Company News: Page (1) of 1 - 05/15/18 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

PPDAI Group Inc. Reports First Quarter 2018 Unaudited Financial Results

  (May 15, 2018)

SHANGHAI, May 15, 2018 /PRNewswire/ -- PPDAI Group Inc. ("PPDAI," "Paipaidai," or the "Company") (NYSE: PPDF), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.

 


As of





March 31, 2017

December 31, 2017

March 31, 2018

Cumulative registered users1 ('000)                     

40,027

65,409

71,424

Cumulative number of borrowers2 ('000)        

5,066

10,518

11,282

Cumulative number of individual investors3

411,456

559,760

581,977







For Three Months Ended

YoY Change

 


March 31, 2017

March 31, 2018

Number of unique borrowers4 ('000)

2,571

2,501

-2.7%

Loan origination volume5 

(RMB, million)

10,543

12,349

17.1%

Repeat borrowing rate(%)

66.1%

78.7%

19.1%

Average loan size7 (RMB)

2,455

3,066

24.9%













 

First Quarter 2018 Financial and Operating Highlights

  • Operating revenues increased by 37.1% to RMB916.8 million (US$146.2 million) in the first quarter of 2018 from RMB668.5 million in the same period of 2017.
  • Loan facilitation service fees increased by 22.8% to RMB620.8million (US$99.0 million) in the first quarter of 2018 from RMB505.3 million in the same period of 2017.
  • Post-facilitation service fees increased by 166.0% to RMB227.2 million (US$36.2 million) in the first quarter of 2018 from RMB85.4 million in the same period of 2017.
  • Non-GAAP adjusted operating income increased by 47.5% to RMB414.7 million (US$66.1 million) for the first quarter of 2018 from RMB281.2 million in the same period of 2017.
  • Cumulative registered users1 reached 71.4 million as of March 31, 2018.
  • Cumulative number of borrowers2 reached 11.3 million as of March 31, 2018.
  • Cumulative number of individual investors3 reached 581,977 as of March 31, 2018.
  • Number of unique borrowers4 was 2.5 million for the first quarter of 2018, representing a slight decrease of 2.7% from the same period of 2017.
  • Loan origination volume5 was RMB12.3 billion for the first quarter of 2018, representing an increase of 17.1% from the same period of 2017.
  • Average loan tenure8 was 9.3 months for the first quarter of 2018.

 

1 On a cumulative basis, number of users registered on PPDAI platform as of March 31, 2018.

2 On a cumulative basis, number of borrowers whose loans were funded on or prior to March 31, 2018.

3 On a cumulative basis, number of individual investors who have made at least one investment in loans on or prior to March 31, 2018.

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

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

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

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

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

 

Mr. Jun Zhang, the Chairman and the Chief Executive Officer of PPDAI, commented, "We are pleased to kick off 2018 fiscal year by achieving an operating revenue growth of 37.1% on a year-over-year basis, as well as achieving significant improvement in operating efficiencies in the first quarter of 2018. Our strong profitability clearly demonstrates the resilience of our core business model despite the changes in the operating and regulatory environment during the past few months. With delinquency trends improving and volume growth resuming since March, we are confident the consumer lending market in China will continue to present significant growth opportunities for PPDAI.

"We are committed to driving the expansion of our core business and also investing in new avenues of growth. One of those avenues is capitalizing on our proprietary technological capabilities, massive data sets and accumulated expertise garnered throughout our 11-year operating history to provide a suite of cutting-edge technologies as a service to third party financial services providers. As a pioneer and industry leader, we are dedicated to delivering the most innovative technology solutions in China's consumer finance market." concluded Mr. Zhang.

Mr. Simon Ho, the Chief Financial Officer of PPDAI, added, "During the quarter, we remained focused on enhancing operating efficiencies and increasing profitability as well as implementing operational adjustments to ensure regulatory compliance. Notably, we achieved non-GAAP adjusted operating income growth of 47.5% year-over-year and a healthy non-GAAP operating margin of 43.9%. We believe our scalable operations and advanced technology platform position us well to capture increasing opportunities as market conditions improve while also ensuring we maintain regulatory compliance."

