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Mr.
For the fourth quarter, net income was
As we advanced our risk management upgrading, we were pleased to see a continuous improvement in asset quality, evidenced by the decline in risk indicators of both newly originated and overall assets. This consistent enhancement in asset quality, along with ongoing operational refinements, has contributed to our sustainable profit growth.
Looking ahead to 2025, in light of the current macroeconomic and industry landscape, we will adhere to our prudent operating strategy, prioritizing asset quality and focusing on profitability enhancement. With this approach, we expect to sustain steady growth in our performance.
In accordance with our semi-annual dividend policy, the board of directors has approved a dividend of
Mr.
“Driven by the ongoing optimization of asset quality, further reduction in funding costs, a more balanced revenue mix, and improvement in customer acquisition efficiency, our revenue take rate and net income have continued to improve.”
“Having achieved substantial progress in our transformation, we will continue to execute our prudent operating strategy. Looking ahead, we expect flat to single-digit growth of total loan origination in 2025 in view of the macroeconomic conditions, alongside a significant year-over-year increase in net income driven by margin expansion.”
Fourth Quarter and Full Year 2024 Operational Highlights:
User Base
- Total number of registered users reached 228 million as of
December 31, 2024 , representing an increase of 8.6% from 210 million as ofDecember 31, 2023 , and users with credit lines reached 45.1 million as ofDecember 31, 2024 , up by 6.8% from 42.3 million as ofDecember 31, 2023 . - Number of active users1 who used our loan products in the fourth quarter of 2024 was 4.7 million, representing a decrease of 0.7% from 4.7 million in the fourth quarter of 2023. Number of active users1 who used our loan products in 2024 was 8.2 million, representing a decrease of 4.3% from 8.5 million in 2023.
- Number of cumulative borrowers with successful drawdown was 33.8 million as of
December 31, 2024 , an increase of 7.1% from 31.5 million as ofDecember 31, 2023 .
Loan Facilitation Business
- As of
December 31, 2024 , we cumulatively originatedRMB1,325.1 billion in loans, an increase of 19.1% fromRMB1,113.1 billion as ofDecember 31, 2023 . - Total loan originations2 in the fourth quarter of 2024 was
RMB52.0 billion , a decrease of 15.2% fromRMB61.2 billion in the fourth quarter of 2023. Total loan originations2 in 2024 wasRMB212 billion , a decrease of 15.0% fromRMB250 billion in 2023. - Total outstanding principal balance of loans3 reached
RMB110 billion as ofDecember 31, 2024 , representing a decrease of 11.1% fromRMB124 billion as ofDecember 31, 2023 .
Credit Performance4
- 90 day+ delinquency ratio was 3.6% as of
December 31, 2024 , as compared with 3.7% as ofSeptember 30, 2024 . - First payment default rate (30 day+) for new loan originations was below 1% as of
December 31, 2024 .
Tech-empowerment Service
- For the fourth quarter of 2024, we served over 100 business customers with our tech-empowerment service.
- In the fourth quarter of 2024, the business customer retention rate5 of our tech-empowerment service was over 80%.
Installment E-commerce Platform Service
- GMV6 in the fourth quarter of 2024 for our installment e-commerce platform service was
RMB969 million , representing a decrease of 25.0% fromRMB1,292 million in the fourth quarter of 2023. GMV6 in 2024 for our installment e-commerce platform service wasRMB3,633 million , representing a decrease of 31.3% fromRMB5,289 million in 2023. - In the fourth quarter of 2024, our installment e-commerce platform service served over 280,000 users and 400 merchants.
Other Operational Highlights
- The weighted average tenor of loans originated on our platform in the fourth quarter of 2024 was approximately 13.1 months, as compared with 12.3 months in the fourth quarter of 2023. The weighted average tenor of loans originated on our platform in 2024 was approximately 12.9 months, as compared with 13.8 months in 2023.
- Repeated borrowers’ contribution7 of loans across our platform for the fourth quarter of 2024 was 85.3%. Repeated borrowers’ contribution7 of loans across our platform for 2024 was 85.7%.
