9F Inc. (“9F” or “the Company”) (NASDAQ: JFU), a leading digital
financial account platform integrating and personalizing financial
services in China, today announced its unaudited financial results
for the third quarter ended September 30, 2019.
Third Quarter 2019
Operational and Financial Highlights
- Loan origination volume1 was RMB21.4 billion
(US$3.0 billion) in the third quarter of 2019, representing an
increase of 253.9% from RMB6.0 billion in the same period of 2018.
Loans funded by institutional funding partners2 accounted for 78.6%
of total loan origination volume in the third quarter of 2019, an
increase from 58.0% in the second quarter of 2019.
- Number of registered users3 was 95.7 million
as of September 30, 2019, representing an increase of 47.2% from
65.0 million as of September 30, 2018 and an increase of 15.6% from
82.8 million as of June 30, 2019.
- Number of active borrowers4 was 1.4 million in
the third quarter of 2019, representing an increase of 243.8% from
0.4 million in the same period of 2018.
- Outstanding loan balance5 was RMB72.5 billion
(US$10.1 billion) as of September 30, 2019, representing an
increase of 40.4% from RMB51.6 billion as of September 30,
2018.
- Total net revenues were
RMB1,705.5 million (US$238.6 million) in the third quarter of 2019,
representing an increase of 80.5% from RMB945.0 million in the same
period of 2018, and an increase of 63.0% from RMB1,046.5 million in
the second quarter of 2019.
- Net income was RMB10.5 million (US$1.5million)
in the third quarter of 2019.
- Adjusted net
income6 was RMB245.0 million (US$34.3 million) in the
third quarter of 2019.
Mr. Lei Sun, Chairman and Chief Executive
Officer, commented, “I am pleased to report solid operational and
financial results despite a challenging regulatory and
macroeconomic environment. We continue to transition our business
towards a more capital light model through the implementation
of our Technology Enablement Strategy to ensure we are ideally
positioned to adapt to whatever regulatory environment finally
emerges and are able to generate long-term sustainable growth.
Evolving our business through the use of innovative technology is
at the heart of this strategy and we took a few more steps forward
in the third quarter of 2019 in executing on it. We officially
launched our proprietary platform, 9F Superbrain, that integrates
our core artificial intelligence, cloud and blockchain
technologies. 9F Superbrain provides our financial institution
partners and merchant partners with highly customized modularized
service packages and the reception by the market so far has been
great. We have also launched a SaaS version of this platform to
drive our expansion into South East Asia and other international
markets. We also established a research and development center in
Shenzhen during the third quarter of 2019 to build an artificial
intelligence and risk management team that is dedicated in
streamlining our support for overseas markets, strengthening our
risk management capabilities, and developing new and innovative
modules and applications for our overall business development.”
“We are also encouraged by our expansion
prospects both geographically and across different consumption
verticals as we continue to explore partnerships with select
vertically integrated merchants. Geographically, we are working on
securing financial licenses before we scale up operations in target
overseas markets to leverage our extensive experience and replicate
the success we have achieved in China. Currently, we are exploring
opportunities that relate to consumption verticals such as online
retail, travel and beauty and social media, as we enable merchant
partners to seamlessly offer financial services to their consumers.
We will be targeting other consumption verticals as well in the
future. We are pleased with the progress we’ve made in the third
quarter of 2019. We will remain focused on leveraging our extensive
experience to further reduce regulatory risk and deploying our
strong cash position to invest in innovative technology to further
scale up our business and generate long term sustainable
growth.”
Mr. Yanjun Lin, Chief Financial Officer and
Director, added, “Our nimble and proactive approach to serving our
financial institutional partners through technological innovation
has put us in a unique position to rapidly adapt to a changing
regulatory environment and generate long term sustainable growth. I
am pleased to see our total loan origination volume in the third
quarter of 2019 come in at a record high of RMB21.4 billion,
representing 253.9% in year-over-year growth. The record high loan
origination volume was mainly driven by the significant increase in
our active borrowers from 0.4 million in the third quarter of 2018,
representing 243.8% in year-over-year growth. As of September 30,
2019, the number of registered users increased 47.2% year-over-year
to 95.7 million and 15.6% from the end of the second quarter as we
build momentum going into the end of the year. It is also
encouraging to see that innovation within our ecosystem continues
to drive demand from institutional funding partners, reflecting the
increasing trust and confidence they have in us. We were able to
further increase the proportion of total loan origination volume
funded by institutional funding partners to 78.6% in the third
quarter of 2019. Looking forward, with a strong cash position of
RMB4,685.1 million (US$655.5 million) on our balance sheet, our
focused investments as we shift to a more capital light model, and
our proactive approach to capitalizing on emerging opportunities
across different geographical markets and consumption verticals, we
are confident we will continue to grow our business sustainably
over the long-term.”
