Yiren Digital Reports Second Quarter 2024 Financial Results
Yiren Digital (NYSE: YRD) reports its unaudited Q2 2024 financial results, showcasing a strong performance across its business segments.
Financial Services: Loans facilitated reached RMB12.9 billion, up 8.6% from Q1 2024 and 57.3% YoY. Borrowers totaled 10.8 million, with 1.5 million served in Q2.
Insurance Brokerage: Gross written premiums rose to RMB1,060.9 million, up 16.3% QoQ, though revenue declined 77.4% YoY due to regulatory changes.
Consumption & Lifestyle: GMV decreased 11.3% QoQ, but increased 40.1% YoY.
Financial Highlights: Total revenue was RMB1.5 billion, a 13% YoY increase. Net income dropped to RMB409.5 million from RMB527.3 million YoY due to higher provisions. Expenses rose across marketing and R&D, while cash flow remained positive.
Management Changes: CFO Na Mei will be succeeded by Yuning Feng. Dividend policy introduced with a semi-annual payout starting H1 2024. Share repurchase program continued with US$4.0 million allocated in Q2.
Yiren Digital (NYSE: YRD) ha riportato i risultati finanziari non auditati del secondo trimestre del 2024, evidenziando un’ottima performance nei diversi segmenti aziendali.
Servizi Finanziari: I prestiti facilitati hanno raggiunto 12,9 miliardi di RMB, in aumento dell'8,6% rispetto al primo trimestre del 2024 e del 57,3% rispetto all'anno precedente. I mutuatari sono stati 10,8 milioni, con 1,5 milioni serviti nel secondo trimestre.
Brokeraggio Assicurativo: I premi lordi scritti sono saliti a 1.060,9 milioni di RMB, segnando un aumento del 16,3% rispetto al trimestre precedente, anche se le entrate sono diminuite del 77,4% rispetto all'anno precedente a causa di cambiamenti normativi.
Consumo e Stile di Vita: Il GMV è diminuito dell'11,3% rispetto al trimestre precedente, ma è aumentato del 40,1% rispetto all'anno precedente.
Indicatori Finanziari: Il fatturato totale è stato di 1,5 miliardi di RMB, con un incremento del 13% rispetto all'anno precedente. Il reddito netto è sceso a 409,5 milioni di RMB rispetto a 527,3 milioni di RMB dell'anno precedente a causa di maggiori accantonamenti. Le spese sono aumentate nei settori marketing e R&D, mentre il flusso di cassa è rimasto positivo.
Cambiamenti nella Direzione: Il CFO Na Mei sarà sostituito da Yuning Feng. È stata introdotta una politica di dividendi con un pagamento semi-annuale a partire dal primo semestre del 2024. Il programma di riacquisto delle azioni è continuato con 4,0 milioni di dollari allocati nel secondo trimestre.
Yiren Digital (NYSE: YRD) ha publicado sus resultados financieros no auditados del segundo trimestre de 2024, mostrando un rendimiento sólido en sus segmentos comerciales.
Servicios Financieros: Los préstamos facilitados alcanzaron 12,9 mil millones de RMB, un aumento del 8,6% en comparación con el primer trimestre de 2024 y del 57,3% interanual. El total de prestatarios fue de 10,8 millones, con 1,5 millones atendidos en el segundo trimestre.
Corretaje de Seguros: Las primas brutas suscritas aumentaron a 1.060,9 millones de RMB, un incremento del 16,3% en comparación con el trimestre anterior, aunque los ingresos disminuyeron un 77,4% interanual debido a cambios regulatorios.
Consumo y Estilo de Vida: El GMV disminuyó un 11,3% en comparación con el trimestre anterior, pero aumentó un 40,1% interanual.
Aspectos Financieros Destacados: Los ingresos totales fueron de 1,5 mil millones de RMB, con un incremento del 13% interanual. La renta neta cayó a 409,5 millones de RMB desde 527,3 millones de RMB interanual debido a mayores provisiones. Los gastos aumentaron en marketing y I+D, mientras que el flujo de caja se mantuvo positivo.
Cambios en la Dirección: El CFO Na Mei será sucedido por Yuning Feng. Se introdujo una política de dividendos con un pago semestral a partir del primer semestre de 2024. El programa de recompra de acciones continuó con 4,0 millones de dólares asignados en el segundo trimestre.
Yiren Digital (NYSE: YRD)는 2024년 2분기 비감사 재무 결과를 발표하며 각 사업 부문에서 강력한 성과를 보여주었습니다.