Accounting Policy Change

Effective January 1, 2018, PPDAI adopted the new revenue recognition policy, ASC 606 — Revenue from Contracts with Customers, using the modified retrospective method in accordance with US GAAP ("ASC 606"). As a result of adopting ASC 606, the Company recognized the cumulative effect of initially applying the revenue standard as an increase of approximately RMB176.0 million to the opening balances of retained earnings, and the Company also recognized an increase in revenue of approximately RMB170.0 million (US$27.1 million). These adjustments primarily arose from the timing of revenue recognition for transaction fees collected in monthly instalments related to our loan products being recognized earlier under ASC 606. The Company provides the loan facilitation services and post-facilitation services as multiple derivable arrangements. Under ASC 605, transaction fees collected in monthly instalments are considered contingent and, therefore, are not allocable to different deliverables until the contingency is resolved (i.e. upon receipt of the monthly transaction fee). Upon adoption of ASC 606, revenue is recognized upon successful matching of borrowers and investors using the total consideration estimated to be received and allocated to the different performance obligations based upon their relative fair value. Other significant changes relate to timing of revenue recognition for the accounting management fee of certain investment programs. The Company begins to recognize revenue from account management fee from certain types of investment programs over the term of the investment programs, which is substantially within twelve months, rather than waiting until the maturity of the investment program, generally twelve months after the date of issuance of the investment program.

The ASC 606 revenue recognition standard also considers certain loan collection fees as variable consideration related to loan facilitation and post-facilitation performance obligations, and therefore loan collection fees of RMB110.3 million (US$17.6 million) have been allocated from other revenues to loan facilitation and post-facilitation service fees in the first quarter of 2018.

First Quarter 2018 Financial Results

Operating revenues for the first quarter of 2018 increased by 37.1% to RMB916.8 million (US$146.2 million) from RMB668.5 million in the same period of 2017, primarily due to the increase in loan facilitation service fees, post-facilitation service fees and other revenues as a result of an increase in loan origination volume. As a result of the adoption of the ASC 606, revenue is generally recognized earlier in the life of the contract. For the three months ended March 31, 2018, the impact of applying the new revenue standard resulted in an increase in revenue of approximately RMB170.0 million (US$27.1 million).

Loan facilitation service fees increased by 22.8% to RMB620.8 million (US$99.0 million) for the first quarter of 2018 from RMB505.3 million in the same period of 2017, primarily due to an increase in loan origination volume on the Company's platform and the adoption of  ASC 606 new revenue recognition standard effective January 1, 2018. Loan collection fees of RMB83.1 million (US$13.3 million) have been allocated from other revenues to loan facilitation services fees related to the adoption of ACS 606. The average rate of transaction fees charged to borrowers was 6.32% in the period, compared to 6.24% in the fourth quarter of 2017 and 6.95% in the first quarter of 2017.

Post-facilitation service fees increased significantly by 166.0% to RMB227.2 million (US$36.2 million) for the first quarter of 2018 from RMB85.4 million in the same period of 2017, primarily due to the increase in loan origination volume, the rolling impact of deferred transaction fees and the adoption of ASC 606 effective January 1, 2018. Loan collection fees of RMB27.2 million (US$4.3 million) have been allocated from other revenue to post facilitation service fees related to the adoption of ASC 606.

Other revenue decreased by 11.5% to RMB68.8 million (US$11.0 million) for the first quarter of 2018 from RMB77.8 million in the same period of 2017, primarily due to the adoption of ASC 606 from January 1, 2018, offset by an increase in management fees from investment programs that invest in loans protected by the quality assurance fund.

