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“Total loan origination for the fourth quarter reached
“Over the past year, Lexin has significantly enhanced its operational capabilities across various business areas, thanks to a steadfast focus on core strategies that included strengthening risk management, targeting higher-quality customer base, optimizing operations, and implementing cost-effective initiatives. Our relentless efforts yielded satisfying results in 2023, laying a strong foundation for high-quality growth and further ecosystem strengthening in 2024,” added
“Looking into 2024, we will maintain our dual business growth engine driven by data and risk management, aiming for a healthy balance between growth and risk performance. Facing a slowly recovering macro environment, Lexin will continue to remain prudent and is committed to long-term sustainable value creation for shareholders and stakeholders. Continuing our capital return program, we have declared the dividend payout of
“Lexin delivered another set of healthy quarterly results, achieving our full-year business goals and marking a year of tangible progress,” stated
_____________________________
1). The investment related impairment losses were related to the investment and related prepayment for equity interests of a domestic private bank.
Fourth Quarter and Full Year 2023 Operational Highlights:
User Base
- Total number of registered users reached 210 million as of
December 31, 2023 , representing an increase of 10.9% from 189 million as ofDecember 31, 2022 , and users with credit lines reached 42.3 million as ofDecember 31, 2023 , up by 5.8% from 40.0 million as ofDecember 31, 2022 . - Number of active users1 who used our loan products in the fourth quarter of 2023 was 4.7 million, representing a decrease of 10.4% from 5.3 million in the fourth quarter of 2022. Number of active users1 who used our loan products in 2023 was 8.5 million, representing a decrease of 12.0% from 9.7 million in 2022.
- Number of cumulative borrowers with successful drawdown was 31.5 million as of
December 31, 2023 , an increase of 6.4% from 29.6 million as ofDecember 31, 2022 .
Loan Facilitation Business
- As of
December 31, 2023 , we cumulatively originatedRMB1,113.1 billion in loans, an increase of 28.9% fromRMB863.6 billion as ofDecember 31, 2022 . - Total loan originations2 in the fourth quarter of 2023 was
RMB61.2 billion , an increase of 9.2% fromRMB56.1 billion in the fourth quarter of 2022. Total loan originations2 in 2023 wasRMB250 billion , an increase of 21.9% fromRMB205 billion in 2022. - Total outstanding principal balance of loans2 reached
RMB124 billion as ofDecember 31, 2023 , representing an increase of 24.5% fromRMB99.6 billion as ofDecember 31, 2022 .
Credit Performance
- 90 day+ delinquency ratio was 2.90% as of
December 31, 2023 , as compared with 2.67% as ofSeptember 30, 2023 . - First payment default rate (30 day+) for new loan originations was below 1% as of
December 31, 2023 .
Tech-empowerment Service
- For the fourth quarter of 2023, we served over 80 business customers with our tech-empowerment service.
- In the fourth quarter of 2023, the business customer retention rate3 of our tech-empowerment service was over 85%.
Installment E-commerce Platform Service
- GMV4 in the fourth quarter of 2023 for our installment e-commerce platform service was
RMB1,292 million , representing a decrease of 7.2% fromRMB1,393 million in the fourth quarter of 2022. Total GMV4 for 2023 wasRMB5,289 million , representing an increase of 20.5% fromRMB4,390 million in 2022. - In the fourth quarter of 2023, our installment e-commerce platform service served over 400,000 users and 400 merchants. In 2023, our installment e-commerce platform service served over 1,144,000 users and 1,000 merchants.
Other Operational Highlights
- The weighted average tenor of loans originated on our platform in the fourth quarter of 2023 was approximately 12.3 months, as compared with 13.9 months in the fourth quarter of 2022. The weighted average tenor of loans originated on our platform in 2023 was approximately 13.8 months, as compared with 13.1 months in 2022.
