- Gross Billings on core Consumption
Loans up 1258% Y-o-Y
- Total Gross Billings up 125% Y-o-Y
- Operating Cash Flow Positive
- Number of New Borrowers Increased by 804%
Y-o-Y
- Guidance to Q4 Profitability
SHANGHAI, Nov. 9, 2017 /PRNewswire/ -- China Rapid Finance
Limited ("China Rapid Finance" or the "Company") (NYSE: XRF), one
of China's largest consumer
lending marketplaces, today reported its unaudited financial
results for the third quarter ended September 30, 2017. The Company will hold a
conference call on November 9, 2017
at 8:00 am Eastern Time (9:00 pm Beijing Time) to discuss the financial
results for this quarter. Dial-in details are provided at the end
of this release.
"We are very pleased with our strong third quarter performance,
which was marked by accelerating revenue growth and expanding
margins that further validates our business model and ability to
efficiently service the lifetime credit needs of China's 500 million EMMA (Emerging
Middle-class Mobile Active) consumers," said Dr. Zane Wang, Chairman and CEO of China Rapid
Finance. "Our 'low-and-grow' strategy, enabled by proprietary
advanced analytics and big data technology, is now paying
off. During the quarter, we grew total loan volume by 250%
and total gross billings by 125% year-over-year, which resulted in
62% year-over-year revenue growth. We take great pride in our
ability to build valuable long-term relationships with our
customers as evidenced by 75% of our customer base that borrowed
multiple times in the third quarter."
Third Quarter 2017 Financial Highlights
- Total gross billings on transaction and service
fees[1] grew by
125% year-over-year to $43.1 million,
or 76% over the previous quarter.
-
- Gross billings from consumption loans facilitated grew by 1258%
year-over-year, representing more than a 12 times year-over-year
increase, to $29.8 million, or 126%
over the previous quarter.
- Gross billings from lifestyle loans facilitated were down 21%
year-over-year to $13.4 million but
up 18% sequentially over last quarter.
- Consumption loans facilitated account for 69% of total gross
billings and are rising rapidly.
- Net revenue increased by 62% year-over-year to
$27.2 million (after netting off
customer acquisition incentives of $13.9
million) from $16.8 million
(after netting off customer acquisition incentives of $1.5 million) in the prior year period, and 79%
over the previous quarter from $15.2
million (after netting off customer acquisition incentives
of $8.1 million) in the previous
quarter.[2]
Reconciliation of Total Gross Billings to
Net Revenue
|
|
For the Three
Months Ended
|
Increase/(Decrease)
|
|
September 30,
2016
|
June 30,
2017
|
September 30,
2017
|
YoY
|
QoQ
|
Gross
billings
|
|
|
|
|
|
Consumption
loans
|
2,191
|
13,184
|
29,764
|
1258.5%
|
125.8%
|
Lifestyle
loans
|
16,947
|
11,322
|
13,383
|
(21.0%)
|
18.2%
|
Total Gross
Billings
|
19,138
|
24,506
|
43,147
|
125.5%
|
76.1%
|
Consumption Loans
CAI
|
(1,499)
|
(8,131)
|
(13,934)
|
829.6%
|
71.4%
|
Value-added
Tax
|
(1,198)
|
(1,684)
|
(2,395)
|
99.9%
|
42.2%
|
Others
[3]
|
355
|
471
|
366
|
3.1%
|
(22.3%)
|
Net
Revenue
|
16,796
|
15,162
|
27,184
|
61.8%
|
79.3%
|
Operating Expenses
- Total operating expenses were $31.6 million, an increase of 50.0% over the
prior year period and 9.9% over the previous quarter.
- Servicing expenses were $3.4
million in the quarter, a 9.4% increase over the prior year
and a decrease of 2% from the previous quarter. Servicing expenses
primarily consist of employee expenses associated with the
Company's data verification centers which provide credit assessment
and account management services. The increase in servicing expense
compared with prior year period is mainly due to the increase in
the number of servicing personnel.
- Sales and marketing expenses were $11.9 million, a 77.8% increase over the prior
year period and a 24.6% increase over the previous quarter. The
increase in sales and marketing expenses was primarily due to the
marketing fees paid to channel partners in connection with the
acquisition of 921,000 consumption loan borrowers. Our all-in
customer acquisition cost (including sales & marketing and CAI)
is $16 per borrower for the first
nine months of 2017.
