Jiayin Group Inc. Reports Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results
Fourth Quarter 2019 Operational and Financial Highlights:
- Average investment amount per investor was
RMB91,033 (US$13,076 ), representing an increase of 73.7% from the same period of 2018.
- Average borrowing amount per borrower was
RMB8,042 (US$ 1,155 ), representing an increase of 14.1% from the same period of 2018.
- Loan origination volume1 was
RMB2,900 million (US$417 million ), representing a decrease of 56.1% from the same period of 2018, and a decrease of 38.6% sequentially.
- Investment volume2 was
RMB3,990 million (US$573 million ), representing a decrease of 47.1% from the same period of 2018, and a decrease of 22.2% sequentially.
- Net revenue was
RMB352.5 million (US$50.6 million ), representing a decrease of 50.4% from the same period of 2018, and a decrease of 31.0% sequentially.
- Operating loss was
RMB28.9 million (US$4.1 million ), compared with operating income ofRMB170.2 million in the same period of 2018, and operating income ofRMB83.5 million in the prior quarter.
- Net income was
RMB22.6 million (US$3.2 million ), compared with net income ofRMB162.3 million in the same period of 2018, and net income ofRMB81.8 million in the prior quarter.
Full Year 2019 Operational and Financial Highlights:
- Average investment amount per investor was
RMB113,775 (US$ 16,343 ), representing an increase of 40.9% from 2018.
- Average borrowing amount per borrower was
RMB8,364 (US$ 1,201 ), representing an increase of 21.3% from 2018.
- Loan origination volume was
RMB19,053 million (US$2,737 million ), representing a decrease of 19.5% from 2018.
- Investment volume was
RMB23,025 million (US$3,307 million ), representing a decrease of 14.0% from 2018.
- Net revenue was
RMB2,230.2 million (US$320.3 million ), representing a decrease of 22.6% from 2018.
- Operating income was
RMB534.7 million (US$76.8 million ), compared with operating income ofRMB685.2 million in 2018.
- Net income was
RMB527.2 million (US$75.7 million ), compared with net income ofRMB611.8 million in 2018.
Mr.
Fourth Quarter 2019 Financial Results
Net revenue was
Revenue from loan facilitation services was
Revenue from post-origination services was
Origination and servicing expense was
Allowance for uncollectible receivables and contract assets was
Sales and marketing expense was
General and administrative expense was
Research and development expense was
Losses from operations was
Net income was
Cash and cash equivalents were
Full Year 2019 Financial Results
Net revenue was
Revenue from loan facilitation services was
Revenue from post-origination services was
Origination and servicing expense was
Allowance for uncollectible receivables and contract assets was
Sales and marketing expense was
General and administrative expense was
Research and development expense was
Income from operations was
Net income was
Conference Call
The Company will host a conference call to discuss its financial results on
Please register in advance to join the conference using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration: http://apac.directeventreg.com/registration/event/4556618
A replay of the conference call may be accessed by phone at the following numbers until
Phone Number | Toll-Free Number | |
+1 (646) 254-3697 | +1 (855) 452-5696 | |
+852 30512780 | +852 800963117 | |
Mainland |
+86 4006322162 +86 8008700205 |
A live and archived webcast of the conference call will be available on the company’s investors relations website at http://ir.jiayin-fintech.com/.
About
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the
For more information, please contact:
In
Ms.
Email: ir@niwodai.com
or
Ms.
Email: susie@blueshirtgroup.com
In the
Ms.
Email: julia@blueshirtgroup.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) |
||||||
As of |
As of |
|||||
2018 | 2019 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Cash and cash equivalents | 41,441 | 122,149 | 17,546 | |||
Restricted cash | 41,500 | - | - | |||
Amounts due from related parties | - | 130,722 | 18,777 | |||
Accounts receivable, net | 336,849 | 139,164 | 19,990 | |||
Contract assets, net | 203,080 | - | - | |||
Assets from the investor assurance program, net | 5,525 | - | - | |||
Short-term Investment | - | 69,618 | 10,000 | |||
Prepaid expenses and other current assets | 88,234 | 91,002 | 13,072 | |||
Deferred tax assets | 56,027 | 68,292 | 9,810 | |||
- | 3,826 | 550 | ||||
Property and equipment | 29,011 | 39,084 | 5,614 | |||
Right-of-use assets3 | - | 37,215 | 5,346 | |||
Other long-term assets | 212 | - | - | |||
TOTAL ASSETS | 801,879 | 701,072 | 100,705 | |||
LIABILITIES AND EQUITY | ||||||
