Noah Holdings Limited Announces Unaudited Financial Results for the Third Quarter of 2019
THIRD QUARTER 2019 FINANCIAL HIGHLIGHTS
- Net revenues for the third quarter of 2019 were
RMB842.0 million (US$117.8 million ), a 0.4% increase from the corresponding period in 2018.
(RMB millions, except percentages) |
Q3 2018 |
Q3 2019 |
YoY Change |
||||
Wealth management |
576.9 |
542.4 |
(6.0%) |
||||
Asset management |
198.5 |
240.4 |
21.1% |
||||
Lending and other businesses |
63.6 |
59.2 |
(6.9%) |
||||
Total net revenues |
839.0 |
842.0 |
0.4% |
- Income from operations for the third quarter of 2019 was
RMB234.3 million (US$32.8 million ), a 13.6% decrease from the corresponding period in 2018.
(RMB millions, except percentages) |
Q3 2018 |
Q3 2019 |
YoY Change |
||||
Wealth management |
169.2 |
83.5 |
(50.6%) |
||||
Asset management |
101.7 |
145.7 |
43.3% |
||||
Lending and other businesses |
0.2 |
5.1 |
2,450.0% |
||||
Total income from operations |
271.1 |
234.3 |
(13.6%) |
- Net income attributable to Noah shareholders for the third quarter of 2019 was
RMB191.6 million (US$26.8 million ), a 7.8% decrease from the corresponding period in 2018. - Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2019 was
RMB353.7 million (US$49.5 million ), a 23.7% increase from the corresponding period in 2018.
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, fair value changes of equity securities (unrealized), adjustment for sale of equity securities and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. |
THIRD QUARTER 2019 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers financial products and provides value-added services to high net worth clients in
- Total number of registered clients as of
September 30, 2019 was 288,245, a 21.7% increase fromSeptember 30, 2018 . - Total number of active clients[2] during the third quarter of 2019 was 3,409, a 17.0% decrease from the corresponding period in 2018.
- Aggregate value of financial products distributed during the third quarter of 2019 was
RMB13.0 billion (US$1.8 billion ), a 53.7% decrease from the corresponding period in 2018, due to the fact that the Company is no longer offering single-counterparty credit products to clients.
Product type |
Three months ended September 30, |
||||||
2018 |
2019 |
||||||
(RMB in billions, except percentages) |
|||||||
Credit products |
22.8 |
81.4% |
1.5 |
11.7% |
|||
Private equity products |
3.3 |
11.8% |
3.5 |
26.8% |
|||
Public securities products |
1.5 |
5.4% |
7.5 |
57.5% |
|||
Other products |
0.4 |
1.4% |
0.5 |
4.0% |
|||
All products |
28.0 |
100.0% |
13.0 |
100.0% |
- Average transaction value per active client[3] for the third quarter of 2019 was
RMB3.8 million (US$0.5 million ), a 44.3% decrease from the corresponding period in 2018. - Coverage network in mainland
China included 307 service centers covering 81 cities as ofSeptember 30, 2019 , compared with 306 service centers covering 83 cities as ofJune 30, 2019 . - Number of relationship managers was 1,368 as of
September 30, 2019 , a 4.2% decrease fromJune 30, 2019 , as the Company removed underperforming relationship managers as part of its operational streamlining efforts.
[2] "Active clients" for a given period refers to registered high net worth clients who purchase financial products distributed or provided by Noah during that given period. |
[3] "Average transaction value per active client" refers to the average value of financial products that were purchased by active clients during the period specified. |
Asset Management Business
The Company's asset management business,
- Total assets under management as of
September 30, 2019 wereRMB176.5 billion (US$24.7 billion ), a 2.4% decrease fromJune 30, 2019 due to the voluntary accelerated repayments of certain credit products and a 7.5% increase fromSeptember 30, 2018 .