- General and administrative expenses were $16.3 million, up 44.9% over the prior year
period and 3.4% over the previous quarter. The increase in general
and administrative expenses was mainly due to: 1) the increase in
variable operating costs in relation to the facilitation of
consumption loans, including information security, risk management,
gateway payment fees, data analysts, customer service, call centers
and other operational personnel; 2) the increase in research and
product development expenses, and; 3) share-based compensation
expense for incentive shares of $0.4
million versus $0.1 million in
the prior year period.
- Net loss was $4.4 million,
an 11% year-over-year increase, and a 68% reduction from the prior
quarter. The improvement in net loss was primarily driven by an
increasing number of borrowers that have crossed the breakeven
threshold.
- Net loss attributable to the Company's ordinary
shareholders for the third quarter of 2017 was $4.4 million or $0.07 per share, as compared to a loss of
$6.3 million or $0.38 per share in the prior year period.
- Operating cash flow for the third quarter of 2017 was
$7.1 million as compared to
$0.3 million in the prior year period
and a negative cash flow of $16.1
million in the previous quarter.
Third Quarter Operating Highlights
|
|
For the Three
Months Ended
|
Increase/(Decrease)
|
|
September 30,
2016
|
June 30,
2017
|
September 30,
2017
|
YoY
|
QoQ
|
Number of loans
facilitated
|
|
|
|
|
|
Consumption
loans
|
1,179,567
|
5,083,314
|
7,014,322
|
494.7%
|
38.0%
|
Lifestyle
loans
|
10,888
|
7,897
|
10,684
|
(1.9%)
|
35.3%
|
Total
|
1,190,455
|
5,091,211
|
7,025,006
|
490.1%
|
38.0%
|
|
|
|
|
|
|
Number of new
borrowers
|
|
|
|
|
|
Consumption
loans
|
93
|
753
|
921
|
890%
|
22%
|
Lifestyle
loans
|
10
|
7
|
10
|
0%
|
43%
|
Total
|
103
|
760
|
931
|
803%
|
22%
|
|
|
|
|
|
|
Repeat borrower
rate [4]
|
64%
|
72%
|
75%
|
17%
|
4%
|
|
|
|
|
|
|
Loan volume (in US$
millions)
|
|
|
|
|
|
Consumption
loans
|
147.9
|
637.5
|
908.0
|
514.1%
|
42.4%
|
Lifestyle
loans
|
146.6
|
83.2
|
122.3
|
(16.6%)
|
47.0%
|
Total
|
294.5
|
720.7
|
1,030.3
|
249.9%
|
42.9%
|
|
|
|
|
|
|
|
|
- Number of loans facilitated was 7.0 million, an increase
of 490% year-over-year and 38% quarter-over-quarter. Total number
of loans facilitated since inception reached 27 million.
- Number of new borrowers added in the third quarter of
2017 was 931 thousand, an increase of 804% over the prior year
period and 22% over the previous quarter. As of September 30, 2017, the Company had 3.7 million
unique borrowers.
- Total loan volume facilitated increased by 250%
year-over-year or 43% quarter-over-quarter to $1.0 billion. Consumption loans facilitated
increased by 514% year-over-year or 42% quarter-over-quarter to
$908.0 million, with lifestyle loans
facilitated totaling $122.3 million,
as compared with $146.6 million in
the prior year period and $83.2
million in the previous quarter.
Unique 'Low and Grow' Strategy and Business
Model
"Our low-and-grow strategy, driven by our technology-driven
consumer lending marketplace, enables us to generate significant
lifetime customer value and strong revenue and profit growth," said
Dr. Wang. "Our proprietary advanced analytics and big data
technology give us a competitive advantage in identifying and
acquiring EMMA (Emerging Middle-class Mobile Active) borrowers who
will pay back their initial loans and continue to take out loans of
growing size over time."
To date, the business has delivered against the following key
performance indicators:
- Cohort borrowing activity continues to grow over time,
proving that we are establishing long-term relationships that
persist. The cumulative loan volume per borrower (all included) on
average continued to grow after 30 months without any signs of
slowing down.
