BEIJING, Aug. 19, 2021 /PRNewswire/ -- Yiren Digital Ltd.
(NYSE: YRD) ("Yiren Digital" or the "Company"), a leading digital
personal financial management platform in China, today announced its unaudited financial
results for the second quarter ended June
30, 2021.
Second Quarter 2021 Operational Highlights
Wealth Management
- Cumulative number of investors served reached 2,538,656 as of
June 30, 2021, representing an
increase of 3.1% from 2,462,195 as of March
31, 2021 and compared to 2,223,250 as of June 30, 2020.
- Number of active investors[1] was 385,536 as of
June 30, 2021, representing an
increase of 25.5% from 307,107 as of March
31, 2021, and compared to 102,658 as of June 30, 2020.
- Total client assets[2] was RMB14,660.4 million (US$2,270.6 million) as of June 30, 2021, representing an increase of 37.3%
from RMB10,678.9 million as of
March 31, 2021, and compared to
RMB2,628.8 million as of June 30, 2020.
- Sales volume of investment products amounted to RMB5,343.6 million (US$827.6 million) in the second quarter of 2021,
representing a decrease of 8.2% from RMB5,823.1 million in the first quarter of 2021
and compared to RMB2,186.2 million in
the same period of 2020.
Consumer Credit
- Total loans facilitated under loan facilitation model in the
second quarter of 2021 reached RMB5.3
billion (US$0.8 billion),
representing an increase of 6.5% from RMB4.9
billion in the first quarter of 2021 and compared to
RMB1.5 billion in the second quarter
of 2020.
- Cumulative number of borrowers served reached 5,558,085 as of
June 30, 2021, representing an
increase of 4.7% from 5,309,727 as of March
31, 2021 and compared to 4,917,635 as of June 30, 2020.
- Number of borrowers served in the second quarter of 2021 was
434,153 representing an increase of 25.5% from 345,939 in the first
quarter of 2021 and compared to 107,568 in the second quarter of
2020.
- Outstanding balance of performing loans facilitated under loan
facilitation model reached RMB12,543.7
million (US$1,942.8 million)
as of June 30, 2021, representing an
increase of 12.4% from RMB11,159.2
million as of March 31, 2021
and compared to RMB4,175.8 million as
of June 30, 2020.
[1] Active investors
refer to those who have made at least one investment through our
wealth management platform or have had client assets with us above
zero in the past twelve months.
[2] Client assets
refer to the outstanding balance of client assets generated through
our platforms, where an asset is counted towards the outstanding
balance for so long as it continues to be held by the investor who
acquired it through our platform.
|
"We are pleased to deliver another solid quarter, with continued
improvement in profitability and increasingly diversified revenue
mix as we further navigate Yiren Digital to become a leading
user-centric personal financial management platform," said Mr.
Ning Tang, Chairman and Chief
Executive Officer of Yiren Digital. "As we continue to strengthen
our competitive edges and drive up our business scale, we have
developed sophisticated strategies for different business
lines."
"For wealth management, we are further differentiating ourselves
by upgrading our services and enriching our product offerings as
well as enhancing our capabilities to serve customers with higher
investable assets. As of June 30,
2021, total client assets reached RMB14.7 billion, representing an increase of 37%
from last quarter. Average client asset per investor further
increased by 17% quarter-over-quarter to approximately RMB100,000, and the number of investors who held
more than two asset classes on our Yiren Wealth platform grew by
420% from prior year, reflecting a concrete improvement in our
customers' overall LTV. "
"For our credit business, we are focusing on high-quality growth
and continue to take a proactive approach to transition our target
borrower segment into higher-credit quality borrowers, paving the
way for the launch of increasingly diversified products. Meanwhile,
to echo government's focus on supporting small and micro
businesses, starting from the second half of this year, we will
further expand our SME segment to better promote inclusive
finance."