- Repeated borrowers’ contribution5 of loans across our platform for the fourth quarter of 2023 was 86.1%, for the full year of 2023 was 89.3%.
Fourth Quarter 2023 Financial Highlights:
- Total operating revenue was
RMB3,509 million , representing an increase of 15.1% from the fourth quarter of 2022. - Credit facilitation service income was
RMB2,727 million , representing an increase of 38.9% from the fourth quarter of 2022. Tech-empowerment service income wasRMB427 million , representing an increase of 3.4% from the fourth quarter of 2022. Installment e-commerce platform service income wasRMB356 million , representing a decrease of 47.2% from the fourth quarter of 2022. - Net income attributable to ordinary shareholders of the Company was
RMB12.1 million , representing a decrease of 96.0% from the fourth quarter of 2022. Net income per ADS attributable to ordinary shareholders of the Company wasRMB0.07 on a fully diluted basis. - Adjusted net income attributable to ordinary shareholders of the Company6 was
RMB284 million , representing a decrease of 27.3% from the fourth quarter of 2022. Adjusted net income per ADS attributable to ordinary shareholders of the Company6 wasRMB1.64 on a fully diluted basis.
Full Year 2023 Financial Highlights:
- Total operating revenue was
RMB13,057 million , representing an increase of 32.3% from 2022. - Credit facilitation service income was
RMB9,666 million , representing an increase of 62.1% from 2022. Tech-empowerment service income wasRMB1,640 million , representing a decrease of 11.1% from 2022. Installment e-commerce platform service income wasRMB1,751 million , representing a decrease of 14.9% from 2022. - Net income attributable to ordinary shareholders of the Company was
RMB1,066 million , representing an increase of 30.0% from 2022. Net income per ADS attributable to ordinary shareholders of the Company wasRMB6.34 on a fully diluted basis. - Adjusted net income attributable to ordinary shareholders of the Company6 was
RMB1,485 million , representing an increase of 40.4% from 2022. Adjusted net income per ADS attributable to ordinary shareholders of the Company6 wasRMB8.26 on a fully diluted basis.
__________________________
- 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 the credit line granted by us.
- Originations of loans and outstanding principal balance represent the origination and outstanding principal balance of both on- and off-balance sheet loans.
- Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
- GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
- Repeated borrowers contribution’ for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
- Adjusted net income attributable to ordinary shareholders of the Company, adjusted net 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.
Fourth Quarter 2023 Financial Results:
Operating revenue increased by 15.1% from
Credit facilitation service income increased by 38.9% from
Loan facilitation and servicing fees-credit oriented increased by 83.5% from
Guarantee income increased by 42.0% from
Financing income decreased by 25.3% from
Tech-empowerment service income increased by 3.4% from
Installment e-commerce platform service income decreased by 47.2% from
Cost of sales decreased by 47.6% from
Funding cost decreased by 47.9% from
Processing and servicing costs increased by 10.1% from
Provision for financing receivables was
Provision for contract assets and receivables was
Provision for contingent guarantee liabilities was
Gross profit increased by 20.6% from
Sales and marketing expenses was
Research and development expenses was
General and administrative expenses increased by 11.6% from
Change in fair value of financial guarantee derivatives and loans at fair value was a loss of
Investment loss was
Income tax benefit is
Net income decreased by 96.0% from
Full Year 2023 Financial Results:
Operating revenue increased by 32.3% from
Credit facilitation service income increased by 62.1% from
Loan facilitation and servicing fees-credit oriented increased by 101% from
Guarantee income increased by 73.4% from
Financing income increased by 6.0% from
Tech-empowerment service income decreased by 11.1% from
Installment e-commerce platform service income decreased by 14.9% from
Cost of sales decreased by 20.9% from
Funding cost was
Processing and servicing costs was
Provision for financing receivables was
Provision for contract assets and receivables was
Provision for contingent guarantee liabilities was
Gross profit increased by 48.7% from
Sales and marketing expenses was
Research and development expenses decreased by 12.0% from
General and administrative expenses decreased by 10.2% from
Change in fair value of financial guarantee derivatives and loans at fair value was a loss of
Investment loss was
Income tax expense increased by 28.7% from
Net income increased by 29.1% from
Recent development
Semi-Annual Dividend
The board of directors of the Company has approved a dividend of
Change of Board Composition
The Company is also pleased to announce that its board of directors appointed Mr.
