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 September 30,
2022.
“In the third quarter, our total loan originations reached
approximately RMB56.2 billion, surpassing our original expectation
of RMB53 billion. Other key financial, operational and overall risk
level metrics were well on the track of a gradual trajectory of
recovery quarter over quarter this year,” said Jay Wenjie Xiao,
Lexin's chairman and chief executive officer. “Looking to the
future from our current position, we will continue to invest in
further tamping of our competencies in data analyzing and
technology innovation, to strengthen our other core capabilities
down to every detail of our daily operations, risk control and
further expand our cooperation with our financial institution
partners, and in turn, to further revitalize the Lexin eco-system.
We remain focused on the pursuit of prudent and sustainable
development in preparation for any potential uncertainties.”
“Our third quarter financial results demonstrated a positive and
upward momentum for the fiscal year 2022, supported by our
determined efforts in improving asset quality and operational
efficiency. On a quarter-over-quarter basis, our operating revenue
delivered a 11.5% growth, while net income increased by 64.6%,”
said Ms. Sunny Rui Sun, Lexin’s chief financial officer. “Looking
ahead, along with our sustained investment in digitalization and
technology, we will emphasize on achieving reasonable and
sustainable profitability, while maintaining quality topline
growth.”
Third Quarter 2022 Operational Highlights:
- Total number of registered users reached 184 million as of
September 30, 2022, representing an increase of 19.2% from 154
million as of September 30, 2021, and users with credit line
reached 39.5 million as of September 30, 2022, up by 10.9% from
35.6 million as of September 30, 2021.
- As of September 30, 2022, we cumulatively originated RMB808
billion in loans, an increase of 31.2% from RMB615 billion a year
ago.User Base
- Number of active users1 who used our loan products in the third
quarter of 2022 was 5.6 million, representing a decrease of 26.8%
from 7.7 million in the third quarter of 2021.
- Number of new active users who used our loan products in the
third quarter of 2022 was 0.5 million, representing a decrease of
66.6% from 1.4 million in the third quarter of 2021.Loan
Facilitation Business
- Total loan originations2 in the third quarter of 2022 was
RMB56.2 billion, an increase of 0.7% from RMB55.8 billion in the
third quarter of 2021.
- Total outstanding principal balance of loans2 reached RMB94.6
billion as of September 30, 2022, representing an increase of 1.8%
from RMB92.9 billion as of September 30, 2021.
- In the third quarter, loan originations for small and micro
business owners was RMB5.4 billion.
- Number of orders placed on our platform in the third quarter of
2022 was 33.6 million, representing a decrease of 31.6% from 49.1
million in the third quarter of 2021.Credit
Performance
- 90 day+ delinquency ratio was 2.66% as of September 30,
2022.
- First payment default rate (30 day+) for new loan originations
was below 1% as of September 30, 2022.Technology-Driven
Platform Services
- In the third quarter of 2022, we had served over 100 business
customers with our technology-driven platform services.
- In the third quarter of 2022, our business customer retention
rate3 of technology-driven platform services was over
80%.New Consumption-Driven, Location-Based
Services
- The GMV4 in the third quarter of 2022 amounted to RMB1,224
million, representing an increase of 36.7% from RMB895 million in
the third quarter of 2021.
- In the third quarter of 2022, we served over 378,000 users and
2,800 merchants under new consumption-driven, location-based
services.Other Operational Highlights
- The weighted average tenor of loans originated on our platform
in the third quarter of 2022 was approximately 13.8 months,
representing an increase from 11.0 months in the third quarter of
2021. The nominal APR5 was 15.7% for the third quarter of 2022,
representing an increase from 14.0% in the third quarter of
2021.
Third Quarter 2022 Financial Highlights:
- Total operating revenue was RMB2,690 million, representing a
decrease of 9.4% from the third quarter of 2021.
- Revenue from new consumption-driven, location-based services
was RMB525 million, representing an increase of 31.3% from the
third quarter of 2021. Cost of sales from new consumption-driven,
location-based services was RMB531 million, representing an
increase of 21.4% from in the third quarter of 2021. Gross margin
from new consumption-driven, location-based services was negative
RMB5.7 million, which was 84.7% smaller than the negative amount of
RMB 37.2 million in the third quarter of 2021.
