Exhibit 99.1
Unless otherwise indicated or unless the context otherwise requires, “Company,” or “Jiayin” refers to Jiayin Group Inc., a company incorporated under the law of Cayman Islands, its predecessor entities and its subsidiaries; “$,” “US$” and “U.S. dollars” refer to the legal currency of the United States, and “RMB” refer to the legal currency of China.
Jiayin Group Inc. First Quarter 2021 Unaudited Financial Results
First Quarter 2021 Operational and Financial Highlights :
| • |
Loan origination volume1 was RMB4,172 million (US$636.8 million), representing an increase of 44.1% from the same period of 2020. |
| • |
Average borrowing amount per borrower was RMB6,198 (US$946.0), representing a decrease of 20.6% from the same period of 2020. |
| • |
Repeat borrowing rate2 was 74.2%, compared with repeat borrowing rate of 85.4% in the same period of 2020. |
| • |
Net revenue was RMB343.1 million (US$52.4 million), representing an increase of 9.4% from the same period of 2020 |
| • |
Operating income was RMB113.8 million (US$17.4 million), compared with operating income of RMB51.1 million in the same period of 2020. |
| • |
Net income was RMB93.7 million (US$14.3 million), compared with net income of RMB39.5 million in the same period of 2020. |
First Quarter 2021 Financial Results
Net revenue was RMB343.1 million (US$52.4 million), representing an increase of 9.4% from the same period of 2020.
Revenue from loan facilitation services was RMB320.9 million (US$49.0 million), representing an increase of 24.7% from the same period of 2020. The increase was primarily due to the increased loan origination volume from our institutional funding partners.
Revenue from post-origination services was nil, representing a decrease of 100.0% from the same period of 2020. The decrease was due to the outstanding loan balance of our legacy P2P lending business being reduced to zero in November 2020.
Other revenue was RMB22.2 million (US$3.4 million), representing an increase of 8.3% from the same period of 2020. The increase was primarily due to the development of the company’s overseas business.
Origination and servicing expense was RMB64.1 million (US$9.8 million), representing an increase of 0.3% from the same period of 2020, primarily due to the increase in credit assessment expense resulting from higher loan origination volume partially offset by reduced collection costs as the Company no longer provides such services under its new business model.
| 1 |
“Loan origination volume” refers the loan origination volume facilitated in Mainland China during the period presented. |
| 2 |
“Repeat borrowing rate” refers to the repeat borrowers as a percentage of all of our borrowers in Mainland China. |
Allowance for uncollectible receivables, contract assets, loans receivable and others was RMB8.0 million (US$1.2 million), representing a decrease of 73.7% from the same period of 2020, primarily due to the relatively lower credit risk of the new business model.
Sales and marketing expense was RMB91.2 million (US$13.9 million), representing a decrease of 2.4% from the same period of 2020, primarily due to the decrease in share-based compensation expense partially offset by higher borrower acquisition expenses.
General and administrative expense was RMB37.8 million (US$5.8 million), representing a decrease of 1.3% from the same period of 2020, primarily due to lower rental cost partially offset by the increase in other business-related expenses.
Research and development expense was RMB28.1 million (US$4.3 million), representing a decrease of 22.8% from the same period of 2020, primarily due to a more streamlined team in technology related departments.
Income from operations was RMB113.8 million (US$17.4 million), compared with an operating income of RMB51.1 million in the same period of 2020.
Net income was RMB93.7 million (US$14.3 million), compared with net income of RMB39.5 million in the same period of 2020.
Cash and cash equivalents were RMB123.3 million (US$18.8 million) as of March 31, 2021, compared with RMB117.3 million as of December 31, 2020.
The following table provides the delinquency rates for all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.
| Delinquent for | ||||||||||||||||||||
|
As of |
1-30 days | 31-60 days | 61-90 days | 91 -180 days | More than 180 days | |||||||||||||||
| (%) | ||||||||||||||||||||
|
December 31, 2018 |
1.35 | 2.53 | 2.37 | 5.46 | 9.45 | |||||||||||||||
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December 31, 2019 |
1.27 | 2.20 | 1.68 | 4.79 | 8.39 | |||||||||||||||
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December 31, 2020 |
1.47 | 0.88 | 0.70 | 1.66 | 1.81 | |||||||||||||||
|
March 31, 2021 |
1.17 | 0.85 | 0.71 | 1.56 | 2.53 | |||||||||||||||
The following chart and table display the historical cumulative M3+ Delinquency Rate by Vintage for loan products facilitated through the Company’s platform in Mainland China.
