Pintec Technology Holdings Limited (NASDAQ: PT) (“PINTEC” or the
“Company”), a leading independent technology platform enabling
financial services in China, today announced its unaudited
financial results for the year ended December 31, 2019.
Financial Highlights for the
Year Ended December 31, 2019
- Total revenues were RMB1,285.2
million decreased by 19.9% to (US$184.6 million) from RMB1,603.6
million in the full year of 2018.
- Gross profit was RMB515.5 million
(US$74.1 million) compared to RMB518.9 million in the full year of
2018. Gross margin was 40.1% compared to 32.4% in the full year of
2018.
- Operating loss was RMB728.4 million
(US$104.6 million) compared to operating income of RMB11.3 million
in the full year of 2018.
- Net loss was RMB906.5 million
(US$130.2 million) compared to net income of RMB2.2 million in the
full year of 2018. The net loss was due to RMB890.7 million of
provision for credit loss in amounts due from a related party, Jimu
Group, and RMB200.0 million of impairment in prepayment for
long-term investment. Excluding the total non-cash provision and
impairment charge of RMB1,090.7 million, the net profit would have
been RMB184.2 million.
- Adjusted net loss1 was RMB888.6
million (US$127.6 million) compared to adjusted net income of
RMB133.4 million in the full year of 2018. Excluding the
aforementioned total non-cash provision and impairment charge, the
adjusted net profit would have been RMB202.1million.
Operating Highlights for the
Year Ended December 31, 2019
- Total loans facilitated decreased
by 25.2% to RMB11.0 billion (US$1.6 billion) from RMB14.7 billion
in the full year of 2018.
- Loan outstanding balance decreased
by 43.1% to RMB3.3 billion (US$0.5 billion) as of December 31,
2019, from RMB5.8 billion as of December 31, 2018.
- The following table provides
delinquency rates for all loans facilitated by the Company as of
the dates indicated:
|
Delinquent for |
|
16 ‑30 days |
31 ‑ 60 days |
61 ‑ 90 days |
December
31, 2016 |
0.47% |
|
0.76% |
|
0.63% |
|
December
31, 2017 |
1.11% |
|
1.02% |
|
0.74% |
|
December
31, 2018 |
1.27% |
|
2.35% |
|
2.33% |
|
December
31, 2019 |
1.72% |
|
2.98% |
|
2.86% |
|
________________
1 Adjusted net income/(loss) is a non-GAAP
financial measure, representing net income/(loss) before
share-based compensation expenses. For more information on non-GAAP
financial measures, please see the section of "Use of Non-GAAP
Financial Measures Statement" and the tables captioned “Unaudited
Reconciliations of GAAP and Non-GAAP Results” set forth at the end
of this release.
Mr. Jun Dong, acting Chief Executive Officer of
PINTEC, commented, “2019 was a year of transformation for PINTEC.
Notably, during the period, we shifted our focus onto the
acceleration of our point-of-sale business. Both installment loans
and personal loans from our point-of-sales business have proven to
be more sustainable than other loan types as their typical
borrowers have above-average consumption power and better credit
records. Looking ahead, the global outbreak of COVID-19 novel
coronavirus has created new challenges for the fintech industry in
both domestic and international markets. As such, we plan to
continue refining our service offerings to de-risk our loan
facilitation business while also prioritizing those investments
which can enhance our technological capabilities, expand our
partner base, and accelerate the development of new business
initiatives. We remain confident that our ongoing efforts in these
areas, ability to empower partners through technical innovation,
and accumulation of financial service licenses will continue to
heighten our competitive advantages and drive sustainable growth as
we advance through the rest of 2020.”
Mr. Steven Sim, Chief Financial Officer of
PINTEC, added, “Although the impairment charges led to a
significant loss in our net profit in 2019, they helped us
eliminate a major historical overhang, as our investors used to be
concerned with our dependence on the related party. Also, because
those impairment charges were non-cash and one-off, our principal
businesses remain healthy. In addition, we aim to continue reducing
our risk exposure by focusing on growing our risk-free technical
services, which is one of our key strengths. Although our decision
to shift away from the risk-bearing loan facilitation business may
have temporarily decelerated our growth, it has helped us lighten
our cost and expense structure, improve our operating efficiency,
expand our profit margins, and enhance our free cash flow. As a
result, we are confident that we will be able to sustain our growth
trajectory for the long run.”
