Jiayin Group Reports Second Quarter 2019 Unaudited Financial Results
Highlights:
- Loan origination volume1 was
RMB4,900 million , representing a decrease of 15.1% from the same period of 2018, and a decrease of 25.0% sequentially
- Investment volume2 was
RMB6,242 million , representing a decrease of 7.8% from the same period of 2018, and a decrease of 18.6% sequentially
- Average investment amount per investor was
RMB56,653 , representing an increase of 32.7% from the same period of 2018
- Average borrowing amount per borrower was
RMB7,122 , representing a decrease of 3.4% from the same period of 2018
- Net revenue was
RMB635.6 million , representing a decrease of 6.6% from the same period of 2018, and a decrease of 13.1% sequentially
- Operating income was
RMB185.4 million , representing a decrease of 24.4%, from the same period of 2018, and a decrease of 37.1% sequentially
- Net income was
RMB168.6 million , representing a decrease of 19.8% from the same period of 2018, and a decrease of 33.7% 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 Equivalents at quarter-end were
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 2441378.
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$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the
For more information, please contact:
In
Ms.
Email: ir@niwodai.com
or
Ms.
Email: susie@blueshirtgroup.com
In the U.S.:
Ms.
Email: julia@blueshirtgroup.com
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
As of December 31, | As of June 30, | |||||||||||
2018 | 2019 | |||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | 41,441 | 438,406 | 63,861 | |||||||||
Restricted cash | 41,500 | 3,387 | 493 | |||||||||
Accounts receivable, net | 336,849 | 260,549 | 37,953 | |||||||||
Contract assets, net | 203,080 | 41,235 | 6,007 | |||||||||
Assets from the investor assurance program, net | 5,525 | 453 | 66 | |||||||||
Prepaid expenses and other current assets | 88,234 | 80,411 | 11,713 | |||||||||
Deferred tax assets | 56,027 | 56,027 | 8,161 | |||||||||
Property and equipment | 29,011 | 35,187 | 5,126 | |||||||||
Right-of-use assets3 | - | 51,675 | 7,527 | |||||||||
Other long-term assets | 212 | 2,968 | 433 | |||||||||
TOTAL ASSETS | 801,879 | 970,298 | 141,340 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities including amounts of the consolidated VIEs without recourse to the Company: | ||||||||||||
Payroll and welfare payable | 110,562 | 99,126 | 14,439 | |||||||||
Amounts due to related parties | 84,509 | 13,846 | 2,017 | |||||||||
Liabilities from investor assurance program | 1,547,072 | 887,382 | 129,262 | |||||||||
Other guarantee liabilities | 4,060 | - | - | |||||||||
Tax payables | 422,177 | 473,522 | 68,976 | |||||||||
Refund liabilities | 84,498 | 60,389 | 8,797 | |||||||||
Lease liabilities3 | - | 49,947 | 7276 | |||||||||
Accrued expenses and other current liabilities | 201,007 | 310,841 | 45,279 | |||||||||
TOTAL LIABILITIES | 2,453,885 | 1,895,053 | 276,046 | |||||||||
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 June 30, 2019, respectively) | 0 | 0 | 0 | ||||||
Additional paid-in capital | 395,472 | 699,827 | 101,941 | ||||||
Accumulated deficit | (2,047,478 | ) | (1,624,615 | ) | (236,652 | ) | |||
Other comprehensive income | - | 6 | 1 | ||||||
Minority interests | - | 27 | 4 | ||||||
TOTAL SHAREHOLDERS' DEFICIT | (1,652,006 | ) | (924,755 | ) | (134,706 | ) | |||
TOTAL LIABILITIES AND DEFICIT | 801,879 | 970,298 | 141,340 | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands, except for share and per share data)
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
Net revenue | 680,261 | 635,616 | 92,588 | 1,663,518 | 1,366,947 | 199,118 | |||||||
Operating cost and expenses: | |||||||||||||
Origination and servicing | (101,294 | ) | (127,670 | ) | (18,597 | ) | (186,125 | ) | (246,104 | ) | (35,849 | ) | |
Allowance for uncollectible accounts receivable and contract assets | (57,438 | ) | (70,751 | ) | (10,306 | ) | (161,231 | ) | (114,545 | ) | (16,685 | ) | |
Provision for assets and liabilities from investor assurance program | - | - | - | (164,373 | ) | - | - | ||||||
Sales and marketing | (207,073 | ) | (149,818 | ) | (21,823 | ) | (448,763 | ) | (321,251 | ) | (46,796 | ) | |
General and administrative | (31,527 | ) | (51,460 | ) | (7,496 | ) | (56,416 | ) | (100,751 | ) | (14,676 | ) | |
Research and development | (37,722 | ) | (50,497 | ) | (7,356 | ) | (75,775 | ) | (104,219 | ) | (15,181 | ) | |
Total operating cost and expenses | (435,054 | ) | (450,196 | ) | (65,578 | ) | (1,092,683 | ) | (886,870 | ) | (129,187 | ) | |
Income from operation | 245,207 | 185,420 | 27,010 | 570,835 | 480,077 | 69,931 | |||||||
Interest income (expense) | 420 | 308 | 45 | 812 | (174 | ) | (25 | ) | |||||
Other income, net | 2,385 | 9,963 | 1,451 | 10,371 | 13,482 | 1,964 | |||||||
Income before income taxes | 248,012 | 195,691 | 28,506 | 582,018 | 493,385 | 71,870 | |||||||
Income tax expense | (37,772 | ) | (27,045 | ) | (3,939 | ) | (88,641 | ) | (70,523 | ) | (10,273 | ) | |
Net income | 210,240 | 168,646 | 24,567 | 493,377 | 422,862 | 61,597 | |||||||
Less: net loss attributable to non-controlling interest shareholders | - | (227 | ) | (33 | ) | - | (227 | ) | (33 | ) | |||
Net income attributable to Jiayin Group Inc. | 210,240 | 168,873 | 24,600 | 493,377 | 423,089 | 61,630 | |||||||
Other comprehensive income, net of tax of nil: | |||||||||||||
Foreign currency translation adjustments | - | 7 | 1 | - | 7 | 1 | |||||||
Total comprehensive income attributable to Jiayin Group Inc. | 210,240 | 168,880 | 24,601 | 493,377 | 423,096 | 61,631 | |||||||
Weighted average shares used in calculating net income per share: | |||||||||||||
- Basic and diluted | 200,000,000 | 209,123,333 | 209,123,333 | 200,000,000 | 204,561,667 | 204,561,667 | |||||||
Net income per share: | |||||||||||||
- Basic and diluted | 1.05 | 0.81 | 0.12 | 2.47 | 2.07 | 0.30 |
__________________________
1 “loan origination volume” refers to the total amount of loans facilitated through the Company’s marketplace during a certain period
2 “investment volume” for a certain period refers to the sum of the principal amount of all investment transactions executed by investors directly through the Company’s marketplace during such period. The calculation of the investment volume of an investment made by an investor through the automated investment program does not take into account automated reinvestments enabled by the automated investment program;
3 The Company has adopted ASU No. 2016-02, “Leases,” beginning
Source: Jiayin Group Inc.