SHENZHEN, China, Nov. 22, 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 third quarter
ended September 30, 2021.
Third Quarter 2021 Financial Highlights
- Total net revenue in the third quarter of 2021 was RMB964.4 million (US$149.7
million), representing an increase of 72.3% from
RMB559.8 million in the same period
of 2020.
- Income from operations in the third quarter of 2021 was
RMB410.6 million (US$63.7 million), compared with loss from
operations of RMB101.4 million in the
same period of 2020.
- Net income attributable to X Financial shareholders in the
third quarter of 2021 was RMB279.9
million (US$43.4 million),
compared with net loss attributable to X Financial shareholders of
RMB113.0 million in the same period
of 2020.
- Non-GAAP[1] adjusted net income attributable to X Financial
shareholders in the third quarter of 2021 was RMB277.0 million (US$43.0
million), compared with Non-GAAP adjusted net loss
attributable to X Financial shareholders of RMB111.7 million in the same period of 2020.
- Net income per basic and diluted American depositary share
("ADS") [2] in the third quarter of 2021 was RMB5.04 (US$0.78)
and RMB4.92 (US$0.76), compared with net loss per basic and
diluted ADS of RMB2.10 and
RMB2.10, respectively, in the same
period of 2020.
- Non-GAAP adjusted net income per basic and adjusted diluted ADS
in the third quarter of 2021 was RMB4.98 (US$0.77),
and RMB4.86 (US$0.75), compared with Non-GAAP adjusted net
loss per basic and diluted ADS of RMB2.10 and RMB2.10, respectively, in the same period of
2020.
Third Quarter 2021 Operational Highlights
- The total loan facilitation amount[3] in the third quarter of
2021 was RMB15,085 million,
representing an increase of 87.9% from RMB8,027 million in the same period of 2020 and
an increase of 17.5% from RMB12,835
million in the previous quarter. Xiaoying Credit Loan[4]
accounted for 100.0% of the Company's total loan facilitation
amount in the third quarter of 2021, compared with 85.3% in the
same period of 2020.
- The total outstanding loan balance[5] as of September 30, 2021 was RMB24,509 million, compared with RMB11,581 million as of September 30, 2020 and RMB20,504 million as of June 30, 2021.
- The delinquency rate for all outstanding loans that are past
due for 31-60 days as of September 30,
2021 was 0.96%, compared with 0.77% as of June 30, 2021 and 1.06% as of September 30, 2020.
- The number of cumulative borrowers[6] was 8.0 million as of
September 30, 2021.
- Total cumulative registered users reached 65.4 million as of
September 30, 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 and
other unsecured loan products we introduce from time to
time.
[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
are very pleased with our strategic execution in the third quarter.
Both our loan facilitation amount and net income were in line with
our guidance. The total loan facilitation amount hit a new high for
the second straight quarter. At the same time, the increase in our
net income has demonstrated our ability to enhance profitability,
boost operational efficiency and reduce costs."
"During the third quarter, we further adjusted our pricing
structure to comply with the 24% Internal Rate of Return (IRR)
regulatory cap. We believe this is the government's initiative to
support the real economy and stimulate healthy growth for SMEs and
private consumption. The proportion of our loan facilitation amount
subject to the 24% IRR cap improved to approximately 30% of our
total loan facilitation amount in September, and we expect it to
grow to between 40% and 50% by the end of this year. Beyond the
regulatory compliance requirement, we believe that this initiative
can help us attract more quality borrowers as the demand for
personal financing solutions increases."
"We continued our efforts to diversify our service offerings.
Our microcredit business officially commenced operation in the
third quarter. We also made solid progress in our services to micro
and small businesses and self-employed individuals, which are
important target groups for our future growth. We have certain
favorable loan policies for this group and are adjusting and
testing our systems to speed up the qualification and validation
processes. We believe we are on track towards our goals and all
these efforts are bearing fruit and helping us to drive long-term
sustainable growth in a fiercely competitive and strongly regulated
industry."
