LexinFintech Holdings Ltd. Reports Second Quarter 2024 Unaudited Financial Results
LexinFintech Holdings (NASDAQ: LX) reported its Q2 2024 unaudited financial results. Total operating revenue reached RMB3.6 billion, up 19.1% YoY and 12.3% QoQ. Net profit was RMB227 million, a 12.4% increase from Q1 2024. Total loan origination was RMB51.1 billion, down 12% QoQ. The company achieved record-low funding costs and saw rapid growth in its overseas business. Risk performance showed early signs of improvement. LexinFintech declared a cash dividend of US$0.072 per ADS for H1 2024.
Key metrics:
- Registered users: 219 million, up 10.2% YoY
- Active users: 4.2 million, down 16.4% YoY
- Total outstanding loan balance: RMB115 billion, up 0.9% YoY
- 90-day+ delinquency ratio: 3.7%
- Credit facilitation service income: RMB2,669 million, up 24.9% YoY
- Tech-empowerment service income: RMB535 million, up 36.5% YoY
LexinFintech Holdings (NASDAQ: LX) ha riportato i risultati finanziari non certificati del Q2 2024. Il fatturato operativo totale ha raggiunto RMB3,6 miliardi, con un aumento del 19,1% rispetto all'anno precedente e del 12,3% rispetto al trimestre precedente. Il profitto netto è stato di RMB227 milioni, con un incremento del 12,4% rispetto al Q1 2024. Il totale delle origini di prestiti è stato di RMB51,1 miliardi, in calo del 12% rispetto al trimestre precedente. L'azienda ha raggiunto costi di finanziamento ai loro minimi storici e ha visto una rapida crescita nel suo business all'estero. Le performance del rischio hanno mostrato i primi segnali di miglioramento. LexinFintech ha dichiarato un dividendo in contanti di US$0,072 per ADS per il primo semestre del 2024.
Metriche chiave:
- Utenti registrati: 219 milioni, in aumento del 10,2% rispetto all'anno precedente
- Utenti attivi: 4,2 milioni, in calo del 16,4% rispetto all'anno precedente
- Saldo totale dei prestiti in essere: RMB115 miliardi, in aumento dello 0,9% rispetto all'anno precedente
- Rapporto di insolvenza oltre 90 giorni: 3,7%
- Reddito da servizi di facilitazione del credito: RMB2.669 milioni, in aumento del 24,9% rispetto all'anno precedente
- Reddito da servizi di potenziamento tecnologico: RMB535 milioni, in aumento del 36,5% rispetto all'anno precedente
LexinFintech Holdings (NASDAQ: LX) informó sus resultados financieros no auditados del Q2 2024. Los ingresos operativos totales alcanzaron RMB3,6 mil millones, un aumento del 19,1% interanual y del 12,3% intertrimestral. El beneficio neto fue de RMB227 millones, un incremento del 12,4% en comparación con el Q1 2024. La originación total de préstamos fue de RMB51,1 mil millones, una disminución del 12% intertrimestral. La compañía logró costos de financiamiento en niveles récord y vio un rápido crecimiento en su negocio en el extranjero. El desempeño del riesgo mostró los primeros signos de mejora. LexinFintech declaró un dividendo en efectivo de US$0,072 por ADS para el H1 2024.
Métricas clave:
- Usuarios registrados: 219 millones, un aumento del 10,2% interanual
- Usuarios activos: 4,2 millones, una disminución del 16,4% interanual
- Saldo total de préstamos pendientes: RMB115 mil millones, un aumento del 0,9% interanual
- Ratio de morosidad de más de 90 días: 3,7%
- Ingresos por servicios de facilitación de crédito: RMB2.669 millones, un aumento del 24,9% interanual
- Ingresos por servicios de potenciación tecnológica: RMB535 millones, un aumento del 36,5% interanual
LexinFintech Holdings (NASDAQ: LX)가 2024년 2분기 감사되지 않은 재무 실적을 발표했습니다. 총 운영 수익은 36억 위안에 달하며, 지난해보다 19.1% 증가했고, 전분기 대비 12.3% 증가했습니다. 순이익은 2억 2,700만 위안으로, 2024년 1분기 대비 12.4% 증가했습니다. 총 대출 원리금은 511억 위안으로, 전분기 대비 12% 감소했습니다. 회사는 사상 최저의 자금 조달 비용을 기록했으며, 해외 사업도 급성장했습니다. 리스크 성과는 개선의 초기 신호를 보였습니다. LexinFintech는 2024년 상반기 주당 0.072달러의 현금 배당금을 선언했습니다.
주요 지표:
- 등록 사용자: 2억 1,900만명, 지난해보다 10.2% 증가
- 활성 사용자: 420만명, 지난해보다 16.4% 감소
- 총 미결제 대출 잔액: 1,150억 위안, 지난해보다 0.9% 증가
- 90일 이상 연체 비율: 3.7%
- 신용 중개 서비스 수익: 26억 6,690만 위안, 지난해보다 24.9% 증가
- 기술 강화 서비스 수익: 5억 3,500만 위안, 지난해보다 36.5% 증가
LexinFintech Holdings (NASDAQ: LX) a annoncé ses résultats financiers non audités pour le 2ème trimestre 2024. Les revenus d'exploitation totaux ont atteint 3,6 milliards de RMB, en hausse de 19,1 % par rapport à l'année précédente et de 12,3 % par rapport au trimestre précédent. Le bénéfice net s'est chiffré à 227 millions de RMB, soit une augmentation de 12,4 % par rapport au 1er trimestre 2024. Le montant total des prêts accordés était de 51,1 milliards de RMB, en baisse de 12 % par rapport au trimestre précédent. L'entreprise a atteint des coûts de financement historiques bas et a connu une croissance rapide de son activité à l'étranger. La performance du risque montre des signes précoces d'amélioration. LexinFintech a déclaré un dividende en espèces de 0,072 USD par ADS pour le premier semestre 2024.
Métriques clés :
- Utilisateurs enregistrés : 219 millions, en hausse de 10,2 % par rapport à l'année précédente
- Utilisateurs actifs : 4,2 millions, en baisse de 16,4 % par rapport à l'année précédente
- Solde total des prêts en cours : 115 milliards de RMB, en hausse de 0,9 % par rapport à l'année précédente
- Taux de défaut de plus de 90 jours : 3,7 %
- Revenus des services de facilitation de crédit : 2,669 millions de RMB, en hausse de 24,9 % par rapport à l'année précédente
- Revenus des services de renforcement technologique : 535 millions de RMB, en hausse de 36,5 % par rapport à l'année précédente
LexinFintech Holdings (NASDAQ: LX) hat seine unverifizierten finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht. Die Gesamterträge aus dem operativen Geschäft betrugen 3,6 Milliarden RMB, was einem Anstieg von 19,1% im Vergleich zum Vorjahr und von 12,3% im Vergleich zum Vorquartal entspricht. Der Nettogewinn betrug 227 Millionen RMB, ein Anstieg von 12,4% im Vergleich zum 1. Quartal 2024. Die gesamte Kreditvergabe betrug 51,1 Milliarden RMB, ein Rückgang von 12% im Vergleich zum Vorquartal. Das Unternehmen erreichte Rekordtiefststände bei den Finanzierungskosten und verzeichnete ein schnelles Wachstum im Auslandsgeschäft. Die Risikoleistung zeigte erste Anzeichen der Verbesserung. LexinFintech kündigte eine Bar-Dividende von 0,072 USD pro ADS für das erste Halbjahr 2024 an.
Wichtige Kennzahlen:
- Registrierte Nutzer: 219 Millionen, Anstieg um 10,2% im Vergleich zum Vorjahr
- Aktive Nutzer: 4,2 Millionen, Rückgang um 16,4% im Vergleich zum Vorjahr
- Gesamter ausstehender Kreditbetrag: 115 Milliarden RMB, Anstieg um 0,9% im Vergleich zum Vorjahr
- Überfälligkeitsquote über 90 Tage: 3,7%
- Einnahmen aus Kreditvermittlungsdiensten: 2.669 Millionen RMB, Anstieg um 24,9% im Vergleich zum Vorjahr
- Einnahmen aus technologischen Dienstleistungen: 535 Millionen RMB, Anstieg um 36,5% im Vergleich zum Vorjahr
- Total operating revenue increased 19.1% YoY to RMB3.6 billion
- Net profit grew 12.4% QoQ to RMB227 million
- Credit facilitation service income rose 24.9% YoY to RMB2,669 million
- Tech-empowerment service income increased 36.5% YoY to RMB535 million
- Funding cost hit a historical low, boosting profitability
- Overseas business showed accelerated growth
- Early signs of risk performance improvement observed
- Declared cash dividend of US$0.072 per ADS for H1 2024
- Total loan origination decreased 12% QoQ to RMB51.1 billion
- Active users declined 16.4% YoY to 4.2 million
- 90-day+ delinquency ratio increased to 3.7% from 3.0% in Q1 2024
- Installment e-commerce platform service income decreased 17.0% YoY
- Net income decreased 36.3% YoY
Insights
LexinFintech's Q2 2024 results show a mixed performance. While total operating revenue increased by
The improved revenue take rate despite controlled loan origination is noteworthy, driven by better risk performance and record-low funding costs. The
The declaration of a semi-annual dividend of
LexinFintech's Q2 2024 results reveal mixed signals in risk performance. The 90-day+ delinquency ratio increased to
The increase in provisions across financing receivables, contract assets and contingent guarantee liabilities points to growing credit risks. The
On a positive note, the company's proactive control on loan origination and focus on risk management capability improvement show prudent risk management. The early signs of improvement in risk metrics extending into August are encouraging. Investors should closely monitor these trends and the company's ability to maintain asset quality in a challenging economic environment.
LexinFintech's Q2 2024 results reflect the challenging consumer environment in China. The
However, the company's overseas expansion presents a promising growth avenue. While still small in scale, the rapid growth in international operations outpacing domestic business is noteworthy. This diversification strategy could help mitigate risks associated with the Chinese market.
The
SHENZHEN, China, Aug. 27, 2024 (GLOBE NEWSWIRE) -- 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
"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
Mr. James Zheng, Chief Financial Officer of Lexin, added, "The second quarter's total operating revenue reached RMB 3.6 billion, showing a
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 by5.8% 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 with3.0% 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 of36.5% from the second quarter of 2023. Installment e-commerce platform service income was RMB437 million, representing a decrease of17.0% 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
Credit facilitation service income increased by
Loan facilitation and servicing fees-credit oriented increased by
Guarantee income increased by
Financing income decreased by
Tech-empowerment service income increased by
Installment e-commerce platform service income decreased by
Cost of sales decreased by
Funding cost decreased by
Processing and servicing costs increased by
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
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
Recent Development
Semi-Annual Dividend
The board of directors of the Company has approved a dividend of US
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
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 Dong
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: Mandydong@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 | |||||||||
| 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+
FAQ
What was LexinFintech's (LX) total operating revenue in Q2 2024?
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