BEIJING, March 15, 2017 /PRNewswire/ -- Yirendai Ltd.
(NYSE: YRD) ("Yirendai" or the "Company"), a leading online
consumer finance marketplace in China, today announced its unaudited financial
results for the quarter and full year ended December 31, 2016.
Starting from the second quarter of 2016, the Company changed
its reporting currency from the U.S. dollar ("US$") to the Renminbi
("RMB"), to reduce the impact of increased volatility of the RMB to
US$ exchange rate on the Company's reported operating results. The
aligning of the reporting currency with the underlying operations
will better depict the Company's results of operations for each
period. This release contains translations of certain RMB amounts
into US$ for convenience[1]. Prior period numbers have
been recast into the new reporting currency.
|
For Three Months
Ended
|
|
For Twelve Months
Ended
|
in RMB
million
|
December
31, 2016
|
December
31, 2015
|
YoY
Change
|
|
December
31, 2016
|
December
31, 2015
|
YoY
Change
|
Amount of Loans
Facilitated
|
6,675.2
|
3,301.5
|
102%
|
|
20,277.9
|
9,557.6
|
112%
|
Total Net
Revenue
|
1,071.1
|
451.6
|
137%
|
|
3,238.0
|
1,313.6
|
146%
|
Total Fees Billed
(non-GAAP)
|
1,630.4
|
773.6
|
111%
|
|
4,911.2
|
2,154.1
|
128%
|
Net Income
|
379.8
|
83.3
|
356%
|
|
1,116.4
|
275.3
|
305%
|
Adjusted EBITDA
(non-GAAP)
|
401.1
|
126.5
|
217%
|
|
1,093.4
|
402.7
|
172%
|
In the fourth quarter of 2016, Yirendai facilitated RMB 6,675.2 million (US$961.4 million) of loans to 110,785 qualified
individual borrowers on its online marketplace, representing a 102%
year-over-year growth; 57% of the borrowers were acquired from
online channels; 37% of the loan volume was originated from online
channels and 98.8% of the online volume was facilitated through the
Yirendai mobile application.
In the fourth quarter of 2016, Yirendai facilitated 194,505
investors with total investment amount of RMB 7,806.9 million (US$1,124.4 million), 100% of which was
facilitated through its online platform and 85.0% of which was
facilitated through its mobile application.
For the fourth quarter of 2016, total net revenue was
RMB 1,071.1 million (US$154.3 million), up by 137% from the same
period in 2015; net income was RMB 379.8
million (US$54.7 million),
representing an increase of 356% from the same period in 2015.
In the full year of 2016, Yirendai facilitated RMB 20,277.9 million (US$2,920.6 million) of loans to 321,019 qualified
individual borrowers on its online marketplace, representing a 112%
year-over-year growth; 57% of the borrowers were acquired from
online channels; 38% of the loan volume was originated from online
channels and 97.8% of the online volume was facilitated through the
Yirendai mobile application.
In the full year of 2016, Yirendai facilitated 597,765 investors
with total investment amount of RMB 25,038.3
million (US$3,606.3 million),
100% of which was facilitated through its online platform and 83.0%
of which was facilitated through its mobile application.
For the full year of 2016, total net revenue was RMB 3,238.0 million (US$466.4 million), up 146% from the same period
in 2015; net income was RMB 1,116.4
million (US$160.8 million),
representing an increase of 305% from the same period in 2015.
"The fourth quarter of 2016 continued to be strong for us as our
loan facilitation volume reached another record high of
RMB 6.7 billion," commented Ms.
Yihan Fang, Chief Executive Officer
of Yirendai. "In the past year, we executed a number of initiatives
to drive our business growth and enhance our market leadership. We
have made remarkable achievements in many fronts, including new
product development, credit underwriting, risk management and new
partnerships. In our effort to set up best practice in the
industry, we have been in frequent communication with governmental
authorities relating to the regulatory requirements. In 2017, we
will ensure our full compliance with regulatory requirements. In
addition, we will continue to invest in brand building and customer
engagement for both borrowers and investors. Furthermore, we are
committed to driving the robust momentum of business growth by
establishing strong partnerships with vertical industries and
financial institutions and leveraging the Yirendai Enabling
Platform that we launched recently."
"Our solid financial results were mainly driven by the robust
growth of loan origination and generally stable operating cost and
expenses," said Mr. Dennis Cong,
Chief Financial Officer of Yirendai. "Looking into 2017, we are
seeing a healthier business environment as the regulation-driven
industry consolidation continues. We will continue to grow our
marketplace lending business and explore new revenue opportunities
by leveraging our established customer base. At the same time, we
will enhance cooperation with industry partners to improve customer
acquisition efficiency and reduce funding cost. We are confident to
continue the momentum of business growth and set our corporate goal of reaching RMB 100 billion loan origination volume per year
in 2020."
