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LexinFintech Holdings Ltd. Reports Third Quarter 2018 Unaudited Financial Results

SHENZHEN, China,Nov. 14, 2018(GLOBE NEWSWIRE) --LexinFintech Holdings Ltd.("Lexin" or the "Company") (NASDAQ: LX), a leading online consumer finance platform for educated young adults in China, today announced its unaudited financial results for the third quarter endedSeptember 30, 2018.

Third Quarter 2018 Operational Highlights:

  • Total outstanding principal balance of loans reachedRMB25.8 billionas ofSeptember 30, 2018, representing an increase of 62.1% fromRMB15.9 billionas ofSeptember 30, 2017.
     
  • Total loan originations in the third quarter of 2018 reachedRMB13.7 billion, compared toRMB14.0 billionin the third quarter of 2017.
     
  • The weighted average tenor of loans originated on our platform in the third quarter of 2018 was approximately 13.6 months. The effective APR1 was 23.2% for the third quarter of 2018.
     
  • The GMV2 of our e-commerce channel amounted toRMB1.4 billion, representing an increase of 33.8% fromRMB1.1 billionin the third quarter of 2017.
     
  • Customer acquisition cost3 amounted toRMB97in the third quarter of 2018, compared toRMB74in the third quarter of 2017.
     
  • Total number of registered users reached 32.6 million as ofSeptember 30, 2018, representing an increase of 61.0% from 20.2 million as ofSeptember 30, 2017; and users with credit line reached 9.6 million as ofSeptember 30, 2018, up by 46.4% from 6.5 million as ofSeptember 30, 2017.
     
  • Number of active customers who used our loan products in the third quarter of 2018 reached 2.8 million, representing an increase of 11.5% from 2.5 million in the third quarter of 2017. Number of new active customers who used our loan products in the third quarter of 2018 was 696 thousand.
     
  • 90 day+ delinquency ratio4 was 1.39% as ofSeptember 30, 2018.

1 The effective APR refers to the percentage equal to the annualized actual amount of finance charges, including interest and service fees, generated from a customer loan, divided by the average outstanding principal balance for the loan.

"GMV" refers to the total value of transactions completed for products purchased on the e-commerce channel of our platform, net of returns.

3 Customer acquisition cost refers to the amount of total costs we incur in connection with acquiring customers divided by the number of new active customers during a given time period.

4 90 day+ delinquency ratio refers to outstanding principal balance of on- and off-balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans on our platform as of a specific date. Loans that are charged off are not included in the delinquency rate calculation.

Third Quarter 2018 Financial Highlights:

  • Total operating revenue reachedRMB1.7 billion. Financial services income reachedRMB1.1 billion, representing an increase of 37.1% from the third quarter of 2017. Loan facilitation and servicing fees reachedRMB405 million, representing an increase of 404% from the third quarter of 2017.
     
  • Gross profit reachedRMB623 million, representing an increase of 84.7% from the third quarter of 2017.
     
  • Net income wasRMB316 million, representing an increase of 363% from the third quarter of 2017.
     
  • Non-GAAP EBIT5 wasRMB405 million, representing an increase of 121% from the third quarter of 2017.
     
  • Adjusted net income5 wasRMB354 million, representing an increase of 213% from the third quarter of 2017. Adjusted net income per ADS wasRMB1.93on a fully diluted basis.

"We continue to deliver strong results in the third quarter despite challenging market conditions, thanks to our commitment to a stable and compliant business strategy," said Mr. Jay Wenjie Xiao, Lexin's chairman and chief executive officer. "We have made continuous efforts to build strong relationships with multiple funding sources, improve our borrowing scenarios, and invest in financial technology, which has helped us to gain recognition from customers and partners, and eventually maintain growth."

"We continue to see a strong year-on-year growth in our business in the third quarter," said Mr. Craig Yan Zeng, Lexin's chief financial officer. "In the third quarter, Lexin's gross profit reachedRMB623 millionand non-GAAP EBIT reachedRMB405 million, representing an increase of 84.7% and 121% from the same period in 2017. Our adjusted net income also increased by 213% to overRMB354 milliondue to our strong performance." 
  
"Recently, we also completed the submission of our P2P Compliance Self-Inspection Report to our local P2P regulatory office." continued Mr. Zeng. "We are pleased with our progress in the P2P registration process, and look forward to completing the next steps in this process."

"Recent turbulence in the industry and in the quarter had no material impact to our credit quality," said Mr. Ryan Huanian Liu, Lexin's chief risk officer. "The credit quality of our educated young adult customers continues to be stable – a reflection of the inherent low risk profile of this customer cohort. Our vintage charge-off rate6 continues to be approximately 2.0%, and our 90 day+ delinquency rate was 1.39% as ofSeptember 30, 2018."

