SHENZHEN, China, Nov. 22, 2023 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China, today announced its unaudited financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Operational Highlights


Three Months Ended
September 30, 2022

Three Months Ended
June 30, 2023

Three Months Ended
September 30, 2023




QoQ

YoY

Total loan amount facilitated and
originated (RMB in million)

19,825

25,874

29,462

13.9 %

48.6 %

Number of active borrowers

1,415,059

1,474,930

1,809,815

22.7 %

27.9 %

  • The total loan amount facilitated and originated[1] in the third quarter of 2023 was RMB29,462 million, representing an increase of 48.6% from RMB19,825 million in the same period of 2022.
  • Total number of active borrowers[2] was 1,809,815 in the third quarter of 2023, representing an increase of 27.9% from 1,415,059 in the same period of 2022.

As of September 30, 2022

As of June 30, 2023

As of September 30, 2023

Total outstanding loan balance (RMB in million)

33,789

45,071

49,685

Delinquency rates for all outstanding loans that are past
due for 31-60 days

0.77 %

0.96 %

1.11 %

Delinquency rates for all outstanding loans that are past
due for 91-180 days

2.22 %

2.50 %

2.50 %

  • The total outstanding loan balance[3] as of September 30, 2023 was RMB49,685 million, compared with RMB33,789 million as of September 30, 2022.
  • The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of September 30, 2023 was 1.11%, compared with 0.77% as of September 30, 2022.
  • The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of September 30, 2023 was 2.50%, compared with 2.22% as of September 30, 2022.

 

[1] Represents the total amount of loans that the Company facilitated and originated during the relevant period.

[2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period.

[3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are charged-off and are excluded in the outstanding loan balance, except for Xiaoying Housing Loan. As Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loan delinquent for more than 60 days in the outstanding loan balance.

[4] Represents the balance of the outstanding principal and accrued outstanding interest for loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 60 days are charged-off and excluded in the calculation of delinquency rate by balance. Xiaoying Housing Loan was launched in 2015 and ceased in 2019, and all the outstanding loan balance of housing loan as of September 30, 2022, June 30, 2023 and September 30, 2023 were overdue more than 60 days. To make the delinquency rate by balance comparable, the Company excludes Xiaoying Housing Loan in the calculation of delinquency rate.

[5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 180 days are excluded in the calculation of delinquency rate by balance, except for Xiaoying Housing Loan. All the outstanding loan balance of housing loan as of September 30, 2022, June 30, 2023 and September 30, 2023 were overdue more than 180 days. To make the delinquency rate by balance comparable, the Company excludes Xiaoying Housing Loan in the calculation of delinquency rate.

 

Third Quarter 2023 Financial Highlights

(In thousands, except for share and
per share data)

Three Months Ended
September 30, 2022

Three Months Ended
June 30, 2023

Three Months Ended
September 30, 2023

QoQ

YoY


 RMB   

 RMB   

 RMB   



Total net revenue

894,617

1,220,422

1,396,864

14.5 %

56.1 %

Total operating costs and expenses

(594,191)

(775,713)

(962,120)

24.0 %

61.9 %

Income from operations

300,426

444,709

434,744

(2.2 %)

44.7 %

Net income

211,724

366,292

347,190

(5.2 %)

64.0 %

Non-GAAP adjusted net income

231,125

364,885

374,507

2.6 %

62.0 %







Net income per ADS—basic

3.96

7.62

7.26

(4.7 %)

83.3 %

Net income per ADS—diluted

3.84

7.50

7.02

(6.4 %)

82.8 %







Non-GAAP adjusted net income per
ADS—basic

4.32

7.62

7.80

2.4 %

80.6 %

Non-GAAP adjusted net income per
ADS—diluted

4.20

7.44

7.56

1.6 %

80.0 %

  • Total net revenue in the third quarter of 2023 was RMB1,396.9 million (US$191.5 million), representing an increase of 56.1% from RMB894.6 million in the same period of 2022.
  • Income from operations in the third quarter of 2023 was RMB434.7 million (US$59.6 million), compared with RMB300.4 million in the same period of 2022.
  • Net income in the third quarter of 2023 was RMB347.2 million (US$47.6 million), compared with RMB211.7 million in the same period of 2022.
  • Non-GAAP[6] adjusted net income in the third quarter of 2023 was RMB374.5 million (US$51.3 million), compared with RMB231.1 million in the same period of 2022.
  • Net income per basic and diluted American depositary share ("ADS") [7] in the third quarter of 2023 was RMB7.26 (US$1.00) and RMB7.02 (US$0.96), compared with RMB3.96 and RMB3.84, respectively, in the same period of 2022.
  • Non-GAAP adjusted net income per basic and adjusted diluted ADS in the third quarter of 2023 was RMB7.80 (US$1.07) and RMB7.56 (US$1.04), compared with RMB4.32 and RMB4.20, respectively, in the same period of 2022.

 

[6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, and (iii) adjusted net income (loss) per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release.

[7] Each American depositary share ("ADS") represents six Class A ordinary shares.

 

Mr. Justin Tang, the Founder, Chief Executive Officer and Chairman of the Company, commented, "We are pleased to see that our established strategy continued to deliver strong results in the third quarter. Our loan facilitation and origination amount reached the high end of our previous guidance, and both our top line and bottom line showed substantial year-over-year improvement. During the quarter, as macroeconomic conditions improved moderately and the regulatory environment stabilized, the personal finance business has returned to normal across the industry, resulting in increased competition. As a result, our unit borrower acquisition cost increased quarter-over-quarter. Our loan delinquencies fluctuated within their historical low-to-middle range. Going forward, we will continue to execute on our proven strategy and enhance our ability to drive long-term growth and returns for our shareholders."

Mr. Kent Li, President of the Company, added, "During the third quarter, our total loan amount facilitated and originated increased by 49% year-over-year and 14% quarter-over-quarter to RMB29 billion, with the total outstanding loan balance reaching nearly RMB50 billion at the end of September 2023. Our delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.11% and 2.50%, respectively, at the end of the quarter, compared with 0.77% and 2.22%, respectively, a year ago. We have enhanced our efforts to acquire more quality borrowers, but we expect the delinquency rates to continue to fluctuate for some time. We will maintain healthy asset quality leveraging our cutting-edge risk management system and focusing more on asset quality than on expanding the borrower base."

Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, "We are very pleased with our solid financial results in the third quarter. Total net revenue increased by 56% year-over-year and 14.5% quarter-over-quarter to RMB1,397 million. While our net income saw a remarkable 64% year-over-year increase to RMB347 million, there was a slight decline quarter-over-quarter. This decrease was primarily attributed to the rising costs of borrower acquisition and managing asset quality risks. We remain dedicated to achieving balanced growth in revenue and earnings in the long term, which is clearly a key driver of shareholder value. To achieve this goal, we will take a comprehensive consideration of borrower acquisition costs and risk control based on close monitoring of market dynamics, to ensure that we grow both our revenue scale and profits in a sustainable manner."

Third Quarter 2023 Financial Results

Total net revenue in the third quarter of 2023 increased by 56.1% to RMB1,396.9 million (US$191.5 million) from RMB894.6 million in the same period of 2022, primarily due to an increase in the total loan amount facilitated and originated this quarter compared with the same period of 2022.


 Three Months Ended September 30,


(In thousands, except for share and per share data)

2022

2023

YoY


 RMB   

 % of Revenue

 RMB   

 % of Revenue


Loan facilitation service

501,972

56.1 %

829,385

59.4 %

65.2 %

Post-origination service

96,026

10.7 %

168,186

12.0 %

75.1 %

Financing income

251,607

28.1 %

300,950

21.5 %

19.6 %

Other revenue

45,012

5.1 %

98,343

7.1 %

118.5 %

Total net revenue

894,617

100.0 %

1,396,864

100.0 %

56.1 %

Loan facilitation service fees in the third quarter of 2023 increased by 65.2% to RMB829.4 million (US$113.7 million) from RMB502.0 million in the same period of 2022, primarily due to an increase in the total loan amount facilitated this quarter compared with the same period of 2022.

Post-origination service fees in the third quarter of 2023 increased by 75.1% to RMB168.2 million (US$23.1 million) from RMB96.0 million in the same period of 2022, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided.

Financing income in the third quarter of 2023 increased by 19.6% to RMB301.0 million (US$41.2 million) from RMB251.6 million in the same period of 2022, primarily due to an increase in average loan balances compared with the same period of 2022.

Other revenue in the third quarter of 2023 increased by 118.5% to RMB98.3 million (US$13.5 million), compared with RMB45.0 million in the same period of 2022, primarily due to an increase in referral service fee for introducing borrowers to other platforms.

Origination and servicing expenses in the third quarter of 2023 increased by 50.1% to RMB811.1 million (US$111.2 million) from RMB540.5 million in the same period of 2022, primarily due to the increase in borrower acquisition cost and collection expenses resulting from the increased in total loan amount facilitated and originated this quarter compared with the same period of 2022.

Provision for loans receivable in the third quarter of 2023 was RMB53.9 million (US$7.4 million), compared with RMB17.2 million in the same period of 2022, primarily due to an increase in loans receivable held by the Company as a result of the increase in total loan amount facilitated and originated this quarter compared with the same period of 2022.

Income from operations in the third quarter of 2023 was RMB434.7 million (US$59.6 million), compared with RMB300.4 million in the same period of 2022.

Income before income taxes and gain (loss) from equity in affiliates in the third quarter of 2023 was RMB417.5 million (US$57.2 million), compared with RMB302.9 million in the same period of 2022.

Income tax expense in the third quarter of 2023 was RMB74.2 million (US$10.2 million), compared with RMB91.1 million in the same period of 2022.

Net income in the third quarter of 2023 was RMB347.2 million (US$47.6 million), compared with RMB211.7 million in the same period of 2022.

Non-GAAP adjusted net income in the third quarter of 2023 was RMB374.5 million (US$51.3 million), compared with RMB231.1 million in the same period of 2022.

Net income per basic and diluted ADS in the third quarter of 2023 was RMB7.26 (US$1.00), and RMB7.02 (US$0.96), compared with RMB3.96 and RMB3.84, respectively, in the same period of 2022.

Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2023 was RMB7.80 (US$1.07), and RMB7.56 (US$1.04), compared with RMB4.32 and RMB4.20 respectively, in the same period of 2022.

Cash and cash equivalents was RMB1,427.9 million (US$195.7 million) as of September 30, 2023, compared with RMB1,320.4 million as of June 30, 2023.

Recent Development

Share Repurchase Plan

In the third quarter of 2023, the Company repurchased an aggregate of 395,962 ADSs for a total consideration of US$1.73 million. Since the beginning of 2023, the Company had repurchased an aggregate of 801,807 ADSs for a total consideration of US$3.31 million. The Company has approximately US$5.6 million remaining for potential repurchases under our current plan.

Changes to the Board and management

The Board of Directors (the "Board") has approved the following changes to the Board and management, effective as of the date of this announcement:

Mr. Shaoyong (Simon) Cheng resigned as Vice Chairman while remaining as a Non-Executive Director of the Board.
Mr. Kan (Kent) Li resigned as Chief Risk Officer and continues to serve as President and Director of the Board.
Mr. Yufan Jiang, who joined X Financial in 2015, was appointed as Chief Risk Officer.
Mr. Ding (Gardon) Gao resigned as Chief Technology Officer.

Business Outlook

The Company expects the total loan amount facilitated and originated for the fourth quarter of 2023 to be between RMB26.5 billion and RMB28.0 billion. The total loan amount facilitated and originated for 2023 is expected to be between RMB105.9 billion and RMB107.4 billion.

This forecast reflects the Company's current and preliminary views, which are subject to changes.

Conference Call

X Financial's management team will host an earnings conference call at 9:00 PM U.S. Eastern Time on November 22, 2023 (10:00 AM Beijing / Hong Kong Time on November 23, 2023).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-346-8982

Hong Kong:

852-301-84992

Mainland China:

4001-201203

International:

1-412-902-4272

Passcode:

X Financial

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until November 29, 2023:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

2808165

Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com.

About X Financial

X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system.

For more information, please visit: http://ir.xiaoyinggroup.com.

Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

We use in this press release the following non-GAAP financial measures: (i) adjusted net income, (ii) adjusted net income per basic ADS, and (iii) adjusted net income per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2960 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2023.

Disclaimer

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

Use of Projections

This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not diff materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information.

For more information, please contact:

X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com 

Christensen IR

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@christensencomms.com 

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

 

X Financial




Unaudited Condensed Consolidated Balance Sheets








(In thousands, except for share and per share data)

As of December 31, 2022

As of September 30, 2023

As of September 30, 2023


 RMB 

RMB

USD

 ASSETS 




 Cash and cash equivalents 

602,271

1,427,862

195,705

 Restricted cash 

404,689

599,701

82,196

 Accounts receivable and contract assets, net 

1,161,912

1,740,978

238,621

 Loans receivable from Xiaoying Credit Loans and other loans, net 

3,810,393

4,522,614

619,876

 Loans at fair value 

120,280

-

-

 Deposits to institutional cooperators, net 

1,770,317

1,828,885

250,670

 Prepaid expenses and other current assets, net 

71,082

27,827

3,814

 Deferred tax assets, net 

88,428

118,172

16,197

 Long-term investments 

495,995

522,410

71,602

 Property and equipment, net 

5,861

8,549

1,172

 Intangible assets, net 

36,550

36,512

5,004

 Loan receivable from Xiaoying Housing Loans, net 

10,061

9,865

1,352

 Financial investments 

192,620

259,066

35,508

 Other non-current assets 

67,204

58,811

8,061

 TOTAL ASSETS 

8,837,663

11,161,252

1,529,778





 LIABILITIES 




 Payable to investors and institutional funding partners at amortized cost 

2,627,910

3,229,839

442,686

 Payable to investors at fair value 

141,289

-

-

 Guarantee liabilities 

-

41,146

5,640

 Financial guarantee derivative 

107,890

-

-

 Short-term borrowings 

70,209

557,500

76,412

 Accrued payroll and welfare 

63,681

71,090

9,744

 Other tax payable 

255,691

291,138

39,905

 Income tax payable 

270,089

408,670

56,013

 Deposit payable to channel cooperators 

19,700

19,700

2,700

 Accrued expenses and other current liabilities 

476,035

681,834

93,453

 Dividend payable 

-

58,693

8,045

 Other non-current liabilities 

51,193

41,370

5,670

 Deferred tax liabilities 

722

42,818

5,869

 TOTAL LIABILITIES 

4,084,409

5,443,798

746,137





 Commitments and Contingencies 




 Equity: 




 Common shares 

207

207

28

 Treasury stock   

(124,597)

(131,551)

(18,031)

 Additional paid-in capital 

3,191,194

3,209,546

439,905

 Retained earnings 

1,622,851

2,561,984

351,149

 Other comprehensive income 

63,599

77,268

10,590

 Total X Financial shareholders' equity 

4,753,254

5,717,454

783,641

 Non-controlling interests 

-

-

-

 TOTAL EQUITY 

4,753,254

5,717,454

783,641





 TOTAL LIABILITIES AND EQUITY 

8,837,663

11,161,252

1,529,778

 

X Financial








Unaudited Condensed Consolidated Statements of Comprehensive Income










 Three Months Ended September 30, 


 Nine Months Ended September 30, 

(In thousands, except for share and per share data)

2022

2023

2023


2022

2023

2023


 RMB 

 RMB 

 USD 


 RMB 

 RMB 

 USD 

Net revenues








Loan facilitation service

501,972

829,385

113,677


1,482,206

2,125,492

291,323

Post-origination service

96,026

168,186

23,052


265,673

429,775

58,906

Financing income

251,607

300,950

41,249


717,638

829,645

113,712

Other revenue

45,012

98,343

13,479


141,791

237,308

32,526

Total net revenue

894,617

1,396,864

191,457


2,607,308

3,622,220

496,467









Operating costs and expenses:








Origination and servicing

540,451

811,078

111,167


1,538,011

2,114,607

289,831

General and administrative

42,590

48,588

6,660


129,078

138,373

18,966

Sales and marketing

3,726

3,360

461


12,952

8,828

1,210

(Reversal of) provision for accounts receivable and contract assets

(4,385)

3,748

514


47,386

5,983

820

Provision for loans receivable

17,216

53,946

7,394


83,180

129,772

17,787

(Reversal of) provision for contingent guarantee liabilities

-

41,594

5,701


(14,000)

41,594

5,701

(Reversal of) provision for credit losses on deposits to institutional cooperators

(5,407)

(194)

(27)


3,127

(427)

(59)

Reversal of provision for credit losses for other financial assets

-

-

-


(765)

-

-

Total operating costs and expenses

594,191

962,120

131,870


1,798,969

2,438,730

334,256









Income from operations

300,426

434,744

59,587


808,339

1,183,490

162,211

Interest income (expenses), net

643

(7,322)

(1,004)


3,359

(17,778)

(2,437)

Foreign exchange gain (loss)

(13,991)

1,526

209


(26,137)

(7,255)

(994)

Income (loss) from financial investments

1,823

(16,490)

(2,260)


(7,802)

(13,911)

(1,907)

Impairment losses on financial investments

(8,875)

-

-


(8,875)

-

-

Fair value adjustments related to Consolidated Trusts

(4,886)

268

37


(6,377)

(531)

(73)

Change in fair value of financial guarantee derivative

21,649

-

-


46,274

24,966

3,422

Other income, net

6,106

4,742

650


32,134

23,005

3,153









Income before income taxes and gain (loss) from equity in affiliates

302,895

417,468

57,219


840,915

1,191,986

163,375









Income tax expense

(91,104)

(74,172)

(10,166)


(314,380)

(213,779)

(29,301)

Gain (loss) from equity in affiliates, net of tax

(67)

3,894

534


10,821

19,619

2,689

Net income

211,724

347,190

47,587


537,356

997,826

136,763

Less: net income attributable to non-controlling interests

-

-

-


-

-

-

Net income attributable to X Financial shareholders

211,724

347,190

47,587


537,356

997,826

136,763









Net income

211,724

347,190

47,587


537,356

997,826

136,763

Other comprehensive income, net of tax of nil:








Gain from equity in affiliates

96

4

1


166

45

6

Foreign currency translation adjustments

37,254

(6,301)

(864)


69,971

13,624

1,867

Comprehensive income

249,074

340,893

46,724


607,493

1,011,495

138,636

Less: comprehensive income attributable to non-controlling interests

-

-

-


-

-

-

Comprehensive income attributable to X Financial shareholders

249,074

340,893

46,724


607,493

1,011,495

138,636









Net income per share—basic

0.66

1.21

0.17


1.64

3.47

0.48

Net income per share—diluted 

0.64

1.17

0.16


1.60

3.43

0.47









Net income per ADS—basic

3.96

7.26

1.00


9.84

20.82

2.85

Net income per ADS—diluted 

3.84

7.02

0.96


9.60

20.58

2.82









Weighted average number of ordinary shares outstanding—basic

321,742,209

287,806,370

287,806,370


328,467,902

287,412,729

287,412,729

Weighted average number of ordinary shares outstanding—diluted

328,981,034

297,114,127

297,114,127


335,706,728

291,209,263

291,209,263

 

X Financial








Unaudited Reconciliations of GAAP and Non-GAAP Results
















Three Months Ended September 30,


Nine Months Ended September 30,

(In thousands, except for share and per share data)

2022

2023

2023


2022

2023

2023


RMB

RMB

USD


RMB

RMB

USD

GAAP net income

211,724

347,190

47,587


537,356

997,826

136,763

Less: Income (loss) from financial investments (net of tax of nil)

1,823

(16,490)

(2,260)


(7,802)

(13,911)

(1,907)

Less: Impairment losses on financial investments (net of tax of nil)

(8,875)

-

-


(8,875)

-

-

Less: Impairment losses on long-term investments (net of tax)

-

-

-


-

-

-

Add: Share-based compensation expenses (net of tax of nil)

12,349

10,827

1,484


41,686

34,178

4,684

Non-GAAP adjusted net income

231,125

374,507

51,331


595,719

1,045,915

143,354









Non-GAAP adjusted net income per share—basic

0.72

1.30

0.18


1.81

3.64

0.50

Non-GAAP adjusted net income per share—diluted 

0.70

1.26

0.17


1.77

3.59

0.49









Non-GAAP adjusted net income per ADS—basic

4.32

7.80

1.07


10.86

21.84

2.99

Non-GAAP adjusted net income per ADS—diluted 

4.20

7.56

1.04


10.62

21.54

2.95









Weighted average number of ordinary shares outstanding—basic

321,742,209

287,806,370

287,806,370


328,467,902

287,412,729

287,412,729

Weighted average number of ordinary shares outstanding—diluted

328,981,034

297,114,127

297,114,127


335,706,728

291,209,263

291,209,263

 

Cision View original content:https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2023-unaudited-financial-results-301995795.html

SOURCE X Financial

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