Fourth Quarter 2024 Financial Highlights:
- Total operating revenue was
RMB3,659 million , representing an increase of 4.3% from the fourth quarter of 2023. - Credit facilitation service income was
RMB2,712 million , representing a decrease of 0.5% from the fourth quarter of 2023. Tech-empowerment service income wasRMB602 million , representing an increase of 41.0% from the fourth quarter of 2023. Installment e-commerce platform service income wasRMB345 million , representing a decrease of 2.9% from the fourth quarter of 2023. - Net income attributable to ordinary shareholders of the Company was
RMB363 million , representing an increase of over 100% from the fourth quarter of 2023. Net income per ADS attributable to ordinary shareholders of the Company wasRMB2.06 on a fully diluted basis. - Adjusted net income attributable to ordinary shareholders of the Company8 was
RMB391 million , representing an increase of 37.7% from the fourth quarter of 2023. Adjusted net income per ADS attributable to ordinary shareholders of the Company8 wasRMB2.22 on a fully diluted basis.
Full Year 2024 Financial Highlights:
- Total operating revenue was
RMB14,204 million , representing an increase of 8.8% from 2023. - Credit facilitation service income was
RMB11,000 million , representing an increase of 13.8% from 2023. Tech-empowerment service income wasRMB1,881 million , representing an increase of 14.7% from 2023. Installment e-commerce platform service income wasRMB1,322 million , representing a decrease of 24.5% from 2023. - Net income attributable to ordinary shareholders of the Company was
RMB1,100 million , representing an increase of 3.2% from 2023. Net income per ADS attributable to ordinary shareholders of the Company wasRMB6.49 on a fully diluted basis. - Adjusted net income attributable to ordinary shareholders of the Company8 was
RMB1,203 million , representing a decrease of 19.0% from 2023. Adjusted net income per ADS attributable to ordinary shareholders of the Company8 wasRMB7.09 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.
- Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
- Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
- Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
- 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 2024 Financial Results:
Operating revenue increased by 4.3% from
Credit facilitation service income was
Loan facilitation and servicing fees-credit oriented increased by 4.2% from
Guarantee income decreased by 18.6% from
Financing income increased by 11.2% from
Tech-empowerment service income increased by 41.0% from
Installment e-commerce platform service income was
Cost of sales was
Funding cost decreased by 24.6% from
Processing and servicing costs increased by 13.4% from
Provision for financing receivables was
Provision for contract assets and receivables was
Provision for contingent guarantee liabilities was
Gross profit was
Sales and marketing expenses was
Research and development expenses was
General and administrative expenses decreased by 12.0% from
Change in fair value of financial guarantee derivatives and loans at fair value was a loss of
Income tax expense was
Net income increased over 100% from
Full Year 2024 Financial Results:
Operating revenue increased by 8.8% from
Credit facilitation service income increased by 13.8% from
Loan facilitation and servicing fees-credit oriented increased by 26.5% from
Guarantee income increased by 5.7% from
Financing income decreased by 6.3% from
Tech-empowerment service income increased by 14.7% from
Installment e-commerce platform service income decreased by 24.5% from
Cost of sales decreased by 19.3% from
Funding cost decreased by 36.5% from
Processing and servicing costs increased by 18.4% from
Provision for financing receivables was
Provision for contract assets and receivables was
Provision for contingent guarantee liabilities was
Gross profit increased by 11.4% from
Sales and marketing expenses was
Research and development expenses was
General and administrative expenses was
Change in fair value of financial guarantee derivatives and loans at fair value was a loss of
Income tax expense was
Net income increased by 3.2% from
Semi-Annual Dividend
The board of directors of the Company has approved a dividend of
Outlook
Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Therefore, for full year 2025, we expect total loan origination to have flat to single-digit year-on-year growth depending on the macroeconomic conditions, alongside a significant increase in net income driven by continuing improvement in asset quality. These forecasts are subject to the impact of macroeconomic factors, and the company may adjust its performance outlook as appropriate based on evolving circumstances.
