SHANGHAI, May 15, 2019 /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 first quarter ended March
31, 2019.
|
As
of
|
|
March 31, 2018
|
December 31,
2018
|
March 31,
2019
|
|
Cumulative registered
users[1] ('000)
|
71,424
|
88,930
|
93,864
|
|
Cumulative number of
borrowers[2] ('000)
|
11,282
|
14,440
|
15,433
|
|
Cumulative number of
individual investors[3]
|
581,977
|
667,738
|
689,688
|
|
For Three Months
Ended
|
YoY
Change
|
|
|
March 31,
2018
|
March 31,
2019
|
|
|
|
|
|
Number of unique
borrowers[4] ('000)
|
2,501
|
3,246
|
|
|
29.8%
|
|
|
Loan origination
volume[5]
(RMB,
million)
|
12,349
|
19,080
|
|
|
54.5%
|
|
|
Repeat borrowing
rate[6] (%)
|
78.7%
|
75.3%
|
|
|
-4.3%
|
|
|
Average loan
size[7] (RMB)
|
3,066
|
3,387
|
|
|
10.5%
|
|
|
|
|
|
|
|
|
|
First Quarter 2019 Financial and
Operational Highlights
- Net profit increased by 60.7% to RMB703.1 million (US$104.8
million) in the first quarter of 2019 from RMB437.6 million in the first quarter of
2018.
- Operating revenues[8] increased by 52.6% to
RMB1,458.3 million (US$217.3 million) in the first quarter of 2019,
from RMB955.4 million in the same
period of 2018.
- Loan facilitation service fees increased by 51.2% to
RMB938.6 million (US$139.9 million) in the first quarter of 2019,
from RMB620.8 million in the same
period of 2018.
- Operating income was RMB794.8
million (US$118.4 million)
for the first quarter of 2019, representing an increase of 98.7%
from RMB400.1 million in the same
period of 2018.
- Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB807.0 million (US$120.2million) for the first quarter of 2019,
representing an increase of 94.6% from RMB414.7 million in the same period of 2018.
- Cumulative registered users[1] reached approximately 93.9
million as of March 31, 2019.
- Cumulative number of borrowers[2] reached 15.4 million as of
March 31, 2019.
- Cumulative number of individual
investors[3]
reached 689,688 as of March 31,
2019.
- Number of unique borrowers[4] was approximately 3.3 million
for the first quarter of 2019, representing an increase of 29.8%
from the same period of 2018.
- Loan origination volume[5] was RMB19.1 billion for the first quarter of 2019,
representing an increase of 54.5% from the same period of
2018.
- The proportion of total loan origination volume
funded by institutional funding partners was 30.9% for the
first quarter of 2019.
- Average loan tenure[9] was 9.6 months for the first
quarter of 2019.
|
[1] On a cumulative basis, number of
users registered on PPDAI platform as of March 31, 2019.
|
|
[2] On a cumulative basis, number of
borrowers whose loans were funded on or prior to March 31,
2019.
|
|
[3] On a cumulative basis, number of
individual investors who have made at least one investment in loans
on or prior to March 31, 2019.
|
|
[4] Represents the total number of
borrowers whose loans on PPDAI platform were funded during the
period presented.
|
|
[5] Represents the loan origination
volume generated during the period presented.
|
|
[6] Represents percentage of loan
volume generated by repeat borrowers who have successfully borrowed
on PPDAI platform before.
|
|
[7] Represents the average loan size
on PPDAI platform during the period presented.
|
|
[8] As the Company's cooperation with
institutional funding partners through trust arrangement continues
to grow, the Company has included the net interest
income/(expenses) and loan provision losses in the operating
revenues starting from the first quarter of 2019. The comparative
financial information was adjusted accordingly.
|
|
[9]
Represents the average loan tenure period on PPDAI platform during
the period presented.
|
Mr. Jun Zhang, Chairman and
Co-Chief Executive Officer of PPDAI, commented, "We are
pleased to deliver solid performance in the first quarter of 2019
amidst an evolving market environment, as highlighted by a robust
60.7% increase in net profit to RMB703.1
million from RMB437.6 million.
