9F Inc. Reports Fourth Quarter and Full Year 2019 Unaudited Financial Results
9F Inc. (Nasdaq: JFU) reported its unaudited financial results for Q4 and the full year of 2019. Loan origination surged by 62.4% year-over-year to RMB14.3 billion, with institutional partners funding 79.8% of this volume. Active borrowers increased by 80.2% to 1.0 million. However, total net revenues plummeted by 54.4% to RMB469.0 million, and the company faced a net loss of RMB2,863.1 million. For 2020, 9F anticipates loan origination volumes between RMB1.0 billion and RMB1.2 billion due to challenges posed by the COVID-19 pandemic and regulatory uncertainties.
- Loan origination volume increased by 62.4% year-over-year to RMB14.3 billion in Q4 2019.
- Number of registered users grew by 40.2% year-over-year to 101.4 million.
- Active borrowers rose by 80.2% year-over-year to 1.0 million in Q4 2019.
- Total net revenues decreased by 54.4% year-over-year in Q4 2019.
- Net loss was RMB2,863.1 million in Q4 2019 compared to a net income in Q4 2018.
- Company expects lower loan origination volume in Q2 2020 due to COVID-19 impact.
BEIJING, June 17, 2020 (GLOBE NEWSWIRE) -- 9F Inc. (“9F” or “the Company”) (Nasdaq: JFU), a leading digital financial account platform integrating and personalizing financial services in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Operational and Financial Highlights
- Loan origination volume1 was RMB14.3 billion (US
$2.1 billion ) in the fourth quarter of 2019, representing an increase of62.4% from RMB8.8 billion in the same period of 2018. Loans funded by institutional funding partners2 accounted for79.8% of total loan origination volume in the fourth quarter of 2019, an increase from6.6% in the same period of 2018, and from78.6% in the third quarter of 2019.
- Number of registered users3 was 101.4 million as of December 31, 2019, representing an increase of
40.2% from 72.4 million as of December 31, 2018 and an increase of6.0% from 95.7 million as of September 30, 2019.
- Number of active borrowers4 was 1.0 million in the fourth quarter of 2019, representing an increase of
80.2% from 0.5 million in the same period of 2018.
- Outstanding loan balance5 was RMB76.0 billion (US
$10.9 billion ) as of December 31, 2019, representing an increase of46.2% from RMB52.0 billion as of December 31, 2018.
- Total net revenues were RMB469.0 million (US
$67.4 million ) in the fourth quarter of 2019, representing a decrease of54.4% from RMB1,027.8 million in the same period of 2018.
- Net loss was RMB2,863.1 million (US
$411.3 million ) in the fourth quarter of 2019.
- Adjusted net loss6 was RMB2,656.5 million (US
$381.6 million ) in the fourth quarter of 2019.
Fiscal Year 2019 Operational and Financial Highlights
- Loan origination volume was RMB55.1 billion (US
$7.9 billion ) in 2019, representing an increase of20.9% from RMB45.6 billion in 2018. Loans funded by institutional funding partners accounted for63.3% of total loan origination volume in 2019, an increase from1.6% in 2018.
- Number of active borrowers was 2.8 million in 2019, an increase of
23.7% from 2.3 million in 2018.
- Total net revenues were RMB4,425.0 million (US
$635.6 million ) in 2019, representing a decrease of20.4% from RMB5,556.5 million in 2018.
- Net loss was RMB2,153.6 million (US
$309.4 million ) in 2019.
- Adjusted net loss6 was RMB1,644.6 million (US
$236.2 million ) in 2019.
Mr. Lei Sun, 9F's Chairman and Chief Executive Officer, commented, “2019 was a transformative year for our company as we transitioned our business to a technology enablement platform. Our new model, which connects all participants– including financial institution partners, merchant partners and end-customers –uses technology to help improve user experience for all participants and facilitate more transactions. We are working with a number of different institutional funding partners to diversify our funding sources and grow our loan origination volumes. Of our total loan origination volume in the fourth quarter of 2019, institutional funding partners contributed
We continue to develop new cloud-based technology to provide highly customized services to our users and partners, in particular licensed financial institutions. Meanwhile, by leveraging our experiences and skills in the domestic market, we continue to expand our footprint overseas throughout Southeast Asia.