- Net income attributable to ordinary shareholders of the Company
was RMB275 million, representing a decrease of 52.5% from the third
quarter of 2021. Net income per ADS attributable to ordinary
shareholders of the Company was RMB1.51 on a fully diluted
basis.
- Adjusted net income attributable to ordinary shareholders of
the Company6 was RMB330 million, representing a decrease of 48.4%
from the third quarter of 2021. Adjusted net income per ADS
attributable to ordinary shareholders of the Company6 was RMB1.73
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 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 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.
- 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.
- 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.
Third Quarter 2022 Financial Results:
Operating revenue decreased by 9.4% from
RMB2,969 million in the third quarter of 2021 to RMB2,690 million
in the third quarter of 2022.
Revenue from new consumption-driven, location-based
services increased by 31.3% from RMB400 million in the
third quarter of 2021 to RMB525 million in the third quarter of
2022. The increase was primarily driven by the increase in
transaction volume in the third quarter of 2022.
Revenue from technology-driven platform
services decreased by 37.8% from RMB804 million in the
third quarter of 2021 to RMB500 million in the third quarter of
2022. The decrease was primarily due to the decrease from
profit-sharing model service within technology-driven platform
services in the third quarter of 2022.
Revenue from credit-driven platform services
decreased by 5.6% from RMB1,765 million in the third quarter of
2021 to RMB1,666 million in the third quarter of 2022. The decrease
was primarily due to the decrease of loan facilitation and
servicing fees-credit oriented and partially offset by the increase
of interest and financial services income and other revenues and
guarantee income.
Loan facilitation and servicing fees-credit oriented decreased
by 39.8% from RMB1,187 million in the third quarter of 2021 to
RMB714 million in the third quarter of 2022. The decrease was
primarily due to the increase of guarantee obligation, which
resulted in the decrease in considerations for revenue
recognition.
Interest and financial services income and other revenues
increased by 30.8% from RMB414 million in the third quarter of 2021
to RMB542 million in the third quarter of 2022. The increase was
primarily driven by the increase in the origination of on-balance
sheet loans in the third quarter of 2022.
Guarantee income increased by 149.8% from RMB164 million in the
third quarter of 2021 to RMB410 million in the third quarter of
2022. The increase was primarily driven by the increase of loan
origination 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 increased by 21.4% from RMB437
million in the third quarter of 2021 to RMB531 million in the third
quarter of 2022, which was consistent with the increase of new
consumption-driven revenue.
Funding cost increased by 41.1% from RMB106
million in the third quarter of 2021 to RMB150 million in the third
quarter of 2022, which was consistent with the increase of the
funding debts to fund the on-balance sheet loans.
Processing and servicing costs decreased by
9.8% from RMB524 million in the third quarter of 2021 to RMB472
million in the third quarter of 2022. This decrease was primarily
driven by a decrease in fees to third party insurance companies and
guarantee companies.
Provision for credit losses of financing and interest receivables
decreased by 41.7% from RMB216 million in the third quarter of 2021
to RMB126 million in the third quarter of 2022. 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 was RMB133 million in the third quarter of
2022, as compared to RMB128 million in the third quarter of
2021.
Provision for credit losses of contingent liabilities of
guarantee was RMB382 million in the third quarter of 2022,
as compared to RMB51.4 million in the third quarter of 2021. The
increase was primarily due to the increase of loan origination of
the off-balance sheet loans funded by certain institutional funding
partners, which are accounted for under ASC 460, Guarantees.
Gross profit decreased by 40.4% from RMB1,507
million in the third quarter of 2021 to RMB897 million in the third
quarter of 2022.
Sales and marketing expenses decreased by 13.5%
from RMB491 million in the third quarter of 2021 to RMB425 million
in the third quarter of 2022. The decrease was primarily driven by
a decrease in online advertising cost, partially offset by an
increase in salaries and personnel related costs.
Research and development expenses was RMB141
million in the third quarter of 2022, as compared to RMB131 million
in the third quarter of 2021.
General and administrative expenses was RMB104
million in the third quarter of 2022, as compared to RMB100 million
in the third quarter of 2021.
