--Gross Billings Up 90% Y-o-Y, Driven by Organic Growth of
Recurring Borrowers--
--Cash Balance over $70 million--
--Reorganization into
Business Units Enabling Loan Product Expansion & Operational
Efficiency--
--Expect Significantly Improved
Operational Performance in Upcoming Quarters--
SHANGHAI, June 15, 2018 /PRNewswire/ -- China Rapid
Finance Limited ("China Rapid Finance" or the "Company") (NYSE:
XRF), operator of one of China's
largest consumer lending marketplaces, today reported its unaudited
financial results for the first quarter ended March 31, 2018.
Highlights
- Facilitated 2.5 million loans with total loan volume of
$491 million
- Average loan size for consumption loans increased to
$167, up from $101 in Q1 2017
- Total revenue grew 60% year-on-year to $16.7 million
- Non-GAAP adjusted net revenue doubled year-on-year to
$21.2 million
- Net loss was $30.2 million,
compared to a net loss of $14.9
million in Q1 2017
- Non-GAAP adjusted loss before income tax was $15.3 million, compared to $14.0 million in the prior year period
Dr. Zane Wang, Chief Executive
Officer, Founder and Chairman of the Company, commented: "Our top
priority in the first quarter was to reorganize CRF into a business
unit structure that makes us a more nimble, adaptive company.
The reorganization accomplished three goals. First, we built
a more responsive and competitive new product development
structure. Second, we have a suite of new loan products that
better serve our core market of emerging middle-class mobile active
consumers. Finally, we streamlined operations, improving the
efficiency of many corporate functions while reducing costs.
With the new operating structure and test results on many products,
we anticipate an acceleration of our own growth in gross billings
and revenue. Combined with a reduced and more efficient cost
structure, we believe we can operate profitably towards the end of
the year."
Dr. Wang continued, "We remain fully focused on the consumer
credit market in China, one of the
largest market opportunities globally in our industry. CRF
was the pioneer in identifying the emerging middle-class mobile
active consumers, and we still lead the industry in meeting the
lifetime financial needs of these customers. We pioneered big
data-enabled underwriting, and are pleased to have proven the
scalability of our 'low & grow' approach. As our
customers continue to increase their average loan size over time,
we look forward to updating you on our continued progress in the
quarters to come."
Operating Highlights
Please note that all figures refer to the first quarter of
2018, unless stated otherwise.
- New borrowers added were 31 thousand, as compared to 544
thousand in the same period last year, reflecting the Company's
proactive decision to narrow our focus to our most established
long-term borrowers during a period of market uncertainty and to
enable the Company to successfully implement its business unit
structure and new loan product innovations.
- Number of loans facilitated totaled 2.5 million, down
37% from the prior year period. The decline was due to a 37%
decrease in the number of consumption loans, a result of the
reduction in new borrower additions.
- Total loan volume of $491
million was slightly up from the prior year period.
- Average loan size for all loans increased 61% to
$195 from $121 in the prior year period. The average
size of consumption loans increased 65% to $167 from $101 in
the prior year period, the result of nearly all new loans going to
more seasoned borrowers, who borrow more under the Company's "low
& grow" approach.
- Cumulative loan volume per borrower continued to grow.
All cohort groups increased their cumulative loan volume per
borrower, with no signs of slowing. Notably, the most
seasoned cohort (36 months on the platform) continued to grow at a
steady pace. The stability of growth demonstrates the value
of established long-term relationships with borrowers, further
confirming our customer loyalty.
- Annualized loss rate of consumption loans as of
March 31, 2018 was 4.8%.
|
|
For the Three
Months Ended
|
|
|
|
March 31,
2017
|
|
December 31,
2017
|
|
March 31,
2018
|
|
YoY
|
Number of loans
facilitated ('000)
|
|
|
|
|
|
|
|
Consumption
loans...............
|
3,996
|
|
6,235
|
|
2,507
|
|
-37%
|
Lifestyle
loans........................
|
6
|
|
11
|
|
6
|
|
0%
|
Total.........................................
|
4,002
|
|
6,246
|
|
2,513
|
|
-37%
|
Number of new
borrowers ('000)
|
|
|
|
|
|
|
|
Consumption
loans................
|
539
|
|
617
|
|
26
|
|
-95%
|
Lifestyle
loans.........................
