-First Quarter China Transaction Volume reached
RMB46.1 billion, up 10.3%
year-over-year-
-First Quarter International Transaction Volume reached
RMB2.21 billion, up 40.8%
year-over-year-
-First Quarter International Revenues increased to RMB594.8 million, up 32.9% year-over-year and
contributing 18.8% of total net revenues-
SHANGHAI,
May 15,
2024 /PRNewswire/ -- FinVolution Group ("FinVolution"
or the "Company") (NYSE: FINV), a leading fintech platform, today
announced its unaudited financial results for the first quarter
ended March 31, 2024.
|
|
For the
Three Months Ended/As of
|
|
YoY
Change
|
|
|
March 31, 2023
|
|
March 31, 2024
|
|
|
Total Transaction
Volume (RMB in
billions)[1]
|
|
43.4
|
|
48.3
|
|
11.3 %
|
|
Transaction Volume
(China's Mainland)[2]
|
|
41.8
|
|
46.1
|
|
10.3 %
|
|
Transaction Volume
(International)[3]
|
|
1.57
|
|
2.21
|
|
40.8 %
|
|
Total Outstanding
Loan Balance (RMB in billions)
|
|
62.3
|
|
65.3
|
|
4.8 %
|
|
Outstanding Loan
Balance (China's Mainland)[4]
|
|
61.3
|
|
64.0
|
|
4.4 %
|
|
Outstanding Loan
Balance (International)[5]
|
|
0.95
|
|
1.27
|
|
33.7 %
|
First Quarter 2024 China Market Operational
Highlights
- Cumulative registered users[6] reached
158.7 million as of March 31,
2024, an increase of 8.3% compared with March 31, 2023.
- Cumulative borrowers[7] reached 25.5 million as of
March 31, 2024, an increase of 6.3%
compared with March 31, 2023.
- Number of unique borrowers[8] for the first quarter
of 2024 was 1.8 million, a decrease of 18.2% compared with the same
period of 2023.
- Transaction volume[2] reached RMB46.1 billion for the first quarter of
2024, an increase of 10.3% compared with the same period of
2023.
- Transaction volume facilitated for repeat individual
borrowers[9] for the first quarter of 2024 was
RMB39.3 billion, an increase of
5.9% compared with the same period of 2023.
- Outstanding loan balance[4] reached RMB64.0 billion as of March 31, 2024, an increase of 4.4% compared with
March 31, 2023.
- Average loan size[10] was RMB10,121 for the first quarter of 2024,
compared with RMB7,908 for the
same period of 2023.
- Average loan tenure[11] was 8.2 months for the first
quarter of 2024, compared with 8.5 months for the same period of
2023.
- 90 day+ delinquency ratio[12] was 2.45% as of
March 31, 2024, compared with 1.72%
as of March 31, 2023.
First Quarter 2024 International Market
Operational Highlights
- Cumulative registered users[13] reached
26.8 million as of March 31,
2024, an increase of 49.7% compared with March 31, 2023.
- Cumulative borrowers[14] for the international
market reached 5.1 million as of March 31,
2024, an increase of 37.8% compared with March 31, 2023.
- Number of unique borrowers[15] for the first quarter
of 2024 was 0.85 million, an increase of 14.9% compared with the
same period of 2023.
- Number of new borrowers[16] for the first quarter of
2024 was 0.34 million, an increase of 9.7% compared with the same
period of 2023.
- Transaction volume[3] reached RMB2.21 billion for the first quarter of
2024, an increase of 40.8% compared with the same period of
2023.
- Outstanding loan balance[5] reached RMB1.27 billion as of March 31, 2024, an increase of 33.7% compared
with March 31, 2023.
- International business revenue was RMB594.8 million (US$82.4 million) for the first quarter of
2024, an increase of 32.9% compared with the same period of 2023,
representing 18.8% of total revenue for the first quarter of
2024.
First Quarter 2024 Financial
Highlights
- Net revenue was RMB3,165.1 million (US$438.4 million) for the first quarter of
2024, compared with RMB3,050.6 million for the same period of
2023.
- Net profit was RMB532.0 million (US$73.7 million) for the first quarter of
2024, compared with RMB689.8 million for the same period of
2023.