[1] Unless
otherwise noted, all translations from RMB to U.S. dollars are made
at a rate of RMB 6.9430 to US$1.00, the effective noon buying rate
for December 30, 2016 as set forth in the H.10 statistical release
of the Federal Reserve Board.
|
Fourth Quarter 2016 Financial Results
Total amount of loans facilitated in the fourth quarter
of 2016 was RMB 6,675.2 million
(US$961.4 million), increased by 102%
year over year from RMB 3,301.5
million in the same period of 2015, reflecting strong demand
for our products and services. As of December 31, 2016, the Yirendai platform had
facilitated approximately RMB 32.3
billion (US$4.7 billion) in
loan principal since its inception.
Total net revenue in the fourth quarter of 2016 was
RMB 1,071.1 million (US$154.3 million), increased by 137% from
RMB 451.6 million in the same period
of 2015. The increase of total net revenue was mainly attributable
to the growth of loan origination volume.
Total fees billed (non-GAAP) in the fourth quarter of
2016 were RMB 1,630.4 million
(US$234.8million), increased by 111%
from RMB 773.6 million in the same
period of 2015, driven by the growth of loan origination volume.
Upfront fees billed to borrowers in the fourth quarter of
2016 were RMB 1,468.3 million
(US$211.5 million), increased by 100%
from RMB 734.9 million in the same
period of 2015. Monthly fees billed to borrowers in the
fourth quarter of 2016 were RMB 131.3
million (US$18.9 million),
increased by 223% from RMB 40.6
million in the same period of 2015. The significant
year-over-year increase of monthly fees billed to borrowers was
primarily attributable to the increase of loans generated from
online channels, which features a fee collection schedule with
monthly payments in addition to the upfront portion. Service
fees billed to investors in the fourth quarter of 2016 were
RMB 135.7 million (US$19.6 million), increased by 196% from
RMB 45.9 million in the same period
of 2015.
Operating costs and expenses in the fourth quarter of
2016 were RMB 675.6 million
(US$97.3 million), compared to
RMB 674.4 million in the previous
quarter and RMB 326.6 million in the
same period of 2015.
Sales and marketing expenses in the fourth quarter of
2016 were RMB 538.0 million
(US$77.5 million), compared to
RMB 423.0 million in the previous
quarter and RMB 243.1 million in the
same period of 2015. Sales and marketing expenses in the fourth
quarter of 2016 accounted for 8.1% of amount of loans facilitated,
increased from 7.5% in the previous quarter and 7.4% in the same
period of 2015.
Origination and servicing costs in the fourth quarter of
2016 were RMB 58.0 million
(US$8.3 million), compared to
RMB 62.4 million in the previous
quarter and RMB 38.7 million in the
same period of 2015. Origination and servicing costs in the fourth
quarter of 2016 accounted for 0.9% of amount of loans facilitated,
decreased from 1.1% in the previous quarter and 1.2% in the same
period of 2015.
General and administrative expenses in the fourth quarter
of 2016 were RMB 79.7 million
(US$11.5 million), compared to
RMB 189.0 million in the previous
quarter and RMB 44.8 million in the
same period of 2015. General and administrative expenses in the
fourth quarter of 2016 accounted for 7.4% of total net revenue,
decreased from 21.6% in the previous quarter and 9.9% in the same
period of 2015. In the third quarter of 2016, the Company
recognized an expense of RMB 81.3
million related to an organized fraud incident. Excluding
the expense mentioned above, general and administrative expenses in
the third quarter of 2016 was RMB 107.7
million, accounting for 12.3% of total net revenue. The
decrease of general and administrative expenses as percentage of
total net revenue was primarily attributable to the improved
operating leverage.
Income tax expense in the fourth quarter of 2016 was
RMB 30.7 million (US$4.4 million), compared to income tax expense
of RMB 44.8 million in the same
period of 2015. The decrease of income tax expense was primarily
because the Company's subsidiary Yi Ren Heng Ye Technology
Development (Beijing) Co., Ltd.
became qualified as a software enterprise which is confirmed by
local tax bureau and makes it eligible for an exemption of
enterprise income tax for 2015 and 2016 and a favorable enterprise
income tax rate of 12.5% for 2017, 2018 and 2019.
Net income in the fourth quarter of 2016 was RMB 379.8 million (US$54.7
million), increased by 356% from RMB
83.3 million in the same period of 2015.
Adjusted EBITDA (non-GAAP) in the fourth quarter of 2016
was RMB 401.1 million (US$57.8 million), increased by 82% from
RMB 220.7 million in the previous
quarter and 217% from RMB 126.5
million in the same period of 2015.
Basic income per ADS in the fourth quarter of 2016 was
RMB 6.36 (US$0.92), increased by 10% from RMB 5.76 in the previous quarter and 291% from
RMB 1.62 in the same period of
2015.
Diluted income per ADS in the fourth quarter of 2016 was
RMB 6.28 (US$0.91), increased by 10% from RMB 5.70 in the previous quarter and 287% from
RMB 1.62 in the same period of
2015.
Net cash generated from operating
activities[2] in the fourth quarter of 2016 was
RMB 836.1 million (US$120.4 million), increased by 86% from
RMB 450.6 million in the previous
quarter and 150% from RMB 334.7
million in the same period of 2015.
