LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX),
a leading online and offline consumption platform and a
technology-driven service provider in China, today announced its
unaudited financial results for the quarter ended March 31, 2022.
First Quarter 2022 Operational Highlights:
- Total number of registered users
reached 171 million as of March 31, 2022, representing an increase
of 29.4% from 132 million as of March 31, 2021; and users with
credit line reached 37.8 million as of March 31, 2022, up by 24.8%
from 30.3 million as of March 31, 2021.
- As of March 31, 2021, we cumulatively
originated RMB702 billion in loans, an increase of 40.7% from
RMB499 billion a year ago.
- User base
- Number of active users1 who used our
loan products in the first quarter of 2022 was 5.7 million,
representing a decrease of 30.7% from 8.2 million in the first
quarter of 2021.
- Number of new active users who used our
loan products in the first quarter of 2022 was 0.7 million,
representing a decrease of 63.1% from 1.8 million in the first
quarter of 2021.
- Loan facilitation
business
- Total loan originations2 in the first
quarter of 2022 was RMB43.2 billion, a decrease of 19.8% from
RMB53.8 billion in the first quarter of 2021.
- Total outstanding principal balance of
loans2 reached RMB83.8 billion as of March 31, 2022, representing
an increase of 1.7% from RMB82.4 billion as of March 31, 2021.
- Lexin has continued to expand financing
services for small and micro business owners. In the first quarter,
loan originations for small and micro business owners reached
RMB4.2 billion.
- Number of orders placed on our platform
in the first quarter of 2022 was 27.9 million, representing a
decrease of 64.6% from 78.6 million in the first quarter of
2021.
- Credit
performance
- 90 day+ delinquency ratio was 2.40% as
of March 31, 2022.
- First payment default rate (30 day+)
for new loan originations was below 1% as of March 31, 2022.
- Technology-Driven Platform
Services
- In the first quarter of 2022, we had
served over 100 customers with our technology-driven platform
services.
- In the first quarter of 2022, our
customer retention rate3 of technology-driven platform services was
over 80%.
- New Consumption-Driven,
Location-Based Services
- The GMV4 in the first quarter of 2022
amounted to RMB 669 million, representing a decrease of 10.7% from
RMB749 million in the first quarter of 2021.
- In the first quarter of 2022, we served
over 271,000 users and 2,300 merchants under new
consumption-driven, location-based services.
- Other operational
highlights
- The weighted average tenor of loans
originated on our platform in the first quarter of 2022 was
approximately 12.3 months, representing an increase from 11.7
months in the first quarter of 2021. The nominal APR5 was 14.4% for
the first quarter of 2022, representing a decrease from 15.5% in
the first quarter of 2021.1. 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.2. Originations of loans and
outstanding principal balance represent the origination and
outstanding principal balance of both on- and off-balance sheet
loans.3. 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 total number of financial
institution customers and partners in the preceding quarter.4. GMV
refers to the total value of transactions completed for products
purchased on our e-commerce and Maiya channel, net of returns.5.
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.
First Quarter 2022 Financial Highlights:
- Total operating revenue was RMB1,712
million, representing a decrease of 41.8% from the first quarter of
2021. Revenue from new consumption-driven, location-based services
was RMB319 million, representing a decrease of 26.2% from the first
quarter of 2021. Revenue from technology-driven platform services
was RMB497 million, representing a decrease of 26.3% from the first
quarter of 2021. Revenue from credit-driven platform services was
RMB896 million, representing a decrease of 51.2% from the first
quarter of 2021.
- Gross profit was RMB461 million,
representing a decrease of 66.3% from the first quarter of
2021.
- Net income attributable to ordinary
shareholders of the Company was RMB78.1 million, representing a
decrease of 89.0% from the first quarter of 2021. Net income per
ADS attributable to ordinary shareholders of the Company was
RMB0.42 on a fully diluted basis.
