SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2017
Commission File Number: 001-37657
10/F, Building 9, 91 Jianguo Road
Chaoyang District, Beijing 100022
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
|Form 20-F x||Form 40-F ¨|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Title:||Chief Financial Officer|
Date: August 2, 2017
Exhibit 99.1 — Press Release
Yirendai Reports Second Quarter 2017 Financial Results
BEIJING, August 1, 2017 – Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the quarter ended June 30, 2017.
|For Three Months Ended|
|in RMB million|
|Amount of Loans Facilitated||8,189.6||6,922.7||4,538.7||18||%||80||%|
|Total Net Revenue||1,183.1||1,021.6||733.8||16||%||61||%|
|Total Fees Billed (non-GAAP)||1,862.5||1,583.5||1,110.8||18||%||68||%|
|Adjusted EBITDA (non-GAAP)||378.4||400.3||265.0||-5||%||43||%|
In the second quarter of 2017, Yirendai facilitated RMB 8,189.6 million (US$1,208.0 million) of loans to 138,529 qualified individual borrowers on its online marketplace, representing a year-over-year growth of 80%; 70.9% of the borrowers were acquired from online channels; 51.2% of the loan volume was originated from online channels and nearly 100% of the online volume was facilitated through mobile.
In the second quarter of 2017, Yirendai facilitated 199,591 investors with total investment amount of RMB 11,446.7 million (US$1,688.5 million), 100% of which was facilitated through its online platform and 90% of which was facilitated through its mobile application.
For the second quarter of 2017, total net revenue was RMB 1,183.1 million (US$174.5 million), an increase of 61% year over year; net income was RMB 269.1 million (US$39.7 million), an increase of 3% year over year.
“We are delighted to deliver yet another solid quarter,” commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. “Loan origination continued the strong growth momentum, especially from online channels driven by our relentless focus on technological innovation. This quarter, we also launched our credit scoring system, the Yiren Score, in aims of delivering more precise and accurate characterization of our borrower’s credit profile. We stay committed to strengthening our technological and risk management capabilities to further enhance our industry leadership. Meanwhile, we will also continue to execute our strategic expansion into online wealth management business to provide more comprehensive investment solutions for our platform investors, leveraging CreditEase’s broad wealth management product portfolio.”
“Yirendai’s revenue has continued to show strong year-over-year growth,” commented Mr. Dennis Cong, Chief Financial Officer of Yirendai. “The risk performance of our loan portfolio has remained stable due to our efforts in enhancing our credit underwriting and risk management system. We will continue to invest in our technology development and AI capability to drive our operational efficiency and risk management abilities. We will also continue to work closely with regulators to ensure our full compliance status with online lending industry interim measures. In addition, given our strong cash position and positive cash flow generation ability, our board has approved a special cash dividend and a semi-annual dividend policy going forward.”
Second Quarter 2017 Financial Results
Total amount of loans facilitated in the second quarter of 2017 was RMB 8,189.6 million (US$1,208.0 million), increased by 80% year over year from RMB 4,538.7 million in the same period last year, reflecting strong demand for our products and services, especially from customers acquired from online channels. As of June 30, 2017, the Yirendai platform had facilitated approximately RMB 47.4 billion (US$7.0 billion) in loan principal since its inception.
Total net revenue in the second quarter of 2017 was RMB 1,183.1 million (US$174.5 million), increased by 61% from RMB 733.8 million in the same period last year. The increase of total net revenue was mainly attributable to the growth of loan origination volume, increased service fees billed to investors and increased monthly fees billed to borrowers as our remaining loan balance continued to expand.