| Month on Book | ||||||||||||||||||||||||||||||||||||||||||||||||
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Vintage |
4th | 5th | 6th | 7th | 8th | 9th | 10th | 11th | 12th | 13th | 14th | 15th | ||||||||||||||||||||||||||||||||||||
|
2018Q1 |
2.41 | % | 4.38 | % | 6.21 | % | 8.05 | % | 9.80 | % | 11.35 | % | 12.71 | % | 13.80 | % | 14.61 | % | 15.10 | % | 15.38 | % | 15.44 | % | ||||||||||||||||||||||||
|
2018Q2 |
2.43 | % | 4.43 | % | 6.15 | % | 7.87 | % | 9.47 | % | 11.02 | % | 12.30 | % | 13.50 | % | 14.25 | % | 14.70 | % | 14.94 | % | 15.00 | % | ||||||||||||||||||||||||
|
2018Q3 |
2.23 | % | 3.89 | % | 5.66 | % | 7.30 | % | 8.89 | % | 10.64 | % | 12.00 | % | 12.86 | % | 13.47 | % | 13.87 | % | 14.07 | % | 14.13 | % | ||||||||||||||||||||||||
|
2018Q4 |
2.26 | % | 4.53 | % | 6.38 | % | 8.25 | % | 9.99 | % | 11.40 | % | 12.44 | % | 13.22 | % | 13.83 | % | 14.25 | % | 14.53 | % | 14.64 | % | ||||||||||||||||||||||||
|
2019Q1 |
2.17 | % | 3.86 | % | 5.32 | % | 6.84 | % | 8.13 | % | 9.21 | % | 10.21 | % | 11.07 | % | 11.85 | % | 12.45 | % | 12.80 | % | 12.87 | % | ||||||||||||||||||||||||
|
2019Q2 |
1.83 | % | 3.40 | % | 4.59 | % | 5.85 | % | 6.98 | % | 8.21 | % | 9.35 | % | 10.33 | % | 11.08 | % | 11.54 | % | 11.73 | % | 11.74 | % | ||||||||||||||||||||||||
|
2019Q3 |
1.64 | % | 3.41 | % | 4.26 | % | 5.42 | % | 7.03 | % | 8.60 | % | 10.13 | % | 10.94 | % | 11.59 | % | 11.92 | % | 12.04 | % | 12.01 | % | ||||||||||||||||||||||||
|
2019Q4 |
1.31 | % | 3.08 | % | 4.52 | % | 6.27 | % | 7.69 | % | 8.69 | % | 9.51 | % | 9.99 | % | 10.31 | % | 10.49 | % | 10.55 | % | 10.54 | % | ||||||||||||||||||||||||
|
2020Q1 |
1.67 | % | 3.43 | % | 4.46 | % | 5.36 | % | 6.11 | % | 6.67 | % | 7.09 | % | 7.38 | % | 7.61 | % | — | — | — | |||||||||||||||||||||||||||
|
2020Q2 |
1.46 | % | 2.37 | % | 3.11 | % | 3.68 | % | 4.14 | % | 4.52 | % | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
|
2020Q3 |
0.96 | % | 1.70 | % | 2.24 | % | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
About Jiayin Group Inc.
Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between underserved individual borrowers and financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers.
Exchange Rate Information
The financial results contain translations of certain RMB amounts into U.S. dollars (“US$”) at a specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2021. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
JIAYIN GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
|
As of
December 31, |
As of March 31, | |||||||||||
| 2020 | 2021 | |||||||||||
| RMB | RMB | US$ | ||||||||||
|
ASSETS |
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Cash and cash equivalents |
117,320 | 123,291 | 18,818 | |||||||||
|
Restricted cash |
2,000 | 2,000 | 305 | |||||||||
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Amounts due from related parties |
542 | 44,742 | 6,829 | |||||||||
|
Accounts receivable and contract assets, net |
158,064 | 227,689 | 34,752 | |||||||||
|
Loan receivables, net |
31,296 | 27,652 | 4,221 | |||||||||
|
Prepaid expenses and other current assets |
61,289 | 61,609 | 9,403 | |||||||||
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Deferred tax assets, net |
40,935 | 39,497 | 6,028 | |||||||||
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Property and equipment, net |
19,449 | 15,848 | 2,419 | |||||||||
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Right-of-use assets |
6,926 | 12,062 | 1,841 | |||||||||
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Long-term investment |
87,551 | 87,684 | 13,383 | |||||||||
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TOTAL ASSETS |
525,372 | 642,074 | 97,999 | |||||||||
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LIABILITIES AND EQUITY |
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Payroll and welfare payable |
58,288 | 59,965 | 9,152 | |||||||||
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Amounts due to related parties |
8,785 | 3,514 | 536 | |||||||||
|
Tax payables |
279,383 | 297,218 | 45,364 | |||||||||
|
Accrued expenses and other current liabilities |
70,954 | 67,274 | 10,268 | |||||||||
|
Other payable related to the disposal of Shanghai Caiyin |
566,532 | 566,532 | 86,471 | |||||||||
|
Lease liabilities |
5,195 | 11,479 | 1,752 | |||||||||
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TOTAL LIABILITIES |
989,137 | 1,005,982 | 153,543 | |||||||||
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SHAREHOLDERS’ DEFICIT |
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Class A ordinary shares (US$ 0.000000005 par value; 108,100,000 shares issued and outstanding as of December 31, 2020 and March 31, 2021)3 |
