Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading
fintech company in China, today announced its unaudited financial
results for the quarter and full year ended December 31, 2018.
|
|
For Three Months Ended |
|
For Twelve Months Ended |
|
in RMB million |
December31, 2018 |
December31, 2017 |
YoYChange |
|
December31, 2018 |
December31, 2017 |
YoYChange |
| Amount of Loans
Facilitated |
8,367.2 |
13,438.5 |
-38 |
% |
|
38,606.3 |
41,406.1 |
-7 |
% |
| Total
Net Revenue |
1,270.7 |
1,824.8 |
-30 |
% |
|
5,620.7 |
5,543.4 |
1 |
% |
| Net
Income |
331.4 |
448.8 |
-26 |
% |
|
966.6 |
1,371.8 |
-30 |
% |
| Adjusted
EBITDA (non-GAAP)* |
691.3 |
542.7 |
27 |
% |
|
2,460.6 |
1,743.8 |
41 |
% |
|
Adjusted Income (non-GAAP)* |
565.0 |
448.8 |
26 |
% |
|
1,901.4 |
1,371.8 |
39 |
% |
* For the fourth quarter of 2018, adjusted EBITDA
and adjusted net income includes RMB 233.6 million post-tax
adjustment on income earned from loans facilitated prior to 2018,
if ASC 606 was not adopted.
In the fourth quarter of 2018, Yirendai facilitated
RMB 8,367.2 million (US$1,217.0 million) of loans to 111,274
qualified individual borrowers through its online marketplace;
31.4% of loan volume was generated by repeat borrowers who have
successfully borrowed on Yirendai’s platform before; 60.8% of the
borrowers were acquired from online channels; 100% of the loan
volume originated from online channels was facilitated through
mobile.
In the fourth quarter of 2018, Yirendai
facilitated 144,965 investors with total investment amount of RMB
11,847.8 million (US$1,723.2 million), 100% of which was
facilitated through its online platform and 97% of which was
facilitated through its mobile application.
In the fourth quarter of 2018, total net revenue
was RMB 1,270.7 million (US$184.8 million), a decrease of 30% from
prior year; net income was RMB 331.4 million (US$48.2 million), a
decrease of 26% from prior year and adjusted net income in the
fourth quarter of 2018 was RMB 565.0 million (US$82.2 million), an
increase of 26% from prior year.
For the full year of 2018, Yirendai facilitated RMB
38,606.3 million (US$5,615.1 million) of loans to 553,726 qualified
individual borrowers through its online marketplace; 26.6% of loan
volume were generated by repeat borrowers who have successfully
borrowed on Yirendai’s platform before; 71.8% of the borrowers were
acquired from online channels; 100% of the loan volume originated
from online channels was facilitated through mobile.
For the full year of 2018, Yirendai facilitated
485,519 investors with total investment amount of RMB 46,863.4
million (US$6,816.0 million), 100% of which was facilitated through
its online platform and 96% of which was facilitated through its
mobile application.
For the full year of 2018, total net revenue was
RMB 5,620.7 million (US$817.5 million), an increase of 1% from
prior year; net income was RMB 966.6 million (US$140.6 million), a
decrease of 30% from prior year and adjusted net income for the
full year of 2018 was RMB 1,901.4 million (US$276.5 million), an
increase of 39% from prior year.
“Yirendai has continued to deliver strong
results,” commented Ms. Yihan Fang, Chief Executive Officer of
Yirendai. “Demand for our wealth management product continues to be
strong, close to half a million retail investors chose to invest in
our platform this year despite volatilities in the industry and we
continue to see average AUM per investor increasing. 2019 will be
an important year for our online wealth management business as we
strategically focus to provide more diversified products to better
serve our investors.”
“We are pleased to conclude 2018 on a solid note
with loan volume growing 28% from prior quarter and we are
progressing smoothly with the current industry regulation
evaluation process,” commented Mr. Dennis Cong, Chief Financial
Officer of Yirendai. “This quarter, we continue to make progress in
expanding our institutional partnerships which will help drive our
business growth in 2019. Going into 2019, we will maintain focused
on continual diversification in funding sources, expanding our loan
product mix as well as enhancing our risk management strategies to
support our credit and wealth management business growth.”
Fourth Quarter 2018 Financial
ResultsTotal amount of loans facilitated
in the fourth quarter of 2018, was RMB 8,367.2 million (US$1,217.0
million), decreased by 38% from RMB 13,438.5 million in the same
period last year as we proactively controlled our business growth.