Full Year 2019 Financial
Results
Total Revenues
Total revenues in the full year of 2019
decreased by 19.9% to RMB1,285.2 million (US$184.6 million) from
RMB1,603.6 million in the full year of 2018.
- Revenues from technical service
fees in the full year of 2019 decreased by 17.0% to RMB1,077.8
million (US$154.8 million) from RMB1,297.8 million in the full year
of 2018. This decrease was mainly due to the year-over-year
decrease in the total volume of loans facilitated by the
Company.
- Revenues from installment service
fees in the full year of 2019 decreased by 35.6% to RMB187.4
million (US$26.9 million) from RMB291.1 million in the full year of
2018. This decline was due to the reduction in the Company’s
on-book installment loan volume, which was in line with the
Company’s ongoing strategy to refine its loan portfolio.
- Revenues from wealth management
service fees in the full year of 2019 increased by 35.8% to RMB20.1
million (US$2.9 million) from RMB14.8 million in the full year of
2018. This increase was primarily attributable to the steady
development of the Company’s insurance solution offerings.
Cost of Revenues
Cost of revenues in the full year of 2019
decreased by 29.0% to RMB769.7 million (US$110.6 million) from
RMB1,084.7 million in the full year of 2018. The reduction was due
to the decrease of service cost charged by Jimu Group and the lower
volume of the Company’s on-book loan business, which resulted in
decreased funding costs and provisions for credit losses. As a
percentage of total revenues, cost of revenues in the full year of
2019 decreased to 59.9% from 67.6% in the full year of
2018.
- Cost on guarantee in the full year
of 2019 increased to RMB193.4 million (US$27.8 million) as the
Company began to share the credit risks for off-balance sheet loans
with a larger group of select financial partners.
- Service cost charged by Jimu Group
in the full year of 2019 decreased to RMB200.2 million (US$28.8
million) from RMB529.6 million in the full year of 2018. The
decrease was primarily due to the adoption of a new cooperation
model with Jimu Group since 2019, under which the Company
reimbursed Jimu Group for part of the losses under loans that we
facilitated using Jimu Group as a funding source and that were not
recorded on our balance sheet.
- Origination and servicing costs in
the full year of 2019 decreased by 10.2% to RMB290.4 million
(US$41.7 million) from RMB323.3 million in the full year of 2018,
primarily due to a decrease in user acquisition cost in connection
with the decrease in the volume of loans facilitated, which was
offset by an increase in service fee for loan collection.
Gross Profit
Gross profit in the full year of 2019 was
RMB515.5 million (US$74.1 million) from RMB518.9 million in the
full year of 2018. Gross margin in the full year of 2019 was 40.1%
compared to 32.4% in the full year of 2018.
Operating Expenses
Total operating expenses in the full year of
2019 increased by 145% to RMB1,244.0 million (US$178.7 million)
from RMB507.6 million in the full year of 2018.
- Sales and marketing expenses in the
full year of 2019 decreased by 30.2% to RMB69.6 million (US$10.0
million) from RMB99.7 million in the full year of 2018. The
reduction was the result of the Company’s ongoing efforts to refine
its product matrix and wind down its offline personal installment
loan business, the latter of which has been occurring since the end
of 2018.
- General and administrative expenses
in the full year of 2019 were RMB1,095.3 million (US$157.3 million)
compared to RMB313.0 million in the full year of 2018. This
significant increase was mainly due to the provision for credit
loss of RMB890.7 million on amounts due from the related party Jimu
Group. Pintec determined that the amounts due from Jimu Group were
unrecoverable as Jimu Group has become insolvent, and subsequently
in February 2020 announced its exit from its online lending
platform business with significant outstanding loan balances on its
platform left unpaid. As a result, the Company has provided a full
provision for these balances.
