-International transaction volume increased 99.1%
year-over-year, contributing 18.3% of total revenue-
-International revenue reached RMB584.8
million, a year-over-year increase of 67.3%-
SHANGHAI, Nov. 20,
2023 /PRNewswire/ -- FinVolution Group ("FinVolution"
or the "Company") (NYSE: FINV), a leading fintech platform, today
announced its unaudited financial results for the third quarter
ended September 30, 2023.
|
For the
Three Months Ended / As of
|
YoY
Change
|
|
September 30,
2022
|
September 30,
2023
|
|
Total Transaction
Volume (RMB in billions)[1]
|
45.5
|
51.3
|
12.7 %
|
|
Transaction Volume
(China's Mainland)[2]
|
44.4
|
49.1
|
10.6 %
|
|
Transaction Volume
(International)[3]
|
1.11
|
2.21
|
99.1 %
|
|
Total Outstanding
Loan Balance (RMB in billions)
|
60.3
|
65.9
|
9.3 %
|
|
Outstanding Loan
Balance (China's Mainland)[4]
|
59.6
|
64.6
|
8.4 %
|
|
Outstanding Loan
Balance (International)[5]
|
0.64
|
1.29
|
101.6 %
|
Third Quarter 2023 China Market Operational
Highlights
- Cumulative registered users[6] reached 152.6 million
as of September 30, 2023, an increase
of 8.3% compared with September 30,
2022.
- Cumulative borrowers[7] for the China market reached 24.8 million as of
September 30, 2023, an increase of
6.9% compared with September 30,
2022.
- Number of unique borrowers[8] for the third quarter
of 2023 was 2.3 million, a decrease of 8.0% compared with the same
period of 2022.
- Transaction volume[2] reached RMB49.1 billion for the third quarter of 2023, an
increase of 10.6% compared with the same period of 2022.
- Transaction volume facilitated for repeat individual
borrowers[9] for the third quarter of 2023 was
RMB42.4 billion, an increase of 9.0%
compared with the same period of 2022.
- Outstanding loan balance[4] reached RMB64.6 billion as of September 30, 2023, an increase of 8.4% compared
with September 30, 2022.
- Average loan size[10] was RMB8,505 for the third quarter of 2023, compared
with RMB7,202 for the same period of
2022.
- Average loan tenure[11] was 8.2 months for the third
quarter of 2023, compared with 8.6 months for the same period of
2022.
- 90 day+ delinquency ratio[12] was 1.67% as of
September 30, 2023, compared with
1.44% as of September 30, 2022.
Third Quarter 2023 International Market Operational
Highlights
- Cumulative registered users[13] reached 22.5 million
as of September 30, 2023, an increase
of 69.2% compared with September 30,
2022.
- Cumulative borrowers[14] for the international
market reached 4.4 million as of September
30, 2023, an increase of 41.9% compared with September 30, 2022.
- Number of unique borrowers[15] for the third quarter
of 2023 was 0.93 million, an increase of 27.4% compared with the
same period of 2022.
- Number of new borrowers[16] for the third quarter of
2023 was 0.42 million, an increase of 27.3% compared with the same
period of 2022.
- Transaction volume[3] reached RMB2.21 billion for the third quarter of 2023, an
increase of 99.1% compared with the same period of 2022.
- Proportion of transaction volume in the Indonesia market funded by the local financial
institutions increased to 74.0% for the third quarter of 2023 from
54.9% for the same period of 2022.
- Outstanding loan balance[5] reached RMB1.29 billion as of September 30, 2023, an increase of 101.6%
compared with September 30,
2022.
- International business revenue was RMB584.8 million (US$80.2
million) for the third quarter of 2023, an increase of 67.3%
compared with the same period of 2022, representing 18.3% of total
revenue for the third quarter of 2023.
Third Quarter 2023 Financial Highlights
- Net revenue was RMB3,197.5
million (US$438.3 million) for
the third quarter of 2023, an increase of 7.6% from RMB2,971.4 million for the same period of
2022.
