SHANGHAI, Nov. 19, 2019 /PRNewswire/ – FinVolution Group,
formerly known as PPDAI Group Inc., ("FinVolution," or the
"Company") (NYSE: PPDF), a leading online consumer finance
marketplace in China, today
announced its unaudited financial results for the third quarter
ended September 30, 2019.
|
As
of
|
|
September
30,
2018
|
June 30,
2019
|
September 30,
2019
|
Cumulative registered
users[1] ('000)
|
83,949
|
99,022
|
102,847
|
Cumulative number of
borrowers[2] ('000)
|
13,440
|
16,528
|
17,445
|
|
|
|
|
|
For Three Months
Ended
|
YoY
Change
|
|
September 30,
2018
|
September 30,
2019
|
|
Number of unique
borrowers[3] ('000)
|
2,750
|
3,537
|
28.6%
|
Loan origination
volume[4](RMB, million)
|
14,771
|
24,579
|
66.4%
|
Repeat borrowing
rate[5] (%)
|
69.8%
|
79.4%
|
13.8%
|
Average loan
size[6] (RMB)
|
3,396
|
3,156
|
-7.1%
|
Third Quarter 2019 Financial and Operational
Highlights
- Operating revenues increased by 35.0% to
RMB1,512.4 million (US$211.6 million) in the third quarter of 2019,
from RMB1,120.4 million in the same
period of 2018.
- Loan facilitation service fees increased by 26.3%
to RMB893.6 million (US$125.0 million) in the third quarter of 2019,
from RMB707.7 million in the same
period of 2018.
- Operating income was RMB648.9 million (US$90.8
million) for the third quarter of 2019, representing an
increase of 32.3% from RMB490.6
million in the same period of 2018.
- Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB657.8 million (US$92.0
million) for the third quarter of 2019, representing an
increase of 44.8% from RMB454.4
million in the same period of 2018.
- Cumulative registered users[1] reached
approximately 102.8 million as of September
30, 2019.
- Cumulative number
of borrowers[2] was approximately 17.4
million as of September 30,
2019.
- Number of unique borrowers[3] was
approximately 3.5 million for the third quarter of 2019,
representing an increase of 28.6% from the same period of
2018.
- Loan origination volume[4] was
approximately RMB24.6 billion for the
third quarter of 2019, representing an increase of 66.4% from
the same period of 2018.
- The proportion of total loan origination
volume facilitated by institutional funding partners
increased to approximately 75.1% for the third quarter of 2019 from
44.8% for the second quarter of 2019.
- Average loan tenure[7] was
8.2 months for the third quarter of 2019.
[1] On a cumulative basis, number of
users registered on our platform as of September 30,
2019
|
[2] On a cumulative basis, number of
borrowers whose loans were funded on or prior to September 30,
2019.
|
[3] Represents the total number of
borrowers whose loans on our platform were facilitated during the
period
presented.
|
[4] Represents the loan origination
volume facilitated during the period presented.
|
[5] Represents the percentage of loan
volume generated by repeat borrowers who have successfully
borrowed
on our platform before.
|
[6] Represents the average loan size
on our platform during the period presented.
|
[7]
Represents the average loan tenure period on our platform during
the period presented.
|
Mr. Jun Zhang, Chairman and
Co-Chief Executive Officer of FinVolution, commented, "We are
pleased to deliver solid results and continued transition of our
funding sources towards institutions. For the quarter, total loan
origination volume increased by 66.4% year-over-year to
RMB24.6 billion, operating revenue
increased by 35.0% year-over-year to RMB1.5
billion, and the proportion of loan originations facilitated
by institutional partners further increased to over 75.1%.
Both the demand and outlook of our institutional partners remain
solid as we continue to strategically expand our business. As
the business evolves with the dynamics of the industry, we continue
to transition our investor base from individuals to institutions.