- The average loan size and term grows over time, because
our customers have growing credit needs and because the risk of
lending decreases when we deploy our technology to gather and
synthesize more credit behavioral data for each consumer. The
average loan size per borrower of our Q4 2015 cohort increased to
$259 (on an all-borrower basis) in
their 21st month from approximately $74 in their first month. Using our proprietary
ADT technology, we can achieve continued growth trajectory over a
period of multiple years by managing the line of credit of
borrowers.
- The average service fee goes up over time in line with
the loan size and term. Our average transaction and service fee
rate for consumption loans increased to 3.3% from 1.5% in the prior
year period, and 2.1% from the previous quarter. This gives our
'low and grow' strategy a strong multiplier effect.
- The average cost to the borrower goes down over time
while the average fee rate to us increases when the size and term
of the loan is larger and longer, however, the borrowing cost per
month actually decreases from borrowers' perspective.
- Loss rates associated with consumption loans facilitated
continue to be in line with expectations. In the three quarters
ended September 30, 2017, annualized
loss rate on consumption loan is 2%, consistent with that of the
prior year period.
- The payback period on all-in customer acquisition costs
("CAC")[5] has shortened to 2.3 quarters in the
first nine months of 2017 compared to a payback period of four to
five quarters in 2016.
"As our improving 'low and grow' KPI metrics demonstrate, we can
afford to invest in CAC to lock in high quality repeat borrowers"
said Mr. Kerry Shen, Chief Financial
Officer of China Rapid Finance. "For the first quarter of 2016
cohort, our ROI on CAC is 200%. With a customer retention rate of
75%, customer repeat borrowing rate of 9 to 10 times on average
within the first year of borrowing, and average cumulative loan
volume per borrower exceeding $1,000
in the 12th month on our marketplace, we are able to
extend the lifetime value of our customers at minimal additional
cost. As we continue to acquire new borrowers, we expect revenues
and profits to accelerate."
Balance Sheet and Cash Flows:
As of September 30, 2017, the
Company had cash and cash equivalents of $81.4 million and restricted cash of $14.1 million. Net cash provided by operating
activities was $7.1 million for the
third quarter of 2017, as compared to net cash provided by
operating activities of $0.3 million
in the prior year period. The increase in operating cash inflow was
mainly due to the increase from gross billings on transaction and
service fees. The Company had a total of 65,086,074 ordinary shares
outstanding[6] as of September
30, 2017.
Financial Outlook
Based on the information available as of the date of this press
release, the Company provides the following outlook, which reflects
the Company's current and preliminary view and is subject to
change.
For the full year ending December 31,
2017, the Company expects to exceed the high end of its
previously issued 2017 guidance of adding 2.5 million to 3.0
million new borrowers, and also expects to exceed the high end of
its previously stated guidance on total gross billings on
transaction and service fees of $110 million
to $120 million. With the validation of its strategy along
with improving operating efficiencies and visibility, the Company
expects to breakeven the entire business and achieve profitability
in the fourth quarter of 2017.
[1] Gross
billings on transaction and service fees is defined as transaction
and service fees billed to customers, inclusive of related
value-added taxes, before deduction of customer acquisition
incentives ("CAI").
|
[2]
Customer acquisition incentives ("CAI") are amounts paid to
marketplace investors who lend to first-time consumption loan
borrowers, which help to attract both quality investors and higher
lifetime value prescreened borrowers to the Company's
marketplace.
|
[3] Others
include other revenue, provision for loan losses and business
related taxes and surcharges.
|
[4]
Repeat borrower rate is defined as the total number of
borrowers who borrowed more than one loan on our marketplace since
our inception divided by the total number of borrowers on our
marketplace since our inception as measured as of the relevant
date.
|
[5] All-in
CAC for consumption loans is the sum of (i) the customer
acquisition incentives paid to marketplace investors who lend to
first-time consumption loan borrowers offered to investors of
consumption loans for first-time consumption loan borrowers, and
(ii) any expenses directly related to the acquisition of first-time
consumption loan borrowers.
|
[6]
Includes outstanding ordinary shares, vested incentive shares and
options, and unvested incentive shares and options that vest within
60 days of the date thereof.
|
Conference Call:
The Company will hold a conference call on Wednesday, November 9, 2017 at 8:00 am U.S. Eastern Time, or 9:00 pm China Time, to discuss its financial
results.
Participants may access the call by dialing the following
numbers:
International:
+1-412-902-4272
United States Toll
Free:
+1-888-346-8982
China Toll
Free:
4001-201203
Hong Kong Toll Free:
800-905945
Conference ID:
China Rapid Finance call
The replay will be accessible through November 16, 2017 by dialing the following
numbers:
United States:
+1-877-344-7529
International:
+1-412-317-0088
Replay Access
Code:
10113806
A live and archived webcast of the conference call will be
available through the Company's investor relations website at
http://chinarapidfinance.investorroom.com.
About China Rapid Finance
China Rapid Finance operates one of China's largest consumer lending marketplaces
in terms of total number of loans, having facilitated over 27
million loans to over 3.7 million unique borrowers as of
September 30, 2017 at a significantly
lower borrowing cost than many competitors. The Company deploys
machine learning and proprietary decisioning technology to
facilitate affordable digital credit for one of the world's largest
untapped consumer credit markets: China's 500 million Emerging Middle-class
Mobile Active consumers (EMMAs). China Rapid Finance operates a
pure play marketplace, and does not take credit risk. The Company
utilizes its technology to efficiently select quality EMMAs for its
platform. China Rapid Finance facilitates smaller, shorter-term
initial loans to these EMMAs and then enables larger, longer-term
loans for repeat borrowers who demonstrate positive credit
behavior. This "low and grow" strategy enables the Company to
attract and retain high quality EMMAs who generate significant
customer lifetime value. China Rapid Finance was founded by Dr.
Zane Wang, who has decades of
consumer credit experience in both the U.S. and China, and is governed by a global board of
directors. For more information, please visit
http://ChinaRapidFinance.InvestorRoom.com.
Statement Regarding Unaudited Condensed Financial
Information
The unaudited financial information set forth below is
preliminary and subject to potential adjustments. Adjustments to
the consolidated financial statements may be identified when audit
work has been performed for the Company's year-end audit, which
could result in significant differences from this preliminary
unaudited condensed financial information.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, China Rapid Finance's financial outlook as
well as China Rapid Finance's strategic and operational plans
contain forward-looking statements. China Rapid Finance may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Rapid Finance's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: unexpected
difficulties in China Rapid
Finance's pursuit of its goals and strategies; the unexpected
developments, including slow growth, in the consumer lending
market; reduced demand for, and market acceptance of, China Rapid
Finance's products and services; difficulties keeping and
strengthening relationships with borrowers or investors;
difficulties of expanding data and channel partnerships,
potentially costly servicing activities; competition in the
consumer lending market; PRC governmental regulations and policies;
and general economic and business conditions in the regions where
China Rapid Finance provides products and services. Further
information regarding these and other risks is included in
China Rapid Finance's reports
filed with, or furnished to, the Securities and Exchange
Commission. All information provided in this press release and in
the attachments is as of the date of this press release, and China
Rapid Finance undertakes no duty to update such information except
as required under applicable law.
