PPDAI Group Inc. Reports First Quarter 2019 Unaudited Financial Results
SHANGHAI, May 15, 2019 /PRNewswire/ -- PPDAI Group Inc. ("PPDAI," "Paipaidai," or the "Company") (NYSE: PPDF), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the first quarter ended March 31, 2019.
As of
March
31
,
2018
December 31, 2018
March 31, 2019
Cumulative registered users[1] ('000) 71,424 88,930 93,864
Cumulative number of borrowers[2] ('000) 11,282 14,440 15,433
Cumulative number of individual investors[3] 581,977 667,738 689,688
---
For Three Months Ended YoY Change
March 31, 2018 March 31, 2019
Number of unique
borrowers[4] ('000) 2,501 3,246 29.8%
Loan origination
volume[5] 12,349 19,080 54.5%
(RMB, million)
Repeat borrowing
rate[6] (%) 78.7% 75.3% -4.3%
Average loan size[7]
(RMB) 3,066 3,387 10.5%
First Quarter 2019 Financial and Operational Highlights
-- Net profit increased by 60.7% to RMB703.1 million (US$104.8 million) in
the first quarter of 2019 from RMB437.6 million in the first quarter of
2018.
-- Operating revenues([8]) increased by 52.6% to RMB1,458.3 million
(US$217.3 million) in the first quarter of 2019, from RMB955.4 million
in the same period of 2018.
-- Loan facilitation service fees increased by 51.2% to RMB938.6 million
(US$139.9 million) in the first quarter of 2019, from RMB620.8 million
in the same period of 2018.
-- Operating income was RMB794.8 million (US$118.4 million) for the first
quarter of 2019, representing an increase of 98.7% from RMB400.1 million
in the same period of 2018.
-- Non-GAAP adjusted operating income, which excludes share-based
compensation expenses before tax, was RMB807.0 million (US$120.2million)
for the first quarter of 2019, representing an increase of 94.6% from
RMB414.7 million in the same period of 2018.
-- Cumulative registered users([1]) reached approximately 93.9 million as
of March 31, 2019.
-- Cumulative number of borrowers([2]) reached 15.4 million as of March 31,
2019.
-- Cumulative number of individual investors([3]) reached 689,688 as of
March 31, 2019.
-- Number of unique borrowers([4]) was approximately 3.3 million for the
first quarter of 2019, representing an increase of 29.8% from the same
period of 2018.
-- Loan origination volume([5]) was RMB19.1 billion for the first quarter
of 2019, representing an increase of 54.5% from the same period of 2018.
-- The proportion of total loan origination volume funded by institutional
funding partners was 30.9% for the first quarter of 2019.
-- Average loan tenure([9]) was 9.6 months for the first quarter of 2019.
[1] On a cumulative basis, number
of users registered on PPDAI
platform as of March 31, 2019.
[2] On a cumulative basis, number
of borrowers whose loans were
funded on or prior to March 31,
2019.
[3] On a cumulative basis, number
of individual investors who have
made at least one investment in
loans on or prior to March 31,
2019.
[4] Represents the total number of
borrowers whose loans on PPDAI
platform were funded during the
period presented.
[5] Represents the loan origination
volume generated during the period
presented.
[6] Represents percentage of loan
volume generated by repeat
borrowers who have successfully
borrowed on PPDAI platform before.
[7] Represents the average loan
size on PPDAI platform during the
period presented.
[8] As the Company's cooperation
with institutional funding
partners through trust arrangement
continues to grow, the Company has
included the net interest income/
(expenses) and loan provision
losses in the operating revenues
starting from the first quarter of
2019. The comparative financial
information was adjusted
accordingly.
[9] Represents the average loan
tenure period on PPDAI platform
during the period presented.
Mr. Jun Zhang, Chairman and Co-Chief Executive Officer of PPDAI, commented, "We are pleased to deliver solid performance in the first quarter of 2019 amidst an evolving market environment, as highlighted by a robust 60.7% increase in net profit to RMB703.1 million from RMB437.6 million. We steadily grew loan origination volume, which increased by 54.5% year-over-year to RMB19.1 billion. The growth in loan origination volume shows that the demand for technology-driven consumer lending services remains strong. We look forward to a strengthened regulatory framework around online consumer lending; as an industry leader PPDAI is well positioned to benefit from industry consolidation and the huge opportunity in China's consumer lending industry."
