SHANGHAI, Dec. 13, 2017 /PRNewswire/ -- PPDAI Group Inc.
("PPDAI," "Paipaidai," 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, 2017.
Third Quarter 2017 Financial Highlights:
- Operating revenues for the third quarter of 2017 increased by
244.9% to RMB1,250.3 million
(US$187.9 million), from RMB362.5 million in the same period last
year.
- Loan facilitation service fees increased by 194.4% to
RMB906.9 million (US$136.3 million) in the third quarter of 2017,
from RMB308.1 million in the same
period last year.
- Post-facilitation service fees increased significantly by
941.9% to RMB200.1 million
(US$30.1 million) in the third
quarter of 2017, from RMB19.2 million
in the same period last year.
- Net profit increased by 179.7% to RMB541.4 million (US$81.4
million) in the third quarter of 2017, from RMB193.5 million in the same period last
year.
Third Quarter 2017 Operational Highlights:
- Cumulative registered users1 reached 57.6 million as
of September 30, 2017.
- Cumulative number of borrowers2 reached 9.0 million
as of September 30, 2017.
- Cumulative number of investors3 reached 521,831 as
of September 30, 2017.
- Number of unique borrowers4 was 4.5 million for the
third quarter of 2017, an increase of 207.5% from the same period
of last year.
- Loan origination volume was RMB21.0
billion for the third quarter of 2017, an increase of 256.5%
from the third quarter of 2016.
- Repeat borrowing rate5 for the third quarter of 2017
was 67.4%.
- Average loan size was RMB2,542
for the third quarter of 2017.
- Average loan tenure was 7.3 months for the third quarter of
2017.
1.
|
On a cumulative basis, number
of users registered on PPDAI platform as of September 30,
2017.
|
2.
|
On a cumulative basis, number
of borrowers whose loans were funded on or prior to September 30,
2017.
|
3.
|
On a cumulative basis, number
of investors who have made at least one investment in loans on or
prior to September 30, 2017.
|
4.
|
Represents the total number of
borrowers whose loans on PPDAI platform were funded during the
period presented.
|
5.
|
Represents percentage of loan
volume generated by repeat borrowers who have successfully borrowed
on PPDAI platform before.
|
Mr. Jun Zhang, Chairman and Chief
Executive Officer of PPDAI, commented, "We are pleased to report
strong operational and financial results for the third quarter of
2017, following our successful IPO in November. As a veteran and
pioneer in the online consumer finance industry in China, our success has been underscored by our
consistent execution on our strategies, continuous technological
innovation and a solid decade-long track record, which is the
longest operating history in the online consumer finance market in
China.
"As a technology driven marketplace, our business is highly
scalable, and our efforts have paid off with the rapid growth of
our user and borrower bases. As of September
30, 2017, we had 57.6 million registered users and our
cumulative borrowers reached 9.0 million," continued Mr. Zhang.
"The significant number of users and borrowers generates the
dynamic loan transactions on our marketplace. Our total loan
origination volume increased by 256.5% in the third quarter of 2017
to RMB21.0 billion, from RMB5.9 billion in the same period of last
year."
Mr. Zhang concluded, "The enormous potential of China's consumer finance market presents
significant growth opportunities, and we believe the improved
regulatory framework will lead to a more orderly and healthy
competitive landscape. As an industry leader, PPDAI will continue
to embrace and support government regulations, further its
operational and financial excellence and aim to be at the forefront
of market consolidation in the long run. Finally, with a large and
loyal cumulative investor base of approximately 522,000 as of
September 30, 2017, we plan to
leverage our advantages in retail investment to build a wealth
management business and create a second engine for sustainable
long-term growth."