In order to maintain compliance with industry regulations, we downsized our loan origination volumes and decreased the outstanding loan balance for loans under our online lending information intermediary services. We have also prepared ourselves to adapt to new regulations, and believe we are well-positioned for any regulatory changes.
Our registered users crossed the 100 million line as of December 31, 2019. We continue to explore new ways to enhance customer relationships, and provide convenient and personalized services beyond loan origination to better serve user needs. We have been rapidly developing our E-commerce channels since the end of 2019. We rebranded our online shopping platform of 9F One Mall (formerly known as the "One Card Mall") to a wider user base, targeting customers of not only One Card users. We also connect more local life servicing consumption scenarios in connection with the verticals of health, entertainment, and tourism. We will continue to focus on expanding consumption scenarios to improve our ecosystem in 2020.
This year is clearly shaping up to be extremely challenging. In addition to the ongoing regulatory uncertainties, the COVID -19 pandemic has caused serious challenges for the global economy, financial markets and consumer behavior. Increasing unemployment, furloughs, and work-from-home arrangements have reduced consumption on the one hand, and weakened the repayment ability of our borrowers on the other hand. These have raised overall delinquency rates and caused banks and other financial institutions to tighten credit. We have been adversely affected by the COVID-19 pandemic in the first and second quarters of 2020, including loan origination volume and revenues. We made significant adjustments to our business model in light of the new operating environment, such as controlling the number of new borrowers, lowering average approved credit limits, strengthening risk assessment and keeping asset quality in an acceptable range. Despite the significant near-term challenges, we are optimistic that consumers are increasingly accepting, and even demanding for new technologies, such as contactless services, and we believe companies that are able to satisfy such needs will succeed. We intend to maintain our advanced technology capabilities strength, and continue to invest in new technologies, for purpose of creating value to our customers and to shareholders on a long-term basis.”
Mr. Yanjun Lin, 9F's Chief Financial Officer and Director, added, “Despite the continued challenging environment, we were able to deliver solid operational results in 2019. However, we are negatively affected by the COVID-19 pandemic, and expect to experience an extended difficult time in 2020. Our registered users increased
Since November 2019, under our online lending information intermediary services, new loans with terms of no more than 12 months are no longer covered by the insurance protection plan of PICC Property and Casualty Company Limited Guangdong Branch, or the PICC. We have also suspended our cooperation with PICC on new loans under our direct lending program since December 2019. We and PICC are pursuing legal actions against each other as PICC is obligated to pay service fees as agreed in the cooperation agreement to us under our direct lending program, and we are seeking damages of approximately RMB2.3 billion from PICC to cover the outstanding service fees amounting to RMB2.2 billion and related late payment losses. With respect to RMB1.4 billion of the outstanding service fees that has been recorded as accounts receivable, we have recognized full valuation allowance. We have not recognized the remaining outstanding service fees in the amount of approximately RMB0.8 billion, as revenue recognition criteria was not met.”
Fourth Quarter 2019 Financial Results
Total net revenues decreased by
- Loan facilitation services revenue decreased by
90.5% from RMB925.4 million in the fourth quarter of 2018 to RMB88.0 million (US$12.6 million ) in the same period of 2019. The decrease of loan facilitation services revenue was primarily because the loan facilitation services revenue under our direct lending program in the fourth quarter of 2019 was not recognized due to our dispute with PICC.
- Post-origination services revenue increased by
299.5% from RMB75.5 million in the fourth quarter of 2018 to RMB301.6 million (US$43.3 million ) in the same period of 2019, primarily because an increasing portion of service revenue was allocated to post-origination services in the fourth quarter of 2019.
- Other revenues increased by
194.9% from RMB26.9 million in the fourth quarter of 2018 to RMB79.4 million (US$11.4 million ) in the same period of 2019, primarily due to the increase in revenues from both online lending services generated in Southeast Asia and domestic user referral service.
