SHANGHAI, Aug. 20, 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 second quarter ended June
30, 2019.
|
As
of
|
|
June 30, 2018
|
March 31,
2019
|
June 30,
2019
|
|
Cumulative registered
users[1] ('000)
|
78,144
|
93,864
|
99,022
|
|
Cumulative number of
borrowers[2] ('000)
|
12,409
|
15,433
|
16,528
|
|
Cumulative number of
individual investors[3]
|
613,653
|
689,688
|
707,885
|
|
For Three Months
Ended
|
|
YoY
Change
|
|
June 30, 2018
|
June 30, 2019
|
|
|
|
Number of unique
borrowers[4] ('000)
|
3,252
|
3,515
|
|
8.1%
|
|
Loan origination
volume[5]
(RMB,
million)
|
16,761
|
21,611
|
|
28.9%
|
|
Repeat borrowing
rate[6] (%)
|
73.3%
|
76.8%
|
|
4.8%
|
|
Average loan
size[7] (RMB)
|
3,212
|
3,029
|
|
-5.7%
|
Second Quarter 2019 Financial and Operational
Highlights
- Operating revenues[8] increased by 46.6% to
RMB1,562.3 million (US$227.6 million) in the second quarter of 2019,
from RMB1,065.4 million in the same
period of 2018.
- Loans facilitated by institutional funding partners
contributed to 40.2% of operating revenues in the second quarter of
2019.
- Loan facilitation service fees increased by 24.8% to
RMB939.8 million (US$136.9 million) in the second quarter of 2019,
from RMB753.3 million in the same
period of 2018.
- Operating income was RMB767.6
million (US$111.8 million) for
the second quarter of 2019, representing an increase of 63.6% from
RMB469.3 million in the same period
of 2018.
- Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB779.4 million (US$113.5
million) for the second quarter of 2019, representing an
increase of 60.0% from RMB487.1
million in the same period of 2018.
- Net profit increased by 8.7% to RMB660.5 million (US$96.2
million) in the second quarter of 2019 from RMB607.8 million in the second quarter of
2018.
- Cumulative registered users[1] reached
approximately 99.0 million as of June 30,
2019.
- Cumulative number of borrowers[2] reached
16.5 million as of June 30,
2019.
- Cumulative number of individual
investors[3] was 707,885 as of June 30, 2019.
- Number of unique borrowers[4] was
approximately 3.5 million for the second quarter of 2019,
representing an increase of 8.1% from the same period of 2018.
- Loan origination volume[5] was RMB21.6 billion for the second quarter of 2019,
representing an increase of 28.9% from the same period of
2018.
- The proportion of total loan origination volume
funded by institutional funding partners increased to
approximately 44.8% for the second quarter of 2019 from 30.9% for
the first quarter of 2019.
- Average loan tenure[9] was 8.8 months for the
second quarter of 2019.
|
[1] On a cumulative basis, number of
users registered on PPDAI platform as of June 30, 2019.
|
|
[2] On a cumulative basis, number of
borrowers whose loans were funded on or prior to June 30,
2019.
|
|
[3] On a cumulative basis, number of
individual investors who have made at least one investment in loans
on or prior to June 30, 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 the 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 and loan provision losses, which were presented
below the line operating revenues, 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, "Our solid
growth momentum, amidst a dynamic and volatile market environment,
illustrates the sustained demand for technology-driven consumer
finance services in China and
reaffirms our leading position in the evolving industry. We are
encouraged by our increased institutional funding base which
continued driving a healthy and steady growth of our loan
origination volume for the second quarter of 2019 with a 28.9%
year-over-year increase and a 13.3% sequential increase. By
offering a range of consumer financial products and services and
leveraging our sophisticated proprietary technologies and core
operational expertise, we remain committed to improving our user
experience, exploring new growth opportunities both domestically
and abroad, and ultimately increasing value for our
shareholders."
