BEIJING, May 22, 2017 /PRNewswire/ -- Yirendai Ltd.
(NYSE: YRD) ("Yirendai" or the "Company"), a leading online
consumer finance marketplace in China, today announced its unaudited financial
results for the quarter ended March 31,
2017.
Starting from the second quarter of 2016, the Company changed
its reporting currency from the U.S. dollar ("US$") to the Renminbi
("RMB"), to reduce the impact of increased volatility of the RMB to
US$ exchange rate on the Company's reported operating results. The
aligning of the reporting currency with the underlying operations
will better depict the Company's results of operations for each
period. This release contains translations of certain RMB amounts
into US$ for convenience[1]. Prior period numbers have been recast
into the new reporting currency.
|
For Three Months
Ended
|
in RMB
million
|
March 31,
2017
|
December 31,
2016
|
March 31,
2016
|
QoQ
Change
|
YoY
Change
|
Amount of Loans
Facilitated
|
6,922.7
|
6,675.2
|
3,446.5
|
3.7%
|
100.9%
|
Total Net
Revenue
|
1,021.6
|
1,071.1
|
556.4
|
-4.6%
|
83.6%
|
Total Fees Billed
(non-GAAP)
|
1,583.5
|
1,630.4
|
847.4
|
-2.9%
|
86.9%
|
Net Income
|
350.9
|
379.8
|
131.7
|
-7.6%
|
166.4%
|
Adjusted EBITDA
(non-GAAP)
|
400.3
|
401.1
|
206.6
|
-0.2%
|
93.7%
|
In the first quarter of 2017, Yirendai facilitated RMB 6,922.7 million (US$1,005.7 million) of loans to 124,953 qualified
individual borrowers on its online marketplace, representing a 101%
year-over-year growth; 69% of the borrowers were acquired from
online channels; 51% of the loan volume was originated from online
channels and 99.8% of the online volume was facilitated through the
Yirendai mobile application.
In the first quarter of 2017, Yirendai facilitated 192,505
investors with total investment amount of RMB 7,150.0 million (US$1,038.8 million), 100% of which was
facilitated through its online platform and 89.1% of which was
facilitated through its mobile application.
For the first quarter of 2017, total net revenue was
RMB 1,021.6 million (US$148.4 million), up by 84% from the same period
in 2016; net income was RMB 350.9
million (US$51.0 million),
representing an increase of 166% from the same period in 2016.
"Our business enjoyed strong momentum with loan origination
volume growing sequentially despite the seasonally slow
Chinese New Year holiday," commented
Ms. Yihan Fang, Chief Executive
Officer of Yirendai. "More importantly, loans originating from
online channels exceeded 50% this quarter as we drive further
growth in our online customer acquisition channels. In addition, we
continue to improve our end-to-end customer application and credit
underwriting process to increase customer acquisition efficiency
leveraging our technology and data analytics capabilities. We will
continue to execute our sustainable business growth, consumer brand
building and strong partnerships strategies."
"We are pleased to deliver another quarter of strong topline and
bottom-line growth," commented Mr. Dennis
Cong, Chief Financial Officer of Yirendai. "At the same
time, the risk performance of our loan portfolio remained stable
and well within our expectation. On the regulatory front, we
continue to be in close communication with various regulatory
bodies to ensure Yirendai's registration process goes smoothly. We
are committed to optimizing all aspects of our business operations
to support long-term sustainable growth and
profitability."
First Quarter 2017 Financial Results
Total amount of loans facilitated in the first quarter of
2017 was RMB 6,922.7 million
(US$1,005.7 million), increased by
101% year over year from RMB 3,446.5
million in the same period of 2016, reflecting strong demand
for our products and services, especially from customers acquired
from online channels. As of March 31,
2017, the Yirendai platform had facilitated approximately
RMB 39.3 billion (US$5.7 billion) in loan principal since its
inception.
Total net revenue in the first quarter of 2017 was
RMB 1,021.6 million (US$148.4 million), increased by 84% from
RMB 556.4 million in the same period
of 2016. The increase of total net revenue was mainly attributable
to the growth of loan origination volume, increased service fees
billed to investors and increased monthly fees billed to borrowers
as our remaining loan balance continued to expand.
Total fees billed (non-GAAP) in the first quarter of 2017
were RMB 1,583.5 million
(US$230.1 million), increased by 87%
from RMB 847.4 million in the same
period of 2016, driven by the growth of loan origination volume.
