BEIJING, May 29, 2018 /PRNewswire/ -- Jianpu Technology
Inc. ("Jianpu," or the "Company") (NYSE: JT), a leading
independent open platform for discovery and recommendation of
financial products in China, today
announced its unaudited financial results for the first quarter
ended March 31, 2018.
First Quarter 2018 Operational Highlights:
- Number of loan applications submitted through the Company's
platform was approximately 12.1 million in the first quarter of
2018, representing an increase of approximately 21.0% from the
prior-year period.
- Credit card volume, which is the measure of the number of
credit cards the Company generate revenues from, reached
approximately 1.5 million in the first quarter of 2018,
representing an increase of approximately 400% from the prior-year
period.
First Quarter 2018 Financial Highlights:
- Total revenues[1] for the first quarter of 2018
increased by 145% to RMB335.7 million
(US$53.5 million) from RMB137.3 million in the same period of 2017.
- Total recommendation services revenues for the first quarter of
2018 increased by 131% to RMB289.3
million (US$46.1 million) from
RMB125.2 million in the same period
of 2017.
- Gross profit increased by 139% to RMB286.4 million (US$45.7
million) in the first quarter of 2018 from RMB119.9 million in the same period of 2017.
- Non-GAAP adjusted net loss[2], which excluded
share-based compensation expenses, decreased by 35.9% to
RMB19.8 million (US$3.2 million) in the first quarter of 2018,
from RMB30.9 million in the same
period of 2017.
- Non-GAAP adjusted EBITDA[3], which excluded
share-based compensation expenses, depreciation and amortization,
interest income and expenses, and income tax expenses from net
loss, for the first quarter of 2018 was a loss of RMB18.6 million (US$3.0
million), representing a decrease of 30.3% from a loss of
RMB26.7 million in the same period of
2017.
Mr. David Ye, Chairman and Chief
Executive Officer of Jianpu, commented, "We are pleased to continue
our strong growth momentum in the first quarter of 2018, recording
revenue growth of 145% and gross profit growth of 139%
year-over-year and continuously enhancing operating efficiency,
with non-GAAP adjusted net margin improved from -22.5% in the first
quarter of 2017 to -5.9% in the first quarter of 2018. Notably in
the first quarter, we continued to capitalize on the market demand
shift toward credit cards, as evidenced by a 400% increase in
credit card volume on a year-over-year basis. The accelerated
growth in our credit card business illustrates both the scalability
and efficiency of our unique
platform model as well as our robust user engagement
capabilities.
"With greater clarity on the regulatory front, we witnessed a
growing recovery in the online lending activities since March,
following the Chinese New Year holiday, and believe the worst is
now behind us. We will take advantage of the improving trend and
are optimistic that a more structured and healthier regulatory
framework will support a sustainable growth in the consumer credit
market," concluded Mr. Ye.
"Our first quarter results continued to demonstrate our solid
growth trajectory," said Oscar Chen,
Chief Financial Officer of Jianpu. "During the quarter, we realized
total revenues of RMB335.7 million,
exceeding our guidance, with impressive growth across all business
streams. Even with modest growth in loans recommendation services
due to seasonality and market adjustments within the new regulatory
framework, we successfully captured the shift of user demand and
achieved remarkable performance in our credit card recommendation
services, delivering a 718% year-over-year growth, driven by both
volume growth and unit price increases. On the bottom line, we
continued our positive momentum with non-GAAP adjusted net loss
decreasing by 35.9% from the year-ago period, and 34.7% from the
fourth quarter of 2017."
[1] The
Company has adopted ASU No. 2014-09, "Revenue from Contracts with
Customers (Topic 606)", using the modified-retrospective transition
approach beginning January 1, 2018. The adoption has no significant
impact on the Company's financial results for the first quarter of
2018 and comparable periods.
[2]
Non-GAAP adjusted net loss represents net loss before share-based
compensation expenses. There is no income tax impact of the
non-GAAP adjustment of share-based compensation expenses. See
"Unaudited Reconciliations of GAAP and Non-GAAP Results" for more
details.