5 Non-GAAP EBIT and adjusted net income are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures Statement" and the tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release.

6 "Vintage charge-off rate" refers to, with respect to on- and off-balance sheet loans originated during a specified time period, which we refer to as a vintage, the total outstanding principal balance of the loans that are charged off during a specified period, divided by the total initial principal of the loans originated in such vintage.

Third Quarter 2018 Financial Results:

Operating revenue increased fromRMB1.5 billionin the third quarter of 2017 toRMB1.7 billionin the third quarter of 2018. This increase in operating revenues was due to the increase in financial services income for the quarter, driven by continuing increases in the number of active customers and the average total outstanding principal balance of total on-balance and off-balance loans.

Financial services income increased by 37.1% fromRMB778 millionin the third quarter of 2017 toRMB1.1 billionin the third quarter of 2018. This increase was primarily contributed by increase in the loan facilitation and servicing fees.

Loan facilitation and servicing fees increased by 404% fromRMB80.5 millionin the third quarter of 2017 toRMB405 millionin the third quarter of 2018. This increase was primarily due to the significant increase in off-balance sheet loans originated as a result of the continuing growth of our business as well as business model adjustments. The Company made some adjustments to the business model of Juzi Licai in the second quarter of 2018. As a result, all new loans funded by individual investors on Juzi Licai under this new business model have been accounted for as off-balance sheet loans, commencing from lateApril 2018.  Prior to this, loans originated on Juzi Licai were accounted for as on-balance sheet loans. As a result, revenues generated through loan facilitation and servicing increased significantly.

Interest and financial services income decreased by 5.40% fromRMB655 millionin the third quarter of 2017 toRMB620 millionin the third quarter of 2018 due to a decrease in on-balance sheet loans originated on our platform, which was primarily due to the aforementioned business model adjustments in the second quarter. The balances of financing receivables and funding debts on our balance sheets decreased along with less volume of on-balance loans originated on our platform as well as the repayment of existing on-balance sheet loans.

Funding cost decreased by 1.2% fromRMB211 millionin the third quarter of 2017 toRMB208 millionin the third quarter of 2018. This decrease was primarily due to a decrease in our on-balance sheet loans originated on our platform.

Processing and servicing cost increased by 37.4% fromRMB60.0 millionin the third quarter of 2017 toRMB82.5 millionin the third quarter of 2018. This increase was primarily due to an increase in fees to third-party payment platforms, an increase in risk management expenses, and an increase in salaries and personnel related costs.

Provision for credit losses increased by 32.8% fromRMB151 millionin the third quarter of 2017 toRMB201 millionin the third quarter of 2018. We are continuing to improve our credit assessment and risk management capabilities to enhance our collection efforts while maintaining credit risks at a reasonable level.

Gross profit increased by 84.7% fromRMB337 millionin the third quarter of 2017 toRMB623 millionin the third quarter of 2018. The significant increase in the gross profit margin is primarily due to the significant increase of loan facilitation and servicing fees resulting from the increase of proportion of the off-balance loans of our total loans as discussed above, which has higher gross profit margins than interest and financial service income

Sales and marketing expenses increased by 24.9% fromRMB108 millionin the third quarter of 2017 toRMB134 millionin the third quarter of 2018. This increase was primarily due to an increase in share-based compensation expenses allocated to sales and marketing expenses, an increase in payroll expenses, and an increase in online promotional fees and advertising costs.

Research and development expenses increased by 39.6% fromRMB67.1 millionin the third quarter of 2017 toRMB93.6 millionin the third quarter of 2018. This increase was primarily due to an increase in payroll and related expenses, an increase in share-based compensation expenses allocated to research and development expenses, and an increase in depreciation expenses allocated to research and development expenses.

General and administrative expenses increased by 39.0% fromRMB52.8 millionin the third quarter of 2017 toRMB73.5 millionin the third quarter of 2018. This increase was primarily due to an increase in share-based compensation expenses allocated to general and administrative expenses and an increase in payroll expenses. In addition, we incurred an increase in professional service fees and rental expenses.

Gain on guarantee liabilities for the third quarter of 2018 wasRMB33.9 million, which was resulted from releasing of liabilities through our performance of the guarantee for loans funded by individual investors on Juzi Licai covered by risk safeguard scheme.

Income tax expense for the third quarter of 2018 wasRMB43.1 million, compared to income tax expense ofRMB69.3 millionin the third quarter of 2017. The decrease of the annualized effective tax rate for the third quarter of 2018 was primarily due to the change of our cost structure and lower enacted tax rate for certain qualified entities.

