Jiayin Group Inc. Reports Fourth Quarter and Fiscal Year 2020(1) Unaudited Financial Results
-- Fourth Quarter Total Loan Origination Volume grew YoY6.5% to
-- Fourth Quarter Net Income grew YoY258.8% to
Fourth Quarter 2020 Operational and Financial Highlights :
- Loan origination volume2 was
RMB3,088 million (US$473.3 million ), representing an increase of 6.5% from the same period of 2019, and a decrease of 7.3% sequentially.
- Average borrowing amount per borrower was
RMB6,532 (US$1,001 ), representing a decrease of 18.8% from the same period of 2019.
- Repeat borrowing rate3 was 70.4%, compared with repeat borrowing rate of 65.0% in the same period of 2019.
- Net revenue was
RMB340.3 million (US$52.2 million ), representing a decrease of 3.5% from the same period of 2019, and a decrease of 15.2% sequentially.
- Operating income was
RMB52.9 million (US$8.1 million ), compared with operating loss ofRMB28.9 million in the same period of 2019.
- Net income was
RMB81.1 million (US$12.4 million ), compared with net income ofRMB22.6 million in the same period of 2019.
Full Year 2020 Operational and Financial Highlights:
- Loan origination volume2 was
RMB11,552 million (US$1,770.4 million ), representing a decrease of 39.4% fromRMB19,053 million in 2019.
- Average borrowing amount per borrower was
RMB6,908 (US$1,059 ), representing a decrease of 17.4% fromRMB8,364 in 2019.
- Repeat borrowing rate3 was 75.3%, compared with repeat borrowing rate of 48.0% in 2019.
- Net revenue was
RMB1,300.2 million (US$199.3 million ), representing a decrease of 41.7% fromRMB2,230.2 million in 2019.
- Operating income was
RMB302.1 million (US$46.3 million ), compared with operating income ofRMB534.7 million in 2019.
- Net income was
RMB250.1 million (US$38.3 million ), compared with net income ofRMB527.2 million in 2019.
Mr.
Fourth Quarter 2020 Financial Results
Net revenue was
Revenue from loan facilitation services was
Revenue from post-origination services was
Other revenue was
Origination and servicing expense was
Allowance for uncollectible accounts receivable, contract assets and loan receivables was
Sales and marketing expense was
General and administrative expense was
Research and development expense was
Income from operations was
Gain from de-recognition of other payable associated with disposal of Shanghai Caiyin was a gain of
Impairment of short-term investment was a loss of
Net income was
Cash and cash equivalents were
Full Year 2020 Financial Results
Net revenue was
Revenue from loan facilitation services was
Revenue from post-origination services was
Other revenue was
Origination and servicing expense was
Allowance for uncollectible accounts receivable, contract assets and loan receivables was
Sales and marketing expense was
General and administrative expense was
Research and development expense was
Income from operations was
Gain from de-recognition of other payable associated with disposal of Shanghai Caiyin was
Impairment of short-term investment was a loss of
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/8618727
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@jiayinfintech.cn
or
Ms.
Email: susie@blueshirtgroup.com
In the
Ms.
Email: julia@blueshirtgroup.com
JIAYIN GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) |
|||||||
As of |
As of |
||||||
2019 | 2020 | ||||||
RMB | RMB | US$ | |||||
ASSETS | |||||||
Cash and cash equivalents | 122,149 | 117,320 | 17,980 | ||||
Restricted cash | - | 2,000 | 307 | ||||
Amounts due from related parties4 | 130,722 | 542 | 83 | ||||
Accounts receivable, net4 | 139,164 | 158,064 | 24,224 | ||||
Loan receivables, net4 | - | 31,296 | 4,796 | ||||
Short-term investment4 | 69,618 | - | - | ||||
Prepaid expenses and other current assets | 91,002 | 61,289 | 9,393 | ||||
Deferred tax assets, net | 68,292 | 40,935 | 6,274 | ||||
Property and equipment, net | 39,084 | 19,449 | 2,981 | ||||
Right-of-use assets | 37,215 | 6,926 | 1,061 | ||||
Long-term investment | 3,826 | 87,551 | 13,418 | ||||
TOTAL ASSETS | 701,072 | 525,372 | 80,517 | ||||
LIABILITIES AND EQUITY | |||||||
Payroll and welfare payable | 48,524 | 58,288 | 8,933 | ||||
Amounts due to related parties | 872 | 8,785 | 1,346 | ||||
Refund liabilities | 180,104 | - | - | ||||
Tax payables | 179,421 | 279,383 | 42,817 | ||||
Accrued expenses and other current liabilities | 158,705 | 70,954 | 10,875 | ||||
Other payable related to the disposal of Shanghai Caiyin | 839,830 | 566,532 | 86,825 | ||||
Lease liabilities | 35,215 | 5,195 | 796 | ||||
