BEIJING, Nov. 24, 2021 /PRNewswire/ -- Yiren Digital Ltd.
(NYSE: YRD) ("Yiren Digital" or the "Company"), a leading digital
personal financial management platform in China, today announced its unaudited financial
results for the third quarter ended September 30, 2021.
Third Quarter 2021 Operational Highlights
Wealth Management
- Cumulative number of investors served reached 2,612,279 as of
September 30, 2021, representing an
increase of 2.9% from 2,538,656 as of June
30, 2021 and compared to 2,283,828 as of September 30, 2020.
- Number of active investors[1] was 427,873 as of
September 30, 2021, representing an
increase of 11.0% from 385,536 as of June
30, 2021, and compared to 170, 907 as of September 30, 2020.
- Total client assets[2] was RMB17,415.3 million (US$2,702.8 million) as of September 30, 2021, representing an increase of
18.8% from RMB14,660.4 million as of
June 30, 2021, and compared to
RMB4,994.6 million as of September 30, 2020.
- Sales volume of investment products amounted to RMB5,030.2 million (US$780.7 million) in the third quarter of 2021,
representing a decrease of 5.9% from RMB5,343.6 million in the second quarter of 2021
and compared to RMB4,593.3 million in
the same period of 2020.
Consumer Credit
- Total loans facilitated under loan facilitation model in the
third quarter of 2021 reached RMB6.8
billion (US$1.1 billion),
representing an increase of 30.3% from RMB5.3 billion in the second quarter of 2021 and
compared to RMB3.1 billion in the
third quarter of 2020.
- Cumulative number of borrowers served reached 5,840,424 as of
September 30, 2021, representing an
increase of 5.1% from 5,558,085 as of June
30, 2021 and compared to 5,060,824 as of September 30, 2020.
- Number of borrowers served in the third quarter of 2021 was
548,495 representing an increase of 26.3% from 434,153 in the
second quarter of 2021 and compared to 143,238 in the third quarter
of 2020.
- Outstanding balance of performing loans facilitated under loan
facilitation model reached RMB13,793.9
million (US$2,140.8 million)
as of September 30, 2021,
representing an increase of 10.0% from RMB12,543.7 million as of June 30, 2021 and compared to RMB6,250.3 million as of September 30, 2020.
"We are delighted to announce a solid quarter with visible
increase in profitability and a healthy growth in business scale
amid a muted macro environment," said Mr. Ning Tang, Chairman and Chief Executive Officer
of Yiren Digital. "And as our business structures continue to
integrate and expand, we are seeing growing interactions and
synergies between each business
line, reinforcing our strategic positioning as a
user-centric leading digital personal financial management
platform."
"For wealth management, we are pleased to see continued growth
in both new investor base and average client asset per investor. As of September 30, 2021, our total client assets
exceeded RMB17.4
billion, representing a 19% growth from last quarter
and approximately 250% increase from the prior year. On Yiren
Wealth's platform, the number of new investors grew
93% quarter-over-quarter and
excluding insurance products, the number of investors with
client asset over RMB500,000 grew almost three times compared with
the prior year, a vivid reflection of our enhanced capabilities
to serve a higher segment of our investor spectrum. Moreover,
Hexiang insurance contributed RMB735
million in total premium this quarter, up 29% compared with
last quarter."
"For our credit business, the total loan facilitation volume
maintained a strong growth trajectory reaching RMB6.8 billion
for the quarter, representing an increase of 30% quarter over
quarter. Driven by our enhanced digital operating capabilities
and improved servicing standards, our Yi Xiang Hua APP, the
credit-tech platform offering unsecured revolving loans, saw its
MAU jumping 82% quarter over quarter to 1.1million users.
Meanwhile, our SME loans, which we started to focus on in the
second half of this year, increased by 431% from the last quarter and accounted 25% of our
total loan volume in the third quarter."
"In the third quarter, we are pleased to see strong growth
across revenue, profit and
transaction volume. Total revenue in the third quarter stood at
RMB1.2
billion, increasing 20% year over year, with wealth
management business becoming an increasingly important growth
driver and contributing close to 30% of total revenue. Meanwhile, net income grew
three times year on year to over RMB0.3
billion, reflecting a net income margin of 26%,
driven by our continued efforts in cost control and increasing
operating efficiencies, "said Ms. Na
Mei, Chief Financial Officer of Yiren Digital. "Turning to
our balance sheet, we ended the quarter with RMB2.3 billion in cash and cash equivalents,
representing 6% increase from the prior quarter, leaving us with
sufficient resilience to seize any new opportunities."