Outlook
Based on the Company’s preliminary assessment of the current market conditions and the prudent business approach due to the weak consumption recovery, the company expects the annual GMV amount for the full year 2024 to be no less than that of 2023 as the Company remains focused on the enhancement of risk management as the top priority.
These estimates reflect the Company's current expectation, which is subject to change.
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:
https://register.vevent.com/register/BIb8c0d6de499a4b8994868f39fd1617fa
Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.
Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.lexin.com.
About
We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.
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 income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net 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 they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net 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 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 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 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 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 each of the non-GAAP financial measures 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: Mandydong@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 | 1,494,150 | 2,624,719 | 369,684 | ||||||
| Restricted cash | 1,267,512 | 1,433,502 | 201,905 | ||||||
| Restricted term deposit and short-term investments | 1,331,858 | 305,182 | 42,984 | ||||||
| Short-term financing receivables, net(1) | 6,397,920 | 3,944,000 | 555,501 | ||||||
| Short-term contract assets and receivables, net(1) | 3,894,175 | 6,112,981 | 860,995 | ||||||
| Deposits to insurance companies and guarantee companies | 2,249,022 | 2,613,271 | 368,072 | ||||||
| Prepayments and other current assets | 1,086,952 | 1,428,769 | 201,238 | ||||||
| Amounts due from related parties | 6,602 | 6,989 | 984 | ||||||
| Inventories, net | 53,917 | 33,605 | 4,733 | ||||||
| Total Current Assets | 17,782,108 | 18,503,018 | 2,606,096 | ||||||
| Non-current Assets | |||||||||
| Restricted cash | 168,521 | 144,948 | 20,415 | ||||||
| Long-term financing receivables, net(1) | 460,325 | 200,514 | 28,242 | ||||||
| Long-term contract assets and receivables, net(1) | 605,051 | 599,818 | 84,483 | ||||||
| Property, equipment and software, net | 284,593 | 446,640 | 62,908 | ||||||
| Land use rights, net | 931,667 | 897,267 | 126,377 | ||||||
| Long‑term investments | 348,376 | 255,003 | 35,916 | ||||||
| Deferred tax assets | 1,141,761 | 1,232,092 | 173,537 | ||||||
| Other assets | 1,048,301 | 861,491 | 121,338 | ||||||
| Total Non-current Assets | 4,988,595 | 4,637,773 | 653,216 | ||||||
| TOTAL ASSETS | 22,770,703 | 23,140,791 | 3,259,312 | ||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Accounts payable | 25,970 | 49,801 | 7,014 | ||||||
| Amounts due to related parties | 4,669 | 2,958 | 417 | ||||||
| Short‑term borrowings | 1,168,046 | 502,013 | 70,707 | ||||||
| Short‑term funding debts | 4,385,253 | 3,483,196 | 490,598 | ||||||
| Deferred guarantee income | 894,858 | 1,538,385 | 216,677 | ||||||
| Contingent guarantee liabilities | 882,107 | 1,808,540 | 254,728 | ||||||
| Accruals and other current liabilities | 3,057,469 | 4,434,254 | 624,552 | ||||||
| Convertible notes | 2,063,545 | 505,450 | 71,191 | ||||||
| Total Current Liabilities | 12,481,917 | 12,324,597 | 1,735,884 | ||||||
| Non-current Liabilities | |||||||||
| Long-term borrowings | 150,430 | 524,270 | 73,842 | ||||||
| Long‑term funding debts | 1,334,105 | 455,800 | 64,198 | ||||||
| Deferred tax liabilities | 52,559 | 75,340 | 10,611 | ||||||
| Other long-term liabilities | 102,941 | 50,702 | 7,141 | ||||||
| Total Non-current Liabilities | 1,640,035 | 1,106,112 | 155,792 | ||||||
| TOTAL LIABILITIES | 14,121,952 | 13,430,709 | 1,891,676 | ||||||
| Shareholders’ equity: | |||||||||
| Class A Ordinary Shares | 191 | 199 | 30 | ||||||
| Class B Ordinary Shares | 47 | 41 | 7 | ||||||
| (328,764 | ) | (328,764 | ) | (46,305 | ) | ||||
| Additional paid-in capital | 3,081,254 | 3,204,961 | 451,406 | ||||||
| Statutory reserves | 1,022,592 | 1,106,579 | 155,858 | ||||||
| Accumulated other comprehensive income | (20,842 | ) | (13,545 | ) | (1,908 | ) | |||
| Retained earnings | 4,894,273 | 5,740,611 | 808,548 | ||||||
| Total shareholders’ equity | 8,648,751 | 9,710,082 | 1,367,636 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 22,770,703 | 23,140,791 | 3,259,312 | ||||||
__________________________
| (1) | Short-term financing receivables, net of allowance for credit losses of |
| Short-term contract assets and receivables, net of allowance for credit losses of |
|
| Long-term financing receivables, net of allowance for credit losses of |
|
| Long-term contract assets and receivables, net of allowance for credit losses of |
| Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||||
| For the Three Months Ended |
For the Year Ended |
||||||||||||||||||
| (In thousands, except for share and per share data) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Operating revenue: | |||||||||||||||||||
| Credit facilitation service income | 1,963,503 | 2,727,020 | 384,093 | 5,963,803 | 9,666,120 | 1,361,445 | |||||||||||||
| Loan facilitation and servicing fees-credit oriented | 849,240 | 1,558,588 | 219,523 | 2,486,527 | 5,001,881 | 704,500 | |||||||||||||
| Guarantee income | 499,662 | 709,422 | 99,920 | 1,453,180 | 2,519,284 | 354,834 | |||||||||||||
| Financing income | 614,601 | 459,010 | 64,650 | 2,024,096 | 2,144,955 | 302,111 | |||||||||||||
| Tech-empowerment service income | 412,769 | 426,882 | 60,125 | 1,845,943 | 1,640,453 | 231,053 | |||||||||||||
| Installment e-commerce platform service income | 673,994 | 355,534 | 50,076 | 2,056,065 | 1,750,509 | 246,554 | |||||||||||||
| Total operating revenue | 3,050,266 | 3,509,436 | 494,294 | 9,865,811 | 13,057,082 | 1,839,052 | |||||||||||||
| Operating cost | |||||||||||||||||||
| Cost of sales | (656,539 | ) | (344,088 | ) | (48,464 | ) | (2,066,804 | ) | (1,635,635 | ) | (230,374 | ) | |||||||
| Funding cost | (146,375 | ) | (76,195 | ) | (10,732 | ) | (518,069 | ) | (513,869 | ) | (72,377 | ) | |||||||
| Processing and servicing cost | (466,935 | ) | (514,070 | ) | (72,405 | ) | (1,875,292 | ) | (1,935,016 | ) | (272,541 | ) | |||||||
