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FinVolution Group

FinVolution Group Reports Third Quarter 2024 Unaudited Financial Results

-Third Quarter Total Transaction Volume reached RMB52.2 billion, up 1.8% year-over-year-
-Third Quarter International Transaction Volume reached RMB2.7 billion, up 22.7% year-over-year-
-Third Quarter International Revenues increased to RMB635.5 million, up 8.7% year-over-year, contributing 19.4% of total net revenues-

SHANGHAI , Nov. 18, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") (NYSE: FINV), a leading fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the third quarter ended September 30, 2024.

For the Three Months Ended/As of

YoY

Change


September 30 ,
 2023

September 30 ,
 2024

Total Transaction Volume (RMB in billion s )[1]          

51.3

52.2

1.8 %

Transaction Volume (China's Mainland)[2]

49.1

49.5

0.8 %

Transaction Volume (International)[3]

2.2

2.7

22.7 %

Total Outstanding Loan Balance (RMB in billion s )

65.9

68.1

3.3 %

Outstanding Loan Balance (China's Mainland)[4]  

64.6

66.5

2.9 %

Outstanding Loan Balance (International)[5]

1.3

1.6

23.1 %

Third Quarter 2024 China Market Operational Highlights

  • Cumulative registered users[6] reached 166.8 million as of September 30, 2024, an increase of 9.3% compared with September 30, 2023.
  • Cumulative borrowers[7] reached 26.3 million as of September 30, 2024, an increase of 6.0% compared with September 30, 2023.
  • Number of unique borrowers[8] for the third quarter of 2024 was 2.0 million, a decrease of 13.0% compared with the same period of 2023.
  • Transaction volume[2] reached RMB49.5 billion for the third quarter of 2024, an increase of 0.8% compared with the same period of 2023.
  • Transaction volume facilitated for repeat individual borrowers[9] for the third quarter of 2024 was RMB43.0 billion, an increase of 1.4% compared with the same period of 2023.
  • Outstanding loan balance[4] reached RMB66.5 billion as of September 30, 2024, an increase of 2.9% compared with September 30, 2023.
  • Average loan size[10] was RMB10,066 for the third quarter of 2024, compared with RMB8,505 for the same period of 2023.
  • Average loan tenure[11] was 8.0 months for the third quarter of 2024, compared with 8.2 months for the same period of 2023.
  • 90 day+ delinquency ratio[12] was 2.50% as of September 30, 2024, compared with 1.67% as of September 30, 2023.

Third Quarter 2024 International Market Operational Highlights

  • Cumulative registered users[13] reached 32.4 million as of September 30, 2024, an increase of 44.0% compared with September 30, 2023.
  • Cumulative borrowers[14] for the international market reached 6.3 million as of September 30, 2024, an increase of 43.2% compared with September 30, 2023.
  • Number of unique borrowers[15] for the third quarter of 2024 was 1.4 million, an increase of 50.5% compared with the same period of 2023.
  • Number of new borrowers[16] for the third quarter of 2024 was 0.67 million, an increase of 59.5% compared with the same period of 2023.
  • Transaction volume[3] reached RMB2.7 billion for the third quarter of 2024, an increase of 22.7% compared with the same period of 2023.
  • Outstanding loan balance[5] reached RMB1.6 billion as of September 30, 2024, an increase of 23.1% compared with September 30, 2023.
  • International business revenue was RMB635.5 million (US$90.6 million) for the third quarter of 2024, an increase of 8.7% compared with the same period of 2023, representing 19.4% of total revenue for the third quarter of 2024.

Third Quarter 2024 Financial Highlights

  • Net revenue was RMB3,276.1 million (US$466.8 million) for the third quarter of 2024, compared with RMB3,197.5 million for the same period of 2023.
  • Net profit was RMB624.1 million (US$88.9 million) for the third quarter of 2024, compared with RMB574.7 million for the same period of 2023.
  • Non-GAAP adjusted operating income,[17] which excludes share-based compensation expenses before tax, was RMB599.8 million (US$85.5 million) for the third quarter of 2024, compared with RMB583.8 million for the same period of 2023.
  • Diluted net profit per American depositary share ("ADS") was RMB2.40 (US$0.34) and diluted net profit per share was RMB0.48 (US$0.07) for the third quarter of 2024, compared with RMB2.05 and RMB0.41 for the same period of 2023 respectively.
  • Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36) and non-GAAP diluted net profit per share was RMB0.51 (US$0.07) for the third quarter of 2024, compared with RMB2.16 and RMB0.43 for the same period of 2023 respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

[1] Represents the total transaction volume facilitated in China's Mainland and the international markets on the Company's platforms during the period presented.