Upfront fees billed to borrowers in the first quarter of
2017 were RMB 1,334.7 million
(US$193.9 million), increased by 73%
from RMB 773.3 million in the same
period of 2016. Monthly fees billed to borrowers in the
first quarter of 2017 were RMB 173.1
million (US$25.1 million),
increased by 172% from RMB 63.6
million in the same period of 2016. The significant
year-over-year increase in monthly fees billed to borrowers was
primarily attributable to the increase in loans generated from
online channels, which features a fee collection schedule with
monthly payments in addition to the upfront portion. Service
fees billed to investors in the first quarter of 2017 were
RMB 177.1 million (US$25.7 million), increased by 174% from
RMB 64.6 million in the same period
of 2016. The significant year-over-year increase in service fees
billed to investors was primarily attributable to the increase in
loan balance.
Operating costs and expenses in the first quarter of 2017
were RMB 628.7 million (US$91.3 million), decreased by 7% from
RMB 674.3 million in the previous
quarter and compared to RMB 348.3
million in the same period of 2016. The decrease in
operating costs and expenses was mainly attributable to the
decrease in sales and marketing expenses as percentage of amount of
loans facilitated in this quarter.
Sales and marketing expenses in the first quarter of 2017
were RMB 469.4 million (US$68.2 million), decreased by 13% from
RMB 538.0 million in the previous
quarter and compared to RMB 254.8
million in the same period of 2016. Sales and marketing
expenses in the first quarter of 2017 accounted for 6.8% of amount
of loans facilitated, decreased from 8.1% in the previous quarter
and 7.4% in the same period of 2016. The decrease in sales and
marketing expenses was attributable to both reduced marketing
activities during the Chinese New
Year holiday and the gradually improved efficiency of
borrower acquisition from online sources as we drive the
optimization of customer acquisition and credit underwriting
process.
Origination and servicing costs in the first quarter of
2017 were RMB 58.8 million
(US$8.5 million), compared to
RMB 56.7 million in the previous
quarter and RMB 33.4 million in the
same period of 2016. Origination and servicing costs in the first
quarter of 2017 accounted for 0.8% of amount of loans facilitated,
the same as 0.8% in the previous quarter and decreased from 1.0% in
the same period of 2016.
General and administrative expenses in the first quarter
of 2017 were RMB 100.5 million
(US$14.6 million), compared to
RMB 79.7 million in the previous
quarter and RMB 60.1 million in the
same period of 2016. General and administrative expenses in the
first quarter of 2017 accounted for 9.8% of total net revenue,
compared to 7.4% in the previous quarter and 10.8% in the same
period of 2016. The increase in general and administrative expenses
as percentage of total net revenue was primarily due to the
deferred revenue recognition impact for loans facilitated from
online channels, which features a fee collection schedule with
monthly payments in addition to the upfront portion.
Income tax expense in the first quarter of 2017 was
RMB 67.7 million (US$9.8 million). In the first quarter of 2017, Yi
Ren Heng Ye Technology Development (Beijing) Co., Ltd., a subsidiary of the
Company, enjoyed a favorable enterprise income tax rate of 12.5%
since it became qualified as a software enterprise which is
confirmed by local tax bureau in Q2 2016. This makes it eligible
for an exemption of enterprise income tax for 2015 and 2016 and a
favorable enterprise income tax rate of 12.5% for 2017, 2018 and
2019.
Net income in the first quarter of 2017 was RMB 350.9 million (US$51.0
million), increased by 166% from RMB
131.7 million in the same period of 2016.
Adjusted EBITDA (non-GAAP) in the first quarter of 2017
was RMB 400.3 million (US$58.2 million), compared to RMB 401.1 million in the previous quarter and
increased by 94% from RMB 206.6
million in the same period of 2016. Adjusted EBITDA
margin[2] (non-GAAP) in the first quarter of 2017 was 39.2%,
compared to 37.5% in the previous quarter and 37.1% in the same
period of 2016.
Basic income per ADS in the first quarter of 2017 was
RMB 5.87 (US$0.85), compared to RMB
6.36 in the previous quarter and increased by 161% from
RMB 2.25 in the same period of
2016.
Diluted income per ADS in the first quarter of 2017 was
RMB 5.81 (US$0.84), compared to RMB
6.28 in the previous quarter and increased by 158% from
RMB 2.25 in the same period of
2016.
Net cash generated from operating activities[3] in the
first quarter of 2017 was RMB 564.5
million (US$82.0 million),
compared to RMB 836.1 million in the
previous quarter and increased by 30% from RMB 434.3 million in the same period of 2016. The
sequential decrease in net cash generated from operating activities
was primarily due to the increase in loans generated from online
channels, which feature a fee collection schedule with monthly
payments in addition to the upfront portion.