Investment type |
As of |
Growth |
Distribution/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
104.4 |
57.7% |
2.0 |
0.5 |
105.9 |
60.0% |
|||||
Credit |
40.6 |
22.5% |
0.1 |
7.3 |
33.4 |
19.0% |
|||||
Real estate |
19.1 |
10.6% |
1.7 |
2.1 |
18.7 |
10.6% |
|||||
Public securities[4] |
8.2 |
4.5% |
1.6 |
0.2 |
9.6 |
5.4% |
|||||
Multi-strategies |
8.5 |
4.7% |
0.4 |
- |
8.9 |
5.0% |
|||||
All Investments |
180.8 |
100.0% |
5.8 |
10.1 |
176.5 |
100.0% |
|||||
[4] The distribution/redemption of public securities also includes market appreciation or depreciation. |
Lending and Other Businesses
The Company's lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers, often secured with collateral. The total amount of loans originated during the third quarter of 2019 was
Mr.
THIRD QUARTER 2019 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2019 were
- Wealth Management Business
- Net revenues from one-time commissions for the third quarter of 2019 wereRMB149.6 million (US$20.9 million ), a 34.7% decrease from the corresponding period in 2018 due to a decrease in credit products distributed in third quarter of 2019.
- Net revenues from recurring service fees for the third quarter of 2019 wereRMB318.9 million (US$44.6 million ), a 4.6% increase from the corresponding period in 2018. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.
- Net revenues from performance-based income for the third quarter of 2019 wereRMB4.3 million (US$0.6 million ), a 64.4% decrease from the corresponding period of 2018, primarily due to a decrease in performance-based income from public securities products.
- Net revenues from other service fees for the third quarter of 2019 wereRMB69.6 million (US$9.7 million ), an 124.6% increase fromRMB31.0 million in the corresponding period in 2018, primarily due to the growth of various value-added services Noah offers to its high net worth clients. - Asset Management Business
- Net revenues from recurring service fees for the third quarter of 2019 wereRMB200.4 million (US$28.0 million ), a 16.5% increase from the corresponding period in 2018. The increase was primarily due to the increase in assets under management and service fees income generated from voluntary accelerated repayments of certain credit products in the third quarter of 2019.
- Net revenues from performance-based income for the third quarter of 2019 wereRMB38.1 million (US$5.3 million ), a 78.6% increase from the corresponding period in 2018, primarily due to an increase in performance-based income from certain real estate funds. - Lending and Other Businesses
- Net revenues for the third quarter of 2019 wereRMB59.2 million (US$8.3 million ), a 6.9% decrease from the corresponding period in 2018, due to reduced loan origination in the second and third quarters of 2019.
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2019 were
- Operating costs and expenses for the wealth management business for the third quarter of 2019 were
RMB458.8 million (US$64.2 million ), a 12.5% increase from the corresponding period in 2018, primarily due to an increase in compensation and benefits and legal fees. - Operating costs and expenses for the asset management business for the third quarter of 2019 were
RMB94.8 million (US$13.3 million ), a 2.1% decrease from the corresponding period in 2018, primarily due to a decrease in compensation and benefits. - Operating costs and expenses for the lending and other businesses for the third quarter of 2019 were
RMB54.1 million (US$7.6 million ), a 14.7% decrease from the corresponding period in 2018, primarily due to a decrease in compensation and benefits as employees under non-lending businesses were restructured since the beginning of 2019.
Operating Margin
Operating margin for the third quarter of 2019 was 27.8%, compared with 32.3% for the corresponding period in 2018.
- Operating margin for the wealth management business for the third quarter of 2019 was 15.4%, compared with 29.3% for the corresponding period in 2018, due to legal expenses incurred related to
Camsing case. - Operating margin for the asset management business for the third quarter of 2019 was 60.6%, compared with 51.2% for the corresponding period in 2018.
- Income from operations for the lending and other businesses for the third quarter of 2019 was
RMB5.1 million (US$0.7 million ), compared withRMB0.2 million in the corresponding period of 2018.
Investment Loss
Investment Loss for the third quarter of 2019 was
Income Tax Expenses
Income tax expenses for the third quarter of 2019 were
Net Income
- Net Income
- Net income for the third quarter of 2019 wasRMB203.8 million (US$28.5 million ), which is largely unchanged compared to the corresponding period in 2018.