|
5
|
|
10
|
|
5
|
|
0%
|
Total.........................................
|
544
|
|
627
|
|
31
|
|
-94%
|
|
|
|
|
|
|
|
|
Repeat borrower
rate[1] .............
|
73%
|
|
76%
|
|
76%
|
|
4%
|
|
|
|
|
|
|
|
|
Loan volume (in US$
millions)
|
|
|
|
|
|
|
|
Consumption
loans...............
|
405.6
|
|
900.3
|
|
417.4
|
|
3%
|
Lifestyle
loans........................
|
80.4
|
|
127.3
|
|
73.1
|
|
-9%
|
Total.........................................
|
486.0
|
|
1,027.6
|
|
490.5
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer Kerry
Shen noted: "We are gratified to have nearly doubled our
gross billings, which means that demand for our loan products is
robust. In Q1 we proactively focused our efforts on repeat
borrowers by mainly extending loans to proven borrowers that have
been on our platform for some time. This caused the jump in
average loan size, which offset the anticipated decline in the
number of loans.
"As one of the first companies to have fully prepared to meet
all the current regulatory requirements for registration, we are
poised to resume growth in the near future based on our more
efficient operating structure and learnings from many test
results. Our efforts included designing, testing and
launching a series of new loan products that better address the
lifetime credit needs of our target customers. We expect our
work in the first half to position the Company for noticeably
improved operational performance in the second half of this
year."
Financial Highlights
Please note that all figures refer to the first quarter of
2018, unless stated otherwise.
Gross Billings and Revenue
- Total gross billings on transaction and service fees[2]
were $31.9 million, up 90% from
$16.8 million in the first quarter of
2017.
-
- Gross billings from consumption loans were $19.7 million, up 194% from $6.7 million in the prior year period.
Gross billings include increased transaction and service fees
from consumption loans and value-added service fees of $8.3 million, of which $2.8 million was recognized as revenue, with the
remaining being deferred over the service period.
- Gross billings from lifestyle loans were $12.2 million, up 20% from $10.1 million in the prior year period.
- Total revenue was $16.7
million, up 60% year-on-year mainly due to growth in
consumption loans. The growth is after adoption of the new
GAAP standard for revenue recognition (ASC 606 – see below), which
resulted in $5.3 million of revenue
being recognized in the fourth quarter of 2017, and $0.8 million being accrued in the first quarter
of 2018. Without the effect of ASC 606, total revenue would
have been $21.2 million, up 102%
year-on-year.
- Net revenue[3] was
$7.6 million, down 27% year-on-year.
This was mainly due to: 1) a non-recurring provision of
$9.1 million associated with a pilot
funding program that was discontinued due to regulatory changes;
and 2) non-cash accounting charges of $4.5
million related to adoption of the new GAAP standard for
revenue recognition (ASC 606 – see below). Excluding these
impacts, net revenue would have been $21.2
million, up 102% year-on-year. Customer acquisition
incentives ("CAI") were $4.1 million,
down 33% from $6.2 million in the
prior year period.
- Accounting Policy Change: Effective January 1,
2018, China Rapid Finance adopted the new revenue recognition
policy ASC 606 — Revenue from Contracts with Customers,
using the modified retrospective method in accordance with US GAAP
("ASC 606"). Income statement and balance sheet adjustments
arose primarily from the earlier recognition of revenue related to
transaction fees on loan products. The initial cumulative
effect of the new recognition policies resulted in a
reclassification of approximately $5.3
million from revenue to retained earnings, as well as an
increase in first quarter 2018 revenue of approximately
$0.8 million. The net effect
was thus a reduction in first quarter revenue of $4.5 million.
Operating Expenses
- Servicing expenses were $3.4
million, up 3% year-on-year from $3.3
million in the first quarter of 2017.
- Sales and marketing expenses were unchanged at
$10.3 million. This was
primarily due to lower new borrower acquisition payments to channel
partners, offset by increased promotional expenses related to our
wealth management unit.
- General and administrative expenses were $19.9 million, up 110% year-on-year from
$9.5 million in the first quarter of
2017. The increase in G&A was mainly due to the expansion
of infrastructure to support consumption loan growth, non-recurring
expenses associated with preparing for registration, $3.5 million of increased costs associated with
third-party collection services, and a $1.3
million write-off of other receivables and unamortized
cost.