As of March 31, 2017, cash and
cash equivalents was RMB 864.4
million (US$ 125.6 million),
compared to RMB 968.2 million as of
December 31, 2016. The decrease in
cash and cash equivalents was primarily due to the Company's
increased investment in available-for-sale investments and
held-to-maturity investments, to enhance its return from operating
cash. As of March 31, 2017, balance
of held-to-maturity investments was RMB
494.8 million (US$71.9
million), compared to RMB 98.9
million as of December 31,
2016. As of March 31, 2017,
balance of available-for-sale investments was RMB 1,232.3 million (US$179.0 million), compared to RMB 1,158.0 million as of December 31, 2016.
Quality Assurance Program. In the first quarter of 2017,
Yirendai accrued liabilities from quality assurance program of
RMB 553.8 million (US$80.5 million), which is equal to 8% of the
loans facilitated through its marketplace during the period. During
the quarter, the Company released liabilities of RMB 323.3 million (US$
47.0 million) to pay out the outstanding principal and
accrued interest of default loans. As of March 31, 2017, liabilities from quality
assurance program were RMB 1,701.5
million (US$247.2
million).
Delinquency rates. As of March 31,
2017, the delinquency rates for loans that are past due for
15-29 days, 30-59 days and 60-89 days were 0.4%, 0.8% and 0.6%,
compared to 0.4%, 0.7% and 0.6% as of December 31, 2016.
Cumulative M3+ net charge-off rates[4]. As of
March 31, 2017, the cumulative M3+
net charge-off rates for Grade A, B, C and D loans originated in
2015 were 5.5%, 7.3%, 9.3% and 7.7%, respectively, compared to
5.1%, 6.6%, 8.2%, and 6.7% as of December
31, 2016. As of March 31,
2017, the cumulative M3+ net charge-off rates for Grade A,
B, C and D loans originated in 2016 were 0.7%, 1.5%, 2.4% and 2.0%
respectively, compared to 0.2%, 0.6%, 1.0% and 0.9% as of
December 31, 2016. As the 2015 and
2016 vintage loans continue to mature, the charge off level is
consistent with our risk performance expectation.
Other Operating Metrics and Business Results
- As of March 31, 2017, Yirendai
had facilitated RMB 39.3 billion
(US$5.7 billion) of loans on the
Yirendai online marketplace since its inception in 2012.
- As of March 31, 2017, remaining
principal of performing loans totaled RMB
24.0 billion (US$3.5 billion),
increased by 16% from RMB 20.8
billion as of December 31,
2016 and 118% from RMB 11.0
billion as of March 31,
2016.
- In the first quarter of 2017, the Yirendai platform facilitated
loans for 124,953 borrowers, 69% of whom were acquired from online
channels.
- Total amount of loans facilitated in the first quarter of 2017
was RMB 6.9 billion (US$1.0 billion); 51% of the loans were originated
from online channel, and 99.8% of the online volume was facilitated
through Yirendai's mobile application.
- In the first quarter of 2017, the Yirendai platform facilitated
loans for 192,505 investors, 100% of whom were acquired from online
channels, with annual rates of return ranging from 4.5% to
11.25%.
- In the first quarter of 2017, loans made to Grade A, B, C and D
borrowers represented 3.5%, 5.8%, 7.4%, and 83.3% of the Company's
product portfolio, respectively.
Business Outlook
Based on the information available as
of the date of this press release, Yirendai provides the following
outlook, which reflects the Company's current and preliminary view
and is subject to change. The following outlook does not take into
consideration the impact of stock-based compensation expenses.
Second Quarter 2017
- Total loans facilitated will be in the range of
RMB 7,700 million to RMB 7,900
million.
- Total net revenue will be in the range of RMB 1,070 million to RMB 1,090 million.
- Adjusted EBITDA margin (non-GAAP) will be in the range
of 24% to 26%.
Full Year 2017
- Total loans facilitated will be in the range of
RMB 33,000 million to RMB 35,000
million.
- Total net revenue will be in the range of RMB 4,400 million to RMB 4,600 million.
- Adjusted EBITDA margin (non-GAAP) will be in the
range of 23% to 26%.
Non-GAAP Financial Measures
In evaluating the
business, the Company considers and uses several non-GAAP financial
measures, such as fees billed and adjusted EBITDA as supplemental
measures to review and assess operating performance. We believe
that fees billed and adjusted EBITDA provide useful information
about our core operating results, enhance the overall understanding
of our past performance and prospects and allow for greater
visibility with respect to key metrics used by our management in
our financial and operational decision-making. The presentation of
these non-GAAP financial measures is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with accounting principles
generally accepted in the United States
of America ("U.S. GAAP"). The non-GAAP financial measures
have limitations as analytical tools. Other companies, including
peer companies in the industry, may calculate these non-GAAP
measures differently, which may reduce their usefulness as a
comparative measure. The Company compensates for these limitations
by reconciling the non-GAAP financial measures to the nearest U.S.
