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 quarter ended March 31, 2019.
First Quarter 2019
Operational Highlights:
- Total outstanding principal balance of loans1 reached RMB35.0
billion as of March 31, 2019, representing an increase of 64.7%
from RMB21.3 billion as of March 31, 2018.
- Total loan originations1 in the first quarter of 2019 reached
RMB20.1 billion, an increase of 35.6% from RMB14.8 billion in the
first quarter of 2018.
- The GMV2 of our e-commerce channel amounted to RMB1.7 billion,
representing an increase of 41.8% from RMB1.2 billion in the first
quarter of 2018.
- The weighted average tenor of loans originated on our platform
in the first quarter of 2019 was approximately 12.5 months. The
weighted average APR3 was 26.2% for the first quarter of 2019.
- Total number of registered users reached 42.2 million as of
March 31, 2019, representing an increase of 59.6% from 26.4 million
as of March 31, 2018; and users with credit line reached 11.6
million as of March 31, 2019, up by 41.6% from 8.2 million as of
March 31, 2018.
- Number of active users4 in the first quarter of 2019 reached
3.2 million, representing an increase of 22.4% from 2.6 million in
the first quarter of 2018. Number of new active users in the first
quarter of 2019 was 705 thousand, representing an increase of 59.6%
from 441 thousand in the first quarter of 2018.
- 90 day+ delinquency ratio5 was 1.42% as of March 31, 2019.
1 Outstanding principal balance and originations of loans
represent the outstanding principal balance and originations of
both on- and off-balance sheet loans.
2 GMV refers to the total value of transactions completed for
products or services purchased on the e-commerce channel of our
platform, net of returns.
3 APR is the annualized percentage rate of all-in interest costs
and fees to the borrower over the net proceeds received by the
borrower. Weighted average APR is weighted by loan origination
amount for each loan originated in the period.
4 Active users refer to, for a specified period, users who made
at least one transaction during that period through our platform or
through our third-party partners’ platforms using credit line
granted by us.
5 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.
First Quarter 2019 Financial
Highlights:
- Total operating revenue reached RMB2.0 billion. Financial
services income reached RMB1.3 billion, representing an increase of
23.9% from the first quarter of 2018. Loan facilitation and
servicing fees reached RMB911 million, representing an increase of
342% from the first quarter of 2018.
- Gross profit reached RMB907 million, representing an increase
of 101% from the first quarter of 2018.
- Net income was RMB583 million, representing an increase of 228%
from the first quarter of 2018.
- Non-GAAP EBIT6 was RMB742 million, representing an increase of
197% from the first quarter of 2018.
- Adjusted net income6 was RMB622 million, representing an
increase of 203% from the first quarter of 2018. Adjusted net
income per ADS6 was RMB3.44 on a fully diluted basis.
6 Non-GAAP EBIT, adjusted net income, adjusted net income per
ordinary share and per ADS are non-GAAP financial measures. For
more information on non-GAAP financial measures, please see the
section of “Use of Non-GAAP Financial Measures Statement” and the
tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP
Results” set forth at the end of this press release.
“I am excited to report another quarter of strong performance,
which has been driven by our three key advantages of diversified
funding sources, financial technology, and consumption scenarios,”
said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive
officer. “We are looking forward to going beyond consumer finance
services in the years to come. We will continue to focus on our
customer cohort, the educated young adults, and cater to their
consumption needs by offering even more relevant services,”
continued Mr. Xiao.
“We continue to see strong year-on-year growth in our business
in the first quarter,” said Mr. Craig Yan Zeng, Lexin’s chief
financial officer. “In the first quarter, Lexin’s gross profit
reached RMB907 million and our non-GAAP EBIT reached RMB742
million, representing an increase of 101% and 197% from the same
period in 2018. Our adjusted net income also increased by 203% to
RMB622 million as a result of our strong performance.”
“Credit performance and credit quality continues to be strong,”
said Mr. Ryan Huanian Liu, Lexin’s chief risk officer. “Our vintage
charge-off rate7 is just over 2.0%, and our 90 day+
delinquency rate was 1.42% as of March 31, 2019. We expect the
strong performance to continue in the future.”
7 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.
First Quarter 2019 Financial
Results:
Operating revenue increased from RMB1.6 billion in the first
quarter of 2018 to RMB2.0 billion in the first quarter of 2019.
This increase in operating revenues was due to the increase in
financial services income for the quarter, driven by continuing
increases in the number of active users and the average total
outstanding principal balance of total on-balance sheet and
off-balance sheet loans, and the increase in online direct sales
and services income for the quarter.
Financial services income increased by 23.9% from RMB1.0 billion
in the first quarter of 2018 to RMB1.3 billion in the first quarter
of 2019. This increase was primarily contributed by the increase in
loan facilitation and servicing fees, partially offset by the
decrease in interest and financial services income.
Loan facilitation and servicing fees increased by 342% from
RMB206 million in the first quarter of 2018 to RMB911 million in
the first quarter of 2019. This increase was primarily due to
significant increase in off-balance sheet loans originated as a
result of the continuing growth of our business as well as business
model adjustments made to Juzi Licai in the second quarter of 2018.
All new loans funded by individual investors on Juzi Licai under
this new business model have been accounted for as off-balance
sheet loans, commencing from late April 2018. Prior to that, loans
funded by individual investors on Juzi Licai were accounted for as
on-balance sheet loans. As a result, revenues generated from loan
facilitation and servicing increased significantly.
Interest and financial services income decreased by 55.2% from
RMB784 million in the first quarter of 2018 to RMB351 million in
the first quarter of 2019 due to a decrease in on-balance sheet
loans originated on our platform as a result of the aforementioned
business model adjustments in the second quarter of 2018.
Funding cost decreased by 44.6% from RMB257 million in the first
quarter of 2018 to RMB142 million in the first quarter of 2019,
which is consistent with the decrease in interest and financial
services income.
Processing and servicing cost increased by 77.0% from RMB65.9
million in the first quarter of 2018 to RMB117 million in the first
quarter of 2019. This increase was primarily due to an increase in
salaries and personnel related costs, an increase in risk
management expenses and an increase in fees to third-party payment
platforms.
Provision for credit losses of financing receivables decreased
by 46.8% from RMB287 million in the first quarter of 2018 to RMB153
million in the first quarter of 2019, which is consistent with the
decrease in the on-balance sheet loans originated on our platform.
The Company is continuing to improve its credit assessment and risk
management capabilities to enhance its collection efforts while
maintaining credit risks at a reasonable level.
Gross profit increased by 101% from RMB452 million in the first
quarter of 2018 to RMB907 million in the first quarter of 2019. The
significant increase in the gross profit margin is primarily due to
the significant increase of loan facilitation and servicing fees
resulting from the enlarged proportion of the off-balance sheet
loans, which have higher gross profit margin than interest and
financial services income generated from on-balance sheet
loans.
Sales and marketing expenses increased by 92.3% from RMB102
million in the first quarter of 2018 to RMB195 million in the first
quarter of 2019. This increase was primarily due to an increase in
online promotional fees and advertising costs, an increase in
share-based compensation expenses allocated to sales and marketing
expenses, and an increase in salaries and personnel related
costs.
Research and development expenses increased by 37.8% from
RMB68.1 million in the first quarter of 2018 to RMB93.8 million in
the first quarter of 2019. This increase was primarily due to an
increase in share-based compensation expenses allocated to research
and development expenses, and an increase in salaries and personnel
related costs.
General and administrative expenses increased by 48.7% from
RMB58.6 million in the first quarter of 2018 to RMB87.2 million in
the first quarter of 2019. This increase was primarily due to an
increase in share-based compensation expenses allocated to general
and administrative expenses, and an increase in salaries and
personnel related costs.
Gain on guarantee liabilities, net for the first quarter of 2019
was RMB104 million, which resulted from releasing of liabilities
through our performance of the guarantee for loans funded by
individual investors on Juzi Licai that are covered by risk
safeguard scheme set up in late April 2018.
Change in fair value of financial guarantee derivatives, net for
the first quarter of 2018 was a loss of RMB8.1 million, compared to
a gain of RMB50.5 million in the first quarter of 2019. The
increase was primarily due to realization of gains through our
performance of the guarantee, which is consistent with the
continuing increases of underlying off-balance sheet loans
originated on our platform since early 2018.
Income tax expense for the first quarter of 2019 was RMB118
million, compared to income tax expense of RMB41.4 million in the
first quarter of 2018. The increase was primarily due to the
significant increase of our taxable income from the same period of
2018.
Net income for the first quarter of 2019 was RMB583 million,
representing an increase of 228% from RMB178 million in the first
quarter of 2018.
Adjusted net income for the first quarter of 2019 was RMB622
million, representing an increase of 203% from RMB205 million in
the first quarter of 2018.
Please click here to view our vintage curve:
http://ml.globenewswire.com/Resource/Download/4dad8d2b-ebeb-4693-a4d7-cfa8fb017b0e
Outlook
Based on Lexin’s preliminary assessment of the current market
conditions, the Company continues to expect total loan originations
for the fiscal year 2019 to be approximately RMB90 billion to
RMB100 billion. This 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 7:00 AM U.S. Eastern time on May 17, 2019 (7:00 PM Beijing/Hong
Kong time on May 17, 2019).
Dial-in details for the earnings conference call are as
follows:
United
States: |
|
1 845 675 0437
or 1 866 519 4004 |
International: |
|
65 6713 5090 |
Hong Kong: |
|
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: |
Passcode: |
|
8899945 |
Additionally, a live and archived webcast of the conference call
will be available on the Company’s investor relations website at
http://ir.lexin.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call until May 24, 2019,
by dialing the following telephone numbers:
United
States: |
|
1 855 452 5696
or 1 646 254 3697 |
International: |
|
61 2 8199 0299 |
Replay Access Code: |
|
8899945 |
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.lexin.com
To follow us on Twitter, please go to:
https://twitter.com/LexinFintech.
Use of Non-GAAP Financial Measures
Statement
In evaluating our business, we consider and use adjusted net
income 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 and non-GAAP EBIT as net income excluding
income tax expense, share-based compensation expenses, and interest
expense, net.
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. Non-GAAP EBIT, on the
other hand, enables our management to assess our operating results
without considering the impact of income tax expense, share-based
compensation expenses, and interest expense, net. 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, income tax expense, and interest expense,
net 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 RMB6.7112 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on March 29, 2019. The Company
makes no representation that the RMB or US$ amounts referred could
be converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about Lexin’s
beliefs and expectations, are forward-looking statements. These
forward-looking statements can be identified by terminology such as
“will,” expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “confident” and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency, business outlook and quotations from management in
this announcement, contain forward-looking statements. Lexin may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the “SEC”), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Lexin’s goal
and strategies; Lexin’s expansion plans; Lexin’s future business
development, financial condition and results of operations; Lexin’s
expectation regarding demand for, and market acceptance of, its
credit and investment management products; Lexin’s expectations
regarding keeping and strengthening its relationship with
borrowers, institutional funding partners, merchandise suppliers
and other parties it collaborates with; general economic and
business conditions; and assumptions underlying or related to any
of the foregoing. Further information regarding these and other
risks is included in Lexin’s filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Lexin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
LexinFintech Holdings Ltd.
IR inquiries:
Tony Hung
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: IR@lexin.com
Media inquiries:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexin.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, 2018 |
|
March 31,
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB |
|
RMB |
US$ |
|
ASSETS |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
1,148,292 |
|
1,341,417 |
|
199,877 |
|
|
Restricted cash |
1,266,536 |
|
1,554,073 |
|
231,564 |
|
|
Restricted time deposits |
344,212 |
|
210,000 |
|
31,291 |
|
|
Short‑term financing receivables, net |
5,140,634 |
|
4,027,899 |
|
600,176 |
|
|
Accrued interest receivable |
82,943 |
|
66,465 |
|
9,904 |
|
|
Prepaid expenses and other current assets |
923,827 |
|
1,007,286 |
|
150,090 |
|
|
Amounts due from related parties |
- |
|
2,230 |
|
332 |
|
|
Risk safeguard fund receivable, net |
395,025 |
|
514,954 |
|
76,731 |
|
|
Contract assets and service fees receivable, net |
946,293 |
|
1,142,136 |
|
170,184 |
|
|
Inventories, net |
57,196 |
|
56,143 |
|
8,366 |
|
|
Total current assets |
10,304,958 |
|
9,922,603 |
|
1,478,515 |
|
|
|
|
|
|
|
Non‑current
assets |
|
|
|
|
Restricted cash |
82,306 |
|
98,752 |
|
14,715 |
|
|
Long‑term financing receivables, net |
1,283,036 |
|
1,019,810 |
|
151,956 |
|
|
Risk safeguard fund receivable, net |
116,208 |
|
139,977 |
|
20,857 |
|
|
Contract assets and service fees receivable, net |
291,784 |
|
284,517 |
|
42,394 |
|
|
Property, equipment and software, net |
82,420 |
|
92,569 |
|
13,793 |
|
|
Long‑term investments |
186,073 |
|
192,083 |
|
28,621 |
|
|
Deferred tax assets |
94,598 |
|
99,371 |
|
14,807 |
|
|
Other assets* |
29,192 |
|
156,545 |
|
23,326 |
|
|
Total non‑current assets |
2,165,617 |
|
2,083,624 |
|
310,469 |
|
|
TOTAL
ASSETS |
12,470,575 |
|
12,006,227 |
|
1,788,984 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable |
135,848 |
|
143,979 |
|
21,454 |
|
|
Amounts due to related parties |
14,569 |
|
8,829 |
|
1,316 |
|
|
Short‑term borrowings |
438,010 |
|
230,749 |
|
34,383 |
|
|
Short‑term funding debts |
4,646,041 |
|
3,752,367 |
|
559,120 |
|
|
Accrued interest payable |
182,280 |
|
117,808 |
|
17,554 |
|
|
Risk safeguard fund payable |
456,276 |
|
546,998 |
|
81,505 |
|
|
Accrued expenses and other current liabilities* |
2,145,689 |
|
2,055,698 |
|
306,309 |
|
|
Total current
liabilities |
8,018,713 |
|
6,856,428 |
|
1,021,641 |
|
|
|
|
|
|
|
Non‑current
liabilities |
|
|
|
|
Long‑term funding debts |
157,887 |
|
210,894 |
|
31,424 |
|
|
Deferred tax liabilities |
187,183 |
|
167,071 |
|
24,894 |
|
|
Other long-term liabilities* |
- |
|
52,188 |
|
7,776 |
|
|
Total non‑current
liabilities |
345,070 |
|
430,153 |
|
64,094 |
|
|
TOTAL
LIABILITIES |
8,363,783 |
|
7,286,581 |
|
1,085,735 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
Class A Ordinary Shares |
160 |
|
164 |
|
24 |
|
|
Class B Ordinary Shares |
66 |
|
64 |
|
10 |
|
|
Additional paid‑in capital |
2,328,716 |
|
2,368,123 |
|
352,861 |
|
|
Statutory reserves |
200,262 |
|
200,262 |
|
29,840 |
|
|
Accumulated other comprehensive loss |
(14,308 |
) |
(23,847 |
) |
(3,553 |
) |
|
Retained earnings |
1,591,896 |
|
2,174,880 |
|
324,067 |
|
|
TOTAL SHAREHOLDERS’
EQUITY |
4,106,792 |
|
4,719,646 |
|
703,249 |
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
12,470,575 |
|
12,006,227 |
|
1,788,984 |
|
|
|
|
|
|
|
|
|
|
|
|
________________________________________________ * The Company has
adopted Accounting Standards Update No. 2016-02, Leases, beginning
January 1, 2019 on a modified retrospective basis. As a result, the
Company recognized approximately RMB100 million of right-of-use
assets recorded in other assets, and corresponding short-term
leasing liabilities recorded in accrued expenses and other current
liabilities and long-term leasing liabilities recorded in other
long-term liabilities respectively on the consolidated balance
sheet as of March 31, 2019. The Company elected not to recognize
lease assets and liabilities for leases with a term of 12 months or
less. The adoption had no impact on the Company’s consolidated
statements of operations for the quarter ended March 31, 2019 or
the opening balances of retained earnings as of January 1,
2019. |
|
LexinFintech Holdings
Ltd.
Unaudited Condensed Consolidated
Statement of Operations
(In
thousands, except for share and per share data) |
For the Three Months Ended March
31, |
|
2018 |
|
2019 |
|
|
RMB |
|
RMB |
|
US$ |
|
Operating
revenue: |
|
|
|
Online direct sales |
542,899 |
|
624,909 |
|
93,114 |
|
Services and others |
30,094 |
|
54,699 |
|
8,150 |
|
Online direct sales and services income |
572,993 |
|
679,608 |
|
101,264 |
|
Interest and financial services income |
784,381 |
|
351,290 |
|
52,344 |
|
Loan facilitation and servicing fees |
206,042 |
|
910,562 |
|
135,678 |
|
Other revenue |
50,302 |
|
27,946 |
|
4,164 |
|
Financial services income |
1,040,725 |
|
1,289,798 |
|
192,186 |
|
Total operating
revenue |
1,613,718 |
|
1,969,406 |
|
293,450 |
|
|
|
|
|
Operating cost: |
|
|
|
Cost of sales |
(548,723 |
) |
(628,002 |
) |
(93,575 |
) |
Funding cost |
(257,026 |
) |
(142,272 |
) |
(21,199 |
) |
Processing and servicing cost |
(65,934 |
) |
(116,719 |
) |
(17,392 |
) |
Provision for credit losses of financing receivables |
(286,791 |
) |
(152,517 |
) |
(22,726 |
) |
Provision for credit losses of contract assets and service fees
receivable |
(3,623 |
) |
(22,461 |
) |
(3,347 |
) |
Total operating
cost |
(1,162,097 |
) |
(1,061,971 |
) |
(158,239 |
) |
Gross
profit |
451,621 |
|
907,435 |
|
135,211 |
|
|
|
|
|
Operating expenses: |
|
|
|
Sales and marketing expenses |
(101,510 |
) |
(195,183 |
) |
(29,083 |
) |
Research and development expenses |
(68,093 |
) |
(93,848 |
) |
(13,984 |
) |
General and administrative expenses |
(58,641 |
) |
(87,210 |
) |
(12,995 |
) |
Total operating
expenses |
(228,244 |
) |
(376,241 |
) |
(56,062 |
) |
Gain on guarantee liabilities, net |
- |
|
103,677 |
|
15,448 |
|
Interest expense, net |
(3,639 |
) |
(2,458 |
) |
(366 |
) |
Change in fair value of financial guarantee derivatives, net |
(8,075 |
) |
50,496 |
|
7,524 |
|
Others, net |
7,625 |
|
17,610 |
|
2,624 |
|
Income before income
tax expense |
219,288 |
|
700,519 |
|
104,379 |
|
Income tax expense |
(41,428 |
) |
(117,535 |
) |
(17,513 |
) |
Net
income |
177,860 |
|
582,984 |
|
86,866 |
|
|
|
|
|
|
|
|
|
Net income per
ordinary share |
|
|
|
Basic |
0.54 |
|
1.66 |
|
0.25 |
|
Diluted |
0.49 |
|
1.61 |
|
0.24 |
|
|
|
|
|
Net income per
ADS |
|
|
|
Basic |
1.07 |
|
3.32 |
|
0.49 |
|
Diluted |
0.98 |
|
3.22 |
|
0.48 |
|
|
|
|
|
Weighted average
number of ordinary shares outstanding |
|
|
|
Basic |
331,158,139 |
|
351,642,939 |
|
351,642,939 |
|
Diluted |
361,428,816 |
|
361,647,253 |
|
361,647,253 |
|
|
|
|
|
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated
Statements of Comprehensive Income
(In
thousands, except for share and per share data) |
For the Three
Months Ended
March 31, |
|
2018 |
|
|
2019 |
|
|
RMB |
|
|
RMB |
US$ |
Net income |
177,860 |
|
|
582,984 |
|
|
86,866 |
|
|
Other comprehensive
loss |
|
|
|
Foreign currency translation adjustments, net of nil tax |
(43,249 |
) |
|
(9,539 |
) |
|
(1,421 |
) |
|
Total comprehensive
income |
134,611 |
|
|
573,445 |
|
|
85,445 |
|
|
|
|
|
|
|
|
|
|
|
|
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP
and Non-GAAP Results
(In
thousands) |
For the Three Months
Ended March
31, |
|
2018 |
|
2019 |
|
|
RMB |
|
RMB |
|
US$ |
|
Reconciliation of
Adjusted Net Income to Net Income |
|
|
|
|
|
|
Net income |
177,860 |
|
582,984 |
|
86,866 |
|
Add: Share-based compensation
expenses |
27,311 |
|
39,407 |
|
5,872 |
|
Adjusted net income |
205,171 |
|
622,391 |
|
92,738 |
|
|
|
|
|
|
|
|
Adjusted net income
per ordinary share |
|
|
|
|
|
|
Basic |
0.62 |
|
1.77 |
|
0.26 |
|
Diluted |
0.57 |
|
1.72 |
|
0.26 |
|
|
|
|
|
|
|
|
Adjusted net income
per ADS |
|
|
|
|
|
|
Basic |
1.24 |
|
3.54 |
|
0.53 |
|
Diluted |
1.14 |
|
3.44 |
|
0.51 |
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding |
|
|
|
|
|
|
Basic |
331,158,139 |
|
351,642,939 |
|
351,642,939 |
|
Diluted |
361,428,816 |
|
361,647,253 |
|
361,647,253 |
|
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP
and Non-GAAP Results
(In
thousands) |
For the Three Months
Ended March
31, |
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
Reconciliations of
Non-GAAP EBIT to Net Income |
|
|
|
|
|
Net income |
177,860 |
|
582,984 |
|
86,866 |
Add: Income tax expense |
41,428 |
|
117,535 |
|
17,513 |
Share-based compensation
expenses |
27,311 |
|
39,407 |
|
5,872 |
Interest expense, net |
3,639 |
|
2,458 |
|
366 |
Non-GAAP EBIT |
250,238 |
|
742,384 |
|
110,617 |
|
|
|
|
|
|
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