GlobeNewswire

360 DigiTech Broadcasts Fourth Quarter and Full 12 months 2020 Unaudited Monetary Outcomes

SHANGHAI, China, March 15, 2021 (GLOBE NEWSWIRE) — 360 DigiTech, Inc. (QFIN) (“360 DigiTech” or the “Firm”), an information pushed, know-how empowered digital platform, as we speak introduced its unaudited monetary outcomes for the fourth quarter and full 12 months ended December 31, 2020. Fourth Quarter 2020 Operational Highlights Complete mortgage facilitation and origination quantity*1 was RMB69,045 million, representing a rise of 29.0% from RMB53,526 million in the identical interval of 2019. Mortgage facilitation quantity below capital-light mannequin inside Platform Companies was RMB21,935 million, a rise of 87.4% from RMB11,707 million in the identical interval of 2019.Complete excellent mortgage steadiness*2 was RMB92,075 million as of December 31, 2020, a rise of 27.0% from RMB72,513 million as of December 31, 2019. Excellent mortgage steadiness below capital-light mannequin inside Platform Companies was RMB27,346 million as of December 31, 2020, a rise of 94.4% from RMB14,069 million as of December 31, 2019.The weighted common contractual tenor of loans facilitated and originated within the fourth quarter of 2020 was roughly 10.41 months, in contrast with 7.94 months in the identical interval of 2019, and 9.72 months within the third quarter of 2020.Cumulative registered customers was 162.57 million, a rise of 20.4% from 135.01 million as of December 31, 2019, and a rise of 4.2% from 155.96 million as of September 30, 2020.Customers with accredited credit score traces*Three was 30.86 million as of December 31, 2020, a rise of 24.8% from 24.72 million as of December 31, 2019, and a rise of 5.4% from 29.28 million as of September 30, 2020.Cumulative debtors with profitable drawdown, together with repeat debtors was 19.70 million as of December 31, 2020, a rise of 23.8% from 15.91 million as of December 31, 2019, and a rise of 5.3% from 18.71 million as of September 30, 2020.90 day+ delinquency ratio*Four was 1.48% as of December 31, 2020.The proportion of funding from monetary establishments*5 within the fourth quarter of 2020 was 100%.Repeat borrower contribution*6 for the fourth quarter of 2020 was 87.5%. 1 “Complete mortgage facilitation and origination quantity” refers back to the whole principal quantity of loans facilitated and originated via the Firm’s platform in the course of the given interval, together with loans quantity facilitated via Intelligence Credit score Engine (“ICE”). “ICE” is an open platform on our “360 Jietiao” APP, we match debtors and monetary establishments via huge knowledge and cloud computing know-how on “ICE”, and supply pre-loan investigation report of debtors. For loans facilitated via “ICE”, the Firm don’t present post-loan threat administration nor bear principal threat. 2 “Complete excellent mortgage steadiness” refers back to the whole quantity of principal excellent for loans facilitated and originated via the Firm’s platform on the finish of every interval, together with mortgage steadiness for “ICE”, excluding loans delinquent for greater than 180 days. 3 “Customers with accredited credit score traces” refers back to the whole variety of customers who had submitted their credit score functions and have been accredited with a credit score line by the Firm on the finish of every interval. 4 “90 day+ delinquency ratio” refers back to the excellent principal steadiness of on- and off-balance sheet loans that have been 90 to 179 calendar days overdue as a proportion of the whole excellent principal steadiness of on- and off-balance sheet loans on our platform as of a particular date. Loans which might be charged-off and loans below “ICE” are usually not included within the delinquency price calculation. 5 “The proportion of funding from monetary establishments” relies on cumulative mortgage facilitation in the course of the given interval, excluding loans originated by our personal funds. 6 “Repeat borrower contribution” for a given interval refers to (i) the principal quantity of loans borrowed throughout that interval by debtors who had traditionally made a minimum of one profitable drawdown, divided by (ii) the whole mortgage facilitation and origination quantity via our platform throughout that interval. Fourth Quarter 2020 Monetary Highlights Complete internet income elevated by 39.0% to RMB3,337.5 million (US$511.5 million) from RMB2,400.9 million in the identical interval of 2019.Revenue from operations elevated by 373.4% to RMB1,241.Three million (US$190.2 million) from RMB262.2 million in the identical interval of 2019.Non-GAAP*7 revenue from operations elevated by 287.8% to RMB1,349.1 million (US$206.Eight million) from RMB347.9 million in the identical interval of 2019.Working margin was 37.2%. Non-GAAP working margin was 40.4%.Web revenue elevated by 180.3% to RMB1,204.Four million (US$184.6 million) from RMB429.7 million in the identical interval of 2019.Non-GAAP internet revenue elevated by 154.6% to RMB1,312.1 million (US$201.1 million) from RMB515.Four million in the identical interval of 2019.Web revenue margin was 36.1%. Non-GAAP internet revenue margin was 39.3%. 