As of December 31, 2018, Yirendai had facilitated approximately RMB
112.6 billion (US$16.4 billion) in loan principal since its
inception.
Total net revenue in the fourth
quarter of 2018 was RMB 1,270.7 million (US$184.8 million),
decreased by 30% from RMB 1,824.8 million in the same period last
year. The decrease of total net revenue was mainly attributable to
a decline in loan origination volume.
Sales and marketing expenses in
the fourth quarter of 2018 were RMB 499.4 million (US$72.6
million), compared to RMB 989.8 million in the same period last
year. Sales and marketing expenses in the fourth quarter of 2018
accounted for 6.0% of amount of loans facilitated, decreased from
7.4% in the same period last year due to increased marketing
efficiencies.
Origination and servicing costs
in the fourth quarter of 2018 were RMB 199.6 million (US$29.0
million), compared to RMB 146.9 million in the same period last
year. Origination and servicing costs in the fourth quarter of 2018
accounted for 2.4% of amount of loans facilitated, increased from
1.1% in the same period last year mainly due to increased
collection efforts and a decline in loan origination volume.
General and administrative
expenses in the fourth quarter of 2018 were RMB 106.7
million (US$15.5 million), compared to RMB 155.1 million in the
same period last year. General and administrative expenses in the
fourth quarter of 2018 accounted for 8.4% of total net revenue,
compared to 8.5% in the same period last year.
Allowance for contract
assets in the fourth quarter of 2018 were RMB 173.5
million (US$25.2 million) compared to RMB 214.7 million in the
third quarter of 2018. The decrease in the allowance for
contract assets was mainly attributable to changes in future
collectability estimates.
Income tax expense in the
fourth quarter of 2018 was RMB 35.5 million (US$5.2 million).
Net income in the fourth
quarter of 2018 was RMB 331.4 million (US$48.2 million), decreased
by 26% from RMB 448.8 million in the same period last
year.
Adjusted net income (non-GAAP)
in the fourth quarter of 2018 was RMB 565.0 million (US$82.2
million), increased by 26% from RMB 448.8 million in the same
period last year. For the fourth quarter of 2018, net income would
be positively impacted by RMB 233.6 million if ASC 606 were not
adopted, generated from loans facilitated prior to 2018.
Adjusted EBITDA (non-GAAP) in
the fourth quarter of 2018 was RMB 691.3 million (US$100.6
million), increased by 27% from RMB 542.7 million in the same
period last year. Adjusted EBITDA margin1 (non-GAAP) in the fourth
quarter of 2018 was 54.4%, compared to 29.7% in the same period
last year. For the fourth quarter of 2018, adjusted EBITDA would
include RMB 311.4 million adjustment on pre-tax income earned from
loans facilitated prior to 2018, if ASC 606 were not adopted.
1 Adjusted EBITDA margin is a non-GAAP financial
measure calculated as adjusted EBITDA divided by total net
revenue.
Basic income per ADS in the
fourth quarter of 2018 was RMB 5.38 (US$0.78), decreased from RMB
7.40 in the same period last year.
Adjusted basic income per ADS
in the fourth quarter of 2018 was RMB 9.18 (US$1.34). Adjusted
basic income per ADS would include RMB 233.6 million adjustment on
income earned from loans facilitated prior to 2018, if ASC 606 were
not adopted.
Diluted income per ADS in the
fourth quarter of 2018 was RMB 5.31 (US$0.77), decreased from RMB
7.25 in the same period last year.
Adjusted diluted income per ADS
in the fourth quarter of 2018 was RMB 9.05 (US$1.32). Adjusted
diluted income per ADS would include RMB 233.6 million adjustment
on income earned from loans facilitated prior to 2018, if ASC 606
were not adopted.
Net cash generated from operating
activities in the fourth quarter of 2018 was RMB 1,025.9
million (US$149.2 million), compared to net cash used in operating
activities of RMB 138.2 million in the third quarter of 2018.
As of December 31, 2018, cash and cash
equivalents was RMB 2,028.7 million (US$295.1 million),
compared to RMB 806.9 million as of September 30, 2018. As of
December 31, 2018, balance of held-to-maturity investments was RMB
315.6 million (US$45.9 million), compared to RMB 319.6 million as
of September 30, 2018. As of December 31, 2018, balance of
available-for-sale investments was RMB 832.5 million (US$121.1
million), compared to RMB 833.8 million as of September 30,
2018.