Change in fair value of financial guarantee derivatives
and loans at fair value was a gain of RMB122 million in
the third quarter of 2022, as compared to a loss of RMB80.8 million
in the third quarter of 2021. The change in fair value was
primarily driven by the fair value gains realized as a result of
the release of guarantee obligation, along with the decrease in the
balances of the underlying outstanding off-balance sheet loans as
of September 30, 2022.
Income tax expense decreased by 33.2% from
RMB106 million in the third quarter of 2021 to RMB70.8 million in
the third quarter of 2022. The decrease of the income tax expense
was consistent with the decrease of the taxable income in the third
quarter of 2022.
Net income decreased by 52.5% from RMB581
million in the third quarter of 2021 to RMB276 million in third
quarter of 2022.
Update of Share Repurchase Program
Existing US$50 Million Share Repurchase Program
On March 16, 2022, the Company’s board of directors authorized a
share repurchase program under which the Company could repurchase
up to an aggregate of US$50 million of its shares/ADSs over the
next twelve months. As of September 30, 2022, the Company had
repurchased approximately 20 million ADSs for approximately US$44
million under this repurchase program.
Authorization of US$20 Million Share Repurchase Program
The Company’s board of directors authorized a new share
repurchase program under which the Company could purchase up to an
aggregate of US$20 million of its shares/ADSs over the next twelve
months from November 17, 2022. Same as the existing share
repurchase program, the repurchases under this new program may be
made from time to time through open market transactions at
prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means,
depending on the market conditions and in accordance with
applicable rules and regulations. The timing and dollar amount of
the repurchase transactions will be subject to the Securities and
Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements.
The Company expects to continue to fund the repurchases under the
share repurchase programs with its existing cash balance.
Conference Call
The Company’s management will host an earnings conference call
at 8:30 PM U.S. Eastern time on November 16, 2022 (9:30 AM
Beijing/Hong Kong time on November 17, 2022).
Participants who wish to join the conference call should
register online at:
https://register.vevent.com/register/BI83536e70002548f3aa13d85629d1d3ba
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 be
available on the Company’s investor relations website at
http://ir.lexin.com.
About LexinFintech Holdings Ltd.
Lexin is a leading online and offline consumption platform and a
technology-driven service provider in China. Established in 2013,
the Company leverages its profound understanding of consumers in
China and the valuable experience of partnering with hundreds of
financial institutions over the years, as well as its 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 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)/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 each of the
non-GAAP financial measures 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 RMB7.1135 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on September 30, 2022. The
Company makes no representation that the RMB or US$ 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:Echo YanTel: +86 (755) 3637-8888 ext. 6258E-mail:
