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Yirendai Reports First Quarter 2017 Financial Results

2017-05-22 12:30
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BEIJING, May 22, 2017 /PRNewswire/ -- Yirendai Ltd. (NYSE: YRD) ("Yirendai" or the "Company"), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the quarter ended March 31, 2017.

Starting from the second quarter of 2016, the Company changed its reporting currency from the U.S. dollar ("US$") to the Renminbi ("RMB"), to reduce the impact of increased volatility of the RMB to US$ exchange rate on the Company's reported operating results. The aligning of the reporting currency with the underlying operations will better depict the Company's results of operations for each period. This release contains translations of certain RMB amounts into US$ for convenience[1]. Prior period numbers have been recast into the new reporting currency.


For Three Months Ended

in RMB million

March 31,
2017

December 31,
2016

March 31,
2016

QoQ
Change

YoY

Change

Amount of Loans Facilitated

6,922.7

6,675.2

3,446.5

3.7%

100.9%

Total Net Revenue

1,021.6

1,071.1

556.4

-4.6%

83.6%

Total Fees Billed (non-GAAP)

1,583.5

1,630.4

847.4

-2.9%

86.9%

Net Income

350.9

379.8

131.7

-7.6%

166.4%

Adjusted EBITDA (non-GAAP)

400.3

401.1

206.6

-0.2%

93.7%

In the first quarter of 2017, Yirendai facilitated RMB 6,922.7 million (US$1,005.7 million) of loans to 124,953 qualified individual borrowers on its online marketplace, representing a 101% year-over-year growth; 69% of the borrowers were acquired from online channels; 51% of the loan volume was originated from online channels and 99.8% of the online volume was facilitated through the Yirendai mobile application.

In the first quarter of 2017, Yirendai facilitated 192,505 investors with total investment amount of RMB 7,150.0 million (US$1,038.8 million), 100% of which was facilitated through its online platform and 89.1% of which was facilitated through its mobile application.

For the first quarter of 2017, total net revenue was RMB 1,021.6 million (US$148.4 million), up by 84% from the same period in 2016; net income was RMB 350.9 million (US$51.0 million), representing an increase of 166% from the same period in 2016.

"Our business enjoyed strong momentum with loan origination volume growing sequentially despite the seasonally slow Chinese New Year holiday," commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. "More importantly, loans originating from online channels exceeded 50% this quarter as we drive further growth in our online customer acquisition channels. In addition, we continue to improve our end-to-end customer application and credit underwriting process to increase customer acquisition efficiency leveraging our technology and data analytics capabilities. We will continue to execute our sustainable business growth, consumer brand building and strong partnerships strategies."

"We are pleased to deliver another quarter of strong topline and bottom-line growth," commented Mr. Dennis Cong, Chief Financial Officer of Yirendai. "At the same time, the risk performance of our loan portfolio remained stable and well within our expectation. On the regulatory front, we continue to be in close communication with various regulatory bodies to ensure Yirendai's registration process goes smoothly. We are committed to optimizing all aspects of our business operations to support long-term sustainable growth and profitability." 

First Quarter 2017 Financial Results

Total amount of loans facilitated in the first quarter of 2017 was RMB 6,922.7 million (US$1,005.7 million), increased by 101% year over year from RMB 3,446.5 million in the same period of 2016, reflecting strong demand for our products and services, especially from customers acquired from online channels. As of March 31, 2017, the Yirendai platform had facilitated approximately RMB 39.3 billion (US$5.7 billion) in loan principal since its inception.

Total net revenue in the first quarter of 2017 was RMB 1,021.6 million (US$148.4 million), increased by 84% from RMB 556.4 million in the same period of 2016. The increase of total net revenue was mainly attributable to the growth of loan origination volume, increased service fees billed to investors and increased monthly fees billed to borrowers as our remaining loan balance continued to expand.