"In the second quarter, total revenue increased by 49%
year-on-year to RMB1.1 billion, of
which 25% came from our wealth management business. Driven by
enhanced cost control and operating efficiencies, total net income
in the second quarter grew by 10% quarter-over-quarter, reflecting
a healthy net income margin of 18%,"said Ms. Na Mei, Chief Financial Officer of Yiren
Digital. "On the balance sheet side, our cash position remains
strong with RMB2.2 billion of cash
and cash equivalents as of June 30,
2021, which provides us with sufficient resilience to
continue exploring new initiatives and new opportunities, and to
meet any new capital requirement that may come."
Second Quarter 2021 Financial Results
Total net revenue in the second quarter of 2021 was
RMB1,125.0 million (US$174.2 million), compared to RMB754.7 million in the same period last year.
Revenue from wealth management business reached RMB286.8 million (US$44.4
million), representing a decrease of 11.0% from RMB322.4 million in the second quarter of 2020,
primarily driven by the spin-off of our legacy business. Revenue
from credit business reached RMB838.2
million (US$129.8 million),
representing an increase of 93.9% from RMB432.3 million in the second quarter of 2020,
primarily driven by an increase in loan volume.
Sales and marketing expenses in the second quarter
of 2021 were RMB436.9 million
(US$67.7 million), compared to
RMB508.5 million in the same period
last year. The decrease was primarily due to internal restructuring
to optimize operating efficiencies.
Origination, servicing and other operating costs in
the second quarter of 2021 were RMB182.7
million (US$28.3 million),
compared to RMB165.2 million in the
same period last year.
General and administrative expenses in the second
quarter of 2021 were RMB127.7 million
(US$19.8 million), compared to
RMB172.6 million in the same
period last year. The decrease was due to enhancement of
operational efficiency.
Allowance for contract assets, receivables and others in
the second quarter of 2021 was RMB93.4
million (US$14.5 million),
compared to RMB168.7 million in the
same period last year. The decrease was primarily due to the
optimization of product mix, improved asset quality post pandemic
as well as further enhancement in the Company's risk management
framework.
Income tax expense in the second quarter of 2021 was
RMB55.3 million (US$8.6 million).
Net income in the second quarter of 2021 was
RMB200.1 million (US$31.0 million), as compared to a net loss of
RMB232.2 million in the same period
last year.
Adjusted EBITDA[3] (non-GAAP) in
the second quarter of 2021 was RMB295.4
million (US$45.8 million),
compared to a loss of RMB269.4
million in the same period last year.
Basic income per ADS in the second quarter of 2021
was RMB2.4 (US$0.4), compared to a basic loss per ADS of
RMB2.5 in the same period last
year.
Diluted income per ADS in the second quarter of 2021
was RMB2.4 (US$0.4), compared to a diluted loss per ADS of
RMB2.5 in the same period last
year.
Net cash used in operating activities in the second
quarter of 2021 was RMB213.0 million
(US$33.0 million), compared to
RMB64.7 million in the same period
last year.
Net cash used in investing activities in the second
quarter of 2021 was RMB208.5 million
(US$32.3 million), compared to
RMB186.7 million in the same period
last year.
As of June 30, 2021, cash and cash
equivalents was RMB2,192.5 million
(US$339.6 million), compared to
RMB2,362.3 million as of March 31, 2021. As of June
30, 2021, the balance of held-to-maturity investments was
RMB2.2 million (US$0.3 million), compared to RMB3.1 million as of March
31, 2021. As of June 30, 2021,
the balance of available-for-sale investments was RMB224.3 million (US$34.7
million), compared to RMB234.6
million as of March 31,
2021.
Delinquency rates. As of June 30,
2021, the delinquency rates for loans facilitated that are
past due for 15-29 days, 30-59 days and 60-89 days were 0.5%, 0.8%
and 0.7% respectively, compared to 0.5%, 0.8% and 0.6% respectively
as of March 31, 2021.
Cumulative M3+ net charge-off rates. As of
June 30, 2021, the cumulative M3+ net
charge-off rate for loans facilitated in 2018, 2019 and 2020 was
9.9%, 10.5% and 3.7% respectively, as compared to 10.0%, 9.7% and
2.2% respectively as of March 31,
2021.