Sales and marketing expenses increased by
Origination and servicing expenses increased by
General and administrative expenses decreased by
Provision (reversal) for doubtful contract assets and receivables increased from reversed RMB2.6 million in the fourth quarter of 2018 to provision RMB2,148.6 million (US
Operating loss was RMB3,096.4 million (US
Interest income was RMB39.2 million (US
Income tax benefit was RMB335.6 million (US
Net loss was RMB2,863.1 million (US
Adjusted net loss6 was RMB2,656.5 million (US
Fiscal Year 2019 Financial Results
Total net revenues decreased by
- Loan facilitation services revenue decreased by
29.9% from RMB4,960.7 million in 2018 to RMB3,477.9 million (US$499.6 million ) in 2019. The decrease of loan facilitation services revenue was primarily because the loan facilitation services revenue under our direct lending program in the fourth quarter of 2019 was not recognized due to our dispute with PICC. - Post-origination services revenue increased by
64.6% from RMB367.4 million in 2018 to RMB604.7 million (US$86.9 million ) in 2019. The increase was primarily due to increase in the loan origination volume, and an increasing portion of service revenue allocated to post-origination services in 2019. The increase in the loan origination volume, which increased from RMB45.6 billion in 2018 to 55.1 billion (US$7.9 billion ) in 2019, was primarily driven by the increase in the number of active borrowers from approximately 2.3 million in 2018 to approximately 2.8 million in 2019. - Other revenues increased by
49.9% from RMB228.4 million in 2018 to RMB342.3 million (US$49.2 million ) in 2019, primarily due to the increase in revenues from online direct sales of merchandise.
Sales and marketing expenses increased by
Origination and servicing expenses increased by
General and administrative expenses decreased by
Provision (reversal) for doubtful contract assets and receivables increased from reversed RMB2.6 million in 2018 to provision RMB2,148.6 million (US
Operating loss was RMB2,360.3 million (US
Interest income was RMB225.8 million (US
Income tax benefit was RMB174.6 million (US
Net loss was RMB2,153.6 million (US
Adjusted net loss6 was RMB1,644.6 million (US
As of December 31, 2019, the Company had cash and cash equivalents and term deposits of RMB4,708.0 million (US
Delinquency rates
As of December 31, 2019, the delinquency rates7 for loans that are past due for 15-30 days, 31-60 days, 61-90 days and 91-180 days were
The following table displays the delinquency rates for all our outstanding loan products as of December 31, 2017, 2018 and 2019 and Mar 31, Jun 30 and September 30, 2019:
| Delinquent rate | ||||||||
| Delinquent for | ||||||||
| 15-30 days | 31-60 days | 61-90 days | 91-180 days | |||||
| 20%; width: | 18%; width: | 2%; width: | 18%; width: | 2%; width: | 18%; width: | 2%; width: | 18%; width: | 2%; width: |
| 31-Dec-18 | ||||||||
| 31-Mar-19 | ||||||||
| 30-Jun-19 | ||||||||
| 30-Sep-19 | ||||||||
| 31-Dec-19 |
The following chart displays the M3+ delinquency rates by vintage8 for all our outstanding loan products. Loan products that have been transferred to non-performing loan companies are not included in the calculation of M3+ Delinquency Rates by Vintage.
A photo accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/e56aecf1-9500-444e-a0ab-b54fc8012a97.
Business Outlook
The Company's total loan origination volume was RMB2.3 billion (US
About 9F Inc.
9F Inc. is a leading digital financial account platform integrating and personalizing financial services in China with the footprint expanding overseas. The Company provides a comprehensive range of financial products and services across loan products, online wealth management products, and payment facilitation, all integrated under a single digital financial account.
For more information, please visit http://ir.9fgroup.com/
Use of Non-GAAP Financial Measures
The Company uses adjusted net income (loss), a non-GAAP financial measure, in evaluating its operating results and as a supplemental measure to review and assess its financial and operational performance. The Company believes that adjusted net income/(loss) provides useful information about its core operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metric used by the Company’s management in its financial and operational decision-making. The Company also believes that adjusted net income (loss), which excludes the effect of share-based compensation, impairment loss of investments and impairment of goodwill, net of tax effect helps identify underlying trends in its business and help the Company’s management formulate business plans.
Adjusted net income (loss) is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider it in isolation, or as a substitute for net income/(loss), cash flows provided by/(used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Other companies, including peer companies in the industry, may calculate this non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating the Company’s performance. 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 RMB6.9618 to US
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,” “aims,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” “potential,” “continue,” “likely to,” and similar statements. Such statements are based upon management’s current expectations and current market, regulatory 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 estimates relating to the completion and filing of its annual report on Form 20-F for the year ended December 31, 2019, uncertainties as to the impact of the COVID-19 on the Company’s business operations, the industries the Company is operating in and the economy of China and elsewhere generally; 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 Nasdaq, including its ability to cure any non-compliance with the Nasdaq’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 9F Inc. 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 enquiries, please contact:
In China:
9F Inc.