Third Quarter 2021 Financial Results
Total net revenue in the third quarter of 2021 was
RMB1,232.0 million (US$191.2 million), compared to RMB1,022.8 million in the same period last year.
Revenue from wealth management business reached RMB337.6 million (US$52.4
million), representing an increase of 20.1% from
RMB281.1 million in the third quarter
of 2020, as we continue to drive up our wealth management business.
Revenue from credit business reached RMB894.4 million (US$138.8
million), representing an increase of 20.6% from
RMB741.7 million in the third quarter
of 2020, primarily driven by an increase in loan volume.
Sales and marketing expenses in the third quarter of
2021 were RMB407.2 million
(US$63.2 million), compared to
RMB485.1 million in the same period
last year. The decrease was primarily due to internal restructuring
to optimize operating efficiencies.
Origination, servicing and other operating costs in
the third quarter of 2021 were RMB186.9
million (US$29.0 million),
compared to RMB239.7 million in the
same period last year. The decrease was
due to the improved collection efficiency.
General and administrative expenses in the third
quarter of 2021 were RMB139.3 million
(US$21.6 million), compared to
RMB159.7 million in the same
period last year. The decrease was due to enhancement of
operational efficiency.
Allowance for contract assets, receivables and others in
the third quarter of 2021 was RMB83.6
million (US$13.0 million),
compared to RMB25.0million in the
same period last year. The increase was primarily driven by the
one-time write back to credit impairment in the same period last
year due to the better-than-expected credit performance post the
pandemic. Excluding the one-time write back impact, allowance for
contract assets remained stable compared to the same period last
year.
Income tax expense in the third quarter of 2021 was
RMB75.9million (US$11.8 million).
Net income in the third quarter of 2021 was
RMB320.9 million (US$49.8million), compared to net income of
RMB79.8 million in the same period
last year.
Adjusted EBITDA[3] (non-GAAP) in
the third quarter of 2021 was RMB438.6
million (US$68.1 million),
compared to RMB117.5 million in the
same period last year.
Basic income per ADS in the third quarter of 2021
was RMB3.8 (US$0.6), compared to a basic income per ADS of
RMB0.9 in the same period last
year.
Diluted income per ADS in the third quarter of 2021
was RMB3.7 (US$0.6), compared to a diluted income per ADS of
RMB0.9 in the same period last
year.
Net cash generated from operating activities in the third
quarter of 2021 was RMB323.8 million
(US$50.3 million), compared to
RMB3.1 million in the same period
last year.
Net cash used in investing activities in the third
quarter of 2021 was RMB233.8 million
(US$36.3 million), compared to
RMB99.5 million in the same period
last year.
As of September 30, 2021, cash and
cash equivalents was RMB2,328.4
million (US$361.4 million),
compared to RMB2,192.5 million as of
June 30, 2021. As of September 30, 2021, the balance of
held-to-maturity investments was RMB2.2
million (US$0.3 million),
compared to RMB2.2 million as of
June 30, 2021. As of September 30, 2021, the balance of
available-for-sale investments was RMB277.9
million (US$43.1 million),
compared to RMB224.3 million as of
June 30, 2021.
Delinquency rates. As of September
30, 2021, the delinquency rates for loans facilitated that
are past due for 15-29 days, 30-59 days and 60-89 days were 0.7%,
0.9% and 0.8% respectively, compared to 0.5%, 0.8% and 0.7%
respectively as of June 30, 2021.
Cumulative M3+ net charge-off rates. As of
September 30, 2021, the cumulative
M3+ net charge-off rate for loans facilitated in 2018, 2019 and
2020 was 9.9%, 11.0% and 4.8% respectively, as compared to 9.9%,
10.5% and 3.7% respectively as of June 30,
2021.
