YRD Yiren Digital Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2023

 

 

Commission File Number: 001-37657

 

 

YIREN DIGITAL LTD.

 

28/F, China Merchants Bureau Building, 118 Jianguo Road

Chaoyang District, Beijing 100022

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x            Form 40-F  ¨

 

 

 

Exhibit Index

 

Exhibit No.		Description
99.1		Yiren Digital Reports Second Quarter 2023 Financial Results

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Yiren Digital Ltd.
	By:	/s/ Na Mei
		Name:	Na Mei
		Title:	Chief Financial Officer

 

Date:              August 18, 2023

 

 

 

Exhibit 99.1

 

 

Yiren Digital Reports Second Quarter 2023 Financial Results

 

08/17/23

 

BEIJING, Aug. 17, 2023 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-driven one-stop select financial and lifestyle services platform in China, today announced its unaudited financial results for the quarter ended June 30, 2023.

 

Second Quarter 2023 Operational Highlights

 

Insurance Brokerage Business

 

●

Cumulative number of insurance clients served reached 1,133,069 as of June 30, 2023, representing an increase of 12.5% from 1,007,238 as of March 31, 2023 and compared to 755,819 as of June 30, 2022.

 

●

Number of insurance clients served in the second quarter of 2023 was 135,449, representing an increase of 67.5% from 80,856 in the first quarter of 2023 and compared to 132,727 in the same period of 2022. The increase was attributed to the enhancement of digital operational efficiency, coupled with the optimization of products and service channels tailored to our customer base.

 

●

Gross written premiums in the second quarter of 2023 were RMB1,332.5 million (US$183.8 million), representing an increase of 44.3% from RMB923.4 million in the first quarter of 2023 and compared to RMB797.9 million in the same period of 2022. The quarter-over-quarter increase was mainly attributed to the effectiveness of the cross-selling between property and life insurance, as well as an increase in high-premium policy sales.

 

Financial Services Business

 

●

Total loans facilitated in the second quarter of 2023 reached RMB8.2 billion (US$1.1 billion), representing an increase of 27.0% from RMB6.4 billion in the first quarter of 2023 and compared to RMB4.9 billion in the same period of 2022.

 

●

Cumulative number of borrowers served reached 8,002,372 as of June 30, 2023, representing an increase of 5.5% compared to 7,582,435 as of March 31, 2023 and compared to 6,514,111 as of June 30, 2022.

 

●

Number of borrowers served in the second quarter of 2023 was 1,013,972 representing an increase of 16.2% from 872,235 in the first quarter of 2023 and compared to 556,094 in the same period of 2022. The increase was driven by the strong demand for our small revolving loan products and the improvement of customer acquisition efficiency.

 

●

Outstanding balance of performing loans facilitated reached RMB12.8 billion (US$1.8 billion) as of June 30, 2023, representing an increase of 14.7% from RMB11.1 billion as of March 31, 2023 and compared to RMB10.6 billion as of June 30, 2022.

 

Consumption & Lifestyle Business

 

●

Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB395.8 million (US$54.6 million) in the second quarter of 2023, representing an increase of 28.3% from RMB308.6 million in the first quarter of 2023 and compared to RMB87.1 million in the same period of 2022.

 

“I am very excited to reveal our new corporate positioning as an AI and technology-driven financial and lifestyle services platform, which better aligns with our business model that is anchored by three key pillars -- financial services, insurance brokerage and consumption and lifestyle services.” said Mr. Ning Tang, Chairman and Chief Executive Officer. “In the long term, we will continue to focus on delivering shareholder value by expanding our business and investing in technology.”

 

“Despite a sequentially more challenging macro environment this quarter, we are pleased to report another quarter of solid financial results.,” Ms. Na Mei, Chief Financial Officer, commented. “For the second quarter of 2023, our total revenue increased by 65% year-over-year to RMB1.3 billion driven by rapid growth across all business segments. Net income reached RMB527.3 million for this quarter as we continued to strengthen operational efficiencies.”

