Noah Holdings Limited Announces Unaudited Financial Results for the First Quarter of 2018
FIRST QUARTER 2018 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2018 were
RMB830.9 million (US$132.5 million ), a 16.5% increase from the corresponding period in 2017.
(RMB millions, |
Q1 2017 |
Q1 2018 |
YoY Change |
||
Wealth management |
562.0 |
594.2 |
5.7% |
||
Asset management |
126.4 |
194.3 |
53.8% |
||
Other financial services |
24.8 |
42.4 |
71.0% |
||
Total net revenues |
713.2 |
830.9 |
16.5% |
- Income from operations for the first quarter of 2018 was
RMB274.5 million (US$43.8 million ), a 6.9% increase from the corresponding period in 2017.
(RMB millions, |
Q1 2017 |
Q1 2018 |
YoY Change |
||
Wealth management |
209.2 |
184.0 |
(12.1%) |
||
Asset management |
78.7 |
109.4 |
39.0% |
||
Other financial services |
(31.1) |
(18.9) |
(39.3%) |
||
Total income from operations |
256.8 |
274.5 |
6.9% |
- Net income attributable to Noah shareholders for the first quarter of 2018 was
RMB268.5 million (US$42.8 million ), a 23.7% increase from the corresponding period in 2017. - Non-GAAP[1]net income attributable to Noah shareholders for the first quarter of 2018 was
RMB256.4 million (US$40.9 million ), an 8.1% increase from the corresponding period in 2017.
FIRST QUARTER 2018 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers financial products and provides comprehensive financial services to high net worth individual clients and enterprises. Noah primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products.
- Total number of registered clients as of March 31, 2018 was 196,927, a 32.6% increase from
March 31, 2017 . - Total number of active clients[2]during the first quarter of 2018 was 5,449, a 24.9% increase from
March 31, 2017 . - Aggregate value of financial products distributed during the first quarter of 2018 was
RMB27.8 billion (US$4.4 billion ), a 14.9% decrease from the first quarter of 2017.
Product type |
Three months ended March 31, |
||||||
2017 |
2018 |
||||||
(RMB in billions, except percentages) |
|||||||
Fixed income |
22.1 |
67.6% |
13.2 |
47.6% |
|||
Private equity |
9.1 |
27.8% |
6.3 |
22.6% |
|||
Secondary market equity |
1.1 |
3.4% |
7.9 |
28.2% |
|||
Other products |
0.4 |
1.2% |
0.4 |
1.6% |
|||
All products |
32.7 |
100.0% |
27.8 |
100.0% |
- Average transaction value per active client[3] for the first quarter of 2018 was
RMB5.1 million (US$0.8 million ), a 31.9% decrease from the corresponding period in 2017. - Coverage network included 263 branches and sub-branches covering 81 cities as of March 31, 2018, up from 199 branches and sub-branches covering 74 cities as of
March 31, 2017 . - Number of relationship managers was 1,386 as of March 31, 2018, a 10.8% increase from
March 31, 2017 .
Asset Management Business
The Company's asset management business, Gopher Asset Management, is a leading alternative asset manager in
- Total assets under management as of March 31, 2018 were
RMB156.9 billion (US$25.0 billion ), a 5.8% increase fromDecember 31, 2017 and a 21.1% increase fromMarch 31, 2017 .
Investment type |
As of |
Asset |
Asset |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
86.9 |
58.6% |
5.0 |
0.0 |
91.8 |
58.5% |
|||||
Credit |
40.0 |
27.0% |
8.2 |
5.4 |
42.8 |
27.3% |
|||||
Real estate |
11.6 |
7.8% |
2.4 |
2.1 |
11.9 |
7.6% |
|||||
Secondary market equity |
6.2 |
4.2% |
0.9 |
0.3 |
6.8 |
4.3% |
|||||
Other investments |
3.6 |
2.5% |
- |
0.1 |
3.6 |
2.3% |
|||||
All Investments |
148.3 |
100.0% |
16.5 |
7.9 |
156.9 |
100.0% |
Other Financial Services Business
The Company's other financial services business includes its online wealth management, lending services and payment technology services.