As of December 31, 2016, cash
and cash equivalents excluding the risk reserve fund balance
was RMB 968.2 million (US$ 139.5 million), compared to RMB 1,106.3 million as of September 30, 2016. The decrease of cash and cash
equivalents was primarily due to the Company's increased investment
in short-term assets, presented as available-for-sale investments
and held-to-maturity investments on balance sheet, to enhance its
return from operating cash. As of December
31, 2016, balance of held-to-maturity investments was
RMB 98.9 million (US$14.2 million) and balance of
available-for-sale investments was RMB
1,158.0 million (US$166.8
million), compared to balance of held-to-maturity
investments of RMB 172.5 million and
balance of available-for-sale investments of RMB 298.0 million as of September 30, 2016.
Risk Reserve Fund. In the fourth quarter of 2016,
Yirendai set aside in the risk reserve fund an amount of RMB
480.7 million (US$69.2 million), which is equal to 7% of
the loans facilitated through its marketplace[3] during
the period. In the fourth quarter of 2016, the Company made
payments in a total amount of RMB 296.5 million (US$42.7 million) out of the risk reserve
fund to pay out the outstanding principal and accrued interest of
default loans. As of December 31,
2016, restricted cash balance associated with the risk
reserve fund was RMB 1,114.8 million
(US$160.6 million), compared to
RMB 930.7 million as of September 30, 2016. As of December 31, 2016, the principal balance of
performing loans[4] covered by the risk reserve fund was
RMB 20,103.0 million (US$2,895.4 million), compared to RMB 16,204.6 million as of September 30, 2016.
In the fourth quarter of 2016, Yirendai accrued liabilities from
risk reserve fund guarantee of RMB 528.9
million (US$76.2 million),
which is equal to 8% of the loans facilitated through its
marketplace during the period. During the quarter, the Company
released liabilities of RMB 296.5
million (US$42.7 million) to
pay out the outstanding principal and accrued interest of default
loans. As of December 31, 2016,
liabilities from risk reserve fund guarantee was RMB 1,471.0 million (US$211.9 million).
Delinquency rates. As of December
31, 2016, the overall delinquency rate for loans that are
15-89 days past due was 1.7%, decreased from 1.9% as of
September 30, 2016. The decrease of
delinquency rates was due to the increase of loan facilitation
volume and more efficient risk management for loans generated from
offline channels.
Cumulative M3+ net charge-off rates[5].
As of December 31, 2016, the
cumulative M3+ net charge-off rates for Grade A, B, C, and D loans
originated in 2015 were 5.1%, 6.6%, 8.2% and 6.7%, respectively,
compared to 4.6%, 5.3%, 6.7% and 5.2% as of September 30, 2016. As the 2015 vintage loans
continues to mature, the charge off level is consistent with our
risk performance expectation.
[2]
Starting from the fourth quarter of 2016, the Company early adopt
ASU 2016-18, that includes restricted cash in cash and cash
equivalent balances in the statement of cash flows, and apply to
all periods presented retrospectively.
|
[3] In the
fourth quarter of 2016, the Company facilitated RMB 64.6
million (US$9.3 million) of loans invested by a trust, which was not
covered by the risk reserve fund. The Company transferred cash to
the trust in an amount equal to 7% of the loan amount as a security
fund to protect the trust from potential losses resulting from
defaults of these loans.
|
[4]
Performing loans refer to loans on which payments of interest and
principal are less than 90 days past due.
|
[5]
Starting from the fourth quarter of 2016, the Company adjusted the
calculation of M3+ net charge-off rate to better reflect the
performance of loans. The related numbers reported in prior periods
have been adjusted for comparison to the numbers as of December 31,
2016. The adjusted "M3+ net charge-off rate," with respect to loans
facilitated during a specified time period, which we refer to as a
vintage, is defined as the difference between (i) the total balance
of outstanding principal of loans that become over three months
delinquent during a specified period and (ii) the total amount of
recovered past due payments of principal and accrued interest in
the same period with respect to all loans in the same vintage that
have ever become over three months delinquent, divided by (iii) the
total initial principal of the loans facilitated in such
vintage.
|
Other Operating Metrics and Business Results
- As of December 31, 2016, Yirendai
had facilitated RMB 32.3 billion
(US$4.7 billion) of loans on the
Yirendai online marketplace since its inception in 2012.
- As of December 31, 2016,
remaining principal of performing loans totaled RMB 20.8 billion (US$3.0
billion), increased by 22% from RMB
17.0 billion as of September 30,
2016 and 132% from RMB 9.0
billion as of December 31,
2015.
- In the fourth quarter of 2016, the Yirendai platform
facilitated loans for 110,785 borrowers, 57% of whom were acquired
from online channels.
- Total amount of loans facilitated in the fourth quarter of 2016
was RMB 6,675.2 million (US$961.4 million); 37% of the loans was
originated from online channel, and 98.8% of the online volume was
facilitated through Yirendai's mobile application.