GAAP performance measure, all of which should be considered when
evaluating our performance. See "Operating Highlights and
Reconciliation of GAAP to Non-GAAP measures" at the end of this
press release.
Currency Conversion
Effective April 1, 2016, the Company changed its reporting
currency from US$ to RMB. The change in reporting currency is to
reduce the impact of increased volatility of the RMB to the US$
exchange rate on the Company's reported operating results. The
aligning of the reporting currency with the underlying operations
will better depict the Company's results of operations for each
period. Prior to April 1, 2016, the
Company reported its annual and quarterly consolidated statement of
operations, cash flow data and balance sheet in US$. In this
announcement, the unaudited financial results for the quarter ended
March 31, 2017 are stated in RMB. The
related financial statements prior to April
1, 2016 have been recast to reflect RMB as the reporting
currency for comparison to the financial results for the quarter
and the year ended December 31,
2016.
This announcement contains currency conversions of certain RMB
amounts into US$ at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
US$ are made at a rate of RMB 6.8832 to
US$1.00, the effective noon buying rate on March 31, 2017 as set forth in the H.10
statistical release of the Federal Reserve Board.
Conference Call
Yirendai will host a conference
call to discuss about its first quarter 2017 financial results
at 8:00 AM U.S. Eastern Time on May 22, 2017,
which corresponds to 8:00 PM Beijing/Hong Kong time on
the same day.
The dial-in details for the live conference call are as
follows:
International:
|
1-412-902-4272
|
U.S. Toll
Free:
|
1-888-346-8982
|
Hong Kong Toll
Free:
|
800-905945
|
China Toll
Free:
|
4001-201203
|
Conference
ID:
|
Yirendai
|
A replay of the conference call will be available until May
29, 2017 by dialing:
International:
|
1-412-317-0088
|
U.S. Toll
Free:
|
1-877-344-7529
|
Replay Access
Code:
|
10106033
|
A live and archived webcast of the conference call will be
available on Yirendai's website
at yirendai.investorroom.com.
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 Yirendai'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 Yirendai's ability to attract
and retain borrowers and investors on its marketplace, its ability
to introduce new loan products and platform enhancements, its
ability to compete effectively, PRC regulations and policies
relating to the peer-to-peer lending service industry in
China, general economic conditions
in China, and Yirendai's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE or other stock exchange, 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 Yirendai'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 Yirendai 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.
About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading
online consumer finance marketplace in China connecting investors and individual
borrowers. The Company provides an effective solution to address
largely underserved investor and individual borrower demand in
China through an online platform
that automates key aspects of its operations to efficiently match
borrowers with investors and execute loan transactions. Yirendai
deploys a proprietary risk management system, which enables the
Company to effectively assess the creditworthiness of borrowers,
appropriately price the risks associated with borrowers, and offer
quality loan investment opportunities to investors. Yirendai's
online marketplace provides borrowers with quick and convenient
access to consumer credit at competitive prices and investors with
easy and quick access to an alternative asset class with attractive
returns. For more information, please visit
yirendai.investorroom.com.
For investor and media inquiries, please contact:
Yirendai
Hui (Matthew)
Li
Director of Investor Relations
Email: matthewli@yirendai.com
Christensen IR
In China
Christian Arnell
Phone: +86 (0) 10-59001548
Email: carnell@christensenir.com
In U.S.
Linda Bergkamp
Phone: +1 (480) 614-3004
Email: lbergkamp@christensenir.com
[1] Unless otherwise noted, all translations from RMB to U.S.
dollars are made at a rate of RMB 6.8832 to
US$1.00, the effective noon buying rate on March 31, 2017 as set forth in the H.10
statistical release of the Federal Reserve Board.
[2] Adjusted EBITDA margin is a non-GAAP financial measure
calculated as adjusted EBITDA divided by total net revenue.
[3] Starting from the fourth quarter of 2016, the Company early
adopted ASU 2016-18, that includes restricted cash in cash and cash
equivalent balances in the statement of cash flows, and apply to
all periods presented retrospectively.
[4] Starting from the fourth quarter of 2016, the Company
adjusted the calculation of M3+ net charge-off rate to better
reflect the performance of loans. The related numbers reported in
prior periods have been adjusted for comparison to the numbers as
of December 31, 2016. The adjusted
"M3+ net charge-off rate," with respect to loans facilitated during
a specified time period, which we refer to as a vintage, is defined
as the difference between (i) the total balance of outstanding
principal of loans that become over three months delinquent during
a specified period and (ii) the total amount of recovered past due
payments of principal and accrued interest in the same period with
respect to all loans in the same vintage that have ever become over
three months delinquent, divided by (iii) the total initial
principal of the loans facilitated in such vintage.