 

 

Second Quarter 2023 Financial Results

 

Total net revenue in the second quarter of 2023 was RMB1,324.2 million (US$182.6 million), representing an increase of 65% from RMB801.1 million in the second quarter of 2022. Particularly, in the second quarter of 2023, revenue from financial services business was RMB582.0 million (US$80.3 million), representing an increase of 33.3% from RMB436.7 million in the same period of 2022. The increase was due to an increase of our small revolving loan products amid strong demand for consumption. Revenue from insurance brokerage business was RMB404.7 million (US$55.8 million), representing an increase of 114.6% from RMB188.6 million in the second quarter of 2022. The increase was due to the effectiveness of the cross-selling between property and life insurance, as well as an increase in high-premium policy sales.

 

Sales and marketing expenses in the second quarter of 2023 were RMB148.9 million (US$20.5 million), compared to RMB158.0 million in the same period of 2022. The decrease was primarily due to the optimization of the cost structure for our offline business and improvement of customer acquisition efficiency.

 

Origination, servicing and other operating costs in the second quarter of 2023 were RMB346.4 million (US$47.8 million), compared to RMB188.7 million in the same period of 2022. The increase was due to the expanding insurance brokerage business.

 

General and administrative expenses in the second quarter of 2023 were RMB96.7 million (US$13.3 million), compared to RMB112.0 million in the same period of 2022. The decrease was primarily a result of optimizing the company's offline business operations and achieving overall cost-efficiency improvements.

 

Allowance for contract assets, receivables and others in the second quarter of 2023 was RMB60.8 million (US$8.4 million), compared to RMB65.6 million in the same period of 2022. The decrease was primarily due to the continued improvement in the risk performance.

 

Income tax expense in the second quarter of 2023 was RMB139.8 million (US$19.3 million).

 

Net income in the second quarter of 2023 was RMB527.3 million (US$72.7 million), as compared to RMB254.5 million in the same period in 2022. The increase was primarily due to the recovery of business volume and optimization of our business structure.

 

Adjusted EBITDA^[1] (non-GAAP) in the second quarter of 2023 was RMB661.7 million (US$91.2 million), compared to RMB312.9 million in the same period of 2022.

 

Basic and diluted income per ADS in the second quarter of 2023 was RMB6.0 (US$0.8) and RMB5.9 (US$0.8), compared to a basic per ADS of RMB3.0 and a diluted per ADS of RMB3.0 in the same period of 2022.

 

Net cash generated from operating activities in the second quarter of 2023 was RMB718.1 million (US$99.0 million), compared to RMB666.9 million in the same period of 2022.

 

Net cash used in investing activities in the second quarter of 2023 was RMB20.0 million (US$2.8 million), compared to RMB255.7 million provided by investing activities in the same period of 2022.

 

As of June 30, 2023, cash and cash equivalents were RMB5,808.8 million (US$801.1 million), compared to RMB5,077.2 million as of March 31, 2023. As of June 30, 2023, the balance of held-to-maturity investments was RMB5.8 million (US$0.8 million), compared to RMB3.3 million as of March 31, 2023. As of June 30, 2023, the balance of available-for-sale investments was RMB102.6 million (US$14.1 million), compared to RMB250.8 million as of March 31, 2023.

 

Delinquency rates. As of June 30, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.7%, 1.1% and 1.1% respectively, compared to 0.6%, 1.2% and 1.2% respectively as of March 31, 2023.

 

Cumulative M3+ net charge-off rates. As of June 30, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 8.0%, 6.6% and 3.9% respectively, as compared to 8.1%, 6.6% and 2.6% respectively as of March 31, 2023.

 

Business Outlook

 

Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the third quarter of 2023 to be between RMB0.9 billion to RMB1.1 billion, with net profit margin expected to remain stable.

 

This is the Company's current and preliminary view, which is subject to changes and uncertainties.

 

[1] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

 

 

Non-GAAP Financial Measures

 

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these 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 accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.

 

Currency Conversion

 

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2513 to US$1.00, the effective noon buying rate on June 30, 2023, as set forth in the H.10 statistical release of the Federal Reserve Board.

 

Conference Call

 

Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on August 17, 2023 (or 8:00 p.m. Beijing/Hong Kong Time on August 17, 2023).

 

Participants who wish to join the call should register online in advance of the conference at:

 

https://s1.c-conf.com/diamondpass/10033013-5tdywj.html

 

Once registration is completed, participants will receive the dial-in details for the conference call.