- In the fourth quarter of 2016, the Yirendai platform
facilitated loans for 194,505 investors, 100% of whom were acquired
from online channels, with annual rates of return ranging from
5.00% to 11.25%.
- In the fourth quarter of 2016, loans made to Grade A, B, C, and
D borrowers represented 4.3%, 3.2%, 4.7% and 87.8% of the Company's
product portfolio, respectively.
Business Outlook
Based on the information available as of the date of this press
release, Yirendai provides the following outlook, which reflects
the Company's current and preliminary view and is subject to
change. The following outlook does not take into consideration the
impact of stock-based compensation expenses.
First Quarter 2017
- Total loans facilitated will be in the range of
RMB 6,400 million to RMB 6,500
million (US$922 million to US$936
million).
- Total net revenue will be in the range of RMB 900 million to RMB 930 million (US$130 million to US$134 million).
- Adjusted EBITDA (non-GAAP) will be in the range of
RMB 280 million to RMB 300 million
(US$40 million to US$43
million).
Full Year 2017
- Total loans facilitated will be in the range of
RMB 33,000 million to RMB 35,000
million (US$4,753 million to US$5,041
million).
- Total net revenue will be in the range of RMB 4,400 million to RMB 4,600 million
(US$634 million to US$663
million).
- Adjusted EBITDA margin (non-GAAP) will be in the
range of 23% to 26%.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
several non-GAAP financial measures, such as fees billed and
adjusted EBITDA as supplemental measures to review and assess
operating performance. We believe that fees billed and adjusted
EBITDA provide useful information about our core operating results,
enhance the overall understanding of our past performance and
prospects and allow for greater visibility with respect to key
metrics used by our management in our financial and operational
decision-making. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with accounting principles generally accepted in
the United States of America
("U.S. GAAP"). The non-GAAP financial measures have limitations as
analytical tools. Other companies, including peer companies in the
industry, may calculate these non-GAAP measures differently, which
may reduce their usefulness as a comparative measure. The Company
compensates for these limitations by reconciling the non-GAAP
financial measures to the nearest U.S. GAAP performance measure,
all of which should be considered when evaluating our performance.
See "Operating Highlights and Reconciliation of GAAP to Non-GAAP
measures" at the end of this press release.
Currency Conversion
Effective April 1, 2016, the
Company changed its reporting currency from US$ to RMB. The change
in reporting currency is to reduce the impact of increased
volatility of the RMB to the US$ exchange rate on the Company's
reported operating results. The aligning of the reporting currency
with the underlying operations will better depict the Company's
results of operations for each period. Prior to April 1, 2016, the Company reported its annual
and quarterly consolidated statement of operations, cash flow data
and balance sheet in US$. In this announcement, the unaudited
financial results for the quarter ended December 31, 2016 are stated in RMB. The related
financial statements prior to April 1,
2016 have been recast to reflect RMB as the reporting
currency for comparison to the financial results for the quarter
and the year ended December 31,
2016.
This announcement contains currency conversions of certain RMB
amounts into US$ at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
US$ are made at a rate of RMB 6.9430 to
US$1.00, the effective noon buying rate for December 30, 2016 as set forth in the H.10
statistical release of the Federal Reserve Board.
Conference Call
Yirendai will host a conference call to discuss about its
fourth quarter and full year 2016 financial results at 8:00 AM
U.S. Eastern Time on March 16,
2017, which corresponds to 8:00 PM Beijing/Hong
Kong time on the same day.
The dial-in details for the live conference call are as
follows:
International:
|
1-412-902-4272
|
U.S. Toll
Free:
|
1-888-346-8982
|
Hong Kong Toll
Free:
|
800-905945
|
China Toll
Free:
|
4001-201203
|
Conference
ID:
|
Yirendai
|
A replay of the conference call will be available
until March 23, 2017 by dialing:
International:
|
1-412-317-0088
|
U.S. Toll
Free:
|
1-877-344-7529
|
Replay Access
Code:
|
10101641
|
A live and archived webcast of the conference call will be
available on Yirendai's website
at yirendai.investorroom.com.
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 Yirendai'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
Yirendai's ability to attract and retain borrowers and investors on
its marketplace, its ability to introduce new loan products and
platform enhancements, its ability to compete effectively, PRC
regulations and policies relating to the peer-to-peer lending
service industry in China, general
economic conditions in China, and
Yirendai's ability to meet the standards necessary to maintain
listing of its ADSs on the NYSE or other stock exchange, 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 Yirendai'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 Yirendai 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.
About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance
marketplace in China connecting
investors and individual borrowers. The Company provides an
effective solution to address largely underserved investor and
individual borrower demand in China through an online platform that
automates key aspects of its operations to efficiently match
borrowers with investors and execute loan transactions. Yirendai
deploys a proprietary risk management system, which enables the
Company to effectively assess the creditworthiness of borrowers,
appropriately price the risks associated with borrowers, and offer
quality loan investment opportunities to investors. Yirendai's
online marketplace provides borrowers with quick and convenient
access to consumer credit at competitive prices and investors with
easy and quick access to an alternative asset class with attractive
returns. For more information, please visit
yirendai.investorroom.com.
