SHENZHEN, China, June 15, 2021 /PRNewswire/ -- X Financial (NYSE:
XYF) (the "Company" or "we"), a leading online personal finance
company in China, today announced
its unaudited financial results for the first quarter ended
March 31, 2021.
First Quarter 2021 Financial Highlights
- Total net revenue in the first quarter of 2021 was RMB906.3 million (US$138.3
million), representing an increase of 71.3% from
RMB529.0 million in the same period
of 2020.
- Income from operations in the first quarter of 2021 was
RMB251.2 million (US$38.3 million), compared with loss from
operations of RMB130.0 million in the
same period of 2020.
- Net income attributable to X Financial shareholders in the
first quarter of 2021 was RMB192.8
million (US$29.4 million),
compared with net loss attributable to X Financial shareholders of
RMB196.3 million in the same period
of 2020.
- Non-GAAP[1] adjusted net income attributable to X
Financial shareholders in the first quarter of 2021 was
RMB212.0 million (US$32.4 million), compared with Non-GAAP adjusted
net loss attributable to X Financial shareholders of RMB159.9 million in the same period of 2020.
- Net income per basic and diluted American depositary share
("ADS")[2] in the first quarter of 2021 was RMB3.54 (US$0.54)
and RMB3.48 (US$0.53), compared with net loss per basic and
diluted ADS of RMB3.66 and RMB3.66 in
the same period of 2020.
- Non-GAAP adjusted net income per basic and adjusted diluted ADS
in the first quarter of 2021 was RMB3.90 (US$0.60),
and RMB3.84 (US$0.59), compared with Non-GAAP adjusted net
loss per basic and diluted ADS of RMB3.00 and RMB3.00
in the same period of 2020.
First Quarter 2021 Operational Highlights
- The total loan facilitation amount[3] in the first
quarter of 2021 was RMB10,855
million, representing an increase of 59.1% from RMB6,823 million in the same period of 2020 and
an increase of 25.2% from RMB8,673
million in the previous quarter.
- The loan facilitation amount of Xiaoying Credit Loan[4] in the first
quarter of 2021 was RMB10,855
million, representing an increase of 134.4% from
RMB4,631 million in the same period
of 2020 and an increase of 35.7% from RMB7,997 million in the previous quarter.
Xiaoying Credit Loan accounted for
100.0% of the Company's total loan facilitation amount in the first
quarter of 2021, compared with 67.9% in the same period of
2020.
- The total outstanding loan balance[5] as of
March 31, 2021 was RMB16,589 million, compared with RMB12,960 million as of March 31, 2020 and RMB13,218 million as of December 31, 2020.
- The delinquency rates for all outstanding loans that are past
due for 31-60 days as of March 31,
2021 was 0.82%, compared with 0.79% as of December 31, 2020, and 4.28% as of March 31, 2020.
- The number of cumulative borrowers[6] was 7.0
million as of March 31, 2021.
- Total cumulative registered users reached 58.2 million as of
March 31, 2021.
[1] The
Company uses in this press release the following non-GAAP financial
measures: (i) adjusted net income (loss), (ii) adjusted net income
(loss) attributable to X Financial shareholders, (iii) adjusted net
income (loss) per basic ADS, and (iv) adjusted net income (loss)
per diluted ADS, each of which excludes share-based compensation
expense and income (loss) from investments in VC funds. For more
information on non-GAAP financial measure, please see the section
of "Use of Non-GAAP Financial Measures Statement" and the table
captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results"
set forth at the end of this press release.
|
[2] Each
American depositary share ("ADS") represents six Class A
ordinary shares. On November 19, 2020, a ratio change that has the
same effect as a 1-for-3 reverse ADS split took effect, and as a
result, one ADS currently represents six Class A ordinary
shares.
|
[3]
Represents the total amount of loans that X Financial facilitated
during the relevant period.
|
[4]
Xiaoying Credit Loan is a category of online personal credit loan
products facilitated through our platform, including Xiaoying Card
Loan, Xiaoying Preferred Loan and other unsecured loan products we
introduce from time to time. We ceased the operation of Xiaoying
Preferred Loan in October 2019.
|
[5]
Represents the total amount of loans outstanding for loans X
Financial facilitated at the end of the relevant period. Loans that
are delinquent for more than 60 days are charged-off and are
excluded in the calculation of delinquency rate by balance, except
for Xiaoying Housing Loan. Xiaoying Housing Loan is a secured loan
product and the Company is entitled to payment by exercising its
rights to the collateral. X Financial does not charge off Xiaoying
Housing Loans delinquent for more than 60 days and such loans are
included in the calculation of delinquency rate by
balance.