 

Additionally, a live and archived webcast of the conference call will be available at https://ir.yirendai.com/presentations-webcasts

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

 

About Yiren Digital

 

Yiren Digital Ltd. is an AI-driven one-stop select financial and lifestyle services platform in China. The Company provides personalized insurance solutions for individuals, families, and businesses, along with high-quality lifestyle services to enhance clients’ well-being and security, as well as offers financial consulting services for clients throughout their growth journey, addressing financing needs that arise from consumption and production.

 

 

 

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

 

		For the Three Months Ended																For the Six Months Ended
		June 30, 2022				March 31, 2023				June 30, 2023				June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2023
		RMB				RMB				RMB				USD				RMB				RMB				USD
Net revenue:
Loan facilitation services			273,725				417,165				514,353				70,933				503,386				931,518				128,462
Post-origination services			55,311				6,316				5,273				727				92,287				11,589				1,598
Insurance brokerage services			188,570				196,358				404,695				55,810				343,751				601,053				82,889
Financing services			78,530				22,577				14,896				2,054				188,141				37,473				5,168
Electronic commerce services			70,977				242,858				287,725				39,679				120,788				530,583				73,171
Others			134,011				101,069				97,264				13,413				257,536				198,333				27,351
Total net revenue			801,124				986,343				1,324,206				182,616				1,505,889				2,310,549				318,639
Operating costs and expenses:
Sales and marketing			157,958				106,212				148,947				20,541				334,141				255,159				35,188
Origination,servicing and other operating costs			188,687				199,745				346,367				47,766				341,628				546,112				75,312
General and administrative			111,964				92,550				96,741				13,341				228,512				189,291				26,104
Allowance for contract assets, receivables and others			65,575				44,905				60,840				8,390				97,402				105,745				14,584
Total operating costs and expenses			524,184				443,412				652,895				90,038				1,001,683				1,096,307				151,188
Other (expenses)/income:
Interest (expense)/income, net			(3,790	)			14,519				10,535				1,453				(29,363	)			25,054				3,455
Fair value adjustments related to Consolidated ABFE			15,020				(11,203	)			(17,470	)			(2,409	)			19,785				(28,673	)			(3,954	)
Others, net			8,481				3,589				2,730				376				15,895				6,319				872
Total other income/(expenses)			19,711				6,905				(4,205	)			(580	)			6,317				2,700				373
Income before provision for income taxes			296,651				549,836				667,106				91,998				510,523				1,216,942				167,824
Income tax expense			42,163				122,670				139,758				19,273				71,207				262,428				36,190
Net income			254,488				427,166				527,348				72,725				439,316				954,514				131,634
Weighted average number of ordinary shares outstanding, basic			170,008,652				177,782,059				176,929,176				176,929,176				170,005,103				177,353,262				177,353,262
Basic income per share			1.4969				2.4028				2.9806				0.4110				2.5841				5.3820				0.7422
Basic income per ADS			2.9938				4.8056				5.9612				0.8220				5.1682				10.7640				1.4844
Weighted average number of ordinary shares outstanding, diluted			170,871,232				180,180,975				179,124,032				179,124,032				170,932,908				179,650,148				179,650,148
Diluted income per share			1.4894				2.3708				2.9440				0.4060				2.5701				5.3132				0.7327
Diluted income per ADS			2.9788				4.7416				5.8880				0.8120				5.1402				10.6264				1.4654
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from operating activities			666,901				390,307				718,058				99,026				1,034,652				1,108,365				152,852
Net cash  provided by/(used in) investing activities			255,693				774,283				(19,988	)			(2,757	)			604,478				754,295				104,022
Net cash used in financing activities			(50,166	)			(392,831	)			(6,120	)			(844	)			(158,374	)			(398,951	)			(55,018	)
Effect of foreign exchange rate changes			1,580				(181	)			329				45				1,308				148				20
Net increase in cash, cash equivalents and restricted cash			874,008				771,578				692,279				95,470				1,482,064				1,463,857				201,876
Cash, cash equivalents and restricted cash, beginning of period			3,553,400				4,360,695				5,132,273				707,773				2,945,344				4,360,695				601,367
Cash, cash equivalents and restricted cash, end of period			4,427,408				5,132,273				5,824,552				803,243				4,427,408				5,824,552				803,243