7 Non-GAAP revenue from operations (Adjusted Revenue from operations) and Non-GAAP internet revenue (Adjusted internet revenue) are non-GAAP monetary measures. For extra info on this non-GAAP monetary measure, please see the part of “Use of Non-GAAP Monetary Measures Assertion” and the desk captioned “Unaudited Reconciliations of GAAP and Non-GAAP Outcomes” set forth on the finish of this press launch. Full 12 months 2020 Operational Highlights Complete mortgage facilitation and origination quantity in 2020 was RMB246,758 million, representing a rise of 24.0% from RMB199,071 million in 2019. Mortgage facilitation quantity below capital-light mannequin inside Platform Companies was RMB64,362 million, a rise of 136.2% from RMB27,244 million in 2019.The weighted common contractual tenor of loans facilitated and originated was 9.72 months in full 12 months 2020, in contrast with 7.90 months in 2019.Repeat borrower contribution was 86.5% in full 12 months 2020, in contrast with 71.8% in 2019. Full 12 months 2020 Monetary Highlights Complete internet income elevated by 47.1% to RMB13,564.Zero million (US$2,078.Eight million) from RMB9,219.Eight million in 2019.Revenue from operations elevated by 31.0% to RMB3,790.2 million (US$580.9 million) from RMB2,893.6 million in 2019.Non-GAAP revenue from operations elevated by 30.1% to RMB4,091.Three million (US$627.Zero million) from RMB3,144.Zero million in 2019.Working margin was 27.9%. Non-GAAP working margin was 30.2%.Web revenue elevated by 39.8% to RMB3,495.7 million (US$535.7 million) from RMB2,501.Three million in 2019.Non-GAAP internet revenue elevated by 38.0% to RMB3,796.9 million (US$581.9 million) from RMB2,751.7 million in 2019.Web revenue margin was 25.8%. Non-GAAP internet revenue margin was 28.0%. Mr. Haisheng Wu, Chief Govt Officer and Director of 360 DigiTech, commented, “We’re very happy to report sturdy fourth quarter and full 12 months outcomes. Through the quarter, loans facilitated via our digital platform grew 29% year-on-year to achieve RMB69.Zero billion regardless of some market uncertainties associated to regulatory adjustments within the quarter. For the complete 12 months, whole mortgage facilitation reached RMB246.Eight billion, up 24% year-on-year, exceeding our upward revised steering, regardless of the difficult macro atmosphere early within the 12 months and regulatory headwinds within the second half. Exiting the 12 months, roughly 35% of the mortgage facilitation was below the capital-light mannequin and different know-how options *8, for which we bear no or restricted principal threat. We now have accelerated the expansion of these platform options thus far in 2021 as we proceed to pursue our long-term technique to construct a number one knowledge pushed, know-how empowered digital platform. All through the second half of 2020, we’ve witnessed continued restoration in client demand for credit score and additional enchancment in asset high quality. Some key main indicators of asset high quality are at the most effective ranges ever and enhancing. Strong threat administration system and strong total execution ought to allow us to additional strengthen our management place within the trade and profit from a extra favorable macro development. For 2021, we predict progress acceleration in our companies, pushed by macro restoration empowered sturdy demand, in addition to key initiatives we’re implementing. Our trade main threat administration functionality has already been embedded into greater than a dozen main web platforms’ choices, reaching tens of thousands and thousands of potential customers in number of consumption situations, akin to on-line purchasing, transportation, meals supply, and so forth. With our strategic partnership with KCB deepening, we’re gaining entry of decrease price funding that allow us to develop into the a lot bigger prime and super-prime market, serving prime quality consumer base. As well as, we’ve made significant inroad into SME financing thus far this 12 months via mixed on-line and offline channels. This will present an additional leg of progress for 2021. 2020 was marked by intense regulatory actions and we view such adjustments as long run constructive to the trade and to our operations. General, we imagine these new guidelines supply regulatory readability for the trade and may profit trade leaders with sturdy threat administration functionality and strong execution monitor document. We additionally observe that among the latest regulatory adjustments set extra favorable atmosphere for the trade. For instance, the Supreme Court docket’s ruling in late December primarily exempted establishment lending from the 4xLPR price cap, which lifted a significant overhang to the trade. We intend to grab the alternatives to proceed increasing the service scope and depth of our knowledge pushed know-how empowered digital platform to achieve our long-term strategic targets.” “We’re very excited to report one other quarter of document profitability. Through the quarter, whole income was RMB3.34 billion and non-GAAP internet revenue reached RMB1.31 billion. The sturdy monetary efficiency was pushed by noticeable enchancment in macro atmosphere and continued optimization of our operations,” Mr. Alex Xu, Chief Monetary Officer, commented. “Whereas internet income for the quarter was negatively impacted by the most recent rate of interest cap, we’re happy to see continued enchancment in working margins as total asset high quality continued to enhance. On the finish of the quarter we had roughly RMB7.7 billion in money and money equal on the steadiness sheet, of which roughly RMB4.Four billion was non-restricted. Whereas there are nonetheless some uncertainties regarding our trade, we’re extremely assured to speed up our progress in 2021.” Mr. Yan Zheng, Chief Threat Officer, added, “Our key threat administration metrics continued to set new document in the course of the quarter as total asset high quality continued to enhance. Among the many key main indicators, Day-1 delinquency*9 decreased to roughly 5.2% within the fourth quarter, a brand new low in our company historical past. In the meantime the 30-day assortment price *10 additionally improved to over 90% within the fourth quarter. Extra importantly, we’re inspired to see a few of these metrics proceed to enhance into 2021. Whereas we’ll proceed to take prudent method in total threat administration operations, the effectiveness of our techniques ought to allow us to assist a powerful progress of enterprise with out materially impacting total asset high quality in 2021.” 