Meanwhile, we are repositioning our brand to better align with the
current business model. In our most recent Annual General Meeting,
our shareholders approved our Board's proposal to change our
corporate name and ticker symbol. Looking ahead, we are committed
to broadening our spectrum of technology capabilities in order to
service our borrowers and deepen our cooperation with institutional
partners."
Mr. Feng Zhang, Co-Chief
Executive Officer of FinVolution, added, "We have undergone a
significant transition - in a little more than 12 months, our
platform went from being mainly facilitated by individual investors
to predominantly our institutional partners. During this transition
period, we have sustained consistent performance as highlighted by
our continuous loan volume growth, relatively stable delinquency
trends and healthy profitability. Our transition has been rapid and
smooth, and demonstrates our strong execution and management
capability.
Looking forward, the consumer finance market in China is vast and remains under-penetrated. We
are confident that with our experience and capabilities,
FinVolution Group is well-positioned to connect and facilitate
individual's financing needs with banks and financial
institutions."
Mr. Simon Ho, Chief Financial
Officer of FinVolution, commented, "We are pleased to report
another solid quarter. Our non-GAAP adjusted operating income
increased year over year by a solid 44.8% and non-GAAP operating
margin was at a healthy level of 43.5%. Our balance sheet remained
strong with approximately RMB2.2
billion of cash and short-term liquidity.
"Notably, our quality assurance fund remains sufficiently funded
with a total balance of RMB6.0
billion, equivalent to 21.0% of the total outstanding loans
and interest with quality assurance. With healthy loan origination
demand for the foreseeable future, an innovative technology-driven
platform matching requirements of different institutional partners,
FinVolution remains the leading online consumer finance marketplace
in China."
Third Quarter 2019 Financial Results
Operating revenues for the third quarter of 2019
increased by 35.0% to RMB1,512.4
million (US$211.6 million)
from RMB1,120.4 million in the same
period of 2018, primarily due to the increase in loan
facilitation service fees, post-facilitation service fees and net
interest income from loans invested mainly through trusts.
Loan facilitation service fees increased by 26.3% to
RMB893.6 million (US$125.0 million) for the third quarter of 2019
from RMB707.7 million in the same
period of 2018, primarily due to the increase in loan
origination volume.
Post-facilitation service fees increased by 25.3% to
RMB300.7 million (US$42.1 million) for the third quarter of 2019
from RMB239.9 million in the same
period of 2018, primarily due to the increase in loan origination
volume and the rolling impact of deferred transaction fees.
Net interest income and loan provision losses were an
income of RMB264.9 million
(US$37.1 million) for the third
quarter of 2019, compared to an income of RMB16.1 million in the same period of 2018,
primarily due to increased interest income from the expansion in
the outstanding loan balances of consolidated trusts.
Other revenue decreased by 52.5% to RMB53.2 million (US$7.4
million) for the third quarter of 2019 from RMB112.1 million in the same period of 2018,
primarily due to a decrease in management fees from investment
programs that invest in loans protected by the quality assurance
fund.
Origination and servicing expenses increased by 46.8% to
RMB332.1 million (US$46.5 million) for the third quarter of 2019
from RMB226.2 million in the same
period of 2018, primarily due to an increase in fees paid to third
party providers for loan collection services and an increase in
salaries and benefits.
Sales and marketing expenses increased by 24.2% to
RMB229.2 million (US$32.1 million) for the third quarter of 2019
from RMB184.5 million in the same
period of 2018, primarily due to the increase in online customer
acquisition expenses.
General and administrative expenses increased by 24.2% to
RMB124.8 million (US$17.5 million) for the third quarter of 2019
from RMB100.5 million in the same
period of 2018, primarily due to an increase in fees paid to third
parties for trust management. General and administrative expenses
for the period included share-based compensation of RMB8.9 million (US$1.2
million).
Research and development expenses increased by 31.7% to
RMB108.2 million (US$15.1 million) for the third quarter of 2019
from RMB82.1 million in the same
period of 2018, primarily due to increased investments in
technology.