- Research and development expenses
in the full year of 2019 decreased by 16.7% to RMB79.1 million
(US$11.4 million) from RMB95.0 million in the full year of 2018,
primarily driven by the Company’s efforts to streamline its
research and development operations.
Operating Income/Loss
Operating loss in the full year of 2019 was
RMB728.4 million (US$104.6 million) compared to operating income of
RMB11.3 million in the full year of 2018.
Net Income/Loss
Net loss in the full year of 2019 was RMB906.5
million (US$130.2 million) compared to net income of RMB2.2 million
in the full year of 2018. Total share-based compensation expenses
in the full year of 2019 decreased to RMB17.8 million (US$2.6
million) from RMB131.3 million in the full year of 2018.
Net loss attributable to ordinary shareholders
in the full year of 2019 increased to RMB905.9 million (US$130.1
million) from RMB74.6 million in the full year of 2018.
Adjusted net loss in the full year of 2019 was
RMB888.6 million (US$127.6 million) compared to adjusted net income
of RMB133.4 million in the full year of 2018.
Net Loss per Share
Basic and diluted net loss per ordinary share in
the full year of 2019 were RMB3.21 (US$0.46). Basic and diluted net
loss per American Depositary Share (“ADS”) in the full year of 2019
were RMB22.47 (US$3.23). Each ADS represents seven of the Company’s
Class A ordinary shares.
Adjusted basic and diluted net loss per ordinary
share in the full year of 2019 were RMB3.15 (US$0.45). Adjusted
basic and diluted net loss per ADS in the full year of 2019 were
RMB22.05 (US$3.15).
Balance Sheet
The Company had combined cash and cash
equivalents and restricted cash of RMB580.9 million (US$83.4
million) as of December 31, 2019, compared to RMB710.0 million as
of December 31, 2018.
The Company’s total net financing receivables,
including short-term and long-term receivables, decreased by 41.8%
to RMB449.5 million (US$64.6 million) as of December 31, 2019, from
RMB772.1 million as of December 31, 2018, mainly due to the lower
volume of the Company’s on-book loan business.
Restatement
The Company revisited its consolidated financial
statements and identified certain material misstatements for the
years ended December 31, 2017 and 2018. In line with these
developments, the Company has restated its previously issued
consolidated financial statements for the years ended December 31,
2017 and 2018.
As a result, all financial data presented in
this release for the full year ended December 31, 2018, had been
restated.
The Company’s Financial Statements are prepared
and presented in accordance with U.S. GAAP. However, the Financial
Statements have not been audited or reviewed by the Company’s
independent registered accounting firm.
Conference Call
Information
The Company’s management team will hold a Direct
Event conference call on Monday, June 15, 2020, at 8:00 A.M.
Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss
the financial results. Details for the conference call are as
follows:
Event
Title: |
Pintec
Technology Holdings Ltd.’s Full Year 2019 Earnings Conference
Call |
Conference ID: |
#6597508 |
Registration Link: |
http://apac.directeventreg.com/registration/event/6597508 |
Due to the global outbreak of the novel coronavirus, operator
assisted conference calls are not available at the moment. All
participants must use the link provided above to complete the
online registration process in advance of the conference call. Upon
registering, each participant will receive a set of participant
dial-in numbers, the Direct Event passcode, and a unique access
PIN, which can be used to join the conference call.
The replay will be accessible through June 23,
2020, by dialing the following numbers:
International: |
+61-2-8199-0299 |
United States Toll Free: |
+1-855-452-5696 |
Conference ID: |
6597508 |
A live and archived webcast of the conference
call will also be available at the Company's investor relations
website at http://ir.pintec.com/.
Accounting Policy
Change
The Company adopted ASC Topic 606 (“ASC 606”),
Revenue from Contracts with Customers and all subsequent ASUs that
modified Topic 606 on January 1, 2019, using the modified
retrospective method applied to those contracts which were not
completed as of January 1, 2019.