[2] Represents our transaction volume facilitated in China's Mainland during the period presented. During the third quarter, RMB14.6 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

[3] Represents our transaction volume facilitated in markets outside China's Mainland during the period presented.

[4] Outstanding loan balance (China's Mainland) as of any date refers to the balance of outstanding loans in China's Mainland market excluding loans delinquent for more than 180 days from such date. As of September 30, 2024, RMB21.4 billion were facilitated under the capital-light model, for which the Company does not bear principal risk.

[5] Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date.

[6] On a cumulative basis, the total number of users in China's Mainland market registered on the Company's platform as of September 30, 2024.

[7] On a cumulative basis, the total number of borrowers in China's Mainland market registered on the Company's platform as of September 30, 2024.

[8] Represents the total number of borrowers in China's Mainland who have successfully borrowed on the Company's platform during the period presented.

[9] Represents the transaction volume facilitated for repeat borrowers in China's Mainland who successfully completed a transaction on the Company's platform during the period presented.

[10] Represents the average loan size on the Company's platform in China's Mainland during the period presented.

[11] Represents the average loan tenor on the Company's platform in China's Mainland during the period presented.

[12] "90 day+ delinquency ratio" refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company's platform as of a specific date. Loans that originated outside China's Mainland are not included in the calculation.

[13] On a cumulative basis, the total number of users registered on the Company's platforms outside China's Mainland market, as of September 30, 2024.

[14] On a cumulative basis, the total number of borrowers on the Company's platforms outside China's Mainland market, as of September 30, 2024.

[15] Represents the total number of borrowers outside China's Mainland who have successfully borrowed on the Company platforms during the period presented.

[16] Represents the total number of new borrowers outside China's Mainland whose transactions were facilitated on the Company's platforms during the period presented.

[17] Please refer to "UNAUDITED Reconciliation of GAAP And Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating income.

 

Mr. Tiezheng Li, Chief Executive Officer of FinVolution, commented, "Through strong execution of our Local Excellence, Global Outlook strategy, we have cumulatively served 32.6 million borrowers across China, Indonesia and the Philippines as of the end of the third quarter. We continued to prioritize the acquisition of high-quality borrowers, once again driving the total number of new borrowers across all our platforms beyond the one million mark. Total transaction volume reached RMB52.2 billion, while total outstanding loan balance reached RMB68.1 billion, up 1.8% and 3.3% year-over-year, respectively.

"Our international markets continued to deliver faster growth with solid progress across numerous metrics. The number of new borrowers in the international markets surpassed the number of new borrowers in the China market for the second consecutive quarter, reaching 671 thousand, up 59.5% year-over-year. Also, the international market's transaction volume and outstanding loan balances rose to RMB2.7 billion and RMB1.6 billion, up 22.7% and 23.1% year-over-year, respectively, validating our deep commitment to international expansion," concluded Mr. Li.

Mr. Jiayuan Xu, FinVolution's Chief Financial Officer, continued, "Our financial performance improved progressively with net revenues for the third quarter reaching RMB3,276.1 million (US$466.8 million), up 2.5% year-over-year. Contributions from international revenue grew further to RMB635.5 million (US$90.6 million), up 8.7% year-over-year, and accounted for 19.4% of total revenue. Our total liquidity position as of September 30, 2024 stood at RMB8,970.3 million (US$1,278.3 million), up 13.1% from December 31, 2023, reflecting our ability to deliver consistent growth across all our markets while strengthening our capital return program.

"As part of our commitment to consistently return value to shareholders through business growth and capital return, we deployed US$24.3 million in the third quarter of 2024 to repurchase our shares on the secondary market. For the first nine months of 2024, we deployed US$81.1 million to repurchase our shares on the secondary market, up 23.2% year-over-year. Cumulatively, we have returned a total of US$686.1 million to our shareholders through our capital return program since 2018, demonstrating our dedication to consistent and sustainable shareholder value creation," concluded Mr. Xu.

Third Quarter 2024 Financial Results

Net revenue for the third quarter of 2024 was RMB3,276.1 million (US$466.8 million), compared with RMB3,197.5 million for the same period of 2023. This increase was primarily due to the increase in loan facilitation service fees, guarantee income and other revenue.

Loan facilitation service fees was RMB1,253.1 million (US$178.6 million) for the third quarter of 2024, compared with RMB1,129.8 million for the same period of 2023. The increase was primarily due to the increase in the transaction volume. 

Post-facilitation service fees was RMB425.3 million (US$60.6 million) for the third quarter of 2024, compared with RMB498.9 million for the same period of 2023. This decrease was primarily due to the rolling impact of deferred transaction fees in the China market.

Guarantee income was RMB1,234.8 million (US$176.0 million) for the third quarter of 2024, compared with RMB1,152.0 million for the same period of 2023. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans in the international market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB185.7 million (US$26.5 million) for the third quarter of 2024, compared with RMB273.3 million for the same period of 2023.This decrease was primarily due to the decrease in the average outstanding loan balances of on-balance sheet loans in the international markets.

Other revenue was RMB177.1 million (US$25.2 million) for the third quarter of 2024, compared with RMB143.5 million for the same period of 2023. This increase was primarily due to the increase in the contributions from other revenue streams.

Origination, servicing expenses and other costs of revenue was RMB603.1 million (US$85.9 million) for the third quarter of 2024, compared with RMB520.0 million for the same period of 2023. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding loan balances. 

Sales and marketing expenses was RMB560.2 million (US$79.8 million) for the third quarter of 2024, compared with RMB530.1 million for the same period of 2023, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses was RMB130.7 million (US$18.6 million) for the third quarter of 2024, compared with RMB132.6 million for the same period of 2023. This decrease was primarily due to our improvements in technology development efficiency.

General and administrative expenses was RMB116.8 million (US$16.6 million) for the third quarter of 2024, compared with RMB98.6 million for the same period of 2023. This increase was primarily due to the increased benefits we provided to our employees. 

Provision for accounts receivable and contract assets was RMB99.0 million (US$14.1 million) for the third quarter of 2024, compared with RMB86.9 million for the same period of 2023. This increase was primarily due to the increase in transaction loan volume in both China and international markets. 

Provision for loans receivable was RMB82.4 million (US$11.7 million) for the third quarter of 2024, compared with RMB176.8 million for the same period of 2023. This decrease was primarily due to the decrease in the loan volume and the outstanding loan balances of on-balance sheet loans in the international markets.

Credit losses for quality assurance commitment was RMB1,123.6 million (US$160.1 million) for the third quarter of 2024, compared with RMB1,099.2 million for the same period of 2023. The increase was primarily due to the increased outstanding loan balances of off-balance sheet loans in the international markets.

Operating profit was RMB560.2 million (US$79.8 million) for the third quarter of 2024, compared with RMB553.4 million for the same period of 2023.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB599.8 million (US$85.5 million) for the third quarter of 2024, compared with RMB583.8 million for the same period of 2023.

Other income was RMB185.5 million (US$26.4 million) for the third quarter of 2024, compared with RMB124.4 million for the same period of 2023. The increase was mainly due to the increase in government subsidies.

Income tax expense was RMB121.7 million (US$17.3 million) for the third quarter of 2024, compared with RMB103.1 million for the same period of 2023. This increase was mainly due to the increase in pre-tax profit and the change in effective tax rate.  

Net profit was RMB624.1 million (US$88.9 million) for the third quarter of 2024, compared with RMB574.7 million for the same period of 2023.

Net profit attributable to ordinary shareholders of the Company was RMB623.6 million (US$88.9 million) for the third quarter of 2024, compared with RMB566.0 million for the same period of 2023.

Diluted net profit per ADS was RMB2.40 (US$0.34) and diluted net profit per share was RMB0.48 (US$0.07) for the third quarter of 2024, compared with RMB2.05 and RMB0.41 for the same period of 2023 respectively.

Non-GAAP diluted net profit per ADS was RMB2.55 (US$0.36) and non-GAAP diluted net profit per share was RMB0.51 (US$0.07) for the third quarter of 2024, compared with RMB2.16 and RMB0.43 for the same period of 2023 respectively. Each ADS represents five Class A ordinary shares of the Company.

As of September 30, 2024, the Company had cash and cash equivalents of RMB5,104.3 million (US$727.4 million) and short-term investments, mainly in wealth management products and term deposits, of RMB3,866.0 million (US$550.9 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company's platform in China's Mainland as of September 30, 2024. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart: https://mma.prnewswire.com/media/2560279/Picture1.jpg?p=publish

Shares Repurchase Update

For the third quarter of 2024, the Company deployed a total of US$24.3 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. As of September 30, 2024, in combination with the Company's historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$361.1 million since 2018.

Business Outlook

While the macroeconomic recovery continued to gain traction with pockets of improvement since the beginning of 2024, uncertainties persist in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro conditions across our pan-Asian markets and remain prudent in our business operations. The Company reiterates its full-year 2024 transaction volume guidance for the China market in the range of RMB195.7 billion to RMB205.0 billion, representing year-over-year growth of approximately 5.0% to 10.0%. At the same time, the Company expects its full-year 2024 transaction volume for the international markets to be in the range of RMB9.4 billion to RMB11.0 billion, representing year-over-year growth of approximately 20.0% to 40.0%.

The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers' and institutional partners' demands, all of which are subject to change.

Conference Call

The Company's management will host an earnings conference call at 7:30 PMU.S. Eastern Time on November 18, 2024 (8:30 AM Beijing/Hong Kong Time on November 19, 2024).

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

United States (toll free):

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

+852-3018-4992

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for "FinVolution Group."

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 25, 2024, by dialing the following telephone numbers:

United States (toll free):

+1-877-344-7529

Canada (toll free):                

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

3196612

 

About FinVolution Group 

FinVolution Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2024, the Company had 199.2 million cumulative registered users across China, Indonesia and the Philippines.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures 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, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net 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 RMB7.0176 to US$1.00, the rate in effect as of September 30, 2024 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 FinVolution 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:
FinVolution Group
Head of Capital Markets
Jimmy Tan, IRC
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

 

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

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



As of December 31,

As of September  3 0 ,


2023

2024


RMB

RMB

USD

Assets




Cash and cash equivalents

4,969,319

5,104,262

727,352

Restricted cash

1,800,071

1,828,148

260,509

Short-term investments

2,960,821

3,866,027

550,904

Investments

1,135,133

1,169,383

166,636

Quality assurance receivable, net of credit loss allowance for
  quality assurance receivable of RMB529,392 and
  RMB453,718 as of December 31, 2023 and September 30, 2024,
  respectively 

1,755,615

1,722,136

245,402

Intangible assets

98,692

137,298

19,565

Property, equipment and software, net

140,933

637,928

90,904

Loans receivable, net of credit loss allowance for loans receivable
  of RMB214,550 and RMB206,241 as of December 31, 2023 and
  September 30, 2024, respectively

1,127,388

2,217,496

315,991

Accounts receivable and contract assets, net of credit loss
  allowance for accounts receivable and contract assets of
  RMB310,394 and RMB280,927 as of December 31, 2023 and
  September 30, 2024, respectively 

2,208,538

2,208,504

314,709

Deferred tax assets

1,624,325

2,395,800

341,399

Right of use assets

38,110

29,987

4,273

Prepaid expenses and other assets

3,384,317

1,411,192

201,093

Goodwill

50,411

50,411

7,184

Total assets

21,293,673

22,778,572

3,245,921

Liabilities and Shareholders' Equity


Deferred guarantee income

1,882,036

1,629,253

232,167

Liability from quality assurance commitment

3,306,132

3,166,283

451,192

Payroll and welfare payable

261,528

229,497

32,703

Taxes payable

207,477

637,803

90,886

Short-term borrowings

5,756

5,995

854

Funds payable to investors of consolidated trusts

436,352

435,669

62,082

Contract liability

5,109

11,573

1,649

Deferred tax liabilities

340,608

464,312

66,164

Accrued expenses and other liabilities

941,899

1,286,654

183,347

Leasing liabilities

35,878

25,266

3,600

Total liabilities

7,422,775

7,892,305

1,124,644

Commitments and contingencies




FinVolution Group Shareholders' equity




Ordinary shares

103

103

15

Additional paid-in capital

5,748,734

5,811,096

828,075

Treasury stock

(1,199,683)