- Non-GAAP adjusted operating income,[17] which
excludes share-based compensation expenses before tax, was
RMB658.7 million (US$91.2 million) for the first quarter
of 2024, compared with RMB762.6 million for the same period of
2023.
- Diluted net profit per American depositary share ("ADS") was
RMB1.97 (US$0.27) and diluted
net profit per share was RMB0.39 (US$0.05) for the first quarter of
2024, compared with RMB2.42 and
RMB0.48 for the same period of
2023 respectively.
- Non-GAAP diluted net profit per ADS was RMB2.08 (US$0.29)
and non-GAAP diluted net profit per share was RMB0.42 (US$0.06)
for the first quarter of 2024, compared with RMB2.49 and RMB0.50
for the same period of 2023 respectively. 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 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 excluding loans
delinquent for more than 180 days from such date.
|
|
[5]
Outstanding loan balance (international) as of any date refers to
the balance of outstanding loans in the international markets
excluding loans delinquent for more than 30 days from such
date.
|
|
[6]
On a cumulative basis, the total number of users in China's
Mainland market registered on the Company's platform as of March
31, 2024.
|
|
[7]
On a cumulative basis, the total number of borrowers in China's
Mainland market registered on the Company's platform as of
March 31, 2024.
|
|
[8] Represents the total
number of borrowers in China's Mainland who have successfully
borrowed on the Company's platform during the period presented.
|
|
[9]
Represents the transaction volume facilitated for repeat borrowers
in China's Mainland who successfully completed a 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 March 31, 2024.
|
|
[14] On a cumulative basis,
the total number of borrowers on the Company's platforms outside
China's Mainland market, as of March 31, 2024.
|
|
[15] Represents the total
number of borrowers outside China's Mainland who have successfully
borrowed on the Company platforms 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, "In line with our Local Focus, Global Outlook
strategy, we had cumulatively served 30.7 million borrowers across
China, Indonesia and the
Philippines as of the end of the first quarter of 2024. Our
first quarter performance highlights our strategy's effectiveness
as well as its flexibility. Transaction volume in the China market reached RMB46.1 billion, up 10.3% year-over-year, while outstanding loan balance increased
to RMB64.0 billion, up 4.4%
year-over-year.
"Our international markets continued to deliver
solid growth with transaction volume reaching RMB2.21 billion, up 40.8% year-over-year, while
outstanding loan balance further expanded to RMB1.27 billion, up 33.7% year-over-year,
demonstrating our ability to capture opportunities in various
countries," concluded Mr.
Li.
Mr. Jiayuan Xu,
FinVolution's Chief Financial Officer, continued, "Our financial
performance improved progressively with net revenues for the
quarter reaching RMB3,165.1 million
(US$438.4 million), up 3.8%
year-over-year. Notably, contributions from international revenue
grew to RMB594.8 million
(US$82.4 million), up 32.9%
year-over-year, and representing
18.8% of total revenue. Our total liquidity position as of
March 31, 2024 stood at RMB8,535.3 million (US$1,182.1 million), up 10.1% year-over-year.
"As part of our commitment to consistently return
value to shareholders, we deployed US$27.2
million in the first quarter of 2024 to repurchase our
shares on the secondary market. Cumulatively, we have returned a
total of US$632.2 million to our
shareholders through our capital return program since 2018,
demonstrating our consistent and sustainable commitment to our
shareholders," concluded Mr. Xu.
First Quarter 2024 Financial Results
Net revenue for the first quarter of 2024
was RMB3,165.1 million (US$438.4
million), compared with RMB3,050.6 million for the same period of 2023.
This increase was primarily due to the increase in guarantee income
and other revenue.
Loan facilitation service fees
was RMB985.9 million (US$136.6 million) for the first quarter of
2024, compared with RMB1,168.3
million for the same period of 2023. This decrease was
primarily due to the decrease in service fee rates, partially
offset by the increase in transaction volume.
Post-facilitation service fees
was RMB465.2 million (US$64.4 million) for the first quarter of
2024, compared with RMB487.2 million for the same period of
2023. This decrease was primarily due to the decrease in service
fee rates and the rolling impact of deferred transaction fees.