- Product development expenses[4] were $4.2 million, up 83% year-on-year from
$2.3 million in the first quarter of
2017. The increase was due principally to increased
investment in technology for loan matching and data analysis, as
well as improvements to the transaction processing and servicing
platform.
Net Income
- GAAP net loss was $30.2
million, as compared to a net loss of $14.9 million in the first quarter of 2017.
Net loss widened partially due to non-cash negative impact of
$4.5 million related to the new GAAP
standard for revenue recognition (ASC 606) and one-time costs of
$9.1 million associated with the
pilot funding program that was discontinued due to regulatory
changes.
- Non-GAAP adjusted loss before income tax expense was
$15.3 million, as compared to
$14.0 million in the first quarter of
2017. Compared to GAAP results, this loss excludes
share-based compensation, the one-time provision for the
discontinued pilot funding program, and the non-cash impact from
adoption of the new GAAP revenue recognition standard.
- GAAP net loss attributable to ordinary shareholders was
$30.2 million, as compared to a net
loss of $16.9 in the prior year
period.
- GAAP EPS was ($0.46) per
share, as compared to ($1.01) per
share in the prior year period.
- Adjusted EPS was ($0.24)
per share, as compared to ($0.83) per
share in the prior year period.
Balance Sheet and Cash Flow
As of March 31, 2018, the Company
had cash and cash equivalents of $71.7
million and restricted cash of $2.9
million. Operating cash flow was negative $22.9 million, which compares to negative
$12.4 million in the prior year
period, comprised primarily of non-recurring payments for a
discretionary provision and extra collection costs of approximately
$8 million.
Outlook
Based on the information available as of the date of this press
release, the Company provides the following outlook, which reflects
the Company's current and preliminary view and is subject to
change.
As a result of its business unit reorganization as well as
increasing contributions from new loan products and improving
operating efficiencies, the Company expects noticeably improved
operational performance in the second half of 2018, including
achieving profitability towards the end of the year.
Conference Call:
The Company will hold a conference call on Friday, June 15, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. China Standard Time) to discuss its
financial results.
Participants may access the call by dialing the following
numbers:
International:
+1 (412) 902-4272
United States Toll Free: +1 (888)
346-8982
China Toll Free:
+86 4001-201203
Hong Kong Toll Free:
+852
800-905945
Conference ID:
China Rapid Finance call
A replay will be accessible through June
22, 2018 by dialing the following numbers:
United States:
+1 (877) 344-7529
International:
+1 (412) 317-0088
Replay Access Code:
10121011
A live and archived webcast of the conference call will be
available through the Company's investor relations website at
http://chinarapidfinance.investorroom.com.
About China Rapid Finance
China Rapid Finance operates a leading online consumer finance
marketplace in China, facilitating
millions of loans annually. The Company deploys machine learning
and proprietary decisioning technology to facilitate affordable
digital credit for one of the world's largest untapped consumer
credit markets: China's 500
million emerging middle-class mobile active consumers. China Rapid
Finance operates a pure play marketplace, and does not take credit
risk. The Company utilizes its proprietary, mobile-first technology
to efficiently select creditworthy consumers for its platform.
China Rapid Finance facilitates smaller, shorter-term initial loans
to these qualified consumers and then enables larger, longer-term
loans for repeat borrowers who demonstrate positive credit
behavior. This differentiated strategy positions the platform to
attract and retain high quality consumers who generate significant
customer lifetime value. China Rapid Finance was founded by Dr.
Zane Wang, who has decades of
consumer credit experience in the U.S. and China, and is governed by a global board of
directors. For more information, please visit
http://ChinaRapidFinance.InvestorRoom.com.
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted profit/(loss) before income tax
expense, a non-GAAP financial measure, in evaluating our operating
results and for financial and operational decision-making purposes.
We believe that this measurement helps identify underlying trends
in our business by excluding the impact of share-based compensation
expenses and discretionary payments. We believe that it also
provides useful information about our operating results, enhances
the overall understanding of our past performance and future
prospects and allows for greater visibility with respect to key
metrics used by our management in its financial and operational
decision-making.