(1,730,759)

(246,631)

Statutory reserves

762,472

762,472

108,651

Accumulated other comprehensive income

80,006

64,421

9,180

Retained Earnings

8,357,153

9,618,263

1,370,592

Total FinVolution Group shareholders' equity

13,748,785

14,525,596

2,069,882

Non-controlling interest

122,113

360,671

51,395

Total shareholders' equity

13,870,898

14,886,267

2,121,277

Total liabilities and shareholders' equity

21,293,673

22,778,572

3,245,921

 

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

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



For the Three Months Ended September 30,

For the Nine  Months Ended September 30,


2023

2024

2023

2024


RMB

RMB

USD

 RMB

RMB

USD








Operating revenue:







      Loan facilitation service fees

1,129,776

1,253,113

178,567

3,413,070

3,349,581

477,311

      Post-facilitation service fees

498,916

425,348

60,612

1,474,274

1,279,776

182,367

      Guarantee income

1,152,047

1,234,752

175,951

3,211,480

3,879,794

552,866

      Net interest income

273,274

185,742

26,468

821,953

635,852

90,608

      Other Revenue

143,514

177,096

25,236

403,071

464,129

66,138

Net revenue

3,197,527

3,276,051

466,834

9,323,848

9,609,132

1,369,290

Operating expenses:







      Origination, servicing expenses and other cost of
revenue

(519,985)

(603,071)

(85,937)

(1,548,373)

(1,717,857)

(244,793)

      Sales and marketing expenses

(530,110)

(560,220)

(79,831)

(1,396,061)

(1,482,724)

(211,286)

      Research and development expenses

(132,588)

(130,736)

(18,630)

(383,381)

(370,483)

(52,793)

      General and administrative expenses

(98,641)

(116,759)

(16,638)

(274,813)

(300,978)

(42,889)

      Provision for accounts receivable and contract assets

(86,884)

(99,018)

(14,110)

(217,535)

(221,917)

(31,623)

      Provision for loans receivable 

(176,776)

(82,394)

(11,741)

(479,281)

(255,667)

(36,432)

      Credit losses for quality assurance commitment

(1,099,154)

(1,123,628)

(160,116)

(3,153,288)

(3,512,299)

(500,499)

Total operating expenses

(2,644,138)

(2,715,826)

(387,003)

(7,452,732)

(7,861,925)

(1,120,315)

Operating profit

553,389

560,225

79,831

1,871,116

1,747,207

248,975

      Other income, net

124,387

185,517

26,436

327,065

284,178

40,495

Profit before income tax expense

677,776

745,742

106,267

2,198,181

2,031,385

289,470

      Income tax expenses

(103,061)

(121,666)

(17,337)

(343,528)

(324,295)

(46,212)

Net profit

574,715

624,076

88,930

1,854,653

1,707,090

243,258

      Net profit attributable to non-controlling interest
shareholders

8,757

481

69

38,377

4,649

662

Net profit attributable to FinVolution Group

565,958

623,595

88,861

1,816,276

1,702,441

242,596

      Foreign currency translation adjustment, net of nil tax 

(88,159)

21,206

3,022

(36,624)

(15,585)

(2,221)

Total comprehensive income attributable

      to FinVolution Group

477,799

644,801

91,883

1,779,652

1,686,856

240,375

Weighted average number of ordinary shares used in
      computing net income per share







      Basic

1,356,802,618

1,273,874,143

1,273,874,143

1,385,417,916

1,294,603,294

1,294,603,294

      Diluted

1,382,049,817

1,300,972,157

1,300,972,157

1,414,900,795

1,325,385,787

1,325,385,787

Net profit per share attributable to FinVolution

      Group's ordinary shareholders 







      Basic

0.42

0.49

0.07

1.31

1.32

0.19

      Diluted

0.41

0.48

0.07

1.28

1.28

0.18

Net profit per ADS attributable to FinVolution

      Group's ordinary shareholders (one ADS equal 

      five ordinary shares) 







      Basic

2.09

2.45

0.35

6.55

6.58

0.94

      Diluted

2.05

2.40

0.34

6.42

6.42

0.92

 

 

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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



Three Months Ended September  30,


Nine Months Ended September  30,


2023


2024


2023


2024


RMB


RMB


USD


RMB


RMB


USD

Net cash provided by operating
activities

178,370


1,577,985


224,861


1,357,273


2,737,763


390,128

Net cash provided by/(used in)
investing activities

591,067


(1,895,758)


(270,143)


1,516,238


(1,547,729)


(220,550)

Net cash used in financing activities

(110,924)


(253,744)


(36,158)


(1,516,270)


(1,024,661)


(146,013)

Effect of exchange rate changes on
cash and cash equivalents

(11,383)


27,198


3,876


27,416


(2,353)


(334)

Net increase/ (decrease) in cash, cash
equivalent and restricted cash

647,130


(544,319)


(77,564)


1,384,657


163,020


23,231

Cash, cash equivalent and restricted
cash at beginning of period

7,216,614


7,476,729


1,065,425


6,479,087


6,769,390


964,630

Cash, cash equivalent and restricted
cash at end of period

7,863,744


6,932,410


987,861


7,863,744


6,932,410


987,861

 

 

 

 FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

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



For the Three Months Ended September 30,

For the Nine Months Ended September 30,


2023

2024

2023

2024


RMB

RMB

USD

RMB

RMB

USD








Net Revenues

3,197,527

3,276,051

466,834

9,323,848

9,609,132

1,369,290

Less: total operating expenses

(2,644,138)

(2,715,826)

(387,003)

(7,452,732)

(7,861,925)

(1,120,315)

Operating Income

553,389

560,225

79,831

1,871,116

1,747,207

248,975

Add: share-based compensation expenses

30,376

39,599

5,643

82,192

109,988

15,673

Non-GAAP adjusted operating income

583,765

599,824

85,474

1,953,308

1,857,195

264,648








Operating Margin

17.3 %

17.1 %

17.1 %

20.1 %

18.2 %

18.2 %

Non-GAAP operating margin

18.3 %

18.3 %

18.3 %

20.9 %

19.3 %

19.3 %

Non-GAAP adjusted operating income

583,765

599,824

85,474

1,953,308

1,857,195

264,648

Add: other income, net

124,387

185,517

26,436

327,065

284,178

40,495

Less: income tax expenses

(103,061)

(121,666)

(17,337)

(343,528)

(324,295)

(46,212)

Non-GAAP net profit

605,091

663,675

94,573

1,936,845

1,817,078

258,931

Net profit attributable to non-controlling interest

shareholders

8,757

481

69

38,377

4,649

662

Non-GAAP net profit attributable to FinVolution
Group

596,334

663,194

94,504

1,898,468

1,812,429

258,269








Weighted average number of ordinary shares used in
computing net income per share







Basic

1,356,802,618

1,273,874,143

1,273,874,143

1,385,417,916

1,294,603,294

1,294,603,294

Diluted

1,382,049,817

1,300,972,157

1,300,972,157

1,414,900,795

1,325,385,787

1,325,385,787

Non-GAAP net profit per share attributable to
FinVolution Group's ordinary shareholders







Basic

0.44

0.52

0.07

1.37

1.40

0.20

Diluted

0.43

0.51

0.07

1.34

1.37

0.19

Non-GAAP net profit per ADS attributable to
FinVolution Group's ordinary shareholders (one ADS
equal five ordinary shares)







Basic

2.20

2.60

0.37

6.85

7.00

1.00

Diluted

2.16

2.55

0.36

6.71

6.84

0.97

 

Cision View original content:https://www.prnewswire.com/news-releases/finvolution-group-reports-third-quarter-2024-unaudited-financial-results-302308772.html

SOURCE FinVolution Group