Delinquency rates. As of
December 31, 2018, the delinquency rates for loans that are past
due for 15-29 days, 30-59 days and 60-89 days were 1.0%, 1.9% and
1.8%, compared to 1.1%, 1.8% and 1.5%, as of September 30, 2018.
The increase in delinquency rates was partially due to the slower
loan volume growth as well as continuous movements in the Company’s
asset credit performance.
Cumulative M3+ net
charge-off rates. As of December 31,
2018, the cumulative M3+ net charge-off rate for loans originated
in 2015 was 10.3%, compared to 10.3% as of September 30, 2018. As
of December 31, 2018, the cumulative M3+ net charge-off rate for
loans originated in 2016 was 10.3%, compared to 9.6% as of
September 30, 2018. As of December 31, 2018, the cumulative M3+ net
charge-off rate for loans originated in 2017 was 10.9%, compared to
8.5% as of September 30, 2018. As of December 31, 2018, the
cumulative M3+ net charge-off for loans originated in 2018 was
3.4%.
Other Operating Metrics and Business
Results
- As of December 31, 2018, remaining principal of performing
loans totaled RMB 40.9 billion (US$5.9 billion), decreased by 4%
from RMB 42.6 billion as of September 30, 2018 and increased by 1%
from RMB 40.6 billion as of December 31, 2017.
Recent DevelopmentMr. Yang Cao
will be resigning from his position as Chief Operating Officer and
Chief Technology Officer for personal reasons to spend more time
with family effective from end of March 2019, and he will continue
to stay on as an advisor to CreditEase.
To strengthen the company’s finance management
team, Ms. Jia Liu currently VP of Finance will become Co-CFO
together with Dennis Cong, Chief Financial Officer of Yirendai.
Non-GAAP Financial MeasuresIn
evaluating the business, the Company considers and uses several
non-GAAP financial measures, such as adjusted net income, adjusted
EBITDA, adjusted EBITDA margin, adjusted basic income per ADS and
adjusted diluted income per ADS as supplemental measures to review
and assess operating performance. We believe these non-GAAP
measures 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 ConversionThis
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 6.8755 to US$1.00, the effective noon
buying rate on December 31, 2018 as set forth in the H.10
statistical release of the Federal Reserve Board.
Conference CallYirendai's
management will host an earnings conference call at 7:00 a.m.
Eastern Time on March 25, 2019, (or 7:00
p.m. Beijing/Hong Kong Time on March 25, 2019).
Dial-in details for the earnings conference call
are as follows:
|
International: |
+65
6713-5091 |
| U.S. Toll
Free: |
+1
866-519-4004 |
| Hong Kong
Toll Free: |
800-906-601 |
| China
Toll Free: |
400-620-8038 |
|
Conference ID: |
3288029 |
A replay of the conference call may be accessed by
phone at the following numbers until March 31, 2018:
|
International: |
+61
2-8199-0299 |
| U.S. Toll
Free: |
+1
646-254-3697 |
| Replay
Access Code: |
3288029 |
Additionally, a live and archived webcast of the
conference call will be available at ir.yirendai.com.