Mr. Feng Zhang, Co-Chief Executive Officer of PPDAI, said, "In the first quarter of 2019, we continued to diversify our funding sources and expand our base of institutional funding partners. The proportion of total loan origination volume funded by institutional funding partners in the first quarter increased to 30.9% from 20.4% in the fourth quarter of 2018. Looking forward, we remain confident in our ability to achieve further diversification in funding sources and drive business growth."
Mr. Simon Ho, Chief Financial Officer of PPDAI, commented, "We are delighted to report solid financial results for the first quarter which underscores the strength of our markets and the near-term growth trajectory of our business. In particular, we achieved significant improvement in operating profitability and efficiency as demonstrated by a 94.6% year-over-year increase in our non-GAAP operating income and non-GAAP operating margin of 55.3%. Our balance sheet remained solid with approximately RMB3.4 billion of cash and short-term liquidity. Notably, our quality assurance fund remains sufficiently funded with a total balance of RMB5.3 billion, equivalent to 23.4% of the total outstanding loans protected by the quality assurance fund."
Mr. Jun Zhang concluded, "Our result highlights the strength and resilience of our business model and our capability in navigating the dynamic industry landscape. We will maintain focus on our strategy and deliver shareholder value by expanding our loan services, enhancing our brand recognition, continuing to invest in technology and our core capabilities, and seeking new growth opportunities."
First Quarter 2019 Financial Results
Operating revenues for the first quarter of 2019 increased by 52.6% to RMB1,458.3 million (US$217.3 million) from RMB955.4 million in the same period of 2018, primarily due to the increase in loan facilitation service fees and interest income from loans invested mainly through trusts.
Loan facilitation service fees increased by 51.2% to RMB938.6 million (US$139.9 million) for the first quarter of 2019 from RMB620.8 million in the same period of 2018, primarily due to the increase in loan origination volume.
Post-facilitation service fees increased by 35.6% to RMB308.1 million (US$45.9 million) for the first quarter of 2019 from RMB227.2 million in the same period of 2018, primarily due to the increase in loan origination volume and the rolling impact of deferred transaction fees.
Net interest income/(expenses) and loan provision losses for the first quarter of 2019 were an income of RMB133.3 million (US$19.9 million), compared to an income of RMB38.6 million in the same period of 2018, mainly due to the increased interest income from the expansion in the number of consolidated trusts established.
Other revenue increased by 13.9% to RMB78.3 million (US$11.7 million) for the first quarter of 2019 from RMB68.8 million in the same period of 2018, primarily due to an increase in management fees from investment programs that invest in loans protected by the quality assurance fund and an increase in loan collection fees
Origination and servicing expenses increased by 6.8% to RMB264.0 million (US$39.3 million) for the first quarter of 2019 from RMB247.1 million in the same period of 2018, primarily due to an increase in fees paid to third party providers for loan collection services and an increase in referral fees paid to third parties for successful loan originations.
Sales and marketing expenses decreased by 4.6% to RMB144.2 million (US$21.5 million) for the first quarter of 2019 from RMB151.1 million in the same period of 2018, primarily due to the decline in online customer acquisition expenses.
General and administrative expenses increased by 51.1% to RMB107.2 million (US$16.0 million) for the first quarter of 2019 from RMB70.9 million in the same period of 2018, primarily due to an increase in fees paid to third-parties for trust and other services. General and administrative expenses for the period included share-based compensation of RMB12.1 million(US$1.8 million).
Research and development expenses increased by 17.6% to RMB87.7 million (US$13.1 million) for the first quarter of 2019 from RMB74.6 million in the same period of 2018 primarily due to increased investments in technology.
Provision for doubtful accounts increased by 419.1% to RMB60.4 million (US$9.0 million) for the first quarter of 2019 from RMB11.6 million in the same period of 2018 due to the increase in loan origination volume.
Operating income increased by 98.7% to RMB794.8 million (US$118.4 million) for the first quarter of 2019 from RMB400.1 million in the same period of 2018.
Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB807.0 million (US$120.2 million) for the first quarter of 2019, representing an increase of 94.6% from RMB414.7 million in the same period of 2018.
Other income was RMB49.6 million (US$7.4 million) for the first quarter of 2019, compared with other income of RMB132.1 million in the same period of 2018. Other income primarily consisted of (1) a gain of RMB34.1 million (US$5.1 million) from the quality assurance fund and (2) a realized loss of RMB10.1 million (US$1.5 million) from financial guarantee derivatives due to the amount of investment programs maturing during the period. The Company re-evaluates the fair value of outstanding financial guarantee derivatives at each balance sheet date to reflect the views of market participants on the expected default rate based on the latest market changes. For the first quarter of 2019, RMB15.6 billion of loans facilitated on the Company's platform were protected by the quality assurance fund.