We steadily grew loan origination volume, which increased by 54.5%
year-over-year to RMB19.1 billion.
The growth in loan origination volume shows that the demand for
technology-driven consumer lending services remains strong. We look
forward to a strengthened regulatory framework around online
consumer lending; as an industry leader PPDAI is well positioned to
benefit from industry consolidation and the huge opportunity in
China's consumer lending
industry."
Mr. Feng Zhang, Co-Chief
Executive Officer of PPDAI, said, "In the first quarter of 2019, we
continued to diversify our funding sources and expand our base of
institutional funding partners. The proportion of total loan
origination volume funded by institutional funding partners in the
first quarter increased to 30.9% from 20.4% in the fourth quarter
of 2018. Looking forward, we remain confident in our ability to
achieve further diversification in funding sources and drive
business growth."
Mr. Simon Ho, Chief Financial
Officer of PPDAI, commented, "We are delighted to report solid
financial results for the first quarter which underscores the
strength of our markets and the near-term growth trajectory of our
business. In particular, we achieved significant improvement
in operating profitability and efficiency as demonstrated by a
94.6% year-over-year increase in our non-GAAP operating income and
non-GAAP operating margin of 55.3%. Our balance sheet remained
solid with approximately RMB3.4
billion of cash and short-term liquidity. Notably, our
quality assurance fund remains sufficiently funded with a total
balance of RMB5.3 billion, equivalent
to 23.4% of the total outstanding loans protected by the quality
assurance fund."
Mr. Jun Zhang concluded, "Our
result highlights the strength and resilience of our business model
and our capability in navigating the dynamic industry landscape. We
will maintain focus on our strategy and deliver shareholder value
by expanding our loan services, enhancing our brand recognition,
continuing to invest in technology and our core capabilities, and
seeking new growth opportunities."
First Quarter 2019 Financial Results
Operating revenues for the first quarter of 2019
increased by 52.6% to RMB1,458.3
million (US$217.3 million)
from RMB955.4 million in the same
period of 2018, primarily due to the increase in loan
facilitation service fees and interest income from loans invested
mainly through trusts.
Loan facilitation service fees increased by 51.2% to
RMB938.6 million (US$139.9 million) for the first quarter of 2019
from RMB620.8 million in the same
period of 2018, primarily due to the increase in loan
origination volume.
Post-facilitation service fees increased by 35.6% to
RMB308.1 million (US$45.9 million) for the first quarter of 2019
from RMB227.2 million in the same
period of 2018, primarily due to the increase in loan origination
volume and the rolling impact of deferred transaction fees.
Net interest
income/(expenses) and loan provision
losses for the first quarter of 2019 were an income of
RMB133.3 million (US$19.9 million), compared to an income of
RMB38.6 million in the same
period of 2018, mainly due to the increased interest income from
the expansion in the number of consolidated trusts established.
Other revenue increased by 13.9% to RMB78.3 million (US$11.7
million) for the first quarter of 2019 from RMB68.8 million in the same period of 2018,
primarily due to an increase in management fees from investment
programs that invest in loans protected by the quality assurance
fund and an increase in loan collection fees
Origination and servicing expenses increased by 6.8%
to RMB264.0 million (US$39.3 million) for the first quarter of
2019 from RMB247.1 million in
the same period of 2018, primarily due to an increase in fees paid
to third party providers for loan collection services and an
increase in referral fees paid to third parties for successful loan
originations.
Sales and marketing expenses decreased by 4.6% to
RMB144.2 million (US$21.5 million) for the first quarter of
2019 from RMB151.1 million
in the same period of 2018, primarily due to the decline in online
customer acquisition expenses.