Provision for doubtful accounts was RMB69.2 million (US$9.7
million) for the third quarter of 2019, compared with
RMB36.4 million in the same period of
2018 due to the increase in loan origination volume.
Operating income increased by 32.3% to RMB648.9 million (US$90.8
million) for the third quarter of 2019 from RMB490.6
million in the same period of 2018.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB657.8 million (US$92.0
million) for the third quarter of 2019, representing an
increase of 44.8% from RMB454.4
million in the same period of 2018.
Other income was RMB80.2 million
(US$11.2 million) for the third
quarter of 2019, compared with other income of RMB251.1 million in the same period of 2018.
Other income primarily consisted of (1) a gain of RMB34.3 million (US$4.8million) from the quality assurance
fund, (2) a realized gain of RMB37.2
million (US$5.2 million), (3)
a loss of RMB43.5 million
(US$6.1 million) from the fair value
change of financial guarantee derivatives, (4) other income of
RMB52.1 million (US$7.3 million). The Company re-evaluates the
expected default rate at each balance sheet date to reflect the
views of market participants of future defaults of the Company's
loan portfolio based on the latest market changes. For the third
quarter of 2019, RMB21.1 billion of
loans facilitated on the Company's platform had quality assurance
protection.
Income tax expenses increased by 41.8% to RMB130.7 million (US$18.3
million) for the third quarter of 2019 from RMB92.2 million in the same period of 2018 as a
result of the increase in proportion of loan volume facilitated by
institutional funding, which has a higher effective tax
rate.
Net profit decreased by 7.9% to RMB598.5 million (US$83.7
million) for the third quarter of 2019, from RMB649.5 million in the same period of 2018.
Net profit attributable to ordinary shareholders of the
Company decreased by 7.9% to RMB597.9
million (US$83.7 million) for
the third quarter of 2019, from RMB649.3
million in the same period of 2018.
As of September 30, 2019, the
Company had cash and cash equivalents of RMB1,762.7 million (US$246.6 million) and short-term investments
mainly in wealth management products of RMB419.3 million (US$58.7
million).
The total balance of the quality assurance fund, which includes
restricted cash of RMB3,074.1 million (US$430.1 million) and the quality assurance fund
receivable of RMB2,901.7 million
(US$406.0 million), was equivalent to
21.0% of the total outstanding loans and interest with quality
assurance.
The following table provides the delinquency rates for all
outstanding loans on the Company's platform as of the respective
dates indicated.
As
of
|
15-29
days
|
30-59
days
|
60-89
days
|
90-119
days
|
120-149
days
|
150-179
days
|
March 31,
2017
|
0.57%
|
0.95%
|
0.79%
|
0.59%
|
0.54%
|
0.51%
|
June 30,
2017
|
0.86%
|
1.11%
|
0.79%
|
0.51%
|
0.55%
|
0.52%
|
September 30,
2017
|
0.89%
|
1.40%
|
1.15%
|
1.02%
|
0.79%
|
0.60%
|
December 31,
2017
|
2.27%
|
2.21%
|
1.72%
|
1.63%
|
1.36%
|
1.20%
|
March 31,
2018
|
0.87%
|
2.11%
|
2.43%
|
3.83%
|
2.29%
|
1.89%
|
June 30,
2018
|
0.83%
|
1.21%
|
1.05%
|
0.98%
|
1.60%
|
2.03%
|
September 30,
2018
|
1.03%
|
1.77%
|
1.49%
|
1.29%
|
1.06%
|
1.02%
|
December 31,
2018
|
0.92%
|
1.63%
|
1.41%
|
1.45%
|
1.44%
|
1.34%
|
March 31,
2019
|
0.80%
|
1.61%
|
1.45%
|
1.29%
|
1.31%
|
1.20%
|
June 30,
2019
|
0.86%
|
1.42%
|
1.37%
|
1.19%
|
1.26%
|
1.21%
|
September 30,
2019
|
0.90%
|
1.50%
|
1.35%
|
1.31%
|
1.17%
|
1.20%
|
The following chart and table display the historical cumulative
30-day plus past due delinquency rates by loan origination vintage
for all loan products facilitated through the Company's online
marketplace.
