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“We are happy to announce a quarter where we achieved our highest adjusted net income ever in our history” said Mr.
“We accelerated the push of our New Consumption Strategy in the first quarter, and have received positive preliminary results. A total of 78.6 million orders were generated across our various products in the first quarter of 2021, representing an increase of 53.2% year-on-year,” continued
“In the meantime, we have also further diversified our fintech business by entering new areas of growth. We have expanded our financing services for small and micro business owners, which completed loan originations of
“We are very proud to announce our best quarter ever, and in particular our highest adjusted net income ever,” said Mr.
“Our credit performance and credit quality continues to improve for new loan originations and is within our expectations,” said Mr.
1 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. Please refer to vintage curve at the end of “First Quarter 2021 Financial Results” of this press release.
2 Loan balance with first payment day past due 30+ over total loan origination.
3 Collection rate is defined as (i) the amount of principal that was repaid within 30 days after such principal became overdue divided by (ii) the total amount of principal that is overdue, as of a specific date.
First Quarter 2021 Operational Highlights:
User base continues to grow with active user numbers in the quarter hitting a new record high:
- Total number of registered users reached 132 million as of
March 31, 2021 , representing an increase of 56.5% from 84.2 million as ofMarch 31, 2020 ; and users with credit line reached 30.3 million as ofMarch 31, 2021 , up by 46.5% from 20.7 million as ofMarch 31, 2020 . - Number of active users4 who used our loan products in the first quarter of 2021 reached 8.24 million, representing an increase of 29.2% from 6.38 million in the first quarter of 2020.
- Number of new active users who used our loan products in the first quarter of 2021 was 1.8 million, representing an increase of 88.0% from 1.0 million in the first quarter of 2020.
Loan facilitation business sees both loan originations and outstanding principal balance of loans hitting record highs:
- Total loan originations5 in the first quarter of 2021 reached
RMB53.8 billion , an increase of 57.8% fromRMB34.1 billion in the first quarter of 2020. - Total outstanding principal balance of loans5 reached
RMB82.4 billion as ofMarch 31, 2021 , representing an increase of 40.8% fromRMB58.5 billion as ofMarch 31, 2020 . - In additional to new generation consumers, Lexin has started to expand financing services for small and micro business owners. In the first quarter, loan originations for small and micro business owners reached
RMB2.1 billion . - Number of orders placed on our platform in the first quarter of 2021 was 78.6 million, representing an increase of 53.2% from 51.3 million in the first quarter of 2020.
New Consumption efforts rapidly scaling up at an accelerating pace, in particular the buy-now pay-later service Maiya:
- Maiya recorded GMV of
RMB60 million in the first quarter, and is expected to generate GMV ofRMB300 million in the second quarter. - Maiya has served over 200,000 users and 300 merchants, 69% of which were brick-and-mortar vendors, in the first quarter.
The Company has begun new fintech initiatives in the quarter:
- In May, the Company launched its “joint cooperation” service for regional banks. Under the “joint cooperation” model, Lexin provides a series of technological services, including tailor-made product development, customer acquisition, user operation, and risk management support, to help regional banks develop their own product offerings.
Credit performance and credit quality continue to improve:
- 90 day+ delinquency ratio6 was 1.84% as of
March 31, 2021 . - First payment default rate (30 day+)2 for new loan originations was below 1% as of
March 31, 2021 and continues to decrease. - Vintage charge-off rates are between 3.5-4% as of
March 31, 2021 .
Other operational highlights:
- The weighted average tenor of loans originated on our platform in the first quarter of 2021 was approximately 11.7 months. The nominal APR7 was 15.5% for the first quarter of 2021.
- The GMV8 of our e-commerce channel in the first quarter of 2021 amounted to
RMB1.2 billion , representing a slightly decrease of 0.5% from the first quarter of 2020.
4 Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using credit line granted by us.