Safe Harbor StatementThis 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 fintech company 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 ir.yirendai.com.
For investor and media inquiries, please
contact: YirendaiHui (Matthew) Li/Lydia
YuInvestor RelationsEmail: ir@yirendai.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,
2017 |
|
September 30,2018 |
|
December 31,
2018 |
|
December 31,
2018 |
|
|
December 31,
2017 |
|
December 31,
2018 |
|
December 31,
2018 |
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
|
RMB |
|
RMB |
|
USD |
| Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan
facilitation services |
1,703,931 |
|
|
516,849 |
|
|
651,137 |
|
|
94,704 |
|
|
|
5,226,691 |
|
|
3,413,052 |
|
|
496,408 |
|
|
Post-origination services |
62,564 |
|
|
79,665 |
|
|
95,985 |
|
|
13,960 |
|
|
|
187,216 |
|
|
290,728 |
|
|
42,285 |
|
| Account
management services |
- |
|
|
441,146 |
|
|
421,234 |
|
|
61,266 |
|
|
|
- |
|
|
1,625,461 |
|
|
236,413 |
|
|
Others |
58,295 |
|
|
83,514 |
|
|
102,311 |
|
|
14,881 |
|
|
|
129,443 |
|
|
291,487 |
|
|
42,395 |
|
| Total net revenue |
1,824,790 |
|
|
1,121,174 |
|
|
1,270,667 |
|
|
184,811 |
|
|
|
5,543,350 |
|
|
5,620,728 |
|
|
817,501 |
|
| Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales and
marketing |
989,811 |
|
|
450,986 |
|
|
499,414 |
|
|
72,637 |
|
|
|
2,921,236 |
|
|
2,525,876 |
|
|
367,373 |
|
|
Origination and servicing |
146,915 |
|
|
154,953 |
|
|
199,579 |
|
|
29,028 |
|
|
|
417,882 |
|
|
644,303 |
|
|
93,710 |
|
| General
and administrative |
155,090 |
|
|
167,288 |
|
|
106,701 |
|
|
15,519 |
|
|
|
526,845 |
|
|
944,675 |
|
|
137,397 |
|
| Allowance
for contract assets |
- |
|
|
214,695 |
|
|
173,498 |
|
|
25,234 |
|
|
|
- |
|
|
667,846 |
|
|
97,135 |
|
| Total operating costs
and expenses |
1,291,816 |
|
|
987,922 |
|
|
979,192 |
|
|
142,418 |
|
|
|
3,865,963 |
|
|
4,782,700 |
|
|
695,615 |
|
| Interest income,
net |
30,054 |
|
|
7,856 |
|
|
15,166 |
|
|
2,206 |
|
|
|
114,851 |
|
|
71,301 |
|
|
10,370 |
|
| Fair value adjustments
related to Consolidated ABFE |
(16,802 |
) |
|
44,627 |
|
|
54,591 |
|
|
7,940 |
|
|
|
(40,124 |
) |
|
246,284 |
|
|
35,821 |
|
| Non-operating income,
net |
(44 |
) |
|
41 |
|
|
5,685 |
|
|
827 |
|
|
|
876 |
|
|
5,279 |
|
|
768 |
|
| Income before provision
for income taxes |
546,182 |
|
|
185,776 |
|
|
366,917 |
|
|
53,366 |
|
|
|
1,752,990 |
|
|
1,160,892 |
|
|
168,845 |
|
| Income tax expense |
97,370 |
|
|
34,163 |
|
|
35,492 |
|
|
5,162 |
|
|
|
381,207 |
|
|
194,287 |
|
|
28,258 |
|
| Net income |
448,812 |
|
|
151,613 |
|
|
331,425 |
|
|
48,204 |
|
|
|
1,371,783 |
|
|
966,605 |
|
|
140,587 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number
of ordinary shares outstanding, basic |
121,319,117 |
|
|
123,042,879 |
|
|
123,111,561 |
|
|
123,111,561 |
|
|
|
120,457,573 |
|
|
122,244,231 |
|
|
122,244,231 |
|
| Basic income per
share |
3.6994 |
|
|
1.2322 |
|
|
2.6921 |
|
|
0.3915 |
|
|
|
11.3881 |
|
|
7.9072 |
|
|
1.1501 |
|
| Basic income per
ADS |
7.3988 |
|
|
2.4644 |
|
|
5.3842 |
|
|
0.7830 |
|
|
|
22.7762 |
|
|
15.8144 |
|
|
2.3002 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number