Mr.
FIRST QUARTER 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2018 were
- Wealth Management Business
- Net revenues from one-time commissions for the first quarter of 2018 were
- Net revenues from recurring service fees for the first quarter of 2018 were
- Net revenues from performance-based income for the first quarter of 2018 were
- Net revenues from other service fees for the first quarter of 2018 were
- Asset Management Business
- Net revenues from recurring service fees for the first quarter of 2018 were
- Net revenues from performance-based income for the first quarter of 2018 were
- Other Financial Services Business
- Net revenues for the first quarter of 2018 were
Operating Costs and Expenses
Operating costs and expenses for the first quarter of 2018 were
- Operating costs and expensesfor the wealth management business for the first quarter of 2018 were
RMB410.2 million (US$65.4 million ), a 16.3% increase from the corresponding period in 2017, primarily due to an increase in marketing expenses and a decrease in government subsidies. - Operating costs and expensesfor the asset management business for the first quarter of 2018 were
RMB84.9 million (US$13.5 million ), a 78.1% increase from the corresponding period in 2017, primarily due to an increase in investment sub-advisory fees and a decrease in government subsidies. - Operating costs and expensesfor the other financial services business for the first quarter of 2018 were
RMB61.3 million (US$9.8 million ), a 9.6% increase from the corresponding period in 2017.
Operating Margin
Operating margin for the first quarter of 2018 was 33.0%, a decrease from 36.0% for the corresponding period in 2017. The decrease was mainly due to an increase in marketing expenses and a decrease in government subsidies.
- Operating margin for the wealth management business for the first quarter of 2018 was 31.0%, compared with 37.2% for the corresponding period in 2017.
- Operating marginfor the asset management business for the first quarter of 2018 was 56.3%, compared with 62.3% for the corresponding period in 2017.
- Operating lossfor the other financial services business for the first quarter of 2018 was
RMB18.9 million (US$3.0 million ), down fromRMB31.1 million for the corresponding period in 2017.
Investment Income
Investment income for the first quarter of 2018 was
Income Tax Expenses
Income tax expenses for the first quarter of 2018 were
Net Income
- Net Income
- Net income for the first quarter of 2018 was
- Net margin for the first quarter of 2018 was 31.4%, up from 30.2% for the corresponding period in 2017.
- Net income attributable to Noah shareholders for the first quarter of 2018 was
- Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2018 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the first quarter of 2018 was
- Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2018 was 30.9%, down from 33.3% for the corresponding period in 2017.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2018 was
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the first quarter of 2018 was
Net cash outflow from the Company's investing activities during the first quarter of 2018 was
Net cash inflow from the Company's financing activities was
On
2018 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 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 first quarter 2018 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time: |
Tuesday, May 29, 2018 at 8:00 p.m., U.S. Eastern Time |
Dial in details: |
|
- United States Toll Free |
+1-866-311-7654 |
- Mainland China Toll Free |
4001-201203 |
- Hong Kong Toll Free |
800-905-945 |
- International |
+1-412-317-5227 |
Conference Title: |
Noah Holdings Limited First Quarter 2018 Earnings Call |
Participant Password: |
Noah Holdings |
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.noahwm.com.
DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD AND NON-GAAP MEASURES
On
The accounting standard also includes a transition requirement on presentation that requires the amounts reported in accumulated other comprehensive income for equity securities that exist as of the date of adoption previously classified as available-for-sale to be reclassified to retained earnings.
As a result, upon adoption of this new standard, Noah recorded a cumulative effect adjustment from other comprehensive income to retained earnings of
The future impact to Noah's consolidated income statement from period to period will vary depending upon the level of volatility in the performance of the securities held in Noah's equity portfolio and the overall market. ASU 2016-01 does not affect the treatment of equity investments accounted for under the equity method or those that result in consolidation of the investee.