|
[6]
Represents borrowers who made at least one transaction during that
period from the commencement of the Company's loan facilitation
business to a certain date on the Company's platform.
|
Mr. Justin Tang, the Founder,
Chief Executive Officer and Chairman of the Company, commented,
"We're very pleased to report a strong start of the year as our
business is fully back on its growth trajectory amid the subsiding
COVID-19 pandemic in China. In the
first quarter of 2021, both our operational and financial results
continued to show progress against our strategic objectives. Our
top line significantly improved on both a yearly and quarterly
basis in line with the substantial increase in our loan
facilitation amount. We also managed to turn profitable with net
income exceeding our guidance and outperforming compared with the
fourth quarter of 2019, just before the COVID-19 pandemic."
"In May 2021, we received the
approval from the Local Financial Regulatory Bureau of Shenzhen
Municipality to set up Shenzhen Xiaoying Microcredit Co., Ltd.
("Xiaoying Microcredit"), which is a newly established entity as
one of our VIEs for the purpose of operating a microcredit
business. Xiaoying Microcredit is the first company of its kind to
successfully transform from a P2P business to an online microcredit
business. Such an approval is a major milestone towards our full
regulatory compliance. It will also expand our services beyond
consumer financing, and provide more comprehensive financial
services to the large pool of micro and small businesses and
self-employed individuals in China, which are key drivers and contributors
of China's economic growth. The
government is taking a series of active measures to promote the
development of micro and small businesses and self-employed
individuals, and we will cooperate with other licensed financial
institutions to meet their financing needs. This license will
enhance our credibility and give us the advantage when we cooperate
with other financial institutions, including the benefit of cutting
intermediate costs. We are expecting to commence operation in the
third quarter of 2021."
"Moving forward, market demand for our products and services
continues to grow and we expect to maintain our current growth
momentum throughout the year. China's consumer financing and micro and small
businesses financing markets have great potential. We believe we
are well positioned to capture opportunities ahead with our trusted
brand, full regulatory compliance, and our deepening cooperation
with financial institutions."
Mr. Kent Li, President of the
Company, added, "During the first quarter, our total loan
facilitation amount reached RMB10.9
billion, an increase of 59.1% year-over-year and 25.2%
quarter-over-quarter, representing a record high in the last two
years. This was mainly driven by the strong growth of loan
facilitation amount of Xiaoying Card
Loan, which increased 145.4% year-over-year and 35.7%
quarter-over-quarter. Since last year, we have shifted our product
focus to Xiaoying Card Loan, which
accounted for 100% of total loan facilitation amount for the first
quarter of 2021, compared with 92.2% in the previous quarter. Our
focused product strategy has proven to be effective in gaining
traction among borrowers and deliver profitable growth. As of the
end of March 2021, total outstanding
loan balance of Xiaoying Card Loan
reached RMB16.3 billion, an increase
of 29.4% compared with the prior quarter. We will continue to
enhance and focus on Xiaoying Card
Loan products to address consumers' growing financing needs
going forward."
"In the meantime, we have been working to expand our service
coverage by exploring more opportunities to cooperate with more
regional financial institutions. A diversified geographic reach
will further enhance our business flexibility and help us navigate
uncertainties in the macro environment and expand our funding
sources. This is one of our key business development strategies in
2021 and beyond. In addition, we will further strengthen risk
management by introducing more advanced and effective data
analytics, and further improve asset quality."
Mr. Frank Fuya Zheng, Chief
Financial Officer of the Company, added, "We are pleased to have
delivered a strong financial performance during the first quarter.
Total net revenue increased 71.3% year-over-year and 26.5%
quarter-over-quarter to RMB906.3
million. Our net income for the quarter was RMB192.8 million, compared with a net loss of
RMB196.3 million in the same period
of last year and a net loss of RMB655.5
million in the previous quarter. This significant
improvement in our top line and bottom line resulted mainly from
the strong growth in our loan facilitation amount, enhanced
operational efficiency and extensive premium borrower base."
"During the first quarter, the proportion of loan amount we
facilitated covered by third-party financial guarantee companies
increased to 48.1% from 38.8% in the previous quarter. Our efforts
to expand partnerships with third-party financial guarantee
companies to further optimize financing costs for borrowers will
remain on our agenda throughout the year."
"In conclusion, the progress we have made this quarter has
strengthened our position and reputation in the markets and
improved our ability to expand and deepen cooperation with
financial institutions. We are entering a new chapter of our
journey as our core consumer financing business gets back on track
and we are ready to explore additional opportunities in the
microcredit sector as well. We remain confident of the enormous
potential of the industry and our capabilities to deliver long-term
growth and return to our shareholders."
First Quarter 2021 Financial Results
Total net revenue in the first quarter of
2021 increased by 71.3% to RMB906.3
million (US$138.3 million)
from RMB529.0 million in the same
period of 2020, primarily due to a change in the product mix with
the increase in total loan facilitation amount of Xiaoying Card
Loan in this quarter when compared with that in the same
period of 2020.
Loan facilitation service fees under the direct model in
the first quarter of 2021 increased by 181.4% to RMB692.1 million (US$105.6
million) from RMB246.0 million
in the same period of 2020, primarily due to an increase in the
amount of Xiaoying Card Loan facilitated through direct model
compared with that in the same period of 2020, as a result of our
improved ability to attract and retain more borrowers with better
credit score.
Loan facilitation service fees under the intermediary
model in the first quarter of 2021 decreased by 99.6% to
RMB0.1 million (US$0.02 million), compared with RMB37.0 million in the same period of 2020,
primarily due to the fact that substantially all of the
institutional funding partners invested their funds in the loans
facilitated under direct model and/or trust model, depending on
their investment strategies.
Post-origination service fees in the first
quarter of 2021 decreased by 6.9% to RMB59.7
million (US$9.1 million) from
RMB64.1 million in the same period of
2020, as a result of the cumulative effect of decreased volume of
loans facilitated in the prior year. Revenues from post-origination
services are recognized on a straight-line basis over the term of
the underlying loans as the services are being provided.
Financing income in the first quarter of 2021
decreased by 24.7% to RMB131.5
million (US$20.1 million) from
RMB174.6 million in the same period
of 2020, primarily due to a decrease in average loan balances held
by the Company. These loans do not qualify for sales accounting,
and the service fees are recognized as financing income over the
life of the underlying financing using the effective interest
method.
Other revenue in the first quarter of 2021 increased by
215.6% to RMB23.0 million
(US$3.5 million) from RMB7.3 million in the same period of 2020,
primarily due to an increase in referral service fee for
introducing borrowers to other platforms and technology service
fees received for providing assistant technology development
services.
Origination and servicing expenses in the first quarter
of 2021 increased by 28.0% to RMB572.5
million (US$87.4 million) from
RMB447.2 million in the same period
of 2020, primarily due to the increase in commission fee and
insurance cost resulting from the increased total loan facilitation
amount in this quarter when compared with the same period of 2020.
Meanwhile, to better reflect the origination and servicing expenses
incurred in connection with the loans facilitated through the
Consolidated Trusts, the management fees paid to third-party trust
companies, amounting to RMB8.7
million compared with RMB22.3
million in the same period of 2020, have been
reclassified from general and administrative expenses to
origination and servicing expenses. The comparative figures have
been reallocated to conform with the current period's
classification.
General and administrative expenses in the first
quarter of 2021 decreased by 10.7% to RMB42.5 million (US$6.5
million) from RMB47.6 million
in the same period of 2020, primarily due to a decrease in
share-based compensation expenses.
Sales and marketing expenses in the first quarter of
2021 decreased by 61.7% to RMB4.5
million (US$0.7 million) from
RMB11.8 million in the same period of
2020, primarily due to a continuing cost reduction in promotional
and advertising activities since the outbreak of
COVID-19.
Provision for accounts receivable and contract
assets in the first quarter was RMB17.3 million (US$2.6
million) compared with RMB82.1
million in the same period of 2020, primarily due to a
decrease of the average estimated default rate compared with that
the same period of 2020, and partially offset by an increase in
accounts receivable from facilitation services as a result of the
increase in total loan facilitation amount in the first quarter of
2021.
Provision for loans receivable in the first quarter
of 2021 was RMB26.6 million
(US$4.1 million), compared with
RMB42.8 million in the same period of
2020, primarily due to a decrease of the average estimated
default rate compared with that in the same period of 2020.
Income from operations in the first quarter of
2021 was RMB251.2 million
(US$38.3 million), compare with loss
from operation of RMB130.0 million in the same period of
2020.
