LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX),
a leading technology-empowered personal financial service enabler
in China, today announced its unaudited financial results for the
quarter ended March 31, 2023.
"Total loan origination for the first quarter of 2023 beat our
initial expectations of over RMB60.9 billion, representing a
year-over-year growth of 41.2%. Moreover, our total outstanding
loan balance was over RMB107 billion, an increase of 27.7%
year-over-year," said Jay Wenjie Xiao, chairman and chief executive
officer of Lexin. "We delivered a solid result in the first quarter
of 2023 and are well on track for a robust V-shaped recovery, which
attributes to the recovery of consumption after the Chinese New
Year and our continued efforts on risk management upgrade and
operational improvement initiatives."
"In the past quarter, we made it the corporate priority number
one to sharpen our focus on upgrading our overall risk management
capability. Tangible improvement in asset quality is a clear
reflection of these changes and we are committed to continue with
this essential endeavor. Additionally, we further stepped up our
investments in technological innovation and optimizing operational
efficiency. Our efforts result in the enhancement of overall core
competencies. Looking ahead, we remain vigilant about the continued
recovery in consumption and economic activities in China. Risk
management has long been the front and center of our business and
we will continue to maintain a prudent approach in terms of
business growth for this year," Mr. Xiao continued.
"We entered the 2023 financial year with a solid first-quarter
result, which serves as a strong testament to the continued
turnaround of our business," said Mr. James Zheng, chief financial
officer of Lexin. "Total operating revenue for the first quarter
was RMB3.0 billion, an increase of 74.2% year-over-year, and a
decrease of 2.2% quarter-on-quarter, and our net profit also
continued to increase for the fourth consecutive quarter, reaching
approximately RMB327 million, an increase of 302% year-over-year
and 8.7% quarter-on-quarter. Net profit margin increased to 11.0%
from 4.8% in the first quarter of 2022 and 9.9% in the fourth
quarter of 2022. Reduction in funding cost, improvements in
operational efficiency, major upgrades in risk management system
and switching more towards better quality customers, all
contributed to a strong performance this quarter.
Quarter to date, we saw mild loan volume growth of our business
as well as some enhancement in risk management, customer
acquisition, funding cost and operational optimization. Looking
ahead, we remain dedicated to generating sustainable, high-quality
business growth and creating long-term value for our customers,
shareholders and other stakeholders across our Lexin consumption
ecosystem," said Mr. Zheng.
First Quarter 2023 Operational Highlights:
- Total number of registered users
reached 194 million as of March 31, 2023, representing an increase
of 13.7% from 171 million as of March 31, 2022, and users with
credit lines reached 40.5 million as of March 31, 2023, up by 7.1%
from 37.8 million as of March 31, 2022.
- As of March 31, 2023, we cumulatively
originated RMB923.5 billion in loans, an increase of 31.5% from
RMB702.2 billion a year ago.
User Base
- Number of active users1 who used our
loan products in the first quarter of 2023 was 5.0 million,
representing a decrease of 11.8% from 5.7 million in the first
quarter of 2022.
- Number of new active users who used our
loan products in the first quarter of 2023 was 0.4 million,
representing a decrease of 42.6% from 0.7 million in the first
quarter of 2022.
Loan Facilitation Business
- Total loan originations2 in the first
quarter of 2023 was RMB60.9 billion, an increase of 41.2% from
RMB43.2 billion in the first quarter of 2022.
- Total outstanding principal balance of
loans2 reached RMB107 billion as of March 31, 2023, representing an
increase of 27.7% from RMB83.8 billion as of March 31, 2022.
- Total number of orders placed on our
platform in the first quarter of 2023 was 23.7 million,
representing a decrease of 15.0% from 27.9 million in the first
quarter of 2022.
Credit Performance
- 90 day+ delinquency ratio was 2.53% as
of March 31, 2023, as compared with 2.53% as of December 31,
2022.
- 30 day+ delinquency ratio was 4.57% as
of March 31, 2023, as compared with 4.62% as of December 31,
2022.
- First payment default rate (30 day+)
for new loan originations was below 1% as of March 31, 2023.
Tech-empowerment Service
- For the first quarter of 2023, we
served over 110 business customers with our tech-empowerment
service.
- In the first quarter of 2023, the
business customer retention rate3 of our tech-empowerment service
was over 80%.