For investor and media inquiries, please contact:
Yirendai
Hui (Matthew)
Li
Director of Investor Relations
Email: matthewli@yirendai.com
Christensen IR
In China
Christian Arnell
Phone: +86 (0) 10-59001548
Email: carnell@christensenir.com
In U.S.
Linda Bergkamp
Phone: +1 (480) 614-3004
Email: lbergkamp@christensenir.com
Unaudited
Condensed Consolidated Statements of Operations
|
(in
thousands, except for share, per share and per ADS data, and
percentages)
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December
31, 2015
|
|
September
30, 2016
|
|
December
31, 2016
|
|
December
31, 2016
|
|
December
31, 2015
|
|
December
31, 2016
|
|
December
31, 2016
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
facilitation services
|
436,149
|
|
848,322
|
|
1,036,630
|
|
149,306
|
|
1,278,539
|
|
3,133,423
|
|
451,307
|
Post-origination services
|
12,586
|
|
23,487
|
|
25,039
|
|
3,606
|
|
27,086
|
|
84,154
|
|
12,121
|
Others
|
2,881
|
|
4,902
|
|
9,441
|
|
1,360
|
|
8,014
|
|
20,414
|
|
2,940
|
Total net
revenue
|
451,616
|
|
876,711
|
|
1,071,110
|
|
154,272
|
|
1,313,639
|
|
3,237,991
|
|
466,368
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
243,115
|
|
423,003
|
|
537,953
|
|
77,481
|
|
679,771
|
|
1,571,038
|
|
226,277
|
Origination and servicing
|
38,680
|
|
62,449
|
|
57,955
|
|
8,347
|
|
97,693
|
|
199,811
|
|
28,778
|
General
and administrative
|
44,809
|
|
188,961
|
|
79,714
|
|
11,481
|
|
137,114
|
|
402,111
|
|
57,916
|
Total operating costs
and expenses
|
326,604
|
|
674,413
|
|
675,622
|
|
97,309
|
|
914,578
|
|
2,172,960
|
|
312,971
|
Interest
income
|
3,114
|
|
9,778
|
|
14,778
|
|
2,128
|
|
4,799
|
|
36,843
|
|
5,306
|
Non
operating income, net
|
-
|
|
259
|
|
225
|
|
32
|
|
-
|
|
575
|
|
83
|
Income before
provision for income taxes
|
128,126
|
|
212,335
|
|
410,491
|
|
59,123
|
|
403,860
|
|
1,102,449
|
|
158,786
|
Income tax
expense/(benefit)
|
44,835
|
|
(131,946)
|
|
30,710
|
|
4,423
|
|
128,521
|
|
(13,949)
|
|
(2,009)
|
Net income
|
83,291
|
|
344,281
|
|
379,781
|
|
54,700
|
|
275,339
|
|
1,116,398
|
|
160,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares used in computing basic net
income per share
|
102,586,957
|
|
119,441,029
|
|
119,493,662
|
|
119,493,662
|
|
100,652,055
|
|
118,240,414
|
|
118,240,414
|
Basic income per
share
|
0.8119
|
|
2.8824
|
|
3.1783
|
|
0.4578
|
|
2.7356
|
|
9.4418
|
|
1.3599
|
Basic income per
ADS
|
1.6238
|
|
5.7648
|
|
6.3566
|
|
0.9156
|
|
5.4712
|
|
18.8836
|
|
2.7198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares used in computing diluted net
income per share
|
102,586,957
|
|
120,861,971
|
|
120,859,390
|
|
120,859,390
|
|
100,652,055
|
|
118,937,082
|
|
118,937,082
|
Diluted income per
share
|
0.8119
|
|
2.8485
|
|
3.1423
|
|
0.4526
|
|
2.7356
|
|
9.3865
|
|
1.3519
|
Diluted income per
ADS
|
1.6238
|
|
5.6970
|
|
6.2846
|
|
0.9052
|
|
5.4712
|
|
18.7730
|
|
2.7038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
846,120
|
|
1,106,262
|
|
968,225
|
|
139,453
|
|
846,120
|
|
968,225
|
|
139,453
|
Restricted
cash
|
483,965
|
|
974,345
|
|
1,218,286
|
|
175,470
|
|
483,965
|
|
1,218,286
|
|
175,470