Third Quarter 2019 Financial
Results
Total net revenues increased by
80.5% to RMB1,705.5 million (US$238.6 million) from RMB945.0
million in the same period of 2018, primarily due to the increases
in net revenues generated from both loan facilitation services and
post-origination services.
- Loan facilitation services increased by 81.4% from RMB818.0
million in the third quarter of 2018 to RMB1,484.1 million
(US$207.6 million) in the same period of 2019, The increase of net
revenues on loan facilitation services was primarily due to an
increase in loan origination volume which was further driven by an
increase in the number of active borrowers over the same
period.
- Post-origination services increased by 51.0% from RMB99.1
million in the third quarter of 2018 to RMB149.6 million (US$20.9
million) in the same period of 2019, primarily as a result of an
increase in our loan origination volume.
- Other revenues increased by 157.6% from RMB27.9 million in the
third quarter of 2018 to RMB71.8 million (US$10.0 million) in the
same period of 2019, primarily due to an increase in revenue from
our online lending services generated in Southeast Asia and an
increase of our domestic user referral service revenue.
Sales and marketing
expenses increased by 126.2% from RMB342.0 million
in the third quarter of 2018 to RMB773.5 million (US$108.2 million)
for the same period of 2019, primarily due to an increase in our
user acquisition cost.
Origination and servicing
expenses increased by 343.8% from RMB97.2 million in the
third quarter of 2018 to RMB431.3 million (US$60.3 million) for the
same period of 2019, primarily due to an increase in fees paid to
third party collection companies for loan collection services.
General and administrative
expenses increased by 98.7% from RMB256.4 million in the
third quarter of 2018 to RMB509.4 million (US$71.3 million) for the
same period of 2019, primarily due to an increase in salaries and
benefits of research and development personnel and share-based
compensation expenses. General and administrative expense for the
third quarter included share-based compensation expenses of
RMB234.5 million.
Operating loss was RMB8.8
million (US$1.2 million) in the third quarter of 2019, compared
with operating income RMB249.4 million in the same period of
2018.
Interest income was RMB47.8
million (US$6.7 million) in the third quarter of 2019, compared
with RMB72.1 million in the same period of 2018.
Income tax decreased by 54.5%
from RMB66.9 million in the third quarter of 2018 to RMB30.4
million (US$4.3 million) for the same period of 2019.
Net income was RMB10.5 million
(US$1.5 million) in the third quarter of 2019, compared with
RMB228.7 million for the same period of 2018.
Adjusted net income was
RMB245.0 million (US$34.3 million) in the third quarter of 2019,
compared with RMB362.6 million in the same period of 2018 and
RMB205.8 million in the second quarter of 2019.
As of September 30, 2019, the Company had cash
and cash equivalents and term deposits of RMB4,685.1 million
(US$655.5 million).
Delinquency rates
As of September 30, 2019, the delinquency rates7
for loans that are past due for 15-30 days, 31-60 days, 61-90 days
and 91-180 days were 0.08%, 0.10%, 0.11%, 0.42% respectively.