Net interest income and loan provision losses for the first quarter of 2018 was a gain of RMB27.0 million (US$4.3 million), compared to a gain of RMB0.5 million in the same period of 2017, mainly due to the increased number of trusts we set up in 2017 for the purpose of serving institutional investors.

Origination and servicing expenses increased by 42.5% to RMB247.1 million (US$39.4 million) for the first quarter of 2018 from RMB173.4 million in the same period of 2017, primarily due to the increase in headcount related costs.

Sales and marketing expenses increased by 10.1% to RMB151.1 million (US$24.1 million) for the first quarter of 2018 from RMB137.2 million in the same period of 2017, primarily due to the increase in expenses associated with (i) online customer acquisition, which mainly include expenses paid to internet marketing channels for online advertising and search engine marketing, as well as to certain websites that give PPDAI access to quality borrowers, and (ii) enhancing brand image.

General and administrative expenses increased by 88.7% to RMB145.5 million (US$23.2 million) for the first quarter of 2018 from RMB77.1 million in the same period of 2017, primarily due to the increase in staff costs. General and administrative expenses for the period included share-based compensation of RMB14.7 million (US$2.3 million).

Operating income increased by 42.3% to RMB400.1 million (US$63.8 million) for the first quarter of 2018 from RMB281.2 million in the same period of 2017.

Non-GAAP adjusted operating income, which excludes share-based compensation before tax, was RMB414.7 million (US$66.1 million), representing an increase of 47.5% from RMB281.2 million in the same period of 2017.

Other income was RMB132.1 million (US$21.1 million) for the first quarter of 2018, compared with RMB209.2 million in the same period of 2017. Other income primarily consisted of a RMB59.7 million (US$9.5 million) gain from the quality assurance fund resulting from increase in loans facilitated on the Company's platform that are protected by the quality assurance fund, and a gain of RMB71.5 million (US$11.4 million) from fair value change of financial guarantee derivatives due to an improvement in the expected default rate for loans invested by outstanding investment programs protected by the investor reserve funds, a realized loss of RMB45.2 million (US$7.2 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 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 2018, RMB7.8 billion of loans facilitated on the Company's platform were protected by the quality assurance fund.

Income tax expenses were RMB94.6 million (US$15.1 million) for the first quarter of 2018, compared with RMB73.6 million in the same period of 2017.  

Net profit increased by 5.0% to RMB437.6 million (US$69.8 million) for the first quarter of 2018 from RMB416.8 million in the same period of 2017.

Net profit attributable to ordinary shareholders of the Company was RMB439.0 million (US$70.0 million) for the first quarter of 2018, compared with net loss attributable to ordinary shareholders of RMB285.1 million in the same period of 2017 due to the accretion losses on the Company's Series A, B and C preferred shares in the first quarter of 2017.

As of March 31, 2018, the Company had cash and cash equivalents of RMB1,476.2 million (US$235.3 million) and short-term investments mainly in wealth management products of RMB2,261.9 million (US$360.6 million).

The total balance of the quality assurance fund, which includes restricted cash of RMB1,163.6 million (US$185.5 million) and the quality assurance fund receivable of RMB1,325.3 million (US$211.3 million), was equivalent to 19.0% of the total outstanding loans protected by the quality assurance fund.

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

 

