PPDAI Group Inc. Reports Third Quarter 2018 Unaudited Financial Results

SHANGHAI, Nov. 20, 2018 /PRNewswire/ -- PPDAI Group Inc. ("PPDAI," "Paipaidai," or the "Company") (NYSE: PPDF), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the third quarter ended September 30, 2018.


                         As of



September 30, 2017

June 30, 2018

September 30, 2018

Cumulative registered users[1] ('000)                     

57,581

78,144

83,949

Cumulative number of borrowers[2] ('000)        

9,031

12,409

13,440

Cumulative number of individual investors[3]

521,831

613,653

644,376







For the Three Months Ended

YoY Change


September 30, 2017

September 30, 2018

Number of unique borrowers[4] ('000)

4,525

2,750

-39.2%

Loan origination volume[5] 

(RMB, million)

20,954

14,771

-29.5%

Repeat borrowing rate[6] (%)

67.4%

69.8%

3.6%

Average loan size[7] (RMB)

2,542

3,396

33.6%













Third Quarter 2018 Financial Highlights

  • Net profit increased by 20.0% to RMB649.5 million (US$94.6 million) in the third quarter of 2018 from RMB541.4 million in the same period of 2017.
  • Operating revenues decreased by 11.7% to RMB1,104.3 million (US$160.8 million) in the third quarter of 2018 from RMB1,250.3 million in the same period of 2017.
  • Loan facilitation service fees decreased by 22.0% to RMB707.7 million (US$103.0 million) in the third quarter of 2018 from RMB906.9 million in the same period of 2017.
  • Post-facilitation service fees increased by 19.9% to RMB239.9 million (US$34.9 million) in the third quarter of 2018 from RMB200.1 million in the same period of 2017.
  • Strong liquidity position of RMB3,489.2 million (US$508.0 million) including cash, cash equivalents and short-term investments.
  • High quality assurance fund coverage ratio of 18.8% for outstanding loan balances that are  protected by the fund.

Third Quarter 2018 Operational Highlights

  • Cumulative registered users[1] reached 83.9 million as of September 30, 2018.
  • Cumulative number of borrowers[2] reached 13.4 million as of September 30, 2018.
  • Cumulative number of individual investors[3] reached 644,376 as of September 30, 2018.
  • Number of unique borrowers[4] was 2.75 million for the third quarter of 2018, representing a  decrease of 39.2% from the same period of 2017.
  • Loan origination volume[5] was approximately RMB14.8 billion for the third quarter of 2018, representing a decrease of  29.5% from the same period of 2017.
  • Average loan tenure[8] was 9.0 months for the third quarter of 2018.
  • Continued progress in providing our range of  "technologies as a service" to other third party financial service providers.

[1] On a cumulative basis, number of users registered on PPDAI platform as of September 30, 2018.

[2] On a cumulative basis, number of borrowers whose loans were funded on or prior to September 30, 2018.

[3] On a cumulative basis, number of individual investors who have made at least one investment in loans on or prior to September 30, 2018.

[4] Represents the total number of borrowers whose loans on PPDAI platform were funded during the period presented.

[5] Represents the loan origination volume generated during the period presented.

[6] Represents percentage of loan volume generated by repeat borrowers who have successfully borrowed on PPDAI platform before.

[7] Represents the average loan size on PPDAI platform during the period presented.

[8] Represents the average loan tenure period on PPDAI platform during the period presented.

Mr. Jun Zhang, the Chairman and a Co-Chief Executive Officer of PPDAI, commented, "We are pleased to report solid financial results for the third quarter of 2018 despite the headwinds faced by the market. While the industry continues to experience significant change and consolidation, our core business remains resilient and we continue to benefit from market share gains."

Mr. Feng Zhang, a Co-Chief Executive Officer of PPDAI, stated, "With our strategic focus on investing in technology and our brand, we are encouraged with the progress we've seen in our "technologies as a service" offering being deployed across a wide range of financial service providers. We are on track to complete the necessary compliance checks and are working closely with regulators. A strengthened regulatory framework, as well as healthy industry consolidation will fuel long-term growth and sustainability. As a leader in our market, PPDAI is well positioned to capture the enormous opportunities in China's consumer finance market."

