LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX),
a leading online consumer finance platform for educated young
adults in China, today announced its unaudited financial results
for the second quarter ended June 30, 2018.
Second Quarter 2018 Operational Highlights:
- Total loan originations in the second quarter of 2018 reached
RMB16.6 billion, representing an increase of 68.4% from RMB9.8
billion in the second quarter of 2017.
- Total outstanding principal balance of loans reached RMB24.7
billion as of June 30, 2018, representing an increase of 97.9% from
RMB12.5 billion as of June 30, 2017.
- The weighted average tenor of loans originated on our platform
in the second quarter of 2018 was approximately 12.8 months. The
effective APR1 was 25.7% for the second quarter of 2018.
- The GMV2 of our e-commerce channel amounted to RMB1.5 billion,
representing an increase of 53.8% from RMB1.0 billion in the second
quarter of 2017.
- Customer acquisition cost3 amounted to RMB138 in the second
quarter of 2018, compared to RMB134 in the second quarter of
2017.
- Total number of registered users reached 29.2 million as of
June 30, 2018, representing an increase of 82.9% from 16.0 million
as of June 30, 2017; and users with credit line reached 8.9 million
as of June 30, 2018, up by 58.8% from 5.6 million as of June 30,
2017.
- Number of active customers who used our loan products in the
second quarter of 2018 reached 2.7 million, representing an
increase of 28.8% from 2.1 million in the second quarter of 2017.
Number of new active customers who used our loan products in the
second quarter of 2018 was 514 thousand.
- 90 day+ delinquency ratio4 were 1.39% as of June 30, 2018.
1 The Effective APR refers to the percentage equal to the
annualized actual amount of finance charges, including interest and
service fees, generated from a customer loan, divided by the
average outstanding principal balance for the loan.2“GMV” refers to
the total value of transactions completed for products purchased on
the e-commerce channel of our platform, net of returns.3 Customer
acquisition cost refers to the amount of total costs we incur in
connection with acquiring customers divided by the number of new
active customers during a given time period.4 90 day+ delinquency
ratio refers to outstanding principal balance of on- and
off-balance sheet loans that were 90 to 179 calendar days past due
as a percentage of the total outstanding principal balance of on-
and off-balance sheet loans on our platform as of a specific date.
Loans that are charged off are not included in the delinquency rate
calculation.
Second Quarter 2018 Financial Highlights:
- Total operating revenue reached RMB1.8 billion. Financial
services income reached RMB1.2 billion, representing an increase of
64.9% from the second quarter of 2017. Loan facilitation and
servicing fees reached RMB232 million, representing an increase of
339% from the second quarter of 2017.
- Gross profit reached RMB619 million, representing an increase
of 123% from the second quarter of 2017.
- Net income was RMB465 million, representing an increase of
2,905% from the second quarter of 2017.
- Non-GAAP EBIT5 was RMB353 million, representing an increase of
343% from the second quarter of 2017.
- Adjusted net income5 was RMB502 million, representing an
increase of 776% from the second quarter of 2017.
“Our continuous investment in financial technology over the past
five years has started to pay off, enabling us to increase our
operating leverage and improve profitability,” said Mr. Jay Wenjie
Xiao, Lexin’s chairman and chief executive officer. “We continued
to grow in changing market conditions and I believe that with
increasing regulatory clarity, Lexin’s compliance and strong
financial technology capabilities will enable us to develop
further.”
“We continue to see strong growth in our business in the second
quarter,” said Mr. Craig Yan Zeng, Lexin’s chief financial officer.
“In the second quarter, Lexin’s gross profit reached RMB619 million
and non-GAAP EBIT reached RMB353 million, representing an increase
of 123% and 343% from the same period in 2017. Our adjusted net
income also increased by 776% to over RMB502 million due to our
strong performance, as well as the reversal of previously
recognized valuation allowance of deferred tax assets of RMB193
million.”
“Our increasing profitability is also a reflection of our
increasing operating leverage, as we continue to scale our
business.” continued Mr. Zeng. “And as our business continues to
grow and expand, we can expect the trend to continue.”