[3]
Non-GAAP adjusted EBITDA represents EBITDA before share-based
compensation expenses. EBITDA represents net loss before interest,
tax, depreciation and amortization. See "Unaudited Reconciliations
of GAAP and Non-GAAP Results" for more details.
|
First Quarter 2018 Financial Results
Total revenues for the first quarter of 2018 increased by
145% to RMB335.7 million
(US$53.5 million) from RMB137.3 million in the same period of 2017,
primarily due to increases in revenues from recommendation
services.
Total revenues from recommendation services increased by
131% to RMB289.3 million
(US$46.1 million) in the first
quarter of 2018 from RMB125.2 million
in the same period of 2017.
Revenues from recommendation services for loans increased
by 46.5% to RMB160.1 million
(US$25.5 million) in the first
quarter of 2018 from RMB109.3 million
in the same period of 2017, due to the increase in both number of
loan applications on the Company's platform and average fee per
loan application. The number of loan applications on the Company's
platform was approximately 12.1 million in the first quarter of
2018, representing an increase of approximately 21.0% from the
prior-year period. The average fee per loan application increased
to RMB13.27 (US$2.12) in the first quarter of 2018 from
RMB10.93 in the first quarter of
2017.
Revenues from recommendation services for credit cards
increased by 718% to RMB129.2 million
(US$20.6 million) in the first
quarter of 2018 from RMB15.8 million
in the first quarter of 2017, due to the increase in both credit
card volume and average fee per credit card. Credit card volume for
recommendation services reached approximately 1.3 million in the
first quarter of 2018, representing an increase of approximately
550% from the prior-year period. The average fee per credit card
increased to RMB97.15 (US$15.49) in the first quarter of 2018 from
RMB77.33 in the first quarter of
2017.
Revenues from advertising and marketing services and other
services increased by 280% to RMB46.4
million (US$7.4 million) in
the first quarter of 2018 from RMB12.2
million in the same period of 2017, primarily due to an
increase in revenues from big data and risk management solutions as
well as an increase in the advertising services provided to credit
card issuers.
Cost of revenues increased by 183% to RMB49.3 million (US$7.9
million) in the first quarter of 2018 from RMB17.4 million in the same period of 2017. The
increase was primarily attributable to the increases in traffic
acquisition costs of advertising and marketing services, data
acquisition costs and short message service fees.
Gross profit increased by 139% to RMB286.4 million (US$45.7
million) in the first quarter of 2018 from RMB119.9 million in the same period of 2017. The
increase was primarily attributable to continuing growth in
revenue.
Sales and marketing expenses increased by 111% to
RMB259.0 million (US$41.3 million) in the first
quarter of 2018 from RMB123.0 million
in the same period of 2017. The increase was mainly due to growth
in marketing and advertising expenses and payroll related
costs.
Research and development expenses increased by 107% to
RMB43.6 million (US$6.9 million) in the first quarter of 2018 from
RMB21.1 million in the same period of
2017, primarily due to the increase in payroll costs mainly for the
new hiring of R&D people to further enhance our big data and
risk management service capabilities.
General and administrative expenses increased by 970% to
RMB42.8 million (US$6.8 million) in the first quarter of 2018 from
RMB4.0 million in the same period of
2017. The increase was primarily due to recognition of share-based
compensation, including the employee options granted historically
with a performance target contingent upon the IPO and the new
options granted under Jianpu's 2017 Share Incentive Plan to the
management and executives in December
2017, as well as increase in professional fees for
maintaining our listing status.
Share-based compensation expenses recognized in cost of
revenues, sales and marketing expenses, research and development
expenses and general and administrative expenses in the first
quarter 2018 were RMB37.3 million
(US$5.9 million) in total.
Loss from operations increased to RMB59.0 million (US$9.4
million) in the first quarter of 2018 from RMB28.3 million in the same period of 2017.