[1] Active
investors refer to those who have made at least one investment
through our wealth management platform or have had client assets
with us above zero in the past twelve months.
|
[2] Client
assets refer to the outstanding balance of client assets generated
through our platforms, where an asset is counted towards the
outstanding balance for so long as it continues to be held by the
investor who acquired it through our platform.
|
[3]
"Adjusted EBITDA" is a non-GAAP financial measure. For more
information on this non-GAAP financial measure, please see the
section of "Operating Highlights and Reconciliations of GAAP to
Non-GAAP Measures" and the table captioned "Reconciliations of
Adjusted EBITDA" set forth at the end of this press
release.
|
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
several non-GAAP financial measures, such as adjusted EBITDA and
adjusted EBITDA margin as supplemental measures to review and
assess operating performance. We believe these non-GAAP measures
provide useful information about our core operating results,
enhance the overall understanding of our past performance and
prospects and allow for greater visibility with respect to key
metrics used by our management in our financial and operational
decision-making. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with accounting principles generally accepted in
the United States of America
("U.S. GAAP"). The non-GAAP financial measures have limitations as
analytical tools. Other companies, including peer companies in the
industry, may calculate these non-GAAP measures differently, which
may reduce their usefulness as a comparative measure. The Company
compensates for these limitations by reconciling the non-GAAP
financial measures to the nearest U.S. GAAP performance measure,
all of which should be considered when evaluating our performance.
See "Operating Highlights and Reconciliation of GAAP to Non-GAAP
measures" at the end of this press release.
Board Composition Change
Mr. Dennis
Cong has resigned from the board of directors of the
Company, having fulfilled his term as a board member since
November 2020, effective from
November 24, 2021.
Currency Conversion
This announcement contains currency conversions of certain RMB
amounts into US$ at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
US$ are made at a rate of RMB6.4434
to US$1.00, the effective noon buying
rate on September 30, 2021, as set
forth in the H.10 statistical release of the Federal Reserve
Board.
Conference Call
Yiren Digital's management will host an earnings conference call
at 7:00 a.m. U.S. Eastern Time on
November 24, 2021 (or 8:00 p.m. Beijing/Hong Kong Time on November 24, 2021).
Participants who wish to join the call should register online in
advance of the conference at:
http://apac.directeventreg.com/registration/event/8382762
Please note the Conference ID number of 8382762.
Once registration is completed, participants will receive the
dial-in information for the conference call, an event passcode, and
a unique registrant ID number.
Participants joining the conference call should dial-in at least
10 minutes before the scheduled start time.
A replay of the conference call may be accessed by phone at the
following numbers until December 2, 2021:
International
|
+61
2-8199-0299
|
U.S.
|
+1
646-254-3697
|
Replay Access
Code:
|
8382762
|
Additionally, a live and archived webcast of the conference call
will be available at ir.yirendai.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond Yiren Digital'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
Yiren Digital's ability to attract and retain borrowers and
investors on its marketplace, its ability to introduce new loan
products and platform enhancements, its ability to compete
effectively, PRC regulations and policies relating to the
peer-to-peer lending service industry in China, general economic conditions in
China, and Yiren Digital's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE or other stock exchange, including its ability to cure any
non-compliance with the NYSE's continued listing criteria. Further
information regarding these and other risks, uncertainties or
factors is included in Yiren Digital'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
Yiren Digital does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
About Yiren Digital
Yiren Digital Ltd. is a leading digital personal financial
management platform in China. The
Company provides customized asset allocation services and wealth
management solutions to China's
mass affluent population as well as utilizes online and offline
channels to provide retail credit facilitation services to
individual borrowers and small business owners.