|
Loans at fair
value
|
221,268
|
|
367,949
|
|
371,033
|
|
53,440
|
|
221,268
|
|
371,033
|
|
53,440
|
Held-to-maturity
investments
|
30,000
|
|
172,500
|
|
98,917
|
|
14,247
|
|
30,000
|
|
98,917
|
|
14,247
|
Available-for-sale
investments
|
-
|
|
298,000
|
|
1,158,000
|
|
166,787
|
|
-
|
|
1,158,000
|
|
166,787
|
Other
assets
|
608,650
|
|
1,111,946
|
|
968,927
|
|
139,555
|
|
608,650
|
|
968,927
|
|
139,555
|
Total
assets
|
2,190,003
|
|
4,031,002
|
|
4,783,388
|
|
688,952
|
|
2,190,003
|
|
4,783,388
|
|
688,952
|
Liabilities from risk
reserve fund guarantee
|
546,332
|
|
1,238,689
|
|
1,471,000
|
|
211,868
|
|
546,332
|
|
1,471,000
|
|
211,868
|
Payable to investors
at fair value
|
252,907
|
|
355,340
|
|
418,686
|
|
60,303
|
|
252,907
|
|
418,686
|
|
60,303
|
Other
liabilities
|
413,821
|
|
695,907
|
|
753,783
|
|
108,568
|
|
413,821
|
|
753,783
|
|
108,568
|
Total
liabilities
|
1,213,060
|
|
2,289,936
|
|
2,643,469
|
|
380,739
|
|
1,213,060
|
|
2,643,469
|
|
380,739
|
Total
equity
|
976,943
|
|
1,741,066
|
|
2,139,919
|
|
308,213
|
|
976,943
|
|
2,139,919
|
|
308,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated
Cash Flow Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
334,701
|
|
450,583
|
|
836,055
|
|
120,417
|
|
861,277
|
|
2,113,435
|
|
304,398
|
Net cash provided
by/(used in) investing
activities
|
(194,918)
|
|
(679,486)
|
|
(807,744)
|
|
(116,339)
|
|
(282,589)
|
|
(1,421,663)
|
|
(204,762)
|
Net cash (used
in)/provided by financing
activities
|
749,918
|
|
179,221
|
|
60,400
|
|
8,699
|
|
749,918
|
|
135,298
|
|
19,487
|
Effect of foreign
exchange rate changes
|
359
|
|
1,323
|
|
17,193
|
|
2,476
|
|
101
|
|
29,356
|
|
4,228
|
Net
increase/(decrease) in cash and cash
equivalents
|
890,060
|
|
(48,359)
|
|
105,904
|
|
15,253
|
|
1,328,707
|
|
856,426
|
|
123,351
|
Cash, cash
equivalents and restricted
cash, beginning of period
|
440,025
|
|
2,128,966
|
|
2,080,607
|
|
299,670
|
|
1,378
|
|
1,330,085
|
|
191,572
|
Cash, cash
equivalents and restricted
cash, end of period
|
1,330,085
|
|
2,080,607
|
|
2,186,511
|
|
314,923
|
|
1,330,085
|
|
2,186,511
|
|
314,923
|
Operating
Highlights and Reconciliation of GAAP to Non-GAAP
Measures
|
(in thousands,
except for number of borrowers, number of investors and
percentages)
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December
31, 2015
|
|
September
30, 2016
|
|
December
31, 2016
|
|
December
31, 2016
|
|
December
31, 2015
|
|
December
31, 2016
|
|
December
31, 2016
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Highlights:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of loans
facilitated
|
3,301,547
|
|
5,617,485
|
|
6,675,240
|
|
961,435
|
|
9,557,613
|
|
20,277,927
|
|
2,920,629
|
Loans
generated from online channels
|
1,135,590
|
|
2,275,473
|
|
2,462,791
|
|
354,716
|
|
3,152,272
|
|
7,745,724
|
|
1,115,616
|
Loans
generated from offline channels
|
2,165,957
|
|
3,342,012
|
|
4,212,449
|
|
606,719
|
|
6,405,341
|
|
12,532,203
|
|
1,805,013
|
Fees
billed
|
773,581
|
|
1,322,598
|
|
1,630,358
|
|
234,821
|
|
2,154,099
|
|
4,911,221
|
|
707,363
|
Remaining principal
of performing loans
|