5 Originations of loans and outstanding principal balance represent the origination and outstanding principal balance of both on- and off-balance sheet loans.
6 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. On-balance sheet loans that were over 179 calendar days past due and charged off are not included in the delinquency rate calculation. Off-balance sheet loans that were over 179 calendar days past due are assumed charged off and not included in the delinquency rate calculation. The Company does not distinguish on the basis of the on- or off-balance sheet treatment in monitoring the credit risks of borrowers and the delinquency status of loans.
7 Nominal APR refers to all-in interest costs and fees to the borrower over the net proceeds received by the borrower as a percentage of the total loan originations of both on- and off-balance sheet loans.
8 GMV refers to the total value of transactions completed for products purchased on the e-commerce channel, net of returns.
First Quarter 2021 Financial Highlights:
- Total operating revenue reached
RMB2.9 billion . Credit-oriented services income reachedRMB1.8 billion , representing an increase of 8.9% from the first quarter of 2020. Platform-based services income reachedRMB636 million , representing an increase of 122% from the first quarter of 2020. - Gross profit reached
RMB1,369 million , representing an increase of 720% from the first quarter of 2020. - Net income was
RMB711 million , as compared to a net loss ofRMB678 million in the first quarter of 2020. - Non-GAAP EBIT9 was
RMB911 million, as compared to a negative non-GAAP EBIT of RMB720 million in the first quarter of 2020. - Adjusted net income9 attributable to ordinary shareholders of the Company reached an all-time high of
RMB771 million , as compared to an adjusted net loss attributable to ordinary shareholders of the Company ofRMB596 million in the first quarter of 2020. Adjusted net income per ADS9 attributable to ordinary shareholders of the Company wasRMB3.72 on a fully diluted basis.
9 Non-GAAP EBIT, adjusted net (loss)/income attributable to ordinary shareholders of the Company, adjusted net (loss)/income per ordinary share and per ADS attributable to ordinary shareholders of the Company 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.
First Quarter 2021 Financial Results:
Operating revenue increased from
Online direct sales decreased by 12.9% from
Credit-oriented services income increased by 8.9% from
Loan facilitation and servicing fees-credit oriented increased by 39.0% from
Guarantee income decreased by 65.3% from
Interest and financial services income and other revenues increased by 120% from
Platform-based services income increased by 122% from
Loan facilitation and servicing fees-performance based increased by 107% from
Cost of sales decreased by 9.7% from
Funding cost decreased by 9.3% from
Processing and servicing cost increased by 26.8% from
Provision for credit losses of financing receivables decreased by 40.7% from
Provision for credit losses of contract assets and receivables increased by 145% from
Provision for credit losses of contingent liabilities of guarantee decreased by 78.0% from
Sales and marketing expenses increased by 41.7% from
Research and development expenses decreased by 1.6% from
General and administrative expenses increased by 19.7% from
Change in fair value of financial guarantee derivatives was a gain of
Change in fair value of loans at fair value was a loss of
Income tax expense for the first quarter of 2021 was
Net income for the first quarter of 2021 was
Adjusted net income for the first quarter of 2021 was
Please click here to view our credit quality curves:
Link1 pdf is available at http://ml.globenewswire.com/Resource/Download/53ea4f13-0594-4aab-8b2a-23d0155d8946
Link2 pdf is available at http://ml.globenewswire.com/Resource/Download/d139ee9e-0039-481c-9b67-f3db575ba668
Link3 pdf is available at http://ml.globenewswire.com/Resource/Download/2ac6cdc3-a60a-4464-9ac7-61f1b34a1595
Outlook
Based on Lexin’s preliminary assessment of the current market conditions, the Company expects total loan originations for fiscal year 2021 to be between
Conference Call
The Company’s management will host an earnings conference call at
Participants who wish to join the conference call should register online at:
http://apac.directeventreg.com/registration/event/2682783
Please note the Conference ID number of 2682783.
Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.
Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lexin.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until
| 1 855 452 5696 or 1 646 254 3697 | |
| International: | 61 2 8199 0299 |
| Replay Access Code: | 2682783 |
About
For more information, please visit http://ir.lexin.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 (loss)/income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net (loss)/income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four 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
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 (loss)/income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment loss. Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax (benefit)/expense, share-based compensation expenses, interest expense, net, and investment loss. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under
These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net (loss)/income attributable to ordinary shareholders of the Company 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 notes, income tax (benefit)/expense, interest expense, net. and investment loss have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net (loss)/income attributable to ordinary shareholders of the Company 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
Exchange Rate Information Statement
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
For investor and media inquiries, please contact:
IR inquiries:
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: IR@lexin.com
Media inquiries:
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexin.com
SOURCE
Unaudited Condensed Consolidated Balance Sheets
| As of | |||||||||||
| (In thousands) | |||||||||||
| RMB | RMB | US$ | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 1,563,755 | 2,338,468 | 356,920 | ||||||||
| Restricted cash | 1,112,152 | 975,504 | 148,891 | ||||||||
| Restricted time deposits | 1,779,458 | 1,850,241 | 282,402 | ||||||||
| Short-term financing receivables, net of allowance for credit losses of |
4,918,548 | 3,675,786 | 561,035 | ||||||||
| Loans at fair value | 381,393 | 257,669 | 39,328 | ||||||||
| Accrued interest receivable, net of allowance for credit losses of RMB1,681 and RMB1,681 as of December 31, 2020 and March 31, 2021, respectively | 79,793 | 63,008 | 9,617 | ||||||||
| Prepaid expenses and other current assets | 1,004,845 | 937,733 | 143,126 | ||||||||
| Amounts due from related parties | 941 | 6,919 | 1,056 | ||||||||
| Deposits to insurance companies and guarantee companies | 1,066,281 | 1,174,762 | 179,304 | ||||||||
| Short-term guarantee receivables, net of allowance for credit losses of |
756,197 | 648,588 | 98,994 | ||||||||
| Short-term contract assets and service fees receivable, net of allowance for credit losses of |
3,707,649 | 3,751,139 | 572,536 | ||||||||
| Inventories, net | 47,170 | 67,585 | 10,315 | ||||||||
| Total current assets | 16,418,182 | 15,747,402 | 2,403,524 | ||||||||
| Non‑current assets | |||||||||||
| Restricted cash | 163,999 | 159,577 | 24,356 | ||||||||
| Long‑term financing receivables, net of allowance for credit losses of |
204,761 | 131,267 | 20,035 | ||||||||
| Long-term guarantee receivables, net of allowance for credit losses of |
218,654 | 175,393 | 26,770 | ||||||||
| Long-term contract assets and service fees receivable, net of allowance for credit losses of |
481,989 | 521,623 | 79,615 | ||||||||
| Property, equipment and software, net | 125,694 | 123,908 | 18,912 | ||||||||
| Land use rights, net | 1,000,467 | 991,867 | 151,388 | ||||||||
| Long‑term investments | 521,802 | 525,571 | 80,218 | ||||||||
| Deferred tax assets | 747,332 | 780,739 | 119,164 | ||||||||
| Other assets | 462,285 | 472,463 | 72,112 | ||||||||
| Total non‑current assets | 3,926,983 | 3,882,408 | 592,570 | ||||||||
| TOTAL ASSETS | 20,345,165 | 19,629,810 | 2,996,094 | ||||||||
| LIABILITIES | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | 42,961 | 42,280 | 6,453 | ||||||||
| Amounts due to related parties | 67,514 | 58,904 | 8,991 | ||||||||
| Short‑term borrowings | 1,827,063 | 2,066,075 | 315,345 | ||||||||
| Short‑term funding debts | 4,685,935 | 4,288,883 | 654,611 | ||||||||
| Accrued interest payable | 36,484 | 28,692 | 4,379 | ||||||||
| Deferred guarantee income | 694,582 | 496,864 | 75,836 | ||||||||
| Contingent guarantee liabilities | 1,738,787 | 1,524,970 | 232,756 | ||||||||
| Accrued expenses and other current liabilities | 2,926,347 | 2,631,827 | 401,695 | ||||||||
| Total current liabilities | 12,019,673 | 11,138,495 | 1,700,066 | ||||||||
| Non‑current liabilities | |||||||||||
| Long‑term funding debts | 825,814 | 212,006 | 32,358 | ||||||||
| Deferred tax liabilities | 21,046 | 27,915 | 4,261 | ||||||||
| Convertible notes | 1,920,227 | 1,935,501 | 295,415 | ||||||||
| Other long-term liabilities | 27,667 | 23,875 | 3,644 | ||||||||
| Total non‑current liabilities | 2,794,754 | 2,199,297 | 335,678 | ||||||||
| TOTAL LIABILITIES | 14,814,427 | 13,337,792 | 2,035,744 | ||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||
| Class A Ordinary Shares | 176 | 177 | 27 | ||||||||
| Class B Ordinary Shares | 58 | 58 | 9 | ||||||||
| Additional paid‑in capital | 2,724,006 | 2,776,275 | 423,742 | ||||||||
| Statutory reserves | 649,234 | 649,234 | 99,092 | ||||||||
| Accumulated other comprehensive income | 3,308 | 1,237 | 189 | ||||||||
| Retained earnings | 2,113,956 | 2,825,495 | 431,255 | ||||||||
| Non-controlling interests | 40,000 | 39,542 | 6,036 | ||||||||
| TOTAL SHAREHOLDERS’ EQUITY | 5,530,738 | 6,292,018 | 960,350 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 20,345,165 | 19,629,810 | 2,996,094 | ||||||||
Unaudited Condensed Consolidated Statements of Operations
| For the Three Months Ended |
|||||||||||
| (In thousands, except for share and per share data) | 2020 | 2021 | |||||||||
| RMB | RMB | US$ | |||||||||
| Operating revenue: | |||||||||||
| Online direct sales | 489,524 | 426,327 | 65,070 | ||||||||
| Membership services(1) | 24,291 | 22,723 | 3,468 | ||||||||
| Other services(1) | 13,206 | 21,590 | 3,294 | ||||||||
| Online direct sales and services income(1) | 527,021 | 470,640 | 71,832 | ||||||||
| Loan facilitation and servicing fees-credit oriented(1) | 762,968 | 1,060,420 | 161,852 | ||||||||
| Interest and financial services income and other revenues | 245,929 | 541,637 | 82,670 | ||||||||
| Guarantee income | 677,300 | 235,049 | 35,875 | ||||||||
| Credit-oriented services income(1) | 1,686,197 | 1,837,106 | 280,397 | ||||||||
| Loan facilitation and servicing fees-performance based(1) | 277,388 | 572,949 | 87,449 | ||||||||
| Loan facilitation and servicing fees-volume based(1) | 9,428 | 62,988 | 9,614 | ||||||||
| Platform-based services income(1) | 286,816 | 635,937 | 97,063 | ||||||||
| Total operating revenue | 2,500,034 | 2,943,683 | 449,292 | ||||||||
| Operating cost: | |||||||||||
| Cost of sales | (480,167 | ) | (433,469 | ) | (66,160 | ) | |||||
| Funding cost | (143,081 | ) | (129,760 | ) | (19,805 | ) | |||||
| Processing and servicing cost | (312,970 | ) | (396,716 | ) | (60,551 | ) | |||||
| Provision for credit losses of financing receivables | (290,249 | ) | (171,998 | ) | (26,252 | ) | |||||
| Provision for credit losses of contract assets and receivables | (89,340 | ) | (218,937 | ) | (33,416 | ) | |||||
| Provision for credit losses of contingent liabilities of guarantee | (1,017,243 | ) | (223,785 | ) | (34,156 | ) | |||||
| Total operating cost | (2,333,050 | ) | (1,574,665 | ) | (240,340 | ) | |||||