[3] "Adjusted
EBITDA" is a non-GAAP financial measure. For more information on
this non-GAAP financial measure, please see the section of
"Operating Highlights and Reconciliations of GAAP to Non-GAAP
Measures" and the table captioned "Reconciliations of Adjusted
EBITDA" set forth at the end of this press release.
|
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
several non-GAAP financial measures, such as adjusted EBITDA and
adjusted EBITDA margin 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.
Board Composition Change
Mr. Quan Zhou will resign from
the board, having fulfilled his term as a board member since
January 2015, effective August 19, 2021.
"On behalf of Yiren Digital's Board of Directors, I would like to express my gratitude to Mr.
Quan Zhou for his time, dedication
and valuable contribution to the Company," said Mr. Ning Tang, Chairman and Chief Executive Officer
of Yiren Digital.
Currency Conversion
This 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 RMB6.4566
to US$1.00, the effective noon buying
rate on June 30, 2021, as set forth
in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yiren Digital's management will host an earnings conference call
at 8:00 a.m. U.S. Eastern Time on
August 19, 2021 (or 8:00 p.m. Beijing/Hong Kong Time on August 19, 2021).
Participants who wish to join the call should register online in
advance of the conference at:
https://apac.directeventreg.com/registration/event/9992662
Please note the Conference ID number of 9992662.
Once registration is completed, participants will receive the
dial-in information for the conference call, an event passcode, and
a unique registrant ID number.
Participants joining the conference call should dial-in at least
10 minutes before the scheduled start time.
A replay of the conference call may be accessed by phone at the
following numbers until August 27, 2021:
International
|
+61
2-9003-4211
|
U.S.
|
+1
646-254-3697
|
Replay Access
Code:
|
9992662
|
Additionally, a live and archived webcast of the conference call
will be available at ir.yirendai.com.
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 Yiren Digital'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
Yiren Digital'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 Yiren Digital'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 Yiren Digital'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
Yiren Digital 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 Yiren Digital
Yiren Digital Ltd. is a leading digital personal financial
management platform in China. The
Company provides customized asset allocation services and wealth
management solutions to China's
mass affluent population as well as utilizes online and offline