Unaudited
Condensed Consolidated Statements of Operations
|
(in
thousands, except for share, per share and per ADS data, and
percentages)
|
|
For the Three
Months Ended
|
|
March 31,
2016
|
|
June 30,
2016
|
|
September 30,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
|
March 31,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Loan facilitation
services
|
535,087
|
|
713,383
|
|
848,322
|
|
1,036,630
|
|
976,398
|
|
141,852
|
Post-origination
services
|
18,397
|
|
17,232
|
|
23,487
|
|
25,039
|
|
33,312
|
|
4,840
|
Others
|
2,895
|
|
3,176
|
|
4,902
|
|
9,441
|
|
11,889
|
|
1,727
|
Total net
revenue
|
556,379
|
|
733,791
|
|
876,711
|
|
1,071,110
|
|
1,021,599
|
|
148,419
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
254,836
|
|
355,246
|
|
423,003
|
|
537,953
|
|
469,380
|
|
68,192
|
Origination and
servicing
|
33,359
|
|
42,535
|
|
47,514
|
|
56,668
|
|
58,784
|
|
8,540
|
General and
administrative
|
60,106
|
|
73,330
|
|
188,961
|
|
79,714
|
|
100,498
|
|
14,600
|
Total operating costs
and expenses
|
348,301
|
|
471,111
|
|
659,478
|
|
674,335
|
|
628,662
|
|
91,332
|
Interest
income
|
5,034
|
|
7,253
|
|
9,778
|
|
14,778
|
|
24,149
|
|
3,508
|
Fair value
adjustments related to Consolidated ABFE
|
(3,395)
|
|
(118)
|
|
(14,935)
|
|
(1,287)
|
|
1,355
|
|
197
|
Non-operating income,
net
|
-
|
|
91
|
|
259
|
|
225
|
|
207
|
|
30
|
Income before
provision for income taxes
|
209,717
|
|
269,906
|
|
212,335
|
|
410,491
|
|
418,648
|
|
60,822
|
Income tax
expense/(benefit)
|
78,001
|
|
9,286
|
|
(131,946)
|
|
30,710
|
|
67,747
|
|
9,842
|
Net income
|
131,716
|
|
260,620
|
|
344,281
|
|
379,781
|
|
350,901
|
|
50,980
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding, basic
|
117,000,000
|
|
117,000,000
|
|
119,441,029
|
|
119,493,662
|
|
119,560,832
|
|
119,560,832
|
Basic income per
share
|
1.1258
|
|
2.2275
|
|
2.8824
|
|
3.1783
|
|
2.9349
|
|
0.4264
|
Basic income per
ADS
|
2.2516
|
|
4.4550
|
|
5.7648
|
|
6.3566
|
|
5.8698
|
|
0.8528
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding, diluted
|
117,000,000
|
|
117,000,000
|
|
120,861,971
|
|
120,859,390
|
|
120,842,350
|
|
120,842,350
|
Diluted income per
share
|
1.1258
|
|
2.2275
|
|
2.8485
|
|
3.1423
|
|
2.9038
|
|
0.4219
|
Diluted income per
ADS
|
2.2516
|
|
4.4550
|
|
5.6970
|
|
6.2846
|
|
5.8076
|
|
0.8438
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
1,109,991
|
|
1,336,329
|
|
1,106,262
|
|
968,225
|
|
864,361
|
|
125,575
|
Restricted
cash
|
650,167
|
|
792,637
|
|
974,345
|
|
1,218,286
|
|
1,410,348
|
|
204,897
|
Loans at fair
value
|
199,358
|
|
175,614
|
|
367,949
|
|
371,033
|
|
319,984
|
|
46,488
|
Held-to-maturity
investments
|
32,500
|
|
2,500
|
|
172,500
|
|
98,917
|
|
494,847
|
|
71,892
|
Available-for-sale
investments
|
-
|
|
-
|
|
298,000
|
|
1,158,000
|
|
1,232,260
|
|
179,024
|