General and administrative expenses increased by
51.1% to RMB107.2 million
(US$16.0 million) for the first
quarter of 2019 from RMB70.9
million in the same period of 2018, primarily due to an
increase in fees paid to third-parties for trust and
other services. General and administrative expenses for the
period included share-based compensation of RMB12.1 million(US$1.8
million).
Research and development expenses increased by 17.6%
to RMB87.7 million (US$13.1 million) for the first quarter of 2019
from RMB74.6 million in the same
period of 2018 primarily due to increased investments in
technology.
Provision for doubtful accounts increased by 419.1%
to RMB60.4 million (US$9.0 million) for the first quarter of 2019
from RMB11.6 million in the same
period of 2018 due to the increase in loan origination volume.
Operating income increased by 98.7% to RMB794.8 million (US$118.4 million) for the first quarter of 2019
from RMB400.1 million in the same period of 2018.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB807.0 million (US$120.2
million) for the first quarter of 2019, representing an
increase of 94.6% from RMB414.7
million in the same period of 2018.
Other income was RMB49.6 million (US$7.4 million) for the first quarter of
2019, compared with other income of RMB132.1
million in the same period of 2018. Other income primarily
consisted of (1) a gain of RMB34.1
million (US$5.1 million)
from the quality assurance fund and (2) a realized loss
of RMB10.1 million (US$1.5 million) from financial guarantee
derivatives due to the amount of investment programs maturing
during the period. The Company re-evaluates the fair value of
outstanding financial guarantee derivatives at each balance sheet
date to reflect the views of market participants on the expected
default rate based on the latest market changes. For the first
quarter of 2019, RMB15.6 billion of
loans facilitated on the Company's platform were protected by the
quality assurance fund.
Income tax expenses were RMB141.3
million (US$21.1 million)
for the first quarter of 2019, compared with income tax expenses of
RMB94.6 million in the same
period of 2018.
Net profit increased by 60.7% to RMB703.1 million (US$104.8 million) for the first quarter of
2019, from RMB437.6 million in the
same period of 2018.
Net profit attributable to ordinary shareholders of the
Company increased by 60.2% to RMB703.2 million (US$104.8 million) for the first quarter of
2019, from RMB439.0 million in the
same period of 2018.
As of March 31, 2019, the Company had cash and cash
equivalents of RMB1,907.3 million
(US$284.2 million) and
short-term investments mainly in wealth management products of
RMB1,444.1 million (US$215.2 million).
The total balance of the quality assurance fund, which includes
restricted cash of RMB2,810.0
million (US$418.7 million)
and the quality assurance fund receivable of RMB2,475.3 million (US$368.8 million), was equivalent to 23.4%
of the total outstanding loans protected by the quality assurance
fund.
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%
|
|
December 31,
2017
|
2.27%
|
2.21%
|
1.72%
|
1.63%
|
1.36%
|
1.20%
|
|
March 31,
2018
|
0.87%
|
2.11%
|
2.43%
|
3.83%
|
2.29%
|
1.89%
|
|
June 30,
2018
|
0.83%
|
1.21%
|
1.05%
|
0.98%
|
1.60%
|
2.03%
|
|
September 30,
2018
|
1.03%
|
1.77%
|
1.49%
|
1.29%
|
1.06%
|
1.02%
|
|
December 31,
2018
|
0.92%
|
1.63%
|
1.41%
|
1.45%
|
1.44%
|
1.34%
|
|
March 31,
2019
|
0.80%
|
1.61%
|
1.45%
|
1.29%
|
1.31%
|
1.20%
|
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:
Click here to view the chart.
|
|
|
|
|
|
|
|
|
|
|
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%
|
4.88%
|
5.07%
|
5.18%
|
|
2017Q1 . . .
.
|
1.20%
|
2.01%
|
2.68%
|
3.32%
|
3.87%
|
4.33%
|
4.68%
|
4.98%
|
5.33%
|
5.61%
|
5.80%
|
|
2017Q2 . . .