Non-GAAP adjusted profit/(loss) before income tax expense 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, and when assessing our operating performance, cash
flows or our liquidity, investors should not consider it in
isolation, or as a substitute for net profit/(loss) or other
consolidated statements of comprehensive profit/(loss) prepared in
accordance with U.S. GAAP. The Company encourages investors and
others to review our financial information in its entirety and not
rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliation of GAAP and
Non-GAAP Results" set forth at the end of this announcement.
Statement Regarding Unaudited Condensed Financial
Information
The unaudited financial information set forth below is
preliminary and subject to potential adjustments. Adjustments to
the consolidated financial statements may be identified when audit
work has been performed for the Company's year-end audit, which
could result in significant differences from this preliminary
unaudited condensed financial information.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, China Rapid Finance's financial outlook as
well as China Rapid Finance's strategic and operational plans
contain forward-looking statements. China Rapid Finance may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Rapid Finance's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: unexpected
difficulties in China Rapid
Finance's pursuit of its goals and strategies; the unexpected
developments, including slow growth, in the consumer lending
market; reduced demand for, and market acceptance of, China Rapid
Finance's products and services; difficulties keeping and
strengthening relationships with borrowers or investors;
difficulties of expanding data and channel partnerships,
potentially costly servicing activities; competition in the
consumer lending market; PRC governmental regulations and policies;
and general economic and business conditions in the regions where
China Rapid Finance provides products and services. Further
information regarding these and other risks is included in
China Rapid Finance's reports
filed with, or furnished to, the Securities and Exchange
Commission. All information provided in this announcement and in
the attachments is as of the date of this announcement, and China
Rapid Finance undertakes no duty to update such information except
as required under applicable law.
[1] Repeat borrower rate is defined as the total number of
customers who borrowed more than once divided by the total number
of borrowers on our marketplace. Both numbers are calculated
since inception.
[2]Gross billings on transaction and service fees is defined as
transaction and service fees billed to customers and value-added
service fees, inclusive of related value-added taxes, before
deduction of customer acquisition incentives ("CAI").
[3]CAI are amounts paid to marketplace investors who lend to
first-time borrowers.
[4] Product development expenses include expenses incurred to
facilitate the loan matching business, to gather historical data
and borrowing behaviors, as well as to maintain, monitor and manage
our transaction and service platform. We recognize website,
software and mobile applications development costs in accordance
with ASC 350-50 "Website development costs" and ASC 350-40
"Software — internal use software," respectively.
Investor Relations Contacts:
In China:
China Rapid Finance
Joseph Wang
Tel: +86 (21) 6032-5999
Email: IR@crfchina.com
Or
The Blueshirt Group
Gary T. Dvorchak, CFA
Tel: +86 (138) 1079-1480
Email: gary@blueshirtgroup.com
In the US:
The Blueshirt Group
Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE
LOSS
|
(US$ in thousands,
except share data and per share data, or otherwise
noted)
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
March
31,
2017
|
|
December
31,
2017
|
|
March
31,
2018
|
|
|
|
|
|
|
|
USD
|
|
USD
|
|
USD
|
Revenue:
|
|
|
|
|
|
Transaction and
service fees (net of
customer acquisition
incentive)...............................................
|
10,416
|
|
39,696
|
|
16,329
|
Other
revenue.....................................................................................................................................
|
39
|
|
255
|
|
351
|
|
|
|
|
|
|
|
10,455
|
|
39,951
|
|
16,680
|
Reversal/(Provision)
for loan losses
..................................................................................................
|
1
|
|
4
|
|
8
|
Discretionary
payments
|
-
|
|
(4,576)
|
|
(9,052)
|
Business related taxes
and
surcharges.............................................................................................
|
(5)
|
|
(465)
|
|
(3)
|
|
|
|
|
|
|
Net
revenue
|
10,451
|
|
34,914
|
|
7,633
|
|
|
|
|
|
|
Operating
expense:
|
|
|
|
|
|
Servicing
expenses.............................................................................................................................
|
(3,314)
|
|
(3,424)
|
|
(3,401)
|
Sales and marketing
expenses...........................................................................................................
|
(10,216)
|
|
(13,740)
|
|
(10,283)
|
General and
administrative
expenses................................................................................................