금융 서비스: 중개한 대출은 129억 위안에 달하여 2024년 1분기 대비 8.6% 증가하고, 전년 대비 57.3% 증가했습니다. 총 차입자는 1,080만 명이며, 2분기 중 150만 명이 서비스되었습니다.
보험 중개: 총 보험료는 106억 9천만 위안으로, 전 분기 대비 16.3% 증가했지만, 규제 변화로 인해 전년 대비 수익이 77.4% 감소했습니다.
소비 및 라이프스타일: GMV는 전 분기 대비 11.3% 감소했지만, 전년 대비 40.1% 증가했습니다.
재무 하이라이트: 총 수익은 15억 위안으로, 전년 대비 13% 증가했습니다. 순이익은 전년 52억 7천만 위안에서 40억 9천5백만 위안으로 감소했으며, 이는 높은 충당금 때문입니다. 마케팅과 연구 개발 비용이 증가했지만, 현금 흐름은 여전히 긍정적입니다.
경영 변화: CFO Na Mei가 Yuning Feng으로 교체됩니다. 2024년 상반기부터 반기 배당금 정책이 도입되었습니다. 2분기 중 400만 달러의 자사주 매입 프로그램이 계속되었습니다.
Yiren Digital (NYSE: YRD) a publié ses résultats financiers non audités du deuxième trimestre 2024, montrant une performance solide dans ses segments d'activité.
Services Financiers : Les prêts facilités ont atteint 12,9 milliards de RMB, en hausse de 8,6 % par rapport au premier trimestre 2024 et de 57,3 % par rapport à l'année précédente. Le nombre total d'emprunteurs s'est élevé à 10,8 millions, avec 1,5 million de clients servis au deuxième trimestre.
Courtage d'Assurance : Les primes brutes écrites sont passées à 1 060,9 millions de RMB, soit une hausse de 16,3 % par rapport au trimestre précédent, bien que les revenus aient diminué de 77,4 % par rapport à l'année précédente en raison de modifications réglementaires.
Consommation et Style de Vie : Le GMV a diminué de 11,3 % par rapport au trimestre précédent, mais a augmenté de 40,1 % par rapport à l'année précédente.
Points Financiers Clés : Le chiffre d'affaires total était de 1,5 milliard de RMB, soit une augmentation de 13 % par rapport à l'année précédente. Le revenu net a chuté à 409,5 millions de RMB, contre 527,3 millions de RMB l'année précédente, en raison d'une augmentation des provisions. Les dépenses ont augmenté dans le marketing et la R&D, tandis que le flux de trésorerie est resté positif.
Changements de Direction : Le CFO Na Mei sera remplacé par Yuning Feng. Une politique de dividende a été introduite avec un paiement semestriel à partir du premier semestre 2024. Le programme de rachat d'actions a été poursuivi avec 4,0 millions de dollars alloués au deuxième trimestre.
Yiren Digital (NYSE: YRD) hat seine ungeprüften Finanzzahlen für das zweite Quartal 2024 veröffentlicht und zeigt eine starke Leistung in seinen Geschäftsbereichen.
Finanzdienstleistungen: Die vermittelten Darlehen beliefen sich auf 12,9 Milliarden RMB, ein Anstieg von 8,6% im Vergleich zum ersten Quartal 2024 und von 57,3% im Jahresvergleich. Die Gesamtzahl der Kreditnehmer betrug 10,8 Millionen, wobei 1,5 Millionen im zweiten Quartal bedient wurden.
Versicherungsmakler: Die brutto geschriebenen Prämien stiegen auf 1.060,9 Millionen RMB, ein Anstieg von 16,3% im Vergleich zum Vorquartal, obwohl die Einnahmen aufgrund regulatorischer Änderungen um 77,4% im Jahresvergleich zurückgingen.
Konsum und Lebensstil: GMV sank um 11,3% im Vergleich zum Vorquartal, stieg jedoch um 40,1% im Jahresvergleich.
Finanzielle Höhepunkte: Der Gesamtumsatz betrug 1,5 Milliarden RMB, was einem Anstieg von 13% im Jahresvergleich entspricht. Der Nettogewinn sank auf 409,5 Millionen RMB von 527,3 Millionen RMB im Jahresvergleich aufgrund höherer Rückstellungen. Die Ausgaben stiegen in den Bereichen Marketing und F&E, während der Cashflow positiv blieb.
Änderungen im Management: CFO Na Mei wird von Yuning Feng abgelöst. Die Dividendenpolitik wurde mit einer halbjährlichen Auszahlung ab dem ersten Halbjahr 2024 eingeführt. Das Aktienrückkaufprogramm wurde mit 4,0 Millionen USD im zweiten Quartal fortgesetzt.