.
|
1.72%
|
2.89%
|
3.81%
|
4.55%
|
5.14%
|
5.78%
|
6.32%
|
6.79%
|
7.05%
|
7.19%
|
7.24%
|
|
2017Q3 . . .
.
|
1.82%
|
2.93%
|
4.08%
|
5.16%
|
6.13%
|
6.64%
|
6.88%
|
7.04%
|
7.16%
|
7.22%
|
7.26%
|
|
2017Q4 . . .
.
|
2.51%
|
4.12%
|
5.16%
|
5.68%
|
5.97%
|
6.18%
|
6.29%
|
6.39%
|
6.47%
|
6.50%
|
6.50%
|
|
2018Q1 . . .
.
|
1.35%
|
2.18%
|
2.97%
|
3.65%
|
4.30%
|
4.85%
|
5.22%
|
5.50%
|
5.66%
|
5.74%
|
5.77%
|
|
2018Q2 . . .
.
|
1.75%
|
3.08%
|
4.35%
|
5.43%
|
6.31%
|
6.97%
|
7.45%
|
7.79%
|
|
|
|
|
2018Q3……
|
1.42%
|
2.48%
|
3.50%
|
4.36%
|
5.07%
|
|
|
|
|
|
|
|
2018Q4. . .
.
|
1.42%
|
2.48%
|
|
|
|
|
|
|
|
|
|
Changes in Board of Directors
The Board of Directors of the Company (the "Board") has approved
the resignation of Mr. Kai Deng, a
member of the Board and a member of the compensation committee of
the Board, effective on April 18,
2019. Mr. Kai Deng's
resignation was due to his own personal reasons.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
May 15, 2019 (8:00 PM Beijing/Hong
Kong time on May 15,
2019).
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 May 22, 2019, by dialing the following telephone
numbers:
|
United States (toll
free):
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Replay Access
Code:
|
10131331
|
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
March 31, 2019, the Company had over 93.9 million
cumulative registered users.
For more information, please visit http://ir.ppdai.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP operating income, a Non-GAAP financial measure,
in evaluating our operating results and for financial and
operational decision-making purposes. We believe that adjusted
operating income help identify underlying trends in our business by
excluding the impact of share-based compensation expenses and
expected discretionary measures. We believe that adjusted operating
income provide useful information about our operating results,
enhance the overall understanding of our past performance and
future prospects and allow for greater visibility with respect to
key metrics used by our management in its financial and operational
decision-making.
Non-GAAP adjusted operating income is not defined under U.S.
GAAP and are not presented in accordance with U.S. GAAP. This
Non-GAAP financial measure has limitations as analytical tools, and
when assessing our operating performance, cash flows or our
liquidity, investors should not consider them in isolation, or as a
substitute for net (loss)/income, cash flows provided by operating
activities or other consolidated statements of operation and cash
flow data 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 "Reconciliations of GAAP and Non-GAAP
results" set forth at the end of this press release.
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 RMB
6.7112 to US$1.00, the rate in
effect as of March 29, 2019 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.
Head of Investor Relations
Jimmy Tan
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.
