SHENZHEN, China, Nov. 16,
2022 /PRNewswire/ -- X Financial (NYSE: XYF)
(the "Company" or "we"), a leading online personal finance company
in China, today announced its
unaudited financial results for the third quarter ended
September 30, 2022.
Third Quarter 2022 Financial Highlights
- Total net revenue in the third quarter of 2022 was RMB894.6 million (US$125.8
million), representing a decrease of 7.2% from RMB964.4 million in the same period of 2021.
- Income from operations in the third quarter of 2022 was
RMB300.4 million (US$42.2 million), compared with RMB410.6 million in the same period of 2021.
- Net income in the third quarter of 2022 was RMB211.7 million (US$29.8
million), compared with RMB267.2
million in the same period of 2021.
- Non-GAAP[1] adjusted net income in the third quarter of 2022
was RMB231.1 million (US$32.5 million), compared with RMB277.0 million in the same period of 2021.
- Net income per basic and diluted American depositary share
("ADS") [2] in the third quarter of 2022 was RMB3.96 (US$0.56)
and RMB3.84 (US$0.54), compared with RMB4.80 and RMB4.68, respectively, in the same period of
2021.
- Non-GAAP adjusted net income per basic and adjusted diluted ADS
in the third quarter of 2022 was RMB4.32 (US$0.61)
and RMB4.20 (US$0.59), compared with RMB4.98 and RMB4.86, respectively, in the same period of
2021.
Third Quarter 2022 Operational Highlights
- The total loan amount facilitated and originated[3] in the
third quarter of 2022 was RMB19,825
million, representing an increase of 31.4% from RMB15,085 million in the same period of 2021 and
an increase of 17.5% from RMB16,879
million in the previous quarter. Xiaoying Credit Loan[4]
accounted for 99.6% of the Company's total loan amount facilitated
and originated in the third quarter of 2022, compared with 100% in
the same period of 2021.
- The total outstanding loan balance[5] as of September 30, 2022 was RMB33,789 million, compared with RMB29,075 million as of June 30, 2022 and RMB24,509 million as of September 30, 2021.
- The delinquency rate for all outstanding loans[6] that are past
due for 31-60 days as of September 30,
2022 was 0.77%, compared with 0.93% as of June 30, 2022 and 0.96% as of September 30, 2021.
- The number of cumulative borrowers[7] was 9.7 million as of
September 30, 2022.
- Total cumulative registered users reached 78.9 million as of
September 30, 2022.
Mr. Justin Tang, the Founder,
Chief Executive Officer and Chairman of the Company, commented, "We
are pleased with our operational and financial results in the third
quarter. The loan facilitation amount reached the high end of our
previous guidance, asset quality steadily improved, and both top
line and bottom line saw sequential growth. Against the macro
headwinds such as economic slowdown and consumption softness amid
the COVID-19 resurgence, our performance further demonstrates our
healthy fundamentals, effective strategic positioning, proven
strategy, and strong execution capability."
"We believe China's consumer
and micro and small businesses financing markets still have great
potential and we are confident of delivering sustainable growth in
the long term. During recent months, we continued to execute our
share repurchase program initiated earlier this year. This share
repurchase program is aligned with our commitment to enhancing
shareholder value and reflects the Board's confidence in the
Company's long-term prospects. Our Board further increased our
share repurchase program to US$30
million. We believe that our business strategy and execution
will continue to further enhance shareholder value in the long
term."
Mr. Kent Li, President of the
Company, added, "During the third quarter, our total loan amount
facilitated and originated reached about RMB19.8 billion, an increase of 31.4%
year-over-year and 17.5% quarter-over-quarter. We continued to
improve our asset quality with prudent risk management. On a
sequential basis, the delinquency rate for all outstanding loans
past due for 31-60 days decreased from 0.93% to 0.77% as of the end
of September. In addition, we further expanded our premium borrower
base. Our number of active borrowers increased to 1.4 million in
the third quarter,
a new record in the Company's history.
This expanding premium borrower base has underpinned our quality
growth during challenging times and laid a solid foundation for our
future development. Moving ahead, we will continue to enhance our
risk management and borrower acquisition efforts."