8 “We have used primarily knowledge know-how instruments and AI threat administration techniques within the technique of offering such providers as mortgage facilitation, post-facilitation and debtors’ referral to our clients. Income from these know-how powered providers quantity to 49% of our whole internet income. ” 9 “D1 delinquency price” is outlined as (i) the whole quantity of principal that turned overdue as a specified date, divided by (ii) the whole quantity of principal that was due for reimbursement as of such date. 10 “M1 assortment price” is outlined as (i) the quantity of principal that was repaid in a single month among the many whole quantity of principal that turned overdue as a specified date, divided by (ii) the whole quantity of principal that turned overdue as a specified date. Fourth Quarter 2020 Monetary Outcomes Complete internet revenues was RMB3,337.5 million (US$511.5 million), in comparison with RMB2,400.9 million in the identical interval of 2019, and RMB3,703.5 million within the prior quarter. Web income from Credit score Pushed Companies was RMB2,557.1 million (US$391.9 million), in comparison with RMB1,978.Eight million in the identical interval of 2019, and RMB2,955.Four million within the prior quarter. Mortgage facilitation and servicing fees-capital heavy have been RMB854.Eight million (US$131.Zero million), in comparison with RMB1,278.5 million in the identical interval of 2019 and RMB1,220.7 million within the prior quarter. The year-over-year lower was primarily attributable to a decline in common rates of interest of the loans and the affect from early reimbursement and the sequential decline was primarily attributable to decrease rates of interest and the reassessment of affect from early repayments. Financing revenue*11 was RMB415.9 million (US$63.7 million), in comparison with RMB585.Four million in the identical interval of 2019 and RMB530.Eight million within the prior quarter. The year-over-year and sequential declines have been primarily attributable to lower in quantity of on-balance sheet loans and decrease rates of interest. Income from releasing of assure liabilities was RMB1,251.6 million (US$191.Eight million), in comparison with RMB81.1 million in the identical interval of 2019, and RMB1,172.6 million within the prior quarter. The year-over-year enhance was primarily as a result of change of accounting customary, and the sequential progress was attributable to enhance in facilitation quantity. Different providers charges have been RMB34.Eight million (US$5.Three million), in comparison with RMB33.Eight million in the identical interval of 2019, and RMB31.2 million within the prior quarter. The year-over-year and sequential adjustments have been primarily attributable to fluctuation of late fee charges. Web income from Platform Companies was RMB780.Four million (US$119.6 million), in comparison with RMB422.1 million in the identical interval of 2019 and RMB748.1 million within the prior quarter. Mortgage facilitation and servicing fees-capital gentle have been RMB681.1 million (US$104.Four million), in comparison with RMB349.6 million in the identical interval of 2019 and RMB663.Four million within the prior quarter. The year-over-year and sequential progress was primarily attributable to progress in mortgage facilitation quantity below capital-light mannequin. Referral providers charges have been RMB78.2 million (US$12.Zero million), in comparison with RMB62.Eight million in the identical interval of 2019 and RMB68.1 million within the prior quarter. The year-over-year and sequential will increase have been partially as a result of facilitation quantity progress via ICE. Different providers charges have been RMB21.1 million (US$3.2 million), in comparison with RMB9.7 million in the identical interval of 2019 and RMB16.7 million within the prior quarter. The year-over-year and sequential will increase have been primarily attributable to progress in late fee charges as mortgage facilitation quantity below capital-light mannequin elevated. Complete working prices and bills have been RMB2,096.1 million (US$321.2 million), in comparison with RMB2,138.7 million in the identical interval of 2019 and RMB2,332.1 million within the prior quarter. Facilitation, origination and servicing bills have been RMB444.5 million (US$68.1 million), in comparison with RMB329.6 million in the identical interval of 2019 and RMB408.7 million within the prior quarter. The year-over-year and sequential enhance was primarily attributable to progress in mortgage facilitation and origination quantity, partially offset by enchancment in operational effectivity. Funding prices have been RMB131.Four million (US$20.1 million), in comparison with RMB135.9 million in the identical interval of 2019 and RMB144.6 million within the prior quarter. The year-over-year and sequential decline was primarily attributable to lower in quantity of loans funded by ABS and belief, and decrease ABS rates of interest. Gross sales and advertising bills have been RMB316.Four million (US$48.5 million), in comparison with RMB426.6 million in the identical interval of 2019 and RMB271.1 million within the prior quarter. The year-over-year decline was primarily attributable to a extra conservative buyer acquisition technique and simpler buyer acquisition operations. The sequential enhance primarily mirrored increased on-line consumer acquisition prices as total enterprise actions continued to develop in China. Basic and administrative bills have been RMB135.Three million (US$20.7 million), in comparison with RMB119.Zero million in the identical interval of 2019 and RMB102.Four million within the prior quarter. The year-over-year and sequential enhance was attributable to expanded enterprise operations, partially offset by our continued effort to enhance operational effectivity. Will increase in share primarily based compensations additionally contributed to the sequential enhance. Provision for loans receivable was RMB105.5 million (US$16.2 million), in comparison with RMB281.2 million in the identical interval of 2019 and RMB67.Four million within the prior quarter. The year-over-year decline was primarily attributable to decrease quantity of on steadiness sheet loans and the reversal of provision for earlier quarters’ on steadiness sheet loans as precise efficiency of the loans was higher than projected improved. The sequential enhance displays the Firm’s constantly prudent method in assessing