of ordinary shares outstanding, diluted |
123,744,151 |
|
|
124,875,663 |
|
|
124,825,873 |
|
|
124,825,873 |
|
|
|
122,256,838 |
|
|
124,289,103 |
|
|
124,289,103 |
|
| Diluted income per
share |
3.6269 |
|
|
1.2141 |
|
|
2.6551 |
|
|
0.3862 |
|
|
|
11.2205 |
|
|
7.7771 |
|
|
1.1311 |
|
| Diluted income per
ADS |
7.2538 |
|
|
2.4282 |
|
|
5.3102 |
|
|
0.7724 |
|
|
|
22.4410 |
|
|
15.5542 |
|
|
2.2622 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unaudited
Condensed Consolidated Cash Flow Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash generated
from/(used in) operating activities |
1,275,309 |
|
|
(138,204 |
) |
|
1,025,896 |
|
|
149,211 |
|
|
|
2,716,513 |
|
|
(820,182 |
) |
|
(119,291 |
) |
| Net cash (used in)/
provided by investing activities |
(193,498 |
) |
|
(82,268 |
) |
|
266,886 |
|
|
38,817 |
|
|
|
(374,597 |
) |
|
(689,443 |
) |
|
(100,275 |
) |
| Net cash used in
financing activities |
(581,752 |
) |
|
(105,574 |
) |
|
(72,397 |
) |
|
(10,530 |
) |
|
|
(849,450 |
) |
|
(25,963 |
) |
|
(3,776 |
) |
| Effect of foreign
exchange rate changes |
9,018 |
|
|
15,405 |
|
|
(8,915 |
) |
|
(1,297 |
) |
|
|
(16,109 |
) |
|
3,631 |
|
|
528 |
|
| Net increase/(decrease)
in cash, cash equivalents and restricted cash |
509077 |
|
|
(310,641 |
) |
|
1,211,470 |
|
|
176,201 |
|
|
|
1,476,357 |
|
|
(1,531,957 |
) |
|
(222,814 |
) |
| Cash, cash equivalents
and restricted cash, beginning of period |
3,153,791 |
|
|
1,230,082 |
|
|
919,441 |
|
|
133,727 |
|
|
|
2,186,511 |
|
|
3,662,868 |
|
|
532,742 |
|
| Cash, cash equivalents
and restricted cash, end of period |
3,662,868 |
|
|
919,441 |
|
|
2,130,911 |
|
|
309,928 |
|
|
|
3,662,868 |
|
|
2,130,911 |
|
|
309,928 |
|
| Unaudited Consolidated Balance
Sheet |
| (in
thousands) |
| |
As of |
|
|
December 31, 2017 |
|
September 30, 2018 |
|
December 31, 2018 |
|
December 31, 2018 |
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
| |
|
|
|
|
|
|
|
| Cash and cash
equivalents |
1,857,175 |
|
806,946 |
|
|
2,028,748 |
|
|
295,069 |
|
|
Restricted cash |
1,805,693 |
|
112,495 |
|
|
102,163 |
|
|
14,859 |
|
| Accounts
receivable |
21,368 |
|
6,616 |
|
|
8,782 |
|
|
1,277 |
|
| Contract assets,
net |
- |
|
2,115,608 |
|
|
1,891,438 |
|
|
275,098 |
|
| Contract cost |
- |
|
134,577 |
|
|
139,965 |
|
|
20,357 |
|
| Prepaid
expenses and other assets |
1,068,990 |
|
1,180,650 |
|
|
729,296 |
|
|
106,073 |
|
| Loans at
fair value |
791,681 |
|
1,335,584 |
|
|
1,075,097 |
|
|
156,366 |
|
| Amounts
due from related parties |
117,222 |
|
121,864 |
|
|
121,464 |
|
|
17,666 |
|
|
Held-to-maturity investments |
9,944 |
|
319,639 |
|
|
315,641 |
|
|
45,908 |
|
|
Available-for-sale investments |
963,253 |
|
833,835 |
|
|
832,465 |
|
|
121,077 |
|
|
Property, equipment and software, net |
82,249 |
|
96,640 |
|
|
89,831 |
|
|
13,065 |
|
| Deferred
tax assets |
801,089 |
|
231,655 |
|
|
184,136 |
|
|
26,781 |
|
| Total assets |
7,518,664 |
|
7,296,109 |
|
|
7,519,026 |
|
|
1,093,596 |
|
| Accounts
payable |
33,841 |
|
33,170 |
|
|
30,349 |
|
|
4,414 |
|
| Amounts
due to related parties |