Unaudited
Condensed Consolidated Statements of Operations
|
(in
thousands, except for share, per share and per ADS data, and
percentages)
|
|
|
For the Three
Months Ended
|
|
|
For
the Nine
Months Ended
|
|
September 30,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
September 30,
2021
|
|
September 30,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan facilitation
services
|
406,413
|
|
551,373
|
|
601,283
|
|
93,318
|
|
|
936,038
|
|
1,694,788
|
|
263,027
|
Post-origination
services
|
195,570
|
|
40,584
|
|
39,024
|
|
6,056
|
|
|
468,567
|
|
124,394
|
|
19,306
|
Account management
services
|
157,327
|
|
-
|
|
-
|
|
-
|
|
|
871,213
|
|
-
|
|
-
|
Insurance brokerage
services
|
102,495
|
|
151,801
|
|
199,406
|
|
30,947
|
|
|
122,040
|
|
510,911
|
|
79,292
|
Financing
services
|
3,075
|
|
125,267
|
|
144,614
|
|
22,444
|
|
|
5,310
|
|
384,813
|
|
59,722
|
Others
|
157,882
|
|
256,010
|
|
247,664
|
|
38,437
|
|
|
397,943
|
|
742,083
|
|
115,169
|
Total net
revenue
|
1,022,762
|
|
1,125,035
|
|
1,231,991
|
|
191,202
|
|
|
2,801,111
|
|
3,456,989
|
|
536,516
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
485,055
|
|
436,882
|
|
407,172
|
|
63,192
|
|
|
1,609,962
|
|
1,249,230
|
|
193,877
|
Origination,servicing
and other
operating costs
|
239,655
|
|
182,667
|
|
186,915
|
|
29,009
|
|
|
507,756
|
|
544,107
|
|
84,444
|
General and
administrative
|
159,670
|
|
127,690
|
|
139,321
|
|
21,622
|
|
|
481,279
|
|
386,876
|
|
60,042
|
Allowance for
contract assets,
receivables and others
|
25,016
|
|
93,433
|
|
83,578
|
|
12,971
|
|
|
337,109
|
|
318,243
|
|
49,391
|
Total operating costs
and expenses
|
909,396
|
|
840,672
|
|
816,986
|
|
126,794
|
|
|
2,936,106
|
|
2,498,456
|
|
387,754
|
Other
income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income/(expense), net
|
11,003
|
|
(22,782)
|
|
(21,565)
|
|
(3,347)
|
|
|
53,069
|
|
(55,327)
|
|
(8,587)
|
Fair value
adjustments related to
Consolidated ABFE
|
(30,905)
|
|
(20,916)
|
|
(526)
|
|
(82)
|
|
|
(89,882)
|
|
(49,162)
|
|
(7,630)
|
Others,
net
|
2,726
|
|
14,674
|
|
3,934
|
|
611
|
|
|
11,400
|
|
23,730
|
|
3,683
|
Total other
expenses
|
(17,176)
|
|
(29,024)
|
|
(18,157)
|
|
(2,818)
|
|
|
(25,413)
|
|
(80,759)
|
|
(12,534)
|
Income/(loss) before
provision for income
taxes
|
96,190
|
|
255,339
|
|
396,848
|
|
61,590
|
|
|
(160,408)
|
|
877,774
|
|
136,228
|
Income tax
expense/(benefit)
|
16,353
|
|
55,259
|
|
75,923
|
|
11,783
|
|
|
(27,269)
|
|
175,555
|
|
27,245
|
Net
income/(loss)
|
79,837
|
|
200,080
|
|
320,925
|
|
49,807
|
|
|
(133,139)
|
|
702,219
|
|
108,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares outstanding, basic
|
182,144,192
|
|
167,974,463
|
|
170,193,542
|
|
170,193,542
|
|
|
184,444,536
|
|
168,719,693
|
|
168,719,693
|
Basic income/(loss)