Head of Investor Relations
Cecilia Ma
E-mail: ir@9fbank.com.cn
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
| 9F Inc. | |||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (All amounts in thousands, except for number of shares and per share data, or otherwise noted) | |||||
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| December 31 | December 31 | December 31 | |||
| 2018 | 2019 | 2019 | |||
| RMB | RMB | USD | |||
| ASSETS | |||||
| Cash and cash equivalents | 5,469,077 | 4,684,003 | 672,815 | ||
| Restricted cash | - | 125,437 | 18,018 | ||
| Term deposits | 833,478 | 24,000 | 3,447 | ||
| Accounts receivable, net | 180,141 | 280,995 | 40,362 | ||
| Other receivables, net | 146,438 | 117,340 | 16,855 | ||
| Loan receivables, net | 593,943 | 778,480 | 111,822 | ||
| Amounts due from related parties | 146,273 | 50,000 | 7,181 | ||
| Prepaid expenses and other assets | 543,088 | 1,137,787 | 163,433 | ||
| Contract assets, net | 12,642 | 24,824 | 3,566 | ||
| Long‑term investments | 954,158 | 775,644 | 111,414 | ||
| Operating lease right-of-use assets, net | - | 121,791 | 17,494 | ||
| Property, equipment and software, net | 86,267 | 110,376 | 15,855 | ||
| Goodwill, net | 13,385 | 72,224 | 10,374 | ||
| Intangible assets, net | 44,733 | 73,476 | 10,554 | ||
| Deferred tax assets, net | 84,338 | 503,987 | 72,393 | ||
| TOTAL ASSETS | 9,107,961 | 8,880,364 | 1,275,583 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Liabilities: | |||||
| Deferred revenue | 346,847 | 788,906 | 113,319 | ||
| Payroll and welfare payable | 38,890 | 41,646 | 5,982 | ||
| Income tax payable | 315,868 | 320,350 | 46,016 | ||
| Accrued expenses and other liabilities | 745,307 | 1,229,110 | 176,550 | ||
| Operating lease liabilities | - | 125,407 | 18,014 | ||
| Amounts due to related parties | 14,706 | 29,902 | 4,295 | ||
| Deferred tax liabilities | 9,003 | 17,215 | 2,473 | ||
| Total liabilities | 1,470,621 | 2,552,536 | 366,649 | ||
| Mezzanine equity | |||||
| Series A convertible redeemable preferred shares | 280,301 | - | - | ||
| Series B convertible redeemable preferred shares | 202,086 | - | - | ||
| Series C convertible redeemable preferred shares | 355,248 | - | - | ||
| Series D convertible redeemable preferred shares | 408,358 | - | - | ||
| Series E convertible redeemable preferred shares | 136,427 | - | - | ||
| Shareholders’ equity: | |||||
| Ordinary shares | - | - | - | ||
| Class A ordinary shares | - | 1 | - | ||
| Class B ordinary shares | - | 1 | - | ||
| Additional paid‑in capital | 3,046,725 | 5,241,296 | 752,865 | ||
| Statutory reserves | 446,277 | 459,029 | 65,935 | ||
| Retained earnings | 2,671,275 | 488,236 | 70,131 | ||
| Accumulated other comprehensive income | 80,193 | 92,220 | 13,247 | ||
| Total 9F Inc. shareholders’ equity | 6,244,470 | 6,280,783 | 902,178 | ||
| Non‑controlling interest | 10,450 | 47,045 | 6,756 | ||
| Total shareholders’ equity | 6,254,920 | 6,327,828 | 908,934 | ||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 9,107,961 | 8,880,364 | 1,275,583 | ||
| 9F Inc. | ||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (Amounts in thousands, except for number of shares and per share data, or otherwise noted) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
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| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
| Net Revenues | ||||||||||||||||||
| Loan facilitation services | 925,357 | 87,977 | 12,637 | 4,960,671 | 3,477,897 | 499,569 | ||||||||||||
| Post-origination services | 75,488 | 301,596 | 43,322 | 367,439 | 604,732 | 86,864 | ||||||||||||
| Others | 26,917 | 79,386 | 11,403 | 228,372 | 342,334 | 49,173 | ||||||||||||
| Total Net Revenues | 1,027,762 | 468,959 | 67,362 | 5,556,482 | 4,424,963 | 635,606 | ||||||||||||
| Operating costs and expenses | ||||||||||||||||||