Click here to view the
chart.
|
|
Month on
Book
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage
|
2nd
|
3rd
|
4th
|
5th
|
6th
|
7th
|
8th
|
9th
|
10th
|
11th
|
12th
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017Q1 . . .
.
|
1.20%
|
2.01%
|
2.68%
|
3.32%
|
3.87%
|
4.33%
|
4.68%
|
4.98%
|
5.33%
|
5.61%
|
5.80%
|
2017Q2 . . .
.
|
1.72%
|
2.89%
|
3.81%
|
4.55%
|
5.14%
|
5.78%
|
6.32%
|
6.79%
|
7.05%
|
7.19%
|
7.24%
|
2017Q3 . . .
.
|
1.82%
|
2.93%
|
4.08%
|
5.16%
|
6.13%
|
6.64%
|
6.88%
|
7.04%
|
7.16%
|
7.22%
|
7.26%
|
2017Q4 . . .
.
|
2.51%
|
4.12%
|
5.16%
|
5.68%
|
5.97%
|
6.18%
|
6.29%
|
6.39%
|
6.47%
|
6.50%
|
6.50%
|
2018Q1 . . .
.
|
1.35%
|
2.18%
|
2.97%
|
3.65%
|
4.30%
|
4.85%
|
5.22%
|
5.50%
|
5.66%
|
5.74%
|
5.77%
|
2018Q2 . . .
.
|
1.75%
|
3.08%
|
4.35%
|
5.43%
|
6.31%
|
6.97%
|
7.45%
|
7.79%
|
7.99%
|
8.08%
|
8.13%
|
2018Q3……
|
1.42%
|
2.48%
|
3.50%
|
4.36%
|
5.07%
|
5.58%
|
5.96%
|
6.27%
|
6.49%
|
6.64%
|
6.72%
|
2018Q4. . .
.
|
1.42%
|
2.48%
|
3.54%
|
4.41%
|
5.17%
|
5.76%
|
6.19%
|
6.54%
|
|
|
|
2019Q1……
|
1.33%
|
2.38%
|
3.45%
|
4.36%
|
5.13%
|
|
|
|
|
|
|
2019Q2……
|
1.33%
|
2.34%
|
|
|
|
|
|
|
|
|
|
Business Outlook
The Company currently expects total loan origination volume to
be in the range of RMB16 billion to
RMB19 billion for the fourth quarter
of 2019. This is within the Company's previous guidance for loan
originations facilitated by institutional partners to be in the
range of RMB32 billion to
RMB38 billion for the second half of
2019.
The Company plans to discontinue its online information
intermediary business between individual borrowers and individual
investors, that is the part of FinVolution's business in which
loans on the Company's platform are facilitated by individual
investors. The Company will continue its strategy of expanding loan
facilitations on the platform by institutional funding partners. In
the third quarter of 2019, loan originations facilitated by
institutional partners increased to 75.1% of total loan origination
volume, and the Company expects this proportion to further increase
in the fourth quarter of 2019. As the Company's business model of
loan facilitation by institutional funding partners has a
relatively short operating history, the Company's operations and
future growth may be subject to uncertainty.
The above outlook is based on current market conditions and
reflects the Company's preliminary expectations as to market
conditions, its regulatory and operating environment, as well as
customer demand, all of which are subject to change.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
November 19, 2019 (9:00 PM Beijing/Hong
Kong time on November 19,
2019).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
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 5 minutes before the
scheduled start time and ask to be connected to the call for "PPDAI
Group."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.ppdai.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until November 26, 2019, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10136591
|
About FinVolution Group.