73,887 |
|
102,844 |
|
|
230,656 |
|
|
33,548 |
|
|
Liabilities from quality assurance program and guarantee |
2,793,948 |
|
6,470 |
|
|
9,950 |
|
|
1,447 |
|
| Deferred
revenue |
222,906 |
|
376,905 |
|
|
275,825 |
|
|
40,117 |
|
| Payable to third-party
credit assurance program |
- |
|
353,040 |
|
|
- |
|
|
- |
|
| Payable
to investors at fair value |
113,445 |
|
13,944 |
|
|
7,693 |
|
|
1,119 |
|
| Accrued
expenses and other liabilities |
1,299,307 |
|
1,074,196 |
|
|
1,088,372 |
|
|
158,296 |
|
| Refund liability |
- |
|
- |
|
|
252,367 |
|
|
36,705 |
|
| Deferred tax
liabilities |
11,277 |
|
561,370 |
|
|
502,903 |
|
|
73,144 |
|
| Total liabilities |
4,548,611 |
|
2,521,939 |
|
|
2,398,115 |
|
|
348,790 |
|
| Ordinary
shares |
76 |
|
77 |
|
|
77 |
|
|
11 |
|
|
Additional paid-in capital |
1,123,854 |
|
1,266,534 |
|
|
1,293,968 |
|
|
188,200 |
|
| Treasury stock |
|
|
(254 |
) |
|
(254 |
) |
|
(37 |
) |
|
Accumulated other comprehensive income |
11,067 |
|
18,360 |
|
|
16,390 |
|
|
2,384 |
|
| Retained
earnings |
1,835,056 |
|
3,489,453 |
|
|
3,810,730 |
|
|
554,248 |
|
| Total equity |
2,970,053 |
|
4,774,170 |
|
|
5,120,911 |
|
|
744,806 |
|
| Total liabilities and
equity |
7,518,664 |
|
7,296,109 |
|
|
7,519,026 |
|
|
1,093,596 |
|
| 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,
2017 |
|
September 30, 2018 |
|
December 31,
2018 |
|
December 31,
2018 |
|
|
December 31,
2017 |
|
December 31,
2018 |
|
December 31,
2018 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
|
RMB |
|
RMB |
|
USD |
|
| Operating
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of loans
facilitated |
13,438,520 |
|
|
6,546,167 |
|
|
8,367,171 |
|
|
1,216,955 |
|
|
|
41,406,058 |
|
|
38,606,273 |
|
|
5,615,050 |
|
|
| Loans generated from
online channels |
7,709,403 |
|
|
4,147,761 |
|
|
4,025,837 |
|
|
585,534 |
|
|
|
22,543,298 |
|
|
22,722,351 |
|
|
3,304,829 |
|
|
| Loans generated from
offline channels |
5,729,117 |
|
|
2,398,406 |
|
|
4,341,334 |
|
|
631,421 |
|
|
|
18,862,760 |
|
|
15,883,922 |
|
|
2,310,221 |
|
|
| Number of
borrowers |
202,370 |
|
|
96,402 |
|
|
111,274 |
|
|
111,274 |
|
|
|
649,154 |
|
|
553,726 |
|
|
553,726 |
|
|
| Borrowers from online
channels |
150,982 |
|
|
72,108 |
|
|
67,625 |
|
|
67,625 |
|
|
|
472,960 |
|
|
397,824 |
|
|
397,824 |
|
|
| Borrowers from offline
channels |
51,388 |
|
|
24,294 |
|
|
43,649 |
|
|
43,649 |
|
|
|
176,194 |
|
|
155,902 |
|
|
155,902 |
|
|
| Number of
investors |
233,374 |
|
|
164,218 |
|
|
144,965 |
|
|
144,965 |
|
|
|
592,642 |
|
|
485,519 |
|
|
485,519 |
|
|
| Investors from online
channels |
233,374 |
|
|
164,218 |
|
|
144,965 |
|
|
144,965 |
|
|
|
592,642 |
|
|
485,519 |
|
|
485,519 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation
of Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
448,812 |
|
|
151,613 |
|
|
331,425 |
|
|
48,204 |
|
|
|
1,371,783 |
|
|
966,605 |
|
|
140,587 |
|
|
| Adjustments on net
income generated from loans pre-2018 (before adopting ASC606) |
- |
|
|
215,920 |
|
|
233,575 |
|
|
33,972 |
|
|
|
- |
|
|
934,794 |
|
|
135,960 |
|
|
| Adjusted net
income |