| Sales and marketing | (330,999 | ) | (721,115 | ) | (103,582 | ) | (1,746,375 | ) | (2,343,428 | ) | (336,611 | ) | ||||||
| Origination and servicing | (106,731 | ) | (478,134 | ) | (68,680 | ) | (444,830 | ) | (1,137,451 | ) | (163,385 | ) | ||||||
| General and administrative | (414,783 | ) | (217,435 | ) | (31,233 | ) | (1,159,746 | ) | (1,155,747 | ) | (166,013 | ) | ||||||
| Provision (reversal) for doubtful contract assets and receivables | 2,637 | (2,148,638 | ) | (308,633 | ) | 2,637 | (2,148,638 | ) | (308,633 | ) | ||||||||
| Total operating costs and expenses | (849,876 | ) | (3,565,322 | ) | (512,128 | ) | (3,348,314 | ) | (6,785,264 | ) | (974,642 | ) | ||||||
| Interest income | 63,917 | 39,237 | 5,636 | 208,350 | 225,751 | 32,427 | ||||||||||||
| Impairment loss of investments | (46 | ) | (154,898 | ) | (22,250 | ) | (23,140 | ) | (154,898 | ) | (22,250 | ) | ||||||
| Net loss from disposal of subsidiaries | - | - | - | (257 | ) | - | - | |||||||||||
| Gain recognized on remeasurement of previously held equity interest in acquiree | - | (9,250 | ) | (1,329 | ) | - | 16,272 | 2,337 | ||||||||||
| Other income, net | 9,748 | 50,303 | 7,226 | 25,608 | 52,852 | 7,592 | ||||||||||||
| Income (loss) before income tax expense and earnings (loss) in equity method investments | 251,505 | (3,170,971 | ) | (455,483 | ) | 2,418,729 | (2,220,324 | ) | (318,930 | ) | ||||||||
| Income tax benefit (expense) | (48,145 | ) | 335,563 | 48,201 | (402,403 | ) | 174,597 | 25,079 | ||||||||||
| Earnings (loss) in equity method investments | (36,198 | ) | (27,722 | ) | (3,982 | ) | (41,143 | ) | (107,918 | ) | (15,501 | ) | ||||||
| Net income (loss) | 167,162 | (2,863,130 | ) | (411,264 | ) | 1,975,183 | (2,153,645 | ) | (309,352 | ) | ||||||||
| Net income (loss) attributable to the non-controlling interest shareholders | 3,250 | (8,743 | ) | (1,256 | ) | 6,621 | (5,931 | ) | (852 | ) | ||||||||
| Net income (loss) attributable to 9F Inc. | 170,412 | (2,871,873 | ) | (412,520 | ) | 1,981,804 | (2,159,576 | ) | (310,204 | ) | ||||||||
| Change in redemption value of preferred shares | (4,341 | ) | - | - | (17,225 | ) | (10,711 | ) | (1,538 | ) | ||||||||
| Net income (loss) attributable to ordinary shareholders | 166,071 | (2,871,873 | ) | (412,520 | ) | 1,964,579 | (2,170,287 | ) | (311,742 | ) | ||||||||
| Net income (loss) per ordinary share: | ||||||||||||||||||
| Basic | 0.89 | (14.71 | ) | (2.11 | ) | 10.57 | (12.43 | ) | (1.79 | ) | ||||||||
| Diluted | 0.77 | (14.71 | ) | (2.11 | ) | 9.41 | (12.43 | ) | (1.79 | ) | ||||||||
| Weighted average number of ordinary shares used in computing net income (loss) per ordinary share | ||||||||||||||||||
| Basic | 162,672,800 | 195,191,000 | 195,191,000 | 162,672,800 | 174,552,468 | 174,552,468 | ||||||||||||
| Diluted | 188,715,620 | 195,191,000 | 195,191,000 | 185,735,200 | 174,552,468 | 174,552,468 |
| 9F Inc. | ||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME /(LOSS) | ||||||||||||||||||
| (Amounts in thousands, except for number of shares and per share data, or otherwise noted) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
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| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
| Net income (loss) | 167,162 | (2,863,130 | ) | (411,264 | ) | 1,975,183 | (2,153,645 | ) | (309,352 | ) | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||||
| Foreign currency translation adjustment, net of tax of nil | 1,627 | (47,812 | ) | (6,868 | ) | 84,430 | 12,126 | 1,742 | ||||||||||
| Unrealized losses on available for sale investments, net of tax of nil | (1,572 | ) | (1 | ) | - | (1,146 | ) | (99 | ) | (14 | ) | |||||||
| Total comprehensive income (loss) | 167,217 | (2,910,943 | ) | (418,132 | ) | 2,058,467 | (2,141,618 | ) | (307,624 | ) | ||||||||