Total fees billed (non-GAAP) in the second quarter of 2017 were RMB 1,862.5 million (US$274.7 million), increased by 68% from RMB 1,110.8 million in the same period last year, driven by the growth of loan origination volume. Upfront fees billed to borrowers in the second quarter of 2017 were RMB 1,538.0 million (US$226.9 million), increased by 51% from RMB 1,016.4 million in the same period last year. Monthly fees billed to borrowers in the second quarter of 2017 were RMB 215.2 million (US$31.7 million), increased by 171% from RMB 79.4 million in the same period last year. The significant year-over-year increase in monthly fees billed to borrowers was primarily attributable to the increase in loans generated from online channels, which features a fee collection schedule with monthly payments in addition to the upfront portion. Service fees billed to investors in the second quarter of 2017 were RMB 222.8 million (US$32.9 million), increased by 153% from RMB 88.1 million in the same period last year. The significant year-over-year increase in service fees billed to investors was primarily attributable to the increase in the total investment amount under management.
Operating costs and expenses in the second quarter of 2017 were RMB 809.6 million (US$119.4 million), increased by 29% from RMB 628.7 million in the previous quarter and compared to RMB 471.1 million in the same period last year.
Sales and marketing expenses in the second quarter of 2017 were RMB 617.9 million (US$91.1 million), increased by 32% from RMB 469.4 million in the previous quarter and compared to RMB 355.2 million in the same period last year. Sales and marketing expenses in the second quarter of 2017 accounted for 7.5% of amount of loans facilitated, increased from 6.8% in the previous quarter and decreased from 7.8% in the same period last year. Sales and marketing expenses have decreased as a percentage of loan volume on a year-over-year basis primarily due to improvements in customer acquisition efficiency.
Origination and servicing costs in the second quarter of 2017 were RMB 93.1 million (US$13.7 million), compared to RMB 58.8 million in the previous quarter and RMB 42.5 million in the same period last year. Origination and servicing costs in the second quarter of 2017 accounted for 1.1% of amount of loans facilitated, increased from 0.8% in the previous quarter and 0.9% in the same period last year. Origination and servicing costs increased due to our enhanced efforts in loan collection this quarter.
General and administrative expenses in the second quarter of 2017 were RMB 98.6 million (US$14.5 million), compared to RMB 100.5 million in the previous quarter and RMB 73.3 million in the same period last year. General and administrative expenses in the second quarter of 2017 accounted for 8.3% of total net revenue, compared to 9.8% in the previous quarter and 10.0% in the same period last year. The decrease in general and administrative expenses as percentage of total net revenue was primarily attributable to improved operational efficiency and leverage, despite our increased level of investment in technology development.
Income tax expense in the second quarter of 2017 was RMB 130.4 million (US$19.2 million), which includes a RMB 60 million (US$8.85 million) withholding tax expense resulting from the special cash dividend declared.
Net income in the second quarter of 2017 was RMB 269.1 million (US$39.7 million), increased by 3% from RMB 260.6 million for the same period last year.
Adjusted EBITDA (non-GAAP) in the second quarter of 2017 was RMB 378.4 million (US$55.8 million), compared to RMB 400.3 million in the previous quarter and increased by 43% from RMB 265.0 million in the same period last year. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2017 was 32.0%, compared to 39.2% in the previous quarter and 36.1% in the same period last year.
Basic income per ADS in the second quarter of 2017 was RMB 4.50 (US$0.66), compared to RMB 5.87 in the previous quarter and RMB 4.46 in the same period last year.
Diluted income per ADS in the second quarter of 2017 was RMB 4.45 (US$0.66), compared to RMB 5.81 in the previous quarter and RMB 4.46 in the same period last year.
Net cash generated from operating activities in the second quarter of 2017 was RMB 530.4 million (US$78.2million), compared to RMB 564.5 million in the previous quarter and increased by 35% from RMB 392.5 million in the same period last year.
As of June 30, 2017, cash and cash equivalents was RMB 891.2 million (US$ 131.5 million), compared to RMB 864.4 million as of March 31, 2017. As of June 30, 2017, balance of held-to-maturity investments was RMB 589.3 million (US$86.9 million), compared to RMB 494.8 million as of March 31, 2017. As of June 30, 2017, balance of available-for-sale investments was RMB 1,262.3 million (US$186.2 million), compared to RMB 1,232.3 million as of March 31, 2017.
 Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.
Quality Assurance Program. In the second quarter of 2017, Yirendai accrued liabilities from quality assurance program of RMB 655.2 million (US$96.6 million), which is equal to 8% of the loans facilitated through its marketplace during the period. During the quarter, the Company released liabilities of RMB 395.4 million (US$ 58.3 million) to pay out the outstanding principal and accrued interest of default loans. As of June 30, 2017, liabilities from quality assurance program were RMB 1,961.3 million (US$289.3 million).
Delinquency rates. As of June 30, 2017, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.4%, 0.7% and 0.5%, as compared to 0.4%, 0.8% and 0.6% as of March 31, 2017.
Cumulative M3+ net charge-off rates. As of June 30, 2017, the cumulative M3+ net charge-off rate for loans originated in 2015 was 8.3%, compared to 7.6% as of March 31, 2017. As of June 30, 2017, the cumulative M3+ net charge-off rate for loans originated in 2016 was 3.4%, compared to 2.0% as of March 31, 2017. As the 2015 and 2016 vintage loans continue to mature, the charge off level is consistent with our risk performance expectation.
Yiren Score and Upgraded Risk Grid
As a leader in China’s fintech industry, the Company strives to uphold industry best practices for all aspects of its business. The Company is pleased to see the continuous progress it has made in refining its credit scoring model to deliver more precise and accurate credit assessment of loan applicants. The Company launched in the second quarter of 2017 its new credit scoring system, the Yiren score, which can be used to more accurately characterize borrower’s credit profile. The Company has also decided to adopt, starting May 1, 2017, an upgraded risk grid with five segments - Grade I, Grade II, Grade III, Grade IV and Grade V. The expected net charge off rate and actual observed results for each of these customer groups divide potential borrowers into distinctively different credit segments.
The following table summarizes the upgraded risk grades with the corresponding Yiren scores, the volume mix in the second quarter of 2017, the expected lifetime net charge off rate, the current annualized interest rate and the average transaction fee rate:
% of Q2 2017
Fee Rate (2)
|(1)||The annualized interest rate that borrowers pay to investors varies from 10.0% to 12.0%, depending on the term of the loan.|
|(2)||The transaction fee rate is calculated as the total transaction fee that the Company charges borrowers for the entire life of the loan, divided by the total amount of principal. The average transaction fee rate presented in the table above is the simple average of the transaction fee rates for loans falling under the same risk grade, but with different tenures and repayment schedules.|
In the transition period from May 1, 2017 to September 30, 2017, the Company will use both the upgraded risk grid and the previous risk grid for loans facilitated on the Company’s platform.
Amendment to Cash Contribution Rules for the Quality Assurance Program
To further enhance the Company’s cash management, the Company has determined to amend cash contribution rules for the Program, effective July 1, 2017. The Company will contribute 30% of the transaction fee collected from the borrowers, following the actual fee collection schedule, over the life of the loan to a restricted bank account as a quality assurance service fee. The total contribution over the life of a loan is approximately equal to 8% of the loan contract amount, which is similar to the previous accrual ratio. The Company reserve the right to revise this percentage upwards or downwards from time to time as a result of continuing evaluation of factors such as market dynamics as well as of our product lines, profitability and cash position.
On July 29, 2017, the board of directors (the “Board”) of the Company approved a special cash dividend of RMB 5.0845 (US$0.75) per ordinary share of the Company (or RMB 10.1690 (US$1.50) per American depositary share of the Company), which is expected to be paid on October 16, 2017 to holders of the Company’s ordinary shares of record as of the close of business on September 29, 2017.