448,812 |
|
|
367,533 |
|
|
565,000 |
|
|
82,176 |
|
|
|
1,371,783 |
|
|
1,901,399 |
|
|
276,547 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation
of EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
448,812 |
|
|
151,613 |
|
|
331,425 |
|
|
48,204 |
|
|
|
1,371,783 |
|
|
966,605 |
|
|
140,587 |
|
|
| Adjustments on income
before income taxes, generated from loans pre-2018 (before adopting
ASC606) |
- |
|
|
287,892 |
|
|
311,434 |
|
|
45,296 |
|
|
|
- |
|
|
1,246,392 |
|
|
181,280 |
|
|
| Interest income,
net |
(30,054 |
) |
|
(7,856 |
) |
|
(15,166 |
) |
|
(2,206 |
) |
|
|
(114,851 |
) |
|
(71,301 |
) |
|
(10,370 |
) |
|
| Income tax expense |
97,370 |
|
|
34,163 |
|
|
35,492 |
|
|
5,162 |
|
|
|
381,207 |
|
|
194,287 |
|
|
28,258 |
|
|
| Depreciation and
amortization |
7,738 |
|
|
10,944 |
|
|
10,871 |
|
|
1,581 |
|
|
|
23,729 |
|
|
39,434 |
|
|
5,736 |
|
|
| Share-based
compensation |
18,838 |
|
|
32,537 |
|
|
17,286 |
|
|
2,514 |
|
|
|
81,980 |
|
|
85,188 |
|
|
12,390 |
|
|
| Adjusted EBITDA |
542,704 |
|
|
509,293 |
|
|
691,342 |
|
|
100,551 |
|
|
|
1,743,848 |
|
|
2,460,605 |
|
|
357,881 |
|
|
| Adjusted EBITDA
margin |
29.7 |
% |
|
45.4 |
% |
|
54.4 |
% |
|
54.4 |
% |
|
|
31.5 |
% |
|
43.8 |
% |
|
43.8 |
% |
|
| Operating Highlights |
| (in thousands) |
| |
As of |
|
|
December 31,
2017 |
|
September 30,
2018 |
|
December 31,
2018 |
|
December 31,
2018 |
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
| Operating
Highlights |
|
|
|
|
|
|
|
| Remaining principal of
performing loans |
40,616,167 |
|
42,576,846 |
|
40,868,161 |
|
5,944,027 |
| Remaining principal of
performing loans covered by quality assurance program and
guarantee |
39,717,029 |
|
124,811 |
|
101,363 |
|
14,743 |
| Remaining principal of
performing loans covered by third-party credit assurance
program |
- |
|
38,960,185 |
|
37,749,862 |
|
5,490,490 |
| Delinquency Rates |
| |
Delinquent for |
| |
15-29 days |
|
30-59 days |
|
60-89 days |
| All
Loans |
|
|
|
|
|
| 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 |
% |
| December 31, 2017 |
0.8 |
% |
|
0.9 |
% |
|
0.7 |
% |
| December 31, 2018 |
1.0 |
% |
|
1.9 |
% |
|
1.8 |
% |
| |
|
|
|
|
|
| Online
Channels |
|
|
|
|
|
| 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 |
% |
| December 31, 2017 |
1.2 |
% |
|
1.2 |
% |
|
0.9 |
% |
| December 31, 2018 |
1.2 |
% |
|
2.4 |
% |
|
2.2 |
% |
| |
|
|
|
|
|
| Offline
Channels |
|
|
|
|
|
| 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 |
% |
| December 31, 2017 |
0.5 |
% |
|
0.7 |
% |
|
0.5 |
% |
| December 31, 2018 |
0.8 |
% |
|
1.4 |
% |
|
1.3 |
% |
| Net Charge-Off Rate for Upgraded Risk
Grid |
|
Loan issued period |
|
Customer grade |
|
Amount of loans facilitated during the
period |
|
Accumulated M3+ Net Charge-Off as of
December 31, 2018 |
|
Total Net Charge-Off Rate as
of December 31, 2018 |
| |
|
|
|
(in
RMB thousands) |
|
(in
RMB thousands) |
|
|
|
2014 |
|
I |
|
- |
|
- |
|
- |
|
| |
|
II |
|
1,921,372 |
|
82,989 |
|
4.3 |
% |
| |
|
III |
|
303,276 |
|
18,937 |
|
6.2 |
% |
| |
|
IV |
|
- |
|
- |
|
- |
|
| |
|
V |
|
3,913 |
|
518 |
|