| Provision for financing receivables | (146,515 | ) | (180,475 | ) | (25,419 | ) | (437,477 | ) | (627,061 | ) | (88,320 | ) | |||||||
| Provision for contract assets and receivables | (131,292 | ) | (202,677 | ) | (28,546 | ) | (465,188 | ) | (629,308 | ) | (88,636 | ) | |||||||
| Provision for contingent guarantee liabilities | (459,252 | ) | (933,854 | ) | (131,531 | ) | (1,468,265 | ) | (3,203,123 | ) | (451,150 | ) | |||||||
| Total operating cost | (2,006,908 | ) | (2,251,359 | ) | (317,097 | ) | (6,831,095 | ) | (8,544,012 | ) | (1,203,398 | ) | |||||||
| Gross profit | 1,043,358 | 1,258,077 | 177,197 | 3,034,716 | 4,513,070 | 635,654 | |||||||||||||
| Operating expenses: | |||||||||||||||||||
| Sales and marketing expenses | (422,997 | ) | (429,573 | ) | (60,504 | ) | (1,685,438 | ) | (1,733,301 | ) | (244,130 | ) | |||||||
| Research and development expenses | (135,665 | ) | (135,837 | ) | (19,132 | ) | (583,260 | ) | (513,284 | ) | (72,295 | ) | |||||||
| General and administrative expenses | (97,058 | ) | (108,305 | ) | (15,254 | ) | (431,571 | ) | (387,387 | ) | (54,562 | ) | |||||||
| Total operating expenses | (655,720 | ) | (673,715 | ) | (94,890 | ) | (2,700,269 | ) | (2,633,972 | ) | (370,987 | ) | |||||||
| Change in fair value of financial guarantee derivatives and loans at fair value | 33,185 | (247,526 | ) | (34,863 | ) | 722,381 | (206,368 | ) | (29,066 | ) | |||||||||
| Interest expense, net | (8,187 | ) | (10,245 | ) | (1,443 | ) | (55,636 | ) | (50,483 | ) | (7,110 | ) | |||||||
| Investment loss | (38,423 | ) | (302,128 | ) | (42,554 | ) | (33,944 | ) | (303,235 | ) | (42,710 | ) | |||||||
| Others, net | (608 | ) | (22,092 | ) | (3,112 | ) | 61,321 | 7,774 | 1,095 | ||||||||||
| Income before income tax expense | 373,605 | 2,371 | 335 | 1,028,569 | 1,326,786 | 186,876 | |||||||||||||
| Income tax (expense)/benefit | (72,302 | ) | 9,726 | 1,370 | (202,640 | ) | (260,841 | ) | (36,739 | ) | |||||||||
| Net income | 301,303 | 12,097 | 1,705 | 825,929 | 1,065,945 | 150,137 | |||||||||||||
| Less: net (loss)/ income attributable to non-controlling interests | (113 | ) | - | - | 6,177 | - | - | ||||||||||||
| Net income attributable to ordinary shareholders of the Company | 301,416 | 12,097 | 1,705 | 819,752 | 1,065,945 | 150,137 | |||||||||||||
| Net income per ordinary share attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 0.92 | 0.04 | 0.01 | 2.36 | 3.24 | 0.46 | |||||||||||||
| Diluted | 0.84 | 0.04 | 0.01 | 2.21 | 3.17 | 0.45 | |||||||||||||
| Net income per ADS attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 1.84 | 0.07 | 0.01 | 4.71 | 6.49 | 0.91 | |||||||||||||
| Diluted | 1.68 | 0.07 | 0.01 | 4.41 | 6.34 | 0.89 | |||||||||||||
| Weighted average ordinary shares outstanding | |||||||||||||||||||
| Basic | 328,034,709 | 329,297,640 | 329,297,640 | 348,048,245 | 328,523,952 | 328,523,952 | |||||||||||||
| Diluted | 372,659,684 | 331,941,385 | 331,941,385 | 392,756,821 | 359,820,982 | 359,820,982 | |||||||||||||
| Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||
| For the Three Months Ended |
For the Year Ended |
||||||||||||||||||
| (In thousands) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Net income | 301,303 | 12,097 | 1,705 | 825,929 | 1,065,945 | 150,137 | |||||||||||||