- Net margin for the third quarter of 2019 was 24.2%, down from 24.5% for the corresponding period in 2018.
- Net income attributable to Noah shareholders for the third quarter of 2019 wasRMB191.6 million (US$26.8 million ), a 7.8% decrease from the corresponding period in 2018.
- Net margin attributable to Noah shareholders for the third quarter of 2019 was 22.8%, down from 24.8% for the corresponding period in 2018.
- Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2019 wasRMB3.13 (US$0.44) andRMB3.10 (US$0.43) , respectively, compared withRMB3.51 andRMB3.41 respectively, for the corresponding period in 2018. - Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the third quarter of 2019 wasRMB353.7 million (US$49.5 million ), a 23.7% increase from the corresponding period in 2018.
- Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2019 was 42.0%, up from 34.1% for the corresponding period in 2018.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2019 wasRMB5.73 (US$0.80) , up fromRMB4.68 for the corresponding period in 2018.
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the third quarter of 2019 was
Net cash inflow from the Company's investing activities during the third quarter of 2019 was
Net cash inflow from the Company's financing activities was
OTHER COMPANY DEVELOPMENTS
The Company also announced today that Mr.
Mr. Pan brings over 17 years of experience to the CFO role in areas such as corporate finance and corporate strategy. He has been serving as COO for Noah's asset management business since 2017. Prior to joining Noah, Mr. Pan was an audit partner with a Big Four accounting firm and assisted a number of successful offerings of
Ms.
2019 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2019 will be in the range of
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's third quarter 2019 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time:
|
Monday, November 11, 2019 at 8:00 p.m., U.S. Eastern Time Tuesday, November 12, 2019 at 9:00 a.m., Hong Kong Time |
Dial in details: |
|
- United States Toll Free |
+1-866-311-7654 |
- Mainland China Toll Free |
4001-201-203 |
- Hong Kong Toll Free |
800-905-945 |
- International |
+1-412-317-5227 |
Conference Title: |
Noah Holdings Third Quarter 2019 Earnings Call |
Participant Password: |
Noah Holdings Limited |
A telephone replay will be available starting one hour after the end of the conference call until
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahgroup.com.
DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD AND NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, fair value changes of equity investments (unrealized), adjustment for sale of equity securities and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.
When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.
ABOUT
Noah's wealth management business primarily distributes private equity, public securities, credit and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,368 relationship managers across 307 service centers in 81 cities in mainland
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the third quarter of 2019 ended
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of 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," "confident" and similar statements. Among other things, the outlook for 2019 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the
Contacts:
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
June 30, |
September 30, |
September 30, |
|||||
2019 |
2019 |
2019 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
2,873,740 |
3,669,150 |
513,333 |
||||
Restricted cash |
2,500 |
2,500 |
350 |
||||
Short-term investments |
747,710 |
557,130 |
77,945 |