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 and fair value changes of equity investments (unrealized) and adjusting for sale of equity securities, 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 onshore and offshore fixed income, private equity, secondary market equity and insurance products. Noah delivers customized financial solutions to clients through a network of 1,386 relationship managers across 263 branches and sub-branches in 81 cities in mainland
For more information, please visit Noah at ir.noahwm.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the first quarter of 2018 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 2018 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
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity securities (unrealized) and adjusting for sale of equity securities, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
[2] "Active clients" for a given period refers to registered clients who obtain financial products provided or distributed by Noah during that given period, excluding clients in Noah's other financial services segment.
[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.
Contacts:
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
____________________________________
FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
December 31, |
March 31, |
March 31, |
|||||
2017 |
2018 |
2018 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
1,906,753 |
2,151,447 |
342,991 |
||||
Short-term investments (including short-term investments measured at fair value of RMB95,345 thousands and RMB86,740 thousands, as of December 31, 2017 and March 31, 2018, respectively) |
160,345 |
246,740 |
39,336 |
||||
Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2017 and March 31, 2018 |
175,518 |
228,770 |
36,471 |
||||
Loans receivable |
765,398 |
827,737 |
131,961 |
||||
Amounts due from related parties |
515,454 |
653,788 |
104,229 |
||||
Loans receivable from factoring business |
256,944 |
71,403 |
11,383 |
||||
Other current assets |
255,680 |
247,256 |
39,418 |
||||
Total current assets |
4,036,092 |
4,427,141 |
705,789 |
||||
Long-term investments (including long-term investments measured at fair value of RMB482,006 thousands and RMB835,235 thousands, as of December 31, 2017 and March 31, 2018, respectively) |
988,266 |
890,735 |
142,004 |
||||
Investment in affiliates |
968,622 |
1,049,353 |
167,292 |
||||
Property and equipment, net |
303,349 |
299,415 |
47,734 |
||||
Non-current deferred tax assets |
72,654 |
72,357 |
11,535 |
||||
Other non-current assets |
125,871 |
114,226 |
18,210 |
||||
Total Assets |
6,494,854 |
6,853,227 |
1,092,564 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
622,494 |
563,715 |
89,869 |
||||
Income tax payable |
18,360 |
82,394 |
13,136 |
||||
Amounts due to related parties |
276 |
280 |
45 |
||||
Deferred revenues |
201,254 |
167,768 |
26,746 |
||||
Loans payable from factoring business |
3,857 |
302 |
48 |
||||
Other current liabilities |
489,113 |
581,379 |
92,685 |
||||
Convertible notes |
487,973 |
- |
- |
||||
Total current liabilities |
1,823,327 |
1,395,838 |
222,529 |
||||
Non-current deferred tax liabilities |
50,121 |
51,810 |
8,260 |
||||
Convertible notes |
- |
470,445 |
75,000 |
||||
Other non-current liabilities |
113,660 |
112,839 |
17,989 |
||||
Total Liabilities |
1,987,108 |
2,030,932 |
323,778 |
||||
Equity |
4,507,746 |
4,822,295 |
768,786 |
||||
Total Liabilities and Equity |
6,494,854 |
6,853,227 |
1,092,564 |
Noah Holdings Limited |
|||||||||
Condensed Consolidated Income Statements |
|||||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