channels to provide retail credit facilitation services to
individual borrowers and small business owners.
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 Six Months
Ended
|
|
June 30,
2020
|
|
March 31,
2021
|
|
June 30,
2021
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
June 30,
2021
|
|
June 30,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan facilitation
services
|
171,084
|
|
542,132
|
|
551,373
|
|
85,397
|
|
|
529,625
|
|
1,093,505
|
|
169,362
|
Post-origination
services
|
126,477
|
|
44,786
|
|
40,584
|
|
6,286
|
|
|
272,997
|
|
85,370
|
|
13,222
|
Account management
services
|
300,720
|
|
-
|
|
-
|
|
-
|
|
|
713,886
|
|
-
|
|
-
|
Insurance brokerage
services
|
19,545
|
|
159,704
|
|
151,801
|
|
23,511
|
|
|
19,545
|
|
311,505
|
|
48,246
|
Financing
services
|
1,586
|
|
114,932
|
|
125,267
|
|
19,401
|
|
|
2,236
|
|
240,199
|
|
37,202
|
Others
|
135,277
|
|
238,409
|
|
256,010
|
|
39,651
|
|
|
240,060
|
|
494,419
|
|
76,576
|
Total net
revenue
|
754,689
|
|
1,099,963
|
|
1,125,035
|
|
174,246
|
|
|
1,778,349
|
|
2,224,998
|
|
344,608
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
508,466
|
|
405,176
|
|
436,882
|
|
67,663
|
|
|
1,124,907
|
|
842,058
|
|
130,418
|
Origination,servicing and other operating
costs
|
165,183
|
|
174,525
|
|
182,667
|
|
28,292
|
|
|
268,101
|
|
357,192
|
|
55,322
|
General and
administrative
|
172,568
|
|
119,865
|
|
127,690
|
|
19,777
|
|
|
321,609
|
|
247,555
|
|
38,341
|
Allowance for
contract assets, receivables
and others
|
168,708
|
|
141,232
|
|
93,433
|
|
14,471
|
|
|
312,093
|
|
234,665
|
|
36,345
|
Total operating costs
and expenses
|
1,014,925
|
|
840,798
|
|
840,672
|
|
130,203
|
|
|
2,026,710
|
|
1,681,470
|
|
260,426
|
Other
income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income/(expense), net
|
16,950
|
|
(10,980)
|
|
(22,782)
|
|
(3,529)
|
|
|
42,066
|
|
(33,762)
|
|
(5,229)
|
Fair value
adjustments related to
Consolidated ABFE
|
(32,957)
|
|
(27,720)
|
|
(20,916)
|
|
(3,239)
|
|
|
(58,977)
|
|
(48,636)
|
|
(7,533)
|
Others,
net
|
(3,510)
|
|
5,122
|
|
14,674
|
|
2,273
|
|
|
8,674
|
|
19,796
|
|
3,066
|
Total other
expenses
|
(19,517)
|
|
(33,578)
|
|
(29,024)
|
|
(4,495)
|
|
|
(8,237)
|
|
(62,602)
|
|
(9,696)
|
(Loss)/income before
provision for income
taxes
|
(279,753)
|
|
225,587
|
|
255,339
|
|
39,548
|
|
|
(256,598)
|
|
480,926
|
|
74,486
|
Income tax
(benefit)/expense
|
(47,558)
|
|
44,373
|
|
55,259
|
|
8,559
|
|
|
(43,622)
|
|
99,632
|
|
15,431
|
Net
(loss)/income
|
(232,195)
|
|
181,214
|
|
200,080
|
|
30,989
|
|
|
(212,976)
|
|
381,294
|
|
59,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
outstanding, basic
|
185,613,735
|
|
167,966,603
|
|
167,974,463
|
|
167,974,463
|
|
|
185,607,348
|
|
167,970,515
|
|
167,970,515
|