- Net profit was RMB574.7 million
(US$78.8 million) for the third
quarter of 2023, a decrease of 5.1% from RMB605.5 million for the same period of
2022.
- Non-GAAP adjusted operating income[17], which
excludes share-based compensation expenses before tax, was
RMB583.8 million (US$80.0 million) for the third quarter of 2023, a
decrease of 14.5% from RMB683.0
million for the same period of 2022.
- Diluted net profit per American depositary share ("ADS") was
RMB2.05 (US$0.28) and diluted net profit per share was
RMB0.41 (US$0.06) for the third quarter of 2023, which
remained unchanged compared with the same period of 2022. Non-GAAP
diluted net profit per ADS was RMB2.16 (US$0.30)
and non-GAAP diluted net profit per share was RMB0.43 (US$0.06)
for the third quarter of 2023, an increase of 1.4% compared with
the same period of 2022. Each ADS of the Company represents five
Class A ordinary shares of the Company.
|
[1]
Represents the total transaction volume facilitated in China's
Mainland and the international markets on the Company's platforms
during the period presented.
|
|
[2] Represents our transaction volume
facilitated in China's Mainland during the period
presented.
|
|
[3]
Represents our transaction volume facilitated in international
markets outside China's Mainland during the period
presented.
|
|
[4] Outstanding loan balance (China's
Mainland) as of any date refers to the balance of outstanding loans
in China's Mainland market delinquent within 180 days from the
given date.
|
|
[5]
Outstanding loan balance (international) as of any date refers to
the balance of outstanding loans in the international markets'
delinquent within 30 days from the given date.
|
|
[6] On a
cumulative basis, the total number of users in China's Mainland
market registered on the Company's platforms as of September 30,
2023.
|
|
[7] On a
cumulative basis, the total number of borrowers in China's Mainland
market on the Company's platform as of September 30,
2023.
|
|
[8]
Represents the total number of borrowers in China's Mainland who
have successfully borrowed on the Company platform during the
period presented.
|
|
[9]
Represents the transaction volume facilitated for the repeat
borrowers in China's Mainland who successfully completed their
transaction on the Company's platform during the period
presented.
|
|
[10]
Represents the average loan size on the Company's platform in
China's Mainland during the period presented.
|
|
[11]
Represents the average loan tenor on the Company's platform in
China's Mainland during the period presented.
|
|
[12] "90 day+ delinquency ratio"
refers to the outstanding principal balance of on- and-off balance
sheet loans that were 90 to 179 calendar days past due as a
percentage of the total outstanding principal balance of on-and-off
balance sheet loans on the Company's platform as of a specific
date. Loans that originated outside China's Mainland are not
included in the calculation.
|
|
[13] On a
cumulative basis, the total number of users registered on the
Company's platforms outside China's Mainland market as of September
30, 2023.
|
|
[14] On a
cumulative basis, the total number of borrowers outside China's
Mainland market, on the Company's platforms during the period
presented.
|
|
[15]
Represents the total number of borrowers outside China's Mainland
who have successfully borrowed on the Company platform during the
period presented.
|
|
[16]
Represents the total number of new borrowers outside China's
Mainland whose transactions were facilitated on the Company's
platforms during the period presented.
|
|
[17] Please
refer to "UNAUDITED Reconciliation of GAAP And Non-GAAP Results"
for reconciliation between GAAP and Non-GAAP adjusted operating
income.
|
Mr. Tiezheng Li, Chief Executive
Officer of FinVolution, commented, "During the third quarter of
2023, total transaction volume reached RMB51.3 billion, representing a year-over-year
increase of 12.7%, while our total outstanding loan balance reached
RMB65.9 billion, representing a
year-over-year increase of 9.3%.