per share
|
0.4383
|
|
1.1911
|
|
1.8856
|
|
0.2926
|
|
|
(0.7218)
|
|
4.1620
|
|
0.6459
|
Basic income/(loss)
per ADS
|
0.8766
|
|
2.3822
|
|
3.7712
|
|
0.5852
|
|
|
(1.4436)
|
|
8.3240
|
|
1.2918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares outstanding, diluted
|
182,730,892
|
|
169,173,603
|
|
171,571,392
|
|
171,571,392
|
|
|
184,444,536
|
|
169,972,343
|
|
169,972,343
|
Diluted income/(loss)
per share
|
0.4369
|
|
1.1827
|
|
1.8705
|
|
0.2903
|
|
|
(0.7218)
|
|
4.1314
|
|
0.6412
|
Diluted income/(loss)
per ADS
|
0.8738
|
|
2.3654
|
|
3.7410
|
|
0.5806
|
|
|
(1.4436)
|
|
8.2628
|
|
1.2824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Cash
Flow Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
generated/(used in) from
operating activities
|
3,098
|
|
(212,993)
|
|
323,819
|
|
50,259
|
|
|
501,097
|
|
(31,185)
|
|
(4,840)
|
Net cash used in
investing activities
|
(99,460)
|
|
(208,539)
|
|
(233,782)
|
|
(36,283)
|
|
|
(815,567)
|
|
(728,377)
|
|
(113,042)
|
Net cash provided by
financing activities
|
81,693
|
|
144,107
|
|
49,770
|
|
7,723
|
|
|
55,961
|
|
473,277
|
|
73,451
|
Effect of foreign
exchange rate changes
|
(3,389)
|
|
(278)
|
|
(257)
|
|
(41)
|
|
|
(2,269)
|
|
(653)
|
|
(101)
|
Net
(decrease)/increase in cash, cash
equivalents and restricted cash
|
(18,058)
|
|
(277,703)
|
|
139,550
|
|
21,658
|
|
|
(260,778)
|
|
(286,938)
|
|
(44,532)
|
Cash, cash
equivalents and restricted
cash, beginning of period
|
3,026,422
|
|
2,558,363
|
|
2,280,660
|
|
353,953
|
|
|
3,269,142
|
|
2,707,148
|
|
420,143
|
Cash, cash
equivalents and restricted
cash, end of period
|
3,008,364
|
|
2,280,660
|
|
2,420,210
|
|
375,611
|
|
|
3,008,364
|
|
2,420,210
|
|
375,611
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in
thousands)
|
|
|
As
of
|
|
December 31,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
September 30,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
2,469,909
|
|
2,192,500
|
|
2,328,380
|
|
361,359
|
Restricted
cash
|
237,239
|
|
88,160
|
|
91,830
|
|
14,252
|
Accounts
receivable
|
122,742
|
|
228,554
|
|
258,729
|
|
40,154
|
Contract
assets, net
|
750,174
|
|
1,063,470
|
|
1,191,497
|
|
184,917
|
Contract
cost
|
65,529
|
|
44,684
|
|
34,707
|
|
5,386
|
Prepaid
expenses and other assets
|
278,591
|
|
213,942
|
|
358,052
|
|
55,569
|
Loans at
fair value
|
192,156
|
|
112,931
|
|
82,474
|
|
12,800
|
Financing
receivables
|
1,253,494
|
|
1,738,742
|
|
1,969,456
|
|
305,656
|
Amounts
due from related parties
|
884,006
|
|
1,064,703
|
|
768,646
|
|
119,292
|
Held-to-maturity investments
|
3,286
|
|
2,233
|
|
2,200
|
|
341
|
Available-for-sale investments
|
175,515
|
|
224,336
|
|
277,934
|
|
43,135
|
Property,
equipment and software, net
|
147,193
|
|
123,491
|
|
115,326
|
|
17,898
|
Deferred
tax assets
|
16,745
|
|
8,629
|
|
6,285
|
|
975
|
Right-of-use assets
|
105,674
|
|
93,783
|
|
70,897
|
|
11,003
|
Total
assets
|
6,702,253
|
|
7,200,158
|
|
7,556,413
|
|
1,172,737
|
Accounts
payable
|
9,903
|
|
64,469
|
|
36,799
|
|
5,711
|
Amounts
due to related parties
|
970,309
|
|
498,053
|
|
474,925
|
|
73,707
|
Deferred
revenue
|
50,899
|
|
21,137
|
|
11,862
|
|
1,841
|
Payable to
investors at fair value
|
52,623
|
|
51,289
|
|
50,814
|
|
7,886
|
Accrued
expenses and other liabilities
|
1,208,915
|
|
1,238,591
|
|
1,245,263
|
|
193,262
|
Secured
borrowings
|
500,500
|
|
968,600
|
|
1,038,600
|
|
161,188
|
Refund
liability
|
10,845
|
|
6,412
|
|
5,927
|
|
920
|
Deferred
tax liabilities
|
38,741
|
|
118,654
|
|
147,575
|
|
22,903
|
Lease
liabilities
|
81,854
|
|
70,114
|
|
53,194
|
|
8,256
|
Total
liabilities
|
2,924,589
|
|
3,037,319
|
|
3,064,959
|
|
475,674
|
Ordinary
shares
|
121
|
|
122
|
|
123
|
|
19
|
Additional
paid-in capital
|
5,058,176
|
|
5,065,177
|
|
5,096,994
|
|
791,041
|
Treasury
stock
|
(40,147)
|
|
(40,147)
|
|
(42,502)
|
|
(6,596)
|
Accumulated other comprehensive
income
|
17,108
|
|
16,139
|
|
14,442
|
|
2,241
|
Accumulated deficit
|
(1,257,594)
|
|
(878,452)
|
|
(577,603)
|
|
(89,642)
|
Total
equity
|
3,777,664
|
|
4,162,839
|
|
4,491,454
|
|
697,063
|
Total liabilities and
equity
|
6,702,253
|
|
7,200,158
|
|
7,556,413
|
|
1,172,737
|
Operating
Highlights and Reconciliation of GAAP to Non-GAAP
Measures
|
(in thousands,
except for number of borrowers, number of investors and
percentages)
|
|
|
For the Three
Months Ended
|
|
|
For
the Nine
Months Ended
|
|
September 30,
2020
|
|
June 30,
2021
|
|
September 30,
2021
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
September 30,
2021
|
|
September 30,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of investment
in current investment
products
|
4,593,256
|
|
5,343,601
|
|
5,030,228
|
|
780,679
|
|
|
8,942,780
|
|
16,196,885
|
|
2,513,717
|
Number of investors
in current investment
products
|
76,707
|
|
120,091
|
|
127,378
|
|
127,378
|
|
|
90,888
|
|
299,186
|
|
299,186
|
Amount of loans
facilitated under loan
facilitation model
|
3,148,367
|
|
5,252,859
|
|
6,841,921
|
|
1,061,849
|
|
|
5,412,281
|
|
17,025,066
|
|
2,642,249
|
Number of
borrowers
|
143,238
|
|
434,153
|
|
548,495
|
|
548,495
|
|
|
360,170
|
|
967,057
|
|
967,057
|
Remaining principal
of performing loans
facilitated under loan facilitation model
|
6,250,343
|
|
12,543,745
|
|
13,793,925
|
|
2,140,784
|
|
|
6,250,343
|
|
13,793,925
|
|
2,140,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
management:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
281,050
|
|
286,839
|
|
337,627
|
|
52,399
|
|
|
1,019,307
|
|
888,209
|
|
137,848
|
Sales and marketing
expenses
|
43,879
|
|
29,044
|
|
55,463
|
|
8,608