The following table displays the delinquency
rates for all our outstanding loan products as of December 31,
2016, 2017 and 2018 and September 30, 2019:
Delinquent rate
|
Delinquent for |
|
15-30 days |
31-60 days |
61-90 days |
91-180 days |
31-Dec-16 |
0.82% |
0.91% |
0.57% |
1.42% |
31-Dec-17 |
0.77% |
1.00% |
0.89% |
1.88% |
31-Dec-18 |
0.59% |
0.35% |
0.24% |
1.43% |
31-Mar-19 |
0.06% |
0.12% |
0.32% |
0.88% |
30-Jun-19 |
0.10% |
0.19% |
0.20% |
0.54% |
30-Sep-19 |
0.08% |
0.10% |
0.11% |
0.42% |
The following chart displays the M3+ delinquency
rates by vintage8 for all our outstanding loan products. Loan
products that have been transferred to non-performing loan
companies are not included in the calculation of M3+ Delinquency
Rates by Vintage.
A photo accompanying this announcement is
available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f86a42e7-6423-4d03-8598-7ab172f8ab4c
Business Outlook
The Company currently expects total loan
origination volume to be in the range of RMB13 billion to RMB14
billion for the fourth quarter of 2019. The Company now expects
total loan originations for the fiscal year 2019 to be in the range
of RMB53.9 billion and RMB54.9 billion. The above outlook is based
on current market conditions and reflects the Company’s preliminary
expectations as to market conditions, its regulatory and operating
environment, as well as customer demand, all of which are subject
to changes and uncertainties.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on December 5, 2019
(9:00 PM Beijing / Hong Kong Time on the same day).
Dial-in details for the earnings conference call
are as follows:
United States (toll free): |
+1-866-519-4004 |
Hong Kong (toll free): |
800-906-601 |
China: |
400-620-8038 |
International: |
+65-6713-5090 |
Passcode: |
9459804 |
Please dial in ten minutes before the call is
scheduled to begin and provide the passcode to join the call.
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.9fgroup.com.
About 9F Inc.
9F Inc. is a leading digital financial account
platform integrating and personalizing financial services in China
with the footprint expanding overseas. The Company provides a
comprehensive range of financial products and services across loan
products, online wealth management products, and payment
facilitation, all integrated under a single digital financial
account.
For more information, please visit
http://ir.9fgroup.com/
Use of Non-GAAP Financial
Measures
The Company uses adjusted net income, a non-GAAP
financial measure, in evaluating its operating results and as a
supplemental measure to review and assess its financial and
operational performance. The Company believes that adjusted net
income provides useful information about its core operating
results, enhances the overall understanding of its past performance
and future prospects and allows for greater visibility with respect
to key metric used by the Company’s management in its financial and
operational decision-making. The Company also believes that
adjusted net income, which excludes the effect of share-based
compensation expenses, helps identify underlying trends in its
business and help the Company’s management formulate business
plans.
Adjusted net income is not defined under U.S.
GAAP and is not presented in accordance with U.S. GAAP. This
non-GAAP financial measure has limitations as an analytical tool,
and when assessing the Company’s operating performance, cash flows
or liquidity, investors should not consider it in isolation, or as
a substitute for net income, cash flows provided by operating
activities or other consolidated statements of operation and cash
flow data prepared in accordance with U.S. GAAP. Other companies,
including peer companies in the industry, may calculate this
non-GAAP measures differently, which may reduce their usefulness as
a comparative measure. The Company encourages investors and others
to review its financial information in its entirety and not rely on
a single financial measure.
The Company compensates for these limitations by
reconciling the non-GAAP financial measure to the most directly
comparable U.S. GAAP financial measure, which should be considered
when evaluating the Company’s performance. For more information on
this non-GAAP financial measure, please see the table captioned
“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
RMB7.1477 to US$1.00, the rate in effect as of September 30, 2019
as set forth in the H.10 statistical release of the Federal Reserve
Board.
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, regulatory 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 the Company’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
the Company’s ability to attract and retain borrowers and investors
on its marketplace, its ability to increase volume of loans
facilitated through the Company’s marketplace, its ability to
introduce new loan products and platform enhancements, its ability
to compete effectively, laws, regulations and governmental policies
relating to the online consumer finance industry in China, general
economic conditions in China, and the Company’s ability to meet the
standards necessary to maintain listing of its ADSs on the Nasdaq,
including its ability to cure any non-compliance with the Nasdaq’s
continued listing criteria. Further information regarding these and
other risks, uncertainties or factors is included in the Company’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 9F Inc. 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.