The Company recorded an increase to opening accumulated deficit
of RMB54,127 as of January 1, 2019 due to the cumulative impact of
adopting ASC 606.
The impacts of the adoption of ASC 606 in the year ended
December 31, 2019 on consolidated statement of operations and
comprehensive (loss)/income are shown below.
Items |
|
As Reported |
|
Impacts of ASC606
Adoption |
|
Amount without ASC 606
Adoption |
|
|
|
RMB |
|
RMB |
|
RMB |
|
Total revenues |
|
1,285,236 |
|
|
53,063 |
|
|
1,232,173 |
|
|
Income tax (expenses)/benefit |
|
(1,968) |
|
|
(13,266) |
|
|
11,298 |
|
|
Net loss |
|
(906,490) |
|
|
39,797 |
|
|
(946,287) |
|
|
The impacts of the adoption of ASC 606 as of December 31, 2019,
including the cumulative effects of the change, on consolidated
balance sheets are shown below.
Items |
|
As Reported |
|
Impacts of ASC606
Adoption |
|
Balances without ASC 606
Adoption |
|
|
|
RMB |
|
RMB |
|
RMB |
|
Assets: |
|
|
|
|
|
|
|
Deferred tax assets |
|
64,675 |
|
|
4,775 |
|
|
59,900 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
157,945 |
|
|
19,105 |
|
|
138,840 |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Accumulated deficit |
|
(1,860,640) |
|
|
(14,330) |
|
|
(1,846,310) |
|
|
Use of Non-GAAP Financial
Measures
In evaluating its business, the Company
considers and uses adjusted net income/loss as a supplemental
measure to review and assess its operating performance. The
presentation of this non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
The Company defines adjusted net income/loss as net income/loss
excluding share-based compensation expenses.
The Company believes that this non-GAAP
financial measure can help management evaluate the Company’s
operating performance and formulate business plans. Adjusted net
income/loss enables management to assess operating results without
considering the impact of share-based compensation expenses. The
Company also believes that this non-GAAP financial measure provides
useful information about its operating results, enhance the overall
understanding of its past performance and future prospects and
allows for greater visibility with respect to key metrics used by
management in their financial and operational decision-making.
This non-GAAP financial measure 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 an analytical
tool. One of the key limitations of using adjusted net income/loss
is that it does not reflect all items of income and expenses that
affect the Company’s operations. The Company will continue to incur
share-based compensation expenses in its business, which are
reflected in the presentation of its adjusted net income/loss.
Further, this non-GAAP financial measure may differ from non-GAAP
financial information used by other companies, including peer
companies, and therefore its comparability may be limited.
The Company compensates for these limitations by
reconciling this non-GAAP financial measure to the most directly
comparable U.S. GAAP financial measure, net income/loss, which
should be considered when evaluating the Company’s performance. The
Company encourages you to review its financial information in its
entirety and not rely on a single financial measure.
Exchange
Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB6.9618
to US$1.00, the noon buying rate in effect on December 31, 2019, in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred to could be converted into USD or RMB, as the case may be,
at any particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings release.
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. Among other things, the quotations from management in
this announcement, as well as PINTEC’s strategic and operational
plans, contain forward-looking statements. PINTEC may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. 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 inherent 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, the
Company’s limited operating history, regulatory uncertainties
relating to online consumer finance in China, the Company’s
reliance on Jimu Group for a significant portion of its funding and
the need to further diversify its financial partners, the Company’s
reliance on a limited number of business partners, the impact of
current or future PRC laws or regulations on wealth management
financial products, publicity regarding the consumer finance
industry and the evolving regulatory environment governing this
industry in China, and the Company's ability to meet the standards
necessary to maintain the listing of its ADSs on the Nasdaq Global
Market, including its ability to cure any non-compliance with
Nasdaq'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 the Company 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
PINTEC
PINTEC is a leading independent technology
platform enabling financial services in China. By connecting
business and financial partners on its open platform, PINTEC
enables them to provide financial services to end users efficiently
and effectively. The Company offers its partners a full suite of
customized solutions, ranging from point-of-sale financing,
personal installment loans and business installment loans, to
wealth management and insurance products. Leveraging its scalable
and reliable technology infrastructure, PINTEC serves a wide range
of industry verticals covering online travel, e-commerce,
telecommunications, online education, SaaS platforms, financial
technology, internet search, and online classifieds and listings,
as well as various types of financial partners including banks,
brokers, insurance companies, investment funds and trusts, consumer
finance companies, peer-to-peer platforms and other similar
institutions. For more information, please visit ir.pintec.com.