FinVolution is a leading online consumer finance platform in
China connecting underserved
individual borrowers with financial institutions. Established in
2007, the Company is a pioneer in China's online consumer finance industry and
has developed strong 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 platform, empowered by proprietary cutting-edge
technologies, features a highly automated loan transaction process,
which enables a superior user experience. As of September 30, 2019, the Company had over 102
million cumulative registered users.
For more information, please visit http://ir.ppdai.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP operating income, a Non-GAAP financial measure,
in evaluating our operating results and for financial and
operational decision-making purposes. We believe that adjusted
operating income help identify underlying trends in our business by
excluding the impact of share-based compensation expenses and
expected discretionary measures. We believe that adjusted operating
income 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 is not defined under U.S.
GAAP and is not presented in accordance with U.S. GAAP. This
Non-GAAP financial measure has 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 (loss)/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 RMB7.1477 to US$1.00, the rate in effect as of September 30, 2019 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 Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com
Sylvie Deng
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: paipaidai@tpg-ir.com
In the United
States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: paipaidai@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,
|
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
Assets
|
|
|
|
Cash and cash
equivalents
|
1,616,164
|
1,762,727
|
246,615
|
Restricted
cash
|
3,677,557
|
6,000,323
|
839,476
|
Short-term
investments
|
1,694,660
|
419,287
|
58,660
|
Investments
|
167,501
|
251,485
|
35,184
|
Quality assurance fund
receivable
|
2,064,366
|
2,901,703
|
405,963
|
Intangible
assets
|
68,880
|
64,280
|
8,993
|
Property, equipment
and software, net
|
144,002
|
141,306
|
19,769
|
Loans receivable, net
of provision for loan losses
|
2,331,108
|
4,548,985
|
636,426
|
Accounts
receivable
|
812,042
|
1,101,462
|
154,100
|
Deferred tax
assets
|
122,763
|
134,794
|
18,858
|
Financial guarantee
derivative assets
|
56,287
|
4,606
|
643
|
Contract
assets
|
112,103
|
38,142
|
5,336
|
Right of use
assets
|
-
|
100,363
|
14,041
|
Prepaid expenses and
other assets
|
224,623
|
1,969,262
|
275,509
|
Goodwill
|
50,411
|
50,411
|
7,053
|
Total
assets
|
13,142,467
|
19,489,136
|
2,726,626
|
Liabilities and
Shareholders' Equity
|
|
Payable to platform
customers
|
905,034
|
2,394,013
|
334,935
|
Quality assurance
payable
|
3,819,379
|
5,373,640
|
751,800
|
Payroll and welfare
payable
|
188,254
|
193,342
|
27,050
|
Taxes
payable
|
225,101
|
190,129
|
26,600
|
Short-term
borrowings
|
25,000
|
25,000
|
3,498
|
Funds payable to
investors of consolidated trusts
|
1,505,909
|
2,970,895
|
415,644
|
Contract
liability
|
165,469
|
92,430
|
12,931
|
Deferred tax
liabilities
|
100,064
|
112,070
|
15,679
|
Accrued expenses and
other liabilities
|
222,519
|
413,498
|
57,851
|
Leasing
liabilities
|
-
|
91,348
|
12,780
|
Total
liabilities
|
7,156,729
|
11,856,365
|
1,658,768
|
Commitments and
contingencies
|
|
|
|
FinVolution Group
Shareholders' equity
|
|
|
|
Ordinary
shares
|
102
|
103
|
14
|
Additional paid-in
capital
|
5,896,017
|
5,630,852
|
787,785
|
Treasury
stock
|
(332,121)
|
(12,314)
|
(1,723)
|
Statutory
reserves
|
256,006
|
256,006
|
35,817
|
Accumulated other
comprehensive income
|
58,210
|
79,276
|
11,089
|
Retained
Earnings
|
45,668
|
1,616,526
|
226,157
|
Total FinVolution
Group shareholders' equity
|
5,923,882
|
7,570,449
|
1,059,139
|
Non-controlling
interest
|
61,856
|
62,322
|
8,719
|
Total
shareholders' equity
|
5,985,738
|
7,632,771
|
1,067,858
|
Total liabilities
and shareholders' equity
|
13,142,467
|
19,489,136
|
2,726,626
|
|
1 We have
adopted ASU No. 2016-02, "Leases," beginning January 1, 2019 and
elected to utilize a modified
retrospective approach which allowed us to initially apply the new
lease standard at the adoption date and
recognize a cumulative effect adjustment to the opening balance of
retained earnings of 2019, with no adjustments
to prior periods presented. No cumulative effect adjustment to the
opening balance of retained earnings were
made. The adoption of the new guidance did not have a material
effect on our results of operations, financial
condition or liquidity.