Total fees billed (non-GAAP) in the first quarter of 2017 were RMB 1,583.5 million (US$230.1 million), increased by 87% from RMB 847.4 million in the same period of 2016, driven by the growth of loan origination volume. Upfront fees billed to borrowers in the first quarter of 2017 were RMB 1,334.7 million (US$193.9 million), increased by 73% from RMB 773.3 million in the same period of 2016. Monthly fees billed to borrowers in the first quarter of 2017 were RMB 173.1 million (US$25.1 million), increased by 172% from RMB 63.6 million in the same period of 2016. The significant year-over-year increase in monthly fees billed to borrowers was primarily attributable to the increase in loans generated from online channels, which features a fee collection schedule with monthly payments in addition to the upfront portion. Service fees billed to investors in the first quarter of 2017 were RMB 177.1 million (US$25.7 million), increased by 174% from RMB 64.6 million in the same period of 2016. The significant year-over-year increase in service fees billed to investors was primarily attributable to the increase in loan balance.

Operating costs and expenses in the first quarter of 2017 were RMB 628.7 million (US$91.3 million), decreased by 7% from RMB 674.3 million in the previous quarter and compared to RMB 348.3 million in the same period of 2016. The decrease in operating costs and expenses was mainly attributable to the decrease in sales and marketing expenses as percentage of amount of loans facilitated in this quarter.

Sales and marketing expenses in the first quarter of 2017 were RMB 469.4 million (US$68.2 million), decreased by 13% from RMB 538.0 million in the previous quarter and compared to RMB 254.8 million in the same period of 2016. Sales and marketing expenses in the first quarter of 2017 accounted for 6.8% of amount of loans facilitated, decreased from 8.1% in the previous quarter and 7.4% in the same period of 2016. The decrease in sales and marketing expenses was attributable to both reduced marketing activities during the Chinese New Year holiday and the gradually improved efficiency of borrower acquisition from online sources as we drive the optimization of customer acquisition and credit underwriting process.

Origination and servicing costs in the first quarter of 2017 were RMB 58.8 million (US$8.5 million), compared to RMB 56.7 million in the previous quarter and RMB 33.4 million in the same period of 2016. Origination and servicing costs in the first quarter of 2017 accounted for 0.8% of amount of loans facilitated, the same as 0.8% in the previous quarter and decreased from 1.0% in the same period of 2016.

General and administrative expenses in the first quarter of 2017 were RMB 100.5 million (US$14.6 million), compared to RMB 79.7 million in the previous quarter and RMB 60.1 million in the same period of 2016. General and administrative expenses in the first quarter of 2017 accounted for 9.8% of total net revenue, compared to 7.4% in the previous quarter and 10.8% in the same period of 2016. The increase in general and administrative expenses as percentage of total net revenue was primarily due to the deferred revenue recognition impact for loans facilitated from online channels, which features a fee collection schedule with monthly payments in addition to the upfront portion.

Income tax expense in the first quarter of 2017 was RMB 67.7 million (US$9.8 million). In the first quarter of 2017, Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd., a subsidiary of the Company, enjoyed a favorable enterprise income tax rate of 12.5% since it became qualified as a software enterprise which is confirmed by local tax bureau in Q2 2016. This makes it eligible for an exemption of enterprise income tax for 2015 and 2016 and a favorable enterprise income tax rate of 12.5% for 2017, 2018 and 2019.

Net income in the first quarter of 2017 was RMB 350.9 million (US$51.0 million), increased by 166% from RMB 131.7 million in the same period of 2016.

Adjusted EBITDA (non-GAAP) in the first quarter of 2017 was RMB 400.3 million (US$58.2 million), compared to RMB 401.1 million in the previous quarter and increased by 94% from RMB 206.6 million in the same period of 2016. Adjusted EBITDA margin[2] (non-GAAP) in the first quarter of 2017 was 39.2%, compared to 37.5% in the previous quarter and 37.1% in the same period of 2016.