- Total loans facilitated increased by 8.6% QoQ to RMB12.9 billion.
- Total revenue grew by 13% YoY to RMB1.5 billion.
- Gross written premiums rose 16.3% QoQ to RMB1,060.9 million.
- Cash and cash equivalents stood at RMB5.5 billion as of June 30, 2024.
- New semi-annual dividend policy announced.
- Net income dropped to RMB409.5 million from RMB527.3 million YoY.
- Revenue from insurance brokerage declined by 77.4% YoY.
- Total GMV in consumption and lifestyle business decreased by 11.3% QoQ.
- Sales and marketing expenses increased to RMB285.1 million from RMB148.9 million YoY.
- Allowance for contract assets, receivables, and others rose to RMB123.3 million from RMB48.9 million YoY.
Insights
Yiren Digital's Q2 2024 results show a mixed performance. Total revenue increased
The company's loan facilitation business is growing strongly, with total loans up
While top-line growth is solid, rising provisions and expenses are pressuring profitability. The new semi-annual dividend policy and ongoing share buybacks are positive for shareholders. Overall, Yiren Digital is showing resilience but faces challenges in maintaining profit growth amid regulatory changes and investments in AI capabilities.
Yiren Digital's strategic focus on AI integration is promising for long-term competitiveness. The company is positioning itself as an AI-powered platform, with ongoing investments in AI upgrades and technological innovations. This is evident from the
The seamless integration of AI into operations has fostered dual growth in technological advancements and operational efficiency. This strategy could lead to improved customer experiences, more efficient loan underwriting and potentially new AI-driven financial products.
However, the impact of these AI investments on the bottom line is not yet clear. As the company continues to invest heavily in technology, investors should monitor how these expenditures translate into tangible benefits and competitive advantages in the crowded fintech space.
Yiren Digital's performance reflects broader trends in China's fintech sector. The strong growth in financial services, particularly small revolving loans, indicates robust consumer credit demand. However, the sharp decline in insurance brokerage revenue highlights the impact of regulatory changes on the industry.
The company's focus on customer acquisition and experience enhancement is paying off, with the number of borrowers served increasing by
The moderation in e-commerce growth suggests market saturation among existing customers. Yiren Digital's shift towards customer segmentation and AI-driven solutions could help maintain growth momentum. However, the company needs to navigate carefully through the evolving regulatory landscape and economic uncertainties in China to sustain its performance.
Second Quarter 2024 Operational Highlights
Financial Services Business
- Total loans facilitated in the second quarter of 2024 reached
RMB12.9 billion (US ), representing an increase of$1.8 billion 8.6% fromRMB11.9 billion in the first quarter of 2024 and compared toRMB8.2 billion in the same period of 2023. - Cumulative number of borrowers served reached 10,807,497 as of June 30, 2024, representing an increase of
8.3% from 9,978,280 as of March 31, 2024, and compared to 8,002,372 as of June 30, 2023. - Number of borrowers served in the second quarter of 2024 was 1,491,756, representing an increase of
10.3% from 1,352,200 in the first quarter of 2024 and compared to 1,013,972 in the same period of 2023. The increase was due to our ongoing effort in customer acquisition and user experience enhancement. - Outstanding balance of performing loans facilitated reached
RMB21.8 billion (US ) as of June 30, 2024, representing an increase of$3.0 billion 8.3% fromRMB20.2 billion as of March 31, 2024 and compared toRMB12.8 billion as of June 30, 2023.
Insurance Brokerage Business
- Cumulative number of insurance clients served reached 1,410,158 as of June 30, 2024, representing an increase of
4.9% from 1,343,660 as of March 31, 2024, and compared to 1,133,069 as of June 30, 2023. - Number of insurance clients served in the second quarter of 2024 was 88,766, representing an increase of
20.5% from 73,687 in the first quarter of 2024 and compared to 135,449 in the same period of 2023. The increase was primarily due to the continued growth of our property insurance business. - Gross written premiums in the second quarter of 2024 were
RMB1,060.9 million (US ), representing an increase of$146.0 million 16.3% fromRMB912.4 million in the first quarter of 2024 and compared toRMB1,332.5 million in the same period of 2023. The increase was mainly attributed to the continued expansion of our property insurance business.
Consumption and Lifestyle Business
- Total gross merchandise volume generated through our e-commerce platform and "Yiren Select" channel reached
RMB554.6 million (US ) in the second quarter of 2024, representing a decrease of$76.3 million 11.3% fromRMB625.1 million in the first quarter of 2024 and compared toRMB395.8 million in the same period of 2023. The decrease was mainly due to the already high penetration of our products and services within the existing customer pool, along with our strategic scale-back in product offerings as we shift our focus to upgrading customer segmentation.