 

 

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 

		As of
		December 31, 2022				March 31, 2023				June 30, 2023				June 30, 2023
		RMB				RMB				RMB				USD
Cash and cash equivalents			4,271,899				5,077,211				5,808,775				801,067
Restricted cash			88,796				55,062				15,777				2,176
Accounts receivable			221,004				320,440				490,680				67,666
Contract assets, net			626,739				609,969				694,507				95,777
Contract cost			787				480				356				49
Prepaid expenses and other assets			321,411				258,786				297,018				40,961
Loans at fair value			54,049				175,411				412,389				56,871
Financing receivables			514,388				371,196				252,878				34,874
Amounts due from related parties			1,266,232				1,281,348				1,098,164				151,444
Held-to-maturity investments			2,700				3,320				5,820				803
Available-for-sale investments			972,738				250,788				102,594				14,148
Property, equipment and software, net			77,256				75,726				73,991				10,204
Deferred tax assets			84,187				90,855				92,359				12,737
Right-of-use assets			33,909				29,606				25,424				3,506
Total assets			8,536,095				8,600,198				9,370,732				1,292,283
Accounts payable			14,144				19,887				66,738				9,203
Amounts due to related parties			227,724				247,717				338,779				46,720
Deferred revenue			65,539				36,555				32,450				4,475
Accrued expenses and other liabilities			1,315,006				1,342,251				1,427,016				196,795
Secured borrowings			767,900				392,100				392,100				54,073
Deferred tax liabilities			79,740				84,824				100,178				13,815
Lease liabilities			35,229				30,274				26,930				3,714
Total liabilities			2,505,282				2,153,608				2,384,191				328,795
Ordinary shares			129				129				130				18
Additional paid-in capital			5,160,783				5,164,104				5,168,632				712,787
Treasury stock			(46,734	)			(61,046	)			(66,914	)			(9,228	)
Accumulated other comprehensive income			7,765				8,599				23,748				3,275
Retained earnings			908,870				1,334,804				1,860,945				256,636
Total equity			6,030,813				6,446,590				6,986,541				963,488
Total liabilities and equity			8,536,095				8,600,198				9,370,732				1,292,283

 

 

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients and percentages)

 

		For the Three Months Ended																For the Six Months Ended
		June 30, 2022				March 31, 2023				June 30, 2023				June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2023
		RMB				RMB				RMB				USD				RMB				RMB				USD
Operating Highlights
Gross written premiums			797,881				923,382				1,332,458				183,754				1,604,236				2,255,841				311,095
First year premium			764,318				627,314				1,101,928				151,962				1,304,360				1,729,243				238,474
Renewal premium			33,563				296,068				230,530				31,792				299,876				526,598				72,621
Number of insurance clients			132,727				80,856				135,449				135,449				266,199				212,414				212,414
Cumulative number of insurance clients			755,819				1,007,238				1,133,069				1,133,069				755,819				1,133,069				1,133,069
Amount of loans facilitated			4,934,167				6,420,213				8,156,201				1,124,792				9,541,056				14,576,413				2,010,179
Number of borrowers			556,094				872,235				1,013,972				1,013,972				827,767				1,457,736				1,457,736
Remaining principal of performing loans			10,613,125				11,129,221				12,768,448				1,760,850				10,613,125				12,768,448				1,760,850
Gross merchandise volume			87,117				308,567				395,820				54,586				146,138				704,387				97,139
Segment Information
Insurance Brokerage Business:
Revenue			188,570				196,358				404,695				55,810				343,751				601,053				82,889
Sales and marketing expenses			7,046				2,289				3,845				530				12,218				6,134				846
Origination, servicing and other operating costs			141,338				133,617				289,851				39,972				234,528				423,468				58,399
Financial Services Business:
Revenue			436,723				483,873				581,974				80,258				827,196				1,065,847				146,987
Sales and marketing expenses			99,661				62,218				103,164				14,227				237,220				165,382				22,807
Origination, servicing and other operating costs			33,833				47,609				38,961				5,373				73,503				86,570				11,940
Consumption & Lifestyle Business and others:
Revenue			175,831				306,112				337,537				46,548				334,942				643,649				88,763
Sales and marketing expenses			51,251				41,705				41,938				5,784				84,703				83,643				11,535
Origination, servicing and other operating costs			13,516				18,519				17,555				2,421				33,597				36,074				4,973
Reconciliation of Adjusted EBITDA
Net income			254,488				427,166				527,348				72,725				439,316				954,514				131,634
Interest expense/(income), net			3,790				(14,519	)			(10,535	)			(1,453	)			29,363				(25,054	)			(3,455	)
Income tax expense			42,163				122,670				139,758				19,273				71,207				262,428				36,190
Depreciation and amortization			9,119				1,868				1,778				245				15,379				3,646				503
Share-based compensation			3,382				2,089				3,321				458				4,882				5,410				746
Adjusted EBITDA			312,942				539,274				661,670				91,248				560,147				1,200,944				165,618
Adjusted EBITDA margin			39.1	%			54.7	%			50.0	%			50.0	%			37.2	%			52.0	%			52.0	%