- Non-GAAP EBIT6 was RMB156 million,
representing a decrease of 82.8% from the first quarter of
2021.
- Adjusted net income attributable to
ordinary shareholders of the Company6 was RMB129 million,
representing a decrease of 83.2% from the first quarter of 2021.
Adjusted net income per ADS attributable to ordinary shareholders
of the Company6 was RMB0.62 on a fully diluted basis.6. Non-GAAP
EBIT, 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.
First Quarter 2022 Financial Results:
Operating revenue decreased from RMB2,944 million in the first
quarter of 2021 to RMB1,712 million in the first quarter of 2022.
This decrease in operating revenue was due to the decrease in
revenues from new consumption-driven, location-based services,
technology-driven platform services and credit-driven platform
services for the quarter.
Revenue from new consumption-driven, location-based services
decreased by 26.2% from RMB432 million in the first quarter of 2021
to RMB319 million in the first quarter of 2022. The decrease was
primarily due to the lower consumption desired under the impact of
the COVID-19.
Revenue from technology-driven platform services decreased by
26.3% from RMB675 million in the first quarter of 2021 to RMB497
million in the first quarter of 2022. This decrease was primarily
due to a decrease from profit sharing model service within
technology-driven platform services with the decrease of
transaction volume in the first quarter of 2022.
Revenue from credit-driven platform services decreased by 51.2%
from RMB1,837 million in the first quarter of 2021 to RMB896
million in the first quarter of 2022. The decrease was primarily
due to the decrease of loan facilitation and servicing fees-credit
oriented and interest and financial services income and other
revenues.
Loan facilitation and servicing fees-credit oriented decreased
by 75.9% from RMB1,060 million in the first quarter of 2021 to
RMB256 million in the first quarter of 2022. This decrease was
primarily due to a decrease in the nominal APR and an increase of
guarantee obligation with the increasing credit risk in the first
quarter of 2022, which resulted in the decrease in considerations
for revenue from loan facilitation and servicing fees-credit
oriented.
Interest and financial services income and other revenues
decreased by 28.6% from RMB542 million in the first quarter of 2021
to RMB387 million in the first quarter of 2022, which was
consistent with the decrease in the origination of on-balance sheet
loans in the first quarter of 2022.
Guarantee income increased by 8.0% from RMB235 million in the
first quarter of 2021 to RMB254 million in the first quarter of
2022. The increase was primarily due to the increase of loan
origination in the first quarter of 2022 and the increase of
outstanding balances of the off-balance sheet loans funded by
certain institutional funding partners, which are accounted for
under ASC 460, Guarantees.
Cost of sales decreased by 24.3% from RMB434 million in the
first quarter of 2021 to RMB328 million in the first quarter of
2022, which was consistent with the decrease of new
consumption-driven revenue.
Funding cost decreased by 27.4% from RMB130 million in the first
quarter of 2021 to RMB94.3 million in the first quarter of 2022,
which was consistent with the decrease of the interest and
financial services income and other revenues.
Processing and servicing cost increased by 16.6% from RMB397
million in the first quarter of 2021 to RMB462 million in the first
quarter of 2022. This increase was primarily due to an increase in
risk management and collection expenses.
Provision for credit losses of financing and interest receivables
was RMB45.5 million in the first quarter of 2022, compared to
RMB172 million in the first quarter of 2021. The credit losses have
reflected the most recent performance in relation to the Company’s
on-balance sheet loans and that the Company has continued to
implement prudent credit assessment and risk management policies
and procedures.
Provision for credit losses of contract assets and receivables
decreased by 67.5% from RMB219 million in the first quarter of 2021
to RMB71.2 million in the first quarter of 2022. The decrease was
primarily due to a decrease in the balance of contract assets as of
March 31, 2022.