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-conf.media-server.com/register/BI6702756dbdb741f9b401c583a37bd291
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 income/(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 income/(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 income/(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: willtan@lexin.com
Media inquiries:
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: media@lexin.com
SOURCE
Unaudited Condensed Consolidated Balance Sheets |
|||||||||
| As of | |||||||||
| (In thousands) | |||||||||
| RMB | RMB | US$ | |||||||
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash and cash equivalents | 2,624,719 | 2,254,213 | 308,826 | ||||||
| Restricted cash | 1,433,502 | 1,638,479 | 224,471 | ||||||
| Restricted term deposit and short-term investments | 305,182 | 138,497 | 18,974 | ||||||
| Short-term financing receivables, net(1) | 3,944,000 | 4,668,715 | 639,611 | ||||||
| Short-term contract assets and receivables, net(1) | 6,112,981 | 5,448,057 | 746,381 | ||||||
| Deposits to insurance companies and guarantee companies | 2,613,271 | 2,355,343 | 322,681 | ||||||
| Prepayments and other current assets | 1,428,769 | 1,321,340 | 181,024 | ||||||
| Amounts due from related parties | 6,989 | 61,722 | 8,456 | ||||||
| Inventories, net | 33,605 | 22,345 | 3,061 | ||||||
| Total Current Assets | 18,503,018 | 17,908,711 | 2,453,485 | ||||||
| Non-current Assets | |||||||||
| Restricted cash | 144,948 | 100,860 | 13,818 | ||||||
| Long-term financing receivables, net(1) | 200,514 | 112,427 | 15,402 | ||||||
| Long-term contract assets and receivables, net(1) | 599,818 | 317,402 | 43,484 | ||||||
| Property, equipment and software, net | 446,640 | 613,110 | 83,996 | ||||||
| Land use rights, net | 897,267 | 862,867 | 118,212 | ||||||
| Long‑term investments | 255,003 | 284,197 | 38,935 | ||||||
| Deferred tax assets | 1,232,092 | 1,540,842 | 211,094 | ||||||
| Other assets | 861,491 | 500,363 | 68,549 | ||||||
| Total Non-current Assets | 4,637,773 | 4,332,068 | 593,490 | ||||||
| TOTAL ASSETS | 23,140,791 | 22,240,779 | 3,046,975 | ||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Accounts payable | 49,801 | 74,443 | 10,199 | ||||||
| Amounts due to related parties | 2,958 | 10,927 | 1,497 | ||||||
| Short‑term borrowings | 502,013 | 690,772 | 94,635 | ||||||
| Short‑term funding debts | 3,483,196 | 2,754,454 | 377,359 | ||||||
| Deferred guarantee income | 1,538,385 | 975,102 | 133,588 | ||||||
| Contingent guarantee liabilities | 1,808,540 | 1,079,000 | 147,822 | ||||||
| Accruals and other current liabilities | 4,434,254 | 4,019,676 | 550,691 | ||||||
| Convertible notes | 505,450 | - | - | ||||||
| Total Current Liabilities | 12,324,597 | 9,604,374 | 1,315,791 | ||||||
| Non-current Liabilities | |||||||||
| Long-term borrowings | 524,270 | 585,024 | 80,148 | ||||||
| Long‑term funding debts | 455,800 | 1,197,211 | 164,017 | ||||||
| Deferred tax liabilities | 75,340 | 91,380 | 12,519 | ||||||
| Other long-term liabilities | 50,702 | 22,784 | 3,121 | ||||||
| Total Non-current Liabilities | 1,106,112 | 1,896,399 | 259,805 | ||||||
| TOTAL LIABILITIES | 13,430,709 | 11,500,773 | 1,575,596 | ||||||
| Shareholders’ equity: | |||||||||
| Class A Ordinary Shares | 199 | 205 | 31 | ||||||
| Class B Ordinary Shares | 41 | 41 | 7 | ||||||
| (328,764 | ) | (328,764 | ) | (45,040 | ) | ||||
| Additional paid-in capital | 3,204,961 | 3,314,866 | 454,134 | ||||||
| Statutory reserves | 1,106,579 | 1,178,309 | 161,428 | ||||||
| Accumulated other comprehensive income | (13,545 | ) | (29,559 | ) | (4,050 | ) | |||
| Retained earnings | 5,740,611 | 6,604,908 | 904,869 | ||||||
| Total shareholders’ equity | 9,710,082 | 10,740,006 | 1,471,379 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 23,140,791 | 22,240,779 | 3,046,975 | ||||||