provisions. Provision for monetary property receivable was RMB57.5 million (US$8.Eight million), in comparison with RMB64.7 million in the identical interval of 2019 and RMB81.6 million within the prior quarter. The year-over-year and sequential declines have been partially attributable to continued enchancment in asset high quality. Provision for accounts receivable and contract property was RMB23.Three million (US$3.6 million), in comparison with RMB47.1 million in the identical interval of 2019 and RMB66.2 million within the prior quarter. The year-over-year and sequential decreases have been partially attributable to enchancment in asset high quality of loans below capital gentle. Provision for contingent legal responsibility was RMB882.Three million (US$135.2 million), in comparison with RMB1,190.2 million within the prior quarter. The sequential decline was primarily due a big reversal of provision for loans facilitated in prior quarters as these loans carried out higher than initially anticipated. Revenue from operations was RMB1,241.Three million (US$190.2 million), in comparison with RMB262.2 million in the identical interval of 2019 and RMB1,371.Four million within the prior quarter. Non-GAAP revenue from operations was RMB1,349.1 million (US$206.Eight million), in comparison with RMB347.9 million in the identical interval of 2019 and RMB1,427.Eight million within the prior quarter. Working margin was 37.2%. Non-GAAP working margin was 40.4%. Revenue earlier than revenue tax expense was RMB1,351.9 million (US$207.2 million), in comparison with RMB336.6 million in the identical interval of 2019 and RMB1,459.Zero million within the prior quarter. Web revenue attributed to the Firm was RMB1,204.Eight million (US$184.6 million), in comparison with RMB429.9 million in the identical interval of 2019 and RMB1,231.9 million within the prior quarter. Non-GAAP internet revenue attributed to the Firm was RMB1,312.5 million (US$201.2 million), in comparison with RMB515.6 million in the identical interval of 2019 and RMB1,288.Three million within the prior quarter. Web revenue margin was 36.1%. Non-GAAP internet revenue margin was 39.3%. Web revenue per totally diluted ADS was RMB7.72 (US$1.18). Non-GAAP internet revenue per totally diluted ADS was RMB8.40 (US$1.29). Weighted common fundamental ADS utilized in calculating GAAP and non-GAAP internet revenue per ADS was 151.65 million. Weighted common diluted ADS utilized in calculating GAAP and non-GAAP internet revenue per ADS was 156.21 million. 11 “Financing revenue” is generated from loans facilitated via the Firm’s platform funded by the consolidated trusts and Fuzhou Microcredit, which cost charges and pursuits from debtors. Full 12 months 2020 Monetary Outcomes Complete internet revenues was RMB13,564.Zero million (US$2,078.Eight million), in comparison with RMB9,219.Eight million in 2019. Web income from Credit score Pushed Companies was RMB11,403.7 million (US$1,747.7 million), in comparison with RMB8,013.Four million in 2019. Mortgage facilitation and servicing fees-capital heavy have been RMB4,596.6 million (US$704.5 million), in comparison with RMB6,273.1 million in 2019. The year-over-year lower was primarily attributable to decrease common rates of interest of the loans, a lower in facilitation quantity below capital heavy mannequin, and the affect from early reimbursement low cost since late 2019. Financing revenue was RMB2,184.2 million (US$334.7 million), in comparison with RMB1,309.6 million in 2019. The year-over-year progress was primarily as a result of enhance in on-balance sheet loans. Income from releasing of assure liabilities was RMB4,506.9 million (US$690.7 million), in comparison with RMB285.Four million in 2019. The year-over-year enhance was primarily as a result of change of accounting customary in the beginning of 2020. Different providers charges have been RMB116.Zero million (US$17.Eight million), in comparison with RMB145.2 million in 2019. The year-over-year decline was primarily attributable to regulatory adjustments associated to late fee charges. Web income from Platform Companies was RMB2,160.2 million (US$331.1 million), in comparison with RMB1,206.5 million in 2019. Mortgage facilitation and servicing fees-capital gentle have been RMB1,826.7 million (US$279.9 million), in comparison with RMB814.6 million in 2019. The year-over-year enhance was primarily attributable to progress in mortgage facilitation quantity below capital-light mannequin. Referral providers charges have been RMB265.Three million (US$40.7 million), in comparison with RMB375.6 million in 2019. The year-over-year decline was primarily attributable to a lower in quantity of referral enterprise, partially offset by growing contribution from ICE in late 2020. Different providers charges have been RMB68.Three million (US$10.5 million), in comparison with RMB16.Three million in 2019. The year-over-year enhance was primarily attributable to progress in late fee charges as mortgage facilitation quantity below capital-light mannequin elevated. Complete working prices and bills have been RMB9,773.Eight million (US$1,497.9 million), in comparison with RMB6,326.Three million in 2019. Facilitation, origination and servicing bills have been RMB1,600.6 million (US$245.Three million), in comparison with RMB1,083.Four million in 2019. The year-over-year enhance was primarily attributable to progress in mortgage facilitation quantity and a rise in assortment charges as we proactively expanded our assortment operations early in 2020. Funding prices have been RMB595.6 million (US$91.Three million), in comparison with RMB345.Zero million in 2019. The year-over-year enhance was primarily pushed by progress in on steadiness sheet loans funded by ABS and belief. Gross sales and advertising bills have been RMB1,079.5 million (US$165.Four million), in comparison with RMB2,851.5 million in 2019. The year-over-year decline was primarily attributable to a extra conservative buyer acquisition technique and simpler buyer acquisition operations. Basic and administrative bills have been