Basic income per ADS in the first quarter of 2017 was RMB 5.87 (US$0.85), compared to RMB 6.36 in the previous quarter and increased by 161% from RMB 2.25 in the same period of 2016.

Diluted income per ADS in the first quarter of 2017 was RMB 5.81 (US$0.84), compared to RMB 6.28 in the previous quarter and increased by 158% from RMB 2.25 in the same period of 2016.

Net cash generated from operating activities[3] in the first quarter of 2017 was RMB 564.5 million (US$82.0 million), compared to RMB 836.1 million in the previous quarter and increased by 30% from RMB 434.3 million in the same period of 2016. The sequential decrease in net cash generated from operating activities was primarily due to the increase in loans generated from online channels, which feature a fee collection schedule with monthly payments in addition to the upfront portion.

As of March 31, 2017, cash and cash equivalents was RMB 864.4 million (US$ 125.6 million), compared to RMB 968.2 million as of December 31, 2016. The decrease in cash and cash equivalents was primarily due to the Company's increased investment in available-for-sale investments and held-to-maturity investments, to enhance its return from operating cash. As of March 31, 2017, balance of held-to-maturity investments was RMB 494.8 million (US$71.9 million), compared to RMB 98.9 million as of December 31, 2016. As of March 31, 2017, balance of available-for-sale investments was RMB 1,232.3 million (US$179.0 million), compared to RMB 1,158.0 million as of December 31, 2016.

Quality Assurance Program. In the first quarter of 2017, Yirendai accrued liabilities from quality assurance program of RMB 553.8 million (US$80.5 million), which is equal to 8% of the loans facilitated through its marketplace during the period. During the quarter, the Company released liabilities of RMB 323.3 million (US$ 47.0 million) to pay out the outstanding principal and accrued interest of default loans. As of March 31, 2017, liabilities from quality assurance program were RMB 1,701.5 million (US$247.2 million).

Delinquency rates. As of March 31, 2017, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.4%, 0.8% and 0.6%, compared to 0.4%, 0.7% and 0.6% as of December 31, 2016.

Cumulative M3+ net charge-off rates[4]. As of March 31, 2017, the cumulative M3+ net charge-off rates for Grade A, B, C and D loans originated in 2015 were 5.5%, 7.3%, 9.3% and 7.7%, respectively, compared to 5.1%, 6.6%, 8.2%, and 6.7% as of December 31, 2016. As of March 31, 2017, the cumulative M3+ net charge-off rates for Grade A, B, C and D loans originated in 2016 were 0.7%, 1.5%, 2.4% and 2.0% respectively, compared to 0.2%, 0.6%, 1.0% and 0.9% as of December 31, 2016. As the 2015 and 2016 vintage loans continue to mature, the charge off level is consistent with our risk performance expectation.

Other Operating Metrics and Business Results

  • As of March 31, 2017, Yirendai had facilitated RMB 39.3 billion (US$5.7 billion) of loans on the Yirendai online marketplace since its inception in 2012.
  • As of March 31, 2017, remaining principal of performing loans totaled RMB 24.0 billion (US$3.5 billion), increased by 16% from RMB 20.8 billion as of December 31, 2016 and 118% from RMB 11.0 billion as of March 31, 2016.
  • In the first quarter of 2017, the Yirendai platform facilitated loans for 124,953 borrowers, 69% of whom were acquired from online channels. 
  • Total amount of loans facilitated in the first quarter of 2017 was RMB 6.9 billion (US$1.0 billion); 51% of the loans were originated from online channel, and 99.8% of the online volume was facilitated through Yirendai's mobile application.
  • In the first quarter of 2017, the Yirendai platform facilitated loans for 192,505 investors, 100% of whom were acquired from online channels, with annual rates of return ranging from 4.5% to 11.25%.
  • In the first quarter of 2017, loans made to Grade A, B, C and D borrowers represented 3.5%, 5.8%, 7.4%, and 83.3% of the Company's product portfolio, respectively.