Income tax expenses was nil in the first quarter of 2018,
compared with RMB3.3 million in the
same period of 2017. The decrease of the annualized effective tax
rate for the first quarter of 2018 was primarily due to the change
of the cost and expenses structure and the lower enacted tax rate
of subsidiaries in 2018. The Company's domestic subsidiaries expect
to complete their 2017 annual tax filings with relevant tax
authorities by the end of May 2018,
which may result in a change of tax positions in the income tax
provision and deferred tax assets recognized as of December 31, 2017. The effect of such change, if
any, will be recognized when it occurs.
Net loss increased by 80.7% to RMB57.1 million (US$9.1
million) in the first quarter of 2018 from RMB31.6 million in the same period of 2017. The
increase was primarily due to the increase in share-based
compensation expenses.
Non-GAAP adjusted net loss, which excluded share-based
compensation expenses from net loss, decreased by 35.9% to
RMB19.8 million (US$3.2 million) in the first quarter of 2018 from
RMB30.9 million in the same period of
2017.
Non-GAAP adjusted EBITDA, which excluded share-based
compensation expenses, depreciation and amortization, interest
income and expenses, and income tax expenses from net loss, for the
first quarter of 2018 was a loss of RMB18.6
million (US$3.0 million),
representing a decrease of 30.3% in the same period of 2017.
Net cash provided by operating activities was RMB24.7 million (US$3.9
million) for the first quarter of 2018, compared with net
cash used in operating activities of RMB62.6
million in the same period of 2017.
As of March 31, 2018, the Company
had cash and cash equivalents of RMB1,396.9 million (US$222.7 million), and working capital of
approximately RMB1,431.7 million
(US$228.2 million).
Outlook
Based on the information available as of the date of this press
release, the Company provides the following outlook, which reflects
the Company's current and preliminary view, which is subject to
change.
Second Quarter 2018
- Based on the Company's current estimates, total revenues for
the second quarter of 2018 are expected to be approximately
RMB460 million, representing an
increase of approximately 80% on a year-over-year basis.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
May 29, 2018 (8:00 PM Beijing/Hong Kong Time on May 29, 2018).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
+1-888-346-8982
|
International:
|
+1-412-902-4272
|
Hong Kong (toll
free):
|
800-905-945
|
Hong Kong:
|
+852-3018-4992
|
China:
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for
"Jianpu Technology Inc."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.jianpu.ai.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until June 5, 2018, by dialing the following telephone
numbers:
United States (toll
free):
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10120608
|
About Jianpu Technology Inc.
Jianpu Technology Inc. is a leading independent open platform
for discovery and recommendation of financial products in
China. By leveraging its deep data
insights and proprietary technology, Jianpu provides users with
personalized search results and recommendations that are tailored
to each user's particular financial needs and credit profile. The
Company also enables financial service providers with sales and
marketing solutions to reach and serve their target customers more
effectively through online and mobile channels and enhance their
competitiveness by providing them with tailored data, risk
management and end-to-end solutions. The Company is committed to
maintaining an independent open platform, which allows it to serve
the needs of users and financial service providers impartially. For
more information, please visit http://ir.jianpu.ai.
Use of Non-GAAP Financial Measures
The company use adjusted EBITDA and adjusted net loss, each a
non-GAAP financial measure, in evaluating our operating results and
for financial and operational decision-making purposes.
The Company believes that adjusted EBITDA and adjusted net loss
help identify underlying trends in our business that could
otherwise be distorted by the effect of the expenses and gains that
we include in loss from operations and net loss. The Company
believes that adjusted EBITDA and adjusted net loss provide useful
information about our operating results, enhance the overall
understanding of our past performance and future prospects and
allow for greater visibility with respect to key metrics used by
our management in its financial and operational
decision-making.
Adjusted EBITDA and adjusted net loss should not be considered
in isolation or construed as alternatives to net loss or any other
measure of performance or as indicators of our operating
performance. Investors are encouraged to review the historical
non-GAAP financial measures to the most directly comparable GAAP
measures. Adjusted EBITDA and adjusted net loss presented here may
not be comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
our data. The Company encourages investors and others to review its
financial information in its entirety and not rely on a single
financial measure.
Adjusted EBITDA represents EBITDA before share-based
compensation expenses. EBITDA represents net loss before interest,
tax, depreciation and amortization.