|
|
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,
|
|
2018
|
2019
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
Loan facilitation
service fees
|
707,738
|
893,614
|
125,021
|
2,081,807
|
2,771,979
|
387,814
|
Post-facilitation
service fees
|
239,880
|
300,671
|
42,065
|
672,910
|
924,542
|
129,348
|
Net interest income
and loan
provision
losses
|
16,096
|
264,915
|
37,063
|
72,769
|
592,969
|
82,959
|
Other
Revenue
|
112,092
|
53,229
|
7,447
|
269,113
|
243,542
|
34,073
|
Changes in expected
discretionary payment
to IRF investors
|
44,572
|
-
|
-
|
44,572
|
-
|
-
|
Total Operating
revenues
|
1,120,378
|
1,512,429
|
211,596
|
3,141,171
|
4,533,032
|
634,194
|
Operating
expenses:
|
|
|
|
|
|
|
Origination and
servicing expenses
|
(226,227)
|
(332,078)
|
(46,459)
|
(707,976)
|
(903,053)
|
(126,342)
|
Sales and marketing
expenses
|
(184,481)
|
(229,190)
|
(32,065)
|
(529,853)
|
(588,585)
|
(82,346)
|
General and
administrative expenses
|
(100,507)
|
(124,806)
|
(17,461)
|
(254,849)
|
(334,630)
|
(46,816)
|
Research and
development expenses
|
(82,145)
|
(108,221)
|
(15,141)
|
(234,837)
|
(297,504)
|
(41,622)
|
Provision for doubtful
accounts receivables
|
(36,411)
|
(69,185)
|
(9,679)
|
(53,631)
|
(197,895)
|
(27,687)
|
Total operating
expenses
|
(629,771)
|
(863,480)
|
(120,805)
|
(1,781,146)
|
(2,321,667)
|
(324,813)
|
Other income
(expenses)
|
|
|
|
|
|
|
Gain from quality
assurance fund
|
276,593
|
34,321
|
4,802
|
487,425
|
91,331
|
12,778
|
Realized gain (loss)
from financial guarantee
derivatives
|
(28,108)
|
37,235
|
5,209
|
(175,215)
|
29,695
|
4,154
|
Fair value change of
financial guarantee
derivatives
|
(6,796)
|
(43,474)
|
(6,082)
|
261,277
|
(51,681)
|
(7,231)
|
Other income,
net
|
9,395
|
52,147
|
7,296
|
106,171
|
106,200
|
14,858
|
Profit before
income tax expense
|
741,691
|
729,178
|
102,016
|
2,039,683
|
2,386,910
|
333,940
|
Income tax
expenses
|
(92,189)
|
(130,718)
|
(18,288)
|
(344,823)
|
(424,870)
|
(59,442)
|
Net
profit
|
649,502
|
598,460
|
83,728
|
1,694,860
|
1,962,040
|
274,498
|
Net profit (loss)
attributable to non-controlling
interest
shareholders
|
207
|
577
|
81
|
(40)
|
466
|
65
|
Net profit
attributable to FinVolution Group
|
649,295
|
597,883
|
83,647
|
1,694,900
|
1,961,574
|
274,433
|
Foreign currency
translation adjustment, net
of nil tax
|
36,625
|
21,335
|
2,985
|
47,080
|
21,066
|
2,947
|
Total
comprehensive income attributable
to
FinVolution Group
|
685,920
|
619,218
|
86,632
|
1,741,980
|
1,982,640
|
277,380
|
Weighted average
number of ordinary shares
used in computing net income per
share
|
|
|
|
|
|
|