"Despite the evolving market environment, we are pleased to report another solid quarter with strong unit economics, reflecting the resilience of our business structure and operational strategies, as well as our commitment to quality growth over mere expansion." said Mr. Ning Tang, Chairman and Chief Executive Officer.
"Our continued investments in AI and the seamless integration of technological innovations into our operations have fostered dual growth in both technological advancements and operational efficiency. Our strategic direction positions us well to evolve into a leading AI-driven platform, paving the way for groundbreaking solutions and setting new industry standards."
"In the second quarter of 2024, our total revenue reached
Second Quarter 2024 Financial Results
Total net revenue in the second quarter of 2024 was
Sales and marketing expenses in the second quarter of 2024 were
Origination, servicing and other operating costs in the second quarter of 2024 were
Research and development expenses[1] in the second quarter of 2024 were
General and administrative expenses in the second quarter of 2024 were
Allowance for contract assets, receivables and others in the second quarter of 2024 was
Provision for contingent liabilities in the second quarter of 2024 was
Income tax expense in the second quarter of 2024 was
Net income in the second quarter of 2024 was
Adjusted EBITDA[3] (non-GAAP) in the second quarter of 2024 was
Basic and diluted income per ADS in the second quarter of 2024 were
Net cash generated from operating activities in the second quarter of 2024 was
Net cash used in investing activities in the second quarter of 2024 was
Net cash used in financing activities in the second quarter of 2024 was
As of June 30, 2024, cash and cash equivalents were
Delinquency rates. As of June 30, 2024, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were
Cumulative M3+ net charge-off rates. As of June 30, 2024, the cumulative M3+ net charge-off rates for loans originated in 2021, 2022 and 2023 were
Management Change
The Company announces that Ms. Na Mei will resign from her position as Chief Financial Officer due to personal reasons effective as of the close of business on August 20, 2024 New York time. Ms. Mei will continue to serve CreditEase, Yiren Digital's parent company, and assist in ensuring a smooth transition to the new CFO. The board of directors of the Company (the "Board") extends its gratitude to Ms. Mei for her dedicated service and significant contributions during her tenure.
Following this development, the Board has appointed Mr. Yuning Feng as the new Chief Financial Officer to succeed Ms. Mei. Mr. Feng brings extensive experience and expertise in investment banking and financial control to the role, and the Board is confident in his ability to lead the Company's financial operations with distinction.
Mr. Feng possesses over a decade of experience in venture capital investment, investment banking and financial control. Before joining Yiren Digital, he was a partner at CE Innovation Capital, from 2015 to 2018 and from 2021 to 2024. In this role, he led investments in fintech, enterprise solutions, and AI sectors, managed investment portfolios, and contributed to fundraising and fund management. From 2018 to 2021, Mr. Feng served as an investment banker at China Renaissance, specializing in corporate finance for fintech and enterprise solutions companies, where he established strong connections with a variety of companies and investors. Earlier in his career, Mr. Feng was a financial controller at Goldman Sachs and UBS from 2008 to 2012. He received a bachelor's degree from Beijing Foreign Studies University in 2008 and an MBA from the University of Warwick in 2014.
Dividend Policy
The Company is pleased to announce that the Board has approved a semi-annual dividend policy, reflecting our commitment to delivering value to our shareholders. Pursuant to the policy, the Board plans to declare semi-annual dividends at an amount equivalent to no less than
The cash dividend for the first half of 2024, a payment of
Update on Share Repurchase
In September 2022, the Board authorized a share repurchase program under which the Company may repurchase up to
In the second quarter of 2024, the Company allocated
Business Outlook
Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the third quarter of 2024 to be between
This is the Company's current and preliminary view, which is subject to changes and uncertainties.
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
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
Conference Call
Yiren Digital's management will host an earnings conference call at 8:00 a.m.
Participants who wish to join the call should register online in advance of the conference at: https://dpregister.com/sreg/10191859/fd4b40278f
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=T01PiHJw
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
About Yiren Digital
Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in
[1] Research and development expenses have been segregated from general and administrative expenses and restated for historical periods to better reflect the Company's cost and expense structure.
[2] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on 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.