As of

15-29
days

30-59
days

60-89
days

90-119 days

120-149 days

150-179 days

March 31, 2015

0.79%

1.75%

1.10%

1.01%

0.87%

0.67%

June 30, 2015

0.88%

1.06%

0.67%

0.54%

0.89%

0.67%

September 30, 2015

0.67%

0.89%

0.61%

0.54%

0.44%

0.35%

December 31, 2015

0.80%

0.93%

0.51%

0.49%

0.39%

0.32%

March 31, 2016

0.62%

0.93%

0.72%

0.61%

0.48%

0.32%

June 30, 2016

0.82%

1.01%

0.63%

0.43%

0.47%

0.44%

September 30, 2016

0.83%

1.11%

0.80%

0.63%

0.49%

0.39%

December 31, 2016

0.63%

0.91%

0.75%

0.79%

0.69%

0.57%

March 31, 2017

0.57%

0.95%

0.79%

0.59%

0.54%

0.51%

June 30, 2017

0.86%

1.11%

0.79%

0.51%

0.55%

0.52%

September 30, 2017

0.89%

1.40%

1.15%

1.02%

0.79%

0.60%

December 31, 2017

2.27%

2.21%

1.72%

1.63%

1.36%

1.20%

March 31, 2018

0.87%

2.11%

2.43%

3.83%

2.29%

1.89%

 

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%

2017Q3 . . . .

1.82%

2.93%

4.08%

5.16%

6.13%

2017Q4 . . . .

2.51%

4.12%

Business Outlook

PPDAI currently expects total loan volume for the fiscal year 2018 to be in the range of RMB70 billion to RMB80 billion. This forecast is PPDAI's current and preliminary view, which is subject to changes.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 15, 2018 (8:00 PM Beijing/Hong Kong time on May 15, 2018).

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

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong (toll free):

800-905-945

Hong Kong:

852-3018-4992

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, 2018, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10120252

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, 2018, the Company had over 71 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 RMB6.2726 to US$1.00, the rate in effect as of March 30, 2018 as certified for customs purposes by the Federal Reserve Bank of New York. https://www.federalreserve.gov/releases/h10/20180402/ .

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and PPDAI does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
PPDAI Group Inc.
Jimmy Tan / Sally Huo
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com

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

In the United States:
The Piacente Group, Inc.  
Alan Wang
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 March 31, 


2017

2018


RMB

RMB

USD

 Assets




 Cash and cash equivalents

1,891,131

1,476,238

235,347

 Restricted cash

2,392,573

2,563,707

408,715

 Short-term investments

1,958,910

2,261,907

360,601

 Available for sale securities

3,377

3,250

518

 Quality assurance fund receivable

1,152,769

1,325,312

211,286

 Intangible asset

63,760

63,760

10,165

 Property, equipment and software, net

108,248

113,683

18,124

 Loans and receivables, net of allowance for loan losses

681,794

656,670

104,689

 Investment in equity investees

8,857

12,814

2,043

 Accounts receivable

17,773

340,306

54,253

 Deferred tax assets

128,361

81,185

12,943









 Contract asset

-

43,660

6,961

 Other assets

145,699

166,251

26,504

 Goodwill

50,411

50,676

8,079

 Total assets

8,603,663

9,159,419

1,460,228





 Liabilities and Shareholders' Equity


 Liabilities:




 Payable to platform users

1,113,966

1,241,020

197,848

 Quality assurance fund payable

2,062,844

2,280,623

363,585

 Deferred revenue

265,094

-

-

 Payroll and welfare payable

156,831

103,874

16,560

 Taxes payable

257,143

210,328

33,531

 Provision for payment to investor reserve fund investor 

107,660

107,660

17,164

 Short-term borrowing loan

-

52,110

8,308

 Loans payable

502,641

407,341

64,940

 Contract liability

-

151,823

24,204

 Due to related party

11,972

5,097

813

 Deferred tax liabilities

15,940

15,940

2,541

 Accrued expenses and other liabilities

211,614

178,501

28,457

 Financial guarantee derivative

215,770

144,239

22,995

 Total liabilities

4,921,475

4,898,556

780,946









 Shareholders' equity:




 Paid in capital

100

100

16

 Additional paid-in capital

5,951,044

5,965,722

951,076

 Treasury stock

-

(8,765)

(1,397)





 Statutory reserves

55,090

55,090

8,783

Accumulated other comprehensive income /(loss)

14,917

(26,379)

(4,205)

Accumulated deficit

(2,398,984)

(1,783,444)

(284,324)