Guarantee income
was RMB1,346.1 million (US$186.4 million) for the first quarter of
2024, compared with RMB986.5 million for the same period of
2023. This increase was primarily due to the increased outstanding
loan balance of off-balance sheet loans, higher guarantee rates 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
was RMB231.3 million (US$32.0 million) for the first quarter of
2024, compared with RMB285.6 million for the same period of
2023. This decrease was primarily
due to the decrease in the average outstanding loan balances of
on-balance sheet loans.
Other revenue
was RMB136.5 million (US$18.9 million) for the first quarter of
2024, compared with RMB123.1 million for the same period
of 2023. This increase was primarily due to the increase in
customer referral fees from financial institutions.
Origination, servicing expenses and other
costs of revenue was RMB539.6 million (US$74.7 million) for the first quarter of
2024, compared with RMB512.4 million for the same period of
2023. This increase was primarily due to the increase in
facilitation costs and loan collection expenses as a result of
higher transaction volume.
Sales and marketing expenses
was RMB449.2 million (US$62.2 million) for the first quarter of
2024, compared with RMB397.1 million
for the same period of 2023, as a result of our more proactive
customer acquisition efforts focusing on better quality borrowers
in both China and the
international markets.
Research and development expenses
was RMB120.5 million (US$16.7 million) for the first quarter of
2024, compared with RMB126.2 million for the same period of
2023. This decrease was primarily due to the increase in technology
development efficiency.
General and administrative expenses
was RMB82.3 million (US$11.4 million) for the first quarter of
2024, compared with RMB85.4 million
for the same period of 2023. This decrease was primarily due
to the increase in operating efficiency and rent savings.
Provision for accounts receivable and contract
assets was RMB65.7 million
(US$9.1 million) for the first
quarter of 2024, compared with RMB63.2
million for the same period of 2023. This increase was
primarily due to the increase in loan volume and outstanding loan
balances of off-balance sheet loans.
Provision for loans receivable
was RMB81.3 million (US$11.3 million) for the first quarter of
2024, compared with RMB143.3 million for the same period of
2023. This decrease was primarily due to the decrease in the loan
volume and the outstanding loan balances of on-balance sheet loans
in the international markets.
Credit losses for quality assurance
commitment was RMB1,198.1 million (US$165.9 million) for the first quarter of
2024, compared with RMB980.7 million
for the same period of 2023. The increase was primarily due to the
increases in delinquency rates, loan volume and outstanding loan
balance in the international markets.
Operating profit
was RMB628.4 million (US$87.0 million) for the first quarter of
2024, compared with RMB742.3 million for the same period of
2023.
Non-GAAP adjusted operating income, which
excludes share-based compensation expenses before tax, was
RMB658.7 million (US$91.2 million) for the first quarter of 2024,
compared with RMB762.6 million for
the same period of 2023.
Other income was RMB31.0 million (US$4.3
million) for the first quarter of 2024, compared with
RMB82.8 million for the same period
of 2023. This decrease was mainly due to the decrease in exchange
gains.
Income tax expense was RMB127.5 million (US$17.7
million) for the first quarter of 2024, compared with
RMB135.2 million for the same period
of 2023. This decrease was mainly due to the decrease in pre-tax
profit and the change in effective tax rate.
Net profit was RMB532.0 million (US$73.7 million) for the first quarter of
2024, compared with RMB689.8 million
for the same period of 2023.
Net profit attributable to ordinary
shareholders of the Company was RMB527.7 million (US$73.1 million) for the first quarter of
2024, compared with RMB695.9 million
for the same period of 2023.
Diluted net profit per ADS was
RMB1.97 (US$0.27) and diluted
net profit per share was RMB0.39
(US$0.05) for the first quarter of
2024, compared with RMB2.42 and
RMB0.48 for the same period of 2023
respectively.
Non-GAAP diluted net profit per
ADS was RMB2.08 (US$0.29) and non-GAAP diluted
net profit per share was RMB0.42
(US$0.06) for the first quarter of
2024, compared with RMB2.49 and
RMB0.50 for the same period of 2023
respectively. Each ADS represents five Class A ordinary shares of
the Company.
As of March 31,
2024, the Company had cash and cash equivalents of
RMB6,211.5 million (US$860.3 million) and short-term investments,
mainly in wealth management products and term deposit, of
RMB2,323.8 million (US$321.8 million).