Mr. Kent Li, President of the
Company, added, "During the quarter, our total loan facilitation
amount reached RMB15.1 billion, an
increase of 87.9% year-over-year and 17.5% quarter-over-quarter.
This was mainly driven by the strong growth in the loan
facilitation amount of Xiaoying Card
Loan, which increased 120.3% year-over-year and 17.5%
quarter-over-quarter. As of September 30,
2021, the total outstanding loan balance of Xiaoying Card Loan reached RMB24.4 billion, an increase of 19.9% compared
with the previous quarter. In the fourth quarter, there would be a
moderate decline in our loan volume due to our institutional
funding partners' year-end outstanding loan balances
requirements."
"We continued our efforts to improve our risk management
capabilities. As of September 30,
2021, the delinquency rate for all outstanding loans that
are past due for 31-60 days was 0.96%, compared with 0.77% as of
June 30, 2021 and 1.06% as of
September 30, 2020. Despite the
quarter-over-quarter fluctuation, our asset quality is still within
its best historical range in our operating history."
"According to a new regulation, loan facilitation platforms are
restricted from submitting credit assessment-related personal data
directly to financial institutions, and such data transfer must be
conducted through a licensed credit agency. In response, we have
been working closely with Baihang Credit, the second largest
licensed individual credit bureau in China, in addition to the credit bureau of the
People's Bank of China (PBOC), to
execute a plan to comply with the new regulation. We have noticed
that 14 large companies on the regulator's top list for the
rectification are either working on a plan or waiting for approval.
We are getting ready and will fully comply with the new regulation.
We expect minimal changes to our daily operational activities and
cost structure."
Mr. Frank Fuya Zheng, Chief
Financial Officer of the Company, added, "We delivered another set
of robust financial results for the third quarter. In line with our
expectation, total net revenue increased 72.3% year-over-year to
RMB964.4 million. Our bottom line
also saw strong growth with a Non-GAAP adjusted net income of
RMB277.0 million, compared with a
Non-GAAP adjusted net loss of RMB111.7
million in the same period of last year. "
"Moving ahead, we will identify and acquire more high-quality
borrowers to adapt to our strategy in response to the 24% IRR cap
and improve asset quality by leveraging our evolving data-driven
and technology-empowered credit analysis capabilities. We will also
deepen cooperation with our institutional funding partners to
better serve borrowers' needs. Our proven track record demonstrates
that we are capable of navigating through regulatory and
macroeconomic challenges. We believe we are well-positioned to
capture opportunities ahead and bring more valuable returns to our
shareholders."
Third Quarter 2021 Financial Results
Total net revenue in the third quarter of
2021 increased by 72.3% to RMB964.4
million (US$149.7 million)
from RMB559.8 million in the same
period of 2020, primarily due to an increase in the total loan
facilitation amount of Xiaoying Card Loan this quarter
compared with the same period of 2020.
Loan facilitation service fees under the direct model in
the third quarter of 2021 increased by 91.5% to RMB670.9 million (US$104.1
million) from RMB350.4 million
in the same period of 2020, primarily due to an increase in the
amount of Xiaoying Card Loan facilitated through the direct
model compared with the same period of 2020.
Post-origination service fees in the third
quarter of 2021 increased by 78.6% to RMB88.4 million (US$13.7
million) from RMB49.5 million
in the same period of 2020, as a result of the cumulative effect of
increased volume of loans facilitated in the previous quarters.
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 third quarter of 2021
increased by 24.1% to RMB172.3
million (US$26.7 million) from
RMB138.8 million in the same period
of 2020, primarily due to a change in the product mix resulting
from an increase in revenue generated by Xiaoying Card Loan this quarter compared with
the same period of 2020, which carried a higher service fee rate;
and also partially offset by 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 third quarter of 2021 increased by
80.4% to RMB32.7 million
(US$5.1 million) from RMB18.1 million in the same period of 2020,
primarily due to an increase in technology service fees received
for providing assistant technology development services and
referral service fee for introducing borrowers to other
platforms.
Origination and servicing expenses in the third quarter
of 2021 decreased by 13.8% to RMB483.8
million (US$75.1 million) from
RMB561.2 million in the same period
of 2020, primarily due to the decline in collection expenses
resulting from the decrease in delinquency rates and a decrease in
interest expenses related to a decline in average loan balances
held by the Company, and partially offset by the increase in
commission fees resulting from the increased total loan
facilitation amount this quarter compared with the same period of
2020.
General and administrative expenses in the third
quarter of 2021 increased by 9.2% to RMB39.1 million (US$6.1
million) from RMB35.8 million
in the same period of 2020, primarily due to the increase in
share-based compensation expenses in the third quarter of
2021.
Sales and marketing expenses in the third quarter of
2021 increased by 40.4% to RMB5.4
million (US$0.8 million) from
RMB3.9 million in the same period of
2020, primarily due to an increase in marketing expenses resulting
from the business expansion.
Provision for accounts receivable and contract
assets in the third quarter was RMB15.2 million (US$2.4
million), compared with RMB24.3
million in the same period of 2020, primarily due to a
decrease in the average estimated default rate compared with 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 third quarter of
2021.
Provision for loans receivable in the third quarter of
2021 was RMB10.2 million
(US$1.6 million), compared with
RMB58.1 million in the same period of
2020, primarily due to a decrease in the average estimated
default rate compared with the same period of 2020.
Income from operations in the third quarter of
2021 was RMB410.6 million
(US$63.7 million), compared with loss
from operation of RMB101.4 million in the same period of
2020.
Income before income taxes and gain from equity in
affiliates in the third quarter of 2021 was
RMB397.8 million (US$61.7 million), compared with loss before
income taxes and loss from equity in affiliates of RMB108.2 million in the same period of 2020.
Income tax expense in the third quarter of 2021 was
RMB119.5 million (US$18.5 million), compared with RMB1.6 million in the same period of 2020.
Net income attributable to X Financial
shareholders in the third quarter of 2021 was
RMB279.9 million (US$43.4 million), compared with net loss
attributable to X Financial shareholders of RMB113.0 million in the same period of 2020.
Non-GAAP adjusted net income attributable to X Financial
shareholders in the third quarter of 2021 was
RMB277.0 million (US$43.0 million), compared with Non-GAAP adjusted
net loss attributable to X Financial shareholders of RMB111.7 million in the same period of 2020.
Net income per basic and diluted ADS in the third
quarter of 2021 was RMB5.04
(US$0.78), and RMB4.92 (US$0.76),
compared with net loss per basic and diluted ADS of RMB2.10 and RMB2.10
in the same period of 2020.
Non-GAAP adjusted net income per basic and diluted
ADS in the third quarter of 2021 was RMB4.98 (US$0.77),
and RMB4.86 (US$0.75), compared with Non-GAAP adjusted net
loss per basic and diluted ADS of RMB2.10 and RMB2.10
in the same period of 2020.
Cash and cash equivalents was RMB971.8 million (US$150.8
million) as of September 30,
2021, compared with RMB1,183.9
million as of June 30,
2021.