"Our tactical approach of maintaining progressive growth in the
China market while pursuing faster
growth in the international markets has proven very effective under
the uneven macro conditions in the markets where we operate. During
the third quarter, international transaction volume reached
RMB2.21 billion, representing a
year-over-year increase of 99.1%, while outstanding loan balance
reached RMB1.29 billion, rising
101.6% year-over-year. The increased international transaction
volume and outstanding loan balance contributed the growth of our
international revenue to RMB584.8
million, up 67.3% year-over-year and contribute 18.3% of
total revenue in the quarter," concluded Mr. Li.
Mr. Jiayuan Xu, FinVolution's
Chief Financial Officer, continued, "We are encouraged by the
financial results we achieved in the third quarter. Net revenue for
the third quarter reached RMB3,197.5
million (US$438.3 million),
representing a year-over-year increase of 7.6%. Our total liquidity
position as of the end of September
2023 reached RMB8,525.2
million (US$1,168.5 million),
representing a year-over-year increase of 58.2% and a sequential
increase of 4.0%."
"Moreover, through our annual dividend policy and share
repurchase policy, we have consistently optimized the returns for
our shareholders. During the first nine months of 2023, we deployed
approximately US$65.9 million to
repurchase our stock, reflecting our strong commitment to enhancing
shareholders value," concluded Mr. Xu.
Third Quarter 2023 Financial Results
Net revenue for the third quarter of 2023 increased by
7.6% to RMB3,197.5 million
(US$438.3 million) from RMB2,971.4 million for the same period of 2022,
primarily due to the increase in guarantee income and post-loan
facilitation service fees.
Loan facilitation service fees decreased by 3.3% to
RMB1,129.8 million (US$154.8 million) for the third quarter of 2023
from RMB1,168.7 million for the same
period of 2022. This decrease was primarily due to the decrease in
service fee rates, partially offset by the increase in transaction
volume.
Post-facilitation service fees increased by 1.3% to
RMB498.9 million (US$68.4 million) for the third quarter of
2023 from RMB492.3 million for the
same period of 2022, primarily due to the increase in outstanding
loans served by the Company and the rolling impact of deferred
transaction fees.
Guarantee income increased by 40.1% to RMB1,152.0 million (US$157.9 million) for the third quarter of 2023
from RMB822.2 million for the same
period of 2022. This increase was primarily due to the increased
outstanding loan balance of off-balance sheet loans and the rolling
impact of deferred guarantee income. The fair value of quality
assurance commitment upon loan origination is released as guarantee
income systematically over the term of the loans subject to quality
assurance commitment.
Net interest income decreased by 17.1% to RMB273.3 million (US$37.5 million) for the third quarter of
2023, from RMB329.6 million for the
same period of 2022, primarily due to the decrease in transaction
volume of consolidated trust accounts.
Other revenue decreased by 9.6% to RMB143.5 million (US$19.7 million) for the third quarter of
2023 from RMB158.7 million for the
same period of 2022, primarily due to the disposal of a
pilot-run business.
Origination, servicing expenses and other costs of
revenue increased by 5.1% to RMB520.0 million (US$71.3 million) for the third quarter of
2023 from RMB495.0 million for the
same period of 2022, primarily due to the increase in
facilitation costs and loan collection expenses as a result of
higher transaction volume.
Sales and marketing expenses remained relatively stable
at RMB530.1 million (US$72.7 million) for the third quarter of
2023, compared with RMB535.2 million
for the same period of 2022, as a result of our proactive efforts
for acquiring more new borrowers in both China and the international markets.
Research and development expenses increased by 5.6% to
RMB132.6 million (US$18.2 million) for the third quarter of
2023 from RMB125.6 million for the
same period of 2022, due to the increase in investments for
technology development.
General and administrative expenses decreased by 1.8% to
RMB98.6 million (US$13.5 million) for the third quarter of
2023 from RMB100.4 million for the
same period of 2022, primarily due to the increase in operating
efficiency.
Provision for accounts receivable and contract assets
decreased by 21.6% to RMB86.9 million
(US$11.9 million) for the third
quarter of 2023 from RMB110.9 million
for the same period of 2022, primarily due to the decrease in
provision from other third-party platform.