“In the second quarter, we have made some adjustments to our
business model for new loans funded by individual investors on Juzi
Licai.” continued Mr. Zeng. “After assessing the accounting impact
in respect of the updated business model, we have concluded that
all loans funded by individual investors on Juzi Licai under this
business model from late April 2018 should be accounted for as
off-balance sheet loans.”
“Our credit quality continues to be stable – which is a
reflection of the stability of our educated young adult customers”
said Mr. Ryan Huanian Liu, Lexin’s chief risk officer. “Our vintage
charge-off rate6 continues to be approximately 2.0%. At the
end of the second quarter of 2018, our 90+ delinquency rate was
1.39%, a slight improvement from the first quarter.”
5 Non-GAAP EBIT and adjusted net income 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 table captioned “Unaudited Reconciliations of
GAAP and Non-GAAP Results” set forth at the end of this press
release.6 “Vintage charge-off rate” refers to, with respect to on-
and off-balance sheet loans originated during a specified time
period, which we refer to as a vintage, the total outstanding
principal balance of the loans that are charged off during a
specified period, divided by the total initial principal of the
loans originated in such vintage.
Second Quarter 2018 Financial Results:
Operating revenue increased from RMB1.3 billion in the second
quarter of 2017 to RMB1.8 billion in the second quarter of 2018.
This increase was primarily due to the substantial increase in
financial services income.
Financial services income increased by 64.9% from RMB699 million
in the second quarter of 2017 to RMB1.2 billion in the second
quarter of 2018. This increase was primarily due to an increase in
the outstanding principal balance of on-balance sheet loans, which
was in turn driven by increases in the number of active customers
and the average outstanding principal balance of loans per
customer.
Loan facilitation and servicing fees increased by 339% from
RMB52.9 million in the second quarter of 2017 to RMB232 million in
the second quarter of 2018. This increase was primarily due to the
significant increase in off-balance sheet loans.
Funding cost increased by 43.8% from RMB183 million in the
second quarter of 2017 to RMB263 million in the second quarter of
2018. This increase was primarily due to an increase in our funding
debts to fund on-balance sheet loans originated on our
platform.
Processing and servicing cost increased by 38.2% from RMB51.5
million in the second quarter of 2017 to RMB71.2 million in the
second quarter of 2018. This increase was primarily due to an
increase in fees to third-party payment platforms, an increase in
risk management expenses and an increase in salaries and personnel
related costs.
Provision for credit losses increased by 55.7% from RMB149
million in the second quarter of 2017 to RMB232 million in the
second quarter of 2018. This increase was primarily due to the
increase in the average outstanding principal balance of on-balance
sheet loans. In addition, as we had continued to improve our credit
assessment and risk management capabilities as well as to enhance
our collection efforts, we gradually expanded our customer base to
improve our profit, while maintaining credit risks at a reasonable
level.
Gross profit increased by 123% from RMB278 million in the second
quarter of 2017 to RMB619 million in the second quarter of
2018.
Sales and marketing expenses increased by 39.3% from RMB104
million in the second quarter of 2017 to RMB144 million in the
second quarter of 2018. This increase was primarily due to an
increase in payroll expenses and an increase in online promotional
fees and advertising costs.
Research and development expenses increased by 37.7% from
RMB57.0 million in the second quarter of 2017 to RMB78.5 million in
the second quarter of 2018. This increase was primarily due to an
increase in payroll and related expenses, an increase in
share-based compensation expenses allocated to research and
development expenses, and an increase in depreciation expenses
allocated to research and development expenses.
General and administrative expenses increased by 35.9% from
RMB51.3 million in the second quarter of 2017 to RMB69.6 million in
the second quarter of 2018. This increase was primarily due to an
increase in share-based compensation expenses allocated to general
and administrative expenses and an increase in payroll expenses. In
addition, we incurred an increase in professional service fees and
rental expenses.