| Gross profit | 166,984 | 1,369,018 | 208,952 | ||||||||
| Operating expenses: | |||||||||||
| Sales and marketing expenses | (243,872 | ) | (345,504 | ) | (52,734 | ) | |||||
| Research and development expenses | (126,211 | ) | (124,207 | ) | (18,958 | ) | |||||
| General and administrative expenses | (109,526 | ) | (131,101 | ) | (20,010 | ) | |||||
| Total operating expenses | (479,609 | ) | (600,812 | ) | (91,702 | ) | |||||
| Change in fair value of financial guarantee derivatives, net | (438,984 | ) | 153,572 | 23,440 | |||||||
| Change in fair value of loans at fair value | - | (77,811 | ) | (11,876 | ) | ||||||
| Interest expense, net | (12,305 | ) | (19,689 | ) | (3,005 | ) | |||||
| Investment loss | (16,266 | ) | (189 | ) | (29 | ) | |||||
| Others, net | (23,194 | ) | 18,249 | 2,785 | |||||||
| (Loss)/Income before income tax expense | (803,374 | ) | 842,338 | 128,565 | |||||||
| Income tax benefit/(expense) | 124,947 | (131,257 | ) | (20,034 | ) | ||||||
| Net (loss)/income | (678,427 | ) | 711,081 | 108,531 | |||||||
| Less: Net (loss) attributable to non-controlling interests | - | (458 | ) | (70 | ) | ||||||
| Net (loss)/income attributable to ordinary shareholders of the Company | (678,427 | ) | 711,539 | 108,601 | |||||||
| Net (loss)/income per ordinary share attributable to ordinary shareholders of the Company | |||||||||||
| Basic | (1.87 | ) | 1.94 | 0.30 | |||||||
| Diluted | (1.87 | ) | 1.74 | 0.27 | |||||||
| Net (loss)/income per ADS attributable to ordinary shareholders of the Company | |||||||||||
| Basic | (3.73 | ) | 3.87 | 0.59 | |||||||
| Diluted | (3.73 | ) | 3.49 | 0.53 | |||||||
| Weighted average ordinary shares outstanding | |||||||||||
| Basic | 363,502,158 | 367,370,488 | 367,370,488 | ||||||||
| Diluted | 363,502,158 | 414,600,356 | 414,600,356 | ||||||||
_______________
(1) Starting from the second quarter of 2020, we report revenue streams in three categories—online direct sales and services income, credit-oriented services income and platform-based services income, to provide more relevant information. We also revised the comparative period presentation to conform to current period classification.
In providing credit-oriented services, we originate on-balance sheet loans, or facilitate the loan origination of off-balance loans where we also provide guarantee services. Consequently, we take all credit risks of borrowers in respect of on-balance sheet loans, and off-balance sheet loans through the relevant guarantee arrangements. By nature, revenue earned from off-balance sheet loans where we also provide guarantee services is recorded as “Loan facilitation and servicing fees-credit oriented” and “Guarantee income,” and interest income and other fees from on-balance sheet loans is recorded as “Interest and financial services income and other revenues.”
In providing platform-based services, we do not provide guarantee services and take no credit risks of borrowers in respect of principal and interests due to the lenders for off-balance sheet loans we facilitate. We either charge the service fees for loan facilitation and servicing at predetermined rates based on the performance of the underlying off-balance sheet loans, which we refer to as performance-based model, or charge the service fees primarily at predetermined rates of amount of loan originations upon successful matching of borrowing requests, which we refer to as volume-based model.
Revenue from “Loan facilitation and servicing fees-credit oriented,” “Loan facilitation and servicing fees-performance based” and “Loan facilitation and servicing fees-volume based” were previously reported as one combined financial statement line item as “Loan facilitation and servicing fees” before the change of presentation.