Provision for credit losses of contingent liabilities of
guarantee increased by 11.7% from RMB224 million in the first
quarter of 2021 to RMB250 million in the first quarter of 2022. The
increase was primarily due to the increase of outstanding balances
of the off-balance sheet loans funded by certain institutional
funding partners, which are accounted for under ASC 460,
Guarantees.
Gross profit decreased by 66.3% from RMB1,369 million in the
first quarter of 2021 to RMB461 million in the first quarter of
2022. The decrease in gross profit was primarily due to the
decrease in revenues from new consumption-driven, location-based
services, technology-driven platform services and credit-driven
platform services, and the increase in processing and servicing
cost and provision for credit losses of contingent liabilities of
guarantee, and partially offset by the decrease in funding cost,
cost of sales, provision for credit losses of financing
and interest receivables and provision for credit losses of
contract assets and receivables.
Sales and marketing expenses remained stable from RMB346 million
in the first quarter of 2021 to RMB360 million in the first quarter
of 2022.
Research and development expenses increased by 22.8% from RMB124
million in the first quarter of 2021 to RMB153 million in the first
quarter of 2022. This increase was primarily due to an increase in
salaries and personnel related costs.
General and administrative expenses decreased by 10.8% from
RMB131 million in the first quarter of 2021 to RMB117 million in
the first quarter of 2022. This decrease was primarily due to a
decrease in salaries and personnel related costs.
Change in fair value of financial guarantee derivatives and
loans at fair value was a gain of RMB263 million in the first
quarter of 2022, as compared to a gain of RMB75.8 million in the
first quarter of 2021. The change in fair value was primarily due
to the fair value gains realized as result of the release of
guarantee obligation along with the decrease in the balances of the
underlying outstanding off-balance sheet loans as of March 31,
2022, partially offset by the fair value losses as result of the
increase of expected loss rates as of March 31, 2022.
Income tax expense for the first quarter of 2022 was RMB19.4
million, as compared to income tax expense of RMB131 million in the
first quarter of 2021. The decrease of the income tax expense was
consistent with the decrease of the taxable income in the first
quarter of 2022 from the same period of 2021.
Net income for the first quarter of 2022 was RMB81.5 million,
representing a decrease of 88.5% from RMB711 million in the first
quarter of 2021.
Conference Call
The Company’s management will host an earnings conference call
at 9:30 PM U.S. Eastern time on May 30, 2022 (9:30 AM Beijing/Hong
Kong time on May 31, 2022).
Participants who wish to join the conference call should
register online at:
http://apac.directeventreg.com/registration/eveqnt/5865035
Please note the Conference ID number of 5865035.
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 June 7, 2022,
by dialing the following telephone numbers:
United
States: |
1 855 452 5696
or 1 646 254 3697 |
International: |
61 2 8199 0299 |
Replay Access Code: |
5865035 |
About LexinFintech Holdings Ltd.
Lexin is a leading online and offline consumption platform and a
technology-driven service provider in China. Established in 2013,
we leverage our profound understanding of consumers in China and
the valuable experience of partnering with hundreds of financial
institutions over the years, as well as our advanced technological
capabilities, to connect fast-growing new generation consumers and
small and micro enterprise owners with well-established national
and regional funding partners.
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 U.S. GAAP. We define adjusted net income
attributable to ordinary shareholders of the Company as net income
attributable to ordinary shareholders of the Company excluding
share-based compensation expenses, interest expense associated with
convertible notes, and investment (loss)/income and we define
non-GAAP EBIT as net income excluding income tax expense,
share-based compensation expenses, interest expense, net, and
investment (loss)/income .
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 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)/income. 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)/income. 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 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 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)/income 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 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 of RMB6.3393 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on March 31, 2022. The Company
makes no representation that the RMB or US$ 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 the U.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:Jamie WangTel: +86 (755)
3637-8888 ext. 6258E-mail: jamiewang@lexin.com
Media inquiries:Limin ChenTel: +86 (755) 3637-8888 ext.