For investor and media enquiries, please
contact:In China:9F Inc.Head of Investor RelationsCecilia
MaE-mail: ir@9fbank.com.cn
Christensen
In ChinaMr. Christian ArnellPhone:
+86-10-5900-1548E-mail: carnell@christensenir.com
In US
Ms. Linda BergkampPhone: +1-480-614-3004Email:
lbergkamp@christensenir.com
9F Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands, except for number of shares and per
share data, or otherwise noted) |
|
|
|
|
|
|
|
December 31 |
|
September 30 |
|
September 30 |
|
2018 |
|
2019 |
|
2019 |
|
RMB |
|
RMB |
|
USD |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
5,469,077 |
|
4,449,337 |
|
622,485 |
Term deposits |
833,478 |
|
235,723 |
|
32,979 |
Accounts receivable, net |
180,141 |
|
1,903,131 |
|
266,258 |
Other receivables, net |
146,438 |
|
162,284 |
|
22,704 |
Loan receivables, net |
593,943 |
|
1,301,220 |
|
182,047 |
Amounts due from related
parties |
146,273 |
|
56,063 |
|
7,844 |
Prepaid expenses and other
assets |
543,088 |
|
1,587,092 |
|
222,042 |
Contract assets, net |
12,642 |
|
35,088 |
|
4,909 |
Long‑term investments |
954,158 |
|
1,075,709 |
|
150,497 |
Operating lease right-of-use
assets |
- |
|
114,954 |
|
16,083 |
Property, equipment and software,
net |
86,267 |
|
99,232 |
|
13,883 |
Goodwill |
13,385 |
|
78,577 |
|
10,993 |
Intangible assets, net |
44,733 |
|
77,140 |
|
10,792 |
Deferred tax assets, net |
84,338 |
|
228,602 |
|
31,983 |
TOTAL ASSETS |
9,107,961 |
|
11,404,152 |
|
1,595,499 |
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Deferred revenue |
346,847 |
|
732,695 |
|
102,508 |
Payroll and welfare payable |
38,890 |
|
6,926 |
|
969 |
Income tax payable |
315,868 |
|
343,588 |
|
48,070 |
Accrued expenses and other liabilities |
745,307 |
|
974,461 |
|
136,332 |
Operating lease liabilities |
- |
|
115,597 |
|
16,173 |
Amounts due to related
parties |
14,706 |
|
16,428 |
|
2,298 |
Deferred tax liabilities |
9,003 |
|
16,161 |
|
2,261 |
Total liabilities |
1,470,621 |
|
2,205,856 |
|
308,611 |
|
|
|
|
|
|
Mezzanine
equity |
|
|
|
|
|
Series A convertible
redeemable preferred shares |
280,301 |
|
- |
|
- |
Series B convertible
redeemable preferred shares |
202,086 |
|
- |
|
- |
Series C convertible
redeemable preferred shares |
355,248 |
|
- |
|
- |
Series D convertible
redeemable preferred shares |
408,358 |
|
- |
|
- |
Series E convertible
redeemable preferred shares |
136,427 |
|
- |
|
- |
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Ordinary shares |
- |
|
2 |
|
- |
Additional paid‑in
capital |
3,046,725 |
|
5,205,940 |
|
728,338 |
Statutory reserves |
446,277 |
|
443,778 |
|
62,087 |
Retained earnings |
2,671,275 |
|
3,375,360 |
|
472,230 |
Accumulated other comprehensive
income |
80,193 |
|
140,033 |
|
19,591 |
Total 9F Inc.