Basic (loss)/income
per share
|
(1.2510)
|
|
1.0789
|
|
1.1911
|
|
0.1845
|
|
|
(1.1475)
|
|
2.2700
|
|
0.3516
|
Basic (loss)/income
per ADS
|
(2.5020)
|
|
2.1578
|
|
2.3822
|
|
0.3690
|
|
|
(2.2950)
|
|
4.5400
|
|
0.7032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares
outstanding, diluted
|
185,613,735
|
|
169,147,563
|
|
169,173,603
|
|
169,173,603
|
|
|
185,607,348
|
|
169,160,565
|
|
169,160,565
|
Diluted (loss)/income
per share
|
(1.2510)
|
|
1.0713
|
|
1.1827
|
|
0.1832
|
|
|
(1.1475)
|
|
2.2540
|
|
0.3491
|
Diluted (loss)/income
per ADS
|
(2.5020)
|
|
2.1426
|
|
2.3654
|
|
0.3664
|
|
|
(2.2950)
|
|
4.5080
|
|
0.6982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Cash
Flow Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used
in)/generated from operating
activities
|
(64,721)
|
|
(142,011)
|
|
(212,993)
|
|
(32,988)
|
|
|
497,999
|
|
(355,004)
|
|
(54,984)
|
Net cash used in
investing activities
|
(186,670)
|
|
(286,056)
|
|
(208,539)
|
|
(32,299)
|
|
|
(716,107)
|
|
(494,595)
|
|
(76,603)
|
Net cash provided
by/(used in) financing
activities
|
39,905
|
|
279,400
|
|
144,107
|
|
22,319
|
|
|
(25,732)
|
|
423,507
|
|
65,593
|
Effect of foreign
exchange rate changes
|
(86)
|
|
(118)
|
|
(278)
|
|
(43)
|
|
|
1,120
|
|
(396)
|
|
(61)
|
Net decrease in cash,
cash equivalents and
restricted cash
|
(211,572)
|
|
(148,785)
|
|
(277,703)
|
|
(43,011)
|
|
|
(242,720)
|
|
(426,488)
|
|
(66,055)
|
Cash, cash
equivalents and restricted cash,
beginning of period
|
3,237,994
|
|
2,707,148
|
|
2,558,363
|
|
396,240
|
|
|
3,269,142
|
|
2,707,148
|
|
419,284
|
Cash, cash
equivalents and restricted cash,
end of period
|
3,026,422
|
|
2,558,363
|
|
2,280,660
|
|
353,229
|
|
|
3,026,422
|
|
2,280,660
|
|
353,229
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in
thousands)
|
|
|
As
of
|
|
December 31,
2020
|
|
March 31,
2021
|
|
June 30,
2021
|
|
June 30,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
2,469,909
|
|
2,362,310
|
|
2,192,500
|
|
339,575
|
Restricted
cash
|
237,239
|
|
196,053
|
|
88,160
|
|
13,654
|
Accounts
receivable
|
122,742
|
|
148,114
|
|
228,554
|
|
35,399
|
Contract
assets, net
|
750,174
|
|
917,995
|
|
1,063,470
|
|
164,711
|
Contract
cost
|
65,529
|
|
62,061
|
|
44,684
|
|
6,921
|
Prepaid
expenses and other assets
|
278,591
|
|
215,099
|
|
213,942
|
|
33,135
|
Loans at
fair value
|
192,156
|
|
175,664
|
|
112,931
|
|
17,491
|
Financing
receivables
|
1,253,494
|
|
1,471,509
|
|
1,738,742
|
|
269,297
|
Amounts
due from related parties
|
884,006
|
|
911,972
|
|
1,064,703
|
|
164,901
|
Held-to-maturity investments
|
3,286
|
|
3,137
|
|
2,233
|
|
346
|
Available-for-sale investments
|
175,515
|
|
234,587
|
|
224,336
|
|
34,745
|
Property,
equipment and software, net
|
147,193
|