Income tax expenses were RMB141.3 million (US$21.1 million) for the first quarter of 2019, compared with income tax expenses of RMB94.6 million in the same period of 2018.
Net profit increased by 60.7% to RMB703.1 million (US$104.8 million) for the first quarter of 2019, from RMB437.6 million in the same period of 2018.
Net profit attributable to ordinary shareholders of the Company increased by 60.2% to RMB703.2 million (US$104.8 million) for the first quarter of 2019, from RMB439.0 million in the same period of 2018.
As of March 31, 2019, the Company had cash and cash equivalents of RMB1,907.3 million (US$284.2 million) and short-term investments mainly in wealth management products of RMB1,444.1 million (US$215.2 million).
The total balance of the quality assurance fund, which includes restricted cash of RMB2,810.0 million (US$418.7 million) and the quality assurance fund receivable of RMB2,475.3 million (US$368.8 million), was equivalent to 23.4% of the total outstanding loans protected by the quality assurance fund.
The following table provides the delinquency rates for all outstanding loans on the Company's platform as of the respective dates indicated.
As of 15-29 30-59 60-89 90-119 days 120-149 days 150-179 days
days days days
March 31, 2015 0.79% 1.75% 1.10% 1.01% 0.87% 0.67%
June 30, 2015 0.88% 1.06% 0.67% 0.54% 0.89% 0.67%
September 30, 2015 0.67% 0.89% 0.61% 0.54% 0.44% 0.35%
December 31, 2015 0.80% 0.93% 0.51% 0.49% 0.39% 0.32%
March 31, 2016 0.62% 0.93% 0.72% 0.61% 0.48% 0.32%
June 30, 2016 0.82% 1.01% 0.63% 0.43% 0.47% 0.44%
September 30, 2016 0.83% 1.11% 0.80% 0.63% 0.49% 0.39%
December 31, 2016 0.63% 0.91% 0.75% 0.79% 0.69% 0.57%
March 31, 2017 0.57% 0.95% 0.79% 0.59% 0.54% 0.51%
June 30, 2017 0.86% 1.11% 0.79% 0.51% 0.55% 0.52%
September 30, 2017 0.89% 1.40% 1.15% 1.02% 0.79% 0.60%
December 31, 2017 2.27% 2.21% 1.72% 1.63% 1.36% 1.20%
March 31, 2018 0.87% 2.11% 2.43% 3.83% 2.29% 1.89%
June 30, 2018 0.83% 1.21% 1.05% 0.98% 1.60% 2.03%
September 30, 2018 1.03% 1.77% 1.49% 1.29% 1.06% 1.02%
December 31, 2018 0.92% 1.63% 1.41% 1.45% 1.44% 1.34%
March 31, 2019 0.80% 1.61% 1.45% 1.29% 1.31% 1.20%
The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for all continuing loan products facilitated through the Company's online marketplace:
Click here to view the chart.
Month on Book
Vintage 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th
2015Q1 . . . . 1.95% 2.75% 3.46% 3.98% 4.36% 4.58% 4.67% 4.69% 4.73% 4.76% 4.74%
2015Q2 . . . . 1.74% 2.66% 3.38% 3.75% 4.02% 4.15% 4.30% 4.38% 4.45% 4.46% 4.46%
2015Q3 . . . . 1.46% 2.13% 2.70% 3.15% 3.47% 3.68% 3.77% 3.85% 3.93% 4.01% 4.02%
2015Q4 . . . . 1.54% 2.27% 2.88% 3.17% 3.53% 3.77% 3.97% 4.12% 4.26% 4.32% 4.33%
2016Q1 . . . . 1.00% 1.57% 2.21% 2.82% 3.33% 3.77% 4.09% 4.33% 4.45% 4.57% 4.59%
2016Q2 . . . . 1.75% 2.49% 3.21% 3.77% 4.17% 4.39% 4.59% 4.76% 4.88% 4.94% 4.96%
2016Q3 . . . . 1.67% 2.45% 2.96% 3.47% 3.87% 4.11% 4.27% 4.44% 4.59% 4.70% 4.77%
2016Q4 . . . . 1.29% 2.07% 2.66% 3.15% 3.59% 3.97% 4.32% 4.62% 4.88% 5.07% 5.18%
2017Q1 . . . . 1.20% 2.01% 2.68% 3.32% 3.87% 4.33% 4.68% 4.98% 5.33% 5.61% 5.80%
2017Q2 . . . . 1.72% 2.89% 3.81% 4.55% 5.14% 5.78% 6.32% 6.79% 7.05% 7.19% 7.24%
2017Q3 . . . . 1.82% 2.93% 4.08% 5.16% 6.13% 6.64% 6.88% 7.04% 7.16% 7.22% 7.26%
2017Q4 . . . . 2.51% 4.12% 5.16% 5.68% 5.97% 6.18% 6.29% 6.39% 6.47% 6.50% 6.50%
2018Q1 . . . . 1.35% 2.18% 2.97% 3.65% 4.30% 4.85% 5.22% 5.50% 5.66% 5.74% 5.77%
2018Q2 . . . . 1.75% 3.08% 4.35% 5.43% 6.31% 6.97% 7.45% 7.79%
2018Q3...... 1.42% 2.48% 3.50% 4.36% 5.07%
2018Q4. . . . 1.42% 2.48%
Changes in Board of Directors
The Board of Directors of the Company (the "Board") has approved the resignation of Mr. Kai Deng, a member of the Board and a member of the compensation committee of the Board, effective on April 18, 2019. Mr. Kai Deng's resignation was due to his own personal reasons.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 15, 2019 (8:00 PM Beijing/Hong Kong time on May 15, 2019).
Dial-in details for the earnings conference call are as follows:
United States (toll free): 1-888-346-8982
International: 1-412-902-4272
Hong Kong (toll free): 800-905-945
Hong Kong: 852-3018-4992
China: 400-120-1203
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "PPDAI Group."
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.ppdai.com.