|
|
|
156,659
|
|
123,494
|
|
19,166
|
Origination,servicing
and other operating
costs
|
105,522
|
|
150,505
|
|
159,348
|
|
24,731
|
|
|
176,015
|
|
442,363
|
|
68,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
credit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
741,712
|
|
838,196
|
|
894,364
|
|
138,803
|
|
|
1,781,804
|
|
2,568,780
|
|
398,668
|
Sales and marketing
expenses
|
441,176
|
|
407,838
|
|
351,709
|
|
54,584
|
|
|
1,453,303
|
|
1,125,736
|
|
174,711
|
Origination,servicing
and other operating
costs
|
134,134
|
|
32,162
|
|
27,567
|
|
4,278
|
|
|
331,741
|
|
101,744
|
|
15,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
79,837
|
|
200,080
|
|
320,925
|
|
49,807
|
|
|
(133,139)
|
|
702,219
|
|
108,983
|
Interest
(income)/expense, net
|
(11,003)
|
|
22,782
|
|
21,565
|
|
3,347
|
|
|
(53,069)
|
|
55,327
|
|
8,587
|
Income tax
expense/(benefit)
|
16,353
|
|
55,259
|
|
75,923
|
|
11,783
|
|
|
(27,269)
|
|
175,555
|
|
27,245
|
Depreciation and
amortization
|
23,404
|
|
12,170
|
|
8,449
|
|
1,311
|
|
|
74,943
|
|
35,770
|
|
5,551
|
Share-based
compensation
|
8,952
|
|
5,090
|
|
11,742
|
|
1,822
|
|
|
16,447
|
|
16,592
|
|
2,575
|
Adjusted
EBITDA
|
117,543
|
|
295,381
|
|
438,604
|
|
68,070
|
|
|
(122,087)
|
|
985,463
|
|
152,941
|
Adjusted EBITDA
margin
|
11.5%
|
|
26.3%
|
|
35.6%
|
|
35.6%
|
|
|
-4.4%
|
|
28.5%
|
|
28.5%
|
Delinquency Rates
(Loan Facilitation Model)
|
|
|
15-29
days
|
|
30-59
days
|
|
60-89
days
|
All
Loans
|
|
|
|
|
|
|
December 31,
2015
|
1.3%
|
|
1.9%
|
|
1.5%
|
December 31,
2016
|
0.6%
|
|
0.8%
|
|
0.7%
|
December 31,
2017
|
0.5%
|
|
0.8%
|
|
0.6%
|
December 31,
2018
|
1.0%
|
|
1.8%
|
|
1.7%
|
December 31,
2019
|
0.8%
|
|
1.3%
|
|
1.0%
|
December 31,
2020
|
0.5%
|
|
0.7%
|
|
0.6%
|
March 31,
2021
|
0.5%
|
|
0.8%
|
|
0.6%
|
June 30,
2021
|
0.5%
|
|
0.8%
|
|
0.7%
|
September 30,
2021
|
0.7%
|
|
0.9%
|
|
0.8%
|
|
|
|
|
|
|
|
Online
Channels
|
|
|
|
|
|
December 31,
2015
|
0.4%
|
|
0.7%
|
|
0.5%
|
December 31,
2016
|
0.8%
|
|
1.1%
|
|
1.7%
|
December 31,
2017
|
0.3%
|
|
0.2%
|
|
0.0%
|
December 31,
2018
|
0.9%
|
|
1.7%
|
|
1.5%
|
December 31,
2019
|
1.0%
|
|
2.1%
|
|
1.6%
|
December 31,
2020
|
0.6%
|
|
1.0%
|
|
1.1%
|
March 31,
2021
|
0.5%
|
|
0.9%
|
|
0.7%
|
June 30,
2021
|
0.7%
|
|
0.9%
|
|
0.8%
|
September 30,
2021
|
0.8%
|
|
1.1%
|
|
0.9%
|
|
|
|
|
|
|
|
Offline
Channels
|
|
|
|
|
|
December 31,
2015
|
1.3%
|
|
2.0%
|
|
1.6%
|
December 31,
2016
|
0.6%
|
|
0.8%
|
|
0.7%
|
December 31,
2017
|
0.5%
|
|
0.9%
|
|
0.7%
|
December 31,
2018
|
1.1%
|
|
1.9%
|
|
1.8%
|
December 31,
2019
|
0.7%
|
|
0.9%
|
|
0.7%
|
December 31,
2020
|
0.4%
|
|
0.6%
|
|
0.4%
|
March 31,
2021
|
0.4%
|
|
0.7%
|
|
0.6%
|
June 30,
2021
|
0.4%
|
|
0.7%
|
|
0.6%
|
September 30,
2021
|
0.6%
|
|
0.8%
|
|
0.7%
|
Net Charge-Off