0 | 0 | 0 | |||||||||
|
Class B ordinary shares (US$ 0.000000005 par value; 108,000,000 shares issued and outstanding as of December 31, 2020 and March 31, 2021)3 |
0 | 0 | 0 | |||||||||
|
Additional paid-in capital |
818,042 | 823,952 | 125,760 | |||||||||
|
Accumulated deficit |
(1,266,848 | ) | (1,173,635 | ) | (179,132 | ) | ||||||
|
Accumulated other comprehensive loss |
(12,817 | ) | (13,684 | ) | (2,089 | ) | ||||||
|
Total Jiayin Group Inc. shareholder’s deficit |
(461,623 | ) | (363,367 | ) | (55,461 | ) | ||||||
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Non-controlling interests |
(2,142 | ) | (541 | ) | (83 | ) | ||||||
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TOTAL SHAREHOLDERS’ DEFICIT |
(463,765 | ) | (363,908 | ) | (55,544 | ) | ||||||
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TOTAL LIABILITIES AND DEFICIT |
525,372 | 642,074 | 97,999 | |||||||||
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| 3 |
The total shares authorized for both Class A and Class B are 10,000,000,000,000. |
JIAYIN GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands, except for share and per share data)
|
For the Three Months Ended
March 31, |
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| 2020 | 2021 | |||||||||||
| RMB | RMB | US$ | ||||||||||
|
Net revenue (including revenue from related parties of RMB 1,118, and RMB 11,811 for 2020Q1 and 2021Q1, respectively) |
313,526 | 343,055 | 52,360 | |||||||||
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Operating cost and expenses: |
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Origination and servicing |
(63,936 | ) | (64,099 | ) | (9,783 | ) | ||||||
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Allowance for uncollectible receivables, contract assets, loans receivable and others |
(30,405 | ) | (8,010 | ) | (1,223 | ) | ||||||
|
Sales and marketing |
(93,437 | ) | (91,245 | ) | (13,927 | ) | ||||||
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General and administrative |
(38,264 | ) | (37,793 | ) | (5,768 | ) | ||||||
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Research and development |
(36,367 | ) | (28,121 | ) | (4,292 | ) | ||||||
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Total operating cost and expenses |
(262,409 | ) | (229,268 | ) | (34,993 | ) | ||||||
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Income from operation |
51,117 | 113,787 | 17,367 | |||||||||
|
Interest income (expense) |
1,982 | (905 | ) | (138 | ) | |||||||
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Other income, net |
1,017 | 1,936 | 295 | |||||||||
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Income before income taxes and income from investment in affiliates |
54,116 | 114,818 | 17,524 | |||||||||
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Income tax expense |
(13,937 | ) | (22,169 | ) | (3,384 | ) | ||||||
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(Loss) income from investment in affiliates |
(729 | ) | 1,025 | 156 | ||||||||
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Net income |
39,450 | 93,674 | 14,296 | |||||||||
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Less: net (loss) income attributable to noncontrolling interest shareholders |
(1,026 | ) | 461 | 70 | ||||||||
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Net income attributable to Jiayin Group Inc. |
40,476 | 93,213 | 14,226 | |||||||||
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Weighted average shares used in calculating net income per share: |
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- Basic and diluted |
216,100,000 | 216,100,000 | 216,100,000 | |||||||||
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Net income per share: |
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- Basic and diluted |
0.19 | 0.43 | 0.07 | |||||||||
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Net income |
39,450 | 93,674 | 14,296 | |||||||||
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Other comprehensive income, net of tax of nil: |
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Foreign currency translation adjustments |
3,968 | (964 | ) | (147 | ) | |||||||
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Comprehensive income |
43,418 | 92,710 | 14,149 | |||||||||
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Comprehensive (loss) income attributable to noncontrolling interest |
(994 | ) | 364 | 56 | ||||||||
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Total comprehensive income attributable to Jiayin Group Inc. |
44,412 | 92,346 | 14,093 | |||||||||
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