Provision for loans receivable increased by 34.7% to
RMB176.8 million (US$24.2 million) for the third quarter of
2023, from RMB131.3 million for the
same period of 2022, primarily due to the increase in loan volume
and outstanding loan balances in the international markets.
Credit losses for quality assurance commitment increased
by 35.2% to RMB1099.2 million
(US$150.7 million) for the third
quarter of 2023 compared with RMB813.2
million for the same period of 2022. The increase was
primarily due to the increases in loan volume and outstanding loan
balances in both China and the
international markets.
Operating profit decreased by 16.1% to RMB553.4 million (US$75.8 million) for the third quarter of
2023 from RMB659.8 million for the
same period of 2022.
Non-GAAP adjusted operating income, which excludes
share-based compensation expenses before tax, was RMB583.8 million (US$80.0
million) for the third quarter of 2023, representing a
decrease of 14.5% from RMB683.0
million for the same period of 2022.
Other income increased by 113.0% to RMB124.4 million (US$17.0
million) for the third quarter of 2023 from RMB58.4 million for the same period of 2022,
mainly due to the additional gains from increased investment in
investment products as well as government subsidies.
Income tax expense was RMB103.1
million (US$14.1 million) for
the third quarter of 2023, compared with RMB112.7 million for the same period of 2022.
This decrease was mainly due to the decrease in pre-tax profit for
the third quarter.
Net profit was RMB574.7
million (US$78.8 million) for
the third quarter of 2023, compared with RMB605.5 million for the same period of 2022.
Net profit attributable to ordinary shareholders of the
Company was RMB566.0 million
(US$77.6 million) for the third
quarter of 2023, compared with RMB599.0
million for the same period of 2022.
Diluted net profit per ADS was RMB2.05 (US$0.28)
and diluted net profit per share was RMB0.41 (US$0.06)
for the third quarter of 2023, which remained unchanged compared
with the same period of 2022. Non-GAAP diluted net profit per
ADS was RMB2.16 (US$0.30) and non-GAAP diluted net profit per
share was RMB0.43 (US$0.06) for the third quarter of 2023, an
increase of 1.4% compared with the same period of 2022. Each ADS
represents five Class A ordinary shares of the Company.
As of September 30, 2023, the
Company had cash and cash equivalents of RMB5,700.7 million (US$781.3 million) and short-term investments,
mainly in wealth management products and term deposit, of
RMB2,824.5 million (US$387.1 million).
The following chart and table display the historical cumulative
30-day plus past due delinquency rates by loan origination vintage
in China's Mainland for all loan
products facilitated through the Company's online platform as of
September 30, 2023:
Click here to view the
chart.
Shares Repurchase Update
On August 28, 2023, the board of
directors of the Company approved the Company's third repurchase
program, which allows the Company to repurchase its own Class A
ordinary shares in the form of ADSs with an aggregate value of up
to US$150 million, effective from
August 29, 2023 until August 29, 2025.
During the first nine months of 2023, the Company deployed a
total of US$65.9 million to
repurchase its own Class A ordinary shares in the form of ADSs in
the market. As of September 30, 2023,
in combination with the Company's historical and existing share
repurchase programs, the Company had cumulatively repurchased its
own Class A ordinary shares in the form of ADSs with a total
aggregate value of approximately US$248.2
million.
Conference Call
The Company's management will host an earnings conference call
at 7:30 p.m. U.S. Eastern Time on November 20, 2023 (8:30
a.m. Beijing/Hong Kong Time
on November 21, 2023).