|
(9,459)
|
|
(17,377)
|
|
(19,896)
|
Product development
expenses
|
(2,292)
|
|
(4,494)
|
|
(4,188)
|
|
|
|
|
|
|
Total operating
expenses...........................................................................................................................
|
(25,281)
|
|
(39,035)
|
|
(37,768)
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
Other income
(expense),
net..............................................................................................................
|
(23)
|
|
247
|
|
291
|
|
|
|
|
|
|
Loss before income
tax
expense..............................................................................................................
|
(14,853)
|
|
(3,874)
|
|
(29,844)
|
Income tax
expense............................................................................................................................
|
-
|
|
(44)
|
|
(345)
|
|
|
|
|
|
|
Net
loss.........................................................................................................................................................
|
(14,853)
|
|
(3,918)
|
|
(30,189)
|
Accretion on Series A
convertible
redeemable preferred shares to
redemption
value......................
|
(72)
|
|
-
|
|
-
|
Accretion on Series B
convertible
redeemable preferred shares to
redemption
value......................
|
(405)
|
|
-
|
|
-
|
Accretion on Series C
convertible
redeemable preferred shares to
redemption
value......................
|
(1,579)
|
|
-
|
|
-
|
|
|
|
|
|
|
Deemed dividend to
Series C convertible
redeemable preferred shares at
modification…...
|
-
|
|
-
|
|
-
|
Deemed dividend to
Series C convertible
redeemable preferred shares upon
Initial
Public Offering
|
-
|
|
-
|
|
-
|
Net loss
attributable to ordinary
shareholders.......................................................................................
|
(16,909)
|
|
(3,918)
|
|
(30,189)
|
|
|
|
|
|
|
Net
loss.........................................................................................................................................................
|
(14,853)
|
|
(3,918)
|
|
(30,189)
|
Foreign currency
translation adjustment, net
of nil
tax.......................................................................
|
(50)
|
|
177
|
|
288
|
|
|
|
|
|
|
Comprehensive
loss...................................................................................................................................
|
(14,903)
|
|
(3,741)
|
|
(29,901)
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
used in computing net loss per
share
|
|
|
|
|
|
Basic....................................................................................................................................................
|
16,798,776
|
|
64,699,758
|
|
65,131,066
|
Diluted..................................................................................................................................................
|
16,798,776
|
|
64,699,758
|
|
65,131,066
|
Loss per share
attributable to ordinary
shareholders
|
|
|
|
|
|
Basic....................................................................................................................................................
|
(1.01)
|
|
(0.06)
|
|
(0.46)
|
Diluted..................................................................................................................................................
|
(1.01)
|
|
(0.06)
|
|
(0.46)
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(US$ in
thousands, except share data and per share data, or otherwise
noted)
|
|
|
|
|
|
As
of
|
|
|
|
|
|
March 31,
2017
|
|
December
31,
2017
|
|
March 31,
2018
|
|
|
|
|
|
|
|
USD
|
|
USD
|
|
USD
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents..............................................................................................................
|
24,524
|
|
94,881
|
|
71,661
|
Restricted
cash................................................................................................................................
|
11,321
|
|
14,673
|
|
2,913
|
Loans receivable, net
of allowance for loan losses US$111 thousand, US$99 thousand
and
US$122 thousand as of March 31, 2017,
December 31, 2017 and March 31, 2018,
respectively.................................................................................................................................
|
411
|
|
627
|
|
605
|
Safeguard Program
receivable........................................................................................................
|
5,570
|
|
7,212
|
|
16,987
|
Receivables from
issuance of Series C redeemable convertible preferred
shares
|
1,750
|
|
-
|
|
-
|
Receivables,
prepayments and other
assets..................................................................................
|
15,529
|
|
14,305
|
|
16,801
|
Property equipment and
software,
net.............................................................................................
|
5,040
|
|
5,830
|
|
6,029
|
|
|
|
|
|
|
Total
assets...............................................................................................................................................
|
64,145
|
|
137,528
|
|
114,996
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Safeguard Program
payable............................................................................................................
|
17,248
|
|
17,950
|
|
17,310
|
Accrued
liabilities..............................................................................................................................
|
25,270
|
|
51,895
|
|
49,414
|
Income tax
payable..........................................................................................................................
|
1,900
|
|
2,008
|
|
2,087
|
Deferred
revenue.............................................................................................................................
|
793
|
|
6,637
|
|
10,910
|
|
|
|
|
|
|
Total
liabilities...........................................................................................................................................
|
45,211
|
|
78,490
|
|
79,721
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Series A preferred
shares (US$0.0001 par value; 4,912,934 shares issued and
outstanding as
of March 31, 2017, and nil
outstanding as of December 31, 2017 and of March 31,
2018).....
|
6,868
|
|
-
|
|
-
|
Series B preferred
shares (US$0.0001 par value; 14,084,239 shares issued and
outstanding as of
March 31, 2017, and nil outstanding as of
December 31, 2017 and of March 31, 2018)......
|
35,537
|
|
-
|
|
-
|
Series C preferred
shares (US$0.0001 par value; 2,858,394 shares issued and
outstanding as of
March 31, 2017, and nil outstanding as of
December 31, 2017 and of March 31, 2018)......
|
94,816
|
|
-
|
|
-
|
|
|
|
|
|
|
Total mezzanine
equity............................................................................................................................
|
137,221
|
|
-
|
|
-
|
|
|
|
|
|
|
Shareholders'
(deficit)/equity:
|
|
|
|
|
|
Ordinary shares,
US$0.0001 par value, 500,000,000 shares authorized, 16,954,453
shares and
64,702,673 issued and 65,356,887
outstanding as of March 31, 2017, December 31, 2017 and
March 31, 2018
respectively...............................................................................................
|
2
|
|
6
|
|
6
|
Additional paid-in
capital
|
-
|
|
281,471
|
|
282,435
|
Accumulated other
comprehensive
income.....................................................................................
|
(963)
|
|
(743)
|
|
(455)
|
Accumulated
deficit..........................................................................................................................
|
(117,326)
|
|
(221,696)
|
|
(246,711)
|
|
|
|
|
|
|
Total
shareholders'
(deficit)/equity........................................................................................................
|
(118,287)
|
|
59,038
|
|
35,275
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders'
(deficit)/equity...............................................
|
64,145
|
|
137,528
|
|
114,996
|
|
|
|
|
|
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED CASH FLOW DATA
|
(US$ in thousands,
except share data and per share data, or as otherwise
noted)
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
March
31,
2017
|
|
December
31,
2017
|
|
March
31,
2018
|
|
|
|
|
|
|
|
USD
|
|
USD
|
|
USD
|
|
|
|
|
|
|
Net cash (used
in)/generated from operating
activities.......................
|
(12,373)
|
|
15,757
|
|
(22,910)
|
Net cash used in
investing
activities....................................................
|
(139)
|
|
(950)
|
|
(332)
|
Net cash provided
by/(used in) financing
activities.............................
|
17,986
|
|
(601)
|
|
-
|
Effect of exchange
rate changes on cash and cash equivalents.......
|
67
|
|
(767)
|
|
22
|
Net
increase/(decrease) in cash and cash
equivalents......................
|
5,541
|
|
13,439
|
|
(23,220)
|
Cash and cash
equivalents at beginning of
period..............................
|
18,983
|
|
81,442
|
|
94,881
|
Cash and cash
equivalents at end of
period.......................................
|
24,524
|
|
94,881
|
|
71,661
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
(US$ in thousands,
except share data and per share data, or as otherwise
noted)
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
March
31,
2017
|
|
December
31,
2017
|
|
March
31,
2018
|
|
USD
|
|
USD
|
|
USD
|
|
|
|
|
|
|
Loss before income
tax
expense.........................................................
|
(14,853)
|
|
(3,874)
|
|
(29,844)
|
|
|
|
|
|
|
Add: share-based
compensation
expense..............................................
|
827
|
|
433
|
|
964
|
Add: provision for
discretionary
payments...............................................
|
-
|
|
4,576
|
|
9,052
|
Add: impact from new
revenue
standard.................................................
|
-
|
|
-
|
|
4,490
|
Non-GAAP adjusted
profit/(loss) before income tax expense
|
(14,026)
|
|
1,135
|
|
(15,338)
|
View original
content:http://www.prnewswire.com/news-releases/china-rapid-finance-reports-first-quarter-2018-unaudited-financial-results-300666963.html
SOURCE China Rapid Finance