13.2 |
% |
| |
|
Total |
|
2,228,561 |
|
102,444 |
|
4.6 |
% |
|
2015 |
|
I |
|
146,490 |
|
4,638 |
|
3.2 |
% |
| |
|
II |
|
1,614,354 |
|
101,327 |
|
6.3 |
% |
| |
|
III |
|
2,521,705 |
|
215,384 |
|
8.5 |
% |
| |
|
IV |
|
2,506,107 |
|
272,121 |
|
10.9 |
% |
| |
|
V |
|
2,768,957 |
|
391,705 |
|
14.1 |
% |
| |
|
Total |
|
9,557,613 |
|
985,174 |
|
10.3 |
% |
|
2016 |
|
I |
|
497,220 |
|
20,336 |
|
4.1 |
% |
| |
|
II |
|
3,137,889 |
|
170,796 |
|
5.4 |
% |
| |
|
III |
|
3,763,081 |
|
266,983 |
|
7.1 |
% |
| |
|
IV |
|
5,183,233 |
|
468,372 |
|
9.0 |
% |
| |
|
V |
|
7,799,180 |
|
1,171,998 |
|
15.0 |
% |
| |
|
Total |
|
20,380,603 |
|
2,098,484 |
|
10.3 |
% |
|
2017 |
|
I |
|
2,701,162 |
|
111,688 |
|
4.1 |
% |
| |
|
II |
|
9,079,647 |
|
749,174 |
|
8.3 |
% |
| |
|
III |
|
10,611,451 |
|
1,211,262 |
|
11.4 |
% |
| |
|
IV |
|
10,263,135 |
|
1,285,630 |
|
12.5 |
% |
| |
|
V |
|
8,750,663 |
|
1,166,265 |
|
13.3 |
% |
| |
|
Total |
|
41,406,058 |
|
4,524,019 |
|
10.9 |
% |
|
2018 |
|
I |
|
4,004,135 |
|
45,778 |
|
1.1 |
% |
| |
|
II |
|
11,390,441 |
|
260,898 |
|
2.3 |
% |
| |
|
III |
|
11,230,283 |
|
340,428 |
|
3.0 |
% |
| |
|
IV |
|
8,174,933 |
|
385,731 |
|
4.7 |
% |
| |
|
V |
|
3,806,481 |
|
273,467 |
|
7.2 |
% |
| |
|
Total |
|
38,606,273 |
|
1,306,302 |
|
3.4 |
% |
| M3+ 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 |
% |
4.7 |
% |
4.8 |
% |
|
2014Q3 |
|
0.2 |
% |
0.8 |
% |
2.0 |
% |
2.8 |
% |
3.3 |
% |
3.7 |
% |
4.0 |
% |
4.2 |
% |
4.2 |
% |
4.1 |
% |
4.1 |
% |
|
2014Q4 |
|
0.3 |
% |
1.5 |
% |
2.7 |
% |
3.5 |
% |
4.1 |
% |
4.6 |
% |
5.1 |
% |
5.2 |
% |
5.2 |
% |
5.3 |
% |
5.3 |
% |
|
2015Q1 |
|
0.6 |
% |
2.7 |
% |
4.4 |
% |
5.8 |
% |
7.1 |
% |
8.2 |
% |
9.1 |
% |
9.6 |
% |
9.9 |
% |
10.2 |
% |
10.3 |
% |
|
2015Q2 |
|
0.5 |
% |
2.1 |
% |
3.7 |
% |
5.3 |
% |
6.6 |
% |
7.7 |
% |
8.6 |
% |
9.2 |
% |
9.6 |
% |
9.8 |
% |
10.1 |
% |
|
2015Q3 |
|
0.2 |
% |
1.6 |
% |
3.4 |
% |
4.9 |
% |
6.4 |
% |
7.4 |
% |
8.1 |
% |
8.6 |
% |
9.1 |
% |
9.5 |
% |
9.8 |
% |
|
2015Q4 |
|
0.2 |
% |
1.6 |
% |
3.2 |
% |
4.9 |
% |
6.2 |
% |
7.2 |
% |
8.0 |
% |
8.7 |
% |
9.4 |
% |
10.0 |
% |
10.4 |
% |
|
2016Q1 |
|
0.2 |
% |
1.3 |
% |
2.9 |
% |
4.3 |
% |
5.4 |
% |
6.4 |
% |
7.2 |
% |
8.1 |
% |
8.9 |
% |
9.5 |
% |
|
|
2016Q2 |
|
0.2 |
% |
1.7 |
% |
3.4 |
% |
4.9 |
% |
6.1 |
% |
7.1 |
% |
8.3 |
% |
9.4 |
% |
10.1 |
% |
|
|
|
2016Q3 |
|
0.1 |
% |
1.5 |
% |
3.2 |
% |
4.6 |
% |
6.0 |
% |
7.5 |
% |
9.0 |
% |
9.9 |
% |
|
|
|
|
2016Q4 |
|
0.2 |
% |
1.5 |
% |
3.0 |
% |
4.6 |
% |
6.4 |
% |
8.2 |
% |
9.3 |
% |
|
|
|
|
|
2017Q1 |
|
0.2 |
% |
1.4 |
% |
3.2 |
% |
5.4 |
% |
7.6 |
% |
9.1 |
% |
|
|
|
|
|
|
2017Q2 |
|
0.3 |
% |
2.0 |
% |
4.7 |
% |
7.5 |
% |
9.4 |
% |
|
|
|
|
|
|
|
2017Q3 |
|
0.4 |
% |
3.0 |
% |
6.5 |
% |
9.2 |
% |
|
|
|
|
|
|
|
|
2017Q4 |
|
0.6 |
% |
4.2 |
% |
7.4 |
% |
|
|
|
|
|
|
|
|
|
2018Q1 |
|
0.5 |
% |
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
2018Q2 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
Yiren Digital (NYSE:YRD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Yiren Digital (NYSE:YRD)
Historical Stock Chart
From Apr 2023 to Apr 2024