 

 

Delinquency Rates
		15-29 days				30-59 days				60-89 days
December 31, 2019			0.8	%			1.3	%			1.0	%
December 31, 2020			0.5	%			0.7	%			0.6	%
December 31, 2021			0.9	%			1.5	%			1.2	%
December 31, 2022			0.7	%			1.3	%			1.1	%
March 31, 2023			0.6	%			1.2	%			1.2	%
June 30,2023			0.7	%			1.1	%			1.1	%

 

Net Charge-Off Rate
Loan Issued Period		Amount of Loans Facilitated During the Period				Accumulated M3+ Net Charge-Off as of June 30, 2023				Total Net Charge-Off Rate as of June 30, 2023
		(in RMB thousands)				(in RMB thousands)
2019			3,431,443				392,882				11.4	%
2020			9,614,819				767,540				8.0	%
2021			23,195,224				1,520,740				6.6	%
2022			22,623,101				871,590				3.9	%
2023Q1			6,420,213				38,654				0.6	%

 

M3+ Net Charge-Off Rate
Loan Issued Period		Month on Book
		4				7				10				13				16				19				22				25				28				31				34
2019Q1			0.0	%			0.8	%			2.0	%			3.4	%			5.3	%			5.9	%			6.3	%			6.3	%			6.3	%			6.3	%			6.3	%
2019Q2			0.1	%			1.5	%			4.5	%			7.5	%			8.8	%			9.2	%			9.9	%			10.3	%			10.6	%			10.6	%			10.6	%
2019Q3			0.2	%			2.9	%			6.8	%			9.0	%			10.4	%			12.0	%			13.2	%			13.8	%			14.4	%			14.6	%			14.6	%
2019Q4			0.4	%			3.1	%			4.9	%			6.3	%			7.2	%			7.9	%			8.4	%			8.9	%			9.5	%			9.8	%			9.8	%
2020Q1			0.6	%			2.3	%			4.1	%			5.2	%			6.0	%			6.2	%			6.6	%			7.2	%			7.7	%			7.9	%			7.8	%
2020Q2			0.5	%			2.5	%			4.2	%			5.3	%			6.1	%			6.7	%			7.5	%			8.1	%			8.2	%			8.2	%			8.2	%
2020Q3			1.1	%			3.3	%			5.1	%			6.3	%			7.1	%			8.1	%			8.7	%			8.8	%			8.8	%			8.7	%
2020Q4			0.3	%			1.8	%			3.2	%			4.6	%			6.0	%			7.0	%			7.4	%			7.5	%			7.5	%
2021Q1			0.4	%			2.3	%			3.9	%			5.5	%			6.6	%			6.9	%			7.1	%			7.1	%
2021Q2			0.4	%			2.4	%			4.5	%			5.9	%			6.4	%			6.5	%			6.6	%
2021Q3			0.5	%			3.1	%			5.0	%			5.9	%			6.1	%			6.2	%
2021Q4			0.6	%			3.2	%			4.6	%			5.1	%			5.2	%
2022Q1			0.6	%			2.6	%			3.4	%			4.1	%
2022Q2			0.4	%			1.6	%			3.0	%
2022Q3			0.5	%			2.7	%
2022Q4			0.6	%

 

 

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