For online direct sales and services income, we report the premium membership fees for our membership packages as “Membership services,” and the commission fee earned from third-party sellers for the online marketplace services we rendered and other services revenue as “Other services” within “Online direct sales and services income.” The premium membership fees, commission fee earned from third-party sellers and other services revenue were previously reported as “Services and others” within “Online direct sales and services income” before the change of presentation.
Unaudited Condensed Consolidated Statements of Comprehensive (loss)/Income
| For the Three Months Ended |
|||||||||||
| (In thousands) | 2020 | 2021 | |||||||||
| RMB | RMB | US$ | |||||||||
| Net (loss)/income | (678,427 | ) | 711,081 | 108,531 | |||||||
| Other comprehensive income/(loss) | |||||||||||
| Foreign currency translation adjustment, net of nil tax | 1,307 | (2,071 | ) | (318 | ) | ||||||
| Total comprehensive (loss)/income | (677,120 | ) | 709,010 | 108,213 | |||||||
| Less: Net (loss) attributable to non-controlling interests | - | (458 | ) | (70 | ) | ||||||
| Total comprehensive (loss)/income attributable to ordinary shareholders of the Company | (677,120 | ) | 709,468 | 108,283 | |||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results
| For the Three Months Ended |
|||||||||||
| (In thousands, except for share and per share data) | 2020 | 2021 | |||||||||
| RMB | RMB | US$ | |||||||||
| Reconciliation of Adjusted Net (loss)/income attributable to ordinary shareholders of the Company to Net (loss)/income attributable to ordinary shareholders of the Company | |||||||||||
| Net (loss)/income attributable to ordinary shareholders of the Company | (678,427 | ) | 711,539 | 108,601 | |||||||
| Add: Share-based compensation expenses | 54,734 | 48,513 | 7,404 | ||||||||
| Interest expense associated with convertible notes | 11,913 | 11,134 | 1,699 | ||||||||
| Investment loss | 16,266 | 189 | 29 | ||||||||
| Adjusted net (loss)/income attributable to ordinary shareholders of the Company | (595,514 | ) | 771,375 | 117,733 | |||||||
| Adjusted net (loss)/income per ordinary share attributable to ordinary shareholders of the Company | |||||||||||
| Basic | (1.64 | ) | 2.10 | 0.32 | |||||||
| Diluted | (1.64 | ) | 1.86 | 0.28 | |||||||
| Adjusted net (loss)/income per ADS attributable to ordinary shareholders of the Company | |||||||||||
| Basic | (3.28 | ) | 4.20 | 0.64 | |||||||
| Diluted | (3.28 | ) | 3.72 | 0.57 | |||||||
| Weighted average number of ordinary shares outstanding | |||||||||||
| Basic | 363,502,158 | 367,370,488 | 367,370,488 | ||||||||
| Diluted | 363,502,158 | 414,600,356 | 414,600,356 | ||||||||
Unaudited Reconciliations of GAAP and Non-GAAP Results
| For the Three Months Ended |
|||||||||||
| (In thousands) | 2020 | 2021 | |||||||||
| RMB | RMB | US$ | |||||||||
| Reconciliations of Non-GAAP EBIT to Net (loss)/income | |||||||||||
| Net (loss)/income | (678,427 | ) | 711,081 | 108,531 | |||||||
| Add: Income tax (benefit)/expense | (124,947 | ) | 131,257 | 20,034 | |||||||
| Share-based compensation expenses | 54,734 | 48,513 | 7,404 | ||||||||
| Interest expense, net | 12,305 | 19,689 | 3,005 | ||||||||
| Investment loss | 16,266 | 189 | 29 | ||||||||
| Non-GAAP EBIT | (720,069 | ) | 910,729 | 139,003 | |||||||
Source: LexinFintech Holdings Ltd.