Investor Relations
Contact
Joyce Tang
Pintec Technology Holdings Ltd.
Phone: +1-646-308-1622
E-mail: ir@pintec.com
Jack Wang
ICR Inc.
Phone: +1-646-308-1622
E-mail: pintec@icrinc.com
Pintec Technology Holdings
Ltd. |
|
Unaudited
Condensed Consolidated Balance Sheets |
|
|
As of |
(In thousands, except for share and per share
data) |
|
December 31, |
|
December 31, |
|
2018 Restated |
|
2019 |
|
|
|
RMB |
|
RMB |
|
USD |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
457,442 |
|
|
102,755 |
|
|
14,760 |
|
Restricted cash |
|
252,599 |
|
|
382,695 |
|
|
54,971 |
|
Short-term financing receivables, net |
|
753,169 |
|
|
430,387 |
|
|
61,821 |
|
Short-term financial guarantee assets, net |
|
15,569 |
|
|
91,374 |
|
|
13,125 |
|
Accounts receivable, net |
|
47,652 |
|
|
74,251 |
|
|
10,665 |
|
Prepayments and other current assets |
|
208,399 |
|
|
78,330 |
|
|
11,250 |
|
Amounts due from related parties |
|
475,426 |
|
|
64 |
|
|
9 |
|
Total current assets |
|
2,210,256 |
|
|
1,159,856 |
|
|
166,601 |
|
Non-current assets: |
|
|
|
|
|
|
Non-current restricted cash |
|
- |
|
|
95,454 |
|
|
13,711 |
|
Amounts due from related parties-nc |
|
- |
|
|
10,000 |
|
|
1,436 |
|
Long-term financing receivables, net |
|
18,882 |
|
|
19,100 |
|
|
2,744 |
|
Long-term financial guarantee assets, net |
|
5,040 |
|
|
3,647 |
|
|
524 |
|
Long-term investments |
|
58,038 |
|
|
108,603 |
|
|
15,600 |
|
Deferred tax assets |
|
36,901 |
|
|
64,675 |
|
|
9,290 |
|
Property, equipment and software, net |
|
7,806 |
|
|
14,317 |
|
|
2,057 |
|
Intangible assets, net |
|
5,423 |
|
|
49,790 |
|
|
7,152 |
|
Goodwill |
|
25,680 |
|
|
35,157 |
|
|
5,050 |
|
Total non-current assets |
|
157,770 |
|
|
400,743 |
|
|
57,564 |
|
TOTAL ASSETS |
|
2,368,026 |
|
|
1,560,599 |
|
|
224,165 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term borrowings |
|
220,000 |
|
|
320,000 |
|
|
45,965 |
|
Short-term funding debts |
|
694,978 |
|
|
300,212 |
|
|
43,123 |
|
Accounts payable |
|
38,850 |
|
|
57,719 |
|
|
8,291 |
|
Amounts due to related parties |
|
96,596 |
|
|
10,191 |
|
|
1,464 |
|
Tax payable |
|
57,081 |
|
|
52,535 |
|
|
7,546 |
|
Debt instrument |
|
- |
|
|
81,053 |
|
|
11,643 |
|
Financial guarantee liabilities |
|
15,537 |
|
|
101,933 |
|
|
14,642 |
|
Accrued expenses and other liabilities |
|
157,462 |
|
|
157,945 |
|
|
22,686 |
|
Total current liabilities |
|
1,280,504 |
|
|
1,081,588 |
|
|
155,360 |
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term funding debts |
|
21,498 |
|
|
21,498 |
|
|
3,088 |
|
Long-term borrowings |
|
- |
|
|
80,000 |
|
|
11,491 |
|
Deferred tax liabilities |
|
- |
|
|
2,128 |
|
|
306 |
|
Other non-current liabilities |
|
8,748 |
|
|
8,683 |
|
|
1,247 |
|
Consideration payable for acquisition |
|
- |
