First Half 2020 Financial Highlights
- Total revenues decreased by 65.0% to
RMB251.6million( US$35.6million) from RMB719.7 millionin the same period of 2019.
- Gross profit was
RMB42.7 million( US$6.0 million) compared to RMB296.9 millionin the same period of 2019. Gross margin was 17.0% compared to 41.3% in the same period of 2019.
- Operating loss was
RMB100.0 million( US$14.2 million) compared to operating income of RMB73.6 millionin the same period of 2019.
- Net loss was
RMB104.2 million( US$14.7 million) compared to net income of RMB81.2 millionin the same period of 2019.
- Adjusted net loss1 was
RMB96.9 million( US$13.7 million) compared to adjusted net income of RMB111.1 millionin the same period of 2019.
First Half 2020 Operating Highlights
- Total loans facilitated decreased by 82.8% to
RMB1.2 billion( US$171 million) from RMB6.8 billionin the same period of 2019.
- Loan outstanding balance decreased by 60.6% to
RMB1.3 billion( US$180 million) as of June 30, 2020, from RMB3.3 billionas of December 31, 2019.
- The following table provides delinquency rates by balance for all loans facilitated by the Company as of the dates indicated:
|16 - 30 days||31 - 60 days||61 - 90 days|
First Half 2020 Financial Results
Total revenues in the first half of 2020 decreased by 65.0% to
- Revenues from technical service fees in the first half of 2020 decreased by 66.0% to
RMB212.1 million( US$30.0 million) from RMB624.0 millionin the same period of 2019. This decrease was mainly due to the decrease in off-balance sheet loans facilitated in the first half of 2020.
- Revenues from installment service fees in the first half of 2020 decreased by 57.5% to
RMB34.8 million( US$4.9 million) from RMB82.0 millionin the same period of 2019. This decrease was mainly due to the decrease in the Company’s on-book installment loan volume during the first half of 2020.
- Revenues from wealth management service fees in the first half of 2020 decreased by 66.0% to
RMB4.7 million( US$0.7 million) from RMB13.7 millionin the same period of 2019.
Cost of Revenues
Cost of revenues in the first half of 2020 decreased by 50.6% to
Gross profit in the first half of 2020 decreased to
Total operating expenses in the first half of 2020 decreased by 36.1% to
- Sales and marketing expenses in the first half of 2020 decreased by 41.1% to
RMB24.9 million( US$3.5 million) from RMB42.2 millionin the same period of 2019. This decrease was primarily driven by the decrease in staff cost, promotion expense and share-based compensation. Staff cost decreased due to adjustments to the Company’s employee structure. Promotion expense decreased due to our reduction of online advertisement expenditure. Share-based compensation decreased due to most of the share-based compensations are amortized in prior years.
- General and administrative expenses in the first half of 2020 decreased by 31.6% to
RMB93.0 million( US$13.2 million) from RMB136.0 millionin the same period of 2019. This decrease was primarily driven by the decrease in share-based compensation as well as the decrease in staff cost. Bad debt expenses also decreased in the period, which was mainly due to the decrease in provision for bad debts as a result of the decreases in both loan balance and accounts receivable balance for technical service fees.
- Research and development expenses in the first half of 2020 decreased by 44.9% to
RMB24.8 million( US$3.5 million) from RMB45.1 millionin the same period of 2019, primarily driven by the decrease in staff cost due to the optimization of personnel structure.
Operating loss in the first half of 2020 was
Net loss in the first half of 2020 was
Net loss attributable to ordinary shareholders in the first half of 2020 was
Adjusted net loss in the first half of 2020 was
Net Income/loss per Share
Basic and diluted net loss per ordinary share in the first half of 2020 were both
Adjusted basic and diluted net loss per ordinary share in the first half of 2020 were both
The Company had combined cash and cash equivalents, short-term and long-term restricted cash of
The Company’s total net financing receivables, including short-term and long-term receivables, decreased by 83.1% to
Correction of previously issued unreviewed and unaudited condensed consolidated financial statements
The Company filed the Form 6-K on
Conference Call Information
The Company’s management team will hold a Direct Event conference call on
|Event Title:||Pintec Technology Holdings Ltd.’s First Half 2020 Earnings Conference Call|
Due to the global outbreak of the COVID-19, operator assisted conference calls are not available at the moment. All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.