||||
Accounts receivable |
292,971 |
287,818 |
40,267 |
||||
Loans receivable, net |
532,284 |
541,703 |
75,787 |
||||
Amounts due from related parties |
799,391 |
666,584 |
93,259 |
||||
Loans receivable from factoring business |
69,270 |
60,000 |
8,394 |
||||
Other current assets |
314,624 |
298,403 |
41,748 |
||||
Total current assets |
5,632,490 |
6,083,288 |
851,083 |
||||
Long-term investments |
1,141,506 |
930,055 |
130,119 |
||||
Investment in affiliates |
1,411,072 |
1,289,296 |
180,379 |
||||
Property and equipment, net |
315,788 |
307,680 |
43,046 |
||||
Operating lease right-of-use assets, net |
373,784 |
367,873 |
51,467 |
||||
Non-current deferred tax assets |
116,306 |
126,914 |
17,756 |
||||
Other non-current assets |
75,869 |
79,654 |
11,144 |
||||
Total Assets |
9,066,815 |
9,184,760 |
1,284,994 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
461,099 |
432,800 |
60,551 |
||||
Income tax payable |
59,743 |
96,668 |
13,524 |
||||
Deferred revenues |
144,378 |
192,614 |
26,948 |
||||
Other current liabilities |
628,158 |
333,132 |
46,607 |
||||
Total current liabilities |
1,293,378 |
1,055,214 |
147,630 |
||||
Operating lease liabilities, non-current |
380,862 |
370,845 |
51,883 |
||||
Non-current deferred tax liabilities |
66,741 |
65,314 |
9,138 |
||||
Other non-current liabilities |
21,832 |
11,952 |
1,672 |
||||
Total Liabilities |
1,762,813 |
1,503,325 |
210,323 |
||||
Equity |
7,304,002 |
7,681,435 |
1,074,671 |
||||
Total Liabilities and Equity |
9,066,815 |
9,184,760 |
1,284,994 |
Noah Holdings Limited |
||||||||
Condensed Consolidated Income Statements |
||||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
September 30, |
September 30, |
September 30, |
Change |
|||||
2018 |
2019 |
2019 |
||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||
Revenues from others: |
||||||||
One-time commissions |
177,863 |
129,786 |
18,158 |
(27.0%) |
||||
Recurring service fees |
140,293 |
135,201 |
18,915 |
(3.6%) |
||||
Performance-based income |
12,215 |
4,383 |
613 |
(64.1%) |
||||
Other service fees |
98,802 |
131,950 |
18,460 |
33.5% |
||||
Total revenues from others |
429,173 |
401,320 |
56,146 |
(6.5%) |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
54,697 |
21,137 |
2,957 |
(61.4%) |
||||
Recurring service fees |
338,300 |
386,381 |
54,057 |
14.2% |
||||
Performance-based income |
21,411 |
38,299 |
5,358 |
78.9% |
||||
Total revenues from funds |
414,408 |
445,817 |
62,372 |
7.6% |
||||
Total revenues |
843,581 |
847,137 |
118,518 |
0.4% |
||||
Less: VAT related surcharges |
(4,597) |
(5,150) |
(721) |
12.0% |
||||
Net revenues |
838,984 |
841,987 |
117,797 |
0.4% |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager |
(143,831) |
(148,572) |
(20,786) |
3.3% |
||||
Others |
(241,269) |
(246,277) |
(34,456) |
2.1% |
||||
Total compensation and |
(385,100) |
(394,849) |
(55,242) |
2.5% |
||||
Selling expenses |
(81,224) |
(83,592) |
(11,695) |
2.9% |
||||
General and administrative |
(60,010) |
(104,450) |
(14,613) |
74.1% |
||||
Other operating expenses |
(51,106) |
(52,838) |
(7,392) |
3.4% |
||||
Government grants |
9,518 |
28,049 |
3,924 |
194.7% |
||||
Total operating costs and |
(567,922) |
(607,680) |
(85,018) |
7.0% |
||||
Income from operations |
271,062 |
234,307 |
32,779 |
(13.6%) |
||||
Other income (expense): |
||||||||
Interest income |
14,237 |
13,774 |
1,927 |
(3.3%) |
||||
Interest expenses |
1,156 |
- |
- |
N.A. |
||||
Investment loss |
(16,817) |
(48,405) |
(6,772) |
187.8% |
||||
Other expense |
(1,836) |
(5,114) |
(715) |
178.5% |
||||
Total other expense |
(3,260) |
(39,745) |
(5,560) |
1,119.2% |
||||
Income before taxes and |
267,802 |
194,562 |
27,219 |
(27.3%) |
||||