RMB456.Zero million (US$69.9 million), in comparison with RMB428.2 million in 2019. The year-over-year enhance was attributable to expanded enterprise operations, partially offset by our continued effort to enhance operational effectivity. Provision for loans receivable was RMB698.7 million (US$107.1 million), in comparison with RMB487.Zero million in 2019. The year-over-year enhance was primarily attributable to progress in on steadiness sheet loans. Provision for monetary property receivable was RMB312.1 million (US$47.Eight million), in comparison with RMB166.2 million in 2019. The year-over-year enhance was primarily attributable to increased projected default charges in 2020 with COVID-19 affect early within the 12 months. Provision for accounts receivable and contract property was RMB237.Three million (US$36.Four million), in comparison with RMB230.Three million in 2019. The year-over-year enhance was primarily attributable to progress in mortgage facilitation quantity below capital-light, partially offset by enhancing asset high quality. Provision for contingent legal responsibility was RMB4,794.1 million (US$734.7 million), in comparison with nil in 2019. The change is a results of the brand new accounting customary taking impact in 2020. Revenue from operations was RMB3,790.2 million (US$580.9 million), in comparison with RMB2,893.6 million in 2019. Non-GAAP revenue from operations was RMB4,091.Three million (US$627.Zero million), in comparison with RMB3,144.Zero million in 2019. Working margin was 27.9%. Non-GAAP working margin was 30.2%. Revenue earlier than revenue tax expense was RMB4,081.7 million (US$625.6 million), in comparison with RMB2,967.Three million in 2019. Revenue taxes expense was RMB586.Zero million (US$89.Eight million). Efficient tax price was 13.4%, in comparison with 14.5% in 2019. Web revenue attributed to the Firm was RMB3,496.6 million (US$535.9 million), in comparison with RMB2,501.6 million in 2019. Non-GAAP internet revenue attributed to the Firm was RMB3,797.Eight million (US$582.Zero million), in comparison with RMB2,752.Zero million in 2019. Web revenue margin was 25.8%. Non-GAAP internet revenue margin was 28.0%. Web revenue per totally diluted ADS was RMB22.80 (US$3.50). Non-GAAP internet revenue per totally diluted ADS was RMB24.77 (US$3.80). Weighted common fundamental ADS utilized in calculating GAAP and non-GAAP internet revenue per ADS was 149.11 million. Weighted common diluted ADS utilized in calculating GAAP and non-GAAP internet revenue per ADS was 153.33 million. M1+ Delinquency Price by Classic and M6+ Delinquency Price by Classic The next charts and tables show the historic cumulative M1+ delinquency charges by mortgage facilitation and origination classic and M6+ delinquency charges by mortgage facilitation and origination classic for all loans facilitated and originated via the corporate’s platform: http://ml.globenewswire.com/Useful resource/Obtain/e4e4b162-2e27-4e82-987b-088ba0525e10 http://ml.globenewswire.com/Useful resource/Obtain/f0e54588-e170-4fda-9c36-bd18f7557474 Current Developments Institution of entity to improvement industrial park in Shanghai, China In October 2020, we established a three way partnership firm in Shanghai, China via our variable curiosity entity, Shanghai Qiyu Data Expertise Co., Ltd., along with Shanghai Changfeng Funding (Group) Co., Ltd. (“Changfeng”), an unbiased third celebration, and Shanghai Jiehu Web Expertise Co., Ltd., an entity managed by 360 Group (the “Shanghai Jiehu”), to develop and construct our 360 East-China regional headquarter and the affiliated industrial park. Changfeng, Shanghai Jiehu and we maintain 30%, 30% and 40% of the fairness pursuits of the entity, respectively. Since November 2020 and as much as March 2021, shareholders of the three way partnership firm have invested a complete of RMB1 billion to amass land use rights of the parcel of land on which our regional headquarters and affiliated industrial park will stand, of which funding RMB0.Four billion was funded by us. Pursuant to the three way partnership settlement among the many shareholders of the three way partnership firm, funds required for its subsequent developments shall be financed by exterior financings of the entity, and any remaining shortfall shall be funded by the shareholders ratably in proportion to their respective fairness curiosity possession. Change to board of administrators Mr. Alex Xu, our Chief Monetary Officer, has been appointed as a member of our board of administrators (the “Board”), efficient from March 15, 2021. Mr. Jiang Wu has resigned from the Board and Chief Technique Officer of the Firm for private causes, efficient from March 15, 2021. Mr. Alex Xu has been serving as our Chief Monetary Officer since July 2020 and as our Senior Advisor since October 2019. Mr. Xu has in depth experiences in capital market, company finance and enterprise administration. Previous to becoming a member of us, Mr. Xu served because the Chief Monetary Officer of Dashu Monetary Companies Co., Ltd. from September 2018. He was a Co-Chief Monetary Officer of Qihoo 360 (NYSE:QIHU) from February 2011 to August 2016. Previous to that, Mr. Xu was a Managing Director at Cowen & Firm, LLC. He additionally served because the Chief Monetary Officer of Yeecare Holdings in 2010, and from Might 2008 to March 2010, because the Chief Technique Officer of China Finance On-line Co., Ltd. Mr. Xu was a Senior Vice President at Brean Murray, Carret & Co from 2007 to 2008. He was a part of a top-ranked analysis crew at Banc of America Securities, LLC from 2003 to 2007, and labored at funding analysis division of UBS AG from 2002 to 2003. Mr. Xu obtained his bachelor’s diploma in Utilized Physics from Beijing College of Posts and Telecommunications and an M.B.A. diploma from Cornell College. Mr. Xu is a CFA constitution holder. Mr. Hongyi Zhou, the chairman of the Board, commented, “On behalf of the Board, I wish to thank Mr. Jiang Wu for his providers and contributions to 360 DigiTech. We want him the most effective in his future endeavors. On the identical