8,969,949
|
|
17,028,346
|
|
20,780,617
|
|
2,993,031
|
|
8,969,949
|
|
20,780,617
|
|
2,993,031
|
Remaining principal
of performing loans
covered by risk reserve fund
|
7,690,401
|
|
16,204,583
|
|
20,103,043
|
|
2,895,440
|
|
7,690,401
|
|
20,103,043
|
|
2,895,440
|
Number of
borrowers
|
48,072
|
|
92,479
|
|
110,785
|
|
110,785
|
|
146,390
|
|
321,019
|
|
321,019
|
Borrowers
from online channels
|
25,506
|
|
54,585
|
|
63,010
|
|
63,010
|
|
74,000
|
|
184,430
|
|
184,430
|
Borrowers
from offline channels
|
22,566
|
|
37,894
|
|
47,775
|
|
47,775
|
|
72,390
|
|
136,589
|
|
136,589
|
Number of
investors
|
177,501
|
|
177,499
|
|
194,505
|
|
194,505
|
|
326,055
|
|
597,765
|
|
597,765
|
Investors
from online channels
|
177,501
|
|
177,499
|
|
194,505
|
|
194,505
|
|
317,051
|
|
597,765
|
|
597,765
|
Investors
from offline channels
|
-
|
|
-
|
|
-
|
|
-
|
|
9,004
|
|
-
|
|
-
|
Adjusted
EBITDA
|
126,479
|
|
220,716
|
|
401,146
|
|
57,778
|
|
402,696
|
|
1,093,437
|
|
157,488
|
Adjusted EBITDA
margin
|
28.0%
|
|
25.2%
|
|
37.5%
|
|
37.5%
|
|
30.7%
|
|
33.8%
|
|
33.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees
billed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction fees billed to borrowers
|
775,580
|
|
1,298,247
|
|
1,599,674
|
|
230,401
|
|
2,179,611
|
|
4,830,566
|
|
695,746
|
Upfront fees billed to
borrowers
|
734,934
|
|
1,192,449
|
|
1,468,330
|
|
211,484
|
|
2,099,146
|
|
4,450,465
|
|
641,000
|
Monthly fees billed to
borrowers
|
40,646
|
|
105,798
|
|
131,344
|
|
18,917
|
|
80,465
|
|
380,101
|
|
54,746
|
Service
fees billed to investors
|
45,936
|
|
110,943
|
|
135,747
|
|
19,552
|
|
97,816
|
|
399,311
|
|
57,513
|
Others
|
3,053
|
|
5,196
|
|
10,007
|
|
1,441
|
|
8,489
|
|
21,639
|
|
3,117
|
Value-added tax
|
(50,988)
|
|
(91,788)
|
|
(115,070)
|
|
(16,573)
|
|
(131,817)
|
|
(340,295)
|
|
(49,013)
|
Total fees
billed
|
773,581
|
|
1,322,598
|
|
1,630,358
|
|
234,821
|
|
2,154,099
|
|
4,911,221
|
|
707,363
|
Stand-ready liabilities associated
with risk reserve
fund
|
(244,329)
|
|
(430,569)
|
|
(528,852)
|
|
(76,171)
|
|
(682,254)
|
|
(1,598,238)
|
|
(230,194)
|
Deferred
revenue
|
(73,074)
|
|
(16,553)
|
|
(18,545)
|
|
(2,671)
|
|
(117,484)
|
|
(71,322)
|
|
(10,272)
|
Cash
incentives
|
(21,964)
|
|
(24,074)
|
|
(42,836)
|
|
(6,170)
|
|
(80,952)
|
|
(98,173)
|
|
(14,140)
|
Value-added tax
|
17,402
|
|
25,309
|
|
30,985
|
|
4,463
|
|
40,230
|
|
94,503
|
|
13,611
|
Net
revenues
|
451,616
|
|
876,711
|
|
1,071,110
|
|
154,272
|
|
1,313,639
|
|
3,237,991
|
|
466,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
83,291
|
|
344,281
|
|
379,781
|
|
54,700
|
|
275,339
|
|
1,116,398
|
|
160,795
|
Interest
income
|
(3,114)
|
|
(9,778)
|
|
(14,778)
|
|
(2,128)
|
|
(4,799)
|
|
(36,843)
|
|
(5,306)
|
Income tax
expense
|
44,835
|
|
(131,946)
|
|
30,710
|
|
4,423
|
|
128,521
|
|
(13,949)
|
|
(2,009)
|
Depreciation and
amortization
|
1,467
|
|
2,816
|
|
3,554
|
|
512
|
|
3,635
|
|
10,609
|
|
1,528
|
Share-based
compensation
|
-
|
|
15,343
|
|
1,879
|
|
271
|
|
-
|
|
17,222
|
|
2,480
|
Adjusted
EBITDA
|
126,479
|
|
220,716
|
|
401,146
|
|
57,778
|
|
402,696
|
|
1,093,437