|
134,351
|
|
123,491
|
|
19,126
|
Deferred
tax assets
|
16,745
|
|
13,906
|
|
8,629
|
|
1,336
|
Right-of-use assets
|
105,674
|
|
98,467
|
|
93,783
|
|
14,525
|
Total
assets
|
6,702,253
|
|
6,945,225
|
|
7,200,158
|
|
1,115,162
|
Accounts
payable
|
9,903
|
|
12,923
|
|
64,469
|
|
9,985
|
Amounts
due to related parties
|
970,309
|
|
769,744
|
|
498,053
|
|
77,138
|
Deferred
revenue
|
50,899
|
|
44,408
|
|
21,137
|
|
3,274
|
Payable to
investors at fair value
|
52,623
|
|
52,082
|
|
51,289
|
|
7,944
|
Accrued
expenses and other liabilities
|
1,208,915
|
|
1,148,549
|
|
1,238,591
|
|
191,833
|
Secured
borrowings
|
500,500
|
|
799,200
|
|
968,600
|
|
150,017
|
Refund
liability
|
10,845
|
|
7,404
|
|
6,412
|
|
993
|
Deferred
tax liabilities
|
38,741
|
|
76,003
|
|
118,654
|
|
18,377
|
Lease
liabilities
|
81,854
|
|
76,735
|
|
70,114
|
|
10,859
|
Total
liabilities
|
2,924,589
|
|
2,987,048
|
|
3,037,319
|
|
470,420
|
Ordinary
shares
|
121
|
|
121
|
|
122
|
|
19
|
Additional
paid-in capital
|
5,058,176
|
|
5,058,884
|
|
5,065,177
|
|
784,496
|
Treasury
stock
|
(40,147)
|
|
(40,147)
|
|
(40,147)
|
|
(6,218)
|
Accumulated other comprehensive income
|
17,108
|
|
16,648
|
|
16,139
|
|
2,500
|
Accumulated deficit
|
(1,257,594)
|
|
(1,077,329)
|
|
(878,452)
|
|
(136,055)
|
Total
equity
|
3,777,664
|
|
3,958,177
|
|
4,162,839
|
|
644,742
|
Total liabilities and
equity
|
6,702,253
|
|
6,945,225
|
|
7,200,158
|
|
1,115,162
|
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 Six Months
Ended
|
|
June 30,
2020
|
|
March 31,
2021
|
|
June 30,
2021
|
|
June 30,
2021
|
|
|
June 30,
2020
|
|
June 30,
2021
|
|
June 30,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of investment
in current investment
products
|
2,186,210
|
|
5,823,057
|
|
5,343,601
|
|
827,618
|
|
|
4,349,523
|
|
11,166,657
|
|
1,729,495
|
Number of investors
in current investment
products
|
30,392
|
|
110,072
|
|
120,091
|
|
120,091
|
|
|
30,142
|
|
203,472
|
|
203,472
|
Amount of loans
facilitated under loan
facilitation model
|
1,522,646
|
|
4,930,287
|
|
5,252,859
|
|
813,564
|
|
|
2,263,914
|
|
10,183,146
|
|
1,577,168
|
Amount of loans
facilitated
|
2,402,494
|
|
4,930,287
|
|
5,252,859
|
|
813,564
|
|
|
4,241,948
|
|
10,183,146
|
|
1,577,168
|
Number of
borrowers
|
107,568
|
|
345,939
|
|
434,153
|
|
434,153
|
|
|
220,731
|
|
646,486
|
|
646,486
|
Remaining principal
of performing loans
facilitated under loan facilitation model
|
4,175,751
|
|
11,159,179
|
|
12,543,745
|
|
1,942,779
|
|
|
4,175,751
|
|
12,543,745
|
|
1,942,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
management:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
322,381
|
|
263,743
|
|
286,839
|
|
44,426
|
|
|
738,257
|
|
550,582
|
|
85,274
|
Sales and marketing
expenses