echoyan@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 |
|
September 30, 2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
2,664,132 |
|
|
2,108,511 |
|
|
296,410 |
|
Restricted cash |
|
1,305,435 |
|
|
1,236,978 |
|
|
173,892 |
|
Restricted time deposits |
|
1,745,898 |
|
|
1,321,762 |
|
|
185,810 |
|
Short-term financing receivables, net of allowance for credit
losses of RMB307,341 and RMB181,612 as of December 31, 2021
and September 30, 2022, respectively |
|
3,772,975 |
|
|
6,119,987 |
|
|
860,334 |
|
Loans at fair value |
|
252,970 |
|
|
295,527 |
|
|
41,545 |
|
Accrued interest receivable, net of allowance for credit losses of
RMB1,367 and RMB2,033 as of December 31, 2021 and September
30, 2022, respectively |
|
53,513 |
|
|
91,619 |
|
|
12,880 |
|
Prepaid expenses and other current assets |
|
941,150 |
|
|
874,057 |
|
|
122,873 |
|
Amounts due from related parties |
|
6,337 |
|
|
7,257 |
|
|
1,020 |
|
Deposits to insurance companies and guarantee companies |
|
1,378,489 |
|
|
1,976,331 |
|
|
277,828 |
|
Short-term guarantee receivables, net of allowance for credit
losses of RMB21,006 and RMB42,128 as of December 31, 2021 and
September 30, 2022, respectively |
|
543,949 |
|
|
810,503 |
|
|
113,939 |
|
Short-term contract assets and service fees receivable, net of
allowance for credit losses of RMB187,261 and RMB141,631 as of
December 31, 2021 and September 30, 2022, respectively |
|
3,942,700 |
|
|
2,855,505 |
|
|
401,421 |
|
Inventories, net |
|
47,816 |
|
|
86,736 |
|
|
12,193 |
|
Total current
assets |
|
16,655,364 |
|
|
17,784,773 |
|
|
2,500,145 |
|
Non‑current
assets |
|
|
|
|
|
|
Restricted cash |
|
149,247 |
|
|
173,278 |
|
|
24,359 |
|
Long‑term financing receivables, net of allowance for credit losses
of RMB19,523 and RMB13,436 as of December 31, 2021 and
September 30, 2022, respectively |
|
241,127 |
|
|
450,945 |
|
|
63,393 |
|
Long-term guarantee receivables, net of allowance for credit losses
of RMB4,061 and RMB9,384 as of December 31, 2021 and September
30, 2022, respectively |
|
101,562 |
|
|
177,387 |
|
|
24,937 |
|
Long-term contract assets and service fees receivable, net of
allowance for credit losses of RMB34,973 and RMB31,025 as of
December 31, 2021 and September 30, 2022, respectively |
|
244,672 |
|
|
315,070 |
|
|
44,292 |
|
Property, equipment and software, net |
|
195,330 |
|
|
242,672 |
|
|
34,114 |
|
Land use rights, net |
|
966,067 |
|
|
940,267 |
|
|
132,181 |
|
Long‑term investments |
|
469,064 |
|
|
472,407 |
|
|
66,410 |
|
Deferred tax assets |
|
1,176,878 |
|
|
1,252,169 |
|
|
176,027 |
|
Other assets |
|
826,883 |
|
|
989,457 |
|
|
139,096 |
|
Total non‑current
assets |
|
4,370,830 |
|
|
5,013,652 |
|
|
704,809 |
|
TOTAL
ASSETS |
|
21,026,194 |
|
|
22,798,425 |
|
|
3,204,954 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
15,705 |
|
|
33,438 |
|
|
4,701 |
|
Amounts due to related parties |
|
23,102 |
|
|
3,802 |
|
|
534 |
|
Short‑term borrowings |
|
1,799,741 |
|
|
1,245,682 |
|
|
175,115 |
|
Short‑term funding debts |
|
3,101,381 |
|
|
3,908,918 |
|
|
549,507 |
|
Accrued interest payable |
|
24,851 |
|
|
1,148 |
|
|
161 |
|
Deferred guarantee income |
|
419,843 |
|
|
753,440 |
|
|
105,917 |
|
Contingent guarantee liabilities |
|
928,840 |
|
|
838,250 |
|
|
117,839 |
|
Accrued expenses and other current liabilities |
|
3,873,657 |
|
|
3,225,570 |
|
|
453,443 |
|
Convertible loans |
|
- |
|