TOTAL LIABILITIES | 1,442,671 | 989,137 | 151,592 | ||||
SHAREHOLDERS' DEFICIT | |||||||
Class A ordinary shares ( 100,100,000 shares issued and outstanding as of and 108,100,000 shares issued and outstanding as of |
0 | 0 | 0 | ||||
Class B ordinary shares ( 116,000,000 shares issued and outstanding as of and 108,000,000 shares issued and outstanding as of |
0 | 0 | 0 | ||||
Additional paid-in capital | 777,408 | 818,042 | 125,370 | ||||
Accumulated deficit | (1,519,731 | ) | (1,266,848 | ) | (194,153 | ) | |
Accumulated other comprehensive income (loss) | 469 | (12,817 | ) | (1,964 | ) | ||
(741,854 | ) | (461,623 | ) | (70,747 | ) | ||
Non-controlling interests | 255 | (2,142 | ) | (328 | ) | ||
TOTAL SHAREHOLDERS' DEFICIT | (741,599 | ) | (463,765 | ) | (71,075 | ) | |
TOTAL LIABILITIES AND DEFICIT | 701,072 | 525,372 | 80,517 | ||||
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 |
||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
Net revenue (including revenue from related parties of and 2020Q4, respectively) |
352,455 | 340,335 | 52,159 | 2,230,176 | 1,300,160 | 199,258 | |||||||
Operating cost and expenses: | |||||||||||||
Origination and servicing | (78,333 | ) | (64,859 | ) | (9,940 | ) | (425,565 | ) | (239,199 | ) | (36,659 | ) | |
Allowance for uncollectible accounts receivable, contract assets and loan receivables |
(56,025 | ) | (20,307 | ) | (3,112 | ) | (232,241 | ) | (77,278 | ) | (11,843 | ) | |
Sales and marketing | (132,434 | ) | (117,479 | ) | (18,004 | ) | (606,049 | ) | (375,063 | ) | (57,481 | ) | |
General and administrative | (75,923 | ) | (42,865 | ) | (6,569 | ) | (230,248 | ) | (154,963 | ) | (23,749 | ) | |
Research and development | (38,619 | ) | (41,876 | ) | (6,418 | ) | (201,404 | ) | (151,550 | ) | (23,226 | ) | |
Total operating cost and expenses | (381,334 | ) | (287,386 | ) | (44,043 | ) | (1,695,507 | ) | (998,053 | ) | (152,958 | ) | |
(Loss) income from operation | (28,879 | ) | 52,949 | 8,116 | 534,669 | 302,107 | 46,300 | ||||||
Gain from de-recognition of other payable associated with disposal of Shanghai Caiyin |
- | 117,021 | 17,934 | - | 117,021 | 17,934 | |||||||
Impairment of short-term investment | - | (32,595 | ) | (4,995 | ) | - | (67,169 | ) | (10,294 | ) | |||
Interest income (expense) | 5,806 | (11 | ) | (2 | ) | 5,720 | 7,716 | 1,183 | |||||
Other income (expense), net | 2,634 | 748 | 115 | 23,425 | 6,711 | 1,029 | |||||||
Income before income taxes and income from investment in affiliates |
(20,439 | ) | 138,112 | 21,168 | 563,814 | 366,386 | 56,152 | ||||||
Income tax benefit (expense) | 42,616 | (48,741 | ) | (7,470 | ) | (37,007 | ) | (108,811 | ) | (16,676 | ) | ||
Income (loss) from investment in affiliates | 378 | (8,222 | ) | (1,260 | ) | 378 | (7,509 | ) | (1,151 | ) | |||
Net income | 22,555 | 81,149 | 12,438 | 527,185 | 250,066 | 38,325 | |||||||
Less: net loss attributable to non-controlling interest shareholders |
(487 | ) | (4,472 | ) | (685 | ) | (562 | ) | (2,817 | ) | (432 | ) | |
Net income attributable to |
23,042 | 85,621 | 13,123 | 527,747 | 252,883 | 38,757 | |||||||
Weighted average shares used in calculating net income per share: |
|||||||||||||
- Basic and diluted | 216,100,000 | 216,100,000 | 216,100,000 | 210,409,863 | 216,100,000 | 216,100,000 | |||||||
Net income per share: | |||||||||||||
- Basic and diluted | 0.10 | 0.40 | 0.06 | 2.51 | 1.17 | 0.18 | |||||||
Net income | 22,555 | 81,149 | 12,438 | 527,185 | 250,066 | 38,325 | |||||||
Other comprehensive income, net of tax of nil: |
|||||||||||||
Foreign currency translation adjustments | (10,305 | ) | (8,489 | ) | (1,301 | ) | 471 | (13,366 | ) | (2,048 | ) | ||
Comprehensive income | 12,250 | 72,660 | 11,137 | 527,656 | 236,700 | 36,277 | |||||||
Comprehensive loss attributable to non-controlling interest |
(487 | ) | (6,516 | ) | (999 | ) | (560 | ) | (2,897 | ) | (444 | ) | |
Total comprehensive income attributable to Jiayin Group Inc. |
12,737 | 79,176 | 12,136 | 528,216 | 239,597 | 36,721 | |||||||
___________________________
1 The financial statements for the fourth quarter and full year ended
2 “Loan origination volume” refers the loan origination volume facilitated in Mainland China during the period presented.
3 “Repeat borrowing rate” refers to the repeat borrowers as a percentage of all of our borrowers in Mainland China.
4 The Company has adopted “ASC 326, Financial Instruments — Credit Losses” beginning
5 The total shares authorized for both Class A and Class B are 10,000,000,000,000.
Jiayin Group Inc.