Investor Relations Contacts:
China Rapid Finance
Mao Mao
Tel: +1 (646) 308-1635
Email: IR@crfchina.com
IRResults
Gretchen Lium
Tel: +1 (303) 638-9185
Email: gretchen@irresults.com
CHINA RAPID
FINANCE LIMITED
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE
LOSS
(US$ in thousands,
except share data and per share data, or as otherwise
noted)
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
September
30,
2016
|
|
June 30,
2017
|
|
September
30,
2017
|
|
September
30,
2016
|
|
September
30,
2017
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Transaction and
service fees (net of
customer acquisition
incentive)
|
16,441
|
|
14,691
|
|
26,818
|
|
43,605
|
|
51,925
|
Other
revenue
|
354
|
|
462
|
|
400
|
|
1,011
|
|
901
|
|
|
|
|
|
|
|
|
|
|
|
16,795
|
|
15,153
|
|
27,218
|
|
44,616
|
|
52,826
|
Provision for loan
losses
|
(1)
|
|
10
|
|
(2)
|
|
(12)
|
|
9
|
Business related taxes
and surcharges
|
2
|
|
(1)
|
|
(32)
|
|
(765)
|
|
(38)
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
16,796
|
|
15,162
|
|
27,184
|
|
43,839
|
|
52,797
|
|
|
|
|
|
|
|
|
|
|
Operating
expense:
|
|
|
|
|
|
|
|
|
|
Servicing
expenses
|
(3,142)
|
|
(3,476)
|
|
(3,437)
|
|
(10,178)
|
|
(10,227)
|
Sales and marketing
expenses
|
(6,673)
|
|
(9,522)
|
|
(11,863)
|
|
(20,668)
|
|
(31,601)
|
General and
administrative expenses
|
(11,279)
|
|
(15,803)
|
|
(16,338)
|
|
(32,948)
|
|
(43,892)
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
(21,094)
|
|
(28,801)
|
|
(31,638)
|
|
(63,794)
|
|
(85,720)
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
360
|
|
149
|
|
135
|
|
(146)
|
|
261
|
|
|
|
|
|
|
|
|
|
|
Loss before income
tax expense
|
(3,938)
|
|
(13,490)
|
|
(4,319)
|
|
(20,101)
|
|
(32,662)
|
Income tax
expense
|
-
|
|
(28)
|
|
(41)
|
|
-
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(3,938)
|
|
(13,518)
|
|
(4,360)
|
|
(20,101)
|
|
(32,731)
|
Accretion on Series A
convertible redeemable preferred shares to
redemption value
|
(72)
|
|
(24)
|
|
-
|
|
(216)
|
|
(96)
|
Accretion on Series B
convertible redeemable preferred shares to
redemption value
|
(406)
|
|
(135)
|
|
-
|
|
(1,216)
|
|
(540)
|
Accretion on Series C
convertible redeemable preferred shares to
redemption value
|
(1,201)
|
|
(653)
|
|
-
|
|
(3,024)
|
|
(2,232)
|
Deemed dividend to preferred shareholders
upon initial public offering
|
(635)
|
|
(82,034)
|
|
|
|
(635)
|
|
(82,034)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(6,252)
|
|
(96,364)
|
|
(4,360)
|
|
(25,192)
|
|
(117,633)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(3,938)
|
|
(13,518)
|
|
(4,360)
|
|
(20,101)
|
|
(32,731)
|
Foreign currency
translation adjustment, net
of nil
tax
|
114
|
|
(99)
|
|
142
|
|
516
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
(3,824)
|
|
(13,617)
|
|
(4,218)
|
|
(19,585)
|
|
(32,738)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing
net loss per share
|
|
|
|
|
|
|
|
|
|
Basic
|
16,415,391
|
|
50,013,189
|
|
64,696,840
|
|
16,415,391
|
|
44,008,941
|
Diluted
|
16,415,391
|
|
50,013,189
|
|
64,696,840
|
|
16,415,391
|
|
44,008,941
|
Loss per share
attributable to ordinary
shareholders
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.38)
|
|
(1.93)
|
|
(0.07)
|
|
(1.53)
|
|
(2.67)
|
Diluted
|
(0.38)
|
|
(1.93)
|
|
(0.07)
|
|
(1.53)
|
|
(2.67)
|
CHINA RAPID
FINANCE LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS (US$ in
thousands, except share data and per share data, or as otherwise
noted)
|
|
|
|
|
As
of
|
|
|
September 30,
2016
|
|
June 30,
2017
|
|
September 30,
2017
|
|
USD
|
|
USD
|
|
USD
|
Assets
|
|
|
|
|
|
Cash and cash equivalents
|
5,849
|
|
74,517
|
|
81,442
|
Restricted
cash