Mr. Frank Fuya Zheng, Chief
Financial Officer of the Company, added, "We are pleased to deliver
a steady financial performance in the third quarter. Total net
revenue increased by 8.5% quarter-over-quarter to RMB894.6 million, while net income increased
by 14.0% quarter-over-quarter to RMB211.7 million. We continued to deepen our
collaboration with institutional funding partners to serve diverse
personal financing needs and disciplined cost control measures to
improve operational efficiency. Despite macro uncertainties ahead,
we believe we are well positioned in the market with our trusted
brand, strong technology and underlying earnings strength. We will
strike a balance to drive long term growth and increase shareholder
value through sound capital allocation strategy."
|
[1] 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 and income (loss) from financial
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.
|
|
[2] Each American
depositary share ("ADS") represents six Class A ordinary
shares. On November 19, 2020, a ratio change that has the same
effect as a 1-for-3 reverse ADS split took effect, and as a result,
one ADS currently represents six Class A ordinary
shares.
|
|
[3] Represents the
total amount of loans that X Financial facilitated and originated
during the relevant period.
|
|
[4] Xiaoying Credit
Loan is a category of online personal credit loan products
facilitated and originated through our platform, including Xiaoying
Card Loan and other unsecured loan products we introduce from time
to time.
|
|
[5] Represents the
total amount of loans outstanding for loans X Financial 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.
|
|
[6] 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 the Company facilitated and
originated as of a specific date. Loans that are delinquent for
more than 60 days are charged-off and excluded in the calculation
of delinquency rate by balance. Xiaoying Housing Loan was launched
in 2015 and ceased in 2019, and all the outstanding loan balance of
housing loan as of September 30, 2021, June 30, 2022 and September
30, 2022 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.
|
|
[7] Represents
borrowers who made at least one transaction during that period from
the commencement of the Company's loan facilitation business to a
certain date on the Company's platform.
|
Third Quarter 2022 Financial Results
Total net revenue in the third quarter of
2022 decreased by 7.2% to RMB894.6 million (US$125.8 million) from RMB964.4 million in the same period of 2021,
primarily due to a decrease in average total borrowing cost of the
borrowers; and also partially offset by an increase in the total
loan amount facilitated and originated this quarter compared
with the same period of 2021.
Loan facilitation service fees in the third quarter of
2022 decreased by 25.2% to RMB502.0 million (US$70.6 million) from RMB670.9 million in the same period of 2021,
primarily due to a decrease in average total borrowing cost of the
borrowers; and also partially offset by an increase in the
total loan amount facilitated this quarter compared with the
same period of 2021.
Post-origination service fees in the third
quarter of 2022 increased by 8.6% to RMB96.0 million (US$13.5 million) from RMB88.4 million in the same period of 2021,
primarily due to the cumulative effect of increased volume of loans
facilitated in the previous quarters. Revenues from
post-origination services are recognized on a straight-line basis
over the term of the underlying loans as the services are being
provided.
Financing income in the third quarter of 2022
increased by 46.0% to RMB251.6 million (US$35.4 million) from RMB172.3 million in the same period of 2021,
primarily due to an increase in average loan balances compared with
the same period of 2021.
Other revenue in the third quarter of 2022 increased by
37.7% to RMB45.0 million
(US$6.3 million), compared with
RMB32.7 million in the same
period of 2021, primarily due to an increase in referral service
fee for introducing borrowers to other platforms.
Origination and servicing expenses in the third quarter
of 2022 increased by 11.7% to RMB540.5 million (US$76.0 million) from RMB483.8 million in the same period of 2021,
primarily due to the following factors: (i) an increase in
commission fees resulting from the increase in the total loan
amount facilitated and originated this quarter, (ii) an
increase in interest expenses as a result of the increase in
payable to institutional funding partners, and (iii) partially
offset by a decrease in insurance fee paid to insurance
company.
Reversal of provision for accounts receivable and contract
assets in the third quarter of 2022 was RMB4.4 million (US$0.6
million), compared with provision for accounts receivable
and contract assets of RMB15.2 million in the same period of 2021,
primarily due to a decrease in the average estimated default rate
compared with the same period of 2021.
Provision for loans receivable in the third quarter of
2022 was RMB17.2 million
(US$2.4 million), compared with
RMB10.2 million in the same period of
2021, primarily due to an increase in loans receivable held by the
Company as a result of the increase in the total loan amount
facilitated and originated this quarter compared with the same
period of 2021, and partially offset by a decrease in the average
estimated default rate compared with the same period of 2021.
Income from operations in the third quarter of
2022 was RMB300.4 million
(US$42.2 million), compared with
RMB410.6 million in the same
period of 2021.
Income before income taxes and loss from equity in
affiliates in the third quarter of 2022 was
RMB302.9 million (US$42.6 million), compared with income
before income taxes and gain from equity in affiliates of
RMB385.2 million in the same
period of 2021.
Income tax expense in the third quarter of 2022 was
RMB91.1 million (US$12.8 million), compared with RMB119.5 million in the same period of
2021.
Net income in the third quarter of 2022 was
RMB211.7 million (US$29.8 million), compared with RMB267.2 million in the same period of
2021.
Non-GAAP adjusted net income in the third quarter of
2022 was RMB231.1 million
(US$32.5 million), compared with
RMB277.0 million in the same
period of 2021.
Net income per basic and diluted ADS in the third
quarter of 2022 was RMB3.96 (US$0.56), and RMB3.84 (US$0.54), compared with
RMB4.80 and RMB4.68, respectively, in the same period of
2021.
Non-GAAP adjusted net income per basic and diluted
ADS in the third quarter of 2022 was RMB4.32 (US$0.61), and RMB4.20 (US$0.59), compared with
RMB4.98 and RMB4.86 respectively, in the same period of
2021.
Cash and cash equivalents was RMB653.7 million (US$91.9 million) as of September 30, 2022, compared with RMB702.9 million as of June 30, 2022.
Share Repurchase Plan
On September 30, 2022, the Company announced that its board
of directors authorized an increase in its share repurchase program
to US$20 million from US$15 million, effective through September 2023. As of the date of this
announcement, the Company had repurchased an aggregate of 218,178
ADSs and 38,088,855 Class A ordinary shares for a total
consideration of US$18.1 million.
On November 16, 2022, the Company
announced that its board of directors has authorized to further
increase its share repurchase program to US$30 million. The share repurchase program will
remain effective through September
2023.
Business Outlook
For the fourth quarter of 2022, the Company expects the total
loan amount facilitated and originated to be between RMB19.5 billion and RMB21.0 billion. For the full year of 2022, the
Company expects the total loan amount facilitated and originated to
be between RMB71.5 billion and
RMB73.0 billion. This forecast
reflects the Company's current and preliminary views, which are
subject to changes.
Conference Call
X Financial's management team will host an earnings conference
call at 7:00 AM U.S. Eastern Time on
November 17, 2022 (8:00 PM Beijing / Hong Kong Time on the same
day).
Dial-in details for the earnings conference call are as
follows:
|
United
States:
|
1-888-346-8982
|
|
Hong Kong:
|
852-301-84992
|
|
Mainland
China:
|
4001-201203
|
|
International:
|
1-412-902-4272
|
|
Passcode:
|
X Financial
|
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until November 24,
2022:
|
United
States:
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Passcode:
|
3350951
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.xiaoyinggroup.com.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading online
personal finance company in China.
The Company is committed to connecting borrowers on its platform
with its institutional funding partners. With its proprietary big
data-driven technology, the Company has established strategic
partnerships with financial institutions across multiple areas of
its business operations, enabling it to facilitate and
originate loans to prime borrowers under a risk assessment and
control system.
For more information, please visit:
http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use non-GAAP
measures as supplemental measures to review and assess our
operating performance. We present the non-GAAP financial measures
because they are used by our management to evaluate our operating
performance and formulate business plans. We believe that the use
of the non-GAAP financial measures facilitates investors'
assessment of our operating performance and help investors to
identify underlying trends in our business that could otherwise be
distorted by the effect of certain income or expenses that we
include in income (loss) from operations and net income (loss). We
also believe that the non-GAAP measures provide useful information
about our core operating results, enhance the overall understanding
of our past performance and future prospects and allow for greater
visibility with respect to key metrics used by our management in
its financial and operational decision-making.
We use in this press release the following non-GAAP financial
measures: (i) adjusted net income, (ii) adjusted net income per
basic ADS, and (iii) adjusted net income per diluted ADS, each of
which excludes income (loss) from financial investments, impairment
losses on financial investments and share-based compensation
expense. 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 analytical
tools, and when assessing our operating performance, investors
should not consider them in isolation, or as a substitute
for the financial information prepared and presented in
accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP
financial measures to the most directly comparable U.S. GAAP
financial measures, which should be considered when evaluating our
performance. We encourage you to review our financial information
in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures,
please see the table captioned "Reconciliations of GAAP and
Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB7.1135 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of September 30,
2022.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please contact:
X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com
Christensen IR
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
|
X
Financial
|
|
|
|
|
Unaudited Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
(In thousands,
except for share and per share data)
|
As of December 31,
2021
|
As of September 30,
2022
|
As of September 30,
2022
|
|
RMB
|
RMB
|
USD
|
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
584,762
|
653,722
|
91,899
|
|
Restricted
cash
|
407,276
|
468,348
|
65,839
|
|
Accounts receivable and
contract assets, net
|
747,480
|
922,239
|
129,646
|
|
Loans receivable from
Xiaoying Credit Loans and Revolving Loans, net
|
2,484,073
|
3,751,936
|
527,439
|
|
Loans at fair
value
|
389,679
|
205,646
|
28,909
|
|
Deposits to
institutional cooperators, net
|
1,500,407
|
1,631,129
|
229,300
|
|
Prepaid expenses and
other current assets, net
|
213,127
|
69,543
|
9,780
|
|
Financial guarantee
derivative
|
11,817
|
-
|
-
|
|
Deferred tax assets,
net
|
274,869
|
121,287
|
17,050
|
|
Long-term
investments
|
560,038
|
566,687
|
79,664
|
|
Property and equipment,
net
|
6,188
|
5,334
|
750
|
|
Intangible assets,
net
|
36,817
|
37,150
|
5,222
|
|
Loan receivable from
Xiaoying Housing Loans, net
|
12,083
|
10,061
|
1,414
|
|
Financial
investments
|
82,844
|
167,099
|
23,490
|
|
Other non-current
assets
|
31,277
|
62,736
|
8,819
|
|
TOTAL
ASSETS
|
7,342,737
|
8,672,917
|
1,219,221
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Payable to investors at
fair value
|
462,714
|
250,635
|
35,234
|
|
Payable to
institutional funding partners
|
1,487,379
|
2,509,891
|
352,835
|
|
Financial guarantee
derivative
|
565,953
|
319,489
|
44,913
|
|
Short-term
borrowings
|
166,500
|
90,209
|
12,681
|
|
Accrued payroll and
welfare
|
44,605
|
47,054
|
6,615
|
|
Other tax
payable
|
219,544
|
245,500
|
34,512
|
|
Income tax
payable
|
117,148
|
248,859
|
34,984
|
|
Deposit payable to
channel cooperators
|
21,012
|
20,100
|
2,826
|
|
Accrued expenses and
other current liabilities
|
268,967
|
360,344
|
50,656
|
|
Other non-current
liabilities
|
12,019
|
48,192
|
6,775
|
|
Deferred tax
liabilities
|
-
|
2,405
|
338
|
|
TOTAL
LIABILITIES
|
3,365,841
|
4,142,678
|
582,369
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
Equity:
|
|
|
|
|
Common
shares
|
207
|
207
|
29
|
|
Treasury
stock
|
-
|
(95,865)
|
(13,476)
|
|
Additional paid-in
capital
|
3,159,523
|
3,201,238
|
450,023
|
|
Retained
earnings
|
810,856
|
1,348,212
|
189,529
|
|
Other comprehensive
income
|
6,310
|
76,447
|
10,747
|
|
Total X Financial
shareholders' equity
|
3,976,896
|
4,530,239
|
636,852
|
|
Non-controlling
interests
|
-
|
-
|
-
|
|
TOTAL
EQUITY
|
3,976,896
|
4,530,239
|
636,852
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
7,342,737
|
8,672,917
|
1,219,221
|
|
|
|
|
|
X
Financial
|
|
|
|
|
|
|
|
|
Unaudited Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
(In thousands,
except for share and per share data)
|
2021
|
2022
|
2022
|
|
2021
|
2022
|
2022
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
Loan facilitation
service
|
670,885
|
501,972
|
70,566
|
|
2,057,818
|
1,482,206
|
208,365
|
|
Post-origination
service
|
88,420
|
96,026
|
13,499
|
|
220,823
|
265,673
|
37,348
|
|
Financing
income
|
172,349
|
251,607
|
35,370
|
|
452,808
|
717,638
|
100,884
|
|
Other
revenue
|
32,697
|
45,012
|
6,328
|
|
71,618
|
141,791
|
19,933
|
|
Total net
revenue
|
964,351
|
894,617
|
125,763
|
|
2,803,067
|
2,607,308
|
366,530
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Origination and
servicing
|
483,833
|
540,451
|
75,975
|
|
1,577,209
|
1,538,011
|
216,210
|
|
General and
administrative
|
39,081
|
42,590
|
5,987
|
|
125,652
|
129,078
|
18,145
|
|
Sales and
marketing
|
5,440
|
3,726
|
524
|
|
15,512
|
12,952
|
1,821
|
|
(Reversal of) provision
for accounts receivable and contract assets
|
15,237
|
(4,385)
|
(616)
|
|
57,719
|
47,386
|
6,661
|
|
Provision for loans
receivable
|
10,199
|
17,216
|
2,420
|
|
35,695
|
83,180
|
11,693
|
|
Reversal of provision
for contingent guarantee liabilities
|
-
|
-
|
-
|
|
(24)
|
(14,000)
|
(1,968)
|
|
(Reversal of) provision
for credit losses on deposits to institutional
cooperators
|
392
|
(5,407)
|
(760)
|
|
(7,782)
|
3,127
|
440
|
|
Reversal of provision
for credit losses for other financial assets
|
(382)
|
-
|
-
|
|
(382)
|
(765)
|
(108)
|
|
Total operating
costs and expenses
|
553,800
|
594,191
|
83,530
|
|
1,803,599
|
1,798,969
|
252,894
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
410,551
|
300,426
|
42,233
|
|
999,468
|
808,339
|
113,636
|
|
Interest income,
net
|
6,382
|
643
|
90
|
|
15,990
|
3,359
|
472
|
|
Foreign exchange gain
(loss)
|
(954)
|
(13,991)
|
(1,967)
|
|
1,240
|
(26,137)
|
(3,674)
|
|
Impairment losses on
financial investments
|
-
|
(8,875)
|
(1,248)
|
|
-
|
(8,875)
|
(1,248)
|
|
Income (loss) from
financial investments
|
-
|
1,823
|
256
|
|
-
|
(7,802)
|
(1,097)
|
|
Fair value adjustments
related to Consolidated Trusts
|
7,570
|
(4,886)
|
(687)
|
|
(108)
|
(6,377)
|
(896)
|
|
Change in fair value of
financial guarantee derivative
|
(48,042)
|
21,649
|
3,043
|
|
(143,658)
|
46,274
|
6,505
|
|
Other income,
net
|
9,644
|
6,106
|
858
|
|
16,745
|
32,134
|
4,517
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and gain (loss) from equity in affiliates
|
385,151
|
302,895
|
42,578
|
|
889,677
|
840,915
|
118,215
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
(119,458)
|
(91,104)
|
(12,807)
|
|
(214,566)
|
(314,380)
|
(44,195)
|
|
Gain (loss) from equity