Other
assets
|
643,207
|
|
734,263
|
|
1,111,946
|
|
968,927
|
|
1,055,039
|
|
153,278
|
Total
assets
|
2,635,223
|
|
3,041,343
|
|
4,031,002
|
|
4,783,388
|
|
5,376,839
|
|
781,154
|
Liabilities from
quality assurance program
|
720,861
|
|
928,166
|
|
1,238,689
|
|
1,471,000
|
|
1,701,519
|
|
247,199
|
Payable to investors
at fair value
|
257,354
|
|
166,193
|
|
355,340
|
|
418,686
|
|
380,048
|
|
55,214
|
Other
liabilities
|
550,242
|
|
566,865
|
|
695,907
|
|
753,783
|
|
806,609
|
|
117,185
|
Total
liabilities
|
1,528,457
|
|
1,661,224
|
|
2,289,936
|
|
2,643,469
|
|
2,888,176
|
|
419,598
|
Total
equity
|
1,106,766
|
|
1,380,119
|
|
1,741,066
|
|
2,139,919
|
|
2,488,663
|
|
361,556
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Cash Flow Data
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
434,323
|
|
392,474
|
|
450,583
|
|
836,055
|
|
564,504
|
|
82,012
|
Net cash provided
by/(used in) investing activities
|
14,052
|
|
51,515
|
|
(679,486)
|
|
(807,744)
|
|
(427,686)
|
|
(62,135)
|
Net cash (used
in)/provided by financing activities
|
(16,409)
|
|
(87,914)
|
|
179,221
|
|
60,400
|
|
(44,841)
|
|
(6,515)
|
Effect of foreign
exchange rate changes
|
(1,893)
|
|
12,733
|
|
1,323
|
|
17,193
|
|
(3,779)
|
|
(549)
|
Net
increase/(decrease) in cash and cash equivalents
|
430,073
|
|
368,808
|
|
(48,359)
|
|
105,904
|
|
88,198
|
|
12,813
|
Cash, cash
equivalents and restricted cash, beginning of period
|
1,330,085
|
|
1,760,158
|
|
2,128,966
|
|
2,080,607
|
|
2,186,511
|
|
317,659
|
Cash, cash
equivalents and restricted cash, end of period
|
1,760,158
|
|
2,128,966
|
|
2,080,607
|
|
2,186,511
|
|
2,274,709
|
|
330,472
|
Operating
Highlights and Reconciliation of GAAP to Non-GAAP
Measures
|
(in thousands,
except for number of borrowers, number of investors and
percentages)
|
|
For the Three
Months Ended
|
|
March 31,
2016
|
|
June 30,
2016
|
|
September 30,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
|
March 31,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
Highlights:
|
|
|
|
|
|
|
|
|
|
|
|
Amount of loans
facilitated
|
3,446,516
|
|
4,538,687
|
|
5,617,485
|
|
6,675,240
|
|
6,922,678
|
|
1,005,735
|
Loans
generated from online channels
|
1,175,382
|
|
1,832,078
|
|
2,275,473
|
|
2,462,791
|
|
3,515,727
|
|
510,769
|
Loans
generated from offline channels
|
2,271,134
|
|
2,706,609
|
|
3,342,012
|
|
4,212,449
|
|
3,406,951
|
|
494,966
|
Fees
billed
|
847,413
|
|
1,110,849
|
|
1,322,598
|
|
1,630,358
|
|
1,583,537
|
|
230,058
|
Remaining principal
of performing loans
|
11,026,236
|
|
13,771,180
|
|
17,028,346
|
|
20,780,617
|
|
24,037,078
|
|
3,492,137
|
Remaining principal
of performing loans covered by quality assurance program
|
9,986,485
|
|
12,963,604
|
|
16,204,583
|
|
20,103,043
|
|
23,524,227
|
|
3,417,629
|
Number of
borrowers
|
50,542
|
|
68,882
|
|
92,479
|
|