The replay will be accessible through
|United States Toll Free:||+1-855-452-5696|
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.pintec.com/.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company believes that this non-GAAP financial measure can help management evaluate the Company’s operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined under
The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable
This announcement contains translations of certain RMB amounts into
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
For further information, please contact:
|Unaudited Condensed Consolidated Balance Sheets|
|(In thousands, except for share and per share data)||
|Cash and cash equivalents||102,755||232,197||32,865|
|Short-term financing receivables, net||430,387||62,632||8,865|
|Short-term financial guarantee assets, net||91,374||52,160||7,383|
|Accounts receivable, net||74,251||53,218||7,533|
|Prepayments and other current assets||78,330||88,252||12,491|
|Amounts due from related parties||64||30||4|
|Total current assets||1,159,856||749,797||106,127|
|Non-current restricted cash||95,454||95,042||13,452|
|Amounts due from related parties, net||10,000||10,000||1,415|
|Long‑term financing receivables, net||19,100||13,233||1,873|
|Long-term financial guarantee assets, net||3,647||1,091||154|
|Deferred tax assets||64,675||84,418||11,949|
|Property, equipment and software, net||14,317||12,068||1,708|
|Intangible assets, net||49,790||44,058||6,236|
|Total non-current assets||400,743||462,320||65,436|
|Short-term funding debts||300,212||18,703||2,647|
|Amounts due to related parties||10,191||8,186||1,159|
|Financial guarantee liability||101,933||51,947||7,353|
|Accrued expenses and other liabilities||157,945||356,572||50,469|
|Total current liabilities||1,081,588||910,131||128,821|
|Long-term funding debts||21,498||21,498||3,043|
|Deferred tax liabilities||2,128||109||15|
|Other non-current liabilities||8,683||8,283||1,172|
|Consideration payable for acquisition||7,982||2,472||350|
|Total non-current liabilities||120,291||32,362||4,580|
|Class A Ordinary Shares||212||221||31|
|Class B Ordinary Shares||42||42||6|
|Additional paid-in capital||1,977,365||1,985,519||281,032|
|Accumulated other comprehensive income||42,890||49,826||7,052|
|TOTAL SHAREHOLDERS’ EQUITY||189,528||100,366||14,205|
|TOTAL LIABILITIES, SHAREHOLDERS’ EQUITY||1,560,599||1,212,117||171,563|
|Unaudited Condensed Consolidated Statements of Operations and Comprehensive income/(loss)|
|For the Six Months Ended|
(In thousands, except for share and per share data)
|Technical service fees||623,965||212,107||30,022|
|Installment service fees||82,009||34,831||4,930|
|Wealth management service fees||13,686||4,650||658|
|Cost of revenues:|
|Provision for credit losses||(15,091||)||(35,310||)||(4,998||)|
|Origination and servicing cost||(151,513||)||(58,861||)||(8,330||)|
|Cost on guarantee liability||(48,733||)||(81,085||)||(11,477||)|
|Service cost charged by Jimu Group-related party||(169,180||)||(18,889||)||(2,674||)|
|Cost of revenues||(422,790||)||(208,937||)||(29,573||)|
|Sales and marketing expenses||(42,243||)||(24,866||)||(3,520||)|
|General and administrative expenses||(135,975||)||(92,983||)||(13,161||)|
|Research and development expenses||(45,091||)||(24,824||)||(3,514||)|
|Total operating expenses||(223,309||)||(142,673||)||(20,195||)|
|Share of (loss)/income from equity method investments||(4,794||)||1,540||218|
|Other income/(loss), net||343||(6,861||)||(971||)|
|Interest income from related parties||32,712||-||-|
|Income/(loss) before income tax expense||101,822||(105,343||)||(14,911||)|
|Income tax (benefit)/expense||(20,615||)||1,147||162|
|Net income attributable to Non-controlling interest||-||66||9|
|Net income/(loss) attributable to
|Other comprehensive income:|
|Foreign currency translation adjustments, net of nil tax||663||6,936||982|
|Total other comprehensive income||663||6,936||982|
|Total comprehensive income/(loss)||81,870||(97,260||)||(13,767||)|
|Total comprehensive income attributable to Non-controlling interest||-||66||9|
|Total comprehensive income/(loss) attributable to
|Net income/(loss) per ordinary share|
|Weighted average ordinary shares outstanding|
|Unaudited Reconciliations of GAAP and Non-GAAP Results|
|For the six Months Ended|
|(In thousands, except for share and per share data)
|Add: Share-based compensation expenses||29,903||7,335||1,038|
|Adjusted net income/(loss)||111,110||(96,861||)||(13,711||)|
|Adjusted net income/(loss) per ordinary share|
|Weighted average number of ordinary shares outstanding|
1 Adjusted net income/(loss) is a non-GAAP financial measure, representing net income/(loss) before share-based compensation expenses. For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures Statement" and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
Source: Pintec Technology Holdings Limited