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until May 22, 2019, by dialing the following telephone numbers:
United States (toll free):
1-877-344-7529
International:
1-412-317-0088
Replay Access Code: 10131331
About PPDAI Group Inc.
PPDAI is a leading online consumer finance marketplace in China with strong brand recognition. Launched in 2007, the Company is the first online consumer finance marketplace in China connecting borrowers and investors. As a pioneer in China's online consumer finance marketplace, the Company benefits from both its early-mover advantages and the invaluable data and experience accumulated throughout multiple complete loan lifecycles. The Company's platform, empowered by its proprietary, cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience, as evidenced by the rapid growth of the Company's user base and loan origination volume. As of March 31, 2019, the Company had over 93.9 million cumulative registered users.
For more information, please visit http://ir.ppdai.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP operating income, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating income help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Non-GAAP adjusted operating income is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net (loss)/income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on this Non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 6.7112 to US$1.00, the rate in effect as of March 29, 2019 as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and PPDAI does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
PPDAI Group Inc.
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: paipaidai@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: paipaidai@tpg-ir.com
PPDAI GROUP INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data, or otherwise noted)
As of December 31, As of M
arch
31,
---
2018 2019
RMB
RMB
USD
Assets
Cash and cash equivalents 1,616,164 1,907,265 284,191
Restricted cash 3,677,557 4,160,791 619,977
Short-term investments 1,694,660 1,444,120 215,181
Investments 167,501 170,312 25,377
Quality assurance receivable 2,064,366 2,475,318 368,834
Intangible assets 68,880 68,880 10,263
Property, equipment and software, net 144,002 138,203 20,593
Loans and receivables, net of provision for loan losses 2,331,108 3,041,424 453,186
Accounts receivable 812,042 964,055 143,649
Deferred tax assets 122,763 122,840 18,304
Financial guarantee derivative assets 56,287 55,504 8,271
Contract assets 112,103 108,845 16,218
Right of use assets[1] - 127,066 18,933
Prepaid expenses and other assets 224,623 319,524 47,609
Goodwill 50,411 50,411 7,511
Total assets 13,142,467 15,154,558 2,258,097
Liabilities and Shareholders' Equity
Payable to platform customers 905,034 782,713 116,628
Quality assurance payable 3,819,379 4,597,044 684,981
Payroll and welfare payable 188,254 128,409 19,134
Taxes payable 225,101 183,146 27,290
Short-term borrowings 25,000 25,000 3,725
Funds payable to investors of consolidated trusts 1,505,909 2,141,121 319,037
Contract liabilities 165,469 153,272 22,838
Deferred tax liabilities 100,064 99,865 14,880
Accrued expenses and other liabilities 222,519 212,544 31,670
Leasing liabilities - 118,420 17,645
Dividends payable - 390,716 58,218
---
Total liabilities 7,156,729 8,832,250 1,316,046
Commitments and contingencies
PPDai Group Inc. Shareholder's deficit
Class A ordinary shares 58 59 8
Class B ordinary shares 44 44 7
Additional paid-in capital 5,896,017 5,607,375 835,525
Treasury stock (332,121) (5,231) (779)
Statutory reserves 256,006 256,006 38,146
Accumulated other comprehensive income 58,210 44,129 6,573
Retained earnings 45,668 358,132 53,363
Total PPDai Group Inc. shareholders' equity 5,923,882 6,260,514 932,843
Non-controlling interest 61,856 61,794 9,208
Total shareholders' equity 5,985,738 6,322,308 942,051
Total liabilities and shareholders' equity 13,142,467 15,154,558 2,258,097
[1] We have adopted ASU No. 2016-02, "Leases," beginning January 1, 2019 and elected to utilize a modified retrospective approach which allowed
us to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained
earnings of 2019, with no adjustments to prior periods presented. No cumulative effect adjustment to the opening balance of retained earnings
were made. The adoption of the new guidance did not have a material effect on our results of operations, financial condition or liquidity.