Rate (Loan Facilitation Model)
|
Loan
Issued
Period
|
|
Amount of
Loans
Facilitated
During the Period
|
|
Accumulated M3+
Net
Charge-Off
as of September 30, 2021
|
|
Total Net
Charge-Off
Rate
as of September 30, 2021
|
|
|
(in RMB
thousands)
|
|
(in RMB
thousands)
|
|
|
2015
|
|
4,530,824
|
|
249,527
|
|
5.5%
|
2016
|
|
3,749,815
|
|
318,255
|
|
8.5%
|
2017
|
|
5,043,494
|
|
525,863
|
|
10.4%
|
2018
|
|
4,211,573
|
|
415,810
|
|
9.9%
|
2019
|
|
3,431,443
|
|
375,802
|
|
11.0%
|
2020
|
|
9,614,819
|
|
465,215
|
|
4.8%
|
2021H1
|
|
10,183,146
|
|
136,363
|
|
1.3%
|
M3+ Net Charge-Off
Rate (Loan Facilitation Model)
|
Loan
Issued
Period
|
|
Month on
Book
|
|
|
4
|
7
|
10
|
13
|
16
|
19
|
22
|
25
|
28
|
31
|
34
|
2015Q1
|
|
1.0%
|
1.9%
|
2.8%
|
3.7%
|
4.3%
|
4.8%
|
5.1%
|
5.3%
|
5.3%
|
5.3%
|
5.2%
|
2015Q2
|
|
1.1%
|
2.8%
|
4.2%
|
5.3%
|
6.2%
|
6.7%
|
7.0%
|
7.0%
|
6.9%
|
6.8%
|
6.8%
|
2015Q3
|
|
0.6%
|
2.2%
|
3.8%
|
5.0%
|
5.9%
|
6.5%
|
6.7%
|
6.8%
|
6.7%
|
6.7%
|
6.7%
|
2015Q4
|
|
1.0%
|
1.5%
|
2.2%
|
2.8%
|
3.1%
|
3.4%
|
3.7%
|
4.0%
|
4.2%
|
4.4%
|
4.4%
|
2016Q1
|
|
0.6%
|
0.9%
|
1.3%
|
1.7%
|
2.0%
|
2.2%
|
2.4%
|
2.7%
|
2.9%
|
3.0%
|
3.2%
|
2016Q2
|
|
0.6%
|
1.4%
|
2.3%
|
3.0%
|
3.6%
|
4.2%
|
4.8%
|
5.4%
|
5.8%
|
6.0%
|
6.2%
|
2016Q3
|
|
0.4%
|
1.7%
|
2.7%
|
4.1%
|
5.3%
|
6.5%
|
7.7%
|
8.6%
|
9.3%
|
9.3%
|
9.5%
|
2016Q4
|
|
0.3%
|
2.1%
|
3.8%
|
5.4%
|
7.2%
|
9.2%
|
10.4%
|
11.5%
|
12.4%
|
12.9%
|
13.3%
|
2017Q1
|
|
0.3%
|
1.6%
|
3.4%
|
5.3%
|
7.5%
|
8.9%
|
10.0%
|
10.9%
|
11.6%
|
12.1%
|
12.3%
|
2017Q2
|
|
4.1%
|
5.8%
|
7.9%
|
9.6%
|
11.3%
|
12.5%
|
13.2%
|
13.9%
|
14.6%
|
14.9%
|
15.1%
|
2017Q3
|
|
0.3%
|
1.6%
|
3.5%
|
4.9%
|
6.5%
|
7.6%
|
8.4%
|
8.9%
|
9.4%
|
9.9%
|
10.1%
|
2017Q4
|
|
0.2%
|
2.3%
|
5.1%
|
6.5%
|
7.9%
|
9.0%
|
9.7%
|
10.2%
|
10.7%
|
11.2%
|
10.6%
|
2018Q1
|
|
0.2%
|
2.9%
|
5.1%
|
6.8%
|
7.2%
|
7.9%
|
8.4%
|
8.7%
|
9.0%
|
8.6%
|
8.1%
|
2018Q2
|
|
0.7%
|
4.1%
|
7.1%
|
9.4%
|
11.2%
|
12.4%
|
13.4%
|
14.1%
|
14.3%
|
14.1%
|
14.1%
|
2018Q3
|
|
0.2%
|
2.8%
|
3.6%
|
4.5%
|
5.2%
|
6.4%
|
7.0%
|
7.0%
|
6.9%
|
7.0%
|
6.9%
|
2018Q4
|
|
0.6%
|
2.2%
|
3.4%
|
5.2%
|
6.9%
|
9.0%
|
9.7%
|
9.9%
|
9.6%
|
9.7%
|
|
2019Q1
|
|
0.0%
|
0.8%
|
2.0%
|
3.4%
|
5.3%
|
5.9%
|
6.3%
|
6.3%
|
6.3%
|
|
|
2019Q2
|
|
0.1%
|
1.5%
|
4.5%
|
7.5%
|
8.8%
|
9.2%
|
9.9%
|
10.3%
|
|
|
|
2019Q3
|
|
0.2%
|
2.9%
|
6.8%
|
9.0%
|
10.4%
|
12.0%
|
13.2%
|
|
|
|
|
2019Q4
|
|
0.4%
|
3.1%
|
4.9%
|
6.3%
|
7.2%
|
7.9%
|
|
|
|
|
|
2020Q1
|
|
0.6%
|
2.3%
|
4.1%
|
5.2%
|
6.0%
|
|
|
|
|
|
|
2020Q2
|
|
0.5%
|
2.5%
|
4.2%
|
5.3%
|
|
|
|
|
|
|
|
2020Q3
|
|
1.1%
|
3.3%
|
5.1%
|
|
|
|
|
|
|
|
|
2020Q4
|
|
0.3%
|
1.8%
|
|
|
|
|
|
|
|
|
|
2021Q1
|
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/yiren-digital-reports-third-quarter-2021-financial-results-301431478.html
SOURCE Yiren Digital