On July 29, 2017, the Board also approved a semi-annual dividend policy. Under this policy, semi-annual dividends will be set at an amount equivalent to approximately 15% of the Company’s anticipated net income after tax in each half year commencing from the second half of 2017. The determination to declare and pay such semi-annual dividend and the amount of dividend in any particular half year will be made at the discretion of the Board and will be based upon the Company’s operations and earnings, cash flow, financial condition and other relevant factors that the Board may deem appropriate.
Other Operating Metrics and Business Results
|Ÿ||As of June 30, 2017, Yirendai had facilitated RMB 47.4 billion (US$7.0 billion) of loans on the Yirendai online marketplace since its inception in 2012.|
|Ÿ||As of June 30, 2017, remaining principal of performing loans totaled RMB 27.9 billion (US$4.1 billion), increased by 16% from RMB 24.0 billion as of March 31, 2017 and 102% from RMB 13.8 billion as of June 30, 2016.|
|Ÿ||In the second quarter of 2017, Grade A, B, C and D loans represented 2.3%, 7.3%, 12.7%, and 77.7% and Grade I, II, III, IV and V loans represented 5.8%, 21.9%, 23.2%, 24.5% and 24.6% of the Company’s product portfolio, respectively.|
Based on the information available as of the date of this press release, Yirendai provides the following outlook, which reflects the Company’s current and preliminary view and is subject to change. The following outlook does not take into consideration the impact of stock-based compensation expenses.
Third Quarter 2017
|Ÿ||Total loans facilitated will be in the range of RMB 10,000 million to RMB 10,500 million.|
|Ÿ||Total net revenue will be in the range of RMB 1,300 million to RMB 1,350 million.|
|Ÿ||Adjusted EBITDA (non-GAAP) will be in the range of RMB 280 million to RMB 320 million.|
Full Year 2017
|Ÿ||Total loans facilitated will be in the range of RMB 35,000 million to RMB 37,000 million.|
|Ÿ||Total net revenue will be in the range of RMB 4,800 million to RMB 5,000 million.|
|Ÿ||Adjusted EBITDA (non-GAAP) will be in the range of RMB 1,300 million to RMB 1,400 million.|
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as fees billed, adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe that fees billed and adjusted EBITDA margin 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 the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.
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 RMB 6.7793 to US$1.00, the effective noon buying rate on June 30, 2017 as set forth in the H.10 statistical release of the Federal Reserve Board.
Yirendai will host an earnings conference call at 8:00 a.m. Eastern Time on August 1, 2017, (or 8:00 p.m. Beijing/Hong Kong Time on August 1, 2017).
Dial-in details for the earnings conference call are as follows:
|U.S. Toll Free:||1-888-346-8982|
|Hong Kong Toll Free:||800-905945|
|China Toll Free:||4001-201203|
A replay of the conference call may be accessed by phone at the following numbers until August 8, 2017:
|U.S. Toll Free:||1-877-344-7529|
|Replay Access Code:||10110363|
Additionally, a live and archived webcast of the conference call will be available at yirendai.investorroom.com.
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 Yirendai’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 Yirendai’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yirendai’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, 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 Yirendai’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 Yirendai 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.
Yirendai Ltd. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai’s online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit yirendai.investorroom.com.