PPDAI GROUP INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
(All amounts in thousands, except share data, or otherwise noted)
For the Three Months Ended March 31,
2018 2019
RMB
RMB
USD
Operating revenue:
Loan facilitation service
fees 620,809 938,611 139,857
Post-facilitation service
fees 227,164 308,078 45,905
Net interest income and
loan provision losses 38,620 133,307 19,863
Other Revenue 68,807 78,341 11,673
Total operating revenues 955,400 1,458,337 217,298
Operating expenses:
Origination and servicing
expenses (247,099) (264,012) (39,339)
Sales and marketing
expenses (151,063) (144,182) (21,484)
General and administrative
expenses (70,933) (107,214) (15,975)
Research and development
expenses (74,606) (87,721) (13,071)
Provision for doubtful
accounts (11,629) (60,361) (8,994)
Total operating expenses (555,330) (663,490) (98,863)
Other income (expenses)
Gain from quality
assurance 59,743 34,127 5,085
Realized loss from
financial guarantee
derivatives (45,222) (10,122) (1,508)
Fair value change of
financial guarantee
derivatives 71,530 (783) (117)
Other income, net 46,028 26,349 3,926
Profit before income tax
expenses 532,149 844,418 125,821
Income tax expenses (94,585) (141,300) (21,054)
Net profit 437,564 703,118 104,767
Less: net loss
attributable to non-
controlling (1,482) (62) (9)
interest shareholders
Net profit attributable to
PPDAI Group Inc. 439,046 703,180 104,776
Foreign currency
translation adjustment,
net of nil tax (41,296) (14,081) (2,098)
Total comprehensive income
attributable 397,750 689,099 102,678
to PPDAI Group Inc.
Weighted average number of ordinary shares
used in computing net loss per share
Basic 1,503,034,952 1,493,783,054 1,493,783,054
Diluted 1,623,915,472 1,558,982,909 1,558,982,909
Income per share -Basic 0.2921 0.4707 0.0701
Income per ADS-Basic 1.4605 2.3537 0.3507
Income per share -Diluted 0.2704 0.4511 0.0672
Income per ADS-Diluted 1.3518 2.2553 0.3360
PPDAI GROUP INC.
UNAUDITED Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousands, except share data, or otherwise noted)
For the Three Months Ended March 31,
2018 2019
RMB
RMB
USD
Total operating revenue 955,400 1,458,337 217,298
Less: total operating expenses (555,330) (663,490) (98,863)
Operating Income 400,070 794,847 118,435
Add: share-based compensation expenses 14,678 12,122 1,806
Non-GAAP adjusted operating income 414,748 806,969 120,241
PPDAI GROUP INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data, or otherwise noted)
For the Three Months Ended March 31
2018 2019
RMB
RMB USD
Net cash provided by operating activities 88,090 474,869 70,758
Net cash used in investing activities (226,749) (269,947) (40,224)
Net cash provided by (used in) financing activities (63,972) 584,593 87,107
Effect of exchange rate changes (41,128) (15,180) (2,262)
on cash and cash equivalents
Net increase (decrease) in cash, cash (243,759) 774,335 115,379
equivalent and restricted cash
Cash, cash equivalent and restricted 4,283,704 5,293,721 788,789
cash at beginning of period
Cash, cash equivalent and restricted 4,039,945 6,068,056 904,168
cash at end of period
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SOURCE PPDAI Group Inc.
