Yirendai Ltd. (NYSE:YRD) Q4 2019 Earnings Conference Call - Final Transcript

Mar 25, 2020 • 08:00 pm ET


Yirendai Ltd. (NYSE:YRD) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to Yiren Digital Fourth Quarter and Full-Year 2019 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Ms. Lydia Yu. Thank you. Please go ahead.

Lydia Yu

Thank you, and welcome to Yiren Digital's fourth quarter and full-year 2019 earnings conference call. Today's call features a presentation by the Founder, Chairman and CEO of CreditEase and CEO of Yiren Digital, Mr. Ning Tang; Mr. Zhong Bi, CFO of Yiren Digital; and Mr. Michael Ji, CRO of Yiren Digital.

Before beginning, we would like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities and Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties and factors that can cause actual results to differ materially from those contained in any such statements. Further information regarding potential risks, uncertainties or factors is included in Yiren Digital's filings with US Securities and Exchange Commission. Yiren Digital does not undertake any obligation to update any forward-looking statements except as required under applicable law.

During the call, we will be referring to several non-GAAP financial measures and supplemental measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance to US GAAP. For information about these non-GAAP measures and reconciliation to GAAP measures, please refer to our earnings press release.

I would now pass it on to our CEO, Ning for opening remarks.

Ning Tang

Thank you all for taking the time to join our fourth quarter and full-year 2019 results conference call today. First, I would like to send my greetings to those in Wuhan and all around the world, as we are going through this difficult time. We grieve for the families that have been affected by it, and we salute those who have been or are still on the front lines fighting against the outbreak.

As I mentioned in my letter to our colleagues, all of us play an important part in fighting this outbreak, and we expect the situation in China to stabilize soon, as we are on track for business recovery. During the outbreak, we've made conscious efforts to support our borrowers in the heavily affected areas by loosening their repayment terms.

Now, to our business update. Even though 2019 has been a challenging year for the industry with rapidly evolving market conditions and a tightening regulatory environment, we have made significant progress in our strategic transformation to reposition our business as we enter 2020. First, we have completed the full operational integration of Yirendai with CreditEase's Inclusive Finance and online wealth management business to form Yiren Digital, the leading fintech platform providing full spectrum of credit products to consumers and asset allocation-based wealth management services to mass affluent clients