Press Release: FinVolution Group Reports First Quarter 2023 Unaudited Financial Results

                                   -------------  -------------  ------------- 
Net profit                               534,259        689,820        100,446 
 Net profit attributable to 
  non-controlling ,interest 
  shareholders                             (404)        (6,064)          (883) 
Net profit attributable to 
 FinVolution Group                       534,663        695,884        101,329 
 Foreign currency translation 
  adjustment, net of nil tax             (2,546)       (29,168)        (4,247) 
 Total comprehensive income 
  attributable to FinVolution 
  Group                                  532,117        666,716         97,082 
                                   =============  =============  ============= 
Weighted average number of 
ordinary shares used 
in                    computing 
net income per share 
 Basic                             1,431,746,490  1,410,573,744  1,410,573,744 
 Diluted                           1,474,499,556  1,436,889,563  1,436,889,563 
Net profit per share attributable 
to FinVolution    Group's 
ordinary shareholders 
 Basic                                      0.37           0.49           0.07 
 Diluted                                    0.36           0.48           0.07 
Net profit per ADS attributable 
to FinVolution    Group's 
ordinary shareholders (one ADS 
equal    five ordinary shares) 
 Basic                                      1.87           2.47           0.36 
 Diluted                                    1.81           2.42           0.35 
 
 
                            FinVolution Group 
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     (All amounts in thousands, except share data, or otherwise noted) 
 
                                         Three Months Ended March 31, 
                                            2022              2023 
                                             RMB      RMB        USD 
Net cash (used in)/provided by 
 operating activities                       (35,152)    672,286     97,892 
Net cash (used in)/ provided by 
 investing activities                    (1,743,175)  1,805,886    262,957 
Net cash provided by/ (used in) 
 financing activities                        401,228  (886,716)  (129,116) 
Effect of exchange rate changes on cash 
 and cash equivalents                        (2,096)   (26,403)    (3,844) 
Net increase/ (decrease) in cash, cash 
 equivalent and restricted cash          (1,379,195)  1,565,053    227,889 
Cash, cash equivalent and restricted 
 cash at beginning of period               8,491,541  6,479,087    943,428 
Cash, cash equivalent and restricted 
 cash at end of period                     7,112,346  8,044,140  1,171,317 
 
 
                              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 March 31, 
                                       2022                   2023 
                                        RMB       RMB            USD 
 
Net Revenues                           2,446,794      3,050,643        444,208 
Less: total operating expenses       (1,864,753)    (2,308,363)      (336,123) 
Operating Income                         582,041        742,280        108,085 
Add: share-based compensation 
 expenses                                 20,098         20,359          2,964 
Non-GAAP adjusted operating 
 income                                  602,139        762,639        111,049 
 
Operating Margin                          23.8 %         25.0 %         25.0 % 
Non-GAAP operating margin                 24.6 %         25.6 %         25.6 % 
Non-GAAP adjusted operating 
 income                                  602,139        762,639        111,049 
Add: other income, net                    50,849         82,777         12,053 
Less: income tax expenses               (98,631)      (135,237)       (19,692) 
Non-GAAP net profit                      554,357        710,179        103,410 
Net profit attributable to 
 non-controlling interest 
 shareholders                              (404)        (6,064)          (883) 
Non-GAAP net profit attributable 
 to FinVolution Group                    554,761        716,243        104,293 
 
Weighted average number of 
ordinary shares used in computing 
net income per share 
Basic                              1,431,746,490  1,410,573,744  1,410,573,744 
Diluted                            1,474,499,556  1,436,889,563  1,436,889,563 
Non-GAAP net profit per share 
attributable to FinVolution 
Group's ordinary shareholders 
Basic                                       0.39           0.51           0.07 
Diluted                                     0.38           0.50           0.07 
Non-GAAP net profit per ADS 
attributable to FinVolution 
Group's ordinary shareholders 
(one ADS equal five ordinary 
shares) 
Basic                                       1.94           2.54           0.37 
Diluted                                     1.88           2.49           0.36 
 

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SOURCE FinVolution Group

(END) Dow Jones Newswires

May 17, 2023 18:30 ET (22:30 GMT)