Adjusted net loss represents net loss before share-based
compensation expenses.
For more information on this non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliations of GAAP and
non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB
to U.S. dollars are made at a rate of RMB6.2726 to US$1.00, the rate in effect as of March 30, 2018 as certified for customs purposes
by the Federal Reserve Bank of New
York.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's goal and strategies; the Company's future business
development, financial condition and results of operations; the
Company's expectations regarding demand for, and market acceptance
of, its solutions and services; the Company's expectations
regarding keeping and strengthening its relationships with users,
financial service providers and other parties it collaborate with;
general economic and business conditions; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Jianpu Technology Inc.
Oscar Chen
Tel: +86 (10) 6242-7068
E-mail: IR@rong360.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6202
E-mail: jianpu@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: jianpu@tpg-ir.com
Jianpu Technology
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
(In thousands except
for number of shares and per share data)
|
|
As of
December 31,
|
|
As
of
March 31,
|
|
2017
|
|
2018
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,543,811
|
|
1,396,853
|
|
222,691
|
Restricted time
deposits
|
|
—
|
|
109,413
|
|
17,443
|
Accounts receivable,
net (including amounts
billed through RONG360 of RMB141,190
and RMB169,661 as of December 31, 2017
and March 31, 2018, respectively)
|
|
182,090
|
|
267,900
|
|
42,710
|
Prepayments and other
current assets
|
|
161,027
|
|
129,801
|
|
20,693
|
Total current
assets
|
|
1,886,928
|
|
1,903,967
|
|
303,537
|
Non‑current
assets:
|
|
|
|
|
|
|
Property and
equipment, net
|
|
18,966
|
|
24,587
|
|
3,920
|
Other non‑current
assets
|
|
7,621
|
|
29,866
|
|
4,761
|
Total non‑current
assets
|
|
26,587
|
|
54,453
|
|
8,681
|
Total
assets
|
|
1,913,515
|
|
1,958,420
|
|
312,218
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings
|
|
—
|
|
34,306
|
|
5,469
|
Accounts
payable
|
|
177,373
|
|
170,042
|
|
27,109
|
Advances from
customers
|
|
71,538
|
|
64,473
|
|
10,279
|
Tax payable
|
|
17,876
|
|
21,421
|
|
3,415
|
Amount due to related
party
|
|
35,427
|
|
119,604
|
|
19,068
|
Accrued expenses and
other current
liabilities
|
|
72,839
|
|
62,447
|
|
9,955
|
Total current
liabilities
|
|
375,053
|
|
472,293
|
|
75,295
|
Non-current
liabilities:
|
|
|
|
|
|
|
Other non-current
liabilities
|
|
—
|
|
23,274
|
|
3,710
|
Total non-current
liabilities
|
|
—
|
|
23,274
|
|
3,710
|
Total
liabilities
|
|
375,053
|
|
495,567
|
|
79,005
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Ordinary
shares(US$0.0001 par value,
1,500,000,000 shares authorized, 68,750,000
Class A ordinary shares and 345,541,350
Class B ordinary shares issued and
outstanding as of December 31, 2017 and
March 31, 2018)
|
|
275
|
|
275
|
|
44
|
Additional paid-in
capital
|
|
1,734,067
|
|
1,771,348
|
|
282,394
|
Accumulated
loss
|
|
(174,710)
|
|
(231,774)
|
|
(36,950)
|
Other comprehensive
loss
|
|
(21,170)
|
|
(76,996)
|
|
(12,275)
|
Total Shareholders'
equity
|
|
1,538,462
|
|
1,462,853
|
|
233,213
|
Total liabilities
and shareholders' equity
|
|
1,913,515
|
|
1,958,420
|
|
312,218
|
Jianpu Technology
Inc.
|
Unaudited Interim
Condensed Consolidated Statements of Comprehensive
Loss
|
|
(In thousands except
for number of shares and per share data)
|
|
For the Three
Months Ended March 31,
|
|
2017
|
|
2018
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues:
|
|
|
|
|
|
|
Recommendation
services:
|
|
|
|
|
|
|
Loans (including
revenues from related party
of RMB27,844 and RMB30,973 for the three
months ended March 31, 2017 and 2018,
respectively.)
