Jiayin Group Inc. Reports Third Quarter 2019 Unaudited Financial Results
Highlights:
- Loan origination volume1 was
RMB4,720 million , representing an increase of 12.6% from the same period of 2018, and a decrease of 3.7% sequentially
- Investment volume2 was
RMB5,128 million , representing an increase of 11.3% from the same period of 2018, and a decrease of 17.8% sequentially
- Average investment amount per investor was
RMB74,592 , representing an increase of 31.7% from the same period of 2018
- Average borrowing amount per borrower was
RMB7,453 , representing an increase of 10.4% from the same period of 2018
- Net revenue was
RMB510.8 million , representing an increase of 0.5% from the same period of 2018, and a decrease of 19.6 % sequentially
- Operating income was
RMB83.5 million , compared with an operating loss ofRMB 55.8 million in the same period of 2018, and a decrease of 55.0% sequentially
- Net income was
RMB81.8million , compared with a net loss ofRMB 44.0 million in the same period of 2018, and a decrease of 51.5% sequentially
Mr.
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 attributable to
Cash and cash equivalents at quarter-end were
During the quarter, the Company conducted a business combination with
Conference Call
The Company will host a conference call to discuss its financial results on
Dial-in details for the earnings conference call are as follows:
China: | +86 4006208038 or +86 8008190121 |
Hong Kong | +852 3018-6771 |
United States, New York | +1 (845) 675-0437 |
To join, please dial in 10 minutes before the call is scheduled to begin and provide the passcode 6759548.
Phone Number | Toll-Free Number | |
United States | +1 (845) 675-0437 | +1 (866) 519-4004 |
Hong Kong | +852 30186771 | +852 800906601 |
Mainland China | +86 8008190121 +86 4006208038 |
A replay of the conference call may be accessed by phone at the following numbers until
Phone Number | Toll-Free Number | |
United States | +1 (646) 254-3697 | +1 (855) 452-5696 |
Hong Kong | +852 30512780 | +852 800963117 |
Mainland China | +86 8008700206 +86 4006022065 |
A live and archived webcast of the conference call will be available on the Company’s investors relations website at http://ir.niwodai.com/.
About
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the
For more information, please contact:
In
Ms.
Email: ir@niwodai.com
or
Ms.
Email: susie@blueshirtgroup.com
In the U.S.:
Ms.
Email: julia@blueshirtgroup.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
As of December 31, | As of September 30, | |||||
2018 | 2019 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Cash and cash equivalents | 41,441 | 237,994 | 33,297 | |||
Restricted cash | 41,500 | - | - | |||
Amounts due from related parties | - | 131,328 | 18,373 | |||
Accounts receivable, net | 336,849 | 208,798 | 29,212 | |||
Contract assets, net | 203,080 | - | - | |||
Assets from the investor assurance program, net | 5,525 | - | - | |||
Short term Investment | - | 71,477 | 10,000 | |||
Prepaid expenses and other current assets | 88,234 | 132,118 | 18,484 | |||
Deferred tax assets | 56,027 | - | - | |||
Long term Investment | - | 3,540 | 495 | |||
Property and equipment | 29,011 | 39,169 | 5,480 | |||
Right-of-use assets3 | - | 44,742 | 6,260 | |||
Other long-term assets | 212 | 3,234 | 452 | |||
TOTAL ASSETS | 801,879 | 872,400 | 122,053 | |||
LIABILITIES AND EQUITY | ||||||
Liabilities including amounts of the consolidated VIEs without recourse to the Company: |
||||||
Payroll and welfare payable | 110,562 | 91,512 | 12,803 | |||
Amounts due to related parties | 84,509 | 7,511 | 1,051 | |||
Liabilities from investor assurance program | 1,547,072 | - | - | |||
Other guarantee liabilities | 4,060 | - | - | |||
Other Payable | 50,783 | 293,069 | 41,002 | |||
Other Payable related to the disposal of Caiyin | - | 987,511 | 138,158 | |||