|
2,101,816 |
|
|
295,469 |
|
Total current
liabilities |
|
10,187,120 |
|
|
12,112,064 |
|
|
1,702,686 |
|
Non‑current
liabilities |
|
|
|
|
|
|
Long‑term funding debts |
|
696,852 |
|
|
2,065,671 |
|
|
290,387 |
|
Deferred tax liabilities |
|
54,335 |
|
|
48,168 |
|
|
6,771 |
|
Long term borrowings |
|
- |
|
|
102,700 |
|
|
14,437 |
|
Convertible notes |
|
1,882,689 |
|
|
- |
|
|
- |
|
Other long-term liabilities |
|
137,389 |
|
|
112,179 |
|
|
15,770 |
|
Total non‑current
liabilities |
|
2,771,265 |
|
|
2,328,718 |
|
|
327,365 |
|
TOTAL
LIABILITIES |
|
12,958,385 |
|
|
14,440,782 |
|
|
2,030,051 |
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
Class A Ordinary Shares |
|
180 |
|
|
190 |
|
|
29 |
|
Class B Ordinary Shares |
|
57 |
|
|
47 |
|
|
8 |
|
Treasury stock |
|
- |
|
|
(309,217 |
) |
|
(43,469 |
) |
Additional paid‑in capital |
|
2,918,993 |
|
|
3,043,828 |
|
|
427,895 |
|
Statutory reserves |
|
901,322 |
|
|
901,322 |
|
|
126,706 |
|
Accumulated other comprehensive income |
|
11,273 |
|
|
(33,504 |
) |
|
(4,710 |
) |
Retained earnings |
|
4,195,791 |
|
|
4,714,127 |
|
|
662,701 |
|
Non-controlling interests |
|
40,193 |
|
|
40,850 |
|
|
5,743 |
|
TOTAL SHAREHOLDERS’
EQUITY |
|
8,067,809 |
|
|
8,357,643 |
|
|
1,174,903 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
21,026,194 |
|
|
22,798,425 |
|
|
3,204,954 |
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings
Ltd.Unaudited Condensed Consolidated Statements of
Operations
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
(In thousands, except
for share and per share data) |
2021 |
|
2022 |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
Operating
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Consumption-Driven, Location-Based
Services (1) |
|
399,754 |
|
|
524,986 |
|
|
73,801 |
|
|
|
1,238,740 |
|
|
1,382,071 |
|
|
194,288 |
|
Technology-Driven Platform Services (1) |
|
803,737 |
|
|
499,699 |
|
|
70,247 |
|
|
|
2,132,071 |
|
|
1,433,174 |
|
|
201,472 |
|
Credit-Driven Platform Services (1) |
|
1,765,304 |
|
|
1,665,652 |
|
|
234,154 |
|
|
|
5,810,503 |
|
|
4,000,300 |
|
|
562,353 |
|
Loan facilitation and servicing fees- credit oriented (1) |
|
1,187,060 |
|
|
714,102 |
|
|
100,387 |
|
|
|
3,842,315 |
|
|
1,637,287 |
|
|
230,166 |
|
Interest and financial services income and other
revenues (1) |
|
414,192 |
|
|
541,708 |
|
|
76,152 |
|
|
|
1,365,492 |
|
|
1,409,495 |
|
|
198,144 |
|
Guarantee income (1) |
|
164,052 |
|
|
409,842 |
|
|
57,615 |
|
|
|
602,696 |
|
|
953,518 |
|
|
134,043 |
|
Total operating
revenue |
|
2,968,795 |
|
|
2,690,337 |
|
|
378,202 |
|
|
|
9,181,314 |
|
|
6,815,545 |
|
|
958,113 |
|
Operating
cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
(436,973 |
) |
|
(530,685 |
) |
|
(74,603 |
) |
|
|
(1,297,433 |
) |
|
(1,410,265 |
) |
|
(198,252 |
) |
Funding cost |
|
(106,013 |
) |
|
(149,545 |
) |
|
(21,023 |
) |
|
|
(359,393 |
) |
|
(371,694 |
) |
|
(52,252 |
) |
Processing and servicing cost |
|
(523,611 |
) |
|
(472,261 |
) |
|
(66,389 |
) |
|
|
(1,390,244 |
) |
|
(1,408,357 |
) |
|
(197,984 |
) |
Provision for credit losses of financing and interest
receivables |
|
(216,344 |
) |
|
(126,214 |
) |
|
(17,743 |
) |
|
|
(499,977 |
) |
|
(290,962 |
) |
|
(40,903 |
) |
Provision for credit losses of contract assets and receivables |
|
(127,958 |
) |
|
(132,678 |
) |
|
(18,652 |
) |
|
|
(486,593 |
) |
|
(333,896 |
) |
|
(46,938 |
) |
Provision for credit losses of contingent liabilities of