Business Outlook
Based on the information available as of the date of this press release, Yirendai provides the following outlook, which reflects the Company's current and preliminary view and is subject to change. The following outlook does not take into consideration the impact of stock-based compensation expenses.

Second Quarter 2017

  • Total loans facilitated will be in the range of RMB 7,700 million to RMB 7,900 million.
  • Total net revenue will be in the range of RMB 1,070 million to RMB 1,090 million.
  • Adjusted EBITDA margin (non-GAAP) will be in the range of 24% to 26%.

Full Year 2017

  • Total loans facilitated will be in the range of RMB 33,000 million to RMB 35,000 million.
  • Total net revenue will be in the range of RMB 4,400 million to RMB 4,600 million.
  • Adjusted EBITDA margin (non-GAAP) will be in the range of 23% to 26%.

Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as fees billed and adjusted EBITDA as supplemental measures to review and assess operating performance. We believe that fees billed and adjusted EBITDA 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.

Currency Conversion
Effective April 1, 2016, the Company changed its reporting currency from US$ to RMB. The change in reporting currency is to reduce the impact of increased volatility of the RMB to the US$ exchange rate on the Company's reported operating results. The aligning of the reporting currency with the underlying operations will better depict the Company's results of operations for each period. Prior to April 1, 2016, the Company reported its annual and quarterly consolidated statement of operations, cash flow data and balance sheet in US$. In this announcement, the unaudited financial results for the quarter ended March 31, 2017 are stated in RMB. The related financial statements prior to April 1, 2016 have been recast to reflect RMB as the reporting currency for comparison to the financial results for the quarter and the year ended December 31, 2016.

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 RMB 6.8832 to US$1.00, the effective noon buying rate on March 31, 2017 as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call
Yirendai will host a conference call to discuss about its first quarter 2017 financial results at 8:00 AM U.S. Eastern Time on May 22, 2017, which corresponds to 8:00 PM Beijing/Hong Kong time on the same day.

The dial-in details for the live conference call are as follows:

International:

1-412-902-4272

U.S. Toll Free:

1-888-346-8982

Hong Kong Toll Free:

800-905945

China Toll Free:

4001-201203

Conference ID:

Yirendai

A replay of the conference call will be available until May 29, 2017 by dialing:

International:

1-412-317-0088

U.S. Toll Free:

1-877-344-7529

Replay Access Code:

10106033

A live and archived webcast of the conference call will be available on Yirendai's website at yirendai.investorroom.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 Yirendai'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 Yirendai'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 Yirendai'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 Yirendai'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 Yirendai 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 Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance marketplace in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit yirendai.investorroom.com.

For investor and media inquiries, please contact:
Yirendai
Hui (Matthew) Li
Director of Investor Relations
Email: matthewli@yirendai.com

Christensen IR
In China
Christian Arnell
Phone: +86 (0) 10-59001548
Email: carnell@christensenir.com  

In U.S.
Linda Bergkamp
Phone: +1 (480) 614-3004
Email: lbergkamp@christensenir.com

[1] Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 6.8832 to US$1.00, the effective noon buying rate on March 31, 2017 as set forth in the H.10 statistical release of the Federal Reserve Board.

[2] Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.

[3] Starting from the fourth quarter of 2016, the Company early adopted ASU 2016-18, that includes restricted cash in cash and cash equivalent balances in the statement of cash flows, and apply to all periods presented retrospectively.

[4] Starting from the fourth quarter of 2016, the Company adjusted the calculation of M3+ net charge-off rate to better reflect the performance of loans. The related numbers reported in prior periods have been adjusted for comparison to the numbers as of December 31, 2016. The adjusted "M3+ net charge-off rate," with respect to loans facilitated during a specified time period, which we refer to as a vintage, is defined as the difference between (i) the total balance of outstanding principal of loans that become over three months delinquent during a specified period and (ii) the total amount of recovered past due payments of principal and accrued interest in the same period with respect to all loans in the same vintage that have ever become over three months delinquent, divided by (iii) the total initial principal of the loans facilitated in such vintage.