Mr. Simon Ho, the Chief Financial Officer of PPDAI, added, "During the quarter, we maintained healthy profitability with non-GAAP operating margin of 41.9% benefiting from continuous disciplined cost management. We maintained a strong balance sheet with approximately RMB3.5 billion of cash and short-term liquidity. Notably, our quality assurance fund remains sufficiently funded with a total balance of approximately RMB4.1 billion, equivalent to 18.8% of the total outstanding loans protected by the fund. We're confident in our ability to navigate this dynamic market and capture opportunities to grow our business."

Third Quarter 2018 Financial Results

Operating revenues for the third quarter of 2018 decreased by 11.7% to RMB1,104.3 million (US$ 160.8 million) from RMB1,250.3 million in the same period of 2017, primarily due to lower loan origination volume for the quarter. As a result of the adoption of the ASC 606 effective January 1, 2018, revenue is generally recognized earlier in the life of the contract as there is no contingency revenue cap under the new standard. For the three months ended September 30, 2018, the impact of applying the new revenue standard resulted in an increase of approximately RMB136.3 million (US$19.9 million) in revenues.

Loan facilitation service fees decreased by 22.0% to RMB707.7 million (US$103.0 million) for the third quarter of 2018 from RMB906.9 million in the same period of 2017, primarily due to lower loan origination volume in the third quarter of 2018. The average rate of transaction fees charged to borrowers was 7.07% in the period, compared to 6.31% in the second quarter of 2018 and 6.31% in the third quarter of 2017. Loan collection fees of RMB87.1 million (US$12.7 million) have been allocated from other revenue to loan facilitation service fees related to the adoption of ASC 606 effective January 1, 2018.

Post-facilitation service fees increased by 19.9% to RMB239.9 million (US$34.9 million) for the third quarter of 2018 from RMB200.1 million in the same period of 2017, mainly due to the adoption of ASC 606 effective January 1, 2018. Loan collection fees of RMB33.4 million (US$4.9 million) have been allocated from other revenue to post facilitation service fees related to the adoption of ASC 606.

Other revenue decreased by 21.8% to RMB112.1 million (US$16.3 million) for the third quarter of 2018 from RMB143.3 million in the same period of 2017, primarily due to the adoption of ASC 606, effective January 1, 2018, offset by an increase in management fees from investment programs that invest in loans protected by the quality assurance fund.

Net interest income and loan provision losses for the third quarter of 2018 were an expense of RMB20.3 million (US$3.0 million), compared to an expense of RMB3.4 million in the same period of 2017, mainly due to provisions for expected loan losses related to the increased number of investment trusts established during the period for serving institutional investors.

Origination and servicing expenses decreased by 24.0% to RMB226.2 million (US$32.9 million) for the third quarter of 2018 from RMB297.8 million in the same period of 2017, primarily due to the discontinuation in consumption loan products since late 2017.

Sales and marketing expenses decreased by 18.1% to RMB184.5 million (US$26.9 million) for the third quarter of 2018 from RMB225.3 million in the same period of 2017, primarily due to the decline in online customer acquisition expenses and lower loan origination volume in the third quarter.

General and administrative expenses increased by 26.2% to RMB182.7 million (US$26.6 million) for the third quarter of 2018 from RMB144.7 million in the same period of 2017, primarily due to the increase in research and development costs. General and administrative expenses for the period included share-based compensation of RMB8.3 million (US$1.2 million).

Operating income decreased by 15.3% to RMB490.6 million (US$71.4 million) for the third quarter of 2018 from RMB579.0 million in the same period of 2017.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax and a write-back of provision for expected discretionary payments to investors in investment programs protected by the investor reserve funds, was RMB454.4 million (US$66.2 million) for the third quarter of 2018, representing a decrease of 21.5% from RMB579.0 million in the same period of 2017.