"Our strong financial performance in the third quarter was
reflected by an increase of 244.9% in operating revenues to
RMB1,250.3 million from RMB362.5 million in the same period a year ago,"
said Mr. Simon Ho, Chief Financial
Officer of PPDAI. "Our top-line growth was driven by the increase
in active loan transactions on our platform as a result of an
expanding and growing user base and the strong market demand for
online consumer finance. Benefitting from high operating leverage
provided by our technology driven and highly scalable marketplace
platform, we also achieved a significant improvement in operational
efficiency, resulting in an increase in operating margin to 46.4%
in the third quarter of 2017, from 33.1% in the same period of last
year."
Mr. Ho continued, "We have also begun to make prudent and
diligent efforts to comply with the recently issued regulatory
changes. We believe the 36% limit of the annualized total borrowing
costs will only have modest impact on our business, as it mainly
affects our Handy Cash Loan business, which represented
approximately 7% of our total revenues for the first nine months of
2017. In addition, we ceased the collection of upfront transaction
fees in early December this year which resulted in a different
accounting treatment for the remainder of the month. But we expect
that the new U.S. GAAP revenue recognition standards that go in
effect January 1, 2018 will offset
this change and allow us to recognize our loan facilitation service
fees as revenues upfront upon loan origination, prompting the
adjustment to our transaction fee model to have limited impact
on our revenues in 2018. Lastly, we also made the choice to
discontinue our investor reserve funds in a proactive manner as we
believe this decision is well-aligned with the new regulations and
should not have any material impact on our operations."
Third Quarter 2017 Financial Results
Operating revenues for the third quarter of 2017
increased by 244.9% to RMB1,250.3
million (US$187.9 million)
from RMB362.5 million in the same
period last year, primarily due to the increase in loan
facilitation service fees, post-facilitation service fees and other
revenues as a result of the substantial increase in loan
origination volume.
Loan facilitation service fees increased by 194.4% to
RMB906.9 million (US$136.3 million) for the third quarter of 2017
from RMB308.1 million in the same
period last year, primarily due to the substantial increases in
loan origination volume and the number of unique borrowers on the
Company's platform.
Post-facilitation service fees increased significantly by
941.9% to RMB200.1 million
(US$30.1 million) for the third
quarter of 2017 from RMB19.2 million
in same period last year, primarily due to the substantial increase
in loan origination volume and the rolling impact of deferred
transaction fees.
Other revenue increased by 306.7% to RMB143.3 million (US$21.5
million) for the third quarter of 2017 from RMB35.2 million in the same period last year,
primarily attributable to an increase in collection fees.
Net interest income/(expense) and loan provision losses
for the third quarter of 2017 was an expense of RMB3.4 million (US$0.5
million), compared to an income of RMB5.7 million in the same period last year. This
was primarily due to provisions for expected loan losses related to
the Company's investments in trusts that were newly set-up during
the period.
Origination and servicing expenses increased by 172.4% to
RMB297.8 million (US$44.8 million) for the third quarter of 2017
from RMB109.3 million in the same
period last year, primarily due to the increase in headcount
particularly for consumption loan products and loan collection
services, and to a lesser extent, due to an increase in referral
fees paid to third parties for successful loan originations.
Sales and marketing expenses increased by 140.3% to
RMB225.3 million (US$33.9 million) for the third quarter of 2017
from RMB93.8 million in the same
period last year. The increase was primarily due to the increase in
expenses associated with online customer acquisition, which mainly
include expenses paid to internet marketing channels for online
advertising and search engine marketing as well as to certain
websites that enable PPDAI to reach quality borrowers.
General and administrative expenses increased by 235.0%
to RMB144.7 million (US$21.8 million) for the third quarter of 2017
from RMB43.2 million in the same
period last year, primarily due to the increase in staff costs.
Other income was RMB120.9
million (US$18.2 million) for
the third quarter of 2017, compared to RMB93.0 million in the same period last year.