110,785
|
|
124,953
|
|
124,953
|
Borrowers
from online channels
|
27,902
|
|
40,033
|
|
54,585
|
|
63,010
|
|
86,095
|
|
86,095
|
Borrowers
from offline channels
|
22,640
|
|
28,849
|
|
37,894
|
|
47,775
|
|
38,858
|
|
38,858
|
Number of
investors
|
212,318
|
|
206,706
|
|
177,499
|
|
194,505
|
|
192,505
|
|
192,505
|
Investors
from online channels
|
212,318
|
|
206,706
|
|
177,499
|
|
194,505
|
|
192,505
|
|
192,505
|
Investors
from offline channels
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Adjusted
EBITDA
|
206,613
|
|
264,962
|
|
220,716
|
|
401,146
|
|
400,297
|
|
58,157
|
Adjusted EBITDA
margin
|
37.1%
|
|
36.1%
|
|
25.2%
|
|
37.5%
|
|
39.2%
|
|
39.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Fees
billed:
|
|
|
|
|
|
|
|
|
|
|
|
Transaction fees billed to borrowers
|
836,896
|
|
1,095,749
|
|
1,298,247
|
|
1,599,674
|
|
1,507,754
|
|
219,048
|
Upfront fees billed to borrowers
|
773,292
|
|
1,016,393
|
|
1,192,449
|
|
1,468,330
|
|
1,334,688
|
|
193,905
|
Monthly fees billed to borrowers
|
63,604
|
|
79,356
|
|
105,798
|
|
131,344
|
|
173,066
|
|
25,143
|
Service
fees billed to investors
|
64,552
|
|
88,068
|
|
110,943
|
|
135,747
|
|
177,132
|
|
25,734
|
Others
|
3,069
|
|
3,366
|
|
5,196
|
|
10,007
|
|
12,602
|
|
1,831
|
Value-added tax
|
(57,104)
|
|
(76,334)
|
|
(91,788)
|
|
(115,070)
|
|
(113,951)
|
|
(16,555)
|
Total fees
billed
|
847,413
|
|
1,110,849
|
|
1,322,598
|
|
1,630,358
|
|
1,583,537
|
|
230,058
|
Stand-ready liabilities associated with
quality assurance
program
|
(275,721)
|
|
(363,095)
|
|
(430,569)
|
|
(528,852)
|
|
(553,816)
|
|
(80,459)
|
Deferred
revenue
|
(20,366)
|
|
(15,857)
|
|
(16,553)
|
|
(18,545)
|
|
(9,662)
|
|
(1,404)
|
Cash
incentives
|
(11,707)
|
|
(19,556)
|
|
(24,074)
|
|
(42,836)
|
|
(30,355)
|
|
(4,410)
|
Value-added tax
|
16,760
|
|
21,450
|
|
25,309
|
|
30,985
|
|
31,895
|
|
4,634
|
Net
revenues
|
556,379
|
|
733,791
|
|
876,711
|
|
1,071,110
|
|
1,021,599
|
|
148,419
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
131,716
|
|
260,620
|
|
344,281
|
|
379,781
|
|
350,901
|
|
50,980
|
Interest
income
|
(5,034)
|
|
(7,253)
|
|
(9,778)
|
|
(14,778)
|
|
(24,149)
|
|
(3,508)
|
Income tax
expense
|
78,001
|
|
9,286
|
|
(131,946)
|
|
30,710
|
|
67,747
|
|
9,842
|
Depreciation and
amortization
|
1,930
|
|
2,309
|
|
2,816
|
|
3,554
|
|
4,176
|
|
607
|
Share-based
compensation
|
-
|
|
-
|
|
15,343
|
|
1,879
|
|
1,622
|
|
236
|
Adjusted
EBITDA
|
206,613
|
|
264,962
|
|
220,716
|
|
401,146
|
|
400,297
|
|
58,157
|
Delinquency
Rates
|
|
|
Delinquent
for
|
|
|
15-29
days
|
|
30-59
days
|
|
60-89
days
|
All
Loans
|
|
|
|
|
|
|
December 31,
2013
|
|
0.2%
|
|
0.4%
|
|
0.3%
|
December 31,
2014
|
|
0.3%
|
|
0.2%
|
|
0.2%
|
December 31,
2015
|
|
0.4%
|
|
0.5%
|
|
0.4%
|
December 31,
2016
|
|
0.4%
|
|
0.7%
|
|
0.6%
|
March 31,
2017
|
|
0.4%
|
|