Basic
|
1,483,389,904
|
1,553,399,525
|
1,553,399,525
|
1,502,800,121
|
1,521,577,804
|
1,521,577,804
|
Diluted
|
1,571,175,958
|
1,579,642,133
|
1,579,642,133
|
1,611,816,214
|
1,565,427,361
|
1,565,427,361
|
Income per share
-Basic
|
0.4377
|
0.3849
|
0.0538
|
1.1278
|
1.2892
|
0.1804
|
Income per
ADS-Basic
|
2.1886
|
1.9244
|
0.2692
|
5.6391
|
6.4459
|
0.9018
|
Income per share
-Diluted
|
0.4133
|
0.3785
|
0.0530
|
1.0515
|
1.2531
|
0.1753
|
Income per
ADS-Diluted
|
2.0663
|
1.8925
|
0.2648
|
5.2577
|
6.2653
|
0.8765
|
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,
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Net cash provided by
operating
activities
|
1,126,389
|
|
1,515,746
|
|
212,061
|
|
1,366,683
|
|
2,609,065
|
|
365,022
|
Net cash provided by
(used in)
investing activities
|
(1,117,253)
|
|
28,870
|
|
4,040
|
|
(627,835)
|
|
(1,094,495)
|
|
(153,126)
|
Net cash provided by
financing
activities
|
263,482
|
|
285,077
|
|
39,883
|
|
89,256
|
|
937,102
|
|
131,106
|
Effect of exchange
rate changes on cash
and cash equivalents
|
36,993
|
|
16,505
|
|
2,309
|
|
44,853
|
|
17,657
|
|
2,470
|
Net increase in cash,
cash equivalent and
restricted cash
|
309,611
|
|
1,846,198
|
|
258,293
|
|
872,957
|
|
2,469,329
|
|
345,472
|
Cash, cash equivalent
and restricted cash
at beginning of period
|
4,847,050
|
|
5,916,852
|
|
827,798
|
|
4,283,704
|
|
5,293,721
|
|
740,619
|
Cash, cash equivalent
and restricted cash
at end of period
|
5,156,661
|
|
7,763,050
|
|
1,086,091
|
|
5,156,661
|
|
7,763,050
|
|
1,086,091
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2018
|
2019
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
Total Operating
revenues
|
1,120,378
|
1,512,429
|
211,596
|
3,141,171
|
4,533,032
|
634,194
|
Less: total operating
expenses
|
(629,771)
|
(863,480)
|
(120,805)
|
(1,781,146)
|
(2,321,667)
|
(324,813)
|
Operating
Income
|
490,607
|
648,949
|
90,791
|
1,360,025
|
2,211,365
|
309,381
|
Less: Change in
expected discretionary payment to
IRF investors
|
(44,572)
|
-
|
-
|
(44,572)
|
-
|
-
|
Add: share-based
compensation expenses
|
8,321
|
8,890
|
1,244
|
40,764
|
32,827
|
4,593
|
Non-GAAP adjusted
operating income
|
454,356
|
657,839
|
92,035
|
1,356,217
|
2,244,192
|
313,974
|
|
|
|
|
|
|
|
Operating
Margin
|
43.8%
|
42.9%
|
42.9%
|
43.3%
|
48.8%
|
48.8%
|
Non-GAAP operating
margin
|
40.6%
|
43.5%
|
43.5%
|
43.2%
|
49.5%
|
49.5%
|
View original
content:http://www.prnewswire.com/news-releases/finvolution-group-formerly-known-as-ppdai-group-inc-reports-third-quarter-2019-unaudited-financial-results-300960710.html
SOURCE PPDAI Group Inc.