Income before income taxes and gain from equity in
affiliates in the first quarter of 2021 was
RMB228.1 million (US$34.8 million), compared with loss before
income taxes and gain from equity in affiliates of RMB228.3 million in the same period of 2020.
Income tax expense in the first quarter of 2021 was
RMB37.2 million (US$5.7 million), compared with income tax benefit
of RMB31.2 million in the same period
of 2020.
Net income attributable to X Financial
shareholders in the first quarter of 2021 was
RMB192.8 million (US$29.4 million), compared with net loss
attributable to X Financial shareholders of RMB196.3 million in the same period of 2020.
Non-GAAP adjusted net income attributable to X Financial
shareholders in the first quarter of 2021 was
RMB212.0 million (US$32.4 million), compared with Non-GAAP adjusted
net loss attributable to X Financial shareholders of RMB159.9 million in the same period of 2020.
Net income per basic and diluted ADS in the first
quarter of 2021 was RMB3.54
(US$0.54), and RMB3.48 (US$0.53),
compared with net loss per basic and diluted ADS of RMB3.66 and RMB3.66
in the same period of 2020.
Non-GAAP adjusted net income per basic and diluted
ADS in the first quarter of 2021 was RMB3.90 (US$0.60),
and RMB3.84 (US$0.59), compared with Non-GAAP adjusted net
loss per basic and diluted ADS of RMB3.00 and RMB3.00
in the same period of 2020.
Cash and cash equivalents was RMB799.8 million (US$122.1
million) as of March 31, 2021,
compared with RMB746.4 million as of
December 31, 2020.
Business Outlook
For the second quarter of 2021, the Company raises the guidance
for total loan facilitations to be in the range of RMB12.4 billion to RMB13.0
billion and net income attributable to X Financial's
shareholders to be no less than RMB220
million. This forecast reflects the Company's current and
preliminary views, which are subject to changes.
Conference Call
X Financial's management team will host an earnings conference
call at 7:00 AM U.S. Eastern Time on
16, June, 2021 (7:00 PM Beijing /
Hong Kong Time on the same day).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-888-346-8982
|
Hong Kong:
|
852-301-84992
|
Mainland
China:
|
4001-201203
|
International:
|
1-412-902-4272
|
Passcode:
|
X
Financial
|
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until June 23,
2021:
United
States:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Passcode:
|
10157507
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.xiaoyinggroup.com.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading online
personal finance company in China.
The Company is committed to connecting borrowers on its platform
with its institutional funding partners. With its proprietary big
data-driven technology, the Company has established strategic
partnerships with financial institutions across multiple areas of
its business operations, enabling it to facilitate loans to prime
borrowers under a robust risk assessment and control system.
For more information, please visit:
http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use non-GAAP
measures as supplemental measures to review and assess our
operating performance. We present the non-GAAP financial measures
because they are used by our management to evaluate our operating
performance and formulate business plans. We believe that the use
of the non-GAAP financial measures facilitates investors'
assessment of our operating performance and help investors to
identify underlying trends in our business that could otherwise be
distorted by the effect of certain income or expenses that we
include in income (loss) from operations and net income (loss). We
also believe that the non-GAAP measures provide useful information
about our core operating results, enhance the overall understanding
of our past performance and future prospects and allow for greater
visibility with respect to key metrics used by our management in
its financial and operational decision-making.
We use in this press release the following non-GAAP financial
measures: (i) adjusted net income, (ii) adjusted net income
attributable to X Financial shareholders, (iii) adjusted net income
per basic ADS, and (iv) adjusted net income per diluted ADS, each
of which excludes investment income and share-based compensation
expense. 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 analytical
tools, and when assessing our operating performance, investors
should not consider them in isolation, or as a substitute
for the financial information prepared and presented in
accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP
financial measures to the most directly comparable U.S. GAAP
financial measures, 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.
For more information on these non-GAAP financial measures,
please see the table captioned "Reconciliations of GAAP and
Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of March 31,
2021.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company 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. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please contact:
X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
X
Financial
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
(In thousands,
except for share and per share data)
|
As of December 31,
2020
|
As of March 31,
2021
|
|
RMB
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
746,388
|
799,777
|
|
122,070
|
Restricted
cash
|
852,134
|
596,403
|
|
91,029
|
Accounts
receivable and contract assets, net of
allowance for doubtful accounts
|
413,307
|
588,734
|
|
89,858
|
Loans
receivable from Xiaoying Credit Loans and
Revolving Loans, net
|
1,236,026
|
1,215,400
|
|
185,506
|
Loans at fair
value
|
1,585,732
|
1,111,234
|
|
169,607
|
Deposits to
institutional cooperators, net
|
907,923
|
1,207,531
|
|
184,305
|
Prepaid
expenses and other current assets, net
|
403,779
|
394,627
|
|
60,232
|
Financial
guarantee derivative
|
297,928
|
73,316
|
|
11,190
|
Deferred tax
assets, net
|
605,653
|
561,392
|
|
85,685
|
Long term
investments
|
295,615
|
283,261
|
|
43,234
|
Property and
equipment, net
|
11,137
|
9,324
|
|
1,423
|
Intangible
assets, net
|
37,440
|
36,972
|
|
5,643
|
Loan receivable
from Xiaoying Housing Loans, net
|
47,490
|
32,568
|
|
4,971
|
Investments in
VC funds
|
-
|
49,651
|
|
7,578
|
Short-term
investment
|
6,000
|
-
|
|
-
|
Other
non-current assets
|
51,458
|
46,915
|
|
7,161
|
TOTAL
ASSETS
|
7,498,010
|
7,007,105
|
|
1,069,492
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Payable to
investors at fair value
|
1,914,184
|
1,305,725
|
|
199,293
|
Payable to
institutional funding partners
|
1,460,395
|
1,395,678
|
|
213,022
|
Guarantee
liabilities
|
9,790
|
2,203
|
|
336
|
Financial
guarantee derivative
|
130,442
|
268,692
|
|
41,010
|
Short-term bank
borrowings
|
350,545
|
128,050
|
|
19,544
|
Accrued payroll
and welfare
|
34,781
|
19,484
|
|
2,974
|
Other tax
payable
|
73,077
|
103,415
|
|
15,783
|
Income tax
payable
|
75,917
|
68,766
|
|
10,496
|
Deposit payable
to channel cooperators
|
21,472
|
21,472
|
|
3,277
|
Accrued
expenses and other liabilities
|
323,748
|
375,462
|
|
57,307
|
Other
non-current liabilities
|
27,615
|
22,501
|
|
3,434
|
Deferred tax
liabilities
|
-
|
-
|
|
-
|
TOTAL
LIABILITIES
|
4,421,966
|
3,711,448
|
|
566,476
|
|
|
|
|
|
Commitments
and Contingencies
|
|
|
|
|
Equity:
|
|
|
|
|
Common
shares
|
203
|
207
|
|
32
|
Additional
paid-in capital
|
3,068,045
|
3,090,977
|
|
471,775
|
Retained
earnings (accumulated deficit)
|
(14,551)
|
178,288
|
|
27,212
|
Other
comprehensive income
|
21,059
|
26,185
|
|
3,997
|
Total X
Financial shareholders' equity
|
3,074,756
|
3,295,657
|
|
503,016
|
Non-controlling
interests
|
1,288
|
-
|
|
-
|
TOTAL
EQUITY
|
3,076,044
|
3,295,657
|
|
503,016
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
7,498,010
|
7,007,105
|
|
1,069,492
|
X
Financial
|
|
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except for share and per share data)
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
USD
|
Net
revenues
|
|
|
|
Loan
facilitation service-Direct Model
|
245,960
|
692,080
|
105,632
|
Loan
facilitation service-Intermediary Model
|
37,012
|
143
|
22
|
Post-origination service
|
64,113
|
59,665
|
9,107
|
Financing
income
|
174,617
|
131,452
|
20,063
|
Other
revenue
|
7,290
|
23,009
|
3,512
|
Total net
revenue
|
528,992
|
906,349
|
138,336
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
Origination and
servicing
|
447,164
|
572,503
|
87,381
|
General and
administrative
|
47,640
|
42,534
|
6,492
|
Sales and
marketing