Income tax expense |
(61,804) |
(44,737) |
(6,259) |
(27.6%) |
||||
Income (loss) from equity in |
(796) |
53,974 |
7,551 |
N.A. |
||||
Net income |
205,202 |
203,799 |
28,511 |
(0.7%) |
||||
Less: net (loss) income |
(2,506) |
12,201 |
1,707 |
N.A. |
||||
Net income attributable to |
207,708 |
191,598 |
26,804 |
(7.8%) |
||||
Income per ADS, basic |
3.51 |
3.13 |
0.44 |
(10.8%) |
||||
Income per ADS, diluted |
3.41 |
3.10 |
0.43 |
(9.1%) |
||||
Margin analysis: |
||||||||
Operating margin |
32.3% |
27.8% |
27.8% |
|||||
Net margin |
24.5% |
24.2% |
24.2% |
|||||
Weighted average ADS |
||||||||
Basic |
59,172,524 |
61,308,638 |
61,308,638 |
|||||
Diluted |
61,615,856 |
61,759,161 |
61,759,161 |
|||||
ADS equivalent outstanding at |
59,430,433 |
61,480,292 |
61,480,292 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two |
Noah Holdings Limited |
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
September 30, |
September 30, |
September 30, |
Change |
||||||
2018 |
2019 |
2019 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
205,202 |
203,799 |
28,513 |
(0.7%) |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
50,719 |
119,641 |
16,738 |
135.9% |
|||||
Fair value fluctuation of available for sale |
(289) |
(3,191) |
(446) |
1,004.2% |
|||||
Comprehensive income |
255,632 |
320,249 |
44,805 |
25.3% |
|||||
Less: Comprehensive income (loss) |
(2,634) |
12,052 |
1,686 |
N.A. |
|||||
Comprehensive income attributable to |
258,266 |
308,197 |
43,119 |
19.3% |
Noah Holdings Limited |
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
September 30, |
September 30, |
Change |
|||
Number of registered clients |
236,906 |
288,245 |
21.7% |
||
Number of relationship managers |
1,559 |
1,368 |
(12.3%) |
||
Number of cities in mainland China under |
83 |
81 |
(2.4%) |
||
Three months ended |
|||||
September 30, |
September 30, |
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
4,108 |
3,409 |
(17.0%) |
||
Transaction value: |
|||||
Credit products |
22,775 |
1,517 |
(93.3%) |
||
Private equity products |
3,300 |
3,477 |
5.4% |
||
Public securities products |
1,490 |
7,444 |
399.6% |
||
Other products |
430 |
513 |
19.3% |
||
Total transaction value |
27,995 |
12,951 |
(53.7%) |
||
Average transaction value per active client |
6.81 |
3.80 |
(44.3%) |
Noah Holdings Limited |
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended September 30, 2019 |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others |
|||||||
One-time commissions |
129,099 |
687 |
- |
129,786 |
|||
Recurring service fees |
133,825 |
1,376 |
- |
135,201 |
|||
Performance-based income |
4,346 |
37 |
- |
4,383 |
|||
Other service fees |
69,841 |
1,197 |
60,912 |
131,950 |
|||
Total revenues from others |
337,111 |
3,297 |
60,912 |
401,320 |
|||
Revenues from funds Gopher manages |
|||||||
One-time commissions |
21,053 |
84 |
- |
21,137 |
|||
Recurring service fees |
186,251 |
200,130 |
- |
386,381 |
|||
Performance-based income |
- |
38,299 |
- |
38,299 |
|||
Total revenues from funds Gopher |
207,304 |
238,513 |
- |
445,817 |
|||
Total revenues |
544,415 |
241,810 |
60,912 |
847,137 |
|||
Less: business taxes and related |
(2,067) |
(1,368) |
(1,715) |
(5,150) |
|||
Net revenues |
542,348 |
240,442 |
59,197 |
841,987 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(148,572) |
- |
- |
(148,572) |
|||
Others |
(155,102) |
(66,914) |
(24,261) |
(246,277) |
|||
Total compensation and benefits |
(303,674) |
(66,914) |
(24,261) |
(394,849) |
|||
Selling expenses |
(69,563) |
(9,315) |
(4,714) |
(83,592) |
|||
General and administrative |
(77,370) |
(17,916) |
(9,164) |
(104,450) |
|||
Other operating expenses |
(33,905) |
(2,947) |
(15,986) |
(52,838) |
|||
Government grants |