For investor and media inquiries, please contact:
Hui (Matthew) Li
Director of Investor Relations
|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|
|Loan facilitation services||713,383||976,398||1,121,200||165,386||1,248,470||2,097,598||309,412|
|Total net revenue||733,791||1,021,599||1,183,057||174,510||1,290,170||2,204,656||325,204|
|Operating costs and expenses:|
|Sales and marketing||355,246||469,380||617,880||91,142||610,082||1,087,260||160,379|
|Origination and servicing||42,535||58,784||93,147||13,740||75,894||151,931||22,411|
|General and administrative||73,330||100,498||98,614||14,546||133,436||199,112||29,371|
|Total operating costs and expenses||471,111||628,662||809,641||119,428||819,412||1,438,303||212,161|
|Fair value adjustments related to Consolidated ABFE||(118)||1,355||(1,915)||(283)||(3,513)||(560)||(83)|
|Non-operating income, net||91||207||555||82||91||762||112|
|Income before provision for income taxes||269,906||418,648||399,454||58,923||479,623||818,102||120,676|
|Income tax expense/(benefit)||9,286||67,747||130,358||19,229||87,287||198,105||29,222|
|Weighted average number of ordinary shares outstanding, basic||117,000,000||119,560,832||119,603,286||119,603,286||117,000,000||119,582,176||119,582,176|
|Basic income per share||2.2275||2.9349||2.2499||0.3319||3.3533||5.1847||0.7648|
|Basic income per ADS||4.4550||5.8698||4.4998||0.6638||6.7066||10.3694||1.5296|
|Weighted average number of ordinary shares outstanding, diluted||117,000,000||120,842,350||120,833,406||120,833,406||117,000,000||120,837,995||120,837,995|
|Diluted income per share||2.2275||2.9038||2.2270||0.3285||3.3533||5.1308||0.7568|
|Diluted income per ADS||4.4550||5.8076||4.4540||0.6570||6.7066||10.2616||1.5136|
|Unaudited Condensed Consolidated Cash Flow Data|
|Net cash generated from operating activities||392,474||564,504||530,371||78,234||826,797||1,094,875||161,503|
|Net cash provided by/(used in) investing activities||51,515||(427,686)||(95,702)||(14,117)||65,567||(523,388)||(77,204)|
|Net cash used in financing activities||(87,914)||(44,841)||(94,993)||(14,012)||(104,323)||(139,834)||(20,627)|
|Effect of foreign exchange rate changes||12,733||(3,779)||(6,463)||(953)||10,840||(10,242)||(1,511)|
|Net increase in cash, cash equivalents and restricted cash||368,808||88,198||333,213||49,152||798,881||421,411||62,161|
|Cash, cash equivalents and restricted cash, beginning of period||1,760,158||2,186,511||2,274,709||335,537||1,330,085||2,186,511||322,528|
|Cash, cash equivalents and restricted cash, end of period||2,128,966||2,274,709||2,607,922||384,689||2,128,966||2,607,922||384,689|
|Unaudited Consolidated Balance Sheet|
|(in thousands, except for share, per share and per ADS data, and percentages)|
|Cash and cash equivalents||1,336,329||864,361||891,154||131,452|
|Prepaid expenses and other assets||272,977||475,979||618,076||91,171|
|Loans at fair value||175,614||319,984||269,952||39,820|
|Amounts due from related parties||105,809||18,436||4,252||627|
|Property, equipment and software, net||22,281||42,309||59,838||8,827|
|Deferred tax assets||282,700||495,464||559,794||82,574|
|Amounts due to related parties||18,799||4,272||45,425||6,701|
|Liabilities from quality assurance program||928,166||1,701,519||1,961,315||289,309|
|Payable to investors at fair value||166,193||380,048||200,947||29,641|
|Accrued expenses and other liabilities||401,560||621,723||780,555||115,138|
|Deffered tax liability||-||-||60,000||8,851|
|Additional paid-in capital||791,841||942,604||950,151||140,155|
|Accumulated other comprehensive income||10,942||25,678||19,216||2,834|