Other income was RMB251.1 million (US$36.6 million) for the third quarter of 2018, compared with RMB120.9 million in the same period of 2017. Other income primarily consisted of (1) a gain of RMB276.6 million (US$40.3 million) from the quality assurance fund which stemmed from the increase in loans facilitated on the Company's platform that are protected by the quality assurance fund, (2) a loss of RMB6.8 million (US$0.99 million) from the fair value change of financial guarantee derivatives, and (3) a realized loss of RMB28.1 million (US$4.1 million) from financial guarantee derivatives due to the amount of investment programs maturing during the period. The Company re-evaluates the fair value of outstanding financial guarantee derivatives at each balance sheet date to reflect the views of market participants on the expected default rate based on the latest market changes. For the third quarter of 2018, RMB11.5 billion of loans facilitated on the Company's platform were protected by the quality assurance fund.

Income tax expenses were RMB 92.2 million (US$13.4 million) for the third quarter of 2018, compared with RMB158.5 million in the same period of 2017, primarily due to tax benefits from increased research and development expenses.                                        

Net profit increased by 20.0% to RMB649.5 million (US$94.6 million) for the third quarter of 2018 from RMB541.4 million in the same period of 2017.

Net profit attributable to ordinary shareholders of the Company was RMB649.3 million (US$94.5 million) for the third quarter of 2018, compared with net loss attributable to ordinary shareholders of RMB278.7 million in the same period of 2017 due to accretion of the Company's Series A, B and C preferred shares in the third quarter of 2017.

As of September 30, 2018, the Company had cash and cash equivalents of RMB1,654.6 million (US$240.9 million) and short-term investments mainly in wealth management products of RMB 1,834.6 million (US$267.1 million).

The total balance of the quality assurance fund, which included restricted cash of RMB2,064.8 million (US$300.6 million) and the quality assurance fund receivable of RMB2,002.5 million (US$291.6 million), was equivalent to 18.8% of the total outstanding loans protected by the quality assurance fund.

The following table provides the delinquency rates for all outstanding loans on the Company's platform as of the respective dates indicated.

             As of


15-29 days


30-59 days


60-89 days


90-119

days


120-149

days


150-179

days

March 31, 2015


0.79%


1.75%


1.10%


1.01%


0.87%


0.67%

June 30, 2015


0.88%


1.06%


0.67%


0.54%


0.89%


0.67%

September 30, 2015


0.67%


0.89%


0.61%


0.54%


0.44%


0.35%

December 31, 2015


0.80%


0.93%


0.51%


0.49%


0.39%


0.32%

March 31, 2016


0.62%


0.93%


0.72%


0.61%


0.48%


0.32%

June 30, 2016


0.82%


1.01%


0.63%


0.43%


0.47%


0.44%

September 30, 2016


0.83%


1.11%


0.80%


0.63%


0.49%


0.39%

December 31, 2016


0.63%


0.91%


0.75%


0.79%


0.69%


0.57%

March 31, 2017


0.57%


0.95%


0.79%


0.59%


0.54%


0.51%

June 30, 2017


0.86%


1.11%


0.79%


0.51%


0.55%


0.52%

September 30, 2017


0.89%


1.40%


1.15%


1.02%


0.79%


0.60%

December 31, 2017


2.27%


2.21%


1.72%


1.63%


1.36%


1.20%

March 31, 2018


0.87%


2.11%


2.43%


3.83%


2.29%


1.89%

June 30, 2018                  


0.83%


1.21%


1.05%


0.98%


1.60%


2.03%

September 30, 2018                  


1.03%


1.77%


1.49%


1.29%


1.06%


1.02%

The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for all continuing loan products facilitated through the Company's online marketplace.

Click here to view the chart.












Month on Book











Vintage

2nd

3rd

4th

5th

6th

7th

8th

9th

10th

11th

12th

2015Q1 . . . .

1.95%

2.75%

3.46%

3.98%

4.36%

4.58%

4.67%

4.69%

4.73%

4.76%

4.74%

2015Q2 . . . .