guarantee |
|
(51,374 |
) |
|
(381,697 |
) |
|
(53,658 |
) |
|
|
(610,658 |
) |
|
(1,009,013 |
) |
|
(141,845 |
) |
Total operating
cost |
|
(1,462,273 |
) |
|
(1,793,080 |
) |
|
(252,068 |
) |
|
|
(4,644,298 |
) |
|
(4,824,187 |
) |
|
(678,174 |
) |
Gross
profit |
|
1,506,522 |
|
|
897,257 |
|
|
126,134 |
|
|
|
4,537,016 |
|
|
1,991,358 |
|
|
279,939 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(490,934 |
) |
|
(424,544 |
) |
|
(59,681 |
) |
|
|
(1,331,252 |
) |
|
(1,262,441 |
) |
|
(177,471 |
) |
Research and development expenses |
|
(130,996 |
) |
|
(140,560 |
) |
|
(19,760 |
) |
|
|
(385,650 |
) |
|
(447,595 |
) |
|
(62,922 |
) |
General and administrative expenses |
|
(100,463 |
) |
|
(104,389 |
) |
|
(14,675 |
) |
|
|
(352,413 |
) |
|
(334,513 |
) |
|
(47,025 |
) |
Total operating
expenses |
|
(722,393 |
) |
|
(669,493 |
) |
|
(94,116 |
) |
|
|
(2,069,315 |
) |
|
(2,044,549 |
) |
|
(287,418 |
) |
Change in fair value of financial guarantee derivatives and loans
at fair value |
|
(80,755 |
) |
|
121,776 |
|
|
17,119 |
|
|
|
(6,356 |
) |
|
689,196 |
|
|
96,886 |
|
Interest expense, net |
|
(14,023 |
) |
|
(16,202 |
) |
|
(2,278 |
) |
|
|
(50,373 |
) |
|
(47,449 |
) |
|
(6,670 |
) |
Investment (loss)/ income |
|
(1,656 |
) |
|
(3,027 |
) |
|
(426 |
) |
|
|
(4,053 |
) |
|
4,479 |
|
|
630 |
|
Other, net |
|
(946 |
) |
|
16,210 |
|
|
2,279 |
|
|
|
59,889 |
|
|
61,929 |
|
|
8,706 |
|
Income before income
tax expense |
|
686,749 |
|
|
346,521 |
|
|
48,712 |
|
|
|
2,466,808 |
|
|
654,964 |
|
|
92,073 |
|
Income tax expense |
|
(105,987 |
) |
|
(70,828 |
) |
|
(9,957 |
) |
|
|
(388,303 |
) |
|
(130,338 |
) |
|
(18,323 |
) |
Net
income |
|
580,762 |
|
|
275,693 |
|
|
38,755 |
|
|
|
2,078,505 |
|
|
524,626 |
|
|
73,750 |
|
Less: net income attributable to non-controlling interests |
|
279 |
|
|
231 |
|
|
32 |
|
|
|
326 |
|
|
6,290 |
|
|
884 |
|
Net income
attributable to ordinary shareholders of the Company |
|
580,483 |
|
|
275,462 |
|
|
38,723 |
|
|
|
2,078,179 |
|
|
518,336 |
|
|
72,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.57 |
|
|
0.82 |
|
|
0.11 |
|
|
|
5.64 |
|
|
1.49 |
|
|
0.21 |
|
Diluted |
|
1.43 |
|
|
0.75 |
|
|
0.11 |
|
|
|
5.08 |
|
|
1.40 |
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS
attributable to ordinary shareholders of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
3.15 |
|
|
1.64 |
|
|
0.23 |
|
|
|
11.28 |
|
|
2.97 |
|
|
0.42 |
|
Diluted |
|
2.86 |
|
|
1.51 |
|
|
0.21 |
|
|
|
10.17 |
|
|
2.81 |
|
|
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
368,873,003 |
|
|
336,900,544 |
|
|
336,900,544 |
|
|
|
368,375,020 |
|
|
348,868,793 |
|
|
348,868,793 |
|
Diluted |
|
414,206,884 |
|
|
381,524,186 |
|
|
381,524,186 |
|
|
|
415,500,045 |
|
|
393,605,236 |
|
|
393,605,236 |
|
__________________________
(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 September 30, |
|
|
For the Nine Months Ended September 30, |
|
(In
thousands) |
2021 |
|
2022 |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
Net income |
|
580,762 |
|
|
275,693 |
|
|
38,755 |
|
|
|
2,078,505 |
|
|
524,626 |
|
|
73,750 |
|
Other comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
|
(936 |
) |
|
(25,170 |
) |
|
(3,538 |
) |
|
|
2,297 |
|
|
(44,777 |
) |
|
(6,295 |
) |
Total comprehensive
income |
|
579,826 |
|
|
250,523 |
|
|
35,217 |
|
|
|
2,080,802 |
|
|
479,849 |
|
|
67,455 |
|
Less: net income attributable to non-controlling interests |