6993E-mail: liminchen@lexin.com
SOURCE LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance
Sheets
|
As of |
|
(In
thousands) |
December 31, 2021 |
|
March 31, 2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
2,664,132 |
|
|
2,303,519 |
|
|
363,371 |
|
Restricted cash |
|
1,305,435 |
|
|
1,454,431 |
|
|
229,431 |
|
Restricted time deposits |
|
1,745,898 |
|
|
1,851,454 |
|
|
292,060 |
|
Short-term financing receivables, net of allowance for credit
losses of RMB307,341 and RMB44,778 as of December 31, 2021 and
March 31, 2022, respectively |
|
3,772,975 |
|
|
4,174,599 |
|
|
658,527 |
|
Loans at fair value |
|
252,970 |
|
|
281,712 |
|
|
44,439 |
|
Accrued interest receivable, net of allowance for credit losses of
RMB1,367 and RMB1,452 as of December 31, 2021 and March 31, 2022,
respectively |
|
53,513 |
|
|
63,552 |
|
|
10,025 |
|
Prepaid expenses and other current assets |
|
941,150 |
|
|
982,696 |
|
|
155,016 |
|
Amounts due from related parties |
|
6,337 |
|
|
6,066 |
|
|
957 |
|
Deposits to insurance companies and guarantee companies |
|
1,378,489 |
|
|
1,630,230 |
|
|
257,162 |
|
Short-term guarantee receivables, net of allowance for credit
losses of RMB21,006 and RMB25,675 as of December 31, 2021 and March
31, 2022, respectively |
|
543,949 |
|
|
573,066 |
|
|
90,399 |
|
Short-term contract assets and service fees receivable, net of
allowance for credit losses of RMB187,261 and RMB137,153 as of
December 31, 2021 and March 31, 2022, respectively |
|
3,942,700 |
|
|
3,289,348 |
|
|
518,882 |
|
Inventories, net |
|
47,816 |
|
|
56,528 |
|
|
8,917 |
|
Total current
assets |
|
16,655,364 |
|
|
16,667,201 |
|
|
2,629,186 |
|
Non-current
assets |
|
|
|
|
|
|
Restricted cash |
|
149,247 |
|
|
137,993 |
|
|
21,768 |
|
Long-term financing receivables, net of allowance for credit losses
of RMB19,523 and RMB3,007 as of December 31, 2021 and March
31, 2022 respectively |
|
241,127 |
|
|
287,125 |
|
|
45,293 |
|
Long-term guarantee receivables, net of allowance for credit losses
of RMB4,061 and RMB4,859 as of December 31, 2021 and March 31,
2022, respectively |
|
101,562 |
|
|
105,367 |
|
|
16,621 |
|
Long-term contract assets and service fees receivable, net of
allowance for credit losses of RMB34,973 and RMB25,243 as of
December 31, 2021 and March 31, 2022, respectively |
|
244,672 |
|
|
179,498 |
|
|
28,315 |
|
Property, equipment and software, net |
|
195,330 |
|
|
214,654 |
|
|
33,861 |
|
Land use rights, net |
|
966,067 |
|
|
957,467 |
|
|
151,037 |
|
Long-term investments |
|
469,064 |
|
|
470,372 |
|
|
74,199 |
|
Deferred tax assets |
|
1,176,878 |
|
|
1,298,484 |
|
|
204,831 |
|
Other assets |
|
826,883 |
|
|
869,891 |
|
|
137,222 |
|
Total non-current
assets |
|
4,370,830 |
|
|
4,520,851 |
|
|
713,147 |
|
TOTAL
ASSETS |
|
21,026,194 |
|
|
21,188,052 |
|
|
3,342,333 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
15,705 |
|
|
25,378 |
|
|
4,003 |
|
Amounts due to related parties |
|
23,102 |
|
|
24,539 |
|
|
3,871 |
|
Short-term borrowings |
|
1,799,741 |
|
|
1,737,830 |
|
|
274,136 |
|
Short-term funding debts |
|
3,101,381 |
|
|
2,373,313 |
|
|
374,381 |
|
Accrued interest payable |
|
24,851 |
|
|
5,784 |
|
|
912 |
|
Deferred guarantee income |
|
419,843 |
|
|
448,212 |
|
|
70,704 |
|
Contingent guarantee liabilities |
|
928,840 |
|
|
867,676 |
|
|
136,873 |
|
Accrued expenses and other current liabilities |
|
3,873,657 |
|
|
3,663,035 |
|
|
577,830 |
|
Total current
liabilities |
|
10,187,120 |
|
|
9,145,767 |
|
|
1,442,710 |
|
Non-current
liabilities |
|
|
|
|
|
|
Long-term funding debts |
|
696,852 |
|
|
1,776,061 |
|
|
280,167 |
|
Deferred tax liabilities |
|
54,335 |
|
|
82,891 |
|
|
13,076 |
|
Convertible notes |
|
1,882,689 |
|
|
1,876,133 |
|
|
295,953 |
|
Other long-term liabilities |
|
137,389 |
|
|
127,748 |
|
|
20,152 |
|
Total non-current
liabilities |
|
2,771,265 |
|
|
3,862,833 |
|
|
609,348 |
|
TOTAL
LIABILITIES |
|
12,958,385 |
|
|
13,008,600 |
|
|
2,052,058 |
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
Class A Ordinary Shares |
|
180 |
|
|
181 |
|
|
28 |
|
Class B Ordinary Shares |
|
57 |
|
|
57 |
|
|
9 |
|
Treasury stock |
|
- |
|
|
(25,482 |
) |
|
(4,020 |
) |
Additional paid-in capital |
|
2,918,993 |
|
|
2,954,693 |
|
|
466,091 |
|
Statutory reserves |
|
901,322 |
|
|
901,322 |
|
|
142,180 |
|
Accumulated other comprehensive income |
|
11,273 |
|
|
12,281 |
|
|
1,937 |
|
Retained earnings |
|
4,195,791 |
|
|
4,273,890 |
|
|
674,189 |
|
Non-controlling interests |
|
40,193 |
|
|
62,510 |
|
|
9,861 |
|
TOTAL SHAREHOLDERS’
EQUITY |
|
8,067,809 |
|
|
8,179,452 |
|
|
1,290,275 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
21,026,194 |
|
|
21,188,052 |
|
|
3,342,333 |
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings
Ltd.Unaudited Condensed Consolidated Statements of
Operations
|
For the Three Months Ended March 31, |
|
(In thousands, except
for share and per share data) |
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
Operating
revenue: |
|
|
|
|
|
|
New Consumption-Driven, Location-Based Services
(1) |
|
431,706 |
|
|
318,672 |
|
|
50,269 |
|
Technology-Driven Platform Services
(1) |
|
674,871 |
|
|
497,281 |
|
|
78,444 |
|
Credit-Driven Platform Services
(1) |
|
1,837,106 |
|
|
896,425 |
|
|
141,408 |
|
Loan facilitation and servicing fees-credit oriented (1) |
|
1,060,420 |
|
|
255,739 |
|
|
40,342 |
|
Interest and financial services income and other revenues (1) |
|
541,637 |
|
|
386,774 |
|
|
61,012 |
|
Guarantee income (1) |
|
235,049 |
|
|
253,912 |
|
|
40,054 |
|
Total operating
revenue |
|
2,943,683 |
|
|
1,712,378 |
|
|
270,121 |
|
Operating
cost: |
|
|
|
|
|
|
Cost of sales |
|
(433,469 |
) |
|
(328,213 |
) |
|
(51,774 |
) |
Funding cost |
|
(129,760 |
) |
|
(94,253 |
) |
|
(14,868 |
) |
Processing and servicing cost |
|
(396,716 |
) |
|
(462,465 |
) |
|
(72,952 |
) |
Provision for credit losses of financing and interest