1.74%

2.66%

3.38%

3.75%

4.02%

4.15%

4.30%

4.38%

4.45%

4.46%

4.46%

2015Q3 . . . .

1.46%

2.13%

2.70%

3.15%

3.47%

3.68%

3.77%

3.85%

3.93%

4.01%

4.02%

2015Q4 . . . .

1.54%

2.27%

2.88%

3.17%

3.53%

3.77%

3.97%

4.12%

4.26%

4.32%

4.33%

2016Q1 . . . .

1.00%

1.57%

2.21%

2.82%

3.33%

3.77%

4.09%

4.33%

4.45%

4.57%

4.59%

2016Q2 . . . .

1.75%

2.49%

3.21%

3.77%

4.17%

4.39%

4.59%

4.76%

4.88%

4.94%

4.96%

2016Q3 . . . .

1.67%

2.45%

2.96%

3.47%

3.87%

4.11%

4.27%

4.44%

4.59%

4.70%

4.77%

2016Q4 . . . .

1.29%

2.07%

2.66%

3.15%

3.59%

3.97%

4.32%

4.62%

4.88%

5.07%

5.18%

2017Q1 . . . .

1.20%

2.01%

2.68%

3.32%

3.87%

4.33%

4.68%

4.98%

5.33%

5.61%

5.80%

2017Q2 . . . .

1.72%

2.89%

3.81%

4.55%

5.14%

5.78%

6.32%

6.79%

7.05%

7.19%

7.24%

2017Q3 . . . .

1.82%

2.93%

4.08%

5.16%

6.13%

6.64%

6.88%

7.04%

7.16%

7.22%

7.26%

2017Q4 . . . .

2.51%

4.12%

5.16%

5.68%

5.97%

6.18%

6.29%

6.39%




2018Q1 . . . .

1.35%

2.18%

2.97%

3.65%

4.30%







2018Q2 . . . .

1.75%

3.08%

































Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 20, 2018 (9:00 PM Beijing/Hong Kong time on November 20, 2018).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong (toll free):

800-905-945

Hong Kong:

852-3018-4992

Mainland China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "PPDAI Group."

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.ppdai.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until December 20, 2018, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10126150

About PPDAI Group Inc.

PPDAI is a leading online consumer finance marketplace in China with strong brand recognition. Launched in 2007, the Company is the first online consumer finance marketplace in China connecting borrowers and investors. As a pioneer in China's online consumer finance marketplace, the Company benefits from both its early-mover advantages and the invaluable data and experience accumulated throughout multiple complete loan lifecycles. The Company's platform, empowered by its proprietary, cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience, as evidenced by the rapid growth of the Company's user base and loan origination volume. As of September 30, 2018, the Company had over 83 million cumulative registered users.

For more information, please visit http://ir.ppdai.com.

Use of Non-GAAP Financial Measures

We use Non-GAAP operating income, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating income help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating income 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 is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net (loss)/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 RMB6.8680 to US$1.00, the rate in effect as of September 28, 2018 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 PPDAI 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:
PPDAI Group Inc.
Jimmy Tan / Sally Huo
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com

The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: paipaidai@tpg-ir.com

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail: paipaidai@tpg-ir.com

 

 

PPDAI GROUP INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share data, or otherwise noted)




