LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ:LX),
a leading online consumer finance platform for educated young
adults in China, today announced its unaudited financial results
for the fourth quarter and full year ended December 31, 2017.
Fourth Quarter and Full Year 2017 Operational
Highlights:
- Total loan originations in 2017 reached RMB47.7 billion,
representing an increase of 115% from RMB22.2 billion in 2016.
- Total outstanding principal balance of loans reached RMB19.3
billion as of December 31, 2017, representing an increase of 94.7%
from RMB9.9 billion as of December 31, 2016.
- The weighted average tenor of loans originated on our platform
in 2017 was approximately 9.53 months. The effective APR1 was 22.8%
for the fourth quarter of 2017.
- Customer acquisition cost2 amounted to RMB99 in 2017,
representing a decrease of 22% from 127 in 2016.
- Total number of registered users reached 23.9 million as of
December 31, 2017, representing an increase of 99.2% from 12.0
million as of December 31, 2016; and users with credit line reached
7.6 million as of December 31, 2017, up by 68.9% from 4.5 million
as of December 31, 2016.
- 90+ delinquency ratio3 were 1.14% as of December 31,
2017.
1 The Effective APR refers to the percentage equal to the
annualized actual amount of finance charges, including interest and
service fees, generated from a customer loan, divided by the
average outstanding principal balance for the loan.2 Customer
acquisition cost refers to the amount of total costs we incur in
connection with acquiring customers divided by the number of new
active customers during a given time period.3 90+ delinquency ratio
refers to outstanding principal balance of on- and off-balance
sheet loans that were 90 to 179 calendar days past due as a
percentage of the total outstanding principal balance of on- and
off-balance sheet loans on our platform as of a specific date.
Loans that are delinquent for 180 days or more are charged off.
Fourth Quarter 2017 Financial Highlights:
- Total operating revenue reached RMB1.6 billion. Financial
services income reached RMB902 million, representing an increase of
62.3% from the fourth quarter of 2016. Loan facilitation and
servicing fees reached RMB191 million, representing an increase of
668% from the fourth quarter of 2016.
- Gross profit reached RMB434 million, representing an increase
of 79.5% from the fourth quarter of 2016.
- Non-GAAP EBIT was RMB237 million, an increase of 322% from the
fourth quarter of 2016.
- Net income was RMB100 million, compared to a net loss of
RMB12.9 million in the fourth quarter of 2016.
- Adjusted net income was RMB126 million, representing an
increase of 436% from the fourth quarter of 2016.
Full Year 2017 Financial Highlights:
- Total operating revenue reached RMB5.6 billion. Financial
services income reached RMB3.0 billion, representing an increase of
92.9% from 2016. Loan facilitation and servicing fees reached
RMB379 million, representing an increase of 599% from 2016.
- Gross profit reached RMB1.3 billion, representing an increase
of 119% from 2016.
- Non-GAAP EBIT was RMB627 million, compared to RMB18.3 million
in 2016.
- Net income was RMB240 million, compared to a net loss of RMB118
million in 2016.
- Adjusted net income was RMB389 million, compared to a net loss
of RMB39.6 million in 2016.
“We are pleased with our strong results in
2017,” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief
executive officer. “In the past years, our continued investment in
financial technology has allowed us to establish strong competitive
advantages, as demonstrated in our growing customer base. We
established our AI and blockchain laboratories as part of our
commitment to developing financial technology, and in 2018, we will
continue to invest in technology to further strengthen our
competitive advantages.”
“We are pleased to report very strong results for our first
quarter as a public company,” said Mr. Craig Yan Zeng, Lexin’s
chief financial officer. “In the fourth quarter of 2017, Lexin’s
gross profit reached RMB434 million and non-GAAP EBIT reached
RMB237 million, representing an increase of 79.5% and 322% from the
same period in 2016.”
“In the past year, we’ve continued to provide our customers with
more competitive terms. For the fourth quarter of 2017, our
effective APR was 22.8%, compared to an APR of 25.3% for the first
three quarters of 2017, and our average tenor was over 9 months,”
continued Mr. Zeng. “We will continue to provide highly competitive
APRs and credit products to our customers while ensuring compliance
with all applicable laws and regulations.”