25,740 |
2,302 |
7 |
28,049 |
|||
Total operating costs and expenses |
(458,772) |
(94,790) |
(54,118) |
(607,680) |
|||
Income from operations |
83,576 |
145,652 |
5,079 |
234,307 |
Noah Holdings Limited |
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended September 30, 2018 |
||||||||
Wealth |
Asset |
Other |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
177,305 |
558 |
- |
177,863 |
||||
Recurring service fees |
131,988 |
8,305 |
- |
140,293 |
||||
Performance-based income |
12,215 |
- |
- |
12,215 |
||||
Other service fees |
31,133 |
2,671 |
64,998 |
98,802 |
||||
Total revenues from others |
352,641 |
11,534 |
64,998 |
429,173 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
52,758 |
1,939 |
- |
54,697 |
||||
Recurring service fees |
174,083 |
164,217 |
- |
338,300 |
||||
Performance-based income |
- |
21,411 |
- |
21,411 |
||||
Total revenues from funds Gopher |
226,841 |
187,567 |
- |
414,408 |
||||
Total revenues |
579,482 |
199,101 |
64,998 |
843,581 |
||||
Less: business taxes and related |
(2,587) |
(630) |
(1,380) |
(4,597) |
||||
Net revenues |
576,895 |
198,471 |
63,618 |
838,984 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager compensation |
(143,550) |
(10) |
(271) |
(143,831) |
||||
Performance fee compensation |
- |
(5,975) |
- |
(5,975) |
||||
Other compensations |
(142,420) |
(62,725) |
(30,149) |
(235,294) |
||||
Total compensation and benefits |
(285,970) |
(68,710) |
(30,420) |
(385,100) |
||||
Selling expenses |
(74,160) |
(3,747) |
(3,317) |
(81,224) |
||||
General and administrative |
(34,092) |
(20,046) |
(5,872) |
(60,010) |
||||
Other operating expenses |
(23,010) |
(4,258) |
(23,838) |
(51,106) |
||||
Government grants |
9,518 |
- |
- |
9,518 |
||||
Total operating costs and expenses |
(407,714) |
(96,761) |
(63,447) |
(567,922) |
||||
Income from operations |
169,181 |
101,710 |
171 |
271,062 |
Noah Holdings Limited |
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited)
|
|||||||
Three months ended September 30, 2019 |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
347,744 |
212,137 |
60,912 |
620,793 |
|||
Hong Kong |
139,406 |
26,829 |
- |
166,235 |
|||
Others |
57,265 |
2,844 |
- |
60,109 |
|||
Total revenues |
544,415 |
241,810 |
60,912 |
847,137 |
|||
Three months ended September 30, 2018 |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
445,416 |
150,119 |
64,998 |
660,533 |
|||
Hong Kong |
133,347 |
48,982 |
- |
182,329 |
|||
Others |
719 |
- |
- |
719 |
|||
Total revenues |
579,482 |
199,101 |
64,998 |
843,581 |
Noah Holdings Limited |
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited)[5] |
|||||||
Three months ended |
|||||||
September 30, |
September 30, |
Change |
|||||
2018 |
2019 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
207,708 |
191,598 |
(7.8%) |
||||
Adjustment for share-based compensation |
35,647 |
21,310 |
(40.2%) |
||||
Less: loss from fair value changes of equity securities |
(20,686) |
(6,047) |
(70.8%) |
||||
Add: gains from sales of equity securities |
29,891 |
139,816 |
367.8% |
||||
Less: tax effect of adjustments |
7,961 |
5,059 |
(36.5%) |
||||
Adjusted net income attributable to Noah shareholders |
285,971 |
353,712 |
23.7% |
||||
Net margin attributable to Noah shareholders |
24.8% |
22.8% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
34.1% |
42.0% |
|||||
Net income attributable to Noah shareholders per ADS, |
3.41 |
3.10 |
(9.1%) |
||||
Non-GAAP net income attributable to Noah shareholders |
4.68 |
5.73 |
22.4% |
||||
[5] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the |
View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2019-300955403.html
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