The following chart shows the historical
cumulative 30-day plus past due delinquency rates by loan
origination vintage for loan products facilitated through the
Company's platform in China's
Mainland as of March 31, 2024:
Click here to view the
chart
Shares Repurchase Update
For the first quarter of 2024, the Company
deployed a total of US$27.2 million
to repurchase its own Class A ordinary shares in the form of ADSs
in the market. As of March 31, 2024,
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$307.2
million since 2018.
Business Outlook
While the macroeconomic recovery continued to
gain traction with pockets of improvement since the beginning of
2024, uncertainties persist in the markets in which we operate. The
Company has observed encouraging signs of recovery and will
continue to closely monitor macro conditions across our pan-Asian
markets and remain prudent in our business operations. The Company
reiterates its full year 2024 transaction volume guidance for the
China market in the range of
RMB195.7 billion to RMB205.0 billion, representing year-over-year
growth of approximately 5.0% to 10.0%. At the same time, the
Company expects its full year 2024 transaction volume for the
international markets to be in the range of RMB9.4 billion to RMB11.0
billion, representing year-over-year growth of approximately
20.0% to 40.0%.
The above forecast is based on the current market
conditions and reflects the Company's current preliminary views and
expectations on market and operational conditions and the
regulatory and operating environment, as well as customers' and
institutional partners' demands, all of which are subject to
change.
Conference Call
The Company's management will host an earnings
conference call at 8:30 PM U.S. Eastern Time on May 15, 2024 (8:30
AM Beijing/Hong Kong Time on May 16,
2024).
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 May 22, 2024, 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:
|
3495737
|
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 platforms, empowered by proprietary cutting-edge
technologies, features a highly automated loan transaction process,
which enables a superior user experience. As of March 31, 2024, the Company had over 185.5
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
RMB7.2203 to US$1.00, the rate in effect as of March 29, 2024 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 March
31,
|
|
|
2023
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
4,969,319
|
|
6,211,480
|
|
860,280
|
|
Restricted
cash
|
|
1,800,071
|
|
1,378,568
|
|
190,929
|
|
Short-term
investments
|
|
2,960,821
|
|
2,323,835
|
|
321,847
|
|
Investments
|
|
1,135,133
|
|
1,150,379
|
|
159,326
|
|
Quality assurance
receivable, net of credit loss allowance for
quality assurance receivable of RMB529,392 and
RMB545,725 as of December 31, 2023 and March 31, 2024,
respectively
|
|
1,755,615
|
|
1,794,789
|
|
248,575
|
|
Intangible
assets
|
|
98,692
|
|
98,692
|
|
13,669
|
|
Property, equipment
and software, net
|
|
140,933
|
|
613,883
|
|
85,022
|
|
Loans receivable, net
of credit loss allowance for loans receivable
of RMB214,550 and RMB204,264 as of December 31, 2023
and
March
31, 2024, respectively
|
|
1,127,388
|
|
954,064
|
|
132,136
|
|
Accounts receivable
and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB310,394 and RMB289,346 as of December 31, 2023
and
March
31, 2024,
respectively
|
|
2,208,538
|
|
2,128,610
|
|
294,809
|
|
Deferred tax
assets
|
|
1,624,325
|
|
1,824,847
|
|
252,738
|
|
Right of use
assets
|
|
38,110
|
|
32,082
|
|
4,443
|
|