Net income for the third quarter of 2018 wasRMB316 million, representing an increase of 363% fromRMB68.2 millionin the third quarter of 2017.

Adjusted net income for the third quarter of 2018 wasRMB354 million, representing an increase of 213% fromRMB113 millionin the third quarter of 2017.

Please click here to view our vintage curve:

http://www.globenewswire.com/NewsRoom/AttachmentNg/44dbde11-43b2-45ab-9e07-1cd3e19bf69f

Outlook

Based on Lexin's preliminary assessment of the current market conditions, the Company currently expects total loan originations for the fourth quarter of 2018 to be approximatelyRMB17 billion to RMB19 billion. This is Lexin's current and preliminary view, which is subject to changes and uncertainties.

Conference Call

The Company's management will host an earnings conference call at7:00 AMU.S. Eastern time onNovember 14, 20188:00 PMBeijing/Hong Kong time onNovember 14, 2018.

Dial-in details for the earnings conference call are as follows:

 United States (toll free):1 845 675 0437 or 1 866 519 4004
   
 International:65 6713 5090
   
 Hong Kong (toll free):800 906 601 or 852 3018 6771
   
 China:400 6208 038 or 800 8190 121
   

Participants should dial-in at least 5 minutes before the scheduled start time and use the following passcode: 3194993.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.lexinfintech.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the live call untilNovember 21, 2018, by dialing the following telephone numbers:

 United States (toll free):1 855 452 5696 or 1 646 254 3697
   
 International:61 2 8199 0299
   
 Replay Access Code:3194993
   

AboutLexinFintech Holdings Ltd.

LexinFintech Holdings Ltd.is a leading online consumer finance platform for educated young adults in China. As one of China's leading financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the Company's Dingsheng asset distribution technology platform, and the Company's Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem. The Company utilizes technologies including big data, cloud computing and artificial intelligence to enable the near-instantaneous matching of user funding requests with offers from the Company's more than 30 funding partners, which include commercial banks, consumer finance companies, and other licensed financial institutions.

For more information, please visit http://ir.lexinfintech.com

To follow us on Twitter, please go to: https://twitter.com/LexinFintech 

Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use adjusted net income and non-GAAP EBIT, two non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income as net income excluding share-based compensation expenses, interest expense associated with convertible loans and investment-related impairment and we define non-GAAP EBIT as net income excluding income tax expense/(benefit), share-based compensation expenses, interest expense, net and investment-related impairment.

We present these non-GAAP financial measures because it is used by our management to evaluate our operating performance and formulate business plans. Adjusted net income enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible loans and investment-related impairment. Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense/(benefit), share-based compensation expenses, interest expense, net and investment-related impairment. We also believe that the use of these non-GAAP financial measures facilitate investors' assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible loans, income tax expense/(benefit), interest expense, net and investment-related impairment have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling the non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate ofRMB6.8680 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board onSeptember 28, 2018. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

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. Statements that are not historical facts, including statements about Lexin's beliefs and expectations, are forward-looking statements. 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 expectation of its collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to theU.S. Securities and Exchange Commission(the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin's goal and strategies; Lexin's expansion plans; Lexin's future business development, financial condition and results of operations; Lexin's expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin's expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 

For investor and media inquiries, please contact:


LexinFintech Holdings Ltd.


IR inquiries:

Tony Hung

Tel: +86 (755) 3637-8888 ext. 6258

E-mail: IR@lexinfintech.com


Media inquiries:

Limin Chen

Tel: +86 (755) 3637-8888 ext. 6993

E-mail: liminchen@lexinfintech.com


SOURCE LexinFintech Holdings Ltd.

 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
 
(In thousands, except for share and per share data)As of
December 31,
2017
 September 30,
2018
 RMB RMB US$
ASSETS   
Current assets   
Cash and cash equivalents1,126,475  440,911 64,198 
Restricted cash561,922  1,001,729 145,855 
Restricted time deposits6,750  505,809 73,647 
Short‑term financing receivables, net9,857,209  6,733,600 980,431 
Accrued interest receivable129,622  104,174 15,168 
Prepaid expenses and other current assets945,258  1,420,379 206,811 
Amounts due from related parties9,447  - - 
Inventories, net101,653  95,380 13,888 
Total current assets12,738,336  10,301,982 1,499,998 
Non‑current assets       
Restricted cash46,889   59,877  8,718 
Restricted time deposits600   -   -  
Long‑term financing receivables, net1,785,045   1,637,331  238,400 
Property, equipment and software, net63,125   78,540  11,436 
Long‑term investments23,485   175,982  25,623 
Deferred tax assets38,841   219,172  31,912 
Other assets33,263   27,769  4,043 
Total non‑current assets1,991,248   2,198,671  320,132 
TOTAL ASSETS14,729,584   12,500,653  1,820,130 
LIABILITIES       
Current liabilities   
Accounts payable198,177   213,166  31,038 
Amounts due to related parties67,510   23,322  3,396 
Short‑term borrowings168,844   673,716  98,095 
Short‑term funding debts10,525,134   6,125,375  891,872 
Accrued interest payable290,446   325,753  47,431 
Accrued expenses and other current liabilities1,611,029   1,949,654  283,872 
Total current liabilities12,861,140   9,310,986  1,355,704 
Non‑current liabilities   
Long‑term funding debts166,629   373,272  54,349 
Long‑term borrowings289     -    
Total non‑current liabilities166,918   373,272  54,349 
TOTAL LIABILITIES13,028,058   9,684,258  1,410,053 
SHAREHOLDERS' EQUITY       
Class A Ordinary Shares142  155  23 
Class B Ordinary Shares68  68  10 
Additional paid‑in capital2,110,957   2,303,305  335,368 
Statutory reserves 55,861  55,861  8,134 
Accumulated other comprehensive loss(14,951) (20,050)(2,919)
(Accumulated deficit)/Retained earnings(450,551) 477,056  69,461 
TOTAL SHAREHOLDERS' EQUITY1,701,526   2,816,395 410,077 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  14,729,584   12,500,653 1,820,130 
        


 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
 
(In thousands, except for share and per share data)For the Three Months Ended For the Nine Months Ended September 30,
September 30,
2017
 June 30,
2018
  September 30,
2018
    2017     2018 
 RMB  RMB  RMB  US$  RMB  RMB  US$ 
Operating revenue:                    
Online direct sales 667,417   582,906   570,621   83,084   1,861,376   1,696,426   247,004 
Services and others 7,737   47,452   57,277   8,340   13,832   134,823   19,631 
Online direct sales and services income 675,154   630,358   627,898   91,424   1,875,208   1,831,249   266,635 
Interest and financial services income 655,148   873,719   619,751   90,237   1,786,757   2,276,459   331,459 
Loan facilitation and servicing fees 80,469   232,461   405,219   59,001   187,450   802,057   116,782 
Other revenue 41,995   46,558   41,361   6,022   139,072   138,221   20,125 
Financial services income 777,612   1,152,738   1,066,331   155,260   2,113,279   3,216,737   468,366 
Total operating revenue 1,452,766   1,783,096   1,694,229   246,684   3,988,487   5,047,986   735,001 
Operating cost:                    
Cost of sales (693,111)  (597,737)  (579,165)  (84,328)  (1,954,377)  (1,725,625)  (251,256)
Funding cost (210,673)  (263,311)  (208,095)  (30,299)  (569,732)  (728,432)  (106,062)
Processing and servicing cost (60,039)  (71,161)  (82,490)  (12,011)  (155,649)  (219,585)  (31,972)
Provision for credit losses (151,457)  (232,125)  (201,114)  (29,283)  (422,672)  (720,030)  (104,838)
Total operating cost (1,115,280)  (1,164,334)  (1,070,864)  (155,921)  (3,102,430)  (3,393,672)  (494,128)
Gross profit 337,486   618,762   623,365   90,763   886,057   1,654,314   240,873 
Operating expenses:                    
Sales and marketing expenses (107,510)  (144,339)  (134,299)  (19,554)  (297,528)  (380,148)  (55,351)
Research and development expenses (67,069)  (78,518)  (93,599)  (13,628)  (168,285)  (240,210)  (34,975)
General and administrative expenses (52,845)  (69,638)  (73,479)  (10,699)  (147,045)  (201,758)  (29,377)
Total operating expenses (227,424)  (292,495)  (301,377)  (43,881)  (612,858)  (822,116)  (119,703)
(Loss)/gain on guarantee liabilities-   (20,128)  33,869   4,931   -    13,741   2,001 
Interest expense, net (23,966)  (6,793)  (8,287)  (1,207)  (68,228)  (18,719)  (2,726)
Investment-related impairment -    (4,841)  -    -    -    (4,841)  (705)
Change in fair value of financial guarantee derivatives 17,247   21,249   14,071   2,049   32,009   27,245   3,967 
Others, net 34,177   (6,285)  (2,577)  (375)  27,721   (1,237)  (180)
Income before income tax expense 137,520   309,469   359,064   52,280   264,701   848,387   123,527 
Income tax (expense)/benefit (69,345)  155,755   (43,094)  (6,275)  (124,787)  79,220   11,535 
Net income 68,175   465,224   315,970   46,005   139,914   927,607   135,062 
Pre-IPO Preferred Shares redemption value accretion (17,085) -  -  -   (50,489) -  - 
Income allocation to participating preferred shares (41,398) -  -  -   (84,143) -  - 
Net income attributable to ordinary shareholders 9,692   465,224   315,970   46,005   5,282   927,607   135,062 
                     