time, we warmly welcome Mr. Xu to our Board. Mr. Xu has wealthy expertise in capital market, company finance and enterprise administration. We imagine that he’ll proceed to play a constructive position sooner or later improvement of 360 DigiTech and ship long-term shareholder worth.” Enterprise Outlook Whereas we intend to maintain our custom of prudent resolution making and enterprise planning, we’re inspired to see continued sturdy enterprise momentum thus far in 2021, as macro financial system continues on a steady progress path together with some regulatory readability emerges. As such we now count on whole mortgage facilitation and origination quantity for 2021 to be between RMB310 billion and RMB330 billion, representing year-on-year progress of 26% to 34%. This forecast displays the Firm’s present and preliminary views, which is topic to vary. Not too long ago Adopted Accounting Steering In June 2016, the FASB issued ASU No. 2016-13, Monetary Devices—Credit score Losses (Matter 326): Measurement of Credit score Losses on Monetary Devices which has subsequently been amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03. This ASU is meant to enhance monetary reporting by requiring timelier recording of credit score losses on loans and different monetary devices held by monetary establishments and different organizations. This ASU requires the measurement of all anticipated credit score losses for monetary property held on the reporting date primarily based on historic expertise, present circumstances, and affordable and supportable forecasts. For public enterprise entities, the steering is efficient for fiscal years starting after December 15, 2019, together with ultimate durations inside these fiscal years. We now have adopted the brand new customary efficient January 1, 2020, utilizing the modified retrospective transition technique. The brand new steering requires the popularity of credit score losses to be measured utilizing an anticipated credit score loss mannequin (known as the present anticipated credit score loss (CECL) mannequin). ASC 326 establishes a brand new accounting precept which requires gross accounting for assure legal responsibility. That’s, to document each a assure obligation and an allowance for credit score losses, calculated utilizing the CECL impairment mannequin, along with the assure obligation below ASC 460. In consequence, at inception of the assure, we’ve acknowledged each a stand-ready assure legal responsibility below ASC 460 with an related monetary property receivable, and a contingent assure legal responsibility with an allowance for credit score losses below CECL mannequin. Subsequent to the preliminary recognition, the ASC 460 stand-ready assure is acknowledged into assure income over the time period of the assure, whereas the contingent assure is lowered by the payouts made by the corporate to compensate the traders upon debtors’ default. Upon adoption, we acknowledged the cumulative impact of roughly RMB1.43 billion after tax as a lower to the opening steadiness of retained earnings and RMB1.9 billion as a rise to the opening steadiness of assure liabilities as of January 1, 2020. Transfer from Nasdaq World Market to Nasdaq World Choose Market The Firm’s software to maneuver the itemizing of its ADSs from The Nasdaq World Market to the upper tier of The Nasdaq World Choose Market has been accredited by Nasdaq, and its ADSs has begun buying and selling on The Nasdaq World Choose Market from November 19, 2020. Convention Name 360 DigiTech’s administration crew will host an earnings convention name at 9:00 PM U.S. Jap Time on Monday, March 15, 2021 (9:00 AM Beijing Time on March 16). United States:+1-646-722-4977Hong Kong:+852-3027-6500Mainland China:400-821-0637Worldwide:+65-6408-5782PIN:80701635# Please dial in 15 minutes earlier than the decision is scheduled to start and supply the PIN to hitch the decision. A phone replay of the decision shall be obtainable after the conclusion of the convention name till March 23, 2021: United States:+1-646-982-0473Worldwide:+65-6408-5781Entry code:319339808# Moreover, a stay and archived webcast of the convention name shall be obtainable on the Investor Relations part of the Firm’s web site at ir.360shuke.com. About 360 DigiTech 360 DigiTech, Inc. (NASDAQ: QFIN) (“360 DigiTech” or the “Firm”) is an information pushed, know-how empowered digital platform. By way of its platform the Firm allows monetary establishments to offer higher and focused services and products to a broader client base. The Firm additionally affords standardized threat administration service, within the type of SaaS modules to institutional purchasers. When coupled with its partnership with 360 Group, the Firm’s options created noticeable benefits in buyer acquisition, funding optimization, threat evaluation and post-lending administration. For extra info, please go to: ir.360shuke.com Use of Non-GAAP Monetary Measures Assertion To complement our monetary outcomes offered in accordance with U.S. GAAP, we use non-GAAP monetary measure, which is adjusted from outcomes primarily based on U.S. GAAP to exclude share-based compensation bills. Reconciliations of our non-GAAP monetary measures to our U.S. GAAP monetary measures are set forth in tables on the finish of this earnings launch, which offer extra particulars on the non-GAAP monetary measures. We use non-GAAP revenue from operation, non-GAAP operation margin, non-GAAP internet revenue and non-GAAP internet revenue margin in evaluating our working outcomes and for monetary and operational decision-making functions. Non-GAAP revenue from operation represents revenue from operation excluding share-based compensation bills, and non-GAAP internet revenue represents internet revenue excluding share-based compensation bills. Such changes haven’t any affect on revenue tax. We imagine that non-GAAP revenue from operation and non-GAAP internet revenue assist establish underlying traits in our enterprise that would in any other case be distorted by the impact of sure bills that we embrace in outcomes primarily