
(560,220)
|
(79,831)
|
(1,396,061)
|
(1,482,724)
|
(211,286)
|
|
Research and development expenses
|
(132,588)
|
(130,736)
|
(18,630)
|
(383,381)
|
(370,483)
|
(52,793)
|
|
General and administrative expenses
|
(98,641)
|
(116,759)
|
(16,638)
|
(274,813)
|
(300,978)
|
(42,889)
|
|
Provision for accounts receivable and contract assets
|
(86,884)
|
(99,018)
|
(14,110)
|
(217,535)
|
(221,917)
|
(31,623)
|
|
Provision for loans receivable
|
(176,776)
|
(82,394)
|
(11,741)
|
(479,281)
|
(255,667)
|
(36,432)
|
|
Credit losses for quality assurance commitment
|
(1,099,154)
|
(1,123,628)
|
(160,116)
|
(3,153,288)
|
(3,512,299)
|
(500,499)
|
|
Total operating
expenses
|
(2,644,138)
|
(2,715,826)
|
(387,003)
|
(7,452,732)
|
(7,861,925)
|
(1,120,315)
|
|
Operating
profit
|
553,389
|
560,225
|
79,831
|
1,871,116
|
1,747,207
|
248,975
|
|
Other income, net
|
124,387
|
185,517
|
26,436
|
327,065
|
284,178
|
40,495
|
|
Profit before income
tax expense
|
677,776
|
745,742
|
106,267
|
2,198,181
|
2,031,385
|
289,470
|
|
Income tax expenses
|
(103,061)
|
(121,666)
|
(17,337)
|
(343,528)
|
(324,295)
|
(46,212)
|
|
Net
profit
|
574,715
|
624,076
|
88,930
|
1,854,653
|
1,707,090
|
243,258
|
|
Net profit attributable to non-controlling interest
shareholders
|
8,757
|
481
|
69
|
38,377
|
4,649
|
662
|
|
Net profit
attributable to FinVolution Group
|
565,958
|
623,595
|
88,861
|
1,816,276
|
1,702,441
|
242,596
|
|
Foreign currency translation adjustment, net of nil
tax
|
(88,159)
|
21,206
|
3,022
|
(36,624)
|
(15,585)
|
(2,221)
|
|
Total comprehensive
income attributable
to FinVolution Group
|
477,799
|
644,801
|
91,883
|
1,779,652
|
1,686,856
|
240,375
|
|
Weighted average
number of ordinary shares used in
computing net income per share
|
|
|
|
|
|
|
|
Basic
|
1,356,802,618
|
1,273,874,143
|
1,273,874,143
|
1,385,417,916
|
1,294,603,294
|
1,294,603,294
|
|
Diluted
|
1,382,049,817
|
1,300,972,157
|
1,300,972,157
|
1,414,900,795
|
1,325,385,787
|
1,325,385,787
|
|
Net profit per share
attributable to FinVolution
Group's ordinary shareholders
|
|
|
|
|
|
|
|
Basic
|
0.42
|
0.49
|
0.07
|
1.31
|
1.32
|
0.19
|
|
Diluted
|
0.41
|
0.48
|
0.07
|
1.28
|
1.28
|
0.18
|
|
Net profit per ADS
attributable to FinVolution
Group's ordinary shareholders (one ADS equal
five ordinary shares)
|
|
|
|
|
|
|
|
Basic
|
2.09
|
2.45
|
0.35
|
6.55
|
6.58
|
0.94
|
|
Diluted
|
2.05
|
2.40
|
0.34
|
6.42
|
6.42
|
0.92
|
|
FinVolution
Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
2023
|
|
2024
|
|
2023
|
|
2024
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
Net cash provided by
operating
activities
|
178,370
|
|
1,577,985
|
|
224,861
|
|
1,357,273
|
|
2,737,763
|
|
390,128
|
|
Net cash provided
by/(used in)
investing activities
|
591,067
|
|
(1,895,758)
|
|
(270,143)
|
|
1,516,238
|
|
(1,547,729)
|
|
(220,550)
|
|
Net cash used in
financing activities
|
(110,924)
|
|
(253,744)
|
|
(36,158)
|
|
(1,516,270)
|
|
(1,024,661)
|
|
(146,013)
|
|
Effect of exchange rate
changes on
cash and cash equivalents
