SHANGHAI, May 15, 2018 /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, 2018.
|
As
of
|
|
|
March 31,
2017
|
December 31,
2017
|
March 31,
2018
|
Cumulative registered
users1 ('000)
|
40,027
|
65,409
|
71,424
|
Cumulative number of
borrowers2 ('000)
|
5,066
|
10,518
|
11,282
|
Cumulative number of
individual investors3
|
411,456
|
559,760
|
581,977
|
|
|
|
|
|
|
For Three Months
Ended
|
YoY
Change
|
|
March 31,
2017
|
March 31,
2018
|
Number of unique
borrowers4 ('000)
|
2,571
|
2,501
|
-2.7%
|
Loan origination
volume5
(RMB,
million)
|
10,543
|
12,349
|
17.1%
|
Repeat borrowing
rate6 (%)
|
66.1%
|
78.7%
|
19.1%
|
Average loan
size7 (RMB)
|
2,455
|
3,066
|
24.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2018 Financial and Operating Highlights
- Operating revenues increased by 37.1% to RMB916.8 million (US$146.2
million) in the first quarter of 2018 from RMB668.5 million in the same period of 2017.
- Loan facilitation service fees increased by 22.8% to
RMB620.8million (US$99.0 million) in the first quarter of 2018
from RMB505.3 million in the same
period of 2017.
- Post-facilitation service fees increased by 166.0% to
RMB227.2 million (US$36.2 million) in the first quarter of 2018
from RMB85.4 million in the same
period of 2017.
- Non-GAAP adjusted operating income increased by 47.5% to
RMB414.7 million (US$66.1 million) for the first quarter of 2018
from RMB281.2 million in the same
period of 2017.
- Cumulative registered users1 reached 71.4 million as
of March 31, 2018.
- Cumulative number of borrowers2 reached 11.3
million as of March 31, 2018.
- Cumulative number of individual investors3 reached
581,977 as of March 31, 2018.
- Number of unique borrowers4 was 2.5 million for the
first quarter of 2018, representing a slight decrease of 2.7% from
the same period of 2017.
- Loan origination volume5 was RMB12.3 billion for the first quarter of 2018,
representing an increase of 17.1% from the same period of
2017.
- Average loan tenure8 was 9.3 months for the first
quarter of 2018.
1 On a
cumulative basis, number of users registered on PPDAI platform as
of March 31, 2018.
|
2 On a
cumulative basis, number of borrowers whose loans were funded on or
prior to March 31, 2018.
|
3 On a
cumulative basis, number of individual investors who have made at
least one investment in loans on or prior to March 31,
2018.
|
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
Represents the average loan tenure period on PPDAI platform during
the period presented.
|
Mr. Jun Zhang, the Chairman and
the Chief Executive Officer of PPDAI, commented, "We are pleased to
kick off 2018 fiscal year by achieving an operating revenue growth
of 37.1% on a year-over-year basis, as well as achieving
significant improvement in operating efficiencies in the first
quarter of 2018. Our strong profitability clearly demonstrates the
resilience of our core business model despite the changes in the
operating and regulatory environment during the past few months.
With delinquency trends improving and volume growth resuming since
March, we are confident the consumer lending market in China will continue to present significant
growth opportunities for PPDAI.
"We are committed to driving the expansion of our core business
and also investing in new avenues of growth. One of those avenues
is capitalizing on our proprietary technological capabilities,
massive data sets and accumulated expertise garnered throughout our
11-year operating history to provide a suite of cutting-edge
technologies as a service to third party financial services
providers. As a pioneer and industry leader, we are dedicated to
delivering the most innovative technology solutions in China's consumer finance market." concluded
Mr. Zhang.
Mr. Simon Ho, the Chief Financial
Officer of PPDAI, added, "During the quarter, we remained focused
on enhancing operating efficiencies and increasing profitability as
well as implementing operational adjustments to ensure regulatory
compliance. Notably, we achieved non-GAAP adjusted operating income
growth of 47.5% year-over-year and a healthy non-GAAP operating
margin of 43.9%. We believe our scalable operations and advanced
technology platform position us well to capture increasing
opportunities as market conditions improve while also ensuring we
maintain regulatory compliance."
Accounting Policy Change
Effective January 1, 2018, PPDAI adopted the new revenue
recognition policy, ASC 606 — Revenue from Contracts with
Customers, using the modified retrospective method in accordance
with US GAAP ("ASC 606"). As a result of adopting ASC 606, the
Company recognized the cumulative effect of initially applying the
revenue standard as an increase of approximately RMB176.0 million to the opening balances of
retained earnings, and the Company also recognized an increase in
revenue of approximately RMB170.0
million (US$27.1 million).
These adjustments primarily arose from the timing of revenue
recognition for transaction fees collected in monthly instalments
related to our loan products being recognized earlier under ASC
606. The Company provides the loan facilitation services and
post-facilitation services as multiple derivable arrangements.
Under ASC 605, transaction fees collected in monthly instalments
are considered contingent and, therefore, are not allocable to
different deliverables until the contingency is resolved (i.e. upon
receipt of the monthly transaction fee). Upon adoption of ASC 606,
revenue is recognized upon successful matching of borrowers and
investors using the total consideration estimated to be received
and allocated to the different performance obligations based upon
their relative fair value. Other significant changes relate to
timing of revenue recognition for the accounting management fee of
certain investment programs. The Company begins to recognize
revenue from account management fee from certain types of
investment programs over the term of the investment programs, which
is substantially within twelve months, rather than waiting until
the maturity of the investment program, generally twelve months
after the date of issuance of the investment program.
The ASC 606 revenue recognition standard also considers certain
loan collection fees as variable consideration related to loan
facilitation and post-facilitation performance obligations, and
therefore loan collection fees of RMB110.3 million (US$17.6
million) have been allocated from other revenues to loan
facilitation and post-facilitation service fees in the first
quarter of 2018.
First Quarter 2018 Financial Results
Operating revenues for the first quarter of 2018
increased by 37.1% to RMB916.8
million (US$146.2 million)
from RMB668.5 million in the same
period of 2017, primarily due to the increase in loan facilitation
service fees, post-facilitation service fees and other revenues as
a result of an increase in loan origination volume. As a result of
the adoption of the ASC 606, revenue is generally recognized
earlier in the life of the contract. For the three months ended
March 31, 2018, the impact of
applying the new revenue standard resulted in an increase in
revenue of approximately RMB170.0
million (US$27.1 million).
Loan facilitation service fees increased by 22.8% to
RMB620.8 million (US$99.0 million) for the first quarter of 2018
from RMB505.3 million in the same
period of 2017, primarily due to an increase in loan origination
volume on the Company's platform and the adoption of ASC 606
new revenue recognition standard effective January 1, 2018. Loan collection fees of
RMB83.1 million (US$13.3 million) have been allocated from other
revenues to loan facilitation services fees related to the adoption
of ACS 606. The average rate of transaction fees charged to
borrowers was 6.32% in the period, compared to 6.24% in the fourth
quarter of 2017 and 6.95% in the
first quarter of 2017.
Post-facilitation service fees increased significantly by
166.0% to RMB227.2 million
(US$36.2 million) for the first
quarter of 2018 from RMB85.4 million
in the same period of 2017, primarily due to the increase in loan
origination volume, the rolling impact of deferred transaction fees
and the adoption of ASC 606 effective January 1, 2018. Loan collection fees of
RMB27.2 million (US$4.3 million) have been allocated from other
revenue to post facilitation service fees related to the adoption
of ASC 606.
Other revenue decreased by 11.5% to RMB68.8 million (US$11.0
million) for the first quarter of 2018 from RMB77.8 million in the same period of 2017,
primarily due to the adoption of ASC 606 from January 1, 2018, offset by an increase in
management fees from investment programs that invest in loans
protected by the quality assurance fund.