 Total PPDai Group Inc. shareholders' equity

3,622,167

4,202,324

669,949

 Non-controlling interest

60,021

58,539

9,333

 Total shareholders' equity

3,682,188

4,260,863

679,282





 Total liabilities and shareholders' equity

8,603,663

9,159,419

1,460,228

 

 


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,


2017

2018


RMB

RMB

USD





Operating revenues:




 Loan facilitation service fees

505,344

620,809

98,972

 Post-facilitation service fees

85,398

227,164

36,215

 Other revenue

77,770

68,807

10,969

Total operating revenues

668,512

916,780

146,156

 Net interest income/(expense) and loan provision losses

465

26,991

4,303

Net revenues

668,977

943,771

150,459

Operating expenses:




 Origination and servicing expense-related party

(157,469)

(25,333)

(4,039)

 Origination and servicing expense

(15,937)

(221,766)

(35,355)

 Sales and marketing expenses

(137,207)

(151,063)

(24,083)

 General and administrative expenses

(77,118)

(145,539)

(23,202)

Total operating expenses

(387,731)

(543,701)

(86,679)

Other income:




 Gain from quality assurance fund

98,783

59,743

9,524

 Realized gain/(loss) from financial guarantee derivatives

63,561

(45,222)

(7,210)

 Fair value change of financial guarantee derivatives

43,345

71,530

11,404

 Other income, net

3,469

46,028

7,339

Profit before income tax expense

490,404

532,149

84,837

 Income tax expenses

(73,604)

(94,585)

(15,079)

Net profit

416,800

437,564

69,758





Net loss attributable to non-controlling interest shareholders

-

(1,482)

(236)

Net profit attributable to PPDai Group Inc.

416,800

439,046

69,994

 Series A preferred shares

(280,010)

-

-

 Series B preferred shares

(204,264)

-

-

 Series C preferred shares

(217,638)

-

-

Net profit/(loss) attributable to ordinary shareholders

(285,112)

439,046

69,994

Net profit attributable to PPDai Group Inc.

416,800

439,046

69,994

Foreign currency translation adjustment, net of nil tax

8,335

(41,296)

(6,584)

Comprehensive income/(loss)

425,135

397,750

63,410

Weighted average number of ordinary shares

used in computing net income/(loss) per share


Basic

665,000,000

1,503,034,952

1,503,034,952

Diluted

665,000,000

1,623,915,472

1,623,915,472





Income/(loss) per share -Basic

(0.4287)

0.2921

0.0466

Income/(loss) per ADS-Basic

(2.1437)

1.4605

0.2328

Income/(loss) per share -Diluted

(0.4287)

0.2704

0.0431

Income/(loss) per ADS-Diluted

(2.1437)

1.3518

0.2155

 

 

PPDAI GROUP INC.

UNAUDITED Reconciliation of GAAP And Non-GAAP Results

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



Three months ended Mar 31,


2017

2018


RMB

RMB

USD





Net Revenues

668,977

943,771

150,459

Less: total operating expenses

(387,731)

(543,701)

(86,679)

Operating Income

281,246

400,070

63,780

Less: Expected discretionary payment to IRF
investors

-

-

-

Add: share-based compensation expenses

-

14,678

2,340

Non-GAAP adjusted operating income

281,246

414,748

66,120

 

Cision View original content:http://www.prnewswire.com/news-releases/ppdai-group-inc-reports-first-quarter-2018-unaudited-financial-results-300648450.html

SOURCE PPDAI Group Inc.

Copyright 2014 PR Newswire. All Rights Reserved


Page: 1


Related Keywords:Office Equipment,Sales,Advertising,Marketing,Finance,Sales & Marketing,Internet,Business Issues,Search,Law & Regulations,Management,Finance/Accounting,Finance/Accounting,Internet/Web,Display,Prosumer/Consumer,Business,Internet,Webcasting,Search,Marketing,Law,Standards/Initiatives,Internet Media, webcast,

-->

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved