Yiren Digital Ltd 6-K, filed Jun 24, 2020

Yiren Digital Ltd. (YRD)

6-K 2020-06-24 For: 2020-06-30

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Added on April 06, 2026

About this 6-K

Yiren Digital Ltd filed this 6-K on June 24, 2020.

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	Yiren Digital Ltd.

	By	/s/ Zhong Bi
	Name:	Zhong Bi
	Title:	Chief Financial Officer

International	+61 2-8199-0299
U.S.	+1 646-254-3697
Replay Access Code:	2773237

	For the Three Months Ended
	March 31, 2019		March 31, 2020		March 31, 2020
	RMB		RMB		USD
Net revenue:
Loan facilitation services	1,055,046		358,541		50,636
Post-origination services	296,279		146,520		20,693
Account management services	488,340		413,166		58,350
Others	140,743		105,433		14,890
Total net revenue	1,980,408		1,023,660		144,569
Operating costs and expenses:
Sales and marketing	1,127,945		616,441		87,058
Origination and servicing	172,123		102,918		14,535
General and administrative	257,707		149,041		21,049
Allowance for contract assets and receivables	191,104		143,385		20,250
Total operating costs and expenses	1,748,879		1,011,785		142,892
Other income/(expenses):
Interest income, net	23,875		25,116		3,547
Fair value adjustments related to Consolidated ABFE	34,998		(26,020	)	(3,675	)
Others, net	160,223		12,184		1,721
Total other income/(expenses)	219,096		11,280		1,593
Income before provision for income taxes	450,625		23,155		3,270
Share of results of equity investees	(4,957	)	—		—
Income tax expense	76,534		3,936		556
Net income	369,134		19,219		2,714

Weighted average number of ordinary shares outstanding, basic	185,126,457		185,600,961		185,600,961
Basic income per share	1.9940		0.1036		0.0146
Basic income per ADS	3.9880		0.2072		0.0292

Weighted average number of ordinary shares outstanding, diluted	186,578,885		186,166,429		186,166,429
Diluted income per share	1.9784		0.1032		0.0146
Diluted income per ADS	3.9568		0.2064		0.0292

Unaudited Condensed Consolidated Cash Flow Data
Net cash (used in)/ generated from operating activities	(658,435	)	557,762		78,771
Net cash used in investing activities	(249,931	)	(524,479	)	(74,070	)
Net cash provided by/ (used in) financing activities	493,389		(65,637	)	(9,270	)
Effect of foreign exchange rate changes	(2,196	)	1,206		170
Net decrease in cash, cash equivalents and restricted cash	(417,173	)	(31,148	)	(4,399	)
Cash, cash equivalents and restricted cash, beginning of period	3,034,484		3,269,142		461,691
Cash, cash equivalents and restricted cash, end of period	2,617,311		3,237,994		457,292

	As of
	December 31, 2019		March 31, 2020		March 31, 2020
	RMB		RMB		USD

Cash and cash equivalents	3,198,086		3,194,993		451,219
Restricted cash	71,056		43,001		6,073
Accounts receivable	3,398		33,902		4,788
Contract assets, net	2,398,685		1,873,548		264,596
Contract cost	160,003		149,917		21,172
Prepaid expenses and other assets	1,333,221		868,462		122,651
Loans at fair value	418,492		313,267		44,242
Financing receivables	29,612		33,381		4,714
Amounts due from related parties	988,853		1,583,859		223,684
Held-to-maturity investments	6,627		4,399		621
Available-for-sale investments	460,991		456,061		64,408
Property, equipment and software, net	195,855		188,880		26,675
Deferred tax assets	45,407		42,084		5,943
Right-of-use assets	334,134		291,028		41,101
Total assets	9,644,420		9,076,782		1,281,887
Accounts payable	43,583		39,068		5,517
Amounts due to related parties	106,645		112,034		15,822
Liabilities from quality assurance program and guarantee	4,397		3,487		492
Deferred revenue	358,203		254,933		36,003
Accrued expenses and other liabilities	2,338,745		1,946,205		274,858
Refund liability	1,801,535		1,760,942		248,692
Deferred tax liabilities	218,888		216,304		30,549
Lease liabilities	282,334		259,197		36,606
Total liabilities	5,154,330		4,592,170		648,539
Ordinary shares	121		121		17
Additional paid-in capital	5,038,691		5,045,268		712,528
Treasury stock	(37,097	)	(37,097	)	(5,239	)
Accumulated other comprehensive income	21,855		18,671		2,637
Accumulated deficit	(533,480	)	(542,351	)	(76,595	)
Total (deficit)/ equity	4,490,090		4,484,612		633,348
Total liabilities and equity	9,644,420		9,076,782		1,281,887

	For the Three Months Ended
	March 31, 2019		March 31, 2020		March 31, 2020
	RMB		RMB		USD
Operating Highlights
Amount of p2p investment	11,435,588		5,203,747		734,909
Number of p2p investors	200,780		78,256		78,256
Amount of non-p2p investment	328,708		2,163,313		305,518
Number of non-p2p investors	14,022		18,809		18,809
Amount of loans facilitated	10,934,923		1,839,454		259,781
Number of borrowers	149,715		115,420		115,420
Remaining principal of performing loans	63,213,843		42,063,039		5,940,436

Segment Information
Wealth management:
Revenue	521,434		415,876		58,733
Sales and marketing expenses	143,904		67,326		9,508

Consumer credit:
Revenue	1,458,974		607,784		85,836
Sales and marketing expenses	984,041		549,115		77,550

Reconciliation of Adjusted EBITDA
Net income	369,134		19,219		2,714
Interest income, net	(23,875	)	(25,116	)	(3,547	)
Income tax expense	76,534		3,936		556
Depreciation and amortization	32,502		27,171		3,837
Share-based compensation	14,699		4,541		641
Adjusted EBITDA	468,994		29,751		4,201
Adjusted EBITDA margin	23.7	%	2.9	%	2.9	%

	Delinquent for
	15-29 days	30-59 days	60-89 days
All Loans
December 31, 2015	0.7%	1.2%	0.9%
December 31, 2016	0.6%	0.9%	0.8%
December 31, 2017	0.8%	1.0%	0.8%
December 31, 2018	1.0%	1.8%	1.7%
December 31, 2019	1.2%	2.0%	1.7%
March 31, 2020	1.6%	4.1%	3.2%

Online Channels
December 31, 2015	0.5%	0.8%	0.6%
December 31, 2016	0.5%	0.9%	0.8%
December 31, 2017	1.1%	1.1%	0.9%
December 31, 2018	1.2%	2.3%	2.2%
December 31, 2019	1.6%	2.9%	2.5%
March 31, 2020	1.9%	5.2%	3.8%

Offline Channels
December 31, 2015	0.7%	1.2%	1.0%
December 31, 2016	0.6%	0.9%	0.8%
December 31, 2017	0.6%	0.9%	0.7%
December 31, 2018	0.9%	1.6%	1.5%
December 31, 2019	1.0%	1.7%	1.5%
March 31, 2020	1.6%	3.7%	3.1%

Loan Issued Period	Amount of Loans Facilitated During the Period	Accumulated M3+ Net Charge-Off as of March 31, 2020	Total Net Charge-Off Rate as of March 31, 2020
	(in RMB thousands)	(in RMB thousands)
2015	53,143,029	4,455,505	8.4	%
2016	53,805,112	5,071,489	9.4	%
2017	69,883,293	11,506,013	16.5	%
2018	63,176,149	9,989,880	15.8	%
2019	39,103,048	2,018,636	5.2	%

Loan Issued Period	Month on Book
	4		7		10		13		16		19		22		25		28		31		34
2015Q1	0.8	%	2.0	%	3.4	%	4.7	%	5.7	%	6.5	%	7.1	%	7.5	%	7.7	%	7.8	%	7.8	%
2015Q2	0.8	%	2.3	%	3.8	%	5.2	%	6.4	%	7.3	%	7.9	%	8.3	%	8.5	%	8.7	%	8.8	%
2015Q3	0.4	%	1.6	%	3.1	%	4.4	%	5.6	%	6.5	%	7.1	%	7.6	%	7.9	%	8.1	%	8.4	%
2015Q4	0.4	%	1.6	%	3.1	%	4.4	%	5.5	%	6.3	%	6.9	%	7.4	%	7.9	%	8.3	%	8.5	%
2016Q1	0.3	%	1.2	%	2.5	%	3.6	%	4.5	%	5.2	%	5.8	%	6.4	%	7.0	%	7.4	%	7.6	%
2016Q2	0.4	%	1.6	%	3.1	%	4.3	%	5.2	%	6.0	%	6.8	%	7.6	%	8.1	%	8.4	%	8.7	%
2016Q3	0.3	%	1.6	%	3.1	%	4.3	%	5.4	%	6.6	%	7.8	%	8.6	%	9.2	%	9.5	%	9.8	%
2016Q4	0.2	%	1.5	%	2.9	%	4.4	%	5.9	%	7.4	%	8.4	%	9.3	%	10.0	%	10.4	%	10.7	%
2017Q1	0.3	%	1.5	%	3.2	%	5.1	%	7.1	%	8.6	%	9.8	%	10.8	%	11.5	%	12.0	%	12.2	%
2017Q2	1.1	%	2.9	%	5.6	%	8.4	%	10.4	%	12.1	%	13.5	%	14.5	%	15.3	%	15.8	%
2017Q3	0.3	%	2.9	%	6.4	%	9.1	%	11.6	%	13.6	%	15.0	%	16.2	%	16.9	%
2017Q4	0.5	%	3.9	%	7.3	%	10.5	%	13.2	%	15.3	%	16.9	%	18.0	%
2018Q1	0.4	%	3.0	%	6.6	%	10.1	%	12.9	%	15.2	%	16.9	%
2018Q2	0.5	%	3.6	%	7.4	%	10.8	%	13.6	%	15.8	%
2018Q3	0.4	%	3.0	%	6.2	%	9.1	%	11.7	%
2018Q4	0.3	%	2.5	%	5.6	%	8.6	%
2019Q1	0.2	%	2.5	%	5.6	%
2019Q2	0.3	%	2.9	%
2019Q3	0.3	%