0.8%
|
|
0.6%
|
|
|
|
|
|
|
|
Online
Channels
|
|
|
|
|
|
|
December 31,
2013
|
|
0.1%
|
|
0.9%
|
|
0.3%
|
December 31,
2014
|
|
0.4%
|
|
0.3%
|
|
0.2%
|
December 31,
2015
|
|
0.6%
|
|
0.8%
|
|
0.6%
|
December 31,
2016
|
|
0.6%
|
|
1.0%
|
|
0.8%
|
March 31,
2017
|
|
0.5%
|
|
1.0%
|
|
0.8%
|
|
|
|
|
|
|
|
Offline
Channels
|
|
|
|
|
|
|
December 31,
2013
|
|
0.3%
|
|
0.2%
|
|
0.2%
|
December 31,
2014
|
|
0.3%
|
|
0.2%
|
|
0.2%
|
December 31,
2015
|
|
0.3%
|
|
0.4%
|
|
0.3%
|
December 31,
2016
|
|
0.4%
|
|
0.6%
|
|
0.4%
|
March 31,
2017
|
|
0.4%
|
|
0.6%
|
|
0.5%
|
Net Charge-Off
Rate
|
Loan
issued
period
|
|
Loan
grade
|
|
Amount of
loans
facilitated during the
period
|
|
Accumulated M3+
Net
Charge-Off as of March 31,
2017
|
|
Total Net
Charge-Off
Rate as of March 31,
2017
|
|
|
|
|
(in RMB
thousands)
|
|
(in RMB
thousands)
|
|
|
2014
|
|
A
|
|
1,917,542
|
|
93,895
|
|
4.9%
|
|
|
B
|
|
303,030
|
|
19,883
|
|
6.6%
|
|
|
C
|
|
-
|
|
-
|
|
-
|
|
|
D
|
|
7,989
|
|
501
|
|
6.3%
|
|
|
Total
|
|
2,228,561
|
|
114,279
|
|
5.1%
|
2015
|
|
A
|
|
873,995
|
|
48,054
|
|
5.5%
|
|
|
B
|
|
419,630
|
|
30,477
|
|
7.3%
|
|
|
C
|
|
557,414
|
|
52,040
|
|
9.3%
|
|
|
D
|
|
7,706,575
|
|
591,279
|
|
7.7%
|
|
|
Total
|
|
9,557,614
|
|
721,850
|
|
7.6%
|
2016
|
|
A
|
|
1,109,094
|
|
7,418
|
|
0.7%
|
|
|
B
|
|
745,508
|
|
11,189
|
|
1.5%
|
|
|
C
|
|
1,398,721
|
|
34,263
|
|
2.4%
|
|
|
D
|
|
16,919,079
|
|
342,364
|
|
2.0%
|
|
|
Total
|
|
20,172,402
|
|
395,233
|
|
2.0%
|
M3+ Net Charge-Off
Rate
|
Loan issued
period
|
|
Month on
Book
|
|
|
4
|
7
|
10
|
13
|
16
|
19
|
22
|
25
|
28
|
31
|
34
|
2013Q1
|
|
1.9%
|
3.2%
|
3.1%
|
2.3%
|
2.0%
|
0.9%
|
0.5%
|
0.5%
|
0.4%
|
0.4%
|
0.4%
|
2013Q2
|
|
1.8%
|
3.6%
|
4.5%
|
5.9%
|
6.4%
|
7.4%
|
6.1%
|
7.0%
|
7.5%
|
7.5%
|
7.8%
|
2013Q3
|
|
0.5%
|
2.8%
|
4.2%
|
5.5%
|
6.1%
|
6.5%
|
7.1%
|
7.1%
|
7.0%
|
6.9%
|
6.9%
|
2013Q4
|
|
0.7%
|
3.4%
|
4.8%
|
6.2%
|
6.8%
|
7.5%
|
8.3%
|
8.3%
|
8.2%
|
8.5%
|
8.3%
|
2014Q1
|
|
1.0%
|
4.2%
|
6.1%
|
7.0%
|
8.4%
|
9.3%
|
9.8%
|
9.7%
|
9.9%
|
9.8%
|
9.5%
|
2014Q2
|
|
0.5%
|
1.8%
|
2.6%
|
3.8%
|
4.3%
|
4.6%
|
4.6%
|
4.7%
|
4.7%
|
4.7%
|
4.8%
|
2014Q3
|
|
0.2%
|
0.8%
|
2.0%
|
2.8%
|
3.3%
|
3.7%
|
4.0%
|
4.2%
|
4.2%
|
4.1%
|
|
2014Q4
|
|
0.3%
|
1.5%
|
2.7%
|
3.5%
|
4.1%
|
4.6%
|
5.1%
|
5.2%
|
5.2%
|
|
|
2015Q1
|
|
0.6%
|
2.7%
|
4.4%
|
5.8%
|
7.1%
|
8.2%
|
9.1%
|
9.5%
|
|
|
|
2015Q2
|
|
0.5%
|
2.1%
|
3.7%
|
5.3%
|
6.6%
|
7.7%
|
8.6%
|
|
|
|
|
2015Q3
|
|
0.2%
|
1.6%
|
3.4%
|
4.9%
|
6.4%
|
7.3%
|
|
|
|
|
|
2015Q4
|
|
0.2%
|
1.6%
|
3.2%
|
4.9%
|
6.2%
|
|
|
|
|
|
|
2016Q1
|
|
0.2%
|
1.3%
|
2.9%
|
4.2%
|
|
|
|
|
|
|
|
2016Q2
|
|
0.2%
|
1.7%
|
3.4%
|
|
|
|
|
|
|
|
|
2016Q3
|
|
0.1%
|
1.6%
|
|
|
|
|
|
|
|
|
|
2016Q4
|
|
0.2%
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yirendai-reports-first-quarter-2017-financial-results-300461212.html
SOURCE Yirendai Ltd.