Net interest income and loan provision losses for the
first quarter of 2018 was a gain of RMB27.0
million (US$4.3 million),
compared to a gain of RMB0.5 million
in the same period of 2017, mainly due to the increased number of
trusts we set up in 2017 for the purpose of serving institutional
investors.
Origination and servicing expenses increased by 42.5% to
RMB247.1 million (US$39.4 million) for the first quarter of 2018
from RMB173.4 million in the same
period of 2017, primarily due to the increase in headcount related
costs.
Sales and marketing expenses increased by 10.1% to
RMB151.1 million (US$24.1 million) for the first quarter of 2018
from RMB137.2 million in the same
period of 2017, primarily due to the increase in expenses
associated with (i) online customer acquisition, which mainly
include expenses paid to internet marketing channels for online
advertising and search engine marketing, as well as to certain
websites that give PPDAI access to quality borrowers, and (ii)
enhancing brand image.
General and administrative expenses increased by 88.7% to
RMB145.5 million (US$23.2 million) for the first quarter of 2018
from RMB77.1 million in the same
period of 2017, primarily due to the increase in staff costs.
General and administrative expenses for the period included
share-based compensation of RMB14.7
million (US$2.3 million).
Operating income increased by 42.3% to RMB400.1 million (US$63.8
million) for the first quarter of 2018 from RMB281.2 million in the same period of 2017.
Non-GAAP adjusted operating income, which excludes
share-based compensation before tax, was RMB414.7 million (US$66.1
million), representing an increase of 47.5% from
RMB281.2 million in the same period
of 2017.
Other income was RMB132.1
million (US$21.1 million) for
the first quarter of 2018, compared with RMB209.2 million in the same period of 2017.
Other income primarily consisted of a RMB59.7 million (US$9.5
million) gain from the quality assurance fund resulting from
increase in loans facilitated on the Company's platform that are
protected by the quality assurance fund, and a gain of RMB71.5 million (US$11.4
million) from fair value change of financial guarantee
derivatives due to an improvement in the expected default rate for
loans invested by outstanding investment programs protected by the
investor reserve funds, a realized loss of RMB45.2 million (US$7.2
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 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 2018, RMB7.8 billion of loans facilitated on the
Company's platform were protected by the quality assurance
fund.
Income tax expenses were RMB94.6
million (US$15.1 million) for
the first quarter of 2018, compared with RMB73.6 million in the same period of
2017.
Net profit increased by 5.0% to RMB437.6 million (US$69.8
million) for the first quarter of 2018 from RMB416.8 million in the same period of 2017.
Net profit attributable to ordinary shareholders of the
Company was RMB439.0 million
(US$70.0 million) for the first
quarter of 2018, compared with net loss attributable to ordinary
shareholders of RMB285.1 million in
the same period of 2017 due to the accretion losses on the
Company's Series A, B and C preferred shares in the first quarter
of 2017.
As of March 31, 2018, the Company
had cash and cash equivalents of RMB1,476.2
million (US$235.3 million) and
short-term investments mainly in wealth management products of
RMB2,261.9 million (US$360.6 million).
The total balance of the quality assurance fund, which includes
restricted cash of RMB1,163.6 million
(US$185.5 million) and the quality
assurance fund receivable of RMB1,325.3
million (US$211.3 million),
was equivalent to 19.0% 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%
|
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%
|
—
|
—
|
—
|
2017Q3 . . .
.
|
1.82%
|
2.93%
|
4.08%
|
5.16%
|
6.13%
|
—
|
—
|
—
|
—
|
—
|
—
|
2017Q4 . . .
.
|
2.51%
|
4.12%
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Business Outlook
PPDAI currently expects total loan volume for the fiscal year
2018 to be in the range of RMB70
billion to RMB80 billion. This
forecast is PPDAI's current and preliminary view, which is subject
to changes.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
May 15, 2018 (8:00 PM Beijing/Hong
Kong time on May 15,
2018).