Mr. Feng Zhang, Co-Chief
Executive Officer of PPDAI, added, "The diversification of our
funding sources has been very rapid and successful. In the second
quarter, the proportion of loans facilitated with institutional
funding partners to total loan origination volume exhibited a
better-than-expected increase to 44.8% from 30.9% in the first
quarter of 2019. We now have over 20 institutional funding partners
active on our platform. For the quarter, loans funded by
institutional funding partners contributed to 40.2% of our total
operating revenues, demonstrating our growth trajectory bolstered
by institutional funding."
Mr. Simon Ho, Chief Financial
Officer of PPDAI, commented, "We are pleased to report another
quarter with promising results which reflect our core capability to
navigate the evolving industry landscape in a strengthening
regulatory environment. In this quarter, we maintained healthy
operating efficiency and profitability highlighted by a 60.0%
year-over-year increase in our non-GAAP adjusted operating income
and non-GAAP operating margin of 49.9%. Our balance sheet remained
strong with approximately RMB2.4
billion of cash and short-term liquidity. Notably, our
quality assurance fund remains sufficiently funded with a total
balance of RMB5.8 billion, equivalent
to 22.5% of the total outstanding loans and interest with quality
assurance. As we continue to pursue our tech-driven growth strategy
and explore valuable opportunities that enhance our suite of
offerings and strengthen our brand, we anticipate progressive
growth in the long run."
Second Quarter 2019 Financial Results
Operating revenues for the second quarter of 2019
increased by 46.6% to RMB1,562.3
million (US$227.6 million)
from RMB1,065.4 million in the same
period of 2018, primarily due to the increase in loan
facilitation service fees, post-facilitation service fees and
interest income from loans invested mainly through trusts.
Loan facilitation service fees increased by 24.8% to
RMB939.8 million (US$136.9 million) for the second quarter of 2019
from RMB753.3 million in the same
period of 2018, primarily due to the increase in loan
origination volume. Loan facilitation service fees from loans
funded by institutional funding partners were RMB377.6 million in the second quarter of
2019.
Post-facilitation service fees increased by 53.4% to
RMB315.8 million (US$46.0 million) for the second quarter of 2019
from RMB205.9 million in the same
period of 2018, primarily due to the increase in loan origination
volume and the rolling impact of deferred transaction fees. Post
facilitation service fees from loans funded by institutional
funding partners were RMB55.3 million
in the second quarter of 2019.
Net interest income
and loan provision
losses were an income of RMB194.7
million (US$28.4 million) for
the second quarter of 2019, representing an increase of 975.7% from
RMB18.1 million in the same period of
2018, primarily due to increased interest income from the expansion
in the outstanding loan balances of consolidated trusts.
Other revenue increased by 27.0% to RMB112.0 million (US$16.3
million) for the second quarter of 2019 from RMB88.2 million in the same period of 2018,
primarily due to an increase in borrower referral fees and an
increase in management fees from investment programs that invest in
loans protected by the quality assurance fund.
Origination and servicing expenses increased by 30.8% to
RMB307.0 million (US$44.7 million) for the second quarter of 2019
from RMB234.7 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 increased by 10.8% to
RMB215.2 million (US$31.4 million) for the second quarter of 2019
from RMB194.3 million in the same
period of 2018, primarily due to the increase in online customer
acquisition cost.
General and administrative expenses increased by 23.0% to
RMB102.6 million (US$15.0 million) for the second quarter of 2019
from RMB83.4 million in the same
period of 2018, primarily due to an increase in fees paid to third
parties for trust management. General and administrative expenses
for the period included share-based compensation of RMB11.8 million (US$1.7
million).
Research and development expenses increased by 30.1% to
RMB101.6 million (US$14.8 million) for the second quarter of 2019
from RMB78.1 million in the same
period of 2018, primarily due to increased investments in
technology.
Provision for doubtful accounts was RMB68.3 million (US$10.0
million) for the second quarter of 2019, compared with
RMB5.6 million in the same period of
2018 due to the increase in loan origination volume.