Loss on guarantee liabilities of RMB20.1 million in the second
quarter of 2018 was due to the implementation of risk safeguard
scheme as part of the adjustments to the business model for loans
funded by individual investors on Juzi Licai.
Income tax benefit for the second quarter of 2018 was RMB156
million, compared to income tax expense of RMB21.9 million in the
second quarter of 2017. The Company's PRC subsidiaries completed
2017 annual tax filings with relevant tax authorities in May 2018.
The tax filing result provided additional insights as to the
recoverability of the deferred tax assets arising from provision
for credit losses. Accordingly, a valuation allowance of RMB193
million previously recognized as of December 31, 2017 was reversed
in this quarter.
Net income for the second quarter of 2018 was RMB465 million,
representing an increase of 2,905% compared to RMB15.5 million in
the second quarter of 2017.
Adjusted net income for the second quarter of 2018 was RMB502
million, representing an increase of 776% from RMB57.3 million in
the second quarter of 2017.
Please click here to view our vintage
curve: http://resource.globenewswire.com/Resource/Download/f27d9d37-3fb0-4a68-8b8c-1d05828a99ae
Outlook
The Chinese government's recent actions to reduce financial
risks have tightened liquidity in the P2P market, which has led to
smaller players’ exiting from the industry. The Company believes
that this is a positive evolution of the industry towards a more
mature regulatory environment that will foster a healthy and stable
market in the future. Noticing that the government has issued new
policies to encourage the development of consumer finance and based
on the latest market conditions, the Company remains positive in
terms of outlook and has adjusted its estimate for the total loan
origination for fiscal year 2018 to a range from RMB65 billion to
RMB75 billion. This outlook is Lexin’s current and preliminary
view, which is subject to changes and uncertainties.
Conference Call
The Company’s management will host an earnings conference call
at 8:00 AM U.S. Eastern time on August 23, 2018 8:00 PM
Beijing/Hong Kong time on August 23, 2018.
Dial-in
details for the earnings conference call are as follows: |
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|
|
United States (toll
free): |
1 845 675 0437 or 1 866
519 4004 |
|
|
|
|
International: |
65 6713 5090 |
|
|
|
|
Hong Kong (toll
free): |
800 906 601 or 852 3018
6771 |
|
|
|
|
China: |
400 6208 038 or 800
8190 121 |
Participants should dial-in at least 5 minutes before the
scheduled start time and use the following passcode: 6173307.
Additionally, a live and archived webcast of the conference call
will be available on the Company’s investor relations website at
http://ir.lexinfintech.com.
A replay of
the conference call will be accessible approximately two hours
after the conclusion of the live call until August 31, 2018, by
dialing the following telephone numbers: |
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United States (toll
free): |
1 855 452 5696 or 1 646
254 3697 |
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International: |
61 2 8199 0299 |
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|
|
Replay Access
Code: |
6173307 |
About LexinFintech Holdings Ltd.LexinFintech
Holdings Ltd. is a leading online consumer finance platform for
educated young adults in China. As one of China’s leading financial
technology companies, Lexin integrates its e-commerce-driven
installment finance platform, Fenqile, with advanced risk
management technologies, the Company’s Dingsheng asset distribution
technology platform, and the Company’s Juzi Licai online investment
platform for individual investors, to create a comprehensive
consumer finance ecosystem. The Company utilizes technologies
including big data, cloud computing and artificial intelligence to
enable the near-instantaneous matching of user funding requests
with offers from the Company’s more than 30 funding partners, which
include commercial banks, consumer finance companies, and other
licensed financial institutions.
For more information, please visit
http://ir.lexinfintech.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 and non-GAAP EBIT, two 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 as net income excluding share-based
compensation expenses, interest expense associated with convertible
loans and investment-related impairment and we define non-GAAP EBIT
as net income excluding income tax expense/(benefit), share-based
compensation expenses, interest expense, net and investment-related
impairment.