|
45,454
|
|
38,987
|
|
29,044
|
|
4,498
|
|
|
112,780
|
|
68,031
|
|
10,537
|
Origination,servicing
and other operating
costs
|
39,648
|
|
132,510
|
|
150,505
|
|
23,311
|
|
|
70,493
|
|
283,015
|
|
43,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
credit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
432,308
|
|
836,220
|
|
838,196
|
|
129,820
|
|
|
1,040,092
|
|
1,674,416
|
|
259,334
|
Sales and marketing
expenses
|
463,012
|
|
366,189
|
|
407,838
|
|
63,165
|
|
|
1,012,127
|
|
774,027
|
|
119,881
|
Origination,servicing
and other operating
costs
|
125,535
|
|
42,015
|
|
32,162
|
|
4,981
|
|
|
197,608
|
|
74,177
|
|
11,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
(232,195)
|
|
181,214
|
|
200,080
|
|
30,989
|
|
|
(212,976)
|
|
381,294
|
|
59,055
|
Interest
(income)/expense, net
|
(16,950)
|
|
10,980
|
|
22,782
|
|
3,529
|
|
|
(42,066)
|
|
33,762
|
|
5,229
|
Income tax
(benefit)/expense
|
(47,558)
|
|
44,373
|
|
55,259
|
|
8,559
|
|
|
(43,622)
|
|
99,632
|
|
15,431
|
Depreciation and
amortization
|
24,368
|
|
15,151
|
|
12,170
|
|
1,885
|
|
|
51,539
|
|
27,321
|
|
4,232
|
Share-based
compensation
|
2,954
|
|
(240)
|
|
5,090
|
|
788
|
|
|
7,495
|
|
4,850
|
|
751
|
Adjusted
EBITDA
|
(269,381)
|
|
251,478
|
|
295,381
|
|
45,750
|
|
|
(239,630)
|
|
546,859
|
|
84,698
|
Adjusted EBITDA
margin
|
-35.7%
|
|
22.9%
|
|
26.3%
|
|
26.3%
|
|
|
-13.5%
|
|
24.6%
|
|
24.6%
|
Delinquency Rates
(Loan Facilitation Model)
|
|
|
|
|
|
|
|
|
|
15-29
days
|
|
30-59
days
|
|
60-89
days
|
All
Loans
|
|
|
|
|
|
|
December 31,
2015
|
|
1.3%
|
|
1.9%
|
|
1.5%
|
December 31,
2016
|
|
0.6%
|
|
0.8%
|
|
0.7%
|
December 31,
2017
|
|
0.5%
|
|
0.8%
|
|
0.6%
|
December 31,
2018
|
|
1.0%
|
|
1.8%
|
|
1.7%
|
December 31,
2019
|
|
0.8%
|
|
1.3%
|
|
1.0%
|
December 31,
2020
|
|
0.5%
|
|
0.7%
|
|
0.6%
|
March 31,
2021
|
|
0.5%
|
|
0.8%
|
|
0.6%
|
June 30,
2021
|
|
0.5%
|
|
0.8%
|
|
0.7%
|
|
|
|
|
|
|
|
Online
Channels
|
|
|
|
|
|
|
December 31,
2015
|
|
0.4%
|
|
0.7%
|
|
0.5%
|
December 31,
2016
|
|
0.8%
|
|
1.1%
|
|
1.7%
|
December 31,
2017
|
|
0.3%
|
|
0.2%
|
|
0.0%
|
December 31,
2018
|
|
0.9%
|
|
1.7%
|
|
1.5%
|
December 31,
2019
|
|
1.0%
|
|
2.1%
|
|
1.6%
|
December 31,
2020
|
|
0.6%
|
|
1.0%
|
|
1.1%
|
March 31,
2021
|
|
0.5%
|
|
0.9%
|
|
0.7%
|
June 30,
2021
|
|
0.7%
|
|
0.9%
|
|
0.8%
|
|
|
|
|
|
|
|
Offline
Channels
|
|
|
|
|
|
|
December 31,
2015
|
|
1.3%
|
|
2.0%
|
|
1.6%
|
December 31,
2016
|
|
0.6%
|
|
0.8%
|
|
0.7%
|
December 31,
2017
|
|
0.5%
|
|
0.9%
|
|
0.7%
|
December 31,
2018
|
|
1.1%
|
|
1.9%
|
|
1.8%
|
December 31,
2019
|
|
0.7%
|
|
0.9%
|
|
0.7%
|
December 31,
2020
|
|
0.4%
|
|
0.6%
|
|
0.4%
|
March 31,
2021
|
|
0.4%
|
|
0.7%
|
|
0.6%
|
June 30,
2021
|
|
0.4%
|
|
0.7%
|
|
0.6%
|
Net Charge-Off