“Our credit performance continues to be strong,”
said Mr. Ryan Huanian Liu, Lexin’s chief risk officer. “Our M6+
charge-off rates4 continue to be approximately 2.0%. In an
environment of increasing change and complexity, we have maintained
a steady charge-off rate, demonstrating the creditworthiness of our
customers, and the capabilities and reliability of our advanced
credit risk assessment technology. At of the end of 2017, our 90+
delinquency rate was 1.14%, lower than the third quarter’s
1.22%.”
4 “M6+ charge-off rate’’ refers to, with respect to on- and
off-balance sheet loans originated during a specified time period,
which we refer to as a vintage, the total outstanding principal
balance of the loans that become over six months delinquent during
a specified period, divided by the total initial principal of the
loans originated in such vintage.
Fourth Quarter 2017 Financial Results:
Operating revenue increased from RMB1.4 billion in the fourth
quarter of 2016 to RMB1.6 billion in the fourth quarter of 2017.
This increase was primarily due to the substantial increase in
financial service income, in particular interest and financial
services income.
Financial services income increased by 62.3% from RMB556 million
in the fourth quarter of 2016 to RMB902 million in the fourth
quarter of 2017. This increase was primarily due to an increase in
loan balance, which was in turn driven by increases in the number
of active customers and the average outstanding principal balance
of loans per customer.
Loan facilitation and servicing fees increased by 668% from RMB
24.9million in the fourth quarter of 2016 to RMB191 million in the
fourth quarter of 2017. This increase was primarily due to the
significant growth in off-balance sheet loans.
Funding cost increased by 47.5% from RMB151 million in the
fourth quarter of 2016 to RMB222 million in the fourth quarter of
2017. This increase was primarily due to an increase in our funding
debts to fund on-balance sheet loans originated on our
platform.
Processing and servicing cost increased by 77.9% from RMB38.4
million in the fourth quarter of 2016 to RMB68.3 million in the
fourth quarter of 2017. This increase was primarily due to an
increase in salaries and personnel related costs, an increase in
fees to third-party payment platforms, an increase in credit
assessment cost, and an increase in risk management expenses.
Provision for credit losses increased by 102% from RMB93.5
million in the fourth quarter of 2016 to RMB189 million in the
fourth quarter of 2017. This increase was primarily due to the
increase in the average outstanding principal balance of on-balance
sheet loans.
Gross profit increased by 79.5% from RMB242 million in the
fourth quarter of 2016 to RMB434 million in the fourth quarter of
2017.
Sales and marketing expenses decreased by 8.7% from RMB118
million in the fourth quarter of 2016 to RMB108 million in the
fourth quarter of 2017. This decrease was primarily due to a
decrease in advertising cost.
Research and development expenses increased by 47.2% from
RMB45.5 million in the fourth quarter of 2016 to RMB67.0 million in
the fourth quarter of 2017. This increase was primarily due to the
increase in payroll and related expenses as a result of an increase
in the headcount.
General and administrative expenses increased by 105% from
RMB27.6 million in the fourth quarter of 2016 to RMB56.6 million in
the fourth quarter of 2017. This increase was primarily due to the
increase in payroll expenses and the increase in share-based
compensation expenses allocated to general and administrative
expenses. In addition, we incurred an increase in professional
service fees.
Net income for the fourth quarter of 2017 was RMB100 million,
compared to a net loss of RMB12.9 million in the fourth quarter of
2016.
Adjusted net income for the fourth quarter of 2017 was RMB126
million, representing an increase of 436% from RMB23.6 million in
the fourth quarter of 2016.
Full Year 2017 Financial Results:
Operating revenue increased from RMB4.3 billion in 2016 to
RMB5.6 billion in 2017. This increase was primarily due to the
substantial increase in financial services income.
Financial services income increased by 92.9% from RMB1.6 billion
in 2016 to RMB3.0 billion in 2017. This increase was primarily due
to the increase in the principal balance of loans.
Loan facilitation and servicing fees increased by 599% from RMB
54.2million in 2016 to RMB379 million in 2017. This increase was
primarily due to the significant growth in principal balance of
off-balance sheet loans.
Funding cost increased by 61.1% from RMB492 million in 2016 to
RMB792 million in 2017. This increase was primarily due to an
increase in our funding debts to fund on-balance sheet loans
originated on our platform.
Processing and servicing cost increased by 95.9% from RMB114
million in 2016 to RMB224 million in 2017. This increase was
primarily due to an increase in salaries and personnel related
costs as we increased the headcount of processing and servicing
personnel, an increase in fees to third-party payment platforms, an
increase in credit assessment cost, and an increase in risk
management expenses. These increases reflected the significant
growth in the volume of credit applications and in loan servicing
requirements.
Provision for credit losses increased by 159% from RMB237
million in 2016 to RMB612 million in 2017. This increase was
primarily due to the increase in the average outstanding principal
balance of on-balance sheet loans during these periods. In
addition, as we had continued to improve our credit assessment and
risk management capabilities as well as to enhance our collection
efforts, we gradually expanded our customer base to improve our
profit, while maintaining credit risks at a reasonable level.
Gross profit for 2017 was RMB1.3 billion, representing an
increase of 119% from 2016.
Sales and marketing expenses increased by 7.8% from RMB376
million in 2016 to RMB406 million in 2017. This increase was
primarily due to an increase in payroll and related expenses as a
result of an increase in the salary and benefit level for the
employees and share-based compensation expenses allocated to sales
and marketing expenses, offset by a decrease in advertising
cost.
Research and development expenses increased by 84.8% from RMB127
million in 2016 to RMB235 million in 2017. This increase was
primarily due to an increase in payroll and related expenses, an
increase in rental and depreciation expense allocated to research
and development expenses, an increase in share-based compensation
expenses and an increase in technical service fee.
General and administrative expenses increased by 133% from
RMB87.4 million in 2016 to RMB204 million in 2017. This increase
was primarily due to an increase in payroll, an increase in
share-based compensation expenses allocated to general and
administrative expenses and related expenses as a result of an
increase in the headcount of general and administrative personnel
and an increase in the salary and benefit level for the employees.
In addition, we incurred an increase in professional service fees,
rental expenses and other general corporate-related expenses as a
result of our business growth in 2017.
Net income for 2017 was RMB240 million, compared to a net loss
of RMB118 million in 2016.
Adjusted net income for 2017 was RMB389 million, compared to a
net loss of RMB39.6 million in 2016.
Please click here to view our vintage
curve: http://resource.globenewswire.com/Resource/Download/79fff7e2-75db-40e0-abc7-5bd0c715bfb5
Conference Call
The Company’s management will host an earnings conference call
at 8:00 AM U.S. Eastern time on March 20, 2018 8:00 PM Beijing/Hong
Kong time on March 20, 2018.
Dial-in details for the earnings conference call are as
follows:
United
States (toll free): |
1 845 675
0437 or 1 866 519 4004 |
|
|
International: |
65 6713
5090 |
|
|
Hong Kong
(toll free): |
800 906
601 or 852 3018 6771 |
|
|
China: |
400 6208
038 or 800 8190 121 |
Participants should dial-in at least 5 minutes before the
scheduled start time and use the following passcode: 6668577.
Additionally, a live and archived webcast of the conference call
will be available on the Company’s investor relations website at
http://ir.lexinfintech.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call until March 27,
2018, by dialing the following telephone numbers:
United
States (toll free): |
1 855 452
5696 or 1 646 254 3697 |
|
|
International: |
61 2 8199
0299 |
|
|
Replay
Access Code: |
6668577 |
About LexinFintech Holdings
Ltd. LexinFintech Holdings Ltd. ("Lexin" or the
“Company”) is a leading online consumer finance platform for
educated young adults in China. As one of China’s leading financial
technology companies, Lexin integrates its e-commerce-driven
installment finance platform, Fenqile, with advanced risk
management technologies, the Company’s Dingsheng asset distribution
technology platform, and the Company’s Juzi Licai online investment
platform for individual investors, to create a comprehensive
consumer finance ecosystem. The Company utilizes technologies
including big data, cloud computing and artificial intelligence to
enable the near-instantaneous matching of user funding requests
with offers from the Company’s more than 30 funding partners, which
include commercial banks, consumer finance companies, and other
licensed financial institutions.
For more information, please visit
http://ir.lexinfintech.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
(loss)/income and non-GAAP EBIT, two non-GAAP measures, as
supplemental measures to review and assess our operating
performance. The presentation of the non-GAAP financial measures is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
U.S. GAAP. We define adjusted net (loss)/income as net
(loss)/income excluding share-based compensation expenses, interest
expense associated with convertible loans and investment-related
impairment, and we define non-GAAP EBIT as net (loss)/income
excluding income tax expense, share-based compensation expenses,
interest expense, net and investment-related impairment.
We present these non-GAAP financial measures because it is used
by our management to evaluate our operating performance and
formulate business plans. Adjusted net (loss)/income enables our
management to assess our operating results without considering the
impact of share-based compensation expenses, interest expense
associated with convertible loans and investment-related
impairment. Non-GAAP EBIT, on the other hand, enables our
management to assess our operating results without considering the
impact of income tax expense, interest expense, net, share-based
compensation expenses and investment-related impairment. We also
believe that the use of these non-GAAP financial measures
facilitate investors’ assessment of our operating performance.
These non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP.
These non-GAAP financial measures have limitations as an
analytical tool. One of the key limitations of using adjusted net
(loss)/income and non-GAAP EBIT is that they do not reflect all
items of income and expense that affect our operations. Share-based
compensation expenses, interest expense associated with convertible
loans, income tax expense, interest (income)/expense, net and
investment-related impairment have been and may continue to be
incurred in our business and are not reflected in the presentation
of adjusted net (loss)/income and non-GAAP EBIT. Further, these
non-GAAP financial measures may differ from the non-GAAP financial
information used by other companies, including peer companies, and
therefore their comparability may be limited.
We compensate for these limitations by reconciling the non-GAAP
financial measure to the most directly comparable U.S. GAAP
financial measure, which should be considered when evaluating our
performance. We encourage you to review our financial information
in its entirety and not rely on a single financial measure.
Exchange Rate Information Statement
This announcement contains translations of certain RMB amounts
into U.S. dollars (“US$”) at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB6.5063 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on December 29, 2017. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information
The unaudited financial information set out in this earnings
release is preliminary and subject to potential adjustments.
Adjustments to the consolidated financial statements may be
identified when audit work has been performed for the Company’s
year-end audit, which could result in significant differences from
this preliminary unaudited financial information.
Safe Harbor StatementThis 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. These forward-looking statements can be
identified by terminology such as “will,” expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident”
and similar statements. Among other things, the expectation of its
collection efficiency and delinquency, business outlook and
quotations from management in this announcement, contain
forward-looking statements. Lexin may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Lexin’s beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Lexin’s goal and strategies; Lexin’s expansion plans;
Lexin’s future business development, financial condition and
results of operations; Lexin’s expectation regarding demand for,
and market acceptance of, its credit and investment management
products; Lexin’s expectations regarding keeping and strengthening
its relationship with borrowers, institutional funding partners,
merchandise suppliers and other parties it collaborates with;
general economic and business conditions; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in Lexin’s filings with
the SEC. All information provided in this press release and in the
attachments is as of the date of this press release, and Lexin does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please
contact:
LexinFintech Holdings Ltd.
IR inquiries:Tony HungTel: +86 (755) 3637-8888 ext. 6258E-mail:
IR@lexinfintech.com
Media inquiries:Limin Chen Tel: +86 (755) 3367-8888 ext.
6993E-mail: liminchen@lexinfintech.com
ICR Inc.Media inquiries:Edmond LococoTel: +86 (10)
6583-7510E-mail: Edmond.lococo@icrinc.com
SOURCE LexinFintech Holdings Ltd.
|
LexinFintech Holdings
Ltd. Unaudited Condensed Consolidated Balance
Sheets |
|
|
(In
thousands, except for share and per share data) |
As of December 31, |
2016 |
|
2017 |
|
2017 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and
cash equivalents |
479,605 |
|
1,126,475 |
|
173,136 |
Restricted cash |
172,870 |
|
561,922 |
|
86,366 |
Restricted time deposits |
8,000 |
|
6,750 |
|
1,037 |
Short‑term financing receivables, net |
6,470,898 |
|
9,857,209 |
|
1,515,025 |
Accrued
interest receivable |
73,148 |
|
129,622 |
|
19,923 |
Prepaid
expenses and other current assets |
219,981 |
|
945,258 |
|
145,283 |
Amounts
due from related parties |
11,742 |
|
9,447 |
|
1,452 |
Inventories, net |
107,704 |
|
101,653 |
|
15,624 |
Total current assets |
7,543,948 |
|
12,738,336 |
|
1,957,846 |
Non‑current
assets |
|
|
|
|
|
Restricted cash |
- |
|
46,889 |
|
7,207 |
Restricted time deposits |
1,000 |
|
600 |
|
92 |
Long‑term
financing receivables, net |
1,066,148 |
|
1,785,045 |
|
274,356 |
Property,
equipment and software, net |
41,747 |
|
63,125 |
|
9,702 |
Long‑term
investments |
24,887 |
|
23,485 |
|
3,610 |
Deferred
tax assets |
42,405 |
|
38,841 |
|
5,970 |
Other
assets |
- |
|
33,263 |
|
5,112 |
Total non‑current assets |
1,176,187 |
|
1,991,248 |
|
306,049 |
TOTAL
ASSETS |
8,720,135 |
|
14,729,584 |
|
2,263,895 |
LIABILITIES |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts
payable |
72,703 |
|
198,177 |
|
30,459 |
Amounts
due to related parties |
137,782 |
|
67,510 |
|
10,376 |
Short‑term borrowings |
70,036 |
|
168,844 |
|
25,951 |
Short‑term funding debts |
6,968,488 |
|
10,525,134 |
|
1,617,683 |
Accrued
interest payable |
133,993 |
|
290,446 |
|
44,641 |
Accrued
expenses and other current liabilities |
602,259 |
|
1,611,029 |
|
247,611 |
Total current
liabilities |
7,985,261 |
|
12,861,140 |
|
1,976,721 |
Non‑current
liabilities |
|
|
|
|
|
Long‑term
funding debts |
21,014 |
|
166,629 |
|
25,610 |
Long‑term
borrowings |
1,762 |
|
289 |
|
44 |
Convertible loans |
698,179 |
|
- |
|
- |
Total
non‑current liabilities |
720,955 |
|
166,918 |
|
25,654 |
TOTAL
LIABILITIES |
8,706,216 |
|
13,028,058 |
|
2,002,375 |
|
|
|
|
|
|
LexinFintech Holdings Ltd. |
|
|
|
Unaudited Condensed
Consolidated Balance Sheets (Continued) |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
(In thousands,
except for share and per share data) |
|
2016 |
|
2017 |
|
2017 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
MEZZANINE
EQUITY |
|
|
|
|
|
|
|
Series A‑1 convertible redeemable preferred shares |
|
14,485 |
|
|
- |
|
|
- |
|
|
Class B ordinary shares |
|
1,319 |
|
|
- |
|
|
- |
|
|
Series A‑2 convertible redeemable preferred shares |
|
41,810 |
|
|
- |
|
|
- |
|
|
Series B‑1 convertible redeemable preferred shares |
|
29,970 |
|
|
- |
|
|
- |
|
|
Series B‑2 convertible redeemable preferred shares |
|
537,986 |
|
|
- |
|
|
- |
|
|
Series C convertible redeemable preferred shares |
|
* |
|
|
- |
|
|
- |
|
|
TOTAL MEZZANINE
EQUITY |
|
625,570 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
*
Less than 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
(DEFICIT)/EQUITY: |
|
|
|
|
|
|
|
Pre-IPO
Class A Ordinary Shares |
|
68 |
|
|
- |
|
|
- |
|
|
Post-IPO
Class A Ordinary Shares |
|
- |
|
|
142 |
|
|
22 |
|
|
Post-IPO
Class B Ordinary Shares |
|
- |
|
|
68 |
|
|
10 |
|
|
Additional paid‑in capital |
|
- |
|
|
2,110,957 |
|
|
324,448 |
|
|
Statutory
reserves |
|
2,003 |
|
|
55,861 |
|
|
8,586 |
|
|
Accumulated other comprehensive income/(loss) |
|
16,942 |
|
|
(14,951 |
) |
|
(2,298 |
) |
|
Accumulated deficit |
|
(630,664 |
) |
|
(450,551 |
) |
|
(69,248 |
) |
|
TOTAL
SHAREHOLDERS’ (DEFICIT)/EQUITY |
|
(611,651 |
) |
|
1,701,526 |
|
|
261,520 |
|
|
TOTAL
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’
(DEFICIT)/EQUITY |
|
8,720,135 |
|
|
14,729,584 |
|
|
2,263,895 |
|
|
|
LexinFintech Holdings
Ltd. Unaudited Condensed Consolidated
Statements of Operations |
|
|
(In
thousands, except for share and per share data) |
For the Three Months Ended December
31, |
2016 |
|
2017 |
|
2017 |
|
RMB |
|
RMB |
|
US$ |
Operating
revenue: |
|
|
|
Online
direct sales |
832,715 |
|
|
673,607 |
|
|
103,532 |
|
Services
and others |
1,617 |
|
|
18,118 |
|
|
2,785 |
|
Online direct sales and services income |
834,332 |
|
|
691,725 |
|
|
106,317 |
|
Interest
and financial services income |
479,952 |
|
|
657,004 |
|
|
100,980 |
|
Loan
facilitation and servicing fees |
24,917 |
|
|
191,442 |
|
|
29,424 |
|
Other
revenue |
50,711 |
|
|
53,531 |
|
|
8,228 |
|
Financial services income |
555,580 |
|
|
901,977 |
|
|
138,632 |
|
Total operating
revenue |
1,389,912 |
|
|
1,593,702 |
|
|
244,949 |
|
Operating
cost: |
|
|
|
Cost of
sales |
(865,361 |
) |
|
(679,765 |
) |
|
(104,478 |
) |
Funding
cost |
(150,824 |
) |
|
(222,438 |
) |
|
(34,188 |
) |
Processing and servicing cost |
(38,364 |
) |
|
(68,267 |
) |
|
(10,492 |
) |
Provision
for credit losses |
(93,523 |
) |
|
(189,197 |
) |
|
(29,079 |
) |
Total operating
cost |
(1,148,072 |
) |
|
(1,159,667 |
) |
|
(178,237 |
) |
Gross
profit |
241,840 |
|
|
434,035 |
|
|
66,712 |
|
Operating
expenses: |
|
|
|
Sales and
marketing expenses |
(118,239 |
) |
|
(107,977 |
) |
|
(16,596 |
) |
Research
and development expenses |
(45,529 |
) |
|
(67,007 |
) |
|
(10,299 |
) |
General
and administrative expenses |
(27,634 |
) |
|
(56,590 |
) |
|
(8,698 |
) |
Total operating
expenses |
(191,402 |
) |
|
(231,574 |
) |
|
(35,593 |
) |
Interest
expense, net |
(20,853 |
) |
|
(7,289 |
) |
|
(1,120 |
) |
Investment related impairment |
(5,635 |
) |
|
(932 |
) |
|
(143 |
) |
Change in
fair value of financial guarantee derivatives |
(2,399 |
) |
|
15,346 |
|
|
2,359 |
|
Others,
net |
(1,803 |
) |
|
292 |
|
|
45 |
|
Income before
income tax expense |
19,748 |
|
|
209,878 |
|
|
32,260 |
|
Income
tax expense |
(32,650 |
) |
|
(109,440 |
) |
|
(16,821 |
) |
Net
(loss)/income |
(12,902 |
) |
|
100,438 |
|
|
15,439 |
|
Preferred
shares redemption value accretion |
(16,278 |
) |
|
(31,628 |
) |
|
(4,861 |
) |
Income
allocation to participating preferred shares |
- |
|
|
(47,113 |
) |
|
(7,241 |
) |
Net
(loss)/income attributable to ordinary shareholders |
(29,180 |
) |
|
21,697 |
|
|
3,337 |
|
|
|
|
|
Net
(loss)/income per ordinary share |
|
|
|
Basic |
(0.29 |
) |
|
0.18 |
|
|
0.03 |
|
Diluted |
(0.29 |
) |
|
0.14 |
|
|
0.02 |
|
|
|
|
|
Net
(loss)/income per ADS |
|
|
|
Basic |
|
|
0.35 |
|
|
0.05 |
|
Diluted |
|
|
0.29 |
|
|
0.04 |
|
|
|
|
|
Weighted
average ordinary shares outstanding |
|
|
|
Basic |
110,647,199 |
|
|
122,444,533 |
|
|
122,444,533 |
|
Diluted |
110,647,199 |
|
|
195,107,394 |
|
|
195,107,394 |
|
|
|
|
|
LexinFintech Holdings
Ltd. Unaudited Condensed Consolidated
Statements of Comprehensive (Loss)/Income |
|
(In
thousands, except for share and per share data) |
For the Three Months ended December
31, |
2016 |
|
2017 |
|
2017 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
Net
(loss)/income |
(12,902 |
) |
|
100,438 |
|
|
15,439 |
|
Other
comprehensive income/(loss) |
|
|
|
Foreign
currency translation adjustment, net of nil tax |
771 |
|
|
(33,689 |
) |
|
(5,178 |
) |
Total
comprehensive (loss)/income |
(12,131 |
) |
|
66,749 |
|
|
10,261 |
|
LexinFintech Holdings
Ltd. Unaudited Condensed Consolidated
Statements of Operations |
|
|
(In
thousands, except for share and per share data) |
For the Year Ended December 31, |
2016 |
|
2017 |
|
2017 |
|
RMB |
|
RMB |
|
US$ |
Operating
revenue: |
|
|
|
Online
direct sales |
2,770,634 |
|
|
2,534,983 |
|
|
389,620 |
|
Services
and others |
5,060 |
|
|
31,950 |
|
|
4,911 |
|
Online direct sales and services income |
2,775,694 |
|
|
2,566,933 |
|
|
394,531 |
|
Interest
and financial services income |
1,373,559 |
|
|
2,443,761 |
|
|
375,599 |
|
Loan
facilitation and servicing fees |
54,201 |
|
|
378,892 |
|
|
58,235 |
|
Other
revenue |
135,232 |
|
|
192,603 |
|
|
29,603 |
|
Financial services income |
1,562,992 |
|
|
3,015,256 |
|
|
463,437 |
|
Total operating
revenue |
4,338,686 |
|
|
5,582,189 |
|
|
857,968 |
|
Operating
cost: |
|
|
|
Cost of
sales |
(2,894,025 |
) |
|
(2,634,142 |
) |
|
(404,860 |
) |
Funding
cost |
(491,695 |
) |
|
(792,170 |
) |
|
(121,754 |
) |
Processing and servicing cost |
(114,323 |
) |
|
(223,916 |
) |
|
(34,415 |
) |
Provision
for credit losses |
(236,611 |
) |
|
(611,869 |
) |
|
(94,043 |
) |
Total operating
cost |
(3,736,654 |
) |
|
(4,262,097 |
) |
|
(655,072 |
) |
Gross
profit |
602,032 |
|
|
1,320,092 |
|
|
202,896 |
|
Operating
expenses: |
|
|
|
Sales and
marketing expenses |
(376,313 |
) |
|
(405,505 |
) |
|
(62,325 |
) |
Research
and development expenses |
(127,317 |
) |
|
(235,292 |
) |
|
(36,164 |
) |
General
and administrative expenses |
(87,364 |
) |
|
(203,635 |
) |
|
(31,298 |
) |
Total operating
expenses |
(590,994 |
) |
|
(844,432 |
) |
|
(129,787 |
) |
Interest
expense, net |
(48,343 |
) |
|
(75,517 |
) |
|
(11,607 |
) |
Investment related impairment |
(5,635 |
) |
|
(932 |
) |
|
(143 |
) |
Change in
fair value of financial guarantee derivatives |
(5,942 |
) |
|
47,355 |
|
|
7,278 |
|
Others,
net |
(10,799 |
) |
|
28,013 |
|
|
4,306 |
|
(Loss)/income
before income tax expense |
(59,681 |
) |
|
474,579 |
|
|
72,943 |
|
Income
tax expense |
(58,258 |
) |
|
(234,227 |
) |
|
(36,000 |
) |
Net
(loss)/income |
(117,939 |
) |
|
240,352 |
|
|
36,943 |
|
Preferred
shares redemption value accretion |
(62,299 |
) |
|
(82,117 |
) |
|
(12,621 |
) |
Income
allocation to participating preferred shares |
- |
|
|
(132,241 |
) |
|
(20,325 |
) |
Deemed
dividend to a preferred shareholder |
(42,679 |
) |
|
- |
|
|
- |
|
Net
(loss)/income attributable to ordinary shareholders |
(222,917 |
) |
|
25,994 |
|
|
3,997 |
|
|
|
|
|
Net
(loss)/income per ordinary share |
|
|
|
Basic |
(2.01 |
) |
|
0.23 |
|
|
0.04 |
|
Diluted |
(2.01 |
) |
|
0.18 |
|
|
0.03 |
|
|
|
|
|
Net
(loss)/income per ADS |
|
|
|
Basic |
|
|
0.46 |
|
|
0.07 |
|
Diluted |
|
|
0.37 |
|
|
0.06 |
|
|
|
|
|
Weighted
average ordinary shares outstanding |
|
|
|
Basic |
110,647,199 |
|
|
113,620,774 |
|
|
113,620,774 |
|
Diluted |
110,647,199 |
|
|
140,852,401 |
|
|
140,852,401 |
|
|
|
|
|
LexinFintech Holdings
Ltd. Unaudited Condensed Consolidated
Statements of Comprehensive (Loss)/Income |
|
|
(In
thousands, except for share and per share data) |
For the Year Ended December 31, |
2016 |
|
2017 |
|
2017 |
|
RMB |
|
RMB |
|
|
US$ |
|
|
|
|
|
Net
(loss)/income |
(117,939 |
) |
|
240,352 |
|
|
36,943 |
|
Other
comprehensive income/(loss) |
|
|
|
Foreign
currency translation adjustment, net of nil tax |
1,908 |
|
|
(31,893 |
) |
|
(4,902 |
) |
Total
comprehensive (loss)/income |
(116,031 |
) |
|
208,459 |
|
|
32,041 |
|
|
LexinFintech Holdings Ltd. |
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
Reconciliation
of Adjusted Net Income to Net (Loss)/Income |
|
|
|
|
|
|
Net (loss)/income |
|
(12,902 |
) |
|
100,438 |
|
15,439 |
Add: Share-based
compensation expenses |
|
10,025 |
|
|
19,199 |
|
2,951 |
Interest expense
associated with convertible loans |
|
20,851 |
|
|
5,878 |
|
903 |
Investment-related
impairment |
|
5,635 |
|
|
932 |
|
143 |
Adjusted
net income |
|
23,609 |
|
|
126,447 |
|
19,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
Reconciliation
of Adjusted Net (Loss)/Income to Net (Loss)/Income |
|
|
|
|
|
|
Net
(loss)/income |
|
(117,939 |
) |
|
240,352 |
|
36,943 |
Add:
Share-based compensation expenses |
|
23,999 |
|
|
75,736 |
|
11,640 |
Interest
expense associated with convertible loans |
|
48,663 |
|
|
71,867 |
|
11,046 |
Investment-related
impairment |
|
5,635 |
|
|
932 |
|
143 |
Adjusted
net (loss)/ income |
|
(39,642 |
) |
|
388,887 |
|
59,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December
31, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
Reconciliations
of Non-GAAP EBIT to Net (Loss)/Income |
|
|
|
|
|
|
Net (loss)/income |
|
(12,902 |
) |
|
100,438 |
|
15,439 |
Add: Income tax
expense |
|
32,650 |
|
|
109,440 |
|
16,821 |
Share-based
compensation expenses |
|
10,025 |
|
|
19,199 |
|
2,951 |
Interest expense,
net |
|
20,853 |
|
|
7,289 |
|
1,120 |
Investment-related
impairment |
|
5,635 |
|
|
932 |
|
143 |
Non-GAAP EBIT |
|
56,261 |
|
|
237,298 |
|
36,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
2016 |
|
2017 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
Reconciliations
of Non-GAAP EBIT to Net (Loss)/Income |
|
|
|
|
|
|
Net (loss)/income |
|
(117,939 |
) |
|
240,352 |
|
36,943 |
Add: Income tax
expense |
|
58,258 |
|
|
234,227 |
|
36,000 |
Share-based
compensation expenses |
|
23,999 |
|
|
75,736 |
|
11,640 |
Interest expense,
net |
|
48,343 |
|
|
75,517 |
|
11,607 |
Investment-related
impairment |
|
5,635 |
|
|
932 |
|
143 |
Non-GAAP EBIT |
|
18,296 |
|
|
626,764 |
|
96,333 |
|
|
|
|
|
|
|
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