__________________________
(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) | 2023 | 2024 | 2023 | 2024 | ||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Operating revenue: | ||||||||||||||||||
| Credit facilitation service income | 2,727,020 | 2,712,066 | 371,552 | 9,666,120 | 10,999,931 | 1,506,984 | ||||||||||||
| Loan facilitation and servicing fees-credit oriented | 1,558,588 | 1,624,410 | 222,543 | 5,001,881 | 6,325,924 | 866,648 | ||||||||||||
| Guarantee income | 709,422 | 577,168 | 79,072 | 2,519,284 | 2,663,824 | 364,942 | ||||||||||||
| Financing income | 459,010 | 510,488 | 69,937 | 2,144,955 | 2,010,183 | 275,394 | ||||||||||||
| Tech-empowerment service income | 426,882 | 601,693 | 82,432 | 1,640,453 | 1,881,376 | 257,747 | ||||||||||||
| Installment e-commerce platform service income | 355,534 | 345,074 | 47,275 | 1,750,509 | 1,322,287 | 181,153 | ||||||||||||
| Total operating revenue | 3,509,436 | 3,658,833 | 501,259 | 13,057,082 | 14,203,594 | 1,945,884 | ||||||||||||
| Operating cost | ||||||||||||||||||
| Cost of sales | (344,088 | ) | (352,749 | ) | (48,326 | ) | (1,635,635 | ) | (1,319,526 | ) | (180,774 | ) | ||||||
| Funding cost | (76,195 | ) | (57,471 | ) | (7,873 | ) | (513,869 | ) | (326,451 | ) | (44,724 | ) | ||||||
| Processing and servicing cost | (514,070 | ) | (583,119 | ) | (79,887 | ) | (1,935,016 | ) | (2,291,904 | ) | (313,990 | ) | ||||||
| Provision for financing receivables | (180,475 | ) | (296,741 | ) | (40,653 | ) | (627,061 | ) | (865,524 | ) | (118,576 | ) | ||||||
| Provision for contract assets and receivables | (202,677 | ) | (153,968 | ) | (21,094 | ) | (629,308 | ) | (718,413 | ) | (98,422 | ) | ||||||
| Provision for contingent guarantee liabilities | (933,854 | ) | (940,740 | ) | (128,881 | ) | (3,203,123 | ) | (3,655,548 | ) | (500,808 | ) | ||||||
| Total operating cost | (2,251,359 | ) | (2,384,788 | ) | (326,714 | ) | (8,544,012 | ) | (9,177,366 | ) | (1,257,294 | ) | ||||||
| Gross profit | 1,258,077 | 1,274,045 | 174,545 | 4,513,070 | 5,026,228 | 688,590 | ||||||||||||
| Operating expenses: | ||||||||||||||||||
| Sales and marketing expenses | (429,573 | ) | (464,263 | ) | (63,604 | ) | (1,733,301 | ) | (1,787,299 | ) | (244,859 | ) | ||||||
| Research and development expenses | (135,837 | ) | (151,081 | ) | (20,698 | ) | (513,284 | ) | (578,243 | ) | (79,219 | ) | ||||||
| General and administrative expenses | (108,305 | ) | (95,335 | ) | (13,061 | ) | (387,387 | ) | (374,481 | ) | (51,304 | ) | ||||||
| Total operating expenses | (673,715 | ) | (710,679 | ) | (97,363 | ) | (2,633,972 | ) | (2,740,023 | ) | (375,382 | ) | ||||||
| Change in fair value of financial guarantee derivatives and loans at fair value | (247,526 | ) | (143,619 | ) | (19,676 | ) | (206,368 | ) | (979,234 | ) | (134,155 | ) | ||||||
| Interest expense, net | (10,245 | ) | (2,560 | ) | (351 | ) | (50,483 | ) | (9,007 | ) | (1,234 | ) | ||||||
| Investment loss | (302,128 | ) | (543 | ) | (74 | ) | (303,235 | ) | (2,417 | ) | (331 | ) | ||||||
| Others, net | (22,092 | ) | 13,754 | 1,884 | 7,774 | 58,188 | 7,972 | |||||||||||
| Income before income tax expense | 2,371 | 430,398 | 58,965 | 1,326,786 | 1,353,735 | 185,460 | ||||||||||||
| Income tax benefit/(expense) | 9,726 | (67,649 | ) | (9,268 | ) | (260,841 | ) | (253,275 | ) | (34,699 | ) | |||||||
| Net income | 12,097 | 362,749 | 49,697 | 1,065,945 | 1,100,460 | 150,761 | ||||||||||||
| Net income attributable to ordinary shareholders of the Company | 12,097 | 362,749 | 49,697 | 1,065,945 | 1,100,460 | 150,761 | ||||||||||||
| Net income per ordinary share attributable to ordinary shareholders of the Company | ||||||||||||||||||
| Basic | 0.04 | 1.09 | 0.15 | 3.24 | 3.32 | 0.45 | ||||||||||||
| Diluted | 0.04 | 1.03 | 0.14 | 3.17 | 3.24 | 0.44 | ||||||||||||