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, 2018, by dialing the following telephone
numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10120252
|
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, 2018, the Company had over 71 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 RMB6.2726 to US$1.00, the rate in effect as of March 30, 2018 as certified for customs purposes
by the Federal Reserve Bank of New
York. https://www.federalreserve.gov/releases/h10/20180402/
.
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.
Jimmy Tan / Sally Huo
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.
Alan Wang
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,
|
|
2017
|
2018
|
|
RMB
|
RMB
|
USD
|
Assets
|
|
|
|
Cash and cash
equivalents
|
1,891,131
|
1,476,238
|
235,347
|
Restricted
cash
|
2,392,573
|
2,563,707
|
408,715
|
Short-term
investments
|
1,958,910
|
2,261,907
|
360,601
|
Available for
sale securities
|
3,377
|
3,250
|
518
|
Quality
assurance fund receivable
|
1,152,769
|
1,325,312
|
211,286
|
Intangible
asset
|
63,760
|
63,760
|
10,165
|
Property,
equipment and software, net
|
108,248
|
113,683
|
18,124
|
Loans and
receivables, net of allowance for loan losses
|
681,794
|
656,670
|
104,689
|
Investment in
equity investees
|
8,857
|
12,814
|
2,043
|
Accounts
receivable
|
17,773
|
340,306
|
54,253
|
Deferred tax
assets
|
128,361
|
81,185
|
12,943
|
|
|
|
|
|
|
|
|
Contract
asset
|
-
|
43,660
|
6,961
|
Other
assets
|
145,699
|
166,251
|
26,504
|
Goodwill
|
50,411
|
50,676
|
8,079
|
Total
assets
|
8,603,663
|
9,159,419
|
1,460,228
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
Liabilities:
|
|
|
|
Payable to
platform users
|
1,113,966
|
1,241,020
|
197,848
|
Quality
assurance fund payable
|
2,062,844
|
2,280,623
|
363,585
|
Deferred
revenue
|
265,094
|
-
|
-
|
Payroll and
welfare payable
|
156,831
|
103,874
|
16,560
|
Taxes
payable
|
257,143
|
210,328
|
33,531
|
Provision for
payment to investor reserve fund investor
|
107,660
|
107,660
|
17,164
|
Short-term
borrowing loan
|
-
|
52,110
|
8,308
|
Loans
payable
|
502,641
|
407,341
|
64,940
|
Contract
liability
|
-
|
151,823
|
24,204
|
Due to related
party
|
11,972
|
5,097
|
813
|
Deferred tax
liabilities
|
15,940
|
15,940
|
2,541
|
Accrued
expenses and other liabilities
|
211,614
|
178,501
|
28,457
|
Financial
guarantee derivative
|
215,770
|
144,239
|
22,995
|
Total
liabilities
|
4,921,475
|
4,898,556
|
780,946
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
Paid in
capital
|
100
|
100
|
16
|
Additional
paid-in capital
|
5,951,044
|
5,965,722
|
951,076
|
Treasury
stock
|
-
|
(8,765)
|
(1,397)
|
|
|
|
|
Statutory
reserves
|
55,090
|
55,090
|
8,783
|
Accumulated other
comprehensive income /(loss)
|
14,917
|
(26,379)
|
(4,205)
|
Accumulated
deficit
|
(2,398,984)
|
(1,783,444)
|
(284,324)
|
Total PPDai
Group Inc. shareholders' equity
|
3,622,167
|
4,202,324
|
669,949
|
Non-controlling
interest
|
60,021
|
58,539
|
9,333
|
Total
shareholders' equity
|
3,682,188
|
4,260,863
|
679,282
|
|
|
|
|
Total
liabilities and shareholders' equity
|
8,603,663
|
9,159,419
|
1,460,228
|
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,