As of December 31,


As of September 30,


2017


2018


RMB


RMB

USD

Assets





Cash and cash equivalents

1,891,131


1,654,559

240,908

Restricted cash

2,392,573


3,502,102

509,916

Short-term investments

1,958,910


1,834,592

267,122

Quality assurance fund receivable

1,152,769


2,002,519

291,572

Intangible asset

63,760


68,880

10,029

Property, equipment and software, net

108,248


135,935

19,792

Loans receivable, net of provision for loan losses

681,794


1,486,149

216,387

Investments

12,234


40,148

5,846

Accounts receivable

17,773


621,800

90,536

Deferred tax assets

128,361


31,600

4,601

Financial guarantee derivative assets

-


45,507

6,626

Due from related party

-


6,771

986

Contract asset

-


105,551

15,369

Prepaid expenses and other assets

145,699


321,149

46,760

Goodwill

50,411


50,411

7,340

Total assets

8,603,663


11,907,673

1,733,790

Liabilities and Shareholders' Equity



Payable to platform customers

1,113,966


1,294,034

188,415

Quality assurance fund payable

2,062,844


3,431,338

499,612

Deferred revenue

265,094


-

-

Payroll and welfare payable

156,831


134,651

19,606

Taxes payable

257,143


342,026

49,800

Provision for payment to investor reserve fund investor

107,660


24,047

3,501

Short-term borrowing loan

-


29,950

4,361

Funds payable to investors of consolidated trusts

502,641


950,654

138,418

Contract liability

-


175,263

25,519

Due to related party

11,972


-

-

Deferred tax liabilities

15,940


15,940

2,321

Accrued expenses and other liabilities

211,614


220,328

32,080

Financial guarantee derivative liabilities

215,770


-

-

Total liabilities

4,921,475


6,618,231

963,633

Commitments and contingencies 





PPDAI Group Inc. Shareholders' deficits





Ordinary shares

100


102

15

Additional paid-in capital

5,951,044


5,883,639

856,674

Treasury stock

-


(243,777)

(35,494)

Statutory reserves

55,090


55,090

8,021

Accumulated other comprehensive income

14,917


61,997

9,027

Accumulated deficit

(2,398,984)


(527,590)

(76,819)

Total PPDai Group Inc. shareholders' equity

3,622,167


5,229,461

761,424

Non-controlling interest

60,021


59,981

8,733

Total shareholders' equity

3,682,188


5,289,442

770,157

Total liabilities and shareholders' equity

8,603,663


11,907,673

1,733,790

 

 

PPDAI GROUP INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(All amounts in thousands, except for share data, or otherwise noted)



For the Three Months Ended September 30,


For the Nine Months Ended September 30,


2017


2018


2017


2018


RMB


RMB

USD


RMB


RMB

USD











Operating revenues:










Loan facilitation service fees

906,914


707,738

103,049


2,223,050


2,081,807

303,117

Post-facilitation service fees

200,093


239,880

34,927


441,669


672,910

97,978

Other revenue

143,312


112,092

16,321


319,007


269,113

39,184

Change in expected discretionary payment to
    
IRF investors

-


44,572

6,490


-


44,572

6,490

Total operating revenues

1,250,319


1,104,282

160,787


2,983,726


3,068,402

446,769

 Net interest income and loan provision losses

(3,415)


(20,315)

(2,958)


(1,966)


19,138

2,787

Net revenues

1,246,904


1,083,967

157,829


2,981,760


3,087,540

449,556

Operating expenses:










Origination and servicing expenses-related
    
party

(19,974)


(25,863)

(3,766)


(55,528)


(78,753)

(11,467)

Origination and servicing expenses

(277,844)


(200,364)

(29,174)


(622,717)


(629,223)

(91,617)

Sales and marketing expenses

(225,334)


(184,481)

(26,861)


(549,691)


(529,853)

(77,148)

General and administrative expenses

(144,725)


(182,652)

(26,595)


(338,295)


(489,686)

(71,300)

Total operating expenses

(667,877)


(593,360)

(86,396)


(1,566,231)


(1,727,515)

(251,532)

Other income (expenses)










Gain from quality assurance fund

131,296


276,593

40,273


277,735


487,425

70,970

Realized gain (loss) from financial guarantee
    
derivatives

42,359


(28,108)

(4,093)


141,998


(175,215)

(25,512)

Fair value change of financial guarantee
    
derivatives

(67,379)


(6,796)

(990)


77,368


261,277

38,043

Other income, net

14,615


9,395

1,368


26,193


106,171

15,459

Profit before income tax expense

699,918


741,691

107,991


1,938,823


2,039,683

296,984

Income tax expenses

(158,545)


(92,189)

(13,423)


(348,850)


(344,823)

(50,207)

Net profit

541,373


649,502

94,568


1,589,973


1,694,860

246,777

Net profit (loss) attributable to non-controlling
    
interest shareholders

-


207

30


-


(40)

(6)

Net profit attributable to PPDai Group Inc.

541,373


649,295

94,538


1,589,973


1,694,900

246,783

Accretion on Series A convertible redeemable
    
preferred shares to redemption value

(315,366)


-

-


(935,392)


-

-

Accretion on Series B convertible redeemable
    
preferred shares to redemption value

(238,876)


-

-


(663,022)


-

-

Accretion on Series C convertible redeemable
    
preferred shares to redemption value

(265,869)


-

-


(678,183)


-

-

Net profit (loss) attributable to ordinary
    
shareholders

(278,738)


649,295

94,538


(686,624)


1,694,900

246,783

Net profit attributable to PPDai Group
    
Inc.

541,373


649,295

94,538


1,048,600


1,694,900

246,783

Foreign currency translation adjustment, net of
    
nil tax

60,890


36,625

5,333


110,031


47,080

6,855

Total comprehensive income attributable
    
to PPDAIGroup Inc.

602,263


685,920

99,871


1,158,631


1,741,980

253,638

Weighted average number of ordinary shares
    
used in computing net income/(loss) per
    
share










Basic

665,000,000


1,483,389,904

1,483,389,904


665,000,000


1,502,800,121

1,502,800,121

Diluted

665,000,000


1,571,175,958

1,571,175,958


665,000,000


1,611,816,214

1,611,816,214

Income (loss) per share -Basic

(0.4192)


0.4377

0.0637


(1.0325)


1.1278

0.1642

Income (loss) per ADS-Basic

(2.0958)


2.1886

0.3187


(5.1626)


5.6391

0.8211

Income (loss) per share -Diluted

(0.4192)


0.4133

0.0602


(1.0325)


1.0515

0.1531

Income (loss) per ADS-Diluted

(2.0958)


2.0663

0.3009


(5.1626)


5.2577

0.7655

 

 

PPDAI GROUP INC.

UNAUDITED Reconciliation of GAAP And Non-GAAP Results

(All amounts in thousands, except for share data, or otherwise noted)



For the Three Months Ended September 30,

For the Nine Months Ended September 30,


2017

2018

2017

2018


RMB

RMB

USD

RMB

RMB

USD








Net Revenues

1,246,904

1,083,967

157,829

2,981,760

3,087,540

449,556

Less: total operating expenses

(667,877)

(593,360)

(86,396)

(1,566,231)

(1,727,515)

(251,532)

Operating Income

579,027

490,607

71,433

1,415,529

1,360,025

198,024

Less: Change in expected discretionary
             
payment to IRF investors

-

(44,572)

(6,490)

-

(44,572)

(6,490)

Add: share-based compensation
             
expenses

-

8,321

1,212

-

40,764

5,935

Non-GAAP adjusted operating income

579,027

454,356

66,155

1,415,529

1,356,217

197,469

 

 

PPDAI GROUP INC.

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,



2017


2018


2017


2018



RMB


RMB


USD


RMB


RMB


USD


Net cash provided by operating
    
activities

1,547,622


1,126,389


164,004


3,437,624


1,366,683


198,993


Net cash used in investing activities

(1,496,161)


(1,117,253)


(162,675)


(1,574,624)


(627,835)


(91,414)


Net cash provided by financing
    
activities

463,352


263,482


38,363


431,352


89,256


12,995


Effect of exchange rate changes
    
on cash and cash equivalents

(269)


36,993


5,388


(557)


44,853


6,531


Net increase in cash, cash
    
equivalent and restricted cash

514,544


309,611


45,080


2,293,795


872,957


127,105


Cash, cash equivalent and restricted
    
cash at beginning of period

2,986,816


4,847,050


705,744


1,207,565


4,283,704


623,719


Cash, cash equivalent and restricted
    
cash at end of period

3,501,360


5,156,661


750,824


3,501,360


5,156,661


750,824






















 

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