Liabilities including amounts of the consolidated VIEs without recourse to the Company: | ||||||
Payroll and welfare payable | 110,562 | 48,524 | 6,970 | |||
Amounts due to related parties | 84,509 | 872 | 125 | |||
Liabilities from investor assurance program | 1,547,072 | - | - | |||
Other guarantee liabilities | 4,060 | - | - | |||
Other Payable | 50,783 | 31,210 | 4,483 | |||
Contract Liability | - | 181,641 | 26,091 | |||
Other Payable related to the disposal of Caiyin | - | 839,830 | 120,634 | |||
Tax payables | 422,177 | 179,421 | 25,772 | |||
Refund liabilities | 84,498 | - | - | |||
Lease liabilities3 | - | 35,215 | 5,058 | |||
Accrued expenses and other current liabilities | 150,224 | 125,958 | 18,096 | |||
TOTAL LIABILITIES | 2,453,885 | 1,442,671 | 207,229 |
SHAREHOLDERS' DEFICIT | |||||||||
Ordinary shares ( |
0 | 0 | 0 | ||||||
Additional paid-in capital | 395,472 | 777,408 | 111,668 | ||||||
Accumulated deficit4 | (2,047,478 | ) | (1,519,731 | ) | (218,296 | ) | |||
Other comprehensive income | - | 469 | 67 | ||||||
(1,652,006 | ) | (741,854 | ) | (106,561 | ) | ||||
Non-controlloing interests | - | 255 | 37 | ||||||
TOTAL SHAREHOLDERS' DEFICIT | (1,652,006 | ) | (741,599 | ) | (106,524 | ) | |||
TOTAL LIABILITIES AND DEFICIT | 801,879 | 701,072 | 100,705 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands, except for share and per share data) |
|||||||||||||||||
For the Three Months Ended |
For the Year Ended |
||||||||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
Net revenue | 710,257 | 352,455 | 50,627 | 2,881,940 | 2,230,176 | 320,345 | |||||||||||
Operating cost and expenses: | |||||||||||||||||
Origination and servicing | (117,644 | ) | (78,333 | ) | (11,252 | ) | (401,679 | ) | (425,565 | ) | (61,129 | ) | |||||
Allowance for uncollectible accounts receivable and contract assets | (78,360 | ) | (56,025 | ) | (8,048 | ) | (265,978 | ) | (238,350 | ) | (34,237 | ) | |||||
Provision for assets and liabilities from investor assurance program | (41,018 | ) | - | - | (467,728 | ) | - | - | |||||||||
Sales and marketing | (163,952 | ) | (132,434 | ) | (19,023 | ) | (726,582 | ) | (606,049 | ) | (87,054 | ) | |||||
General and administrative | (67,193 | ) | (75,923 | ) | (10,906 | ) | (150,465 | ) | (224,139 | ) | (32,196 | ) | |||||
Research and development | (71,915 | ) | (38,619 | ) | (5,547 | ) | (184,302 | ) | (201,404 | ) | (28,930 | ) | |||||
Total operating cost and expenses | (540,082 | ) | (381,334 | ) | (54,776 | ) | (2,196,734 | ) | (1,695,507 | ) | (243,546 | ) | |||||
Income (loss) from operation | 170,175 | (28,879 | ) | (4,149 | ) | 685,206 | 534,669 | 76,799 | |||||||||
Interest income (expense) | (872 | ) | 5,806 | 828 | 169 | 5,720 | 822 | ||||||||||
Other income, net | 8,258 | 3,012 | 433 | 20,298 | 23,803 | 3,419 | |||||||||||
Income (loss) before income taxes | 177,561 | (20,061 | ) | (2,888 | ) | 705,673 | 564,192 | 81,040 | |||||||||
Income tax (expense) benefit | (15,226 | ) | 42,616 | 6,121 | (93,915 | ) | (37,007 | ) | (5,316 | ) | |||||||
Net income | 162,335 | 22,555 | 3,233 | 611,758 | 527,185 | 75,724 | |||||||||||
Less: net loss attributable to non-controlling interest shareholders | - | (487 | ) | (70 | ) | - | (562 | ) | (81 | ) | |||||||
Net income attributable to |
162,335 | 23,042 | 3,303 | 611,758 | 527,747 | 75,805 | |||||||||||
Weighted average shares used in calculating net income per share: | |||||||||||||||||
- Basic and diluted | 200,000,000 | 216,100,000 | 216,100,000 | 200,000,000 | 210,409,863 | 210,409,863 | |||||||||||
Net income per share: | |||||||||||||||||
- Basic and diluted | 0.81 | 0.11 | 0.02 | 3.06 | 2.51 | 0.36 | |||||||||||
Net income per ADS (1 ADS represents 4 ordinary shares): | |||||||||||||||||
- Basic and diluted | 3.25 | 0.44 | 0.08 | 12.24 | 10.04 | 1.44 | |||||||||||
Other comprehensive income, net of tax of nil: | |||||||||||||||||
Foreign currency translation adjustments | - | (10,305 | ) | (1,480 | ) | - | 471 | 68 | |||||||||
Comprehensive income | 162,335 | 12,250 | 1,753 | 611,758 | 527,656 | 75,792 | |||||||||||
Comprehensive loss attributable to non-controlling interest | (487 | ) | (70 | ) | (560 | ) | (80 | ) | |||||||||
Total comprehensive income attributable to |
162,335 | 12,737 | 1,823 | 611,758 | 528,216 | 75,872 | |||||||||||
___________________________
1 “Loan origination volume” refers to the total amount of loans facilitated during the period presented.
2 “Investment volume” refers to the total amount of all investment transactions executed by investors during the period presented.
3 The Company has adopted ASU No. 2016-02, “Leases,” beginning
4 It includes accumulated loss from under common control transactions related to Geerong Yun.
Source: Jiayin Group Inc.