LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX),
a leading technology-empowered personal financial service enabler
in China, today announced its unaudited financial results for the
quarter ended June 30, 2024.
"We harvested a healthy set of operational and
financial results with improved risk performance for new loans,
uplifted net profit from the first quarter of 2024, and controlled
loan origination in the second quarter of 2024," said Jay Wenjie
Xiao, Chairman and CEO of Lexin. "Total loan origination for the
second quarter reached RMB 51.1 billion, a 12% decline
quarter-over-quarter. Nevertheless, both total operating revenue
and net profit grew by 12% compared to the first quarter of 2024,
this was despite continued soft consumer demand and a weak credit
environment."
"Attributing to our persistent efforts to uphold
our key strategies, we achieved several milestones during past
quarter, including a rapid growth in our overseas business, a new
record-low funding cost, and positive signs of overall risk
performance improvement."
"By leveraging Lexin's over a decade of
experience in the domestic fintech market and quickly replicating
our business model overseas, we saw an accelerated growth in our
international operations, far outpacing our domestic business in
the second quarter. Although the current scale of our overseas
business is still small, we will continue to invest and sharpen our
focus abroad."
"Despite quarterly fluctuations in some risk
performance indicators, more risk metrics showed early signs of
improvement that extended into August. This was due to the
proactive control on loan origination and substantial risk
management capability improvement over the past quarters."
"Additionally, our funding cost hit a historical
low with a significant quarterly drop compared to the previous
quarter. This improvement in funding cost effectively boosted our
profitability compared to the first quarter of 2024."
"Looking ahead to the remainder of 2024, we
remain confident in navigating challenges and seizing opportunities
in both Chinese and overseas markets, positioning ourselves for
sustainable growth in a cautious consumer environment. We are
committed to returning sustainable value to shareholders and have
declared a cash dividend payout of US$0.072 per ADS for the
six-month period ended June 30, 2024, representing roughly 20% of
total net income, continuing our consistent capital return
program," Mr. Xiao continued.
Mr. James Zheng, Chief Financial Officer of
Lexin, added, "The second quarter's total operating revenue reached
RMB 3.6 billion, showing a 19.1% year-over-year increase and a
12.3% quarter-over-quarter increase. Net profit for the second
quarter reached RMB 227 million, a 12.4% increase from the previous
quarter. This significant revenue rise was achieved despite a
controlled loan origination volume, demonstrating a substantial
expansion of our revenue take rate. This increase was primarily
driven by improved risk performance of newly issued assets and a
record-low funding cost. Furthermore, we resumed ABS issuance in
May and completed the second ABS in July, with the senior tranche
funding cost as low as 2.80%. Additional factors such as a slight
improvement in the early repayment ratio and an increased revenue
split ratio in our profit-sharing model, also bolstered our
resilient financial results in the second quarter."
Second Quarter 2024 Operational Highlights:
User Base
- Total number of registered users reached 219 million as of June
30, 2024, representing an increase of 10.2% from 199 million as of
June 30, 2023, and users with credit lines reached 43.3 million as
of June 30, 2024, up by 5.8% from 41.0 million as of June 30,
2023.
- Number of active users1 who used our loan products in the
second quarter of 2024 was 4.2 million, representing a decrease of
16.4% from 5.0 million in the second quarter of 2023.
- Number of cumulative borrowers with successful drawdown was
32.5 million as of June 30, 2024, an increase of 6.8% from 30.5
million as of June 30, 2023.Loan Facilitation
Business
- As of June 30, 2024, we cumulatively originated RMB1,222.2
billion in loans, an increase of 23.8% from RMB987.4 billion as of
June 30, 2023.
- Total loan originations2 in the second quarter of 2024 was
RMB51.1 billion, a decrease of 20.1% from RMB63.9 billion in the
second quarter of 2023.
- Total outstanding principal balance of loans2 reached RMB115
billion as of June 30, 2024, representing an increase of 0.9% from
RMB114 billion as of June 30, 2023.Credit
Performance
- 90 day+ delinquency ratio was 3.7% as of June 30, 2024, as
compared with 3.0% as of March 31, 2024.
- First payment default rate (30 day+) for new loan originations
was below 1% as of June 30, 2024.Tech-empowerment
Service
- For the second quarter of 2024, we served over 80 business
customers with our tech-empowerment service.
- In the second quarter of 2024, the business customer retention
rate3 of our tech-empowerment service was over
90%.Installment E-commerce Platform Service
- GMV4 in the second quarter of 2024 for our installment
e-commerce platform service was RMB933 million, representing a
decrease of 37.2% from RMB1,487 million in the second quarter of
2023.
- In the second quarter of 2024, our installment e-commerce
platform service served over 290,000 users and 400
merchants.Other Operational Highlights
- The weighted average tenor of loans originated on our platform
in the second quarter of 2024 was approximately 12.8 months, as
compared with 14.7 months in the second quarter of 2023.
- Repeated borrowers’ contribution5 of loans across our platform
for the second quarter of 2024 was 85.3%.
Second Quarter 2024 Financial Highlights:
- Total operating revenue was RMB3,641 million, representing an
increase of 19.1% from the second quarter of 2023.
- Credit facilitation service income was RMB2,669 million,
representing an increase of 24.9% from the second quarter of 2023.
Tech-empowerment service income was RMB535 million, representing an
increase of 36.5% from the second quarter of 2023. Installment
e-commerce platform service income was RMB437 million, representing
a decrease of 17.0% from the second quarter of 2023.
- Net income attributable to ordinary shareholders of the Company
was RMB227 million, representing a decrease of 36.3% from the
second quarter of 2023. Net income per ADS attributable to ordinary
shareholders of the Company was RMB1.35 on a fully diluted
basis.
- Adjusted net income attributable to ordinary shareholders of
the Company6 was RMB250 million, representing a decrease of 39.0%
from the second quarter of 2023. Adjusted net income per ADS
attributable to ordinary shareholders of the Company6 was RMB1.49
on a fully diluted basis.
__________________________
- 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 the credit line
granted by us.
- Originations of loans and outstanding principal balance
represent the origination and outstanding principal balance of both
on- and off-balance sheet loans.
- Customer retention rate refers to the number of financial
institution customers and partners who repurchase our service in
the current quarter as a percentage of the total number of
financial institution customers and partners in the preceding
quarter.
- GMV refers to the total value of transactions completed for
products purchased on our e-commerce and Maiya channel, net of
returns.
- Repeated borrowers’ contribution for a given period refers to
the principal amount of loans borrowed during that period by
borrowers who had previously made at least one successful drawdown
as a percentage of the total loan facilitation and origination
volume through our platform during that period.
- Adjusted net income attributable to ordinary shareholders of
the Company, adjusted net income per ordinary share and per ADS
attributable to ordinary shareholders of the Company 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.
Second Quarter 2024 Financial Results:
Operating revenue increased by 19.1% from
RMB3,056 million in the second quarter of 2023 to RMB3,641 million
in the second quarter of 2024.
Credit facilitation service income increased by
24.9% from RMB2,138 million in the second quarter of 2023 to
RMB2,669 million in the second quarter of 2024. The increase was
driven by the increases in loan facilitation and servicing
fees-credit oriented and guarantee income, partially offset by the
decrease in financing income.
Loan facilitation and servicing fees-credit oriented increased
by 51.5% from RMB946 million in the second quarter of 2023 to
RMB1,433 million in the second quarter of 2024. The increase was
primarily due to the better control over the early repayment
behaviors.
Guarantee income increased by 17.0% from RMB618 million in the
second quarter of 2023 to RMB722 million in the second quarter of
2024. The increase was primarily driven by the increase of
outstanding balances in the off-balance sheet loans funded by
certain institutional funding partners, which are accounted for
under ASC 460, Guarantees.
Financing income decreased by 10.6% from RMB574 million in the
second quarter of 2023 to RMB513 million in the second quarter of
2024. The decrease was primarily due to the decrease in the
origination of on-balance sheet loans.
Tech-empowerment service income increased by
36.5% from RMB392 million in the second quarter of 2023 to RMB535
million in the second quarter of 2024. The increase was primarily
due to the increase of loan facilitation volume under the
profit-sharing model.
Installment e-commerce platform service income
decreased by 17.0% from RMB526 million in the second quarter of
2023 to RMB437 million in the second quarter of 2024. The decrease
was primarily due to the decrease in transaction volume in the
second quarter of 2024.
Cost of sales decreased by 9.1% from RMB465
million in the second quarter of 2023 to RMB423 million in the
second quarter of 2024, which was consistent with the decrease in
installment e-commerce platform service income.
Funding cost decreased by 41.8% from RMB156
million in the second quarter of 2023 to RMB90.5 million in the
second quarter of 2024, which was primarily driven by the decrease
in the cost of funding and funding debts to fund the on-balance
sheet loans.
Processing and servicing costs increased by
16.3% from RMB446 million in the second quarter of 2023 to RMB519
million in the second quarter of 2024. This increase was primarily
due to an increase in risk management and collection expenses.
Provision for financing receivables was RMB171
million for the second quarter of 2024, as compared to RMB146
million for the second quarter of 2023. The increase was primarily
due to the decrease in performance of the on-balance sheet
loans.
Provision for contract assets and receivables
was RMB155 million in the second quarter of 2024, as compared to
RMB125 million in the second quarter of 2023. The increase was
primarily due to the increase in loan facilitation and servicing
fees and the decrease in performance of the off-balance sheet
loans.
Provision for contingent guarantee liabilities
was RMB935 million in the second quarter of 2024, as compared to
RMB722 million in the second quarter of 2023. The increase was
primarily due to the increase of outstanding balances of the
off-balance sheet loans funded by certain institutional funding
partners, which are accounted for under ASC 460, Guarantees, as
well as the decrease in performance of the off-balance sheet
loans.
Gross profit increased by 35.4% from RMB995
million in the second quarter of 2023 to RMB1,348 million in the
second quarter of 2024.
Sales and marketing expenses was RMB467 million
in the second quarter of 2024, as compared to RMB453 million in the
second quarter of 2023.
Research and development expenses was RMB143
million in the second quarter of 2024, as compared to RMB121
million in the second quarter of 2023. The increase was primarily
due to increased investment in technology development.
General and administrative expenses RMB100
million in the second quarter of 2024, as compared to RMB96.5
million in the second quarter of 2023.
Change in fair value of financial guarantee derivatives
and loans at fair value was a loss of RMB368 million in
the second quarter of 2024, as compared to a gain of RMB130 million
in the second quarter of 2023. The change in fair value was
primarily due to the re-measurement of the expected loss rates,
partially offset by the fair value gains realized as a result of
the release of guarantee obligation.
Income tax expense is RMB60.0 million in the
second quarter of 2024, as compared to RMB80.8 million in the
second quarter of 2023. The change was primarily due to the
decrease of income before income tax expense.
Net income decreased by 36.3% from RMB356
million in the second quarter of 2023 to RMB227 million in the
second quarter of 2024.
Recent Development
Semi-Annual Dividend
The board of directors of the Company has approved a dividend of
US$0.036 per ordinary share, or US$0.072 per ADS, for the six-month
period ended June 30, 2024 in accordance with the Company’s
dividend policy, which is expected to be paid on October 18, 2024
to shareholders of record (including holders of ADSs) as of the
close of business on September 16, 2024 New York time.
Conference Call
The Company’s management will host an earnings conference call
at 10:00 PM U.S. Eastern time on August 27, 2024 (10:00 AM
Beijing/Hong Kong time on August 28, 2024).
Participants who wish to join the conference call should
register online at:
https://register.vevent.com/register/BI3c6bd663baef41b58321967fdd88a0d6
Once registration is completed, each participant will receive
the dial-in number and a unique access PIN for the conference
call.
Participants joining the conference call should dial in at least
10 minutes before the scheduled start time.
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.lexin.com.
About LexinFintech Holdings Ltd.
We are a leading credit technology-empowered personal financial
service enabler. Our mission is to use technology and risk
management expertise to make financing more accessible for young
generation consumers. We strive to achieve this mission by
connecting consumers with financial institutions, where we
facilitate through a unique model that includes online and offline
channels, installment consumption platform, big data and AI driven
credit risk management capabilities, as well as smart user and loan
management systems. We also empower financial institutions by
providing cutting-edge proprietary technology solutions to meet
their needs of financial digital transformation.
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 attributable to ordinary shareholders of the Company,
non-GAAP EBIT, adjusted net income per ordinary share and per ADS
attributable to ordinary shareholders of the Company, four 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
attributable to ordinary shareholders of the Company as net income
attributable to ordinary shareholders of the Company excluding
share-based compensation expenses, interest expense associated with
convertible notes, and investment income/(loss) and we define
non-GAAP EBIT as net income excluding income tax expense,
share-based compensation expenses, interest expense, net, and
investment income/(loss).
We present these non-GAAP financial measures because they are
used by our management to evaluate our operating performance and
formulate business plans. Adjusted net income attributable to
ordinary shareholders of the Company enables our management to
assess our operating results without considering the impact of
share-based compensation expenses, interest expense associated with
convertible notes, and investment income/(loss). 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, interest expense, net, and
investment income/(loss). We also believe that the use of these
non-GAAP financial measures facilitates 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 attributable to ordinary shareholders of the Company 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 notes,
income tax expense, interest expense, net, and investment
income/(loss) have been and may continue to be incurred in our
business and are not reflected in the presentation of adjusted net
income attributable to ordinary shareholders of the Company 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 each of the
non-GAAP financial measures 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 RMB7.2672 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on June 28, 2024. The Company
makes no representation that the RMB or US$ 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 the 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:Mandy DongTel: +86 (755)
3637-8888 ext. 6258E-mail: Mandydong@lexin.com
Media inquiries:Limin ChenTel: +86 (755) 3637-8888 ext.
6993E-mail: liminchen@lexin.com
SOURCE LexinFintech Holdings Ltd.
|
LexinFintech Holdings Ltd. |
|
Unaudited Condensed Consolidated Balance
Sheets |
|
|
|
|
As of |
|
| (In
thousands) |
December 31, 2023 |
|
June 30, 2024 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
| ASSETS |
|
|
|
|
|
|
| Current
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2,624,719 |
|
|
2,093,712 |
|
|
288,104 |
|
|
Restricted cash |
|
1,433,502 |
|
|
2,079,970 |
|
|
286,213 |
|
|
Restricted term deposit and short-term investments |
|
305,182 |
|
|
345,192 |
|
|
47,500 |
|
|
Short-term financing receivables, net(1) |
|
3,944,000 |
|
|
3,865,333 |
|
|
531,888 |
|
|
Short-term contract assets and receivables, net(1) |
|
6,112,981 |
|
|
6,595,149 |
|
|
907,523 |
|
|
Deposits to insurance companies and guarantee companies |
|
2,613,271 |
|
|
2,369,989 |
|
|
326,121 |
|
|
Prepayments and other current assets |
|
1,428,769 |
|
|
1,327,862 |
|
|
182,721 |
|
|
Amounts due from related parties |
|
6,989 |
|
|
7,321 |
|
|
1,007 |
|
|
Inventories, net |
|
33,605 |
|
|
45,034 |
|
|
6,197 |
|
| Total Current
Assets |
|
18,503,018 |
|
|
18,729,562 |
|
|
2,577,274 |
|
| Non-current
Assets |
|
|
|
|
|
|
|
Restricted cash |
|
144,948 |
|
|
98,880 |
|
|
13,606 |
|
|
Long-term financing receivables, net(1) |
|
200,514 |
|
|
144,478 |
|
|
19,881 |
|
|
Long-term contract assets and receivables, net(1) |
|
599,818 |
|
|
398,602 |
|
|
54,849 |
|
|
Property, equipment and software, net |
|
446,640 |
|
|
548,630 |
|
|
75,494 |
|
|
Land use rights, net |
|
897,267 |
|
|
880,067 |
|
|
121,101 |
|
|
Long‑term investments |
|
255,003 |
|
|
255,641 |
|
|
35,177 |
|
|
Deferred tax assets |
|
1,232,092 |
|
|
1,345,458 |
|
|
185,141 |
|
|
Other assets |
|
861,491 |
|
|
618,063 |
|
|
85,050 |
|
| Total Non-current
Assets |
|
4,637,773 |
|
|
4,289,819 |
|
|
590,299 |
|
| TOTAL
ASSETS |
|
23,140,791 |
|
|
23,019,381 |
|
|
3,167,573 |
|
| |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
49,801 |
|
|
42,968 |
|
|
5,913 |
|
|
Amounts due to related parties |
|
2,958 |
|
|
9,167 |
|
|
1,261 |
|
|
Short‑term borrowings |
|
502,013 |
|
|
608,093 |
|
|
83,676 |
|
|
Short‑term funding debts |
|
3,483,196 |
|
|
2,345,753 |
|
|
322,786 |
|
|
Deferred guarantee income |
|
1,538,385 |
|
|
1,275,387 |
|
|
175,499 |
|
|
Contingent guarantee liabilities |
|
1,808,540 |
|
|
1,474,899 |
|
|
202,953 |
|
|
Accruals and other current liabilities |
|
4,434,254 |
|
|
4,800,387 |
|
|
660,553 |
|
|
Convertible notes |
|
505,450 |
|
|
- |
|
|
- |
|
| Total Current
Liabilities |
|
12,324,597 |
|
|
10,556,654 |
|
|
1,452,641 |
|
| Non-current
Liabilities |
|
|
|
|
|
|
|
Long-term borrowings |
|
524,270 |
|
|
551,938 |
|
|
75,949 |
|
|
Long‑term funding debts |
|
455,800 |
|
|
1,701,449 |
|
|
234,127 |
|
|
Deferred tax liabilities |
|
75,340 |
|
|
71,192 |
|
|
9,796 |
|
|
Other long-term liabilities |
|
50,702 |
|
|
47,235 |
|
|
6,500 |
|
| Total Non-current
Liabilities |
|
1,106,112 |
|
|
2,371,814 |
|
|
326,372 |
|
| TOTAL
LIABILITIES |
|
13,430,709 |
|
|
12,928,468 |
|
|
1,779,013 |
|
| Shareholders’
equity: |
|
|
|
|
|
|
|
Class A Ordinary Shares |
|
199 |
|
|
200 |
|
|
30 |
|
|
Class B Ordinary Shares |
|
41 |
|
|
41 |
|
|
7 |
|
|
Treasury stock |
|
(328,764 |
) |
|
(328,764 |
) |
|
(45,239 |
) |
|
Additional paid-in capital |
|
3,204,961 |
|
|
3,254,489 |
|
|
447,833 |
|
|
Statutory reserves |
|
1,106,579 |
|
|
1,106,579 |
|
|
152,270 |
|
|
Accumulated other comprehensive income |
|
(13,545 |
) |
|
(24,776 |
) |
|
(3,409 |
) |
|
Retained earnings |
|
5,740,611 |
|
|
6,083,144 |
|
|
837,068 |
|
| Total shareholders’
equity |
|
9,710,082 |
|
|
10,090,913 |
|
|
1,388,560 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
23,140,791 |
|
|
23,019,381 |
|
|
3,167,573 |
|
__________________________
|
(1) |
Short-term financing receivables, net of allowance for credit
losses of RMB58,594 and RMB91,343 as of December 31, 2023 and June
30, 2024, respectively. |
| |
|
| |
Short-term contract assets and
receivables, net of allowance for credit losses of RMB436,136 and
RMB467,977 as of December 31, 2023 and June 30, 2024,
respectively. |
| |
|
| |
Long-term financing receivables,
net of allowance for credit losses of RMB3,087 and RMB4,186 as of
December 31, 2023 and June 30, 2024, respectively. |
| |
|
| |
Long-term contract assets and
receivables, net of allowance for credit losses of RMB61,838 and
RMB35,408 as of December 31, 2023 and June 30, 2024,
respectively. |
|
LexinFintech Holdings Ltd. |
|
Unaudited Condensed Consolidated Statements of
Operations |
| |
| |
| |
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
| (In thousands, except
for share and per share data) |
2023 |
|
2024 |
|
|
2023 |
|
2024 |
|
| |
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
| Operating
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit facilitation service income |
|
2,137,718 |
|
|
2,669,093 |
|
|
367,280 |
|
|
|
4,253,526 |
|
|
5,317,571 |
|
|
731,722 |
|
|
Loan facilitation and servicing fees-credit oriented |
|
945,919 |
|
|
1,433,416 |
|
|
197,245 |
|
|
|
1,910,090 |
|
|
2,850,664 |
|
|
392,264 |
|
|
Guarantee income |
|
617,599 |
|
|
722,288 |
|
|
99,390 |
|
|
|
1,171,267 |
|
|
1,466,539 |
|
|
201,802 |
|
|
Financing income |
|
574,200 |
|
|
513,389 |
|
|
70,645 |
|
|
|
1,172,169 |
|
|
1,000,368 |
|
|
137,655 |
|
|
Tech-empowerment service income |
|
391,695 |
|
|
534,548 |
|
|
73,556 |
|
|
|
759,627 |
|
|
896,091 |
|
|
123,306 |
|
|
Installment e-commerce platform service
income |
|
526,399 |
|
|
437,047 |
|
|
60,140 |
|
|
|
1,025,558 |
|
|
668,956 |
|
|
92,051 |
|
| Total operating
revenue |
|
3,055,812 |
|
|
3,640,688 |
|
|
500,976 |
|
|
|
6,038,711 |
|
|
6,882,618 |
|
|
947,079 |
|
| Operating
cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
(465,393 |
) |
|
(422,933 |
) |
|
(58,198 |
) |
|
|
(931,864 |
) |
|
(658,680 |
) |
|
(90,637 |
) |
|
Funding cost |
|
(155,651 |
) |
|
(90,525 |
) |
|
(12,457 |
) |
|
|
(306,034 |
) |
|
(181,263 |
) |
|
(24,943 |
) |
|
Processing and servicing cost |
|
(446,140 |
) |
|
(518,692 |
) |
|
(71,374 |
) |
|
|
(975,101 |
) |
|
(1,106,423 |
) |
|
(152,249 |
) |
|
Provision for financing receivables |
|
(145,931 |
) |
|
(170,974 |
) |
|
(23,527 |
) |
|
|
(284,779 |
) |
|
(307,657 |
) |
|
(42,335 |
) |
|
Provision for contract assets and receivables |
|
(125,242 |
) |
|
(154,778 |
) |
|
(21,298 |
) |
|
|
(267,188 |
) |
|
(320,720 |
) |
|
(44,133 |
) |
|
Provision for contingent guarantee liabilities |
|
(722,018 |
) |
|
(934,693 |
) |
|
(128,618 |
) |
|
|
(1,375,095 |
) |
|
(1,763,070 |
) |
|
(242,607 |
) |
| Total operating
cost |
|
(2,060,375 |
) |
|
(2,292,595 |
) |
|
(315,472 |
) |
|
|
(4,140,061 |
) |
|
(4,337,813 |
) |
|
(596,904 |
) |
| Gross
profit |
|
995,437 |
|
|
1,348,093 |
|
|
185,504 |
|
|
|
1,898,650 |
|
|
2,544,805 |
|
|
350,175 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(453,112 |
) |
|
(467,423 |
) |
|
(64,320 |
) |
|
|
(893,077 |
) |
|
(885,040 |
) |
|
(121,786 |
) |
|
Research and development expenses |
|
(121,338 |
) |
|
(143,250 |
) |
|
(19,712 |
) |
|
|
(250,865 |
) |
|
(278,232 |
) |
|
(38,286 |
) |
|
General and administrative expenses |
|
(96,519 |
) |
|
(100,434 |
) |
|
(13,820 |
) |
|
|
(193,556 |
) |
|
(190,194 |
) |
|
(26,172 |
) |
| Total operating
expenses |
|
(670,969 |
) |
|
(711,107 |
) |
|
(97,852 |
) |
|
|
(1,337,498 |
) |
|
(1,353,466 |
) |
|
(186,244 |
) |
|
Change in fair value of financial guarantee derivatives and loans
at fair value |
|
130,461 |
|
|
(368,261 |
) |
|
(50,674 |
) |
|
|
286,726 |
|
|
(684,184 |
) |
|
(94,147 |
) |
|
Interest (expense)/income, net |
|
(21,804 |
) |
|
1,988 |
|
|
274 |
|
|
|
(25,884 |
) |
|
(1,916 |
) |
|
(264 |
) |
|
Investment (loss)/income |
|
(699 |
) |
|
260 |
|
|
36 |
|
|
|
(539 |
) |
|
350 |
|
|
48 |
|
|
Others, net |
|
4,101 |
|
|
15,603 |
|
|
2,147 |
|
|
|
16,856 |
|
|
36,028 |
|
|
4,958 |
|
| Income before income
tax expense |
|
436,527 |
|
|
286,576 |
|
|
39,435 |
|
|
|
838,311 |
|
|
541,617 |
|
|
74,526 |
|
|
Income tax expense |
|
(80,794 |
) |
|
(60,045 |
) |
|
(8,262 |
) |
|
|
(155,088 |
) |
|
(113,463 |
) |
|
(15,613 |
) |
| Net
income |
|
355,733 |
|
|
226,531 |
|
|
31,173 |
|
|
|
683,223 |
|
|
428,154 |
|
|
58,913 |
|
| Net income
attributable to ordinary shareholders of the Company |
|
355,733 |
|
|
226,531 |
|
|
31,173 |
|
|
|
683,223 |
|
|
428,154 |
|
|
58,913 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per
ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.08 |
|
|
0.68 |
|
|
0.09 |
|
|
|
2.08 |
|
|
1.30 |
|
|
0.18 |
|
|
Diluted |
|
1.02 |
|
|
0.68 |
|
|
0.09 |
|
|
|
1.94 |
|
|
1.30 |
|
|
0.18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per ADS
attributable to ordinary shareholders of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2.17 |
|
|
1.37 |
|
|
0.19 |
|
|
|
4.16 |
|
|
2.59 |
|
|
0.36 |
|
|
Diluted |
|
2.04 |
|
|
1.35 |
|
|
0.19 |
|
|
|
3.87 |
|
|
2.59 |
|
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
328,241,855 |
|
|
330,780,601 |
|
|
330,780,601 |
|
|
|
328,402,747 |
|
|
330,528,871 |
|
|
330,528,871 |
|
|
Diluted |
|
374,351,114 |
|
|
335,192,422 |
|
|
335,192,422 |
|
|
|
374,821,074 |
|
|
334,421,262 |
|
|
334,421,262 |
|
|
LexinFintech Holdings Ltd. |
|
Unaudited Condensed Consolidated Statements of
Comprehensive Income |
| |
| |
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
| (In
thousands) |
2023 |
|
2024 |
|
|
2023 |
|
2024 |
|
| |
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
|
Net income |
|
355,733 |
|
|
226,531 |
|
|
31,173 |
|
|
|
683,223 |
|
|
428,154 |
|
|
58,913 |
|
| Other comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
|
(24,579 |
) |
|
(13,554 |
) |
|
(1,865 |
) |
|
|
(20,582 |
) |
|
(11,231 |
) |
|
(1,545 |
) |
| Total comprehensive
income |
|
331,154 |
|
|
212,977 |
|
|
29,308 |
|
|
|
662,641 |
|
|
416,923 |
|
|
57,368 |
|
| Total comprehensive
income attributable to ordinary shareholders of the
Company |
|
331,154 |
|
|
212,977 |
|
|
29,308 |
|
|
|
662,641 |
|
|
416,923 |
|
|
57,368 |
|
|
LexinFintech Holdings Ltd. |
|
Unaudited Reconciliations of GAAP and Non-GAAP
Results |
| |
| |
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
| (In thousands, except
for share and per share data) |
2023 |
|
2024 |
|
|
2023 |
|
2024 |
|
| |
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
| Reconciliation of
Adjusted net income attributable to ordinary shareholders of the
Company to Net income attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders of the
Company |
|
355,733 |
|
|
226,531 |
|
|
31,173 |
|
|
|
683,223 |
|
|
428,154 |
|
|
58,913 |
|
| Add: Share-based compensation
expenses |
|
25,987 |
|
|
23,119 |
|
|
3,181 |
|
|
|
58,656 |
|
|
46,393 |
|
|
6,384 |
|
| Interest expense associated
with convertible notes |
|
27,017 |
|
|
373 |
|
|
51 |
|
|
|
42,073 |
|
|
5,695 |
|
|
784 |
|
| Investment loss/(income) |
|
699 |
|
|
(260 |
) |
|
(36 |
) |
|
|
539 |
|
|
(350 |
) |
|
(48 |
) |
| Adjusted net income
attributable to ordinary shareholders of the Company |
|
409,436 |
|
|
249,763 |
|
|
34,369 |
|
|
|
784,491 |
|
|
479,892 |
|
|
66,033 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income
per ordinary share attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
1.25 |
|
|
0.76 |
|
|
0.10 |
|
|
|
2.39 |
|
|
1.45 |
|
|
0.20 |
|
| Diluted |
|
1.09 |
|
|
0.75 |
|
|
0.10 |
|
|
|
2.09 |
|
|
1.43 |
|
|
0.20 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income
per ADS attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
2.49 |
|
|
1.51 |
|
|
0.21 |
|
|
|
4.78 |
|
|
2.90 |
|
|
0.40 |
|
| Diluted |
|
2.19 |
|
|
1.49 |
|
|
0.21 |
|
|
|
4.19 |
|
|
2.87 |
|
|
0.39 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
shares used in calculating net income per ordinary share for
non-GAAP EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
328,241,855 |
|
|
330,780,601 |
|
|
330,780,601 |
|
|
|
328,402,747 |
|
|
330,528,871 |
|
|
330,528,871 |
|
| Diluted |
|
374,351,114 |
|
|
335,192,422 |
|
|
335,192,422 |
|
|
|
374,821,074 |
|
|
334,421,262 |
|
|
334,421,262 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliations of
Non-GAAP EBIT to Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
355,733 |
|
|
226,531 |
|
|
31,173 |
|
|
|
683,223 |
|
|
428,154 |
|
|
58,913 |
|
| Add: Income tax expense |
|
80,794 |
|
|
60,045 |
|
|
8,262 |
|
|
|
155,088 |
|
|
113,463 |
|
|
15,613 |
|
| Share-based compensation
expenses |
|
25,987 |
|
|
23,119 |
|
|
3,181 |
|
|
|
58,656 |
|
|
46,393 |
|
|
6,384 |
|
| Interest expense/(income),
net |
|
21,804 |
|
|
(1,988 |
) |
|
(274 |
) |
|
|
25,884 |
|
|
1,916 |
|
|
264 |
|
| Investment loss/(income) |
|
699 |
|
|
(260 |
) |
|
(36 |
) |
|
|
539 |
|
|
(350 |
) |
|
(48 |
) |
| Non-GAAP
EBIT |
|
485,017 |
|
|
307,447 |
|
|
42,306 |
|
|
|
923,390 |
|
|
589,576 |
|
|
81,126 |
|
Additional Credit Information
Vintage Charge Off Curve
Dpd30+/GMV by Performance Windows
First Payment Default 30+
LexinFintech (NASDAQ:LX)
Historical Stock Chart
From Nov 2024 to Dec 2024
LexinFintech (NASDAQ:LX)
Historical Stock Chart
From Dec 2023 to Dec 2024