Operating income increased by 63.6% to RMB767.6 million (US$111.8
million) for the second quarter of 2019 from RMB469.3
million in the same period of 2018.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB779.4 million (US$113.5
million) for the second quarter of 2019, representing an
increase of 60.0% from RMB487.1
million in the same period of 2018.
Other income was RMB45.7
million (US$6.7 million)
for the second quarter of 2019, compared with other income of
RMB296.5 million in the same period
of 2018. Other income primarily consisted of (1) a gain of
RMB22.9 million (US$3.3 million) from the quality assurance
fund, and (2) an RMB21.3 million
(US$3.1 million) mainly from returns
on short-term investments. The decrease in other income was due to
the decrease in guarantee and derivatives related gains as a result
of adjustments in the expected default rates of the outstanding
loans. The Company re-evaluates the expected default rate at each
balance sheet date to reflect the views of market participants of
future defaults of the Company's loan portfolio based on the latest
market changes. For the second quarter of 2019, an RMB16.7 billion of loans facilitated on the
Company's platform had quality assurance protection.
Income tax expenses decreased by 3.2% to RMB152.9 million (US$22.3
million) for the second quarter of 2019 from RMB158.0 million in the same period of
2018.
Net profit increased by 8.7% to RMB660.5 million (US$96.2
million) for the second quarter of 2019, from RMB607.8 million in the same period of 2018.
Net profit attributable to ordinary shareholders of the
Company increased by 8.9% to RMB660.5
million (US$96.2 million) for
the second quarter of 2019, from RMB606.6
million in the same period of 2018.
As of June 30, 2019, the Company
had cash and cash equivalents of RMB1,428.8
million (US$208.1 million) and
short-term investments mainly in wealth management products of
RMB989.3 million (US$144.1 million).
The total balance of the quality assurance fund, which includes
restricted cash of RMB3,307.3
million (US$481.8 million) and
the quality assurance fund receivable of RMB2,497.3 million (US$363.8 million), was equivalent to 22.5% of the
total outstanding loans and interest with quality assurance.
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,
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%
|
|
June 30,
2019
|
0.86%
|
1.42%
|
1.37%
|
1.19%
|
1.26%
|
1.21%
|
The following chart and table display the historical cumulative
30-day plus past due delinquency rates by loan origination vintage
for all 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
|
|
|
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%
|
|
7.99%
|
|
8.08%
|
|
8.13%
|
|
2018Q3
|
|
1.42%
|
|
2.48%
|
|
3.50%
|
|
4.36%
|
|
5.07%
|
|
5.58%
|
|
5.96%
|
|
6.27%
|
|
|
|
|
|
|
|
2018Q4
|
|
1.42%
|
|
2.48%
|
|
3.54%
|
|
4.41%
|
|
5.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019Q1
|
|
1.33%
|
|
2.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Outlook
The Company currently expects total loan origination volume to
be in the range of RMB22 billion to
RMB24 billion in the third quarter of
2019. The Company also expects the loan origination volume funded
by institutional partners to be in the range of RMB32 billion to RMB38
billion in the second half of 2019. The above outlook is
based on current market conditions and reflects the Company's
preliminary expectations as to market conditions, its regulatory
and operating environment, as well as customer demand, all of which
are subject to change.
Shares Repurchase Program Update
On August 20, 2019, the board of
directors of the Company (the "Board") approved an extension of the
Company's existing share repurchase program for another twelve
months, starting from the date on which the Board approved such
extension. As of August 19, 2019, the
Company had repurchased its own Class A ordinary shares in the form
of American Depositary Shares ("ADSs") with an aggregate value of
approximately US$69 million. As such,
the Company is authorized to repurchase its own Class A ordinary
shares in the form of ADSs with an aggregate value of up to
US$51 million in the twelve-month
period starting from August 20,
2019.
Change of Management
The Board has approved the resignation of Mr. Jinqi Si from the position as the Chief
Technology Officer. Mr. Jinqi Si's
resignation was due to his personal reasons. To ensure a smooth
transition, Mr. Si will remain in his capacity until September 30, 2019.