Other income primarily consists of RMB131.3
million (US$19.7 million) gain
from quality assurance fund resulting from the growth in loans
facilitated on the Company's platform that are protected by the
quality assurance fund, and RMB42.4
million (US$6.4 million)
realized gain from financial guarantee derivatives due to the
amount of investment programs maturing during the period, partially
offset by RMB67.4 million
(US$10.1 million) fair value change
of financial guarantee derivatives due to an upward adjustment in
the expected default rate for loans invested by outstanding
investment programs. For the third quarter of 2017, RMB10.0 billion and RMB7.0
billion of loans facilitated on the Company's platform were
protected by the quality assurance fund and investor reserve funds,
respectively.
Income tax expenses were RMB158.5
million (US$23.8 million) for
the third quarter of 2017, compared to RMB21.3 million in the same period last year. The
increase was primarily due to improved profitability in the third
quarter of 2017.
Net profit was RMB541.4
million (US$81.4 million) for
the third quarter of 2017, compared to RMB193.5 million in the same period last
year.
Net loss attributable to ordinary shareholders of the
Company was RMB278.7 million
(US$41.9 million) for the third
quarter of 2017, compared to net income attributable to ordinary
shareholders of RMB60.8 million in
the same period last year due to the accretion losses on the
Company's Series A, B and C preferred shares.
As of September 30, 2017, the
Company had cash and cash equivalents of RMB715.0 million (US$107.5
million), and short-term investments mainly in wealth
management products of RMB1,500.0
million (US$225.5
million).
The total balance of the quality assurance fund, which includes
restricted cash of RMB929.7 million
(US$139.7 million) and the quality
assurance fund receivable of RMB975.4
million (US$146.6 million),
was equivalent to 16.6% of the total outstanding loans protected by
the quality assurance fund.
The total balance of the investor reserve funds, which includes
restricted cash of RMB193.7 million
(US$29.1 million) and the financial
guarantee derivative of RMB244.7
million (US$36.8 million), was
equivalent to 4.5% of the total outstanding loans protected by the
investor reserve funds.
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,
2015
|
0.79%
|
1.75%
|
1.10%
|
1.01%
|
0.87%
|
0.67%
|
June 30,
2015
|
0.88%
|
1.06%
|
0.67%
|
0.54%
|
0.89%
|
0.67%
|
September 30,
2015
|
0.67%
|
0.89%
|
0.61%
|
0.54%
|
0.44%
|
0.35%
|
December 31,
2015
|
0.80%
|
0.93%
|
0.51%
|
0.49%
|
0.39%
|
0.32%
|
March 31,
2016
|
0.62%
|
0.93%
|
0.72%
|
0.61%
|
0.48%
|
0.32%
|
June 30,
2016
|
0.82%
|
1.01%
|
0.63%
|
0.43%
|
0.47%
|
0.44%
|
September 30,
2016
|
0.83%
|
1.11%
|
0.80%
|
0.63%
|
0.49%
|
0.39%
|
December 31,
2016
|
0.63%
|
0.91%
|
0.75%
|
0.79%
|
0.69%
|
0.57%
|
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%
|
The following chart and table display the historical cumulative
30-day plus past due delinquency rates by loan origination vintage
for all continuing loan products facilitated through the Company's
online marketplace:
Photo - http://mma.prnewswire.com/media/619081/111.jpg
|
|
|
|
|
|
|
|
|
|
|
Month on
Book
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage
|
2nd
|
3rd
|
4th
|
5th
|
6th
|
7th
|
8th
|
9th
|
10th
|
11th
|
12th
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015Q1 . . .
.
|
1.95%
|
2.75%
|
3.46%
|
3.98%
|
4.36%
|
4.58%
|
4.67%
|
4.69%
|
4.73%
|
4.76%
|
4.74%
|
2015Q2 . . .
.
|
1.74%
|
2.66%
|
3.38%
|
3.75%
|
4.02%
|
4.15%
|
4.30%
|
4.38%
|
4.45%
|
4.46%
|
4.46%
|
2015Q3 . . .