Installment E-commerce Platform Service
- GMV4 in the first quarter of 2023 for
our installment e-commerce platform service was RMB1,129 million,
representing an increase of 68.8% from RMB669 million in the first
quarter of 2022.
- In the first quarter of 2023, our
installment e-commerce platform service served over 400,000 users
and 900 merchants.
Other Operational Highlights
- The weighted average tenor of loans
originated on our platform in the first quarter of 2023 was
approximately 15.1 months, as compared with 12.3 months in the
first quarter of 2022. The nominal APR5 was 17.1% for the first
quarter of 2023, as compared with 14.4% in the first quarter of
2022.
First Quarter 2023 Financial Highlights:
- Total operating revenue was RMB2,983
million, representing an increase of 74.2% from the first quarter
of 2022.
- Credit facilitation service income was
RMB2,116 million, representing an increase of 136% from the first
quarter of 2022. Tech-empowerment service income was RMB368
million, representing a decrease of 26.0% from the first quarter of
2022. Installment e-commerce platform service income was RMB499
million, representing an increase of 56.6% from the first quarter
of 2022.
- Net income attributable to ordinary
shareholders of the Company was RMB327 million, representing an
increase of 319% from the first quarter of 2022. Net income per ADS
attributable to ordinary shareholders of the Company was RMB1.83 on
a fully diluted basis.
- Adjusted net income attributable to
ordinary shareholders of the Company6 was RMB375 million,
representing an increase of 190% from the first quarter of 2022.
Adjusted net income per ADS attributable to ordinary shareholders
of the Company6 was RMB2.00 on a fully diluted basis.
__________________________
- Active users refer to, for a
specified period, users who made at least one transaction during
that period through our platform or through our third-party
partners’ platforms using the credit line granted by us.
- Originations of loans and
outstanding principal balance represent the origination and
outstanding principal balance of both on- and off-balance sheet
loans.
- Customer retention rate refers to
the number of financial institution customers and partners who
repurchase our service in the current quarter as a percentage of
the total number of financial institution customers and partners in
the preceding quarter.
- GMV refers to the total value of
transactions completed for products purchased on our e-commerce and
Maiya channel, net of returns.
- 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.
First Quarter 2023 Financial Results:
Operating revenue increased by 74.2% from
RMB1,712 million in the first quarter of 2022 to RMB2,983 million
in the first quarter of 2023.
Credit facilitation service income increased by
136% from RMB896 million in the first quarter of 2022 to RMB2,116
million in the first quarter of 2023. The increase was driven by
increases in loan facilitation and servicing fees-credit oriented,
guarantee income and financing income.
Loan facilitation and servicing fees-credit oriented increased
by 277% from RMB256 million in the first quarter of 2022 to RMB964
million in the first quarter of 2023. The increase was primarily
due to the significant increase in off-balance sheet loans
originated under the credit-oriented model.
Guarantee income increased by 118% from RMB254 million in the
first quarter of 2022 to RMB554 million in the first quarter of
2023. The increase was primarily driven by the increase in loan
originations and the increase of outstanding balances in the
off-balance sheet loans funded by certain institutional funding
partners, which are accounted for under ASC 460, Guarantees.
Financing income increased by 54.6% from RMB387 million in the
first quarter of 2022 to RMB598 million in the first quarter of
2023. The increase was primarily driven by the increase in the
origination of on-balance sheet loans.
Tech-empowerment service income decreased by
26.0% from RMB497 million in the first quarter of 2022 to RMB368
million in the first quarter of 2023. The decrease was primarily
due to the decrease in APR of loans originated under the
profit-sharing model within tech-empowerment service in the first
quarter of 2023.
Installment e-commerce platform service income
increased by 56.6% from RMB319 million in the first quarter of 2022
to RMB499 million in the first quarter of 2023. The increase was
primarily driven by the increase in transaction volume in the first
quarter of 2023.
Cost of sales increased by 42.1% from RMB328
million in the first quarter of 2022 to RMB466 million in the first
quarter of 2023, which was consistent with the increase in
installment e-commerce platform service income.
Funding cost increased by 59.6% from RMB94.3
million in the first quarter of 2022 to RMB150 million in the first
quarter of 2023, which was consistent with the increase in funding
debts to fund the on-balance sheet loans.