March 31, |
March 31, |
March 31, |
Change |
||||||
2017 |
2018 |
2018 |
|||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
||||||
Revenues from others[1]: |
|||||||||
One-time commissions |
199,787 |
219,541 |
35,000 |
9.9% |
|||||
Recurring service fees |
145,029 |
143,932 |
22,946 |
(0.8%) |
|||||
Performance-based income |
12,550 |
20,657 |
3,293 |
64.6% |
|||||
Other service fees |
33,241 |
59,989 |
9,564 |
80.5% |
|||||
Total revenues from others |
390,607 |
444,119 |
70,803 |
13.7% |
|||||
Revenues from funds Gopher managed[1]: |
|||||||||
One-time commissions |
144,556 |
98,384 |
15,685 |
(31.9%) |
|||||
Recurring service fees |
181,890 |
254,067 |
40,504 |
39.7% |
|||||
Performance-based income |
79 |
39,048 |
6,225 |
49162.6% |
|||||
Other service fees |
- |
- |
- |
N.A. |
|||||
Total revenues from funds Gopher managed |
326,525 |
391,499 |
62,414 |
19.9% |
|||||
Total revenues |
717,132 |
835,618 |
133,217 |
16.5% |
|||||
Less: business taxes and related surcharges |
(3,962) |
(4,699) |
(749) |
18.6% |
|||||
Net revenues |
713,170 |
830,919 |
132,468 |
16.5% |
|||||
Operating costs and expenses: |
|||||||||
Compensation and benefits |
|||||||||
Relationship manager compensation |
(150,313) |
(158,701) |
(25,301) |
5.6% |
|||||
Performance fee compensation |
- |
(6,200) |
(988) |
N.A. |
|||||
Other compensations |
(190,269) |
(195,812) |
(31,217) |
2.9% |
|||||
Total compensation and benefits |
(340,582) |
(360,713) |
(57,506) |
5.9% |
|||||
Selling expenses |
(60,603) |
(106,259) |
(16,940) |
75.3% |
|||||
General and administrative expenses |
(59,638) |
(55,929) |
(8,916) |
(6.2%) |
|||||
Other operating expenses |
(29,446) |
(37,963) |
(6,052) |
28.9% |
|||||
Government subsidies |
33,932 |
4,488 |
715 |
(86.8%) |
|||||
Total operating costs and expenses |
(456,337) |
(556,376) |
(88,699) |
21.9% |
|||||
Income from operations |
256,833 |
274,543 |
43,769 |
6.9% |
|||||
Other income: |
|||||||||
Interest income |
8,708 |
22,867 |
3,646 |
162.6% |
|||||
Interest expenses |
(4,913) |
(6,869) |
(1,095) |
39.8% |
|||||
Investment income |
10,146 |
42,132 |
6,717 |
315.3% |
|||||
Other (expense) income |
1,137 |
1,163 |
185 |
2.3% |
|||||
Total other income |
15,078 |
59,293 |
9,453 |
293.2% |
|||||
Income before taxes and income from equity in affiliates |
271,911 |
333,836 |
53,222 |
22.8% |
|||||
Income tax expense |
(61,915) |
(73,662) |
(11,743) |
19.0% |
|||||
Income from equity in affiliates |
5,726 |
652 |
104 |
(88.6%) |
|||||
Net income |
215,722 |
260,826 |
41,583 |
20.9% |
|||||
Less: net loss attributable to non-controlling interests |
(5,200) |
(7,639) |
(1,218) |
46.9% |
|||||
Less: Loss attributable to redeemable non-controlling interest of a subsidiary |
3,925 |
- |
- |
(100.0%) |
|||||
Net income attributable to Noah shareholders |
216,997 |
268,465 |
42,801 |
23.7% |
|||||
Income per ADS, basic |
3.85 |
4.70 |
0.75 |
22.1% |
|||||
Income per ADS, diluted |
3.69 |
4.44 |
0.71 |
20.3% |
|||||
Margin analysis: |
|||||||||
Operating margin |
36.0% |
33.0% |
33.0% |
||||||
Net margin |
30.2% |
31.4% |
31.4% |
||||||
Weighted average ADS equivalent[2]: |
|||||||||
Basic |
56,364,758 |
57,166,048 |
57,166,048 |
||||||
Diluted |
60,108,286 |
61,384,898 |
61,384,898 |
||||||
ADS equivalent outstanding at end of period |
56,415,307 |
57,225,760 |
57,225,760 |
||||||
[1] Starting from the first quarter of 2018, we reported revenue streams in two categories—revenues from funds Gopher managed and revenues from others, instead of the previous categories—third-party revenues and related party revenues, to provide more relevant and accurate information about revenues we generate because a majority of the related party revenues are generated from funds Gopher managed. We also revised the comparative period presentation to conform to current period classification. |