|
11,493
|
|
17,372
|
|
14,145
|
Investments held for
trading
|
-
|
|
-
|
|
-
|
Loans receivable, net
of allowance for loan losses US$124 thousand, US$103 thousand
and US$103 thousand as of September 30,
2016, June 30, 2017 and September 30, 2017,
respectively
|
706
|
|
467
|
|
450
|
Safeguard Program
receivable
|
6,656
|
|
5,168
|
|
5,489
|
Receivables from
issuance of Series C redeemable convertible preferred
shares
|
16,000
|
|
-
|
|
-
|
Receivables,
prepayments and other assets
|
16,709
|
|
15,095
|
|
12,852
|
Property equipment and
software, net
|
5,393
|
|
5,066
|
|
5,377
|
|
|
|
|
|
|
Total
assets
|
62,806
|
|
117,685
|
|
119,755
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Safeguard Program
payable
|
18,409
|
|
16,139
|
|
17,536
|
Accrued
liabilities
|
19,068
|
|
32,314
|
|
36,722
|
Income tax
payable
|
1,970
|
|
1,935
|
|
1,976
|
Deferred
revenue
|
588
|
|
1,159
|
|
1,175
|
|
|
|
|
|
|
Total
liabilities
|
40,035
|
|
51,547
|
|
57,409
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Series A preferred
shares (US$0.0001 par value; 4,912,934 shares issued and
outstanding as of September 30, 2016,
and nil outstanding as of June 30, 2017 and September 30,
2017)
|
6,724
|
|
-
|
|
-
|
Series B preferred
shares (US$0.0001 par value; 14,084,239 shares issued and
outstanding as of September 30, 2016, and
nil outstanding as of June 30, 2017 and September 30,
2017)
|
34,727
|
|
-
|
|
-
|
Series C preferred
shares (US$0.0001 par value; 2,573,778 shares issued and
outstanding as of September 30, 2016, and
nil outstanding as of June 30, 2017 and September 30,
2017)
|
70,460
|
|
-
|
|
-
|
Receivable for
issuance of Series C preferred shares
|
|
|
-
|
|
-
|
|
(4,000)
|
|
-
|
|
-
|
Total mezzanine
equity
|
107,911
|
|
-
|
|
-
|
|
|
|
|
|
|
Shareholders'
(deficit)/equity:
|
|
|
|
|
|
Ordinary shares,
US$0.0001 par value, 500,000,000 shares authorized, 16,505,120
shares and 64,696,839 issued and 64,699,757
outstanding as of September 30, 2016, June 30, 2017
and September 30, 2017
respectively
|
2
|
|
6
|
|
6
|
Additional paid-in
capital
|
-
|
|
280,612
|
|
281,038
|
Accumulated other comprehensive income
|
1,488
|
|
(1,062)
|
|
(920)
|
Accumulated
deficit
|
(86,630)
|
|
(213,418)
|
|
(217,778)
|
|
|
|
|
|
|
Total
shareholders' (deficit)/equity
|
(85,140)
|
|
66,138
|
|
62,346
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders' (deficit)/equity
|
62,806
|
|
117,685
|
|
119,755
|
|
|
|
|
|
|
CHINA RAPID
FINANCE LIMITED
UNAUDITED
CONDENSED CONSOLIDATED CASH FLOW DATA
(US$ in thousands,
except share data and per share data, or as otherwise
noted)
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
June 30,
2017
|
|
September 30,
2017
|
|
September 30,
2016
|
|
September 30,
2017
|
|
US$000
|
|
US$000
|
|
US$000
|
|
US$000
|
|
US$000
|
Net cash used in
operating
activities
|
326
|
|
(16,163)
|
|
7,090
|
|
(17,988)
|
|
(21,446)
|
Net cash used in
investing activities
|
(75)
|
|
(350)
|
|
(751)
|
|
(2,066)
|
|
(1,240)
|
Net cash provided by
financing activities
|
-
|
|
67,292
|
|
-
|
|
908
|
|
85,278
|
Effect of exchange
rate changes on cash and cash
equivalents
|
568
|
|
(786)
|
|
586
|
|
(50)
|
|
(133)
|
Net
(decrease)/increase in cash and cash
equivalents
|
(90)
|
|
49,993
|
|
6,925
|
|
(19,196)
|
|
62,459
|
Cash and cash
equivalents at beginning of
period
|
5,939
|
|
24,524
|
|
74,517
|
|
25,045
|
|
18,983
|
Cash and cash
equivalents at end of period
|
5,849
|
|
74,517
|
|
81,442
|
|
5,849
|
|
81,442
|
View original
content:http://www.prnewswire.com/news-releases/china-rapid-finance-reports-unaudited-third-quarter-2017-financial-results-300552748.html
SOURCE China Rapid Finance