|
11,813
|
4,525
|
691
|
Provision for
accounts receivable and contract assets
|
82,116
|
17,255
|
2,634
|
Provision for
loans receivable
|
42,831
|
26,589
|
4,058
|
Provision for
contingent guarantee liabilities
|
17,876
|
-
|
-
|
Reversal of
provision for credit losses on deposits to institutional
cooperators
|
-
|
(8,252)
|
(1,260)
|
Provision for
credit losses for other financial assets
|
9,597
|
-
|
-
|
Total
operating costs and expenses
|
659,037
|
655,154
|
99,996
|
|
|
|
|
Income
(loss) from operations
|
(130,045)
|
251,195
|
38,340
|
Interest income
(expense), net
|
6,453
|
2,330
|
356
|
Foreign
exchange loss
|
(84)
|
(1,574)
|
(240)
|
Income from
investments in VC funds
|
-
|
3,639
|
555
|
Fair value
adjustments related to Consolidated Trusts
|
(32,352)
|
51
|
8
|
Change in fair
value of financial guarantee derivative
|
(77,522)
|
(33,726)
|
(5,148)
|
Other income
(loss), net
|
5,236
|
6,159
|
940
|
|
|
|
|
Income
(loss) before income taxes and
gain from equity in affiliates
|
(228,314)
|
228,074
|
34,811
|
|
|
|
|
Income tax benefit
(expenses)
|
31,153
|
(37,220)
|
(5,681)
|
Gain from
equity in affiliates, net of tax
|
820
|
1,985
|
303
|
Net income
(loss)
|
(196,341)
|
192,839
|
29,433
|
Less: net
income attributable to non-controlling interests
|
-
|
-
|
-
|
Net income
(loss) attributable to X Financial
shareholders
|
(196,341)
|
192,839
|
29,433
|
|
|
|
|
Net income
(loss)
|
(196,341)
|
192,839
|
29,433
|
Other
comprehensive income, net of tax of nil:
|
|
|
Foreign
currency translation adjustments
|
12,115
|
5,126
|
782
|
Comprehensive income
(loss)
|
(184,226)
|
197,965
|
30,215
|
Less:
comprehensive income attributable to non controlling
interests
|
-
|
-
|
-
|
Comprehensive income (loss) attributable to
X Financial shareholders
|
(184,226)
|
197,965
|
30,215
|
|
|
|
|
Net income
(loss) per share—basic
|
(0.61)
|
0.59
|
0.09
|
Net income
(loss) per share—diluted
|
(0.61)
|
0.58
|
0.09
|
|
|
|
|
Net income
(loss) per ADS—basic
|
(3.66)
|
3.54
|
0.54
|
Net income
(loss) per ADS—diluted
|
(3.66)
|
3.48
|
0.53
|
|
|
|
|
Weighted
average number of ordinary shares
outstanding—basic
|
320,667,943
|
324,668,619
|
324,668,619
|
Weighted
average number of ordinary shares
outstanding—diluted
|
320,667,943
|
333,245,214
|
333,245,214
|
X
Financial
|
|
|
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except for share and per share data)
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
USD
|
GAAP net income
(loss)
|
(196,341)
|
192,839
|
29,433
|
Less: Income from
investments in VC funds (net of tax of nil)
|
-
|
3,639
|
555
|
Add: Share-based
compensation expenses (net of tax of nil)
|
36,402
|
22,848
|
3,487
|
Non-GAAP adjusted
net income (loss)
|
(159,939)
|
212,048
|
32,365
|
|
|
|
|
Net income (loss)
attributable to X Financial shareholders
|
(196,341)
|
192,839
|
29,433
|
Less: Income from
investments in VC funds (net of tax of nil)
|
-
|
3,639
|
555
|
Add: Share-based
compensation expenses (net of tax of nil)
|
36,402
|
22,848
|
3,487
|
Non-GAAP adjusted
net income (loss) attributable to X Financial
shareholders
|
(159,939)
|
212,048
|
32,365
|
|
|
|
|
Non-GAAP
adjusted net income (loss) per share—basic
|
(0.50)
|
0.65
|
0.10
|
Non-GAAP
adjusted net income (loss) per share—diluted
|
(0.50)
|
0.64
|
0.10
|
|
|
|
|
Non-GAAP
adjusted net income (loss) per ADS—basic
|
(3.00)
|
3.90
|
0.60
|
Non-GAAP
adjusted net income (loss) per ADS—diluted
|
(3.00)
|
3.84
|
0.59
|
|
|
|
|
Weighted
average number of ordinary shares
outstanding—basic
|
320,667,943
|
324,668,619
|
324,668,619
|
Weighted
average number of ordinary shares
outstanding—diluted
|
320,667,943
|
333,245,214
|
333,245,214
|
View original
content:http://www.prnewswire.com/news-releases/x-financial-reports-first-quarter-2021-unaudited-financial-results-301312831.html
SOURCE X Financial