.
|
1.46%
|
2.13%
|
2.70%
|
3.15%
|
3.47%
|
3.68%
|
3.77%
|
3.85%
|
3.93%
|
4.01%
|
4.02%
|
2015Q4 . . .
.
|
1.54%
|
2.27%
|
2.88%
|
3.17%
|
3.53%
|
3.77%
|
3.97%
|
4.12%
|
4.26%
|
4.32%
|
4.33%
|
2016Q1 . . .
.
|
1.00%
|
1.57%
|
2.21%
|
2.82%
|
3.33%
|
3.77%
|
4.09%
|
4.33%
|
4.45%
|
4.57%
|
4.59%
|
2016Q2 . . .
.
|
1.75%
|
2.49%
|
3.21%
|
3.77%
|
4.17%
|
4.39%
|
4.59%
|
4.76%
|
4.88%
|
4.94%
|
4.96%
|
2016Q3 . . .
.
|
1.67%
|
2.45%
|
2.96%
|
3.47%
|
3.87%
|
4.11%
|
4.27%
|
4.44%
|
4.59%
|
4.70%
|
4.77%
|
2016Q4 . . .
.
|
1.29%
|
2.07%
|
2.66%
|
3.15%
|
3.59%
|
3.97%
|
4.32%
|
4.62%
|
—
|
—
|
—
|
2017Q1 . . .
.
|
1.20%
|
2.01%
|
2.68%
|
3.32%
|
3.87%
|
—
|
—
|
—
|
—
|
—
|
—
|
2017Q2 . . .
.
|
1.72%
|
2.89%
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Initial Public Offering
On November 14, the Company
successfully completed its initial public offering of 17,000,000
American depositary shares ("ADSs") at a price of US$13.00 per ADS for a total offering size of
approximately US$221 million. Each
ADS represents five Class A ordinary shares of the Company.
Concurrently with the offering, the Company also completed a
private placement by issuing 19,230,769 Class A ordinary shares to
a wholly-owned subsidiary of Sun Hung
Kai & Co. Limited, for an aggregate of US$50 million at a price per share equal to the
initial public offering price adjusted to reflect the ADS-to-Class
A ordinary share ratio.
Recent Developments
On December 1, 2017, the National
Internet Finance Rectification Office and the National Online
Lending Rectification Office jointly issued the Notice on
Regulating and Rectifying "Cash Loan" Business, which prohibits,
among other things, online lending information intermediaries from
charging upfront fees to borrowers or matching borrowers with funds
from banking and financial institutions. In addition, according to
the notice, the annualized total borrowing costs to borrowers must
not exceed the interest rate limit defined by the Supreme Court,
which we believe is 36%.
In response to the latest regulatory development, the Company
has taken the following actions:
- The Company has ceased to collect upfront transaction fees and
quality assurance fund contributions;
- As of September 30, 2017,
approximately 85% of the outstanding balance of loans was invested
by individual investors and approximately 15% by institutional
investors. The Company is assessing the impact of the newly issued
regulation on its cooperation with certain institutional investors
that are banking and financial institutions, and will take
necessary measures to ensure full compliance; and
- The Company has made adjustments to ensure that the annualized
total borrowing costs to its borrowers are within the permitted
limit.
- In addition, in light of the tightening regulatory environment,
the Company plans to discontinue operating its investor reserve
funds from January 1, 2018.
The Company is fully committed to comply with applicable laws
and regulations and may make further adjustments to its business
should it be legally required.
Mr. Congliang Li and Ms. Qiong
Wang have tendered their respective resignations as
directors of the Company's board of directors (the "Board"),
effective from December 12,
2017. Neither the resignation of Mr. Congliang Li nor the
resignation of Ms. Qiong Wang was
the result of any disagreement with the Board. Upon their
departure, the board consists of nine directors (including two
independent directors).
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
December 13, 2017 (9:00 PM Beijing/Hong
Kong time on December 13,
2017).
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 (toll
free):
|
800-905-945
|
Hong Kong:
|
852-3018-4992
|
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 December 20, 2017, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10114848
|
About PPDAI Group Inc.