|
|
7,982 |
|
|
1,147 |
|
Total non-current liabilities |
|
30,246 |
|
|
120,291 |
|
|
17,279 |
|
TOTAL LIABILITIES |
|
1,310,750 |
|
|
1,201,879 |
|
|
172,639 |
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Class A Ordinary Shares |
|
185 |
|
|
212 |
|
|
30 |
|
Class B Ordinary Shares |
|
43 |
|
|
42 |
|
|
6 |
|
Additional paid-in capital |
|
1,896,993 |
|
|
1,977,365 |
|
|
284,030 |
|
Statutory reserves |
|
1,739 |
|
|
29,659 |
|
|
4,260 |
|
Accumulated other comprehensive income |
|
31,014 |
|
|
42,890 |
|
|
6,161 |
|
Accumulated deficit |
|
(872,698) |
|
|
(1,860,640) |
|
|
(267,264) |
|
Total Pintec Technology Holdings Limited shareholders'
equity |
|
1,057,276 |
|
|
189,528 |
|
|
27,223 |
|
Non-controlling interests |
|
- |
|
|
169,192 |
|
|
24,303 |
|
TOTAL EQUITY |
|
1,057,276 |
|
|
358,720 |
|
|
51,526 |
|
TOTAL LIABILITIES AND EQUITY |
|
2,368,026 |
|
|
1,560,599 |
|
|
224,165 |
|
|
|
|
|
|
|
|
|
|
|
Pintec
Technology Holdings Ltd. |
|
Unaudited
Condensed Consolidated Statements of Operations and Comprehensive
income |
|
|
|
|
|
For the 2019 Year Ended |
(In thousands, except for share and per share
data) |
|
2018 Restated |
|
2019 |
|
|
2019 |
|
|
|
RMB |
|
RMB |
|
USD |
Revenues: |
|
|
|
|
|
|
Technical service fees |
|
1,297,758 |
|
|
1,077,760 |
|
|
154,810 |
|
Installment service fees |
|
291,077 |
|
|
187,359 |
|
|
26,912 |
|
Wealth management service fees and others |
|
14,796 |
|
|
20,117 |
|
|
2,890 |
|
Total
revenues |
|
1,603,631 |
|
|
1,285,236 |
|
|
184,612 |
|
Cost of
revenues: |
|
|
|
|
|
|
Funding cost |
|
(161,384) |
|
|
(51,759) |
|
|
(7,435) |
|
Provision for credit losses |
|
(70,411) |
|
|
(33,942) |
|
|
(4,875) |
|
Origination and servicing cost |
|
(323,342) |
|
|
(290,398) |
|
|
(41,712) |
|
Cost on guarantee |
|
- |
|
|
(193,426) |
|
|
(27,784) |
|
Service cost charged by Jimu Group |
|
(529,593) |
|
|
(200,163) |
|
|
(28,752) |
|
Cost of
revenues |
|
(1,084,730) |
|
|
(769,688) |
|
|
(110,558) |
|
Gross
profit |
|
518,901 |
|
|
515,548 |
|
|
74,054 |
|
Operating
expenses: |
|
|
|
|
|
|
Sales and marketing expenses |
|
(99,671) |
|
|
(69,593) |
|
|
(9,996) |
|
General and administrative expenses |
|
(312,979) |
|
|
(1,095,311) |
|
|
(157,332) |
|
Research and development expenses |
|
(94,989) |
|
|
(79,079) |
|
|
(11,359) |
|
Total
operating expenses |
|
(507,639) |
|
|
(1,243,983) |
|
|
(178,687) |
|
Operating
(loss)/income |
|
11,262 |
|
|
(728,435) |
|
|
(104,633) |
|
Change in fair value of convertible loans |
|
(9,552) |
|
|
- |
|
|
- |
|
Share of loss from equity method investments |
|
(2,652) |
|
|
(8,149) |
|
|
(1,171) |
|
Impairment on prepayment for long-term investment |
|
- |
|
|
(200,000) |
|
|
(28,728) |
|
Other (expenses)/income, net |
|
8,822 |
|
|