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
+1-888-346-8982
|
|
Canada (toll
free):
|
+1-855-669-9657
|
|
International:
|
+1-412-902-4272
|
|
Hong Kong, China (toll
free):
|
800-905-945
|
|
Hong Kong,
China:
|
852-3018-4992
|
|
Mainland,
China:
|
400-120-1203
|
Participants should dial in at least five minutes before the
scheduled start time and ask to be connected to the call for
"FinVolution Group."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
https://ir.finvgroup.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until November 27, 2023, by dialing the following
telephone numbers:
|
United States (toll
free):
|
+1-877-344-7529
|
|
Canada (toll
free):
|
+1-855-669-9658
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
2339865
|
About FinVolution Group
FinVolution Group is a leading fintech platform with strong
brand recognition in China and the
international markets connecting borrowers of the young generation
with financial institutions. Established in 2007, the Company is a
pioneer in China's online consumer
finance industry and has developed innovative technologies and has
accumulated in-depth experience in the core areas of credit risk
assessment, fraud detection, big data and artificial
intelligence. The Company's platform, empowered by proprietary
cutting-edge technologies, features a highly automated loan
transaction process, which enables a superior user experience. As
of September 30, 2023, the Company
had over 175.0 million cumulative registered users across
China, Indonesia and the
Philippines.
For more information, please visit https://ir.finvgroup.com
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted operating income, non-GAAP operating
margin, non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS which are non-GAAP financial measures, in
evaluating our operating results and for financial and operational
decision-making purposes. We believe that these non-GAAP financial
measures help identify underlying trends in our business by
excluding the impact of share-based compensation expenses and
expected discretionary measures. We believe that non-GAAP financial
measures 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.
Non-GAAP adjusted operating income, non-GAAP operating margin,
non-GAAP net profit, non-GAAP net profit attributable to
FinVolution Group, and non-GAAP basic and diluted net profit per
share and per ADS are not defined under U.S. GAAP and are not
presented in accordance with U.S. GAAP. These non-GAAP financial
measures have limitations as analytical tool, and when assessing
our operating performance, cash flows or our 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. The Company encourages investors and
others to review our financial information in its entirety and not
rely on a single financial measure.
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 RMB7.2960 to US$1.00, the rate in effect as of September 29, 2023 as certified for customs
purposes by the Federal Reserve Bank of New York.
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 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 NYSE, 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 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 FinVolution 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 inquiries, please contact:
In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com
Piacente Financial
Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com
In the United States:
Piacente Financial
Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com
|
FinVolution Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
As of December
31,
|
|
As of September
30,
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
USD
|
|
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
3,636,380
|
|
5,700,722
|
781,349
|
|
Restricted
cash
|
2,842,707
|
|
2,163,022
|
296,467
|
|
Short-term
investments
|
3,427,020
|
|
2,824,471
|
387,126
|
|
Investments
|
1,084,084
|
|
1,126,652
|
154,421
|
|
Quality
assurance receivable, net of credit loss allowance for
quality
assurance receivable of RMB374,304 and
RMB465,872 as of December 31, 2022 and September 30,
2023,
respectively
|
1,669,855
|
|
1,716,680
|
235,291
|
|
Intangible
assets
|
98,692
|
|
98,692
|
13,527
|
|
Property, equipment
and software, net
|
141,345
|
|
149,459
|
20,485
|
|
Loans receivable, net
of credit loss allowance for loans receivable
of RMB294,355 and RMB277,619 as of December 31, 2022
and September 30, 2023, respectively
|
2,136,432
|
|
1,556,097
|
213,281
|
|
Accounts receivable
and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB496,918 and RMB412,194 as of December 31, 2022 and
September 30, 2023, respectively
|
2,217,445
|
|
2,246,671
|
307,932
|
|
Deferred tax
assets
|
919,361
|
|
1,455,433
|
199,484
|
|
Right of use
assets
|
192,428
|
|
168,910
|
23,151
|
|
Prepaid expenses and
other assets
|
2,966,751
|
|
2,974,613
|
407,705
|
|
Goodwill
|
50,411
|
|
50,411
|
6,909
|
|
Total
assets
|
21,382,911
|
|
22,231,833
|
3,047,128
|
|
Liabilities and
Shareholders' Equity
|
|
|
Deferred guarantee
income
|
1,805,164
|
|
1,869,869
|
256,287
|
|
Liability from quality
assurance commitment
|
3,555,618
|
|
3,703,989
|
507,674
|
|
Payroll and welfare
payable
|
274,408
|
|
222,626
|
30,513
|
|
Taxes
payable
|
134,027
|
|
172,623
|
23,660
|
|
Funds payable to
investors of consolidated trusts
|
1,845,210
|
|
1,225,856
|
168,018
|
|
Contract
liability
|
5,109
|
|
5,109
|
700
|
|
Deferred tax
liabilities
|
232,188
|
|
336,835
|
46,167
|
|
Accrued expenses and
other liabilities
|
909,708
|
|
979,336
|
134,229
|
|
Leasing
liabilities
|
176,990
|
|
159,575
|
21,872
|
|
Total
liabilities
|
8,938,422
|
|
8,675,818
|
1,189,120
|
|
Commitments and
contingencies
|
|
|
|
|
|
FinVolution Group
Shareholders' equity
|
|
|
|
|
|
Ordinary
shares
|
103
|
|
103
|
14
|
|
Additional paid-in
capital
|
5,692,703
|
|
5,738,613
|
786,542
|
|
Treasury
stock
|
(568,595)
|
|
(998,356)
|
(136,836)
|
|
Statutory
reserves
|
698,401
|
|
698,401
|
95,724
|
|
Accumulated other
comprehensive income
|
52,237
|
|
88,861
|
12,181
|
|
Retained
Earnings
|
6,496,852
|
|
7,896,663
|
1,082,328
|
|
Total FinVolution
Group shareholders' equity
|
12,371,701
|
|
13,424,285
|
1,839,953
|
|
Non-controlling interest
|
72,788
|
|
131,730
|
18,055
|
|
Total shareholders'
equity
|
12,444,489
|
|
13,556,015
|
1,858,008
|
|
Total liabilities
and shareholders' equity
|
21,382,911
|
|
22,231,833
|
3,047,128
|
|
FinVolution Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
For the Three Months
Ended September 30,
|
|
For the Nine Months
Ended September 30,
|
|
2022
|
2023
|
|
2022
|
2023
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
Operating
revenue:
|
|
|
|
|
|
|
|
|
Loan facilitation
service fees
|
1,168,650
|
1,129,776
|
154,849
|
|
3,222,142
|
3,413,070
|
467,800
|
|
Post-facilitation
service fees
|
492,253
|
498,916
|
68,382
|
|
1,433,479
|
1,474,274
|
202,066
|
|
Guarantee
income
|
822,242
|
1,152,047
|
157,901
|
|
2,143,870
|
3,211,480
|
440,170
|
|
Net
interest income
|
329,636
|
273,274
|
37,455
|
|
881,692
|
821,953
|
112,658
|
|
Other
Revenue
|
158,664
|
143,514
|
19,670
|
|
403,044
|
403,071
|
55,245
|
|
Net
revenue
|
2,971,445
|
3,197,527
|
438,257
|
|
8,084,227
|
9,323,848
|
1,277,939
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Origination,
servicing expenses and other cost of
revenue
|
(495,022)
|
(519,985)
|
(71,270)
|
|
(1,522,401)
|
(1,548,373)
|
(212,222)
|
|
Sales and marketing
expenses
|
(535,158)
|
(530,110)
|
(72,658)
|
|
(1,194,287)
|
(1,396,061)
|
(191,346)
|
|
Research and
development expenses
|
(125,595)
|
(132,588)
|
(18,173)
|
|
(353,965)
|
(383,381)
|
(52,547)
|
|
General and
administrative expenses
|
(100,426)
|
(98,641)
|
(13,520)
|
|
(287,373)
|
(274,813)
|
(37,666)
|
|
Provision for accounts
receivable and contract
assets
|
(110,899)
|
(86,884)
|
(11,908)
|
|
(278,387)
|
(217,535)
|
(29,816)
|
|
Provision for loans
receivable
|
(131,336)
|
(176,776)
|
(24,229)
|
|
(289,933)
|
(479,281)
|
(65,691)
|
|
Credit losses for
quality assurance commitment
|
(813,172)
|
(1,099,154)
|
(150,652)
|
|
(2,259,317)
|
(3,153,288)
|
(432,194)
|
|
Total operating
expenses
|
(2,311,608)
|
(2,644,138)
|
(362,410)
|
|
(6,185,663)
|
(7,452,732)
|
(1,021,482)
|
|
Operating
profit
|
659,837
|
553,389
|
75,847
|
|
1,898,564
|
1,871,116
|
256,457
|
|
Other income,
net
|
58,403
|
124,387
|
17,049
|
|
156,169
|
327,065
|
44,828
|
|
Profit before income
tax expense
|
718,240
|
677,776
|
92,896
|
|
2,054,733
|
2,198,181
|
301,285
|
|
Income tax
expenses
|
(112,741)
|
(103,061)
|
(14,126)
|
|
(329,788)
|
(343,528)
|
(47,084)
|
|
Net
profit
|
605,499
|
574,715
|
78,770
|
|
1,724,945
|
1,854,653
|
254,201
|
|
Net profit attributable to non-controlling interest
shareholders
|
6,465
|
8,757
|
1,200
|
|
10,038
|
38,377
|
5,260
|
|
Net profit
attributable to FinVolution Group
|
599,034
|
565,958
|
77,570
|
|
1,714,907
|
1,816,276
|
248,941
|
|
Foreign currency
translation adjustment, net of nil tax
|
40,350
|
(88,159)
|
(12,083)
|
|
88,650
|
(36,624)
|
(5,020)
|
|
Total comprehensive
income attributable
to FinVolution
Group
|
639,384
|
477,799
|
65,487
|
|
1,803,557
|
1,779,652
|
243,921
|
|
Weighted average
number of ordinary shares used in
computing net income per share
|
|
|
|
|
|
|
|
|
Basic
|
1,412,291,188
|
1,356,802,618
|
1,356,802,618
|
|
1,421,982,509
|
1,385,417,916
|
1,385,417,916
|
|
Diluted
|
1,463,337,838
|
1,382,049,817
|
1,382,049,817
|
|
1,468,882,368
|
1,414,900,795
|
1,414,900,795
|
|
Net profit per share
attributable to FinVolution
Group's
ordinary shareholders
|
|
|
|
|
|
|
|
|
Basic
|
0.42
|
0.42
|
0.06
|
|
1.21
|
1.31
|
0.18
|
|
Diluted
|
0.41
|
0.41
|
0.06
|
|
1.17
|
1.28
|
0.18
|
|
Net profit per ADS
attributable to FinVolution
Group's
ordinary shareholders (one ADS equal
five
ordinary shares)
|
|
|
|
|
|
|
|
|
Basic
|
2.12
|
2.09
|
0.29
|
|
6.03
|
6.55
|
0.90
|
|
Diluted
|
2.05
|
2.05
|
0.28
|
|
5.84
|
6.42
|
0.88
|
|
FinVolution Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
Net cash provided
by/(used in) operating
activities
|
325,837
|
|
178,370
|
|
24,448
|
|
(32,574)
|
|
1,357,273
|
|
186,030
|
|