in affiliates, net of tax
|
1,548
|
(67)
|
(9)
|
|
4,775
|
10,821
|
1,521
|
|
Net
income
|
267,241
|
211,724
|
29,762
|
|
679,886
|
537,356
|
75,541
|
|
Less: net income
attributable to non-controlling interests
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
Net income
attributable to X Financial shareholders
|
267,241
|
211,724
|
29,762
|
|
679,886
|
537,356
|
75,541
|
|
|
|
|
|
|
|
|
|
Net
income
|
267,241
|
211,724
|
29,762
|
|
679,886
|
537,356
|
75,541
|
|
Other comprehensive
income, net of tax of nil:
|
|
|
|
|
|
|
|
|
Gain from equity in
affiliates
|
-
|
96
|
13
|
|
-
|
166
|
23
|
|
Foreign currency
translation adjustments
|
1,957
|
37,254
|
5,237
|
|
(4,515)
|
69,971
|
9,836
|
|
Comprehensive
income
|
269,198
|
249,074
|
35,012
|
|
675,371
|
607,493
|
85,400
|
|
Less: comprehensive
income attributable to non-controlling interests
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
Comprehensive income
attributable to X Financial shareholders
|
269,198
|
249,074
|
35,012
|
|
675,371
|
607,493
|
85,400
|
|
|
|
|
|
|
|
|
|
Net income per
share—basic
|
0.80
|
0.66
|
0.09
|
|
2.06
|
1.64
|
0.23
|
|
Net income per
share—diluted
|
0.78
|
0.64
|
0.09
|
|
2.00
|
1.60
|
0.22
|
|
|
|
|
|
|
|
|
|
Net income per
ADS—basic
|
4.80
|
3.96
|
0.56
|
|
12.36
|
9.84
|
1.38
|
|
Net income per
ADS—diluted
|
4.68
|
3.84
|
0.54
|
|
12.00
|
9.60
|
1.35
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares outstanding—basic
|
332,503,053
|
321,742,209
|
321,742,209
|
|
329,347,604
|
328,467,902
|
328,467,902
|
|
Weighted average number
of ordinary shares outstanding—diluted
|
342,343,280
|
328,981,034
|
328,981,034
|
|
339,187,831
|
335,706,728
|
335,706,728
|
|
|
|
|
|
|
|
|
|
X
Financial
|
|
|
|
|
|
|
|
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(In thousands,
except for share and per share data)
|
2021
|
2022
|
2022
|
|
2021
|
2022
|
2022
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
GAAP net
income
|
267,241
|
211,724
|
29,762
|
|
679,886
|
537,356
|
75,541
|
|
Less: Impairment losses
on financial investments (net of tax of nil)
|
-
|
(8,875)
|
(1,248)
|
|
-
|
(8,875)
|
(1,248)
|
|
Less: Income (loss)
from financial investments (net of tax of nil)
|
-
|
1,823
|
256
|
|
-
|
(7,802)
|
(1,097)
|
|
Add: Share-based
compensation expenses (net of tax of nil)
|
9,719
|
12,349
|
1,736
|
|
51,006
|
41,686
|
5,860
|
|
Non-GAAP adjusted
net income
|
276,960
|
231,125
|
32,490
|
|
730,892
|
595,719
|
83,746
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
income per share—basic
|
0.83
|
0.72
|
0.10
|
|
2.22
|
1.81
|
0.25
|
|
Non-GAAP adjusted net
income per share—diluted
|
0.81
|
0.70
|
0.10
|
|
2.15
|
1.77
|
0.25
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
income per ADS—basic
|
4.98
|
4.32
|
0.61
|
|
13.32
|
10.86
|
1.53
|
|
Non-GAAP adjusted net
income per ADS—diluted
|
4.86
|
4.20
|
0.59
|
|
12.90
|
10.62
|
1.49
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares outstanding—basic
|
332,503,053
|
321,742,209
|
321,742,209
|
|
329,347,604
|
328,467,902
|
328,467,902
|
|
Weighted average number
of ordinary shares outstanding—diluted
|
342,343,280
|
328,981,034
|
328,981,034
|
|
339,187,831
|
335,706,728
|
335,706,728
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2022-unaudited-financial-results-301680023.html
SOURCE X Financial