| Total comprehensive income (loss) attributable to the non-controlling interest shareholders | 3,250 | (8,743 | ) | (1,256 | ) | 6,621 | (5,931 | ) | (852 | ) | ||||||||
| Total comprehensive income (loss) attributable to 9F Inc. | 170,467 | (2,919,686 | ) | (419,388 | ) | 2,065,088 | (2,147,549 | ) | (308,476 | ) | ||||||||
| 9F Inc. | |||||||||||||||||
| Unaudited Reconciliations of GAAP And Non-GAAP Results | |||||||||||||||||
| (Amounts in thousands, except for number of shares and per share data, or otherwise noted) | |||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
| 2018 | 2019 | 2019 | 2018 | 2019 | 2019 | ||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||||||
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| Add: | |||||||||||||||||
| Share-based compensation | 130,038 | 50,737 | 7,288 | 508,162 | 353,151 | 50,727 | |||||||||||
| Impairment loss of investments | - | 154,898 | 22,250 | - | 154,898 | 22,250 | |||||||||||
| Impairment of goodwill | - | 6,191 | 890 | - | 6,191 | 890 | |||||||||||
| Less: | |||||||||||||||||
| Tax effect of adjustments | - | 5,146 | 739 | - | 5,146 | 739 | |||||||||||
| Adjusted net income (loss) | 297,200 | (2,656,450 | ) | (381,575 | ) | 2,483,345 | (1,644,551 | ) | (236,224 | ) |
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1 “Loan origination volume” refers to the total amount of loans originated to the Company’s borrowers, including the loan origination volume under the Company's revolving loan products, non-revolving loan products and direct lending program during a given period. Loan origination volume for loans funded by institutional funding partners, regardless of its nature of revolving or non-revolving loans, are counted towards loan origination volume under the Company's direct lending program.
2 “Institutional funding partners” refers to banks and other institutions which have partnered with the Company on its direct lending program to fund loans originated to the Company’s borrowers.
3 “Registered users” at a certain point of time refers to the accumulative number of users who have registered their digital accounts with the Company (identified by registered mobile phone numbers) as of a certain point of time.
4 “Active borrowers” refers to, for a specified period, borrowers who made at least one borrowing transaction with the Company during that period.
5 “Outstanding loan balance” at a certain point of time refers to the total balance of outstanding principal of all the loan products, including revolving loan products, non-revolving loan products and loan products under the Company’s direct lending program as of a certain point of time. Outstanding loan balance for loans funded by institutional funding partners, regardless of its nature of revolving or non-revolving loan products, are counted towards outstanding loan balance under the Company’s direct lending program.
6 “Adjusted net income/(loss)” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
7 “delinquency rate” refers to loan principal that was 15-30, 31-60, 61-90 and 91-180 calendar days past due as a percentage of the total balance of outstanding principal of loans originated on the Company’s platform as of a specific date. Loan products that have been transferred to non-performing loan companies are not included in the calculation of delinquency rate.
8 ‘‘M3+ Delinquency Rates by Vintage’’ refers to the total balance of outstanding principal of a vintage for which any payment of principal is over 90 calendar days past due as of a particular date (adjusted to exclude total amount of past due payments for loan principal that have been subsequently collected in the same vintage), divided by the total initial principal originated in such vintage. Loan products that have been transferred to non-performing loan companies are not included in the calculation of M3+ Delinquency Rates by Vintage.
FAQ
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