PPDAI is a leading online consumer finance marketplace in
China with strong brand
recognition. Launched in 2007, the Company is the first online
consumer finance marketplace in China connecting borrowers and investors. As a
pioneer in China's online consumer
finance marketplace, the Company benefits from both its early-mover
advantages and the invaluable data and experience accumulated
throughout multiple complete loan lifecycles. The Company's
platform, empowered by its proprietary, cutting-edge technologies,
features a highly automated loan transaction process, which enables
a superior user experience, as evidenced by the rapid growth of the
Company's user base and loan origination volume. As of September 30, 2017, the Company had over 57
million cumulative registered users.
For more information, please visit http://ir.ppdai.com.
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 RMB6.6533 to US$1.00, the rate in effect as of September 30, 2017 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 PPDAI 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:
PPDAI Group Inc.
Sally Huo
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: paipaidai@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: paipaidai@tpg-ir.com
PPDAI GROUP
INC.
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
|
|
As of December
31,
|
|
As of September
30,
|
|
2016
|
2017
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
404,678
|
|
715,000
|
|
107,466
|
Restricted
cash
|
802,887
|
|
2,786,360
|
|
418,794
|
Short-term
investments
|
260,000
|
|
1,500,000
|
|
225,452
|
Quality assurance fund
receivable
|
286,812
|
|
975,381
|
|
146,601
|
Property, equipment
and software, net
|
37,629
|
|
78,135
|
|
11,744
|
Loans receivable, net
of provision for loan losses of
RMB1,084 and RMB10,999 as of December 31, 2016
and September 30, 2017, respectively
|
28,225
|
|
278,468
|
|
41,854
|
Financial guarantee
derivative
|
167,291
|
|
244,659
|
|
36,772
|
Investment in equity
investees
|
2,428
|
|
56,424
|
|
8,481
|
Available-for-sale
securities
|
-
|
|
1,991
|
|
299
|
Accounts
receivable
|
14,195
|
|
33,983
|
|
5,108
|
Deferred tax
assets
|
31,718
|
|
-
|
|
-
|
Loan extended to
related party
|
11,010
|
|
-
|
|
-
|
Prepaid expenses and
other assets
|
100,418
|
|
198,057
|
|
29,769
|
Total
assets
|
2,147,291
|
|
6,868,458
|
|
1,032,340
|
|
|
|
|
|
|
Liabilities,
Mezzanine Equity and Shareholders' Deficit:
|
|
|
|
|
|
Payable to platform
customers
|
421,659
|
|
1,662,987
|
|
249,949
|
Quality assurance fund
payable
|
473,704
|
|
1,484,687
|
|
223,151
|
Deferred
revenue
|
162,896
|
|
317,624
|
|
47,739
|
Payroll and welfare
payable
|
84,534
|
|
169,606
|
|
25,492
|
Taxes
payable
|
85,209
|
|
180,492
|
|
27,128
|
Deferred tax
liability
|
-
|
|
12,595
|
|
1,893
|
Funds payable to
investors of consolidated trusts
|
30,084
|
|
465,675
|
|
69,992
|
Due to related
party
|
15,634
|
|
1,441
|
|
217
|
Accrued expenses and
other liabilities
|
101,349
|
|
208,213
|
|
31,295
|
Total
liabilities
|
1,375,069
|
|
4,503,320
|
|
676,856