based on U.S. GAAP. We imagine that non-GAAP revenue from operation and non-GAAP internet revenue present helpful details about our working outcomes, improve the general understanding of our previous efficiency and future prospects and permit for larger visibility with respect to key metrics utilized by our administration in its monetary and operational decision-making. Our non-GAAP monetary info ought to be thought of along with outcomes ready in accordance with U.S. GAAP, however shouldn’t be thought of an alternative choice to or superior to U.S. GAAP outcomes. As well as, our calculation of non-GAAP monetary info could also be totally different from the calculation utilized by different corporations, and due to this fact comparability could also be restricted. Alternate Price Data This announcement accommodates translations of sure RMB quantities into U.S. {dollars} at specified charges solely for the comfort of the reader. Until in any other case famous, all translations from RMB to U.S. {dollars} are made at a price of RMB6.5250 to US$1.00, the alternate price set forth within the H.10 statistical launch of the Board of Governors of the Federal Reserve System as of December 31, 2020. Secure Harbor Assertion Any forward-looking statements contained on this announcement are made below the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements might be recognized by terminology akin to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements. 360 Finance may additionally make written or oral forward-looking statements in its studies to the U.S. Securities and Alternate Fee (“SEC”) on Varieties 20-F and 6-Okay, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Statements that aren’t historic info, together with the Firm’s enterprise outlook for 2019, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion. Additional info relating to such dangers and uncertainties is included in 360 Finance’s filings with the SEC. All info offered on this press launch and within the attachments is as of the date of this press launch, and 360 Finance doesn’t undertake any obligation to replace any forward-looking assertion, besides as required below relevant regulation. For extra info, please contact: 360 DigiTech E-mail: ir@360shuke.com Christensen In China Mr. Eric Yuan Telephone: +86-138-0111-0739 E-mail: Eyuan@christensenir.com In US Ms. Linda Bergkamp Telephone: +1-480-614-3004 E mail: lbergkamp@christensenir.com Unaudited Condensed Consolidated Steadiness Sheets (Quantities in 1000’s of Renminbi (“RMB”) and U.S. {dollars} (“USD”) aside from variety of shares and per share knowledge, or in any other case famous) December 31,December 31,December 31, 20192020 2020 RMBRMBUSDASSETS Present property: Money and money equivalents2,108,1234,418,416 677,152 Restricted cash1,727,7272,355,850 361,050 Safety deposit pay as you go to third-party assure corporations932,983915,144 140,252 Funds receivable from third celebration fee service suppliers118,860131,464 20,148 Accounts receivable and contract property, net2,332,3642,394,528 366,977 Monetary property receivable, net1,912,5543,565,482 546,434 Quantities due from associated events478,767193,305 29,625 Loans receivable, net9,239,5657,500,629 1,149,522 Pay as you go bills and different property652,545401,224 61,490 Complete present property19,503,48821,876,042 3,352,650 Non-current property: Accounts receivable and contract property, net-non present19,508307,937 47,193 Monetary property receivable, net-non present59,270645,326 98,901 Loans receivable, net-non current-87,685 13,438 Property and tools, internet17,11319,360 2,967 Intangible assets3,5123,403 522 Deferred tax property697,3481,398,562 214,339 Different non-current property55,36248,990 7,508 Complete non-current property852,1132,511,263 384,868 TOTAL ASSETS20,355,60124,387,305 3,737,518 LIABILITIES AND EQUITY LIABILITIES Present liabilities: Payable to traders of the consolidated trusts-current4,423,7173,117,634 477,798 Accrued bills and different present liabilities720,918809,761 124,103 Quantities attributable to associated events55,62271,562 10,967 Brief time period loans200,000186,800 28,628 Assure liabilities-stand ready2,212,1254,173,497 639,616 Assure liabilities-contingent734,7303,543,454 543,058 Revenue tax payable1,056,2191,227,314 188,094 Different tax payable263,856254,486 39,002 Complete present liabilities9,667,18713,384,508 2,051,266 Non-current liabilities: Deferred tax liabilities-37,843 5,800 Payable to traders of the consolidated trusts-noncurrent3,442,5001,468,890 225,117 Different long-term liabilities31,18414,974 2,295 Complete non-current liabilities3,473,6841,521,707 233,212 TOTAL LIABILITIES13,140,87114,906,215 2,284,478 Strange shares2021 Three Extra paid-in capital5,117,1845,417,406 830,254 Retained earnings2,071,3324,137,542 634,106 Different complete revenue (loss)24,906(74,391)(11,401)TOTAL 360 DIGITECH INC EQUITY7,213,4429,480,578 1,452,962 Noncontroling interests1,288512 78 TOTAL EQUITY7,214,7309,481,090 1,453,040 TOTAL LIABILITIES AND EQUITY20,355,60124,387,305 3,737,518 Unaudited Condensed Consolidated Statements of Operations (Quantities in 1000’s of Renminbi (“RMB”) and U.S. {dollars} (“USD”) aside from variety of shares and per share knowledge, or in any other case famous) Three months ended December 31, 12 months ended December 31, 2019 2020 2020 2019 2020 2020 RMBRMBUSD RMBRMBUSDCredit pushed services1,978,824 2,557,129 391,898 8,013,391 11,403,675 1,747,690 Mortgage facilitation and servicing fees-capital heavy1,278,450 854,817 131,006 6,273,131 4,596,555 704,453 Financing revenue585,393 415,901 63,740 1,309,616 2,184,180 334,740 Income from releasing of assure liabilities81,146 1,251,564 191,811 285,407 4,506,935 690,718 Different providers charges33,835 34,847 5,341 145,237 116,005 17,779 Platform providers422,057 780,356 119,595 1,206,456 2,160,279 331,077 Mortgage facilitation and servicing fees-capital gentle349,574 681,090 104,382 814,581 1,826,654 279,947 Referral providers charges62,831 78,151 11,977 375,551 265,300 40,659 Different providers fees9,652 21,115 3,236 