Processing and servicing costs increased by
14.4% from RMB462 million in the first quarter of 2022 to RMB529
million in the first quarter of 2023. This increase was primarily
due to an increase in risk management and collection expenses.
Provision for financing receivables was RMB139
million for the first quarter of 2023, as compared to RMB45.5
million for the first quarter of 2022. The credit losses reflect
the most recent performance in relation to the Company’s on-balance
sheet loans.
Provision for contract assets and receivables
was RMB142 million in the first quarter of 2023, as compared to
RMB71.2 million in the first quarter of 2022. The increase was
primarily due to the significant increase in loan facilitations and
servicing fees in the first quarter of 2023.
Provision for contingent guarantee liabilities
was RMB653 million in the first quarter of 2023, as compared to
RMB250 million in the first quarter of 2022. The increase was
primarily due to the increase in loan origination of the
off-balance sheet loans funded by certain institutional funding
partners, which are accounted for under ASC 460, Guarantees.
Gross profit increased by 96% from RMB461
million in the first quarter of 2022 to RMB903 million in the first
quarter of 2023.
Sales and marketing expenses increased by 22.1%
from RMB360 million in the first quarter of 2022 to RMB440 million
in the first quarter of 2023. This increase was primarily due to an
increase in online advertising costs.
Research and development expenses decreased by
15.1% from RMB153 million in the first quarter of 2022 to RMB130
million in the first quarter of 2023, as a result of the Company’s
improved efficiency.
General and administrative expenses decreased
by 17.1% from RMB117 million in the first quarter of 2022 to
RMB97.0 million in the first quarter of 2023, as a result of the
Company’s expense control measures.
Change in fair value of financial guarantee derivatives
and loans at fair value was a gain of RMB156 million in
the first quarter of 2023, as compared to a gain of RMB263 million
in the first quarter of 2022. 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 re-measurement
of the expected loss rates and changes in the balances of the
underlying outstanding off-balance sheet loans as of March 31,
2023.
Income tax expense increased by 283% from
RMB19.4 million in the first quarter of 2022 to RMB74.3 million in
the first quarter of 2023. The increase in income tax expense was
consistent with the increase in the income before income tax
expense in the first quarter of 2023.
Net income increased by 302% from RMB81.5
million in the first quarter of 2022 to RMB327 million in first
quarter of 2023.
Recent Developments
Update on Share Repurchase Program
During the fiscal year of 2022, the Company’s board of directors
authorized two share repurchase programs on March 16, 2022 and on
November 17, 2022, respectively, under which the Company could
purchase up to an aggregate of US$70 million of its shares/ADSs
over the next twelve months. Up to date, the Company has
repurchased approximately 22 million ADSs for approximately US$48
million under these repurchase programs, in aggregate.
Outlook
Based on the Company’s preliminary assessment of the current
market conditions, total loan originations for the second quarter
of 2023 are expected to be around RMB63-63.5 billion, representing
an increase of 28-29% on a year-over-year basis.
These estimates reflect the Company's current expectation, which
is subject to change.
Conference Call
The Company’s management will host an earnings conference call
at 10:00 PM U.S. Eastern time on May 23, 2023 (10:00 AM
Beijing/Hong Kong time on May 24, 2023).
Participants who wish to join the conference call should
register online at:
https://register.vevent.com/register/BI6a99701450344d7bbae49c8167f9ad17
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 LexinFintech Holdings Ltd.