Business Outlook
The Company expects total loan facilitation amount for the
fourth quarter of 2021 to be between RMB12.0
billion and RMB13.2 billion,
which makes total loan facilitation amount for 2021 to be between
RMB50.8 billion and RMB52.0 billion. The Company expects Non-GAAP
adjusted net income attributable to X Financial shareholders for
the fourth quarter of 2021 to be no less than RMB240 million, which makes Non-GAAP adjusted net
income attributable to X Financial shareholders for 2021 to be no
less than RMB971 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
November 23, 2021 (8:00 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 November 30, 2021:
United
States:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Passcode:
|
10162112
|
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 RMB6.4434 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 September 30,
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 September
30, 2021
|
|
RMB
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
746,388
|
971,761
|
|
150,815
|
Restricted
cash
|
852,134
|
332,841
|
|
51,656
|
Accounts
receivable and contract assets, net
|
413,307
|
888,459
|
|
137,887
|
Loans
receivable from Xiaoying Credit Loans and
Revolving Loans, net
|
1,236,026
|
1,728,865
|
|
268,316
|
Loans at fair
value
|
1,585,732
|
470,538
|
|
73,026
|
Deposits to
institutional cooperators, net
|
907,923
|
1,486,346
|
|
230,677
|
Prepaid
expenses and other current assets, net
|
403,779
|
477,632
|
|
74,127
|
Financial
guarantee derivative
|
297,928
|
-
|
|
-
|
Deferred tax
assets, net
|
605,653
|
376,003
|
|
58,355
|
Long term
investments
|
295,615
|
286,551
|
|
44,472
|
Property and
equipment, net
|
11,137
|
6,135
|
|
952
|
Intangible
assets, net
|
37,440
|
36,879
|
|
5,724
|
Loan receivable
from Xiaoying Housing Loans, net
|
47,490
|
14,026
|
|
2,177
|
Investments in
VC funds
|
-
|
99,749
|
|
15,481
|
Short-term
investment
|
6,000
|
-
|
|
-
|
Other
non-current assets
|
51,458
|
35,776
|
|
5,552
|
TOTAL
ASSETS
|
7,498,010
|
7,211,561
|
|
1,119,217
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Payable to
investors at fair value
|
1,914,184
|
594,477
|
|
92,261
|
Payable to
institutional funding partners
|
1,460,395
|
1,393,537
|
|
216,274
|
Guarantee
liabilities
|
9,790
|
-
|
|
-
|
Financial
guarantee derivative
|
130,442
|
737,961
|
|
114,530
|
Short-term bank
borrowings
|
350,545
|
75,050
|
|
11,648
|
Accrued payroll
and welfare
|
34,781
|
25,170
|
|
3,906
|
Other tax
payable
|
73,077
|
174,770
|
|
27,125
|
Income tax
payable
|
75,917
|
63,554
|
|
9,863
|
Deposit payable
to channel cooperators
|
21,472
|
21,012
|
|
3,261
|
Accrued
expenses and other liabilities
|
323,748
|
292,134
|
|
45,338
|
Other
non-current liabilities
|
27,615
|
13,759
|
|
2,135
|
TOTAL
LIABILITIES
|
4,421,966
|
3,391,424
|
|
526,341
|
|
|
|
|
|
Commitments
and Contingencies
|
|
|
|
|
Equity:
|
|
|
|
|
Common
shares
|
203
|
207
|
|
32
|
Additional
paid-in capital
|
3,068,045
|
3,121,997
|
|
484,526
|
Retained
earnings (accumulated deficit)
|
(14,551)
|
681,389
|
|
105,750
|
Other
comprehensive income
|
21,059
|
16,544
|
|
2,568
|
Total X
Financial shareholders' equity
|
3,074,756
|
3,820,137
|
|
592,876
|
Non-controlling
interests
|
1,288
|
-
|
|
-
|
TOTAL
EQUITY
|
3,076,044
|
3,820,137
|
|
592,876
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
7,498,010
|
7,211,561
|
|
1,119,217
|
X
Financial
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except for share and per share data)
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
Net
revenues
|
|
|
|
|
|
|
|
Loan
facilitation service-Direct Model
|
350,381
|
670,885
|
104,120
|
|
793,967
|
2,057,657
|
319,343
|
Loan
facilitation service-Intermediary Model
|
2,959
|
-
|
-
|
|
41,190
|
161
|
25
|
Post-origination service
|
49,514
|
88,420
|
13,723
|
|
162,452
|
220,823
|
34,271
|
Financing
income
|
138,826
|
172,349
|
26,748
|
|
441,171
|
452,808
|
70,275
|
Other
revenue
|
18,120
|
32,697
|
5,074
|
|
37,881
|
71,618
|
11,115
|
Total net
revenue
|
559,800
|
964,351
|
149,665
|
|
1,476,661
|
2,803,067
|
435,029
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
Origination and
servicing
|
561,241
|
483,833
|
75,090
|
|
1,520,781
|
1,577,209
|
244,779
|
General and
administrative
|
35,791
|
39,081
|
6,065
|
|
142,846
|
125,652
|
19,501
|
Sales and
marketing
|
3,874
|
5,440
|
844
|
|
30,771
|
15,512
|
2,407
|
Provision for
accounts receivable and contract assets
|
24,346
|
15,237
|
2,365
|
|
134,722
|
57,719
|
8,958
|
Provision for
loans receivable
|
58,135
|
10,199
|
1,583
|
|
211,501
|
35,695
|
5,540
|
(Reversal of)
provision for contingent guarantee liabilities
|
(19,438)
|
-
|
-
|
|
2,152
|
(24)
|
(4)
|
(Reversal of)
provision for credit losses on deposits to
institutional cooperators
|
-
|
392
|
61
|
|
-
|
(7,782)
|
(1,208)
|
(Reversal of)
provision for credit losses for other financial
assets
|
(2,718)
|
(382)
|
(59)
|
|
6,879
|
(382)
|
(59)
|
Total
operating costs and expenses
|
661,231
|
553,800
|
85,949
|
|
2,049,652
|
1,803,599
|
279,914
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
(101,431)
|
410,551
|
63,716
|
|
(572,991)
|
999,468
|
155,115
|
Interest income
(expense), net
|
5,752
|
6,382
|
990
|
|
15,990
|
15,990
|
2,482
|
Foreign
exchange gain (loss)
|
8,984
|
(954)
|
(148)
|
|
8,911
|
1,240
|
192
|
Income from
investments in VC funds
|
-
|
12,639
|
1,962
|
|
-
|
16,054
|
2,492
|
Fair value
adjustments related to Consolidated Trusts
|
3,245
|
7,570
|
1,175
|
|
(43,416)
|
(108)
|
(17)
|
Change in fair
value of financial guarantee derivative
|
(26,579)
|
(48,042)
|
(7,456)
|
|
(143,621)
|
(143,658)
|
(22,295)
|
Other income
(loss), net
|
1,798
|
9,644
|
1,497
|
|
10,789
|
16,745
|
2,599
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes and gain
(loss) from equity in affiliates
|
(108,231)
|
397,790
|
61,736
|
|
(724,338)
|
905,731
|
140,568
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(1,576)
|
(119,458)
|
(18,540)
|
|
72,912
|
(214,566)
|
(33,300)
|
Gain (loss)
from equity in affiliates, net of tax
|
(3,224)
|
1,548
|
240
|
|
(1,564)
|
4,775
|
741
|
Net income
(loss)
|
(113,031)
|
279,880
|
43,436
|
|
(652,990)
|
695,940
|
108,009
|
Less: net
income (loss) attributable to non-controlling
interests
|
(7)
|
-
|
-
|
|
41
|
-
|
-
|
Net income
(loss) attributable to X Financial
shareholders
|
(113,024)
|
279,880
|
43,436
|
|
(653,031)
|
695,940
|
108,009
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
(113,031)
|
279,880