| Other comprehensive income | |||||||||||||||||||
| Foreign currency translation adjustment, net of nil tax | 12,662 | 27,841 | 3,921 | (32,115 | ) | 7,297 | 1,028 | ||||||||||||
| Total comprehensive income | 313,965 | 39,938 | 5,626 | 793,814 | 1,073,242 | 151,165 | |||||||||||||
| Less: net (loss)/ income attributable to non-controlling interests | (113 | ) | - | - | 6,177 | - | - | ||||||||||||
| Total comprehensive income attributable to ordinary shareholders of the Company | 314,078 | 39,938 | 5,626 | 787,637 | 1,073,242 | 151,165 | |||||||||||||
| Unaudited Reconciliations of GAAP and Non-GAAP Results | |||||||||||||||||||
| For the Three Months Ended |
For the Year Ended |
||||||||||||||||||
| (In thousands, except for share and per share data) | 2022 | 2023 | 2022 | 2023 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Net income attributable to ordinary shareholders of the Company | 301,416 | 12,097 | 1,705 | 819,752 | 1,065,945 | 150,137 | |||||||||||||
| Add: Share-based compensation expenses | 36,539 | 32,959 | 4,642 | 156,320 | 117,852 | 16,599 | |||||||||||||
| Interest expense associated with convertible notes | 12,449 | 11,943 | 1,682 | 46,903 | 73,807 | 10,395 | |||||||||||||
| Investment loss | 38,423 | 302,128 | 42,554 | 33,944 | 303,235 | 42,710 | |||||||||||||
| Tax effects on Non-GAAP adjustments(2) | 1,231 | (75,440 | ) | (10,625 | ) | 1,231 | (75,440 | ) | (10,625 | ) | |||||||||
| Adjusted net income attributable to ordinary shareholders of the Company | 390,058 | 283,687 | 39,958 | 1,058,150 | 1,485,399 | 209,216 | |||||||||||||
| Adjusted net income per ordinary share attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 1.19 | 0.86 | 0.12 | 3.04 | 4.52 | 0.64 | |||||||||||||
| Diluted | 1.05 | 0.82 | 0.12 | 2.69 | 4.13 | 0.58 | |||||||||||||
| Adjusted net income per ADS attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 2.38 | 1.72 | 0.24 | 6.08 | 9.04 | 1.27 | |||||||||||||
| Diluted | 2.09 | 1.64 | 0.23 | 5.39 | 8.26 | 1.16 | |||||||||||||
| weighted average shares used in calculating net income per ordinary share for non-GAAP EPS | |||||||||||||||||||
| Basic | 328,034,709 | 329,297,640 | 329,297,640 | 348,048,245 | 328,523,952 | 328,523,952 | |||||||||||||
| Diluted | 372,659,684 | 345,913,435 | 345,913,435 | 392,756,821 | 359,820,982 | 359,820,982 | |||||||||||||
| Reconciliations of Non-GAAP EBIT to Net income | |||||||||||||||||||
| Net income | 301,303 | 12,097 | 1,705 | 825,929 | 1,065,945 | 150,137 | |||||||||||||
| Add: Income tax expense | 72,302 | (9,726 | ) | (1,370 | ) | 202,640 | 260,841 | 36,739 | |||||||||||
| Share-based compensation expenses | 36,539 | 32,959 | 4,642 | 156,320 | 117,852 | 16,599 | |||||||||||||
| Interest expense, net | 8,187 | 10,245 | 1,443 | 55,636 | 50,483 | 7,110 | |||||||||||||
| Investment loss | 38,423 | 302,128 | 42,554 | 33,944 | 303,235 | 42,710 | |||||||||||||
| Non-GAAP EBIT | 456,754 | 347,703 | 48,974 | 1,274,469 | 1,798,356 | 253,295 | |||||||||||||
__________________________
(2) To exclude the tax effects related to the investment loss
Additional Credit Information
Vintage Charge Off Curve
Dpd30+/GMV by Performance Windows
First Payment Default 30+
Source: LexinFintech Holdings Ltd.