|
279 |
|
|
231 |
|
|
32 |
|
|
|
326 |
|
|
6,290 |
|
|
884 |
|
Total comprehensive
income attributable to ordinary shareholders of the
Company |
|
579,547 |
|
|
250,292 |
|
|
35,185 |
|
|
|
2,080,476 |
|
|
473,559 |
|
|
66,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings
Ltd.Unaudited Reconciliations of GAAP and Non-GAAP
Results
|
For the Three Months Ended September
30, |
|
|
For the Nine Months Ended September 30, |
|
(In thousands, except
for share and per share data) |
2021 |
|
2022 |
|
|
2021 |
|
2022 |
|
|
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 |
|
580,483 |
|
|
275,462 |
|
|
38,723 |
|
|
|
2,078,179 |
|
|
518,336 |
|
|
72,866 |
|
Add: Share-based compensation
expenses |
|
47,363 |
|
|
39,963 |
|
|
5,618 |
|
|
|
139,845 |
|
|
119,781 |
|
|
16,839 |
|
Interest expense associated
with convertible notes |
|
11,375 |
|
|
12,044 |
|
|
1,693 |
|
|
|
33,675 |
|
|
34,454 |
|
|
4,843 |
|
Investment loss/(income) |
|
1,656 |
|
|
3,027 |
|
|
426 |
|
|
|
4,053 |
|
|
(4,479 |
) |
|
(630 |
) |
Tax effects on Non-GAAP
adjustments (2) |
|
- |
|
|
- |
|
|
- |
|
|
|
7,151 |
|
|
- |
|
|
- |
|
Adjusted net income
attributable to ordinary shareholders of the Company |
|
640,877 |
|
|
330,496 |
|
|
46,460 |
|
|
|
2,262,903 |
|
|
668,092 |
|
|
93,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.74 |
|
|
0.98 |
|
|
0.14 |
|
|
|
6.14 |
|
|
1.92 |
|
|
0.27 |
|
Diluted |
|
1.55 |
|
|
0.87 |
|
|
0.12 |
|
|
|
5.45 |
|
|
1.70 |
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per ADS attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
3.47 |
|
|
1.96 |
|
|
0.28 |
|
|
|
12.29 |
|
|
3.83 |
|
|
0.54 |
|
Diluted |
|
3.09 |
|
|
1.73 |
|
|
0.24 |
|
|
|
10.89 |
|
|
3.39 |
|
|
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding attributable to ordinary
shareholders of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
368,873,003 |
|
|
336,900,544 |
|
|
336,900,544 |
|
|
|
368,375,020 |
|
|
348,868,793 |
|
|
348,868,793 |
|
Diluted |
|
414,206,884 |
|
|
381,524,186 |
|
|
381,524,186 |
|
|
|
415,500,045 |
|
|
393,605,236 |
|
|
393,605,236 |
|
__________________________(2) To exclude the tax effects related
to the investment loss/(income)
LexinFintech Holdings
Ltd.Unaudited Reconciliations of GAAP and Non-GAAP
Results
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
(In
thousands) |
2021 |
|
2022 |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
Reconciliations of
Non-GAAP EBIT to Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
580,762 |
|
|
275,693 |
|
|
38,755 |
|
|
|
2,078,505 |
|
|
524,626 |
|
|
73,750 |
|
Add: Income tax expense |
|
105,987 |
|
|
70,828 |
|
|
9,957 |
|
|
|
388,303 |
|
|
130,338 |
|
|
18,323 |
|
Share-based compensation
expenses |
|
47,363 |
|
|
39,963 |
|
|
5,618 |
|
|
|
139,845 |
|
|
119,781 |
|
|
16,839 |
|
Interest expense, net |
|
14,023 |
|
|
16,202 |
|
|
2,278 |
|
|
|
50,373 |
|
|
47,449 |
|
|
6,670 |
|
Investment loss/(income) |
|
1,656 |
|
|
3,027 |
|
|
426 |
|
|
|
4,053 |
|
|
(4,479 |
) |
|
(630 |
) |
Non-GAAP
EBIT |
|
749,791 |
|
|
405,713 |
|
|
57,034 |
|
|
|
2,661,079 |
|
|
817,715 |
|
|
114,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Credit Information
Vintage Charge Off Curve
Dpd30+/GMV by Performance Windows
First Payment Default 30+
LexinFintech (NASDAQ:LX)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
LexinFintech (NASDAQ:LX)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024