Mr. Yuxiang Wang, the Company's
Chief Product Officer, will concurrently assume the role of Chief
Technology Officer. Mr. Wang has been serving as the Company's
Chief Product Officer since 2015. Prior to joining Paipaidai, Mr.
Wang served as the vice president of product at Opera Software ASA
from 2013 to 2015. Mr. Wang worked at Baidu.com as the product head
of Baidu mobile browser from 2012 to 2013. Mr. Wang served as the
product director at TeleNav, a company providing location-based
services from 2009 to 2012. Prior to this, Mr. Wang served as a
senior product manager at MiTAC Research (Shanghai) Ltd. from 2002 to 2009. Mr. Wang
received his bachelor's degree in communication engineering from
Jiangsu University in China and master's degree in software
engineering from Fudan University in China.
"I would like to thank Mr. Jinqi
Si for his contributions during his tenure in helping PPDAI
strengthen technology capabilities and driving all aspects of
technology infrastructure with his professionalism and industry
experience. On behalf of PPDAI, we wish him well in his future
endeavors," said Mr. Zhang, Chairman and Co-CEO of the Company.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
August 20, 2019 (8:00 PM Beijing/Hong
Kong time on August 20,
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 August 27, 2019, by dialing the following
telephone numbers:
|
United States (toll
free):
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Replay Access
Code:
|
10134157
|
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 June 30, 2019, the Company had over 99.0 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 RMB6.8650 to US$1.00, the rate in effect as of June 28, 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.
Jenny Cai
Tel: +86 (10) 6508-0677
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 June
30,
|
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
1,616,164
|
1,428,753
|
208,121
|
|
Restricted
cash
|
3,677,557
|
4,488,099
|
653,765
|
|
Short-term
investments
|
1,694,660
|
989,339
|
144,113
|
|
Investments
|
167,501
|
201,154
|
29,301
|
|
Quality assurance
receivable
|
2,064,366
|
2,497,327
|
363,777
|
|
Intangible
assets
|
68,880
|
68,880
|
10,034
|
|
Property, equipment
and software, net
|
144,002
|
142,474
|
20,754
|
|
Loans receivable, net
of provision for loan losses
|
2,331,108
|
4,033,994
|
587,618
|
|
Accounts
receivable
|
812,042
|
1,195,930
|
174,207
|
|
Deferred tax
assets
|
122,763
|
136,294
|
19,854
|
|
Financial guarantee
derivative assets
|
56,287
|
48,080
|
7,003
|
|
Contract
assets
|
112,103
|
110,645
|
16,117
|
|
Right of use
assets
|
-
|
102,039
|
14,864
|
|
Prepaid expenses and
other assets
|
224,623
|
1,002,807
|
146,074
|
|
Goodwill
|
50,411
|
50,411
|
7,343
|
|
Total
assets
|
13,142,467
|
16,496,226
|
2,402,945
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Payable to platform
customers
|
905,034
|
740,454
|
107,859
|
|
Quality assurance
payable
|
3,819,379
|
5,112,987
|
744,791
|
|
Payroll and welfare
payable
|
188,254
|
139,197
|
20,276
|
|
Taxes
payable
|
225,101
|
220,516
|
32,122
|
|
Short-term
borrowings
|
25,000
|
25,000
|
3,642
|
|
Funds payable to
investors of consolidated trusts
|
1,505,909
|
2,629,773
|
383,070
|
|
Contract
liabilities
|
165,469
|
171,851
|
25,033
|
|
Deferred tax
liabilities
|
100,064
|
110,070
|
18,997
|
|
Accrued expenses and
other liabilities
|
222,519
|
251,782
|
33,712
|
|
Leasing
liabilities
|
-
|
92,114
|
13,418
|
|
Total
liabilities
|
7,156,729
|
9,493,744
|
1,382,920
|
|
Commitments and
contingencies
|
|
|
|
|
PPDAI Group Inc.
Shareholders' Equity
|
|
|
|
|
Ordinary
shares
|
102
|
103
|
14
|
|
Additional paid-in
capital
|
5,896,017
|
5,620,359
|
818,699
|
|
Treasury
stock
|
(332,121)
|
(12,315)
|
(1,794)
|
|
Statutory
reserves
|
256,006
|
256,006
|
37,292
|
|
Accumulated other
comprehensive income
|
58,210
|
57,941
|
8,438
|
|
Accumulated
deficit
|
45,668
|
1,018,643
|
148,382
|
|
Total PPDai Group
Inc. shareholders' equity
|
5,923,882
|
6,940,737
|
1,011,031
|
|
Non-controlling
interest
|
61,856
|
61,745
|
8,994
|
|
Total
shareholders' equity
|
5,985,738
|
7,002,482
|
1,020,025
|
|
Total liabilities
and shareholders' equity
|
13,142,467
|
16,496,226
|
2,402,945
|
|
PPDAI GROUP
INC.
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
For the Three
Months Ended June 30,
|
For the Six Months
Ended June 30,
|
|
2018
|
2019
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
Loan facilitation
service fees
|
753,260
|
939,754
|
136,891
|
1,374,069
|
1,878,365
|
273,615
|
|
Post-facilitation
service fees
|
205,866
|
315,793
|
46,000
|
433,030
|
623,871
|
90,877
|
|
Net interest income
and loan provision
losses
|
18,053
|
194,747
|
28,368
|
56,673
|
328,054
|
47,786
|
|
Other
Revenue
|
88,214
|
111,972
|
16,311
|
157,021
|
190,313
|
27,722
|
|
Total Operating
revenues
|
1,065,393
|
1,562,266
|
227,570
|
2,020,793
|
3,020,603
|
440,000
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Origination and
servicing expenses
|
(234,650)
|
(306,963)
|
(44,715)
|
(481,749)
|
(570,975)
|
(83,172)
|
|
Sales and marketing
expenses
|
(194,309)
|
(215,213)
|
(31,349)
|
(345,372)
|
(359,395)
|
(52,352)
|
|
Research and
development expenses
|
(78,086)
|
(101,562)
|
(14,794)
|
(152,692)
|
(189,283)
|
(27,572)
|
|
General and
administrative expenses
|
(83,409)
|
(102,610)
|
(14,947)
|
(154,342)
|
(209,824)
|
(30,564)
|
|
Provision for doubtful
accounts
receivables
|
(5,591)
|
(68,349)
|
(9,956)
|
(17,220)
|
(128,710)
|
(18,749)
|
|
Total operating
expenses
|
(596,045)
|
(794,697)
|
(115,761)
|
(1,151,375)
|
(1,458,187)
|
(212,409)
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
Gain from quality
assurance fund
|
151,089
|
22,883
|
3,333
|
210,832
|
57,010
|
8,305
|
|
Realized gain (loss)
from financial
guarantee derivatives
|
(101,885)
|
2,582
|
376
|
(147,107)
|
(7,540)
|
(1,098)
|
|
Fair value change of
financial
guarantee derivatives
|
196,543
|
(7,424)
|
(1,082)
|
268,073
|
(8,207)
|
(1,196)
|
|
Other income,
net
|
50,748
|
27,704
|
4,036
|
96,776
|
54,053
|
7,874
|
|
Profit before
income tax expense
|
765,843
|
813,314
|
118,472
|
1,297,992
|
1,657,732
|
241,476
|
|
Income tax
expenses
|
(158,049)
|
(152,852)
|
(22,265)
|
(252,634)
|
(294,152)
|
(42,848)
|
|
Net
profit
|
607,794
|
660,462
|
96,207
|
1,045,358
|
1,363,580
|
198,628
|
|
Net profit (loss)
attributable to non-
controlling interest shareholders
|
1,235
|
(49)
|
(7)
|
(247)
|
(111)
|
(16)
|
|
Net profit
attributable to PPDai Group
Inc.
|
606,559
|
660,511
|
96,214
|
1,045,605
|
1,363,691
|
198,644
|
|
Foreign currency
translation
adjustment, net of nil tax
|
51,751
|
13,812
|
2,012
|
10,455
|
(269)
|
(39)
|
|
Total
comprehensive income
attributable to PPDAIGroup Inc.
|
658,310
|
674,323
|
98,226
|
1,056,060
|
1,363,422
|
198,605
|
|
Weighted average
number of ordinary
shares used in computing net income
per share
|
|
|
|
|
|
|
|
Basic
|
1,505,581,042
|
1,533,957,777
|
1,533,957,777
|
1,504,315,031
|
1,513,972,147
|
1,513,972,147
|
|
Diluted
|
1,621,402,274
|
1,567,527,588
|
1,567,527,588
|
1,612,638,809
|
1,563,446,663
|
1,563,446,663
|
|
Net income per share
-Basic
|
0.4029
|
0.4306
|
0.0627
|
0.6951
|
0.9007
|
0.1312
|
|
Net income per
ADS-Basic
|
2.0144
|
2.1530
|
0.3136
|
3.4754
|
4.5037
|
0.6560
|
|
Net income per share
-Diluted
|
0.3741
|
0.4214
|
0.0614
|
0.6484
|
0.8722
|
0.1271
|
|
Net income per
ADS-Diluted
|
1.8705
|
2.1069
|
0.3069
|
3.2419
|
4.3612
|
0.6353
|
|
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 June 30,
|
For the Six Months
Ended June 30,
|
|
2018
|
2019
|
2018
|
2019
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Net
Revenues
|
1,065,393
|
1,562,266
|
227,570
|
2,020,793
|
3,020,603
|
440,000
|
|
Less: total operating
expenses
|
(596,045)
|
(794,697)
|
(115,761)
|
(1,151,375)
|
(1,458,187)
|
(212,409)
|
|
Operating
Income
|
469,348
|
767,569
|
111,809
|
869,418
|
1,562,416
|
227,591
|
|
Add: share-based
compensation expenses
|
17,765
|
11,815
|
1,721
|
32,443
|
23,937
|
3,487
|
|
Non-GAAP adjusted
operating income
|
487,113
|
779,384
|
113,530
|
901,861
|
1,586,353
|
231,078
|
|
PPDAI GROUP
INC.
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
Net cash provided by
operating
activities
|
152,204
|
|
618,444
|
|
90,087
|
|
240,294
|
|
1,093,494
|
|
159,285
|
|
Net cash provided by
(used in)
investing activities
|
716,167
|
|
(853,418)
|
|
(124,314)
|
|
489,418
|
|
(1,123,365)
|
|
(163,637)
|
|
Net cash provided by
(used in)
financing activities
|
(110,254)
|
|
67,432
|
|
9,822
|
|
(174,226)
|
|
652,025
|
|
94,978
|
|
Effect of exchange
rate changes on
cash and cash equivalents
|
48,988
|
|
16,338
|
|
2,379
|
|
7,860
|
|
977
|
|
143
|
|
Net increase
(decrease) in cash, cash
equivalent and restricted cash
|
807,105
|
|
(151,204)
|
|
(22,026)
|
|
563,346
|
|
623,131
|
|
90,769
|
|
Cash, cash equivalent
and restricted
cash at beginning of
period
|
4,039,945
|
|
6,068,056
|
|
883,912
|
|
4,283,704
|
|
5,293,721
|
|
771,117
|
|
Cash, cash equivalent
and restricted
cash at end of period
|
4,847,050
|
|
5,916,852
|
|
861,886
|
|
4,847,050
|
|
5,916,852
|
|
861,886
|
View original
content:http://www.prnewswire.com/news-releases/ppdai-group-inc-reports-second-quarter-2019-unaudited-financial-results-300904210.html
SOURCE PPDAI Group Inc.