 

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)


For the Three Months Ended 


March 31, 2016


June 30,
2016


September 30, 2016


December 31, 2016


March 31, 2017


March 31, 2017


RMB


RMB


RMB


RMB


RMB


USD

Net revenue:












     Loan facilitation services

535,087


713,383


848,322


1,036,630


976,398


141,852

     Post-origination services

18,397


17,232


23,487


25,039


33,312


4,840

     Others

2,895


3,176


4,902


9,441


11,889


1,727

Total net revenue

556,379


733,791


876,711


1,071,110


1,021,599


148,419

Operating costs and expenses:












     Sales and marketing

254,836


355,246


423,003


537,953


469,380


68,192

     Origination and servicing

33,359


42,535


47,514


56,668


58,784


8,540

     General and administrative

60,106


73,330


188,961


79,714


100,498


14,600

Total operating costs and expenses

348,301


471,111


659,478


674,335


628,662


91,332

Interest income

5,034


7,253


9,778


14,778


24,149


3,508

Fair value adjustments related to Consolidated ABFE

(3,395)


(118)


(14,935)


(1,287)


1,355


197

Non-operating income, net

-


91


259


225


207


30

Income before provision for income taxes

209,717


269,906


212,335


410,491


418,648


60,822

Income tax expense/(benefit)

78,001


9,286


(131,946)


30,710


67,747


9,842

Net income

131,716


260,620


344,281


379,781


350,901


50,980













Weighted average number of ordinary shares outstanding, basic

117,000,000


117,000,000


119,441,029


119,493,662


119,560,832


119,560,832

Basic income per share

1.1258


2.2275


2.8824


3.1783


2.9349


0.4264

Basic income per ADS

2.2516


4.4550


5.7648


6.3566


5.8698


0.8528













Weighted average number of ordinary shares outstanding, diluted

117,000,000


117,000,000


120,861,971


120,859,390


120,842,350


120,842,350

Diluted income per share

1.1258


2.2275


2.8485


3.1423


2.9038


0.4219

Diluted income per ADS

2.2516


4.4550


5.6970


6.2846


5.8076


0.8438













Unaudited Condensed Consolidated Balance Sheets












Cash and cash equivalents

1,109,991


1,336,329


1,106,262


968,225


864,361


125,575

Restricted cash

650,167


792,637


974,345


1,218,286


1,410,348


204,897

Loans at fair value

199,358


175,614


367,949


371,033


319,984


46,488

Held-to-maturity investments

32,500


2,500


172,500


98,917


494,847


71,892

Available-for-sale investments

-


-


298,000


1,158,000


1,232,260


179,024

Other assets

643,207


734,263


1,111,946


968,927


1,055,039


153,278

Total assets

2,635,223


3,041,343


4,031,002


4,783,388


5,376,839


781,154

Liabilities from quality assurance program

720,861


928,166


1,238,689


1,471,000


1,701,519


247,199

Payable to investors at fair value

257,354


166,193


355,340


418,686


380,048


55,214

Other liabilities

550,242


566,865


695,907


753,783


806,609


117,185

Total liabilities

1,528,457


1,661,224


2,289,936


2,643,469


2,888,176


419,598

Total equity

1,106,766


1,380,119


1,741,066


2,139,919


2,488,663


361,556













Unaudited Condensed Consolidated Cash Flow Data












Net cash generated from operating activities

434,323


392,474


450,583


836,055


564,504


82,012

Net cash provided by/(used in) investing activities

14,052


51,515


(679,486)


(807,744)


(427,686)


(62,135)

Net cash (used in)/provided by financing activities

(16,409)


(87,914)


179,221


60,400


(44,841)


(6,515)

Effect of foreign exchange rate changes

(1,893)


12,733


1,323


17,193


(3,779)


(549)

Net increase/(decrease) in cash and cash equivalents

430,073


368,808


(48,359)


105,904


88,198


12,813

Cash, cash equivalents and restricted cash, beginning of period

1,330,085


1,760,158


2,128,966


2,080,607


2,186,511


317,659

Cash, cash equivalents and restricted cash, end of period

1,760,158


2,128,966


2,080,607


2,186,511


2,274,709


330,472

 

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 


March 31, 2016


June 30,
2016


September 30, 2016


December 31, 2016


March 31, 2017


March 31, 2017


RMB


RMB


RMB


RMB


RMB


USD

Operating Highlights:












Amount of loans facilitated 

3,446,516


4,538,687


5,617,485


6,675,240


6,922,678


1,005,735

        Loans generated from online channels

1,175,382


1,832,078


2,275,473


2,462,791


3,515,727


510,769

        Loans generated from offline channels

2,271,134


2,706,609


3,342,012


4,212,449


3,406,951


494,966

Fees billed

847,413


1,110,849


1,322,598


1,630,358


1,583,537


230,058

Remaining principal of performing loans

11,026,236


13,771,180


17,028,346


20,780,617


24,037,078


3,492,137

Remaining principal of performing loans covered by quality assurance program

9,986,485


12,963,604


16,204,583


20,103,043


23,524,227


3,417,629

Number of borrowers

50,542


68,882


92,479


110,785


124,953


124,953

        Borrowers from online channels

27,902


40,033


54,585


63,010


86,095


86,095

        Borrowers from offline channels

22,640


28,849


37,894


47,775


38,858


38,858

Number of investors

212,318


206,706


177,499


194,505


192,505


192,505

        Investors from online channels

212,318


206,706


177,499


194,505


192,505


192,505

        Investors from offline channels

-


-


-


-


-


-

Adjusted EBITDA

206,613


264,962


220,716


401,146


400,297


58,157

Adjusted EBITDA margin

37.1%


36.1%


25.2%


37.5%


39.2%


39.2%













Reconciliation of Net Revenues












Fees billed:












        Transaction fees billed to borrowers

836,896


1,095,749


1,298,247


1,599,674


1,507,754


219,048

            Upfront fees billed to borrowers

773,292


1,016,393


1,192,449


1,468,330


1,334,688


193,905

            Monthly fees billed to borrowers

63,604


79,356


105,798


131,344


173,066


25,143

        Service fees billed to investors

64,552


88,068


110,943


135,747


177,132


25,734

        Others

3,069


3,366


5,196


10,007


12,602


1,831

        Value-added tax

(57,104)


(76,334)


(91,788)


(115,070)


(113,951)


(16,555)

Total fees billed

847,413


1,110,849


1,322,598


1,630,358


1,583,537


230,058

        Stand-ready liabilities associated with
        quality assurance program 

(275,721)


(363,095)


(430,569)


(528,852)


(553,816)


(80,459)

        Deferred revenue 

(20,366)


(15,857)


(16,553)


(18,545)


(9,662)


(1,404)

        Cash incentives

(11,707)


(19,556)


(24,074)


(42,836)


(30,355)


(4,410)

        Value-added tax

16,760


21,450


25,309


30,985


31,895


4,634

Net revenues

556,379


733,791


876,711


1,071,110


1,021,599


148,419













Reconciliation of EBITDA












Net income

131,716


260,620


344,281


379,781


350,901


50,980

Interest income

(5,034)


(7,253)


(9,778)


(14,778)


(24,149)


(3,508)

Income tax expense

78,001


9,286


(131,946)


30,710


67,747


9,842

Depreciation and amortization

1,930


2,309


2,816


3,554


4,176


607

Share-based compensation

-


-


15,343


1,879


1,622


236

Adjusted EBITDA

206,613


264,962


220,716


401,146


400,297


58,157

 