| Net income per ADS attributable to ordinary shareholders of the Company | ||||||||||||||||||
| Basic | 0.07 | 2.18 | 0.30 | 6.49 | 6.64 | 0.91 | ||||||||||||
| Diluted | 0.07 | 2.06 | 0.28 | 6.34 | 6.49 | 0.89 | ||||||||||||
| Weighted average ordinary shares outstanding | ||||||||||||||||||
| Basic | 329,297,640 | 333,182,976 | 333,182,976 | 328,523,952 | 331,403,936 | 331,403,936 | ||||||||||||
| Diluted | 331,941,385 | 351,577,582 | 351,577,582 | 359,820,982 | 339,261,349 | 339,261,349 | ||||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income |
|||||||||||||||||||
| For the Three Months Ended |
For the Year Ended |
||||||||||||||||||
| (In thousands) | 2023 | 2024 | 2023 | 2024 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Net income | 12,097 | 362,749 | 49,697 | 1,065,945 | 1,100,460 | 150,761 | |||||||||||||
| Other comprehensive income | |||||||||||||||||||
| Foreign currency translation adjustment, net of nil tax | 27,841 | 642 | 88 | 7,297 | (16,014 | ) | (2,194 | ) | |||||||||||
| Total comprehensive income | 39,938 | 363,391 | 49,785 | 1,073,242 | 1,084,446 | 148,567 | |||||||||||||
| Total comprehensive income attributable to ordinary shareholders of the Company | 39,938 | 363,391 | 49,785 | 1,073,242 | 1,084,446 | 148,567 | |||||||||||||
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) | 2023 | 2024 | 2023 | 2024 | |||||||||||||||
| 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 | 12,097 | 362,749 | 49,697 | 1,065,945 | 1,100,460 | 150,761 | |||||||||||||
| Add: Share-based compensation expenses | 32,959 | 27,244 | 3,732 | 117,852 | 94,623 | 12,963 | |||||||||||||
| Interest expense associated with convertible notes | 11,943 | - | - | 73,807 | 5,695 | 780 | |||||||||||||
| Investment loss | 302,128 | 543 | 74 | 303,235 | 2,417 | 331 | |||||||||||||
| Tax effects on Non-GAAP adjustments (2) | (75,440 | ) | - | - | (75,440 | ) | - | - | |||||||||||
| Adjusted net income attributable to ordinary shareholders of the Company | 283,687 | 390,536 | 53,503 | 1,485,399 | 1,203,195 | 164,835 | |||||||||||||
| Adjusted net income per ordinary share attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 0.86 | 1.17 | 0.16 | 4.52 | 3.63 | 0.50 | |||||||||||||
| Diluted | 0.82 | 1.11 | 0.15 | 4.13 | 3.55 | 0.49 | |||||||||||||
| Adjusted net income per ADS attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 1.72 | 2.34 | 0.32 | 9.04 | 7.26 | 0.99 | |||||||||||||
| Diluted | 1.64 | 2.22 | 0.30 | 8.26 | 7.09 | 0.97 | |||||||||||||
| Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS | |||||||||||||||||||
| Basic | 329,297,640 | 333,182,976 | 333,182,976 | 328,523,952 | 331,403,936 | 331,403,936 | |||||||||||||
| Diluted | 345,913,435 | 351,577,582 | 351,577,582 | 359,820,982 | 339,261,349 | 339,261,349 | |||||||||||||
| Reconciliations of Non-GAAP EBIT to Net income | |||||||||||||||||||
| Net income | 12,097 | 362,749 | 49,697 | 1,065,945 | 1,100,460 | 150,761 | |||||||||||||
| Add: Income tax (benefit)/expense | (9,726 | ) | 67,649 | 9,268 | 260,841 | 253,275 | 34,699 | ||||||||||||
| Share-based compensation expenses | 32,959 | 27,244 | 3,732 | 117,852 | 94,623 | 12,963 | |||||||||||||
| Interest expense, net | 10,245 | 2,560 | 351 | 50,483 | 9,007 | 1,234 | |||||||||||||
| Investment loss | 302,128 | 543 | 74 | 303,235 | 2,417 | 331 | |||||||||||||
| Non-GAAP EBIT | 347,703 | 460,745 | 63,122 | 1,798,356 | 1,459,782 | 199,988 | |||||||||||||
(2) To exclude the tax effects related to the investment loss
Additional Credit Information
Vintage Charge Off Curve1
Dpd30+/GMV by Performance Windows1
First Payment Default 30+1
1. Loans facilitated under ICP are excluded from the chart.
Vintage Charge Off Curve (1)
Vintage Charge Off Curve (1)
Dpd30+/GMV by Performance Windows (1)
Dpd30+/GMV by Performance Windows (1)
First Payment Default 30+ (1)
First Payment Default 30+ (1)
Source: LexinFintech Holdings Ltd.