|
|
157,488
|
Delinquency
Rates
|
|
Delinquent
for
|
|
15-29
days
|
|
30-59
days
|
|
60-89
days
|
December 31,
2013
|
0.2%
|
|
0.4%
|
|
0.3%
|
December 31,
2014
|
0.3%
|
|
0.2%
|
|
0.2%
|
December 31,
2015
|
0.4%
|
|
0.5%
|
|
0.4%
|
December 31,
2016
|
0.4%
|
|
0.7%
|
|
0.6%
|
|
|
|
|
|
|
Online
Channels
|
|
|
|
|
|
December 31,
2013
|
0.1%
|
|
0.9%
|
|
0.3%
|
December 31,
2014
|
0.4%
|
|
0.3%
|
|
0.2%
|
December 31,
2015
|
0.6%
|
|
0.8%
|
|
0.6%
|
December 31,
2016
|
0.6%
|
|
1.0%
|
|
0.8%
|
|
|
|
|
|
|
Offline
Channels
|
|
|
|
|
|
December 31,
2013
|
0.3%
|
|
0.2%
|
|
0.2%
|
December 31,
2014
|
0.3%
|
|
0.2%
|
|
0.2%
|
December 31,
2015
|
0.3%
|
|
0.4%
|
|
0.3%
|
December 31,
2016
|
0.4%
|
|
0.6%
|
|
0.4%
|
Net Charge-Off
Rate
|
Loan
issued
period
|
|
Pricing
grade
|
|
Amount of
loans
facilitated during the
period
|
|
Accumulated M3+
Net
Charge-Off as of
December 31, 2016
|
|
Total Net
Charge-Off
Rate as of December 31,
2016
|
|
|
|
|
(in RMB
thousands)
|
|
(in RMB
thousands)
|
|
|
2013
|
|
A
|
|
258,322
|
|
18,517
|
|
7.2%
|
|
|
B
|
|
-
|
|
-
|
|
-
|
|
|
C
|
|
-
|
|
-
|
|
-
|
|
|
D
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
|
258,322
|
|
18,517
|
|
7.2%
|
2014
|
|
A
|
|
1,917,542
|
|
94,532
|
|
4.9%
|
|
|
B
|
|
303,030
|
|
19,934
|
|
6.6%
|
|
|
C
|
|
-
|
|
-
|
|
-
|
|
|
D
|
|
7,989
|
|
501
|
|
6.3%
|
|
|
Total
|
|
2,228,561
|
|
114,968
|
|
5.2%
|
2015
|
|
A
|
|
873,995
|
|
44,754
|
|
5.1%
|
|
|
B
|
|
419,630
|
|
27,665
|
|
6.6%
|
|
|
C
|
|
557,414
|
|
45,727
|
|
8.2%
|
|
|
D
|
|
7,706,575
|
|
513,090
|
|
6.7%
|
|
|
Total
|
|
9,557,613
|
|
631,236
|
|
6.6%
|
2016
|
|
A
|
|
1,111,974
|
|
2,684
|
|
0.2%
|
|
|
B
|
|
755,132
|
|
4,686
|
|
0.6%
|
|
|
C
|
|
1,417,430
|
|
14,465
|
|
1.0%
|
|
|
D
|
|
16,993,392
|
|
159,457
|
|
0.9%
|
|
|
Total
|
|
20,277,927
|
|
181,292
|
|
0.9%
|
Net Charge-Off
Rate
|
Loan issued
period
|
|
Month on
Book
|
|
|
4
|
7
|
10
|
13
|
16
|
19
|
22
|
25
|
28
|
31
|
34
|
2013Q1
|
|
1.9%
|
3.2%
|
3.1%
|
2.3%
|
2.0%
|
0.9%
|
0.5%
|
0.5%
|
0.4%
|
0.4%
|
0.4%
|
2013Q2
|
|
1.8%
|
3.6%
|
4.5%
|
5.9%
|
6.4%
|
7.4%
|
6.1%
|
7.0%
|
7.5%
|
7.5%
|
7.8%
|
2013Q3
|
|
0.5%
|
2.8%
|
4.2%
|
5.5%
|
6.1%
|
6.5%
|
7.1%
|
7.1%
|
7.0%
|
6.9%
|
6.9%
|
2013Q4
|
|
0.7%
|
3.4%
|
4.8%
|
6.2%
|
6.8%
|
7.5%
|
8.3%
|
8.3%
|
8.2%
|
8.5%
|
8.3%
|
2014Q1
|
|
1.0%
|
4.2%
|
6.1%
|
7.0%
|
8.4%
|
9.3%
|
9.8%
|
9.7%
|
9.9%
|
9.8%
|
9.5%
|
2014Q2
|
|
0.5%
|
1.8%
|
2.6%
|
3.8%
|
4.3%
|
4.6%
|
4.6%
|
4.7%
|
4.7%
|
4.8%
|
|
2014Q3
|
|
0.2%
|
0.8%
|
2.0%
|
2.8%
|
3.3%
|
3.7%
|
4.0%
|
4.2%
|
4.2%
|
|
|
2014Q4
|
|
0.3%
|
1.5%
|
2.7%
|
3.5%
|
4.1%
|
4.6%
|
5.1%
|
5.2%
|
|
|
|
2015Q1
|
|
0.6%
|
2.7%
|
4.4%
|
5.8%
|
7.1%
|
8.2%
|
9.0%
|
|
|
|
|
2015Q2
|
|
0.5%
|
2.1%
|
3.7%
|
5.3%
|
6.6%
|
7.8%
|
|
|
|
|
|
2015Q3
|
|
0.2%
|
1.6%
|
3.4%
|
4.9%
|
6.5%
|
|
|
|
|
|
|
2015Q4
|
|
0.2%
|
1.6%
|
3.2%
|
4.9%
|
|
|
|
|
|
|
|
2016Q1
|
|
0.2%
|
1.3%
|
2.8%
|
|
|
|
|
|
|
|
|
2016Q2
|
|
0.2%
|
1.7%
|
|
|
|
|
|
|
|
|
|
2016Q3
|
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yirendai-reports-fourth-quarter-and-full-year-2016-financial-results-300424157.html
SOURCE Yirendai Ltd.
Copyright . 15 PR Newswire