(11,094) |
|
|
(1,595) |
|
Interest income from related parties |
|
- |
|
|
43,156 |
|
|
6,199 |
|
(Loss)/Income before income tax expense |
|
7,880 |
|
|
(904,522) |
|
|
(129,928) |
|
Income tax expense |
|
(5,709) |
|
|
(1,968) |
|
|
(283) |
|
Net
(loss)/income |
|
2,171 |
|
|
(906,490) |
|
|
(130,211) |
|
Net loss attributable to non-controlling interest |
|
- |
|
|
(595) |
|
|
(85) |
|
Net (loss)/income attributable to Pintec Technology Holdings
Limited shareholders |
|
2,171 |
|
|
(905,895) |
|
|
(130,126) |
|
Pre-IPO Preferred shares redemption value accretion |
|
(76,770) |
|
|
- |
|
|
- |
|
Net loss
attributable to ordinary shareholders |
|
(74,599) |
|
|
(905,895) |
|
|
(130,126) |
|
Other
comprehensive income: |
|
|
|
|
|
|
Foreign currency translation adjustments net of nil tax |
|
30,173 |
|
|
11,876 |
|
|
1,706 |
|
Total other
comprehensive income |
|
30,173 |
|
|
11,876 |
|
|
1,706 |
|
Total
comprehensive(loss)/ income |
|
32,344 |
|
|
(894,614) |
|
|
(128,505) |
|
Total comprehensive loss attributable to non-controlling
interest |
|
- |
|
|
(595) |
|
|
(85) |
|
Total comprehensive (loss)/income attributable to Pintec Technology
Holdings Limited shareholders |
|
32,344 |
|
|
(894,019) |
|
|
(128,420) |
|
Pre-IPO Preferred shares redemption value accretion |
|
(76,770) |
|
|
- |
|
|
- |
|
Comprehensive loss attributable to ordinary
shareholders |
|
(44,426) |
|
|
(894,019) |
|
|
(128,420) |
|
Loss per
ordinary share |
|
|
|
|
|
|
Basic and Diluted |
|
(0.74) |
|
|
(3.21) |
|
|
(0.46) |
|
Weighted
average ordinary shares outstanding |
|
|
|
|
|
|
Basic and Diluted |
|
101,094,197 |
|
|
282,129,663 |
|
|
282,129,663 |
|
Pintec
Technology Holdings Ltd. |
Unaudited
Reconciliations of GAAP and Non-GAAP Results |
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
(In thousands, except
for share and per share data) |
|
December 31, |
|
December31, |
|
December31, |
|
2018 Restated |
|
2019 |
|
|
2019 |
|
|
|
RMB |
|
RMB |
|
USD |
Net(Loss)/ income |
|
2,171 |
|
|
(906,490) |
|
|
(130,211) |
|
Add:
Share-based compensation expenses |
|
131,260 |
|
|
17,847 |
|
|
2,563 |
|
Adjusted
net (loss)/income |
|
133,431 |
|
|
(888,643) |
|
|
(127,648) |
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders |
|
(74,599) |
|
|
(905,895) |
|
|
(130,126) |
|
Add:
Share-based compensation expenses |
|
131,260 |
|
|
17,847 |
|
|
2,563 |
|
Adjusted
net (loss)/income attributable to ordinary
shareholders |
|
56,661 |
|
|
(888,048) |
|
|
(127,563) |
|
Adjusted net (loss)/income per ordinary
share |
|
|
|
|
|
|
Basic and
diluted |
|
0.56 |
|
|
(3.15 ) |
|
|
(0.45) |
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
101,094,197 |
|
|
282,129,663 |
|
|
282,129,663 |
|
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