Prepaid expenses and
other assets
|
|
3,384,317
|
|
2,837,919
|
|
393,047
|
|
Goodwill
|
|
50,411
|
|
50,411
|
|
6,982
|
|
Total
assets
|
|
21,293,673
|
|
21,399,559
|
|
2,963,803
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Deferred guarantee
income
|
|
1,882,036
|
|
1,826,629
|
|
252,985
|
|
Liability from quality
assurance commitment
|
|
3,306,132
|
|
3,088,269
|
|
427,720
|
|
Payroll and welfare
payable
|
|
261,528
|
|
165,193
|
|
22,879
|
|
Taxes
payable
|
|
207,477
|
|
364,000
|
|
50,413
|
|
Short-term
borrowings
|
|
5,756
|
|
5,688
|
|
788
|
|
Funds payable to
investors of consolidated trusts
|
|
436,352
|
|
332,598
|
|
46,064
|
|
Contract
liability
|
|
5,109
|
|
5,109
|
|
708
|
|
Deferred tax
liabilities
|
|
340,608
|
|
333,264
|
|
46,157
|
|
Accrued expenses and
other liabilities
|
|
941,899
|
|
984,411
|
|
136,339
|
|
Leasing
liabilities
|
|
35,878
|
|
33,152
|
|
4,591
|
|
Dividends
payable
|
|
-
|
|
441,331
|
|
61,124
|
|
Total
liabilities
|
|
7,422,775
|
|
7,579,644
|
|
1,049,768
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
FinVolution Group
Shareholders' equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
103
|
|
103
|
|
14
|
|
Additional paid-in
capital
|
|
5,748,734
|
|
5,776,852
|
|
800,085
|
|
Treasury
stock
|
|
(1,199,683)
|
|
(1,391,529)
|
|
(192,725)
|
|
Statutory
reserves
|
|
762,472
|
|
762,472
|
|
105,601
|
|
Accumulated other
comprehensive income
|
|
80,006
|
|
91,138
|
|
12,622
|
|
Retained
Earnings
|
|
8,357,153
|
|
8,443,523
|
|
1,169,414
|
|
Total FinVolution
Group shareholders' equity
|
|
13,748,785
|
|
13,682,559
|
|
1,895,011
|
|
Non-controlling
interest
|
|
122,113
|
|
137,356
|
|
19,024
|
|
Total shareholders'
equity
|
|
13,870,898
|
|
13,819,915
|
|
1,914,035
|
|
Total liabilities
and shareholders' equity
|
|
21,293,673
|
|
21,399,559
|
|
2,963,803
|
|
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 March 31,
|
|
|
2023
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
Operating
revenue:
|
|
|
|
|
|
|
|
Loan facilitation
service fees
|
|
1,168,253
|
|
985,940
|
|
136,551
|
|
Post-facilitation
service fees
|
|
487,171
|
|
465,192
|
|
64,428
|
|
Guarantee
income
|
|
986,520
|
|
1,346,115
|
|
186,435
|
|
Net
interest income
|
|
285,632
|
|
231,307
|
|
32,036
|
|
Other
Revenue
|
|
123,067
|
|
136,527
|
|
18,909
|
|
Net
revenue
|
|
3,050,643
|
|
3,165,081
|
|
438,359
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Origination,
servicing expenses and other cost of revenue
|
|
(512,428)
|
|
(539,555)
|
|
(74,728)
|
|
Sales and marketing
expenses
|
|
(397,118)
|
|
(449,209)
|
|
(62,215)
|
|
Research and
development expenses
|
|
(126,216)
|
|
(120,495)
|
|
(16,688)
|
|
General and
administrative expenses
|
|
(85,402)
|
|
(82,327)
|
|
(11,402)
|
|
Provision for accounts
receivable and contract
assets
|
|
(63,200)
|
|
(65,662)
|
|
(9,094)
|
|
Provision for loans
receivable
|
|
(143,316)
|
|
(81,285)
|
|
(11,258)
|
|
Credit losses for
quality assurance commitment
|
|
(980,683)
|
|
(1,198,099)
|
|
(165,935)
|
|
Total operating
expenses
|
|
(2,308,363)
|
|
(2,536,632)
|
|
(351,320)
|
|
Operating
profit
|
|
742,280
|
|
628,449
|
|
87,039
|
|
Other income,
net
|
|
82,777
|
|
31,004
|
|
4,294
|
|
Profit before income
tax expense
|
|
825,057
|
|
659,453
|
|
91,333
|
|
Income tax
expenses
|
|
(135,237)
|
|
(127,477)
|
|
(17,655)
|
|
Net
profit
|
|
689,820
|
|
531,976
|
|
73,678
|
|
Net profit
attributable to non-controlling interest shareholders
|
|
(6,064)
|
|
4,275
|
|
592
|
|
Net profit
attributable to FinVolution Group
|
|
695,884
|
|
527,701
|
|
73,086
|
|