We present these non-GAAP financial measures because it is used
by our management to evaluate our operating performance and
formulate business plans. Adjusted net income enables our
management to assess our operating results without considering the
impact of share-based compensation expenses, interest expense
associated with convertible loans and investment-related
impairment. Non-GAAP EBIT, on the other hand, enables our
management to assess our operating results without considering the
impact of income tax expense/(benefit), share-based compensation
expenses, interest expense, net and investment-related impairment.
We also believe that the use of these non-GAAP financial measures
facilitate 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 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
loans, income tax expense/(benefit), interest expense, net and
investment-related impairment have been and may continue to be
incurred in our business and are not reflected in the presentation
of adjusted net income 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 the non-GAAP
financial measure 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 RMB6.6171 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on June 29, 2018. The Company
makes no representation that the RMB or US$ amounts referred could
be converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor StatementThis 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. 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. Statements that are not historical
facts, including statements about Lexin’s beliefs and expectations,
are forward-looking statements. 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:Tony HungTel: +86 (755) 3637-8888 ext. 6258E-mail:
IR@lexinfintech.com
Media inquiries:Limin Chen Tel: +86 (755) 3367-8888 ext.
6993E-mail: liminchen@lexinfintech.com
SOURCE LexinFintech Holdings Ltd.
|
LexinFintech Holdings Ltd. |
Unaudited Condensed Consolidated Balance
Sheets |
|
(In
thousands, except for share and per share data) |
As of |
December 31, 2017 |
|
June
30,2018 |
|
RMB |
|
RMB |
US$ |
ASSETS |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and
cash equivalents |
1,126,475 |
|
|
439,829 |
|
|
66,469 |
|
Restricted cash |
561,922 |
|
|
750,351 |
|
|
113,396 |
|
Restricted time deposits |
6,750 |
|
|
248,306 |
|
|
37,525 |
|
Short‑term financing receivables, net |
9,857,209 |
|
|
9,788,744 |
|
|
1,479,310 |
|
Accrued
interest receivable |
129,622 |
|
|
145,037 |
|
|
21,919 |
|
Prepaid
expenses and other current assets |
945,258 |
|
|
1,046,605 |
|
|
158,167 |
|
Amounts
due from related parties |
9,447 |
|
|
125 |
|
|
19 |
|
Inventories, net |
101,653 |
|
|
75,982 |
|
|
11,483 |
|
Total current assets |
12,738,336 |
|
|
12,494,979 |
|
|
1,888,288 |
|
Non‑current
assets |
|
|
|
|
|
|
|
|
Restricted cash |
46,889 |
|
|
40,097 |
|
|
6,060 |
|
Restricted time deposits |
600 |
|
|
- |
|
|
- |
|
Long‑term
financing receivables, net |
1,785,045 |
|
|
2,231,009 |
|
|
337,158 |
|
Property,
equipment and software, net |
63,125 |
|
|
76,606 |
|
|
11,577 |
|
Long‑term
investments |
23,485 |
|
|
18,821 |
|
|
2,844 |
|
Deferred
tax assets |
38,841 |
|
|
213,277 |
|
|
32,231 |
|
Other
assets |
33,263 |
|
|
23,688 |
|
|
3,580 |
|
Total non‑current assets |
1,991,248 |
|
|
2,603,498 |
|
|
393,450 |
|
TOTAL
ASSETS |
14,729,584 |
|
|
15,098,477 |
|
|
2,281,738 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
198,177 |
|
|
193,421 |
|
|
29,230 |
|
Amounts
due to related parties |
67,510 |
|
|
24,893 |
|
|
3,762 |
|
Short‑term borrowings |
168,844 |
|
|
439,069 |
|
|
66,354 |
|
Short‑term funding debts |
10,525,134 |
|
|
9,579,317 |
|
|
1,447,661 |
|
Accrued
interest payable |
290,446 |
|
|
367,033 |
|
|
55,467 |
|
Accrued
expenses and other current liabilities |
1,611,029 |
|
|
1,706,734 |
|
|
257,930 |
|
Total current
liabilities |
12,861,140 |
|
|
12,310,467 |
|
|
1,860,404 |
|
Non‑current
liabilities |
|
|
|
|
|
|
|
|
Long‑term
funding debts |
166,629 |
|
|
337,980 |
|
|
51,077 |
|
Long‑term
borrowings |
289 |
|
|
- |
|
|
- |
|
Total
non‑current liabilities |
166,918 |
|
|
337,980 |
|
|
51,077 |
|
TOTAL
LIABILITIES |
13,028,058 |
|
|
12,648,447 |
|
|
1,911,481 |
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
Class A Ordinary Shares |
142 |
|
|
149 |
|
|
23 |
|
Class B Ordinary Shares |
68 |
|
|
68 |
|
|
10 |
|
Additional paid‑in capital |
2,110,957 |
|
|
2,265,640 |
|
|
342,391 |
|
Statutory
reserves |
55,861 |
|
|
55,861 |
|
|
8,442 |
|
Accumulated other comprehensive loss |
(14,951 |
) |
|
(32,774 |
) |
|
(4,953 |
) |
(Accumulated deficit)/Retained earnings |
(450,551 |
) |
|
161,086 |
|
|
24,344 |
|
TOTAL
SHAREHOLDERS’ EQUITY |
1,701,526 |
|
|
2,450,030 |
|
|
370,257 |
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
14,729,584 |
|
|
15,098,477 |
|
|
2,281,738 |
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings Ltd. |
Unaudited Condensed Consolidated Statements of
Operations |
|
(In
thousands, except for share and per share data) |
For the Three Months Ended |
|
For the Six Months Ended June 30, |
June 30, 2017 |
|
March 31, 2018 |
|
June 30, 2018 |
|
2017 |
|
2018 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Operating
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online
direct sales |
614,780 |
|
|
542,899 |
|
|
582,906 |
|
|
88,091 |
|
|
1,193,959 |
|
|
1,125,805 |
|
|
170,136 |
|
Services
and others |
3,479 |
|
|
30,094 |
|
|
47,452 |
|
|
7,171 |
|
|
6,095 |
|
|
77,546 |
|
|
11,719 |
|
Online direct sales and services income |
618,259 |
|
|
572,993 |
|
|
630,358 |
|
|
95,262 |
|
|
1,200,054 |
|
|
1,203,351 |
|
|
181,855 |
|
Interest
and financial services income |
599,900 |
|
|
782,989 |
|
|
873,719 |
|
|
132,040 |
|
|
1,131,609 |
|
|
1,656,708 |
|
|
250,368 |
|
Loan
facilitation and servicing fees |
52,920 |
|
|
164,377 |
|
|
232,461 |
|
|
35,130 |
|
|
106,981 |
|
|
396,838 |
|
|
59,972 |
|
Other
revenue |
46,044 |
|
|
50,302 |
|
|
46,558 |
|
|
7,036 |
|
|
97,077 |
|
|
96,860 |
|
|
14,638 |
|
Financial services income |
698,864 |
|
|
997,668 |
|
|
1,152,738 |
|
|
174,206 |
|
|
1,335,667 |
|
|
2,150,406 |
|
|
324,978 |
|
Total operating
revenue |
1,317,123 |
|
|
1,570,661 |
|
|
1,783,096 |
|
|
269,468 |
|
|
2,535,721 |
|
|
3,353,757 |
|
|
506,833 |
|
Operating
cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
(655,546 |
) |
|
(548,723 |
) |
|
(597,737 |
) |
|
(90,332 |
) |
|
(1,261,266 |
) |
|
(1,146,460 |
) |
|
(173,257 |
) |
Funding
cost |
(183,139 |
) |
|
(257,026 |
) |
|
(263,311 |
) |
|
(39,793 |
) |
|
(359,059 |
) |
|
(520,337 |
) |
|
(78,635 |
) |
Processing and servicing cost |
(51,476 |
) |
|
(65,934 |
) |
|
(71,161 |
) |
|
(10,754 |
) |
|
(95,610 |
) |
|
(137,095 |
) |
|
(20,718 |
) |
Provision
for credit losses |
(149,131 |
) |
|
(286,791 |
) |
|
(232,125 |
) |
|
(35,080 |
) |
|
(271,215 |
) |
|
(518,916 |
) |
|
(78,420 |
) |
Total operating
cost |
(1,039,292 |
) |
|
(1,158,474 |
) |
|
(1,164,334 |
) |
|
(175,959 |
) |
|
(1,987,150 |
) |
|
(2,322,808 |
) |
|
(351,030 |
) |
Gross
profit |
277,831 |
|
|
412,187 |
|
|
618,762 |
|
|
93,509 |
|
|
548,571 |
|
|
1,030,949 |
|
|
155,803 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing expenses |
(103,613 |
) |
|
(101,510 |
) |
|
(144,339 |
) |
|
(21,813 |
) |
|
(190,018 |
) |
|
(245,849 |
) |
|
(37,154 |
) |
Research
and development expenses |
(57,007 |
) |
|
(68,093 |
) |
|
(78,518 |
) |
|
(11,866 |
) |
|
(101,216 |
) |
|
(146,611 |
) |
|
(22,156 |
) |
General
and administrative expenses |
(51,257 |
) |
|
(58,641 |
) |
|
(69,638 |
) |
|
(10,524 |
) |
|
(94,200 |
) |
|
(128,279 |
) |
|
(19,386 |
) |
Total operating
expenses |
(211,877 |
) |
|
(228,244 |
) |
|
(292,495 |
) |
|
(44,203 |
) |
|
(385,434 |
) |
|
(520,739 |
) |
|
(78,696 |
) |
Loss on
guarantee liabilities |
- |
|
|
- |
|
|
(20,128 |
) |
|
(3,042 |
) |
|
- |
|
|
(20,128 |
) |
|
(3,042 |
) |
Interest
expense, net |
(22,543 |
) |
|
(3,639 |
) |
|
(6,793 |
) |
|
(1,027 |
) |
|
(44,262 |
) |
|
(10,432 |
) |
|
(1,577 |
) |
Investment-related impairment |
- |
|
|
- |
|
|
(4,841 |
) |
|
(732 |
) |
|
- |
|
|
(4,841 |
) |
|
(732 |
) |
Change in
fair value of financial guarantee derivatives |
(1,976 |
) |
|
(8,075 |
) |
|
21,249 |
|
|
3,211 |
|
|
14,762 |
|
|
13,174 |
|
|
1,991 |
|
Others,
net |
(4,033 |
) |
|
7,625 |
|
|
(6,285 |
) |
|
(950 |
) |
|
(6,456 |
) |
|
1,340 |
|
|
203 |
|
Income before
income tax expense |
37,402 |
|
|
179,854 |
|
|
309,469 |
|
|
46,766 |
|
|
127,181 |
|
|
489,323 |
|
|
73,950 |
|
Income
tax (expense)/benefit |
(21,920 |
) |
|
(33,441 |
) |
|
155,755 |
|
|
23,538 |
|
|
(55,442 |
) |
|
122,314 |
|
|
18,485 |
|
Net
income |
15,482 |
|
|
146,413 |
|
|
465,224 |
|
|
70,304 |
|
|
71,739 |
|
|
611,637 |
|
|
92,435 |
|
Pre-IPO
Preferred Shares redemption value accretion |
(16,957 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(33,404 |
) |
|
- |
|
|
- |
|
Income
allocation to participating preferred shares |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(38,335 |
) |
|
- |
|
|
- |
|
Net
(loss)/income attributable to ordinary shareholders |
(1,475 |
) |
|
146,413 |
|
|
465,224 |
|
|
70,304 |
|
|
- |
|
|
611,637 |
|
|
92,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.01 |
) |
|
0.44 |
|
|
1.40 |
|
|
0.21 |
|
|
- |
|
|
1.84 |
|
|
0.28 |
|
Diluted |
(0.01 |
) |
|
0.41 |
|
|
1.28 |
|
|
0.19 |
|
|
- |
|
|
1.69 |
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
- |
|
|
0.88 |
|
|
2.80 |
|
|
0.42 |
|
|
- |
|
|
3.69 |
|
|
0.56 |
|
Diluted |
- |
|
|
0.81 |
|
|
2.57 |
|
|
0.39 |
|
|
- |
|
|
3.38 |
|
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
110,647,199 |
|
|
331,158,139 |
|
|
332,208,249 |
|
|
332,208,249 |
|
|
110,647,199 |
|
|
331,686,095 |
|
|
331,686,095 |
|
Diluted |
110,647,199 |
|
|
361,428,816 |
|
|
362,162,094 |
|
|
362,162,094 |
|
|
110,647,199 |
|
|
361,798,356 |
|
|
361,798,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings Ltd. |
Unaudited Condensed Consolidated Statements of
Comprehensive Income |
|
(In
thousands, except for share and per share data) |
For the Three Months Ended |
|
For the Six Months Ended June 30, |
June 30, 2017 |
|
March 31, 2018 |
|
June 30, 2018 |
|
2017 |
|
2018 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
15,482 |
|
146,413 |
|
|
465,224 |
|
70,304 |
|
71,739 |
|
611,637 |
|
|
92,435 |
|
Other
comprehensive
income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments, net of nil tax |
1,306 |
|
(43,249 |
) |
|
25,426 |
|
3,842 |
|
322 |
|
(17,823 |
) |
|
(2,693 |
) |
Total
comprehensive income |
16,788 |
|
103,164 |
|
|
490,650 |
|
74,146 |
|
72,061 |
|
593,814 |
|
|
89,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings Ltd. |
Unaudited Reconciliations of GAAP and Non-GAAP
Results |
(In thousands) |
|
|
For the Three Months Ended |
|
For the Six Months Ended June 30, |
June 30, 2017 |
|
March 31, 2018 |
|
June 30, 2018 |
|
2017 |
|
2018 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Reconciliation
of Adjusted Net Income to Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
15,482 |
|
146,413 |
|
465,224 |
|
70,304 |
|
71,739 |
|
611,637 |
|
92,435 |
Add: Share-based
compensation expenses |
19,822 |
|
27,311 |
|
32,249 |
|
4,874 |
|
34,690 |
|
59,560 |
|
9,001 |
Interest expense
associated with convertible loans |
22,010 |
|
- |
|
- |
|
- |
|
43,152 |
|
- |
|
- |
Investment-related
impairment |
- |
|
- |
|
4,841 |
|
732 |
|
- |
|
4,841 |
|
732 |
Adjusted
net income |
57,314 |
|
173,724 |
|
502,314 |
|
75,910 |
|
149,581 |
|
676,038 |
|
102,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended June 30, |
June 30, 2017 |
|
March 31, 2018 |
|
June 30, 2018 |
|
2017 |
|
2018 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
|
US$ |
Reconciliations
of Non-GAAP EBIT to Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
15,482 |
|
146,413 |
|
465,224 |
|
|
70,304 |
|
|
71,739 |
|
611,637 |
|
|
92,435 |
|
Add: Income tax
expense/(benefit) |
21,920 |
|
33,441 |
|
(155,755 |
) |
|
(23,538 |
) |
|
55,442 |
|
(122,314 |
) |
|
(18,485 |
) |
Share-based
compensation expenses |
19,822 |
|
27,311 |
|
32,249 |
|
|
4,874 |
|
|
34,690 |
|
59,560 |
|
|
9,001 |
|
Interest expense,
net |
22,543 |
|
3,639 |
|
6,793 |
|
|
1,027 |
|
|
44,262 |
|
10,432 |
|
|
1,577 |
|
Investment-related
impairment |
- |
|
- |
|
4,841 |
|
|
732 |
|
|
- |
|
4,841 |
|
|
732 |
|
Non-GAAP
EBIT |
79,767 |
|
210,804 |
|
353,352 |
|
|
53,399 |
|
|
206,133 |
|
564,156 |
|
|
85,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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