Brandi Piacente
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
March 31,
|
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
1,616,164
|
1,907,265
|
284,191
|
|
Restricted
cash
|
3,677,557
|
4,160,791
|
619,977
|
|
Short-term
investments
|
1,694,660
|
1,444,120
|
215,181
|
|
Investments
|
167,501
|
170,312
|
25,377
|
|
Quality
assurance receivable
|
2,064,366
|
2,475,318
|
368,834
|
|
Intangible
assets
|
68,880
|
68,880
|
10,263
|
|
Property,
equipment and software, net
|
144,002
|
138,203
|
20,593
|
|
Loans and
receivables, net of provision for loan losses
|
2,331,108
|
3,041,424
|
453,186
|
|
Accounts
receivable
|
812,042
|
964,055
|
143,649
|
|
Deferred tax
assets
|
122,763
|
122,840
|
18,304
|
|
Financial
guarantee derivative assets
|
56,287
|
55,504
|
8,271
|
|
Contract
assets
|
112,103
|
108,845
|
16,218
|
|
Right of use
assets[1]
|
-
|
127,066
|
18,933
|
|
Prepaid expenses
and other assets
|
224,623
|
319,524
|
47,609
|
|
Goodwill
|
50,411
|
50,411
|
7,511
|
|
Total
assets
|
13,142,467
|
15,154,558
|
2,258,097
|
|
Liabilities and
Shareholders' Equity
|
|
|
Payable to platform
customers
|
905,034
|
782,713
|
116,628
|
|
Quality assurance
payable
|
3,819,379
|
4,597,044
|
684,981
|
|
Payroll and welfare
payable
|
188,254
|
128,409
|
19,134
|
|
Taxes
payable
|
225,101
|
183,146
|
27,290
|
|
Short-term
borrowings
|
25,000
|
25,000
|
3,725
|
|
Funds payable to
investors of consolidated trusts
|
1,505,909
|
2,141,121
|
319,037
|
|
Contract
liabilities
|
165,469
|
153,272
|
22,838
|
|
Deferred tax
liabilities
|
100,064
|
99,865
|
14,880
|
|
Accrued expenses and
other liabilities
|
222,519
|
212,544
|
31,670
|
|
Leasing
liabilities
|
-
|
118,420
|
17,645
|
|
Dividends
payable
|
-
|
390,716
|
58,218
|
|
Total
liabilities
|
7,156,729
|
8,832,250
|
1,316,046
|
|
Commitments and
contingencies
|
|
|
|
|
PPDai Group Inc.
Shareholder's deficit
|
|
|
|
|
Class A ordinary
shares
|
58
|
59
|
8
|
|
Class B ordinary
shares
|
44
|
44
|
7
|
|
Additional paid-in
capital
|
5,896,017
|
5,607,375
|
835,525
|
|
Treasury
stock
|
(332,121)
|
(5,231)
|
(779)
|
|
Statutory
reserves
|
256,006
|
256,006
|
38,146
|
|
Accumulated other
comprehensive income
|
58,210
|
44,129
|
6,573
|
|
Retained
earnings
|
45,668
|
358,132
|
53,363
|
|
Total PPDai Group
Inc. shareholders' equity
|
5,923,882
|
6,260,514
|
932,843
|
|
Non-controlling
interest
|
61,856
|
61,794
|
9,208
|
|
Total
shareholders' equity
|
5,985,738
|
6,322,308
|
942,051
|
|
Total liabilities
and shareholders' equity
|
13,142,467
|
15,154,558
|
2,258,097
|
|
|
|
|
|
[1] We have
adopted ASU No. 2016-02, "Leases," beginning January 1, 2019 and
elected to utilize a modified retrospective approach which
allowed
us to initially apply the new lease standard at the adoption date
and recognize a cumulative effect adjustment to the opening balance
of retained
earnings of 2019, with no adjustments to prior periods presented.
No cumulative effect adjustment to the opening balance of retained
earnings
were made. The adoption of the new guidance did not have a material
effect on our results of operations, financial condition or
liquidity.
|
|
PPDAI GROUP
INC.