|
|
109,346
|
|
160,136
|
|
25,529
|
Credit
cards
|
|
15,816
|
|
129,174
|
|
20,593
|
Total recommendation
services
|
|
125,162
|
|
289,310
|
|
46,122
|
Advertising, marketing
and other services
|
|
12,187
|
|
46,364
|
|
7,391
|
Total
revenues
|
|
137,349
|
|
335,674
|
|
53,513
|
Cost of
revenue
|
|
(17,432)
|
|
(49,295)
|
|
(7,859)
|
Gross
profit
|
|
119,917
|
|
286,379
|
|
45,654
|
Operating
expenses:
|
|
|
|
|
|
|
Sales and
marketing
|
|
(123,043)
|
|
(258,987)
|
|
(41,289)
|
Research and
development
|
|
(21,108)
|
|
(43,573)
|
|
(6,947)
|
General and
administrative
|
|
(4,023)
|
|
(42,822)
|
|
(6,827)
|
Loss from
operations
|
|
(28,257)
|
|
(59,003)
|
|
(9,409)
|
Others, net
|
|
(55)
|
|
1,939
|
|
309
|
Loss before income
tax
|
|
(28,312)
|
|
(57,064)
|
|
(9,100)
|
Income tax
expense
|
|
(3,284)
|
|
—
|
|
—
|
Net
loss
|
|
(31,596)
|
|
(57,064)
|
|
(9,100)
|
Other comprehensive
loss, net
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
—
|
|
(55,826)
|
|
(8,900)
|
Total other
comprehensive loss
|
|
—
|
|
(55,826)
|
|
(8,900)
|
Total comprehensive
loss
|
|
(31,596)
|
|
(112,890)
|
|
(18,000)
|
|
|
|
|
|
|
|
Net loss per
share
|
|
|
|
|
|
|
Basic and
diluted
|
|
(0.09)
|
|
(0.14)
|
|
(0.02)
|
Net loss per
ADS
|
|
|
|
|
|
|
Basic and
diluted
|
|
(0.23)
|
|
(0.35)
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares[4]
|
|
|
|
|
|
|
Basic and
diluted
|
|
345,541,350
|
|
414,291,350
|
|
414,291,350
|
|
[4] The
Company issued ordinary shares to RONG360 in connection with the
group reorganization in
September 2017. 345,541,350 ordinary shares were issued and
outstanding upon the completion of the
group reorganization in October 2017, which are held by RONG360.
Basic and diluted net loss per
ordinary share reflecting the effect of the issuance of 345,541,350
ordinary shares as if they had been
existed since the beginning of the periods. The company issued
56,250,000 ordinary shares to the public
shareholders in the IPO in November 2017, together with 12,500,000
ordinary shares of concurrent private
placement. Each two ADSs represent five ordinary shares.
|
Jianpu Technology
Inc.
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
|
(In thousands except
for number of shares and per share data)
|
|
For the Three
Months Ended March 31,
|
|
2017
|
|
2018
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net loss
|
|
(31,596)
|
|
(57,064)
|
|
(9,100)
|
Add: share-based
compensation expense
|
|
656
|
|
37,281
|
|
5,943
|
Non-GAAP adjusted net
loss
|
|
(30,940)
|
|
(19,783)
|
|
(3,157)
|
Add: depreciation and
amortization
|
|
989
|
|
2,623
|
|
418
|
Interest income and
expenses
|
|
—
|
|
(1,398)
|
|
(223)
|
Income tax
expense
|
|
3,284
|
|
—
|
|
—
|
Non-GAAP adjusted
EBITDA
|
|
(26,667)
|
|
(18,558)
|
|
(2,962)
|
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content:http://www.prnewswire.com/news-releases/jianpu-technology-inc-reports-first-quarter-2018-unaudited-financial-results-300655634.html
SOURCE Jianpu Technology Inc.