|Total liabilities and equity||3,041,343||5,376,839||5,989,532||883,503|
|Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures|
|(in thousands, except for number of borrowers, number of investors and percentages)|
|For the Three Months Ended||For the Six Months Ended|
|Amount of loans facilitated||4,538,687||6,922,678||8,189,589||1,208,028||7,985,203||15,112,267||2,229,178|
|Loans generated from online channels||1,832,078||3,515,727||4,195,406||618,855||3,007,460||7,711,133||1,137,453|
|Loans generated from offline channels||2,706,609||3,406,951||3,994,183||589,173||4,977,743||7,401,134||1,091,725|
|Remaining principal of performing loans||13,771,180||24,037,078||27,871,922||4,111,327||13,771,180||27,871,922||4,111,327|
|Remaining principal of performing loans covered by quality assurance program||12,963,604||23,524,227||27,502,314||4,056,807||12,963,604||27,502,314||4,056,807|
|Number of borrowers||68,882||124,953||138,529||138,529||119,305||263,319||263,319|
|Borrowers from online channels||40,033||86,095||98,245||98,245||67,849||184,190||184,190|
|Borrowers from offline channels||28,849||38,858||40,284||40,284||51,456||79,129||79,129|
|Number of investors||206,706||192,505||199,591||199,591||367,229||324,672||324,672|
|Investors from online channels||206,706||192,505||199,591||199,591||367,229||324,672||324,672|
|Investors from offline channels||-||-||-||-||-||-||-|
|Adjusted EBITDA margin||36.1%||39.2%||32.0%||32.0%||36.6%||35.3%||35.3%|
|Reconciliation of Net Revenues|
|Transaction fees billed to borrowers||1,095,749||1,507,754||1,753,192||258,610||1,932,645||3,260,946||481,015|
|Upfront fees billed to borrowers||1,016,393||1,334,688||1,537,969||226,863||1,789,685||2,872,657||423,739|
|Monthly fees billed to borrowers||79,356||173,066||215,223||31,747||142,960||388,289||57,276|
|Service fees billed to investors||88,068||177,132||222,845||32,871||152,620||399,977||59,000|
|Total fees billed||1,110,849||1,583,537||1,862,467||274,728||1,958,262||3,446,004||508,312|
|Stand-ready liabilities associated with quality assurance program||(363,095)||(553,816)||(655,167)||(96,642)||(638,816)||(1,208,983)||(178,334)|
|Reconciliation of EBITDA|
|Income tax expense||9,286||67,747||130,358||19,229||87,287||198,105||29,222|
|Depreciation and amortization||2,309||4,176||4,923||726||4,239||9,099||1,342|
|15-29 days||30-59 days||60-89 days|
|December 31, 2013||0.2||%||0.4||%||0.3||%|
|December 31, 2014||0.3||%||0.2||%||0.2||%|
|December 31, 2015||0.4||%||0.5||%||0.4||%|
|December 31, 2016||0.4||%||0.7||%||0.6||%|
|March 31, 2017||0.4||%||0.8||%||0.6||%|
|June 30, 2017||0.4||%||0.7||%||0.5||%|
|December 31, 2013||0.1||%||0.9||%||0.3||%|
|December 31, 2014||0.4||%||0.3||%||0.2||%|
|December 31, 2015||0.6||%||0.8||%||0.6||%|
|December 31, 2016||0.6||%||1.0||%||0.8||%|
|March 31, 2017||0.5||%||1.0||%||0.8||%|
|June 30, 2017||0.5||%||0.8||%||0.7||%|
|December 31, 2013||0.3||%||0.2||%||0.2||%|
|December 31, 2014||0.3||%||0.2||%||0.2||%|
|December 31, 2015||0.3||%||0.4||%||0.3||%|
|December 31, 2016||0.4||%||0.6||%||0.4||%|
|March 31, 2017||0.4||%||0.6||%||0.5||%|
|June 30, 2017||0.4||%||0.6||%||0.5||%|
|Net Charge-Off Rate for Previous Risk Grid|
Amount of loans
facilitated during the
Accumulated M3+ Net
Charge-Off as of June 30,
Total Net Charge-Off
Rate as of June 30, 2017
|(in RMB thousands)||(in RMB thousands)|
|Net Charge-Off Rate for Upgraded Risk Grid|
Amount of loans
facilitated during the
Accumulated M3+ Net
Charge-Off as of June 30,
Total Net Charge-Off
Rate as of June 30, 2017
|(in RMB thousands)||(in RMB thousands)|
M3+ Net Charge-Off Rate
|Month on Book|