Delinquency Rates



Delinquent for



15-29 days


30-59 days


60-89 days

All Loans







December 31, 2013


0.2%


0.4%


0.3%

December 31, 2014


0.3%


0.2%


0.2%

December 31, 2015


0.4%


0.5%


0.4%

December 31, 2016


0.4%


0.7%


0.6%

March 31, 2017


0.4%


0.8%


0.6%








Online Channels







December 31, 2013


0.1%


0.9%


0.3%

December 31, 2014


0.4%


0.3%


0.2%

December 31, 2015


0.6%


0.8%


0.6%

December 31, 2016


0.6%


1.0%


0.8%

March 31, 2017


0.5%


1.0%


0.8%








Offline Channels







December 31, 2013


0.3%


0.2%


0.2%

December 31, 2014


0.3%


0.2%


0.2%

December 31, 2015


0.3%


0.4%


0.3%

December 31, 2016


0.4%


0.6%


0.4%

March 31, 2017


0.4%


0.6%


0.5%

 

Net Charge-Off Rate

Loan
issued
period


Loan grade


Amount of loans
facilitated during the
period


Accumulated M3+ Net
Charge-Off as of March 31,
2017


Total Net Charge-Off
Rate as of March 31,
2017





(in RMB thousands)


(in RMB thousands)



2014


A


1,917,542


93,895


4.9%



B


303,030


19,883


6.6%



C


-


-


-



D


7,989


501


6.3%



Total


2,228,561


114,279


5.1%

2015


A


873,995


48,054


5.5%



B


419,630


30,477


7.3%



C


557,414


52,040


9.3%



D


7,706,575


591,279


7.7%



Total


9,557,614


721,850


7.6%

2016


A


1,109,094


7,418


0.7%



B


745,508


11,189


1.5%



C


1,398,721


34,263


2.4%



D


16,919,079


342,364


2.0%



Total


20,172,402


395,233


2.0%

 

 

M3+ Net Charge-Off Rate

Loan issued period


Month on Book



4

7

10

13

16

19

22

25

28

31

34

2013Q1


1.9%

3.2%

3.1%

2.3%

2.0%

0.9%

0.5%

0.5%

0.4%

0.4%

0.4%

2013Q2


1.8%

3.6%

4.5%

5.9%

6.4%

7.4%

6.1%

7.0%

7.5%

7.5%

7.8%

2013Q3


0.5%

2.8%

4.2%

5.5%

6.1%

6.5%

7.1%

7.1%

7.0%

6.9%

6.9%

2013Q4


0.7%

3.4%

4.8%

6.2%

6.8%

7.5%

8.3%

8.3%

8.2%

8.5%

8.3%

2014Q1


1.0%

4.2%

6.1%

7.0%

8.4%

9.3%

9.8%

9.7%

9.9%

9.8%

9.5%

2014Q2


0.5%

1.8%

2.6%

3.8%

4.3%

4.6%

4.6%

4.7%

4.7%

4.7%

4.8%

2014Q3


0.2%

0.8%

2.0%

2.8%

3.3%

3.7%

4.0%

4.2%

4.2%

4.1%


2014Q4


0.3%

1.5%

2.7%

3.5%

4.1%

4.6%

5.1%

5.2%

5.2%



2015Q1


0.6%

2.7%

4.4%

5.8%

7.1%

8.2%

9.1%

9.5%




2015Q2


0.5%

2.1%

3.7%

5.3%

6.6%

7.7%

8.6%





2015Q3


0.2%

1.6%

3.4%

4.9%

6.4%

7.3%






2015Q4


0.2%

1.6%

3.2%

4.9%

6.2%







2016Q1


0.2%

1.3%

2.9%

4.2%








2016Q2


0.2%

1.7%

3.4%









2016Q3


0.1%

1.6%










2016Q4


0.2%











 

Cumulative M3+ Net Charge Off Rates – All Loans
Cumulative M3+ Net Charge Off Rates – All Loans

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yirendai-reports-first-quarter-2017-financial-results-300461212.html

Source: Yirendai Ltd.

Related stocks: NYSE:YRD

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