shareholders’ equity |
6,244,470 |
|
9,165,113 |
|
1,282,246 |
Non‑controlling interest |
10,450 |
|
33,183 |
|
4,642 |
Total shareholders’
equity |
6,254,920 |
|
9,198,296 |
|
1,286,888 |
TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLERS’ EQUITY |
9,107,961 |
|
11,404,152 |
|
1,595,499 |
9F Inc. |
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Amounts in thousands, except for number of shares and per share
data, or otherwise noted) |
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2018 |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2019 |
|
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
Net
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Loan facilitation services |
|
818,006 |
|
|
1,484,080 |
|
|
207,630 |
|
|
4,035,314 |
|
|
3,389,920 |
|
|
474,267 |
|
Post-origination services |
|
99,099 |
|
|
149,626 |
|
|
20,933 |
|
|
291,951 |
|
|
303,136 |
|
|
42,410 |
|
Others |
|
27,861 |
|
|
71,767 |
|
|
10,041 |
|
|
201,455 |
|
|
262,948 |
|
|
36,788 |
|
Total Net
Revenues |
|
944,966 |
|
|
1,705,473 |
|
|
238,604 |
|
|
4,528,720 |
|
|
3,956,004 |
|
|
553,465 |
|
Operating costs and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(105,592 |
) |
|
(14,773 |
) |
Sales and marketing |
|
(342,035 |
) |
|
(773,538 |
) |
|
(108,222 |
) |
|
(1,415,376 |
) |
|
(1,516,721 |
) |
|
(212,197 |
) |
Origination and servicing |
|
(97,178 |
) |
|
(431,270 |
) |
|
(60,337 |
) |
|
(338,099 |
) |
|
(659,317 |
) |
|
(92,242 |
) |
General and administrative |
|
(256,372 |
) |
|
(509,426 |
) |
|
(71,271 |
) |
|
(744,963 |
) |
|
(938,312 |
) |
|
(131,275 |
) |
Total operating costs and
expenses |
|
(695,585 |
) |
|
(1,714,234 |
) |
|
(239,830 |
) |
|
(2,498,438 |
) |
|
(3,219,942 |
) |
|
(450,487 |
) |
Interest income |
|
72,147 |
|
|
47,830 |
|
|
6,692 |
|
|
144,433 |
|
|
186,514 |
|
|
26,094 |
|
Impairment loss of
investments |
|
(23,094 |
) |
|
- |
|
|
- |
|
|
(23,094 |
) |
|
- |
|
|
- |
|
Gain recognized on measurement of
previously held equity interest in acquiree |
|
(257 |
) |
|
9,250 |
|
|
1,294 |
|
|
(257 |
) |
|
25,522 |
|
|
3,571 |
|
Non‑operating (loss)/income,
net |
|
(412 |
) |
|
5,141 |
|
|
719 |
|
|
15,860 |
|
|
2,549 |
|
|
357 |
|
Income before income
tax expense and share of profit in equity method
investments |
|
297,765 |
|
|
53,460 |
|
|
7,479 |
|
|
2,167,224 |
|
|
950,647 |
|
|
133,000 |
|
Income tax expense |
|
(66,929 |
) |
|
(30,430 |
) |
|
(4,257 |
) |
|
(354,258 |
) |
|
(160,966 |
) |
|
(22,520 |
) |
Share of profit(loss) in
equity method investments |
|
(2,100 |
) |
|
(12,513 |
) |
|
(1,751 |
) |
|
(4,945 |
) |
|
(80,196 |
) |
|
(11,220 |
) |
Net
income |
|
228,736 |
|
|
10,517 |
|
|
1,471 |
|
|
1,808,021 |
|
|
709,485 |
|
|
99,260 |
|
net (income)/loss attributable
to non-controlling interest shareholders |
|
3,293 |
|
|
5,302 |
|
|
742 |
|
|
3,371 |
|
|
2,812 |
|
|
393 |
|
Net income
attributable to 9F Inc. |
|
232,029 |
|
|
15,819 |
|
|
2,213 |
|
|
1,811,392 |
|
|
712,297 |
|
|
99,653 |
|
Change in redemption value of
preferred shares |
|
(4,342 |
) |
|
(2,170 |
) |
|
(304 |
) |
|
(12,884 |
) |
|
(10,711 |
) |
|
(1,499 |
) |
Net income attributable
to ordinary shareholders |
|
227,687 |
|
|
13,649 |
|
|
1,909 |
|
|
1,798,508 |
|
|
701,586 |
|
|
98,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.22 |
|
0.07 |
|
0.01 |
|
9.70 |
|
3.73 |
|
0.52 |
Diluted |
|
1.06 |
|
0.06 |
|
0.01 |
|
8.48 |
|
3.25 |
|
0.45 |
Shares used in earnings per share
computation: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
162,672,800 |
|
177,285,891 |
|
177,285,891 |
|
162,672,800 |
|
167,597,358 |
|
167,597,358 |
Diluted |
|
187,184,685 |
|
202,647,210 |
|
202,647,210 |
|
186,131,427 |
|
192,033,608 |
|
192,033,608 |
9F
Inc. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
(Amounts in
thousands, except for number of shares and per share data, or
otherwise noted) |
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2018 |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2019 |
|
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
228,736 |
|
10,517 |