receivables |
|
(171,998 |
) |
|
(45,529 |
) |
|
(7,182 |
) |
Provision for credit losses of contract assets and receivables |
|
(218,937 |
) |
|
(71,201 |
) |
|
(11,232 |
) |
Provision for credit losses of contingent liabilities of
guarantee |
|
(223,785 |
) |
|
(249,892 |
) |
|
(39,419 |
) |
Total operating
cost |
|
(1,574,665 |
) |
|
(1,251,553 |
) |
|
(197,427 |
) |
Gross
profit |
|
1,369,018 |
|
|
460,825 |
|
|
72,694 |
|
Operating
expenses: |
|
|
|
|
|
|
Sales and marketing expenses |
|
(345,504 |
) |
|
(360,444 |
) |
|
(56,859 |
) |
Research and development expenses |
|
(124,207 |
) |
|
(152,506 |
) |
|
(24,057 |
) |
General and administrative expenses |
|
(131,101 |
) |
|
(116,997 |
) |
|
(18,456 |
) |
Total operating
expenses |
|
(600,812 |
) |
|
(629,947 |
) |
|
(99,372 |
) |
Change in fair value of financial guarantee derivatives and loans
at fair value |
|
75,761 |
|
|
262,868 |
|
|
41,466 |
|
Interest expense, net |
|
(19,689 |
) |
|
(15,305 |
) |
|
(2,414 |
) |
Investment (loss)/ income |
|
(189 |
) |
|
1,374 |
|
|
217 |
|
Other, net |
|
18,249 |
|
|
21,045 |
|
|
3,320 |
|
Income before income
tax expense |
|
842,338 |
|
|
100,860 |
|
|
15,911 |
|
Income tax expense |
|
(131,257 |
) |
|
(19,377 |
) |
|
(3,057 |
) |
Net
income |
|
711,081 |
|
|
81,483 |
|
|
12,854 |
|
Less: net (loss)/ income attributable to non-controlling
interests |
|
(458 |
) |
|
3,384 |
|
|
534 |
|
Net income
attributable to ordinary shareholders of the Company |
|
711,539 |
|
|
78,099 |
|
|
12,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
Basic |
|
1.94 |
|
|
0.21 |
|
|
0.03 |
|
Diluted |
|
1.74 |
|
|
0.21 |
|
|
0.03 |
|
|
|
|
|
|
|
|
Net income per ADS
attributable to ordinary shareholders of the Company |
|
|
|
|
|
|
Basic |
|
3.87 |
|
|
0.42 |
|
|
0.07 |
|
Diluted |
|
3.49 |
|
|
0.42 |
|
|
0.07 |
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding |
|
|
|
|
|
|
Basic |
|
367,370,488 |
|
|
370,068,984 |
|
|
370,068,984 |
|
Diluted |
|
414,600,356 |
|
|
372,075,542 |
|
|
372,075,542 |
|
__________________________(1) Starting from the first quarter of
2022, we report our revenue streams in three categories - new
consumption-driven, location-based services, technology-driven
platform services, and credit-driven platform services, to provide
more relevant and updated information. We also revised the revenue
presentation in comparative periods to conform to the current
classification.
In providing new consumption-driven, location-based services, we
provide platform and services for merchants, shopping malls, and
brands to conduct sales and marketing, with the goal to drive
transaction volume, for which we charge a service fee. Revenue
earned from the online direct sales and services is recognized
under new consumption-driven, location-based services, which was
previously reported as “Online direct sales” and “Other services”
within “Online direct sales and services income” before the change
of presentation.
In providing technology-driven platform services, we offer a
comprehensive set of services to our customers that enable them to
increase revenues, manage financial risks, improve operating
efficiency, improve service quality, enhance collections, and
reduce overall costs. Revenue earned from platform-based services,
membership services and other services is reported as one combined
financial statement line item under “Technology-driven platform
services.” The membership fees and other services revenue were
previously reported as “Membership services” and “Other services”
within “Online direct sales and services income” before the change
of presentation.
The revenue earned from credit-oriented services is recognized
under credit-driven platform services, which includes "Loan
facilitation and servicing fees-credit oriented," "Interest and
financial services income and other revenues," and "Guarantee
income."
LexinFintech Holdings
Ltd.Unaudited Condensed Consolidated Statements of
Comprehensive Income
|
For the Three Months Ended March 31, |
|
(In
thousands) |
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
Net income |
|
711,081 |
|
|
81,483 |
|
|
12,854 |
|
Other comprehensive
(loss)/ income |
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
|
(2,071 |
) |
|
1,008 |
|
|
159 |
|
Total comprehensive
income |
|
709,010 |
|
|
82,491 |
|
|
13,013 |
|
Less: net (loss)/ income attributable to non-controlling
interests |
|
(458 |
) |
|
3,384 |
|
|
534 |
|
Total comprehensive
income attributable to ordinary shareholders of the
Company |
|
709,468 |
|
|
79,107 |
|
|
12,479 |
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings
Ltd.Unaudited Reconciliations of GAAP and Non-GAAP
Results
|
For the Three Months Ended March 31, |
|
(In thousands, except
for share and per share data) |
2021 |
|
2022 |
|
|
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 |
|
711,539 |
|
|
78,099 |
|
|
12,320 |
|
Add: Share-based compensation
expenses |
|
48,513 |
|
|
41,568 |
|
|
6,557 |
|
Interest expense associated
with convertible notes |
|
11,134 |
|
|
10,939 |
|
|
1,726 |
|
Investment loss/(income) |
|
189 |
|
|
(1,374 |
) |
|
(217 |
) |
Adjusted net income
attributable to ordinary shareholders of the Company |
|
771,375 |
|
|
129,232 |
|
|
20,386 |
|
|
|
|
|
|
|
|
Adjusted net income
per ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
Basic |
|
2.10 |
|
|
0.35 |
|
|
0.06 |
|
Diluted |
|
1.86 |
|
|
0.31 |
|
|
0.05 |
|
|
|
|
|
|
|
|
Adjusted net income
per ADS attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
Basic |
|
4.20 |
|
|
0.70 |
|
|
0.11 |
|
Diluted |
|
3.72 |
|
|
0.62 |
|
|
0.10 |
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding attributable to ordinary
shareholders of the Company |
|
|
|
|
|
|
Basic |
|
367,370,488 |
|
|
370,068,984 |
|
|
370,068,984 |
|
Diluted |
|
414,600,356 |
|
|
414,932,685 |
|
|
414,932,685 |
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings
Ltd.Unaudited Reconciliations of GAAP and Non-GAAP
Results
|
For the Three Months Ended March 31, |
|
(In
thousands) |
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
Reconciliations of
Non-GAAP EBIT to Net income |
|
|
|
|
|
|
Net income |
|
711,081 |
|
|
81,483 |
|
|
12,854 |
|
Add: Income tax expense |
|
131,257 |
|
|
19,377 |
|
|
3,057 |
|
Share-based compensation
expenses |
|
48,513 |
|
|
41,568 |
|
|
6,557 |
|
Interest expense, net |
|
19,689 |
|
|
15,305 |
|
|
2,414 |
|
Investment loss/(income) |
|
189 |
|
|
(1,374 |
) |
|
(217 |
) |
Non-GAAP
EBIT |
|
910,729 |
|
|
156,359 |
|
|
24,665 |
|
|
|
|
|
|
|
|
|
|
|
Additional Credit Information
Vintage Charge Off Curve
Dpd30+/GMV by Performance Windows
First Payment Default 30+
LexinFintech (NASDAQ:LX)
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