Net income per ordinary share                    
Basic0.09   1.40  0.93  0.14   0.05  2.78  0.40 
Diluted0.07   1.28  0.86  0.13   0.04  2.55  0.37 
                     
Net income per ADS                    
Basic-   2.80  1.86  0.27  -  5.55  0.81 
Diluted-   2.57  1.72  0.25  -  5.10  0.74 
                     
Weighted average number of ordinary shares outstanding                    
Basic110,647,199   332,208,249  339,262,237  339,262,237   110,647,199  334,239,227  334,239,227 
Diluted139,548,746   362,162,094  367,053,060  367,053,060   137,713,047  363,577,675  363,577,675 
                     

 

 
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
 
(In thousands, except for share and per share data)For the Three Months Ended  For the Nine Months Ended September 30,
September 30,
2017
 June 30,
2018
 September 30,
2018
   2017 2018
 RMB RMB RMB US$ RMB RMB  US$ 
                
Net income 68,175  465,224  315,970  46,005  139,914  927,607   135,062 
Other comprehensive income/(loss)               
Foreign currency translation adjustments, net of nil tax 1,474  25,426  12,724  1,853  1,796  (5,099)  (742)
Total comprehensive income 69,649  490,650  328,694  47,858  141,710  922,508   134,320 
                


 
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(In thousands)
 
 For the Three Months Ended  For the Nine Months Ended September 30,
September 30,
2017
 June 30,
2018
 September 30,
2018
   2017  2018
 RMB RMB RMB US$ RMB RMB US$
Reconciliation of Adjusted Net Income to Net Income             
Net income 68,175  465,224  315,970  46,005  139,914  927,607  135,062
Add: Share-based compensation expenses 21,847  32,249  37,665  5,484  56,537  97,225  14,156
Interest expense associated with convertible loans 22,837  -   -   -   65,989  -   - 
Investment-related impairment -   4,841   -   -   -   4,841  705
Adjusted net income 112,859  502,314  353,635  51,489  262,440  1,029,673  149,923
Net income attributable to ordinary shareholders 9,692    465,224  315,970  46,005  5,282  927,607  135,062
Add: Share-based compensation expenses 21,847  32,249  37,665  5,484  56,537  97,225  14,156
Interest expense associated with convertible loans 22,837  -   -   -   65,989  -   - 
Investment-related impairment -   4,841    -   -   -   4,841  705
Adjusted net income attributable to ordinary shareholders 54,376    502,314    353,635  51,489  127,808  1,029,673  149,923


Adjusted net income per ordinary share             
Basic 0.49    1.51  1.04  0.15  1.16  3.08  0.45
Diluted 0.39    1.39  0.96  0.14  0.93  2.83  0.41
Adjusted net income per ADS             
Basic-  3.02  2.08  0.30 -  6.16  0.90
Diluted-  2.77  1.93  0.28 -  5.66  0.82
Weighted average number of ordinary shares outstanding             
Basic 110,647,199  332,208,249  339,262,237  339,262,237  110,647,199  334,239,227  334,239,227
Diluted 139,548,746  362,162,094  367,053,060  367,053,060  137,713,047  363,577,675  363,577,675
              


 
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(In thousands)
 
 For the Three Months Ended  For the Nine Months Ended September 30,
September 30,
2017
 June 30,
2018
  September 30,
2018
   2017  2018
 RMB RMB  RMB US$ RMB RMB  US$
Reconciliations of Non-GAAP EBIT to Net Income                
Net income 68,175  465,224   315,970  46,005  139,914  927,607   135,062 
Add: Income tax expense/(benefit) 69,345  (155,755)  43,094  6,275  124,787  (79,220)  (11,535)
Share-based compensation expenses 21,847  32,249   37,665  5,484  56,537  97,225   14,156 
Interest expense, net 23,966  6,793   8,287  1,207  68,228  18,719   2,726 
Investment-related impairment -   4,841   -   -   -   4,841   705 
Non-GAAP EBIT 183,333  353,352   405,016  58,971  389,466  969,172   141,114 
                 

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LexinFintech Holdings Ltd.