|
|
1,471 |
|
|
1,808,021 |
|
709,485 |
|
|
99,260 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax of nil |
|
47,695 |
|
62,619 |
|
|
8,761 |
|
|
82,803 |
|
59,938 |
|
|
8,386 |
|
Unrealized gains on available for sale investments, net of tax
of nil |
|
244 |
|
(1,097 |
) |
|
(153 |
) |
|
426 |
|
(98 |
) |
|
(14 |
) |
Total comprehensive income |
|
276,675 |
|
72,039 |
|
|
10,079 |
|
|
1,891,250 |
|
769,325 |
|
|
107,632 |
|
Total comprehensive income/(loss) attributable to the
non-controlling interest shareholders |
|
3,293 |
|
5,302 |
|
|
742 |
|
|
3,371 |
|
2,812 |
|
|
393 |
|
Total comprehensive income attributable to 9F
Inc. |
|
279,968 |
|
77,341 |
|
|
10,821 |
|
|
1,894,621 |
|
772,137 |
|
|
108,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9F Inc. |
|
|
Reconciliations of GAAP And Non-GAAP Results |
|
|
(Amounts in
thousands, except for number of shares and per share data, or
otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2018 |
|
June 30, 2019 |
|
September 30, 2019 |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2019 |
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
228,736 |
|
171,586 |
|
10,517 |
|
1,471 |
|
1,808,021 |
|
709,485 |
|
99,260 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation |
133,837 |
|
34,243 |
|
234,511 |
|
32,809 |
|
378,124 |
|
302,414 |
|
42,309 |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of
adjustments |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Adjusted
net income |
362,573 |
|
205,829 |
|
245,028 |
|
34,280 |
|
2,186,145 |
|
1,011,899 |
|
141,569 |
1 “Loan origination volume” refers to the total amount of loans
originated to the Company’s borrowers, including the loan
origination volume funded by individual investors and institutional
funding partners.
2 “Institutional funding partners” refers to banks and other
institutions which have partnered with the Company on its direct
lending program to fund loans originated to the Company’s
borrowers.
3 “Registered users” refers to the accumulative number of users
who have registered their digital accounts with the Company
(identified by registered mobile phone numbers) as of a certain
point of time.
4 “Active borrowers” refers to, for a specified period,
borrowers who made at least one borrowing transaction with the
Company during that period.
5 “Outstanding loan balance” refers to the total balance of
outstanding principal of all the loan products, including revolving
loan products, non-revolving loan products and loan products under
the Company’s direct lending program. Outstanding loan balance for
loans funded by institutional funding partners, regardless of its
nature of revolving or non-revolving loan products, are counted
towards outstanding loan balance under the Company’s direct lending
program.
6 “Adjusted net income” is a non-GAAP financial measure. For
more information on this non-GAAP financial measure, please see the
section of “Use of Non-GAAP Financial Measures” and the table
captioned “Reconciliations of GAAP and Non-GAAP Results” set forth
at the end of this press release.
7 “delinquency rate” refers to loan principal that was 15-30,
31-60, 61-90 and 91-180 calendar days past due as a percentage of
the total balance of outstanding principal of loans originated on
the Company’s platform as of a specific date. Loan products that
have been transferred to non-performing loan companies are not
included in the calculation of delinquency rate.
8 "M3+ Delinquency Rates by Vintage" refers to the total
balance of outstanding principal of a vintage for which any payment
of principal is over 90 calendar days past due as of a particular
date (adjusted to exclude total amount of past due payments for
loan principal that have been subsequently collected in the same
vintage), divided by the total initial principal originated in such
vintage. Loan products that have been transferred to non-performing
loan companies are not included in the calculation of M3+
Delinquency Rates by Vintage.
9F (NASDAQ:JFU)
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