16,324 68,325 10,471 Complete internet revenue2,400,881 3,337,485 511,493 9,219,847 13,563,954 2,078,767 Facilitation, origination and servicing329,583 444,452 68,115 1,083,372 1,600,564 245,297 Funding prices135,851 131,351 20,130 344,999 595,623 91,283 Gross sales and advertising426,571 316,350 48,483 2,851,519 1,079,494 165,440 Basic and administrative118,959 135,346 20,743 428,189 455,952 69,878 Provision for loans receivable281,183 105,490 16,167 486,991 698,701 107,081 Provision for monetary property receivable64,659 57,493 8,811 166,176 312,058 47,825 Provision for accounts receivable and contract property47,131 23,327 3,575 230,280 237,277 36,364 Provision for contingent liabilities- 882,334 135,224 – 4,794,127 734,732 Expense on assure liabilities734,730 – – 734,730 – – Complete working prices and expenses2,138,667 2,096,143 321,248 6,326,256 9,773,796 1,497,900 Revenue from operations262,214 1,241,342 190,245 2,893,591 3,790,158 580,867 Curiosity (expense) revenue, internet(14,229)32,568 4,991 (41,707)77,169 11,827 International alternate acquire (loss)42,646 62,013 9,504 (24,875)101,534 15,561 Different revenue, internet45,973 15,985 2,450 140,278 112,884 17,300 Revenue earlier than revenue tax expense336,604 1,351,908 207,190 2,967,287 4,081,745 625,555 Revenue taxes profit (expense)93,094 (147,544)(22,612) (465,983)(586,036)(89,814)Web revenue429,698 1,204,364 184,578 2,501,304 3,495,709 535,741 Web loss attributable to noncontrolling pursuits218 444 68 291 897 137 Web revenue attributable to peculiar shareholders of the Firm429,916 1,204,808 184,646 2,501,595 3,496,606 535,878 Web revenue per peculiar share attributable to peculiar shareholders of 360 DigiTech, Inc. Basic1.47 3.97 0.61 8.66 11.72 1.80 Diluted1.43 3.86 0.59 8.31 11.40 1.75 Web revenue per ADS attributable to peculiar shareholders of 360 DigiTech, Inc. Basic2.94 7.94 1.22 17.32 23.44 3.60 Diluted2.86 7.72 1.18 16.62 22.80 3.50 Weighted common shares utilized in calculating internet revenue per peculiar share Fundamental291,911,903 303,298,903 303,298,903 288,827,604 298,222,207 298,222,207 Diluted299,691,958 312,423,549 312,423,549 300,938,470 306,665,099 306,665,099 Unaudited Condensed Consolidated Statements of Complete (Loss)/Revenue (Quantities in 1000’s of Renminbi (“RMB”) and U.S. {dollars} (“USD”) aside from variety of shares and per share knowledge, or in any other case famous) Three months ended December 31, 201920202020 RMBRMBUSDNet revenue429,698 1,204,364 184,578 Different complete revenue, internet of tax of nil: International forex translation adjustment(44,723)(61,851)(9,479)Different complete revenue (loss)(44,723)(61,851)(9,479)Complete complete revenue384,975 1,142,513 175,099 Web loss attributable to noncontrolling pursuits218 444 68 Complete revenue attributable to peculiar shareholders385,193 1,142,957 175,167 12 months ended December 31, 201920202020 RMBRMBUSDNet income2,501,304 3,495,709 535,741 Different complete revenue, internet of tax of nil: International forex translation adjustment21,223 (99,296)(15,218)Different complete revenue (loss)21,223 (99,296)(15,218)Complete complete income2,522,527 3,396,413 520,523 Web loss attributable to noncontrolling pursuits291 897 137 Complete revenue attributable to peculiar shareholders2,522,818 3,397,310 520,660 Unaudited Reconciliations of GAAP and Non-GAAP Outcomes (Quantities in 1000’s of Renminbi (“RMB”) and U.S. {dollars} (“USD”) aside from variety of shares and per share knowledge, or in any other case famous) Three months ended December 31, 2019 2020 2020 RMBRMBUSD Reconciliation of Non-GAAP Web Revenue to Web Revenue Web revenue429,698 1,204,364 184,578 Add: Share-based compensation bills85,727 107,714 16,508 Non-GAAP internet revenue515,425 1,312,078 201,086 Non-GAAP internet revenue margin21.5%39.3% GAAP internet revenue margin17.9%36.1% Web revenue attributable to shareholders of 360 DigiTech, Inc429,916 1,204,808 184,646 Add: Share-based compensation bills85,727 107,714 16,508 Non-GAAP internet revenue attributable to shareholders of 360 DigiTech, Inc515,643 1,312,522 201,154 Weighted common ADS utilized in calculating internet revenue per peculiar share for each GAAP and non-GAAP EPS149,845,979 156,211,775 156,211,775 Web revenue per ADS attributable to peculiar shareholders of 360 DigiTech, Inc. -diluted2.86 7.72 1.18 Non-GAAP internet revenue per ADS attributable to peculiar shareholders of 360 DigiTech, Inc. -diluted3.44 8.40 1.29 Reconciliation of Non-GAAP Revenue from operations to Revenue from operations Revenue from operations262,214 1,241,342 190,245 Add: Share-based compensation bills85,727 107,714 16,508 Non-GAAP Revenue from operations347,941 1,349,056 206,753 Non-GAAP working margin14.5%40.4% GAAP working margin10.9%37.2% 12 months ended December 31, 2019 2020 2020 RMBRMBUSD Reconciliation of Non-GAAP Web Revenue to Web Revenue Web income2,501,304 3,495,709 535,741 Add: Share-based compensation bills250,428 301,161 46,155 Non-GAAP internet income2,751,732 3,796,870 581,896 Non-GAAP internet revenue margin29.8%28.0% GAAP internet revenue margin27.1%25.8% Web revenue attributable to shareholders of 360 DigiTech, Inc2,501,595 3,496,606 535,878 Add: Share-based compensation bills250,428 301,161 46,155 Non-GAAP internet revenue attributable to shareholders of 360 DigiTech, Inc2,752,023 3,797,767 582,033 Weighted common ADS utilized in calculating internet revenue per peculiar share for each GAAP and non-GAAP EPS150,469,235 153,332,550 153,332,550 Web revenue per ADS attributable to peculiar shareholders of 360 DigiTech, Inc. -diluted16.62 22.80 3.50 Non-GAAP internet revenue per ADS attributable to peculiar shareholders of 360 DigiTech, Inc. -diluted18.29 24.77 3.80 Reconciliation of Non-GAAP Revenue from operations to Revenue from operations Revenue from operations2,893,591 3,790,158 580,867 Add: Share-based compensation bills250,428 301,161 46,155 Non-GAAP Revenue from operations3,144,019 4,091,319 627,022 Non-GAAP working margin34.1%30.2% GAAP working margin31.4%27.9%



Supply hyperlink

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *