X Financial Reports First Quarter 2024 Unaudited Financial Results
X Financial (NYSE: XYF) announced its unaudited financial results for Q1 2024. The company reported total net revenue of RMB 1,208 million, a 20.2% YoY increase. Net income surged by 27.7% YoY to RMB 363.1 million. Despite a 10.7% YoY drop in loan amounts facilitated to RMB 21,505 million, and a 10.1% YoY decline in active borrowers to 1,369,410, the company's top and bottom lines improved. Delinquency rates for loans past due for 31-60 and 91-180 days increased to 1.61% and 4.37%, respectively. X Financial has authorized a new $20 million share repurchase program effective from June 2024 through November 2025.
- Total net revenue increased by 20.2% YoY to RMB 1,208 million.
- Net income rose by 27.7% YoY to RMB 363.1 million.
- Non-GAAP adjusted net income increased by 5.1% YoY to RMB 322.2 million.
- Net income per ADS—basic increased by 25.3% YoY to RMB 7.44.
- Cash and cash equivalents increased to RMB 1,413.1 million, up from RMB 1,195.4 million as of December 31, 2023.
- A new $20 million share repurchase program has been authorized, effective from June 2024 through November 2025.
- Total loan amount facilitated and originated fell by 10.7% YoY to RMB 21,505 million.
- Number of active borrowers decreased by 10.1% YoY to 1,369,410.
- Delinquency rates for loans past due for 31-60 days increased to 1.61%, up from 1.05% a year ago.
- Delinquency rates for loans past due for 91-180 days increased to 4.37%, up from 2.40% a year ago.
- Provision for loans receivable increased significantly to RMB 61.5 million, compared to RMB 20.4 million in the same period of 2023.
Insights
X Financial's first quarter 2024 financial results exhibit mixed outcomes. On one hand, the net revenue grew by
However, certain indicators raise concerns. The delinquency rates for loans past due by 31-60 days and 91-180 days rose to
In terms of the share repurchase program, the new authorization of
The guidance provided for the loan volume in Q2 and the full year 2024 indicates that X Financial anticipates stabilizing asset quality and resuming growth in loan origination. Investors should monitor how effectively the company can manage this transition without further exacerbating loan delinquency issues.
The report on X Financial's Q1 2024 performance offers insights into the company's operational strategies and market positioning. The notable year-over-year increase in post-origination service fees by
However, the decline in the total loan amount facilitated by
X Financial's proactive approach in adjusting loan volumes and the introduction of a financing guarantee business demonstrate adaptive strategies to mitigate market risks. The increase in the guarantee income to
Overall, the company's strategies reflect a balancing act between growth and risk management. Investors should keep an eye on how these approaches evolve, particularly regarding how the company navigates market competition and external economic factors.
First Quarter 2024 Operational Highlights
Three Months Ended March 31, 2023 | Three Months Ended December 31, 2023 | Three Months Ended March 31, 2024 | ||||
QoQ | YoY | |||||
Total loan amount facilitated and originated (RMB in million) | 24,088 | 26,134 | 21,505 | (17.7 %) | (10.7 %) | |
Number of active borrowers | 1,523,738 | 1,603,760 | 1,369,410 | (14.6 %) | (10.1 %) |
- The total loan amount facilitated and originated[1] in the first quarter of 2024 was
RMB21,505 million , compared withRMB24,088 million in the same period of 2023. - Total number of active borrowers[2] was 1,369,410 in the first quarter of 2024, compared with 1,523,738 in the same period of 2023.
As of March 31, 2023 | As of December 31, 2023 | As of March 31, 2024 | |
Total outstanding loan balance (RMB in million) | 41,531 | 48,847 | 43,812 |
Delinquency rates for all outstanding loans that are past due for 31-60 days | 1.05 % | 1.57 % | 1.61 % |
Delinquency rates for all outstanding loans that are past due for 91-180 days | 2.40 % | 3.12 % | 4.37 % |
- The total outstanding loan balance[3] as of March 31, 2024 was
RMB43,812 million , compared withRMB41,531 million as of March 31, 2023. - The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of March 31, 2024 was
1.61% , compared with1.05% as of March 31, 2023. - The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of March 31, 2024 was
4.37% , compared with2.40% as of March 31, 2023.
[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 March 31, 2023, December 31, 2023 and March 31, 2024 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 March 31, 2023, December 31, 2023 and March 31, 2024 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. |
First Quarter 2024 Financial Highlights
(In thousands, except for share and per share data) | Three Months Ended March 31, 2023 | Three Months Ended December 31, 2023 | Three Months Ended March 31, 2024 | QoQ | YoY | |
RMB | RMB | RMB | ||||
Total net revenue | 1,004,934 | 1,192,664 | 1,207,974 | 1.3 % | 20.2 % | |
Total operating costs and expenses | (677,151) | (938,472) | (831,433) | (11.4 %) | 22.8 % | |
Income from operations | 327,783 | 254,192 | 376,541 | 48.1 % | 14.9 % | |
Net income | 284,346 | 188,968 | 363,139 | 92.2 % | 27.7 % | |
Non-GAAP adjusted net income | 306,525 | 230,782 | 322,205 | 39.6 % | 5.1 % | |
Net income per ADS—basic | 5.94 | 3.90 | 7.44 | 90.8 % | 25.3 % | |
Net income per ADS—diluted | 5.82 | 3.84 | 7.32 | 90.6 % | 25.8 % | |
Non-GAAP adjusted net income per ADS—basic | 6.36 | 4.74 | 6.60 | 39.2 % | 3.8 % | |
Non-GAAP adjusted net income per ADS—diluted | 6.24 | 4.68 | 6.54 | 39.7 % | 4.8 % |
- Total net revenue in the first quarter of 2024 was
RMB1,208.0 million (US ), representing an increase of$167.3 million 20.2% fromRMB1,004.9 million in the same period of 2023. - Income from operations in the first quarter of 2024 was
RMB376.5 million (US ), compared with$52.2 million RMB327.8 million in the same period of 2023. - Net income in the first quarter of 2024 was
RMB363.1 million (US ), compared with$50.3 million RMB284.3 million in the same period of 2023. - Non-GAAP[6] adjusted net income in the first quarter of 2024 was
RMB322.2 million (US ), compared with$44.6 million RMB306.5 million in the same period of 2023. - Net income per basic and diluted American depositary share ("ADS") [7] in the first quarter of 2024 was
RMB7.44 (US ) and$1.03 RMB7.32 (US ), compared with$1.01 RMB5.94 andRMB5.82 , respectively, in the same period of 2023. - Non-GAAP adjusted net income per basic and adjusted diluted ADS in the first quarter of 2024 was
RMB6.60 (US ) and$0.91 RMB6.54 (US ), compared with$0.91 RMB6.36 andRMB6.24 , respectively, in the same period of 2023.
[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. Kent Li, President of the Company, commented, "We are pleased to start 2024 with a solid financial performance in the first quarter. We continued to implement our strategy of proactively and dynamically adjusting loan volumes based on close monitoring of asset quality dynamics and this, again, proved effective in securing our profitability. As a result, despite a year-over-year and quarter-over-quarter decline in the loan volume, both our top and bottom lines increased on a yearly and quarterly basis, with notable improvements in profits."
"In the first quarter, the total loan amount facilitated and originated decreased by
"We are confident in our future profitable growth. With stabilized asset quality, we have clearer visibility on the loan volume for 2024 under our current strategy and expect the total loan amount facilitated and originated for the full year to be around
Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, "We are very pleased with the solid financial results we achieved in the first quarter. Total net revenue was
"Our board of directors has authorized a new program to repurchase up to
First Quarter 2024 Financial Results
Total net revenue in the first quarter of 2024 increased by
Three Months Ended March 31, | |||||||
(In thousands, except for share and per share data) | 2023 | 2024 | YoY | ||||
RMB | % of Revenue | RMB | % of Revenue | ||||
Loan facilitation service | 580,604 | 57.8 % | 614,150 | 50.8 % | 5.8 % | ||
Post-origination service | 121,273 | 12.1 % | 152,742 | 12.6 % | 25.9 % | ||
Financing income | 254,056 | 25.3 % | 334,628 | 27.7 % | 31.7 % | ||
Guarantee income | - | 0.0 % | 32,926 | 2.7 % | 100.0 % | ||
Other revenue | 49,001 | 4.8 % | 73,528 | 6.2 % | 50.1 % | ||
Total net revenue | 1,004,934 | 100.0 % | 1,207,974 | 100.0 % | 20.2 % | ||
Loan facilitation service fees in the first quarter of 2024 increased by
Post-origination service fees in the first quarter of 2024 increased by
Financing income in the first quarter of 2024 increased by
Guarantee income in the first quarter of 2024 was RMB32.9 million (
Other revenue in the first quarter of 2024 increased by
Origination and servicing expenses in the first quarter of 2024 increased by
Borrower acquisitions and marketing expenses in the first quarter of 2024 decreased by
Provision for loans receivable in the first quarter of 2024 was
Provision for contingent guarantee liabilities in the first quarter of 2024 was
Income from operations in the first quarter of 2024 was
Income before income taxes and gain from equity in affiliates in the first quarter of 2024 was
Income tax expense in the first quarter of 2024 was
Net income in the first quarter of 2024 was
Non-GAAP adjusted net income in the first quarter of 2024 was
Net income per basic and diluted ADS in the first quarter of 2024 was
Non-GAAP adjusted net income per basic and diluted ADS in the first quarter of 2024 was
Cash and cash equivalents was
Recent Development
Share Repurchase Plan
The Company today announced that its board of directors (the "Board") authorized a new program to repurchase up to
Under the new share repurchase program, the Company may repurchase the Shares from time to time through various means, including open market transactions, privately negotiated transactions, and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The manner, timing and amount of any share repurchases will be determined by the Company's management in its discretion based on its evaluation of various factors.
Changes in the Board of Directors
On May 27, 2024, the Board approved the following changes to the composition of the Board.
Mr. Shengwen Rong has resigned from his respective positions as an independent non-executive director and chairman of the Audit Committee of the Board due to personal reason.
Mr. Zheng Xue has been appointed as the chairman of the Audit Committee of the Board to fill the vacancy resulting from Mr. Shengwen Rong's resignation. Mr. Zheng Xue has resigned from his position as the chairman of the Nominating and Corporate Governance Committee of the Board.
Mr. Zheng Wan has been appointed as an independent non-executive director of the Board to fill the vacancy resulting from Mr. Shengwen Rong's resignation. Mr. Zheng Wan has also been appointed as the chairman of the Nominating and Corporate Governance Committee of the Board to fill the vacancy resulting from Mr. Zheng Xue's resignation.
Mr. Zheng Wan has served as a Group Director of M&A Integration at Cadence Design Systems Inc. since 2022. Mr. Zheng Wan served as a Director of M&A Integration at Snap Inc. from 2016 to 2018 and from 2020 to 2022. Mr. Zheng Wan served as a Global Director of M&A Integration at Airbnb Inc. from 2018 to 2020. Between 2006 and 2017, Mr. Zheng Wan served in multiple capacities at Google Inc., including as Finance Manager of Internal Audit and Risk Consulting, Corporate Development Manager, and Financial Planning & Analysis Manager. Mr. Zheng Wan received a master degree in political science from University of
Business Outlook
The Company expects the total loan amount facilitated and originated for the second quarter of 2024 to be between
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 7:00 AM
Dial-in details for the earnings conference call are as follows:
1-888-346-8982 | |
852-301-84992 | |
Mainland | 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 June 7, 2024:
1-877-344-7529 | |
International: | 1-412-317-0088 |
Passcode: | 1086048 |
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
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 (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. 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
We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable
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
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
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
Mr. Rene Vanguestaine
Phone: +86-178-1749 0483
E-mail: rene.vanguestaine@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, 2023 | As of March 31, 2024 | As of March 31, 2024 |
RMB | RMB | USD | |
ASSETS | |||
Cash and cash equivalents | 1,195,352 | 1,413,065 | 195,707 |
Restricted cash, net | 749,070 | 776,500 | 107,544 |
Accounts receivable and contract assets, net | 1,659,588 | 1,600,970 | 221,732 |
Loans receivable from Xiaoying Credit Loans and other loans, net | 4,947,833 | 5,339,591 | 739,525 |
Deposits to institutional cooperators, net | 1,702,472 | 1,595,967 | 221,039 |
Prepaid expenses and other current assets, net | 48,767 | 27,619 | 3,825 |
Deferred tax assets, net | 135,958 | 163,441 | 22,636 |
Long-term investments | 493,411 | 496,179 | 68,720 |
Property and equipment, net | 8,642 | 9,552 | 1,323 |
Intangible assets, net | 36,810 | 37,033 | 5,129 |
Loan receivable from Xiaoying Housing Loans, net | 8,657 | 8,657 | 1,199 |
Financial investments | 608,198 | 618,404 | 85,648 |
Other non-current assets | 55,265 | 51,665 | 7,156 |
TOTAL ASSETS | 11,650,023 | 12,138,643 | 1,681,183 |
LIABILITIES | |||
Payable to investors and institutional funding partners at amortized cost | 3,584,041 | 3,770,872 | 522,259 |
Guarantee liabilities | 61,907 | 94,955 | 13,151 |
Deferred guarantee income | 46,597 | 103,665 | 14,357 |
Short-term borrowings | 565,000 | 434,500 | 60,178 |
Accrued payroll and welfare | 86,771 | 31,128 | 4,311 |
Other tax payable | 289,819 | 270,968 | 37,529 |
Income tax payable | 446,500 | 469,476 | 65,022 |
Accrued expenses and other current liabilities | 595,427 | 607,901 | 84,193 |
Dividend payable | 59,226 | 59,226 | 8,203 |
Other non-current liabilities | 37,571 | 33,688 | 4,666 |
Deferred tax liabilities | 30,040 | 39,775 | 5,509 |
TOTAL LIABILITIES | 5,802,899 | 5,916,154 | 819,378 |
Commitments and Contingencies | |||
Equity: | |||
Common shares | 207 | 207 | 29 |
Treasury stock | (111,520) | (106,682) | (14,775) |
Additional paid-in capital | 3,196,942 | 3,200,857 | 443,314 |
Retained earnings | 2,692,018 | 3,055,157 | 423,134 |
Other comprehensive income | 69,477 | 72,950 | 10,103 |
Total X Financial shareholders' equity | 5,847,124 | 6,222,489 | 861,805 |
Non-controlling interests | - | - | - |
TOTAL EQUITY | 5,847,124 | 6,222,489 | 861,805 |
TOTAL LIABILITIES AND EQUITY | 11,650,023 | 12,138,643 | 1,681,183 |
X Financial | |||
Unaudited Condensed Consolidated Statements of Comprehensive Income | |||
Three Months Ended March 31, | |||
(In thousands, except for share and per share data) | 2023 | 2024 | 2024 |
RMB | RMB | USD | |
Net revenues | |||
Loan facilitation service | 580,604 | 614,150 | 85,059 |
Post-origination service | 121,273 | 152,742 | 21,155 |
Financing income | 254,056 | 334,628 | 46,345 |
Guarantee income | - | 32,926 | 4,560 |
Other revenue | 49,001 | 73,528 | 10,184 |
Total net revenue | 1,004,934 | 1,207,974 | 167,303 |
Operating costs and expenses: | |||
Origination and servicing[1] | 371,484 | 426,547 | 59,076 |
Borrower acquisitions and marketing[1] | 271,942 | 248,374 | 34,399 |
General and administrative[1] | 38,068 | 38,474 | 5,329 |
(Reversal of) provision for accounts receivable and contract assets | (940) | 8,655 | 1,199 |
Provision for loans receivable | 20,377 | 61,540 | 8,523 |
Provision for contingent guarantee liabilities | - | 47,893 | 6,633 |
Change in fair value of financial guarantee derivative[2] | (24,299) | - | - |
Fair value adjustments related to Consolidated Trusts[2] | 553 | - | - |
Reversal of provision for credit losses for deposits and other financial assets | (34) | (50) | (7) |
Total operating costs and expenses | 677,151 | 831,433 | 115,152 |
Income from operations | 327,783 | 376,541 | 52,151 |
Interest income (expenses), net | (1,999) | (4,291) | (594) |
Foreign exchange gain (loss) | 3,018 | (424) | (59) |
Income (loss) from financial investments | (9,514) | 50,246 | 6,959 |
Other income, net | 11,332 | 4,046 | 560 |
Income before income taxes and gain from equity in affiliates | 330,620 | 426,118 | 59,017 |
Income tax expense | (52,563) | (65,025) | (9,006) |
Gain from equity in affiliates, net of tax | 6,289 | 2,046 | 283 |
Net income | 284,346 | 363,139 | 50,294 |
Less: net income attributable to non-controlling interests | - | - | - |
Net income attributable to X Financial shareholders | 284,346 | 363,139 | 50,294 |
Net income | 284,346 | 363,139 | 50,294 |
Other comprehensive income, net of tax of nil: | |||
Gain from equity in affiliates | 2 | 30 | 4 |
Income from financial investments | - | 2,225 | 308 |
Foreign currency translation adjustments | (7,261) | 1,218 | 169 |
Comprehensive income | 277,087 | 366,612 | 50,775 |
Less: comprehensive income attributable to non-controlling interests | - | - | - |
Comprehensive income attributable to X Financial shareholders | 277,087 | 366,612 | 50,775 |
Net income per share—basic | 0.99 | 1.24 | 0.17 |
Net income per share—diluted | 0.97 | 1.22 | 0.17 |
Net income per ADS—basic | 5.94 | 7.44 | 1.03 |
Net income per ADS—diluted | 5.82 | 7.32 | 1.01 |
Weighted average number of ordinary shares outstanding—basic | 288,027,062 | 293,788,724 | 293,788,724 |
Weighted average number of ordinary shares outstanding—diluted | 294,330,508 | 296,894,415 | 296,894,415 |
[1] Starting in the first quarter of 2024, management has concluded to separate expenses related to borrower acquisitions from origination and servicing expenses and indirect expenses of the borrower acquisitions from general and administrative expenses to a single line item as these expenses become more and more significant and thus deemed to be useful to financial statement users. Furtherly, management has determined to embed the sales and marketing expenses, which is not considered as material, in other line item. In conclusion, management has decided to combine these two line items into one captioned borrower acquisitions and marketing expenses. Management has correspondingly conformed prior period presentation to current period presentation to enhance comparability. This change in presentation does not affect any subtotal line on the face of consolidated statements of comprehensive income. | ||||||||||||||
In thousands, except for share and per share data | Three Months Ended March 31, 2023 | Changes | ||||||||||||
before re-grouping | after re-grouping | |||||||||||||
RMB | RMB | RMB | ||||||||||||
Origination and servicing | 633,809 | 371,484 | (262,325) | |||||||||||
Borrower acquisitions and marketing | - | 271,942 | 271,942 | |||||||||||
Sales and marketing | 2,038 | - | (2,038) | |||||||||||
General and administrative | 45,647 | 38,068 | (7,579) | |||||||||||
[2] Starting in the first quarter of 2024, management has considered the facts that fair value change related to financial guarantee services and Consolidated Trusts are generated from ordinary course of businesses, and has concluded to reclass the amount to captions above total operating costs and expenses. Prior to the reclassification, management classified all amount of fair value changes to captions below total operating costs and expenses. This reclassification does not have impact on net income for any prior periods presented. | ||||||||||||||
X Financial | |||||
Unaudited Reconciliations of GAAP and Non-GAAP Results | |||||
Three Months Ended March 31, | |||||
(In thousands, except for share and per share data) | 2023 | 2024 | 2024 | ||
RMB | RMB | USD | |||
GAAP net income | 284,346 | 363,139 | 50,294 | ||
Less: Income (loss) from financial investments (net of tax of nil) | (9,514) | 50,246 | 6,959 | ||
Less: Impairment losses on financial investments (net of tax of nil) | - | - | - | ||
Less: Impairment losses on long-term investments (net of tax) | - | - | - | ||
Add: Share-based compensation expenses (net of tax of nil) | 12,665 | 9,312 | 1,290 | ||
Non-GAAP adjusted net income | 306,525 | 322,205 | 44,625 | ||
Non-GAAP adjusted net income per share—basic | 1.06 | 1.10 | 0.15 | ||
Non-GAAP adjusted net income per share—diluted | 1.04 | 1.09 | 0.15 | ||
Non-GAAP adjusted net income per ADS—basic | 6.36 | 6.60 | 0.91 | ||
Non-GAAP adjusted net income per ADS—diluted | 6.24 | 6.54 | 0.91 | ||
Weighted average number of ordinary shares outstanding—basic | 288,027,062 | 293,788,724 | 293,788,724 | ||
Weighted average number of ordinary shares outstanding—diluted | 294,330,508 | 296,894,415 | 296,894,415 | ||
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SOURCE X Financial
FAQ
What was X Financial's total net revenue for Q1 2024?
What was X Financial's net income for Q1 2024?
What is the delinquency rate for loans past due for 91-180 days in Q1 2024 for XYF?
How much is X Financial's new share repurchase program worth?
What was the provision for loans receivable in Q1 2024 for XYF?
How many active borrowers did X Financial have in Q1 2024?
What was the total loan amount facilitated and originated by X Financial in Q1 2024?