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 Six Months Ended | |||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | ||||||||
Net revenue: | ||||||||||||||
Loan facilitation services | 514,353 | 676,295 | 695,532 | 95,708 | 931,518 | 1,371,827 | 188,770 | |||||||
Post-origination services | 5,273 | 1,772 | 1,290 | 178 | 11,589 | 3,062 | 421 | |||||||
Insurance brokerage services | 404,695 | 124,926 | 91,526 | 12,594 | 601,053 | 216,452 | 29,785 | |||||||
Financing services | 14,896 | 10,666 | 19,574 | 2,693 | 37,473 | 30,240 | 4,161 | |||||||
Electronic commerce services | 287,725 | 502,936 | 523,641 | 72,055 | 530,583 | 1,026,577 | 141,262 | |||||||
Guarantee services | 6,343 | 16,853 | 68,934 | 9,486 | 12,102 | 85,787 | 11,805 | |||||||
Others | 90,921 | 44,636 | 96,039 | 13,216 | 186,231 | 140,675 | 19,357 | |||||||
Total net revenue | 1,324,206 | 1,378,084 | 1,496,536 | 205,930 | 2,310,549 | 2,874,620 | 395,561 | |||||||
Operating costs and expenses: | ||||||||||||||
Sales and marketing | 148,947 | 277,223 | 285,101 | 39,231 | 255,159 | 562,324 | 77,378 | |||||||
Origination,servicing and other operating costs | 346,367 | 233,270 | 246,542 | 33,925 | 546,112 | 479,812 | 66,024 | |||||||
Research and development | 33,018 | 40,521 | 55,812 | 7,680 | 62,187 | 96,333 | 13,256 | |||||||
General and administrative | 63,723 | 83,674 | 68,670 | 9,449 | 127,104 | 152,344 | 20,963 | |||||||
Allowance for contract assets, receivables and others | 48,865 | 102,334 | 123,285 | 16,965 | 88,271 | 225,619 | 31,047 | |||||||
Provision for contingent liabilities | 11,975 | 67,258 | 278,925 | 38,382 | 17,474 | 346,183 | 47,636 | |||||||
Total operating costs and expenses | 652,895 | 804,280 | 1,058,335 | 145,632 | 1,096,307 | 1,862,615 | 256,304 | |||||||
Other (expenses)/income: | ||||||||||||||
Interest income, net | 10,535 | 27,713 | 24,668 | 3,394 | 25,054 | 52,381 | 7,208 | |||||||
Fair value adjustments related to Consolidated ABFE | (17,470) | 15,468 | 38,706 | 5,326 | (28,673) | 54,174 | 7,455 | |||||||
Others, net | 2,730 | 677 | (11) | (1) | 6,319 | 666 | 91 | |||||||
Total other (expenses)/income | (4,205) | 43,858 | 63,363 | 8,719 | 2,700 | 107,221 | 14,754 | |||||||
Income before provision for income taxes | 667,106 | 617,662 | 501,564 | 69,017 | 1,216,942 | 1,119,226 | 154,011 | |||||||
Income tax expense | 139,758 | 131,779 | 92,036 | 12,664 | 262,428 | 223,815 | 30,798 | |||||||
Net income | 527,348 | 485,883 | 409,528 | 56,353 | 954,514 | 895,411 | 123,213 | |||||||
Weighted average number of ordinary shares outstanding, | 176,929,176 | 174,282,443 | 172,831,722 | 172,831,722 | 177,353,262 | 173,557,082 | 173,557,082 | |||||||
Basic income per share | 2.9806 | 2.7879 | 2.3695 | 0.3261 | 5.3820 | 5.1592 | 0.7099 | |||||||
Basic income per ADS | 5.9612 | 5.5758 | 4.7390 | 0.6522 | 10.7640 | 10.3184 | 1.4198 | |||||||
Weighted average number of ordinary shares outstanding, | 179,124,032 | 176,202,571 | 174,711,554 | 174,711,554 | 179,650,148 | 175,457,062 | 175,457,062 | |||||||
Diluted income per share | 2.9440 | 2.7575 | 2.3440 | 0.3225 | 5.3132 | 5.1033 | 0.7022 | |||||||
Diluted income per ADS | 5.8880 | 5.5150 | 4.6880 | 0.6450 | 10.6264 | 10.2066 | 1.4044 | |||||||
Unaudited Condensed Consolidated Cash Flow Data | ||||||||||||||
Net cash generated from operating activities | 718,058 | 631,743 | 368,908 | 50,763 | 1,108,365 | 1,000,651 | 137,693 | |||||||
Net cash (used in)/provided by investing activities | (19,988) | (683,697) | (536,883) | (73,878) | 754,295 | (1,220,580) | (167,957) | |||||||
Net cash used in financing activities | (6,120) | (14,774) | (125,884) | (17,322) | (398,951) | (140,658) | (19,355) | |||||||
Effect of foreign exchange rate changes | 329 | 1,340 | (896) | (123) | 148 | 444 | 61 | |||||||
Net increase/(decrease) in cash, cash equivalents and | 692,279 | (65,388) | (294,755) | (40,560) | 1,463,857 | (360,143) | (49,558) | |||||||
Cash, cash equivalents and restricted cash, beginning of | 5,132,273 | 6,058,604 | 5,993,216 | 824,694 | 4,360,695 | 6,058,604 | 833,692 | |||||||
Cash, cash equivalents and restricted cash, end of period | 5,824,552 | 5,993,216 | 5,698,461 | 784,134 | 5,824,552 | 5,698,461 | 784,134 |
Unaudited Condensed Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
As of | |||||||
December 31, | March 31, | June 30, | June 30, | ||||
RMB | RMB | RMB | USD | ||||
Cash and cash equivalents | 5,791,333 | 5,903,995 | 5,496,932 | 756,403 | |||
Restricted cash | 267,271 | 89,221 | 201,529 | 27,731 | |||
Trading securities | 76,053 | 77,967 | 83,889 | 11,544 | |||
Accounts receivable | 499,027 | 610,745 | 654,698 | 90,089 | |||
Guarantee receivable | 2,890 | 36,787 | 260,759 | 35,882 | |||
Contract assets, net | 978,051 | 994,116 | 962,482 | 132,442 | |||
Contract cost | 32 | 18 | 206 | 28 | |||
Prepaid expenses and other assets | 423,621 | 1,273,040 | 1,662,654 | 228,789 | |||
Loans at fair value | 677,835 | 655,058 | 473,311 | 65,130 | |||
Financing receivables | 116,164 | 73,383 | 30,501 | 4,197 | |||
Amounts due from related parties | 820,181 | 726,991 | 1,509,651 | 207,735 | |||
Held-to-maturity investments | 10,420 | 10,420 | 5,087 | 700 | |||
Available-for-sale investments | 438,084 | 379,489 | 329,829 | 45,386 | |||
Equity investments | - | - | 2,500 | 344 | |||
Property, equipment and software, net | 79,158 | 77,777 | 77,970 | 10,729 | |||
Deferred tax assets | 73,414 | 59,260 | 44,309 | 6,097 | |||
Right-of-use assets | 23,382 | 18,758 | 19,462 | 2,678 | |||
Total assets | 10,276,916 | 10,987,025 | 11,815,769 | 1,625,904 | |||
Accounts payable | 30,902 | 41,484 | 43,710 | 6,015 | |||
Amounts due to related parties | 14,414 | 1,122 | 2,485 | 342 | |||
Guarantee liabilities-stand ready | 8,802 | 40,583 | 278,656 | 38,344 | |||
Guarantee liabilities-contingent | 28,351 | 81,921 | 336,190 | 46,261 | |||
Deferred revenue | 54,044 | 46,807 | 38,843 | 5,345 | |||
Payable to investors at fair value | 445,762 | 445,762 | 350,000 | 48,162 | |||
Accrued expenses and other liabilities | 1,463,369 | 1,595,052 | 1,727,182 | 237,668 | |||
Deferred tax liabilities | 122,075 | 114,222 | 55,520 | 7,640 | |||
Lease liabilities | 23,648 | 19,025 | 19,280 | 2,653 | |||
Total liabilities | 2,191,367 | 2,385,978 | 2,851,866 | 392,430 | |||
Ordinary shares | 130 | 130 | 130 | 18 | |||
Additional paid-in capital | 5,171,232 | 5,172,942 | 5,175,653 | 712,194 | |||
Treasury stock | (94,851) | (109,444) | (139,380) | (19,179) | |||
Accumulated other comprehensive | 23,669 | 66,671 | 47,798 | 6,576 | |||
Retained earnings | 2,985,369 | 3,470,748 | 3,879,702 | 533,865 | |||
Total equity | 8,085,549 | 8,601,047 | 8,963,903 | 1,233,474 | |||
Total liabilities and equity | 10,276,916 | 10,987,025 | 11,815,769 | 1,625,904 |
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures | ||||||||||||||
(in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages) | ||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | ||||||||
Operating Highlights | ||||||||||||||
Amount of loans facilitated | 8,156,201 | 11,910,367 | 12,936,017 | 1,780,055 | 14,576,413 | 24,846,384 | 3,418,976 | |||||||
Number of borrowers | 1,013,972 | 1,352,200 | 1,491,756 | 1,491,756 | 1,457,736 | 2,439,778 | 2,439,778 | |||||||
Remaining principal of performing loans | 12,768,448 | 20,156,161 | 21,827,634 | 3,003,582 | 12,768,448 | 21,827,634 | 3,003,582 | |||||||
Cumulative number of insurance clients | 1,133,069 | 1,343,660 | 1,410,158 | 1,410,158 | 1,133,069 | 1,410,158 | 1,410,158 | |||||||
Number of insurance clients | 135,449 | 73,687 | 88,766 | 88,766 | 212,414 | 153,807 | 153,807 | |||||||
Gross written premiums | 1,332,458 | 912,431 | 1,060,885 | 145,983 | 2,255,841 | 1,973,316 | 271,537 | |||||||
First year premium | 1,101,928 | 514,141 | 577,387 | 79,451 | 1,729,243 | 1,091,528 | 150,199 | |||||||
Renewal premium | 230,530 | 398,290 | 483,498 | 66,532 | 526,598 | 881,788 | 121,338 | |||||||
Gross merchandise volume | 395,820 | 625,120 | 554,574 | 76,312 | 704,387 | 1,179,695 | 162,331 | |||||||
Segment Information | ||||||||||||||
Financial services business: | ||||||||||||||
Revenue | 581,974 | 738,117 | 851,031 | 117,106 | 1,065,847 | 1,589,148 | 218,674 | |||||||
Sales and marketing expenses | 103,164 | 251,922 | 253,103 | 34,828 | 165,382 | 505,025 | 69,494 | |||||||
Origination, servicing and other operating | 38,961 | 85,787 | 113,234 | 15,582 | 86,570 | 199,021 | 27,386 | |||||||
Allowance for contract assets, receivables and | 45,754 | 101,127 | 124,765 | 17,168 | 85,976 | 225,892 | 31,084 | |||||||
Provision for contingent liabilities | 11,975 | 67,258 | 278,925 | 38,382 | 17,474 | 346,183 | 47,636 | |||||||
Insurance brokerage business: | ||||||||||||||
Revenue | 404,695 | 124,926 | 91,526 | 12,594 | 601,053 | 216,452 | 29,785 | |||||||
Sales and marketing expenses | 3,845 | 3,565 | 4,263 | 587 | 6,134 | 7,828 | 1,077 | |||||||
Origination, servicing and other operating | 289,851 | 136,883 | 122,358 | 16,837 | 423,468 | 259,241 | 35,673 | |||||||
Allowance for contract assets, receivables and | 3,614 | 1,012 | (1,502) | (207) | 3,626 | (490) | (67) | |||||||
Consumption & lifestyle business and others: | ||||||||||||||
Revenue | 337,537 | 515,041 | 553,979 | 76,230 | 643,649 | 1,069,020 | 147,102 | |||||||
Sales and marketing expenses | 41,938 | 21,736 | 27,735 | 3,816 | 83,643 | 49,471 | 6,807 | |||||||
Origination, servicing and other operating | 17,555 | 10,600 | 10,950 | 1,506 | 36,074 | 21,550 | 2,965 | |||||||
Allowance for contract assets, receivables and | (753) | 9 | (11) | (2) | (1,232) | (2) | - | |||||||
Reconciliation of Adjusted EBITDA | ||||||||||||||
Net income | 527,348 | 485,883 | 409,528 | 56,353 | 954,514 | 895,411 | 123,213 | |||||||
Interest income, net | (10,535) | (27,713) | (24,668) | (3,394) | (25,054) | (52,381) | (7,208) | |||||||
Income tax expense | 139,758 | 131,779 | 92,036 | 12,664 | 262,428 | 223,815 | 30,798 | |||||||
Depreciation and amortization | 1,778 | 1,892 | 2,026 | 279 | 3,646 | 3,918 | 539 | |||||||
Share-based compensation | 3,321 | 1,207 | 2,136 | 294 | 5,410 | 3,343 | 460 | |||||||
Adjusted EBITDA | 661,670 | 593,048 | 481,058 | 66,196 | 1,200,944 | 1,074,106 | 147,802 | |||||||
Adjusted EBITDA margin | 50.0 % | 43.0 % | 32.1 % | 32.1 % | 52.0 % | 37.4 % | 37.4 % |
Delinquency Rates | ||||||
15-29 days | 30-59 days | 60-89 days | ||||
December 31, 2019 | 0.8 % | 1.3 % | 1.0 % | |||
December 31, 2020 | 0.5 % | 0.7 % | 0.6 % | |||
December 31, 2021 | 0.9 % | 1.5 % | 1.2 % | |||
December 31, 2022 | 0.7 % | 1.3 % | 1.1 % | |||
December 31, 2023 | 0.9 % | 1.4 % | 1.2 % | |||
March 31, 2024 | 0.9 % | 1.6 % | 1.4 % | |||
June 30, 2024 | 0.8 % | 1.4 % | 1.6 % |
Net Charge-Off Rate | ||||||
Loan | Amount of Loans | Accumulated M3+ Net | Total Net Charge- | |||
(in RMB thousands) | (in RMB thousands) | |||||
2019 | 3,431,443 | 381,533 | 11.1 % | |||
2020 | 9,614,819 | 723,686 | 7.5 % | |||
2021 | 23,195,224 | 1,418,075 | 6.1 % | |||
2022 | 22,623,101 | 1,033,743 | 4.6 % | |||
2023 | 36,036,301 | 2,126,589 | 5.9 % | |||
2024Q1 | 11,910,367 | 105,205 | 0.9 % |
M3+ Net Charge-Off Rate | ||||||||||||
Loan | Month on Book | |||||||||||
4 | 7 | 10 | 13 | 16 | 19 | 22 | 25 | 28 | 31 | 34 | ||
2019Q1 | 0.0 % | 0.8 % | 2.0 % | 3.4 % | 5.3 % | 5.9 % | 6.3 % | 6.3 % | 6.3 % | 6.3 % | 6.3 % | |
2019Q2 | 0.1 % | 1.5 % | 4.5 % | 7.5 % | 8.8 % | 9.2 % | 9.9 % | 10.3 % | 10.6 % | 10.6 % | 10.6 % | |
2019Q3 | 0.2 % | 2.9 % | 6.8 % | 9.0 % | 10.4 % | 12.0 % | 13.2 % | 13.8 % | 14.4 % | 14.6 % | 14.6 % | |
2019Q4 | 0.4 % | 3.1 % | 4.9 % | 6.3 % | 7.2 % | 7.9 % | 8.4 % | 8.9 % | 9.5 % | 9.8 % | 9.8 % | |
2020Q1 | 0.6 % | 2.3 % | 4.1 % | 5.2 % | 6.0 % | 6.2 % | 6.6 % | 7.3 % | 7.8 % | 7.9 % | 7.9 % | |
2020Q2 | 0.5 % | 2.5 % | 4.2 % | 5.3 % | 6.1 % | 6.7 % | 7.6 % | 8.1 % | 8.2 % | 8.3 % | 8.2 % | |
2020Q3 | 1.1 % | 3.3 % | 5.1 % | 6.3 % | 7.1 % | 8.1 % | 8.7 % | 8.9 % | 8.9 % | 8.8 % | 8.7 % | |
2020Q4 | 0.3 % | 1.8 % | 3.2 % | 4.6 % | 6.0 % | 7.1 % | 7.4 % | 7.6 % | 7.6 % | 7.5 % | 7.5 % | |
2021Q1 | 0.4 % | 2.3 % | 3.9 % | 5.5 % | 6.7 % | 7.0 % | 7.2 % | 7.3 % | 7.2 % | 7.1 % | 7.0 % | |
2021Q2 | 0.4 % | 2.4 % | 4.5 % | 5.9 % | 6.4 % | 6.7 % | 6.8 % | 6.7 % | 6.6 % | 6.5 % | 6.4 % | |
2021Q3 | 0.5 % | 3.1 % | 5.0 % | 5.9 % | 6.3 % | 6.4 % | 6.4 % | 6.3 % | 6.2 % | 6.1 % | ||
2021Q4 | 0.6 % | 3.2 % | 4.6 % | 5.3 % | 5.4 % | 5.4 % | 5.3 % | 5.2 % | 5.1 % | |||
2022Q1 | 0.6 % | 2.5 % | 3.8 % | 4.5 % | 4.5 % | 4.4 % | 4.3 % | 4.2 % | ||||
2022Q2 | 0.4 % | 2.2 % | 3.6 % | 4.1 % | 4.2 % | 4.1 % | 4.0 % | |||||
2022Q3 | 0.5 % | 2.7 % | 4.1 % | 4.7 % | 4.8 % | 4.6 % | ||||||
2022Q4 | 0.6 % | 3.0 % | 4.6 % | 5.4 % | 5.4 % | |||||||
2023Q1 | 0.5 % | 3.1 % | 4.9 % | 5.8 % | ||||||||
2023Q2 | 0.5 % | 3.3 % | 5.2 % | |||||||||
2023Q3 | 0.7 % | 4.0 % | ||||||||||
2023Q4 | 0.6 % |
View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-second-quarter-2024-financial-results-302226268.html
SOURCE Yiren Digital
FAQ
What were Yiren Digital's financial results for Q2 2024?
How did Yiren Digital's loan facilitation perform in Q2 2024?
What changes occurred in Yiren Digital's insurance brokerage revenue in Q2 2024?
What is Yiren Digital's new dividend policy?