Rate (Loan Facilitation Model)
|
Loan
Issued
Period
|
|
Amount of
Loans
Facilitated
During the Period
|
|
Accumulated M3+
Net
Charge-Off
as of June 30, 2021
|
|
Total Net
Charge-Off
Rate
as of June 30, 2021
|
|
|
(in RMB
thousands)
|
|
(in RMB
thousands)
|
|
2015
|
|
4,530,824
|
|
250,850
|
|
5.5%
|
2016
|
|
3,749,815
|
|
319,425
|
|
8.5%
|
2017
|
|
5,043,494
|
|
527,583
|
|
10.5%
|
2018
|
|
4,211,573
|
|
415,948
|
|
9.9%
|
2019
|
|
3,431,443
|
|
359,282
|
|
10.5%
|
2020
|
|
9,614,819
|
|
352,935
|
|
3.7%
|
2021Q1
|
|
4,930,287
|
|
23,045
|
|
0.5%
|
M3+ Net Charge-Off
Rate (Loan Facilitation Model)
|
Loan
Issued
Period
|
|
Month on
Book
|
|
|
4
|
7
|
10
|
13
|
16
|
19
|
22
|
25
|
28
|
31
|
34
|
2015Q1
|
|
1.0%
|
1.9%
|
2.8%
|
3.7%
|
4.3%
|
4.8%
|
5.1%
|
5.3%
|
5.3%
|
5.3%
|
5.2%
|
2015Q2
|
|
1.1%
|
2.8%
|
4.2%
|
5.3%
|
6.2%
|
6.7%
|
7.0%
|
7.0%
|
6.9%
|
6.8%
|
6.8%
|
2015Q3
|
|
0.6%
|
2.2%
|
3.8%
|
5.0%
|
5.9%
|
6.5%
|
6.7%
|
6.8%
|
6.7%
|
6.7%
|
6.7%
|
2015Q4
|
|
1.0%
|
1.5%
|
2.2%
|
2.8%
|
3.1%
|
3.4%
|
3.7%
|
4.0%
|
4.2%
|
4.4%
|
4.4%
|
2016Q1
|
|
0.6%
|
0.9%
|
1.3%
|
1.7%
|
2.0%
|
2.2%
|
2.4%
|
2.7%
|
2.9%
|
3.0%
|
3.2%
|
2016Q2
|
|
0.6%
|
1.4%
|
2.3%
|
3.0%
|
3.6%
|
4.2%
|
4.8%
|
5.4%
|
5.8%
|
6.0%
|
6.2%
|
2016Q3
|
|
0.4%
|
1.7%
|
2.7%
|
4.1%
|
5.3%
|
6.5%
|
7.7%
|
8.6%
|
9.3%
|
9.3%
|
9.5%
|
2016Q4
|
|
0.3%
|
2.1%
|
3.8%
|
5.4%
|
7.2%
|
9.2%
|
10.4%
|
11.5%
|
12.4%
|
12.9%
|
13.3%
|
2017Q1
|
|
0.3%
|
1.6%
|
3.4%
|
5.3%
|
7.5%
|
8.9%
|
10.0%
|
10.9%
|
11.6%
|
12.1%
|
12.3%
|
2017Q2
|
|
4.1%
|
5.8%
|
7.9%
|
9.6%
|
11.3%
|
12.5%
|
13.2%
|
13.9%
|
14.6%
|
14.9%
|
15.1%
|
2017Q3
|
|
0.3%
|
1.6%
|
3.5%
|
4.9%
|
6.5%
|
7.6%
|
8.4%
|
8.9%
|
9.4%
|
9.9%
|
10.1%
|
2017Q4
|
|
0.2%
|
2.3%
|
5.1%
|
6.5%
|
7.9%
|
9.0%
|
9.7%
|
10.2%
|
10.7%
|
11.2%
|
10.6%
|
2018Q1
|
|
0.2%
|
2.9%
|
5.1%
|
6.8%
|
7.2%
|
7.9%
|
8.4%
|
8.7%
|
9.0%
|
8.6%
|
8.1%
|
2018Q2
|
|
0.7%
|
4.1%
|
7.1%
|
9.4%
|
11.2%
|
12.4%
|
13.4%
|
14.1%
|
14.3%
|
14.1%
|
14.1%
|
2018Q3
|
|
0.2%
|
2.8%
|
3.6%
|
4.5%
|
5.2%
|
6.4%
|
7.0%
|
7.0%
|
6.9%
|
7.0%
|
|
2018Q4
|
|
0.6%
|
2.2%
|
3.4%
|
5.2%
|
6.9%
|
9.0%
|
9.7%
|
9.9%
|
9.6%
|
|
|
2019Q1
|
|
0.0%
|
0.8%
|
2.0%
|
3.4%
|
5.3%
|
5.9%
|
6.3%
|
6.3%
|
|
|
|
2019Q2
|
|
0.1%
|
1.5%
|
4.5%
|
7.5%
|
8.8%
|
9.2%
|
9.9%
|
|
|
|
|
2019Q3
|
|
0.2%
|
2.9%
|
6.8%
|
9.0%
|
10.4%
|
12.0%
|
|
|
|
|
|
2019Q4
|
|
0.4%
|
3.1%
|
4.9%
|
6.3%
|
7.2%
|
|
|
|
|
|
|
2020Q1
|
|
0.6%
|
2.3%
|
4.1%
|
5.2%
|
|
|
|
|
|
|
|
2020Q2
|
|
0.5%
|
2.5%
|
4.2%
|
|
|
|
|
|
|
|
|
2020Q3
|
|
1.1%
|
3.3%
|
|
|
|
|
|
|
|
|
|
2020Q4
|
|
0.3%
|
|
|
|
|
|
|
|
|
|
|
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content:https://www.prnewswire.com/news-releases/yiren-digital-reports-second-quarter-2021-financial-results-301358808.html
SOURCE Yiren Digital