|
(11,383)
|
|
27,198
|
|
3,876
|
|
27,416
|
|
(2,353)
|
|
(334)
|
|
Net increase/
(decrease) in cash, cash
equivalent and restricted cash
|
647,130
|
|
(544,319)
|
|
(77,564)
|
|
1,384,657
|
|
163,020
|
|
23,231
|
|
Cash, cash equivalent
and restricted
cash at beginning of period
|
7,216,614
|
|
7,476,729
|
|
1,065,425
|
|
6,479,087
|
|
6,769,390
|
|
964,630
|
|
Cash, cash equivalent
and restricted
cash at end of period
|
7,863,744
|
|
6,932,410
|
|
987,861
|
|
7,863,744
|
|
6,932,410
|
|
987,861
|
|
FinVolution
Group
|
|
UNAUDITED
Reconciliation of GAAP and Non-GAAP Results
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
For the Three Months
Ended September 30,
|
For the
Nine Months Ended September 30,
|
|
2023
|
2024
|
2023
|
2024
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Net
Revenues
|
3,197,527
|
3,276,051
|
466,834
|
9,323,848
|
9,609,132
|
1,369,290
|
|
Less: total operating
expenses
|
(2,644,138)
|
(2,715,826)
|
(387,003)
|
(7,452,732)
|
(7,861,925)
|
(1,120,315)
|
|
Operating
Income
|
553,389
|
560,225
|
79,831
|
1,871,116
|
1,747,207
|
248,975
|
|
Add: share-based
compensation expenses
|
30,376
|
39,599
|
5,643
|
82,192
|
109,988
|
15,673
|
|
Non-GAAP adjusted
operating income
|
583,765
|
599,824
|
85,474
|
1,953,308
|
1,857,195
|
264,648
|
|
|
|
|
|
|
|
|
Operating
Margin
|
17.3 %
|
17.1 %
|
17.1 %
|
20.1 %
|
18.2 %
|
18.2 %
|
|
Non-GAAP operating
margin
|
18.3 %
|
18.3 %
|
18.3 %
|
20.9 %
|
19.3 %
|
19.3 %
|
|
Non-GAAP adjusted
operating income
|
583,765
|
599,824
|
85,474
|
1,953,308
|
1,857,195
|
264,648
|
|
Add: other income,
net
|
124,387
|
185,517
|
26,436
|
327,065
|
284,178
|
40,495
|
|
Less: income tax
expenses
|
(103,061)
|
(121,666)
|
(17,337)
|
(343,528)
|
(324,295)
|
(46,212)
|
|
Non-GAAP net
profit
|
605,091
|
663,675
|
94,573
|
1,936,845
|
1,817,078
|
258,931
|
|
Net profit attributable
to non-controlling interest
shareholders
|
8,757
|
481
|
69
|
38,377
|
4,649
|
662
|
|
Non-GAAP net profit
attributable to FinVolution
Group
|
596,334
|
663,194
|
94,504
|
1,898,468
|
1,812,429
|
258,269
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing net income per share
|
|
|
|
|
|
|
|
Basic
|
1,356,802,618
|
1,273,874,143
|
1,273,874,143
|
1,385,417,916
|
1,294,603,294
|
1,294,603,294
|
|
Diluted
|
1,382,049,817
|
1,300,972,157
|
1,300,972,157
|
1,414,900,795
|
1,325,385,787
|
1,325,385,787
|
|
Non-GAAP net profit
per share attributable to
FinVolution Group's ordinary shareholders
|
|
|
|
|
|
|
|
Basic
|
0.44
|
0.52
|
0.07
|
1.37
|
1.40
|
0.20
|
|
Diluted
|
0.43
|
0.51
|
0.07
|
1.34
|
1.37
|
0.19
|
|
Non-GAAP net profit
per ADS attributable to
FinVolution Group's ordinary shareholders (one ADS
equal five ordinary shares)
|
|
|
|
|
|
|
|
Basic
|
2.20
|
2.60
|
0.37
|
6.85
|
7.00
|
1.00
|
|
Diluted
|
2.16
|
2.55
|
0.36
|
6.71
|
6.84
|
0.97
|
View original
content:https://www.prnewswire.com/news-releases/finvolution-group-reports-third-quarter-2024-unaudited-financial-results-302308772.html
SOURCE FinVolution Group