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Series A convertible
redeemable preferred shares
(US$0.00001 par value; 285,000,000 shares issued and
outstanding as of December 31, 2016 and September 30,
2017)
|
369,033
|
|
1,263,881
|
|
189,963
|
Series B convertible
redeemable preferred shares
(US$0.00001 par value; 214,285,700 shares issued and
outstanding as of December 31, 2016 and September 30,
2017)
|
339,781
|
|
970,889
|
|
145,926
|
Series C convertible
redeemable preferred shares
(US$0.00001 par value; 234,554,700 shares issued and
outstanding as of December 31, 2016 and September 30,
2017)
|
501,831
|
|
1,141,074
|
|
171,505
|
Total mezzanine
equity
|
1,210,645
|
|
3,375,844
|
|
507,394
|
Shareholders'
deficit:
|
|
|
|
|
|
Ordinary shares (US$0.00001 par
value; 4,266,159,600
shares authorized as of December 31, 2016 and September 30,
2017, 665,000,000 shares issued and outstanding as of
December 31, 2016 and September 30, 2017)
|
-
|
|
-
|
|
-
|
Additional paid-in capital
|
-
|
|
-
|
|
-
|
Non-controlling interest
|
-
|
|
4,310
|
|
648
|
Statutory
reserves
|
15,662
|
|
15,662
|
|
2,354
|
Accumulated other comprehensive loss/(income)
|
(85,017)
|
|
25,014
|
|
3,760
|
Accumulated deficit
|
(369,068)
|
|
(1,055,692)
|
|
(158,672)
|
Total
shareholders' deficit
|
(438,423)
|
|
(1,010,706)
|
|
(151,910)
|
Total liabilities,
mezzanine equity and shareholders' deficit
|
2,147,291
|
|
6,868,458
|
|
1,032,340
|
PPDAI GROUP
INC.
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2016
|
|
2017
|
2017
|
|
2016
|
|
2017
|
2017
|
|
RMB
|
|
RMB
|
USD
|
|
RMB
|
|
RMB
|
USD
|
Operating
revenue:
|
|
|
|
|
|
|
|
|
|
Loan facilitation
service fees
|
308,087
|
|
906,914
|
136,310
|
|
598,574
|
|
2,223,050
|
334,127
|
Post-facilitation
service fees
|
19,204
|
|
200,093
|
30,074
|
|
45,969
|
|
441,669
|
66,383
|
Other
revenue
|
35,236
|
|
143,312
|
21,540
|
|
71,856
|
|
319,007
|
47,948
|
Total operating
revenues
|
362,527
|
|
1,250,319
|
187,924
|
|
716,399
|
|
2,983,726
|
448,458
|
Net interest
income/(expense) and loan
provision losses
|
5,670
|
|
(3,415)
|
(513)
|
|
3,440
|
|
(1,966)
|
(295)
|
Net
revenues
|
368,197
|
|
1,246,904
|
187,411
|
|
719,839
|
|
2,981,760
|
448,163
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Origination and
servicing expenses
|
(98,299)
|
|
(277,844)
|
(41,760)
|
|
(246,833)
|
|
(622,717)
|
(93,595)
|
Origination and
servicing expenses-
related party
|
(11,043)
|
|
(19,974)
|
(3,002)
|
|
(24,607)
|
|
(55,528)
|
(8,346)
|
Sales and marketing
expenses
|
(93,787)
|
|
(225,334)
|
(33,868)
|
|
(225,515)
|
|
(549,691)
|
(82,619)
|
General and
administrative expenses
|
(43,201)
|
|
(144,725)
|
(21,753)
|
|
(149,171)
|
|
(338,295)
|
(50,847)
|
Total operating
expenses
|
(246,330)
|
|
(667,877)
|
(100,383)
|
|
(646,126)
|
|
(1,566,231)
|
(235,407)
|
Other
income:
|
|
|
|
|
|
|
|
|
|
Gain from quality
assurance fund
|
29,818
|
|
131,296
|
19,734
|
|
52,269
|
|
277,735
|
41,744
|
Realized gain from
financial guarantee
derivatives
|
6,593
|
|
42,359
|
6,367
|
|
23,036
|
|
141,998
|
21,342
|
Fair value change of
financial guarantee
derivatives