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 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 income and we define non-GAAP
EBIT as net income excluding income tax expense, share-based
compensation expenses, interest expense, net, and investment
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. 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. 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 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 RMB6.8676 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on March 31, 2023. The Company
makes no representation that the RMB or US$ 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, 2022 |
|
March 31, 2023 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
| ASSETS |
|
|
|
|
|
|
| Current
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
1,494,150 |
|
2,291,986 |
|
333,739 |
|
|
Restricted cash |
1,267,512 |
|
2,606,968 |
|
379,604 |
|
|
Restricted term deposit and short-term investments |
1,331,858 |
|
1,451,189 |
|
211,309 |
|
|
Short-term financing receivables, net(1)(2) |
6,397,920 |
|
5,568,428 |
|
810,826 |
|
|
Short-term contract assets and receivables, net(1)(2) |
3,894,175 |
|
4,186,986 |
|
609,672 |
|
|
Deposits to insurance companies and guarantee companies |
2,249,022 |
|
2,209,563 |
|
321,737 |
|
|
Prepayments and other current assets(2) |
1,086,952 |
|
1,119,663 |
|
163,035 |
|
|
Amounts due from related parties |
6,602 |
|
6,455 |
|
940 |
|
|
Inventories, net |
53,917 |
|
50,912 |
|
7,413 |
|
| Total Current
Assets |
17,782,108 |
|
19,492,150 |
|
2,838,275 |
|
| Non-current
Assets |
|
|
|
|
|
|
|
Restricted cash |
168,521 |
|
157,974 |
|
23,003 |
|
|
Long-term financing receivables, net(1) |
460,325 |
|
326,079 |
|
47,481 |
|
|
Long-term contract assets and receivables, net(1)(2) |
605,051 |
|
749,417 |
|
109,124 |
|
|
Property, equipment and software, net |
284,593 |
|
327,186 |
|
47,642 |
|
|
Land use rights, net |
931,667 |
|
923,067 |
|
134,409 |
|
|
Long-term investments |
348,376 |
|
348,639 |
|
50,766 |
|
|
Deferred tax assets |
1,141,761 |
|
1,125,068 |
|
163,823 |
|
|
Other assets |
1,048,301 |
|
1,147,876 |
|
167,144 |
|
| Total Non-current
Assets |
4,988,595 |
|
5,105,306 |
|
743,392 |
|
| TOTAL
ASSETS |
22,770,703 |
|
24,597,456 |
|
3,581,667 |
|
| |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
Accounts payable |
25,970 |
|
36,759 |
|
5,353 |
|
|
Amounts due to related parties |
4,669 |
|
6,706 |
|
976 |
|
|
Short-term borrowings |
1,168,046 |
|
1,453,320 |
|
211,620 |
|
|
Short-term funding debts |
4,385,253 |
|
4,602,871 |
|
670,230 |
|
|
Deferred guarantee income |
894,858 |
|
1,123,313 |
|
163,567 |
|
|
Contingent guarantee liabilities |
882,107 |
|
1,093,151 |
|
159,175 |
|
|
Accruals and other current liabilities(2) |
3,057,469 |
|
3,159,194 |
|
460,014 |
|
|
Convertible notes |
2,063,545 |
|
1,759,669 |
|
256,228 |
|
| Total Current
Liabilities |
12,481,917 |
|
13,234,983 |
|
1,927,163 |
|
| Non-current
Liabilities |
|
|
|
|
|
|
|
Long-term borrowings |
150,430 |
|
212,600 |
|
30,957 |
|
|
Long-term funding debts |
1,334,105 |
|
1,882,549 |
|
274,120 |
|
|
Deferred tax liabilities |
52,559 |
|
50,818 |
|
7,400 |
|
|
Convertible notes |
- |
|
110,030 |
|
16,022 |
|
|
Other long-term liabilities |
102,941 |
|
92,714 |
|
13,500 |
|
| Total Non-current
Liabilities |
1,640,035 |
|
2,348,711 |
|
341,999 |
|
| TOTAL
LIABILITIES |
14,121,952 |
|
15,583,694 |
|
2,269,162 |
|
| Shareholders’
equity: |
|
|
|
|
|
|
|
Class A Ordinary Shares |
191 |
|
192 |
|
29 |
|
|
Class B Ordinary Shares |
47 |
|
47 |
|
8 |
|
|
Treasury stock |
(328,764 |
) |
(328,764 |
) |
(47,872 |
) |
|
Additional paid-in capital |
3,081,254 |
|
3,114,777 |
|
453,547 |
|
|
Statutory reserves |
1,022,592 |
|
1,022,592 |
|
148,900 |
|
|
Accumulated other comprehensive income |
(20,842 |
) |
(16,845 |
) |
(2,453 |
) |
|
Retained earnings |
4,894,273 |
|
5,221,763 |
|
760,346 |
|
| Total shareholders’
equity |