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
For the Three
Months Ended March 31,
|
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
Operating
revenue:
|
|
|
|
|
Loan facilitation
service fees
|
620,809
|
938,611
|
139,857
|
|
Post-facilitation
service fees
|
227,164
|
308,078
|
45,905
|
|
Net interest income
and loan provision losses
|
38,620
|
133,307
|
19,863
|
|
Other
Revenue
|
68,807
|
78,341
|
11,673
|
|
Total operating
revenues
|
955,400
|
1,458,337
|
217,298
|
|
Operating
expenses:
|
|
|
|
|
Origination and
servicing expenses
|
(247,099)
|
(264,012)
|
(39,339)
|
|
Sales and marketing
expenses
|
(151,063)
|
(144,182)
|
(21,484)
|
|
General and
administrative expenses
|
(70,933)
|
(107,214)
|
(15,975)
|
|
Research and
development expenses
|
(74,606)
|
(87,721)
|
(13,071)
|
|
Provision for doubtful
accounts
|
(11,629)
|
(60,361)
|
(8,994)
|
|
Total operating
expenses
|
(555,330)
|
(663,490)
|
(98,863)
|
|
Other income
(expenses)
|
|
|
|
|
Gain from quality
assurance
|
59,743
|
34,127
|
5,085
|
|
Realized loss from
financial guarantee derivatives
|
(45,222)
|
(10,122)
|
(1,508)
|
|
Fair value change of
financial guarantee derivatives
|
71,530
|
(783)
|
(117)
|
|
Other income,
net
|
46,028
|
26,349
|
3,926
|
|
Profit before
income tax expenses
|
532,149
|
844,418
|
125,821
|
|
Income tax
expenses
|
(94,585)
|
(141,300)
|
(21,054)
|
|
Net
profit
|
437,564
|
703,118
|
104,767
|
|
Less: net loss
attributable to non-controlling
interest
shareholders
|
(1,482)
|
(62)
|
(9)
|
|
Net profit
attributable to PPDAI Group Inc.
|
439,046
|
703,180
|
104,776
|
|
Foreign currency
translation adjustment, net of nil tax
|
(41,296)
|
(14,081)
|
(2,098)
|
|
Total
comprehensive income attributable
to PPDAI Group
Inc.
|
397,750
|
689,099
|
102,678
|
|
Weighted average
number of ordinary shares
used in computing
net loss per share
|
|
|
|
|
Basic
|
1,503,034,952
|
1,493,783,054
|
1,493,783,054
|
|
Diluted
|
1,623,915,472
|
1,558,982,909
|
1,558,982,909
|
|
Income per share
-Basic
|
0.2921
|
0.4707
|
0.0701
|
|
Income per
ADS-Basic
|
1.4605
|
2.3537
|
0.3507
|
|
Income per share
-Diluted
|
0.2704
|
0.4511
|
0.0672
|
|
Income per
ADS-Diluted
|
1.3518
|
2.2553
|
0.3360
|
|
PPDAI GROUP
INC.
|
|
UNAUDITED
Reconciliation of GAAP And Non-GAAP Results
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
For the Three
Months Ended March 31,
|
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
Total operating
revenue
|
955,400
|
1,458,337
|
217,298
|
|
Less: total operating
expenses
|
(555,330)
|
(663,490)
|
(98,863)
|
|
Operating
Income
|
400,070
|
794,847
|
118,435
|
|
Add: share-based
compensation expenses
|
14,678
|
12,122
|
1,806
|
|
Non-GAAP adjusted
operating income
|
414,748
|
806,969
|
120,241
|
|
PPDAI GROUP
INC.
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31
|
|
|
|
2018
|
|
2019
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
Net cash provided by
operating activities
|
88,090
|
|
474,869
|
|
70,758
|
|
|
|
Net cash used in
investing activities
|
(226,749)
|
|
(269,947)
|
|
(40,224)
|
|
|
|
Net cash provided by
(used in) financing activities
|
(63,972)
|
|
584,593
|
|
87,107
|
|
|
|
Effect of exchange
rate changes
on cash and
cash equivalents
|
(41,128)
|
|
(15,180)
|
|
(2,262)
|
|
|
|
Net increase
(decrease) in cash, cash
equivalent and
restricted cash
|
(243,759)
|
|
774,335
|
|
115,379
|
|
|
|
Cash, cash equivalent
and restricted
cash at
beginning of period
|
4,283,704
|
|
5,293,721
|
|
788,789
|
|
|
|
Cash, cash equivalent
and restricted
cash at end of
period
|
4,039,945
|
|
6,068,056
|
|
904,168
|
|
|
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SOURCE PPDAI Group Inc.