Net cash provided
by/(used in) investing
activities
|
(1,280,514)
|
|
591,067
|
|
81,012
|
|
(1,081,347)
|
|
1,516,238
|
|
207,818
|
|
Net cash
provided by/ (used
in)
financing
activities
|
(56,246)
|
|
(110,924)
|
|
(15,203)
|
|
(350,048)
|
|
(1,516,270)
|
|
(207,822)
|
|
Effect of exchange rate
changes on cash
and cash equivalents
|
18,225
|
|
(11,383)
|
|
(1,560)
|
|
48,668
|
|
27,416
|
|
3,757
|
|
Net increase in cash,
cash equivalent and
restricted cash
|
(992,698)
|
|
647,130
|
|
88,697
|
|
(1,415,301)
|
|
1,384,657
|
|
189,783
|
|
Cash, cash equivalent
and restricted cash
at beginning of period
|
8,068,938
|
|
7,216,614
|
|
989,119
|
|
8,491,541
|
|
6,479,087
|
|
888,033
|
|
Cash, cash equivalent
and restricted cash
at end of period
|
7,076,240
|
|
7,863,744
|
|
1,077,816
|
|
7,076,240
|
|
7,863,744
|
|
1,077,816
|
|
FinVolution Group
|
|
UNAUDITED
Reconciliation of GAAP and Non-GAAP Results
|
|
(All amounts in
thousands, except share data, or otherwise noted)
|
|
|
For the Three Months Ended September
30,
|
|
For the Nine Months Ended September
30,
|
|
2022
|
2023
|
|
2022
|
2023
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
2,971,445
|
3,197,527
|
438,257
|
|
8,084,227
|
9,323,848
|
1,277,939
|
|
Less: total operating
expenses
|
(2,311,608)
|
(2,644,138)
|
(362,410)
|
|
(6,185,663)
|
(7,452,732)
|
(1,021,482)
|
|
Operating
Income
|
659,837
|
553,389
|
75,847
|
|
1,898,564
|
1,871,116
|
256,457
|
|
Add: share-based
compensation expenses
|
23,142
|
30,376
|
4,163
|
|
68,032
|
82,192
|
11,265
|
|
Non-GAAP adjusted
operating income
|
682,979
|
583,765
|
80,010
|
|
1,966,596
|
1,953,308
|
267,722
|
|
|
|
|
|
|
|
|
|
Operating
Margin
|
22.2 %
|
17.3 %
|
17.3 %
|
|
23.5 %
|
20.1 %
|
20.1 %
|
|
Non-GAAP operating
margin
|
23.0 %
|
18.3 %
|
18.3 %
|
|
24.3 %
|
20.9 %
|
20.9 %
|
|
Non-GAAP adjusted
operating income
|
682,979
|
583,765
|
80,010
|
|
1,966,596
|
1,953,308
|
267,722
|
|
Add: other income,
net
|
58,403
|
124,387
|
17,049
|
|
156,169
|
327,065
|
44,828
|
|
Less: income tax
expenses
|
(112,741)
|
(103,061)
|
(14,126)
|
|
(329,788)
|
(343,528)
|
(47,084)
|
|
Non-GAAP net
profit
|
628,641
|
605,091
|
82,933
|
|
1,792,977
|
1,936,845
|
265,466
|
|
Net profit attributable
to non-controlling interest
Shareholders
|
6,465
|
8,757
|
1,200
|
|
10,038
|
38,377
|
5,260
|
|
Non-GAAP net profit
attributable to FinVolution
Group
|
622,176
|
596,334
|
81,733
|
|
1,782,939
|
1,898,468
|
260,206
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing net income per share
|
|
|
|
|
|
|
|
|
Basic
|
1,412,291,188
|
1,356,802,618
|
1,356,802,618
|
|
1,421,982,509
|
1,385,417,916
|
1,385,417,916
|
|
Diluted
|
1,463,337,838
|
1,382,049,817
|
1,382,049,817
|
|
1,468,882,368
|
1,414,900,795
|
1,414,900,795
|
|
Non-GAAP net profit
per share attributable to
FinVolution Group's ordinary shareholders
|
|
|
|
|
|
|
|
|
Basic
|
0.44
|
0.44
|
0.06
|
|
1.25
|
1.37
|
0.19
|
|
Diluted
|
0.43
|
0.43
|
0.06
|
|
1.21
|
1.34
|
0.18
|
|
Non-GAAP net profit
per ADS attributable to
FinVolution Group's ordinary shareholders (one ADS
equal five ordinary shares)
|
|
|
|
|
|
|
|
|
Basic
|
2.20
|
2.20
|
0.30
|
|
6.27
|
6.85
|
0.94
|
|
Diluted
|
2.13
|
2.16
|
0.30
|
|
6.07
|
6.71
|
0.92
|
View original
content:https://www.prnewswire.com/news-releases/finvolution-group-reports-third-quarter-2023-unaudited-financial-results-301993729.html
SOURCE FinVolution Group