8,648,751 |
|
9,013,762 |
|
1,312,505 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
22,770,703 |
|
24,597,456 |
|
3,581,667 |
|
| __________________________ |
|
(1) |
Short-term financing receivables, net of allowance for credit
losses of RMB184,187 and RMB131,160 as of December 31, 2022 and
March 31, 2023, respectively. |
| |
|
| |
Short-term contract assets and
receivables, net of allowance for credit losses of RMB216,850 and
RMB257,244 as of December 31, 2022 and March 31, 2023,
respectively. |
| |
|
| |
Long-term financing receivables,
net of allowance for credit losses of RMB13,220 and RMB7,730 as of
December 31, 2022 and March 31, 2023, respectively. |
| |
|
| |
Long-term contract assets and
receivables, net of allowance for credit losses of RMB52,742 and
RMB67,977 as of December 31, 2022 and March 31, 2023,
respectively. |
| |
|
| (2) |
Starting from the fourth quarter
of 2022, we updated the presentation of our Condensed Consolidated
Balance Sheets, to provide more relevant and clear information. We
also revised the presentation in comparative periods to conform to
the current classification. |
| |
|
| |
Accrued interest receivable is
included in Short-term financing receivables. |
| |
|
| |
Guarantee receivables and
Contract assets and service fees receivable are combined as
Contract assets and receivables. |
| |
|
| |
Prepaid expenses and other
current assets and Loan at fair value are combined as Prepayments
and other current assets. |
| |
|
| |
Accrued interest payable and
Accrued expenses and other current liabilities are combined as
Accruals and other current liabilities. |
|
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) |
2022 |
|
2023 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
| Operating
revenue: |
|
|
|
|
|
|
|
Credit facilitation service
income(3) |
896,425 |
|
2,115,808 |
|
308,085 |
|
|
Loan facilitation and servicing fees-credit oriented |
255,739 |
|
964,171 |
|
140,394 |
|
|
Guarantee income |
253,912 |
|
553,668 |
|
80,620 |
|
|
Financing income(3) |
386,774 |
|
597,969 |
|
87,071 |
|
|
Tech-empowerment service
income(3) |
497,281 |
|
367,932 |
|
53,575 |
|
|
Installment e-commerce platform service
income(3) |
318,672 |
|
499,159 |
|
72,683 |
|
| Total operating
revenue |
1,712,378 |
|
2,982,899 |
|
434,343 |
|
| Operating
cost |
|
|
|
|
|
|
|
Cost of sales |
(328,213 |
) |
(466,471 |
) |
(67,923 |
) |
|
Funding cost |
(94,253 |
) |
(150,383 |
) |
(21,897 |
) |
|
Processing and servicing cost |
(462,465 |
) |
(528,961 |
) |
(77,023 |
) |
|
Provision for financing receivables |
(45,529 |
) |
(138,848 |
) |
(20,218 |
) |
|
Provision for contract assets and receivables |
(71,201 |
) |
(141,946 |
) |
(20,669 |
) |
|
Provision for contingent guarantee liabilities |
(249,892 |
) |
(653,077 |
) |
(95,095 |
) |
| Total operating
cost |
(1,251,553 |
) |
(2,079,686 |
) |
(302,825 |
) |
| Gross
profit |
460,825 |
|
903,213 |
|
131,518 |
|
| Operating
expenses： |
|
|
|
|
|
|
|
Sales and marketing expenses |
(360,444 |
) |
(439,965 |
) |
(64,064 |
) |
|
Research and development expenses |
(152,506 |
) |
(129,527 |
) |
(18,861 |
) |
|
General and administrative expenses |
(116,997 |
) |
(97,037 |
) |
(14,130 |
) |
| Total operating
expenses |
(629,947 |
) |
(666,529 |
) |
(97,055 |
) |
|
Change in fair value of financial guarantee derivatives and loans
at fair value |
262,868 |
|
156,265 |
|
22,754 |
|
|
Interest expense, net |
(15,305 |
) |
(4,080 |
) |
(594 |
) |
|
Investment income |
1,374 |
|
160 |
|
23 |
|
|
Others, net |
21,045 |
|
12,755 |
|
1,857 |
|
| Income before income
tax expense |
100,860 |
|
401,784 |
|
58,503 |
|
|
Income tax expense |
(19,377 |
) |
(74,294 |
) |
(10,818 |
) |
| Net
income |
81,483 |
|
327,490 |
|
47,685 |
|
|
Less: net income attributable to non-controlling interests |
3,384 |
|
- |
|
- |
|
| Net income
attributable to ordinary shareholders of the Company |
78,099 |
|
327,490 |
|
47,685 |
|
| |
|
|
|
|
|
|
| Net income per
ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
Basic |
0.21 |
|
1.00 |
|
0.15 |
|
|
Diluted |
0.21 |
|
0.92 |
|
0.13 |
|
| |
|
|
|
|
|
|
| Net income per ADS
attributable to ordinary shareholders of the Company |
|
|
|
|
|
|
|
Basic |
0.42 |
|
2.00 |
|
0.29 |
|
|
Diluted |
0.42 |
|
1.83 |
|
0.27 |
|
|
|
|
|
|
|
|
|
| Weighted average
ordinary shares outstanding |
|
|
|
|
|
|
|
Basic |
370,068,984 |
|
327,538,233 |
|
327,538,233 |
|
|
Diluted |
372,075,542 |
|
374,265,630 |
|
374,265,630 |
|
| __________________________ |
|
(3) |
Starting from the fourth quarter of 2022, we updated the
descriptions of three categories of our revenue streams as Credit
facilitation service income, Tech-empowerment service income, and
Installment e-commerce platform service income, to provide more
relevant and clear information. We also revised the revenue
presentation in comparative periods to conform to the current
classification. |
| |
|
| |
Credit facilitation service
income was previously reported as “Credit-Driven Platform Services”
before the change of presentation. |
| |
|
| |
Financing income was previously
reported as “Interest and financial services income and other
revenues” before the change of presentation. |
| |
|
| |
Tech-empowerment service income
was previously reported as “Technology-Driven Platform Services”
before the change of presentation. |
| |
|
| |
Installment e-commerce platform
service income was previously reported as “New consumption-driven,
location-based services” before the change of presentation. |
|
LexinFintech Holdings Ltd. |
|
Unaudited Condensed Consolidated Statements of
Comprehensive Income |
| |
| |
For the Three Months Ended March 31, |
|
| (In
thousands) |
2022 |
|
2023 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
| Net
income |
81,483 |
|
327,490 |
|
47,685 |
|
| Other comprehensive
income |
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
1,008 |
|
3,997 |
|
582 |
|
| Total comprehensive
income |
82,491 |
|
331,487 |
|
48,267 |
|
|
Less: net income attributable to non-controlling interests |
3,384 |
|
- |
|
- |
|
| Total comprehensive
income attributable to ordinary shareholders of the
Company |
79,107 |
|
331,487 |
|
48,267 |
|
|
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) |
2022 |
|
2023 |
|
|
|
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 |
78,099 |
|
327,490 |
|
47,685 |
|
| Add: Share-based compensation
expenses |
41,568 |
|
32,669 |
|
4,757 |
|
| Interest expense associated
with convertible notes |
10,939 |
|
15,056 |
|
2,192 |
|
| Investment income |
(1,374 |
) |
(160 |
) |
(23 |
) |
| Adjusted net income
attributable to ordinary shareholders of the Company |
129,232 |
|
375,055 |
|
54,611 |
|
| |
|
|
|
|
|
|
| Adjusted net income
per ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
| Basic |
0.35 |
|
1.15 |
|
0.17 |
|
| Diluted |
0.31 |
|
1.00 |
|
0.15 |
|
| |
|
|
|
|
|
|
| Adjusted net income
per ADS attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
| Basic |
0.70 |
|
2.29 |
|
0.33 |
|
| Diluted |
0.62 |
|
2.00 |
|
0.29 |
|
| |
|
|
|
|
|
|
| Weighted average
number of ordinary shares outstanding attributable to ordinary
shareholders of the Company |
|
|
|
|
|
|
| Basic |
370,068,984 |
|
327,538,233 |
|
327,538,233 |
|
| Diluted |
414,932,685 |
|
374,265,630 |
|
374,265,630 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Reconciliations of
Non-GAAP EBIT to Net income |
|
|
|
|
|
|
| Net income |
81,483 |
|
327,490 |
|
47,685 |
|
| Add: Income tax expense |
19,377 |
|
74,294 |
|
10,818 |
|
| Share-based compensation
expenses |
41,568 |
|
32,669 |
|
4,757 |
|
| Interest expense, net |
15,305 |
|
4,080 |
|
594 |
|
| Investment income |
(1,374 |
) |
(160 |
) |
(23 |
) |
| Non-GAAP
EBIT |
156,359 |
|
438,373 |
|
63,831 |
|
| |
|
|
|
|
|
|
Additional Credit Information
Vintage Charge Off Curve
Dpd30+/GMV by Performance Windows
First Payment Default 30+
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