Foreign currency
translation adjustment, net of nil tax
|
|
(29,168)
|
|
11,132
|
|
1,542
|
|
Total comprehensive
income attributable to FinVolution Group
|
|
666,716
|
|
538,833
|
|
74,628
|
|
Weighted average
number of ordinary shares used in computing net income per
share
|
|
|
|
|
|
|
|
Basic
|
|
1,410,573,744
|
|
1,311,510,218
|
|
1,311,510,218
|
|
Diluted
|
|
1,436,889,563
|
|
1,341,193,159
|
|
1,341,193,159
|
|
Net profit per share
attributable to FinVolution
Group's
ordinary shareholders
|
|
|
|
|
|
|
|
Basic
|
|
0.49
|
|
0.40
|
|
0.06
|
|
Diluted
|
|
0.48
|
|
0.39
|
|
0.05
|
|
Net profit per ADS
attributable to FinVolution Group's ordinary shareholders (one ADS
equal five ordinary shares)
|
|
|
|
|
|
|
|
Basic
|
|
2.47
|
|
2.01
|
|
0.28
|
|
Diluted
|
|
2.42
|
|
1.97
|
|
0.27
|
|
FinVolution
Group
|
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(All amounts
in thousands, except share data, or otherwise noted)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2023
|
|
2024
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net cash provided
by/(used in) operating activities
|
|
672,286
|
|
194,465
|
|
26,933
|
|
|
Net cash provided
by/(used
in) investing
activities
|
|
1,805,886
|
|
925,545
|
|
128,187
|
|
|
Net cash
provided by/(used in)
financing activities
|
|
(886,716)
|
|
(291,148)
|
|
(40,324)
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(26,403)
|
|
(8,204)
|
|
(1,137)
|
|
|
Net
increase/(decrease) in cash, cash equivalent and restricted
cash
|
|
1,565,053
|
|
820,658
|
|
113,659
|
|
|
Cash, cash equivalent
and restricted cash at beginning of period
|
|
6,479,087
|
|
6,769,390
|
|
937,550
|
|
|
Cash, cash equivalent
and restricted cash at end of period
|
|
8,044,140
|
|
7,590,048
|
|
1,051,209
|
|
|
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 March
31,
|
|
|
2023
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
3,050,643
|
|
3,165,081
|
|
438,359
|
|
Less: total operating
expenses
|
|
(2,308,363)
|
|
(2,536,632)
|
|
(351,320)
|
|
Operating
Income
|
|
742,280
|
|
628,449
|
|
87,039
|
|
Add: share-based
compensation expenses
|
|
20,359
|
|
30,289
|
|
4,195
|
|
Non-GAAP adjusted
operating income
|
|
762,639
|
|
658,738
|
|
91,234
|
|
|
|
|
|
|
|
|
Operating
Margin
|
|
25.0 %
|
|
19.9 %
|
|
19.9 %
|
|
Non-GAAP operating
margin
|
|
25.6 %
|
|
20.8 %
|
|
20.8 %
|
|
Non-GAAP adjusted
operating income
|
|
762,639
|
|
658,738
|
|
91,234
|
|
Add: other income,
net
|
|
82,777
|
|
31,004
|
|
4,294
|
|
Less: income tax
expenses
|
|
(135,237)
|
|
(127,477)
|
|
(17,655)
|
|
Non-GAAP net
profit
|
|
710,179
|
|
562,265
|
|
77,873
|
|
Net profit attributable
to non-controlling interest shareholders
|
|
(6,064)
|
|
4,275
|
|
592
|
|
Non-GAAP net profit
attributable to FinVolution Group
|
|
716,243
|
|
557,990
|
|
77,281
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net income per
share
|
|
|
|
|
|
|
|
Basic
|
|
1,410,573,744
|
|
1,311,510,218
|
|
1,311,510,218
|
|
Diluted
|
|
1,436,889,563
|
|
1,341,193,159
|
|
1,341,193,159
|
|
Non-GAAP net profit
per share attributable to FinVolution Group's ordinary
shareholders
|
|
|
|
|
|
|
|
Basic
|
|
0.51
|
|
0.43
|
|
0.06
|
|
Diluted
|
|
0.50
|
|
0.42
|
|
0.06
|
|
Non-GAAP net profit
per ADS attributable to FinVolution Group's ordinary shareholders
(one ADS equal five
ordinary
shares)
|
|
|
|
|
|
|
|
Basic
|
|
2.54
|
|
2.13
|
|
0.29
|
|
Diluted
|
|
2.49
|
|
2.08
|
|
0.29
|
View original
content:https://www.prnewswire.com/news-releases/finvolution-group-reports-first-quarter-2024-unaudited-financial-results-302146490.html
SOURCE FinVolution Group