|||||||||
[2] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
Noah Holdings Limited |
||||||||
Condensed Comprehensive Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
March 31, |
March 31, |
March 31, |
Change |
|||||
2017 |
2018 |
2018 |
||||||
RMB'000 |
RMB'000 |
USD'000 |
||||||
Net income |
215,722 |
260,826 |
41,583 |
20.9% |
||||
Other comprehensive income, net of tax: |
||||||||
Foreign currency translation adjustments |
(4,145) |
(34,863) |
(5,558) |
741.1% |
||||
Fair value fluctuation of available for sale Investment (after tax) |
1,515 |
1,376 |
219 |
(9.2%) |
||||
Comprehensive income |
213,092 |
227,339 |
36,244 |
6.7% |
||||
Less: Comprehensive loss attributable to non-controlling interests |
(5,316) |
(7,579) |
(1,208) |
42.6% |
||||
Less: Loss attributable to redeemable non-controlling interest of a subsidiary |
3,925 |
- |
- |
(100.0%) |
||||
Comprehensive income attributable to Noah shareholders |
214,483 |
234,918 |
37,452 |
9.5% |
Noah Holdings Limited |
||||||
Supplemental Information |
||||||
(unaudited) |
||||||
As of |
||||||
March 31, |
March 31, |
Change |
||||
2017 |
2018 |
|||||
Number of registered clients |
148,505 |
196,927 |
32.6% |
|||
Number of relationship managers |
1,251 |
1,386 |
10.8% |
|||
Number of cities under coverage |
74 |
81 |
9.5% |
|||
Three months ended |
||||||
March 31, |
March 31, |
Change |
||||
2017 |
2018 |
|||||
(in millions of RMB, except number of active clients and percentages) |
||||||
Number of active clients |
4,362 |
5,449 |
24.9% |
|||
Transaction value: |
||||||
Fixed income products |
22,102 |
13,247 |
(40.1%) |
|||
Private equity products |
9,070 |
6,279 |
(30.8%) |
|||
Secondary market equity products |
1,126 |
7,854 |
597.2% |
|||
Other products |
377 |
433 |
14.9% |
|||
Total transaction value |
32,675 |
27,813 |
(14.9%) |
|||
Average transaction value per active client |
7.49 |
5.10 |
(31.9%) |
Noah Holdings Limited |
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended March 31, 2018 |
||||||||
Other |
||||||||
Wealth |
Asset |
Financial |
||||||
Management |
Management |
Services |
||||||
Business |
Business |
Business |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
219,283 |
258 |
- |
219,541 |
||||
Recurring service fees |
141,329 |
2,603 |
- |
143,932 |
||||
Performance-based income |
20,126 |
531 |
- |
20,657 |
||||
Other service fees |
14,993 |
1,791 |
43,205 |
59,989 |
||||
Total revenues from others |
395,731 |
5,183 |
43,205 |
444,119 |
||||
Revenues from funds Gopher managed |
||||||||
One-time commissions |
98,318 |
66 |
- |
98,384 |
||||
Recurring service fees |
103,069 |
150,998 |
- |
254,067 |
||||
Performance-based income |
- |
39,048 |
- |
39,048 |
||||
Other service fees |
- |
- |
- |
- |
||||
Total revenues from funds Gopher managed |
201,387 |
190,112 |
- |
391,499 |
||||
Total revenues |
597,118 |
195,295 |
43,205 |
835,618 |
||||
Less: business taxes and related surcharges |
(2,936) |
(944) |
(819) |
(4,699) |
||||
Net revenues |
594,182 |
194,351 |
42,386 |
830,919 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager compensation |
(157,926) |
- |
(775) |
(158,701) |
||||
Performance fee compensation |
- |
(6,200) |
- |
(6,200) |
||||
Other compensations |
(118,761) |
(45,143) |
(31,908) |
(195,812) |
||||
Total compensation and benefits |
(276,687) |
(51,343) |
(32,683) |
(360,713) |
||||
Selling expenses |
(91,314) |
(5,814) |
(9,131) |
(106,259) |