|
43,436
|
|
(652,990)
|
695,940
|
108,009
|
Other
comprehensive income, net of tax of nil:
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
(26,816)
|
1,957
|
304
|
|
(16,607)
|
(4,515)
|
(701)
|
Comprehensive income
(loss)
|
(139,847)
|
281,837
|
43,740
|
|
(669,597)
|
691,425
|
107,308
|
Less: comprehensive
income (loss) attributable to non-controlling
interests
|
(7)
|
-
|
-
|
|
41
|
-
|
-
|
Comprehensive income (loss) attributable to
X Financial shareholders
|
(139,840)
|
281,837
|
43,740
|
|
(669,638)
|
691,425
|
107,308
|
|
|
|
|
|
|
|
|
Net income
(loss) per share—basic
|
(0.35)
|
0.84
|
0.13
|
|
(2.03)
|
2.11
|
0.33
|
Net income
(loss) per share—diluted
|
(0.35)
|
0.82
|
0.13
|
|
(2.03)
|
2.05
|
0.32
|
|
|
|
|
|
|
|
|
Net income
(loss) per ADS—basic
|
(2.10)
|
5.04
|
0.78
|
|
(12.18)
|
12.66
|
1.96
|
Net income
(loss) per ADS—diluted
|
(2.10)
|
4.92
|
0.76
|
|
(12.18)
|
12.30
|
1.91
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares
outstanding—basic
|
321,262,508
|
332,503,053
|
332,503,053
|
|
320,913,563
|
329,347,604
|
329,347,604
|
Weighted
average number of ordinary shares
outstanding—diluted
|
321,262,508
|
342,343,280
|
342,343,280
|
|
320,913,563
|
339,187,831
|
339,187,831
|
X
Financial
|
|
|
|
|
|
|
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except for share and per share data)
|
2020
|
2021
|
2021
|
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
GAAP net income
(loss)
|
(113,031)
|
279,880
|
43,436
|
|
(652,990)
|
695,940
|
108,009
|
Less: Income from
investments in VC funds (net of tax of nil)
|
-
|
12,639
|
1,962
|
|
-
|
16,054
|
2,492
|
Add: Share-based
compensation expenses (net of tax of nil)
|
1,292
|
9,719
|
1,508
|
|
55,448
|
51,006
|
7,916
|
Non-GAAP adjusted
net income (loss)
|
(111,739)
|
276,960
|
42,982
|
|
(597,542)
|
730,892
|
113,433
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to X Financial shareholders
|
(113,024)
|
279,880
|
43,436
|
|
(653,031)
|
695,940
|
108,009
|
Less: Income from
investments in VC funds (net of tax of nil)
|
-
|
12,639
|
1,962
|
|
-
|
16,054
|
2,492
|
Add: Share-based
compensation expenses (net of tax of nil)
|
1,292
|
9,719
|
1,508
|
|
55,448
|
51,006
|
7,916
|
Non-GAAP adjusted
net income (loss) attributable to X Financial
shareholders
|
(111,732)
|
276,960
|
42,982
|
|
(597,583)
|
730,892
|
113,433
|
|
|
|
|
|
|
|
|
Non-GAAP
adjusted net income (loss) per share—basic
|
(0.35)
|
0.83
|
0.13
|
|
(1.86)
|
2.22
|
0.34
|
Non-GAAP
adjusted net income (loss) per share—diluted
|
(0.35)
|
0.81
|
0.13
|
|
(1.86)
|
2.15
|
0.33
|
|
|
|
|
|
|
|
|
Non-GAAP
adjusted net income (loss) per ADS—basic
|
(2.10)
|
4.98
|
0.77
|
|
(11.16)
|
13.32
|
2.07
|
Non-GAAP
adjusted net income (loss) per ADS—diluted
|
(2.10)
|
4.86
|
0.75
|
|
(11.16)
|
12.90
|
2.00
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares
outstanding—basic
|
321,262,508
|
332,503,053
|
332,503,053
|
|
320,913,563
|
329,347,604
|
329,347,604
|
Weighted
average number of ordinary shares
outstanding—diluted
|
321,262,508
|
342,343,280
|
342,343,280
|
|
320,913,563
|
339,187,831
|
339,187,831
|
View original
content:https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2021-unaudited-financial-results-301430063.html
SOURCE X Financial