Tax payables | 422,177 | 141,491 | 19,795 | |||
Refund liabilities | 84,498 | - | - | |||
Lease liabilities3 | - | 42,914 | 6,004 | |||
Deferred Tax Liability | - | 4,969 | 695 | |||
Accrued expenses and other current liabilities | 150,224 | 143,285 | 20,046 | |||
TOTAL LIABILITIES | 2,453,885 | 1,712,262 | 239,554 | |||
Commitments and Contingencies |
SHAREHOLDERS' DEFICIT | |||||||
Ordinary shares (US$ 0.000000005 par value; 10,000,000,000,000 shares authorized, 200,000,000 shares issued and outstanding as of December 31, 2018, 216,100,000 shares issued and outstanding as of September 30, 2019, respectively) |
0 | 0 | 0 | ||||
Additional paid-in capital | 395,472 | 715,029 | 100,036 | ||||
Accumulated deficit4 | (2,047,478 | ) | (1,565,535 | ) | (219,026 | ) | |
Other comprehensive income | - | 10,770 | 1,507 | ||||
Minority interests | - | (126 | ) | (18 | ) | ||
TOTAL SHAREHOLDERS' DEFICIT | (1,652,006 | ) | (839,862 | ) | (117,501 | ) | |
TOTAL LIABILITIES AND DEFICIT | 801,879 | 872,400 | 122,053 | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands, except for share and per share data)
Three Months Ended September 30 |
Nine Months Ended September 30 |
|||||||||||
2018 | 2019 | 2018 | 2019 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net revenue (including revenue from related parties of RMB nil and RMB 654 for the period 2018Q3, and 2019Q3, respectively) |
508,165 | 510,773 | 71,460 | 2,171,683 | 1,887,556 | 264,079 | ||||||
Operating cost and expenses: | ||||||||||||
Origination and servicing | (97,911 | ) | (101,128 | ) | (14,148 | ) | (284,035 | ) | (354,929 | ) | (49,656 | ) |
Allowance for uncollectible accounts receivable and contract assets | (26,386 | ) | (67,780 | ) | (9,483 | ) | (187,618 | ) | (182,325 | ) | (25,508 | ) |
Provision for assets and liabilities from investor assurance program | (262,336 | ) | - | - | (426,710 | ) | - | - | ||||
Sales and marketing | (113,867 | ) | (152,364 | ) | (21,317 | ) | (562,630 | ) | (492,336 | ) | (68,880 | ) |
General and administrative | (26,856 | ) | (47,465 | ) | (6,641 | ) | (83,272 | ) | (154,405 | ) | (21,602 | ) |
Research and development | (36,612 | ) | (58,566 | ) | (8,194 | ) | (112,387 | ) | (162,785 | ) | (22,775 | ) |
Total operating cost and expenses | (563,968 | ) | (427,303 | ) | (59,783 | ) | (1,656,652 | ) | (1,346,780 | ) | (188,421 | ) |
Income (loss) from operation | (55,803 | ) | 83,470 | 11,677 | 515,031 | 540,776 | 75,658 | |||||
Interest income (expense) | 230 | 88 | 12 | 1,042 | (88 | ) | (12 | ) | ||||
Other income, net | 1,669 | 7,308 | 1,022 | 12,039 | 20,876 | 2,921 | ||||||
Income (loss) before income taxes | (53,904 | ) | 90,866 | 12,711 | 528,112 | 561,564 | 78,567 | |||||
Income tax expense | 9,952 | (9,099 | ) | (1,273 | ) | (78,689 | ) | (79,623 | ) | (11,140 | ) | |
Net income (loss) | (43,952 | ) | 81,767 | 11,438 | 449,423 | 481,941 | 67,427 | |||||
Less: net income (loss) attributable to non-controlling interest shareholders | - | 152 | 21 | - | (76 | ) | (11 | ) | ||||
Net income (loss) attributable to Jiayin Group Inc. | (43,952 | ) | 81,615 | 11,417 | 449,423 | 482,017 | 67,438 | |||||
Other comprehensive income, net of tax of nil: | ||||||||||||
Foreign currency translation adjustments | - | 10,770 | 1,507 | - | 10,777 | 1,508 | ||||||
Total comprehensive income (loss) attributable to Jiayin Group Inc. | (43,952 | ) | 92,385 | 12,924 | 449,423 | 492,794 | 68,946 | |||||
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 | 206,307,671 | 206,307,671 | ||||||
Net income (loss) per share: | ||||||||||||
- Basic and diluted | (0.22 | ) | 0.38 | 0.05 | 2.25 | 2.34 | 0.33 | |||||
Net income (loss) per ADS(1 ADS represents 4 ordinary shares): | ||||||||||||
- Basic and diluted | (0.88 | ) | 1.52 | 0.20 | 9.00 | 9.36 | 1.32 |
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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.