||||
General and administrative expenses |
(36,716) |
(13,754) |
(5,459) |
(55,929) |
||||
Other operating expenses |
(8,295) |
(14,605) |
(15,063) |
(37,963) |
||||
Government subsidies |
2,808 |
640 |
1,040 |
4,488 |
||||
Total operating costs and expenses |
(410,204) |
(84,876) |
(61,296) |
(556,376) |
||||
Income (loss) from operations |
183,978 |
109,475 |
(18,910) |
274,543 |
||||
Noah Holdings Limited |
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended March 31, 2017 |
||||||||
Other |
||||||||
Wealth |
Asset |
Financial |
||||||
Management |
Management |
Services |
||||||
Business |
Business |
Business |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
199,654 |
133 |
- |
199,787 |
||||
Recurring service fees |
137,635 |
7,394 |
- |
145,029 |
||||
Performance-based income |
11,887 |
663 |
- |
12,550 |
||||
Other service fees |
8,161 |
- |
25,080 |
33,241 |
||||
Total revenues from others |
357,337 |
8,190 |
25,080 |
390,607 |
||||
Revenues from funds Gopher managed |
||||||||
One-time commissions |
144,541 |
15 |
- |
144,556 |
||||
Recurring service fees |
63,305 |
118,585 |
- |
181,890 |
||||
Performance-based income |
- |
79 |
- |
79 |
||||
Other service fees |
- |
- |
- |
- |
||||
Total revenues from funds Gopher managed |
207,846 |
118,679 |
- |
326,525 |
||||
Total revenues |
565,183 |
126,869 |
25,080 |
717,132 |
||||
Less: business taxes and related surcharges |
(3,194) |
(471) |
(297) |
(3,962) |
||||
Net revenues |
561,989 |
126,398 |
24,783 |
713,170 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
(148,960) |
(3) |
(1,350) |
(150,313) |
||||
Relationship manager compensation |
- |
- |
- |
- |
||||
Other compensations |
(116,902) |
(39,762) |
(33,605) |
(190,269) |
||||
Total compensation and benefits |
(265,862) |
(39,765) |
(34,955) |
(340,582) |
||||
Selling expenses |
(54,572) |
(2,072) |
(3,959) |
(60,603) |
||||
General and administrative expenses |
(35,300) |
(15,267) |
(9,071) |
(59,638) |
||||
Other operating expenses |
(12,447) |
(9,064) |
(7,935) |
(29,446) |
||||
Government subsidies |
15,412 |
18,520 |
- |
33,932 |
||||
Total operating costs and expenses |
(352,769) |
(47,648) |
(55,920) |
(456,337) |
||||
Income (loss) from operations |
209,220 |
78,750 |
(31,137) |
256,833 |
Noah Holdings Limited |
||||||
Reconciliation of GAAP to Non-GAAP Results |
||||||
(In RMB, except for per ADS data and percentages) |
||||||
(unaudited) [4] |
||||||
Three months ended |
||||||
March 31, |
March 31, |
Change |
||||
2017 |
2018 |
|||||
RMB'000 |
RMB'000 |
|||||
Net income attributable to Noah shareholders |
216,997 |
268,465 |
23.7% |
|||
Adjustment for share-based compensation related to: |
||||||
Share options |
12,531 |
12,210 |
(2.6%) |
|||
Restricted shares |
7,711 |
10,491 |
36.1% |
|||
Adjustments for fair value changes of equity securities (unrealized) |
- |
(34,788) |
N.A |
|||
Adjusted net income attributable to Noah shareholders (non-GAAP)* |
237,239 |
256,378 |
8.1% |
|||
Net margin |
30.2% |
31.4% |
||||
Adjusted net margin (non-GAAP)* |
33.1% |
29.9% |
||||
Net income attributable to Noah shareholders per ADS, diluted |
3.69 |
4.44 |
20.3% |
|||
Adjusted net income attributable to Noah shareholders per ADS, diluted (non-GAAP)* |
4.03 |
4.24 |
5.2% |
|||
* The non-GAAP adjustments do not take into consideration the impact of taxes on such adjustments. |
||||||
[4] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity securities (unrealized) and adjusting for sale of equity securities, if any.
View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2018-300655829.html
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