|
|
2017
|
2018
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
Operating
revenues:
|
|
|
|
Loan
facilitation service fees
|
505,344
|
620,809
|
98,972
|
Post-facilitation service fees
|
85,398
|
227,164
|
36,215
|
Other
revenue
|
77,770
|
68,807
|
10,969
|
Total operating
revenues
|
668,512
|
916,780
|
146,156
|
Net interest
income/(expense) and loan provision losses
|
465
|
26,991
|
4,303
|
Net
revenues
|
668,977
|
943,771
|
150,459
|
Operating
expenses:
|
|
|
|
Origination and
servicing expense-related party
|
(157,469)
|
(25,333)
|
(4,039)
|
Origination and
servicing expense
|
(15,937)
|
(221,766)
|
(35,355)
|
Sales and
marketing expenses
|
(137,207)
|
(151,063)
|
(24,083)
|
General and
administrative expenses
|
(77,118)
|
(145,539)
|
(23,202)
|
Total operating
expenses
|
(387,731)
|
(543,701)
|
(86,679)
|
Other
income:
|
|
|
|
Gain from
quality assurance fund
|
98,783
|
59,743
|
9,524
|
Realized
gain/(loss) from financial guarantee derivatives
|
63,561
|
(45,222)
|
(7,210)
|
Fair value
change of financial guarantee derivatives
|
43,345
|
71,530
|
11,404
|
Other income,
net
|
3,469
|
46,028
|
7,339
|
Profit before
income tax expense
|
490,404
|
532,149
|
84,837
|
Income tax
expenses
|
(73,604)
|
(94,585)
|
(15,079)
|
Net
profit
|
416,800
|
437,564
|
69,758
|
|
|
|
|
Net loss attributable
to non-controlling interest shareholders
|
-
|
(1,482)
|
(236)
|
Net profit
attributable to PPDai Group Inc.
|
416,800
|
439,046
|
69,994
|
Series A
preferred shares
|
(280,010)
|
-
|
-
|
Series B
preferred shares
|
(204,264)
|
-
|
-
|
Series C
preferred shares
|
(217,638)
|
-
|
-
|
Net profit/(loss)
attributable to ordinary shareholders
|
(285,112)
|
439,046
|
69,994
|
Net profit
attributable to PPDai Group Inc.
|
416,800
|
439,046
|
69,994
|
Foreign currency
translation adjustment, net of nil tax
|
8,335
|
(41,296)
|
(6,584)
|
Comprehensive
income/(loss)
|
425,135
|
397,750
|
63,410
|
Weighted average
number of ordinary shares
used in computing
net income/(loss) per share
|
|
Basic
|
665,000,000
|
1,503,034,952
|
1,503,034,952
|
Diluted
|
665,000,000
|
1,623,915,472
|
1,623,915,472
|
|
|
|
|
Income/(loss) per
share -Basic
|
(0.4287)
|
0.2921
|
0.0466
|
Income/(loss) per
ADS-Basic
|
(2.1437)
|
1.4605
|
0.2328
|
Income/(loss) per
share -Diluted
|
(0.4287)
|
0.2704
|
0.0431
|
Income/(loss) per
ADS-Diluted
|
(2.1437)
|
1.3518
|
0.2155
|
PPDAI GROUP
INC.
|
UNAUDITED
Reconciliation of GAAP And Non-GAAP Results
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
Three months ended
Mar 31,
|
|
2017
|
2018
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
Net
Revenues
|
668,977
|
943,771
|
150,459
|
Less: total operating
expenses
|
(387,731)
|
(543,701)
|
(86,679)
|
Operating
Income
|
281,246
|
400,070
|
63,780
|
Less: Expected
discretionary payment to IRF
investors
|
-
|
-
|
-
|
Add: share-based
compensation expenses
|
-
|
14,678
|
2,340
|
Non-GAAP adjusted
operating income
|
281,246
|
414,748
|
66,120
|
View original
content:http://www.prnewswire.com/news-releases/ppdai-group-inc-reports-first-quarter-2018-unaudited-financial-results-300648450.html
SOURCE PPDAI Group Inc.