|
35,614
|
|
(67,379)
|
(10,127)
|
|
86,371
|
|
77,368
|
11,629
|
Gain from disposal of
subsidiary
|
20,611
|
|
-
|
-
|
|
20,611
|
|
-
|
-
|
Other income,
net
|
323
|
|
14,615
|
2,197
|
|
5,942
|
|
26,193
|
3,937
|
Profit/(loss)
before income tax expense
|
214,826
|
|
699,918
|
105,199
|
|
261,942
|
|
1,938,823
|
291,408
|
Income tax
expense
|
(21,301)
|
|
(158,545)
|
(23,830)
|
|
(26,487)
|
|
(348,850)
|
(52,433)
|
Net
profit/(loss)
|
193,525
|
|
541,373
|
81,369
|
|
235,455
|
|
1,589,973
|
238,975
|
Accretion on Series A
convertible
redeemable preferred shares to
redemption value
|
(55,047)
|
|
(315,366)
|
(47,400)
|
|
(135,605)
|
|
(935,392)
|
(140,591)
|
Accretion on Series B
convertible
redeemable preferred shares to
redemption value
|
(40,188)
|
|
(238,876)
|
(35,903)
|
|
(97,756)
|
|
(663,022)
|
(99,653)
|
Accretion on Series C
convertible
redeemable preferred shares to
redemption value
|
(37,444)
|
|
(265,869)
|
(39,960)
|
|
(80,549)
|
|
(678,183)
|
(101,932)
|
Net Profit/(loss)
attributable to ordinary
shareholders
|
60,846
|
|
(278,738)
|
(41,894)
|
|
(78,455)
|
|
(686,624)
|
(103,201)
|
Net
profit
|
193,525
|
|
541,373
|
81,369
|
|
235,455
|
|
1,589,973
|
238,975
|
Foreign currency
translation adjustment,
net of nil tax
|
(5,713)
|
|
60,890
|
9,152
|
|
(20,262)
|
|
110,031
|
16,538
|
Comprehensive
income
|
187,812
|
|
602,263
|
90,521
|
|
215,193
|
|
1,700,004
|
255,513
|
Weighted average
number of ordinary
shares used in computing net loss per share
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
665,000,000
|
|
665,000,000
|
665,000,000
|
|
665,000,000
|
|
665,000,000
|
665,000,000
|
Net income/(loss)
per share attributable to
ordinary shareholders
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
0.0915
|
|
(0.4192)
|
(0.0630)
|
|
(0.1180)
|
|
(1.0325)
|
(0.1552)
|
Net income/(loss)
per ADS attributable to
ordinary shareholders
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
0.4575
|
|
(2.0958)
|
(0.3150)
|
|
(0.5899)
|
|
(5.1626)
|
(0.7759)
|
PPDAI GROUP
INC.
|
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,
|
|
2016
|
2017
|
2017
|
|
2016
|
2017
|
2017
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
176,236
|
575,760
|
86,538
|
|
305,545
|
1,454,151
|
218,561
|
Net cash used in
investing activities
|
(141,542)
|
(1,496,161)
|
(224,875)
|
|
(485,045)
|
(1,574,624)
|
(236,668)
|
Net cash generated in financing
activities
|
90,576
|
463,352
|
69,642
|
|
409,268
|
431,352
|
64,833
|
Effect of exchange
rate changes on cash and cash equivalents
|
(554)
|
(269)
|
(41)
|
|
(128)
|
(557)
|
(85)
|
Net increase/(decrease) in cash
and cash equivalents
|
124,716
|
(457,318)
|
(68,736)
|
|
229,640
|
310,322
|
46,641
|
Cash and cash
equivalents at beginning of period
|
197,419
|
1,172,318
|
176,201
|
|
92,495
|
404,678
|
60,824
|
Cash and cash
equivalents at end of period
|
322,135
|
715,000
|
107,465
|
|
322,135
|
715,000
|
107,465
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/ppdai-group-inc-reports-third-quarter-2017-unaudited-financial-results-300570644.html
SOURCE PPDAI Group Inc.