X Financial Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
Fourth Quarter and Fiscal Year 2023 Operational Highlights
|
Three Months |
Three Months |
Three Months |
|
|
Twelve Months |
Twelve Months |
|
|
QoQ |
YoY |
YoY |
|||||
Total loan amount facilitated and |
21,700 |
29,462 |
26,134 |
(11.3 %) |
20.4 % |
73,655 |
105,557 |
43.3 % |
Number of active borrowers |
1,370,496 |
1,809,815 |
1,603,760 |
(11.4 %) |
17.0 % |
3,326,774 |
4,495,997 |
35.1 % |
- The total loan amount facilitated and originated[1] in the fourth quarter of 2023 was
RMB26,134 million , representing an increase of 20.4% fromRMB21,700 million in the same period of 2022. - The total loan amount facilitated and originated in 2023 was
RMB105,557 million , representing an increase of 43.3% fromRMB73,655 million in 2022. - Total number of active borrowers[2] was 1,603,760 in the fourth quarter of 2023, representing an increase of 17.0% from 1,370,496 in the same period of 2022.
- Total number of active borrowers was 4,495,997 in 2023, representing an increase of 35.1% from 3,326,774 in 2022.
|
As of |
As of |
As of |
Total outstanding loan balance (RMB in million) |
37,992 |
49,685 |
48,847 |
Delinquency rates for all outstanding loans that are past |
1.02 % |
1.11 % |
1.57 % |
Delinquency rates for all outstanding loans that are past |
1.93 % |
2.50 % |
3.12 % |
- The total outstanding loan balance[3] as of
December 31, 2023 wasRMB48,847 million , compared withRMB37,992 million as ofDecember 31, 2022 . - The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of
December 31, 2023 was 1.57%, compared with 1.02% as ofDecember 31, 2022 . - The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of
December 31, 2023 was 3.12%, compared with 1.93% as ofDecember 31, 2022 .
[1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are charged-off and are excluded in the outstanding loan balance, except for Xiaoying Housing Loan. As Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loan delinquent for more than 60 days in the outstanding loan balance.
[4] Represents the balance of the outstanding principal and accrued outstanding interest for loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 60 days are charged-off and excluded in the calculation of delinquency rate by balance. Xiaoying Housing Loan was launched in 2015 and ceased in 2019, and all the outstanding loan balance of housing loan as of
[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 |
Fourth Quarter 2023 Financial Highlights
(In thousands, except for share and per share data) |
Three Months |
Three Months |
Three Months |
QoQ |
YoY |
|
RMB |
RMB |
RMB |
|
|
Total net revenue |
955,640 |
1,396,864 |
1,192,664 |
(14.6 %) |
24.8 % |
Total operating costs and expenses |
(681,687) |
(962,120) |
(938,472) |
(2.5 %) |
37.7 % |
Income from operations |
273,953 |
434,744 |
254,192 |
(41.5 %) |
(7.2 %) |
Net income |
274,639 |
347,190 |
188,968 |
(45.6 %) |
(31.2 %) |
Non-GAAP adjusted net income |
277,939 |
374,507 |
230,782 |
(38.4 %) |
(17.0 %) |
|
|
|
|
|
|
Net income per ADS—basic |
5.28 |
7.26 |
3.90 |
(46.3 %) |
(26.1 %) |
Net income per ADS—diluted |
5.16 |
7.02 |
3.84 |
(45.3 %) |
(25.6 %) |
|
|
|
|
|
|
Non-GAAP adjusted net income per ADS—basic |
5.34 |
7.80 |
4.74 |
(39.2 %) |
(11.2 %) |
Non-GAAP adjusted net income per ADS—diluted |
5.22 |
7.56 |
4.68 |
(38.1 %) |
(10.3 %) |
- Total net revenue in the fourth quarter of 2023 was
RMB1,192.7 million (US$168.0 million ), representing an increase of 24.8% fromRMB955.6 million in the same period of 2022. - Income from operations in the fourth quarter of 2023 was
RMB254.2 million (US$35.8 million ), compared withRMB274.0 million in the same period of 2022. - Net income in the fourth quarter of 2023 was
RMB189.0 million (US$26.6 million ), compared withRMB274.6 million in the same period of 2022. - Non-GAAP[6] adjusted net income in the fourth quarter of 2023 was
RMB230.8 million (US$32.5 million ), compared withRMB277.9 million in the same period of 2022. - Net income per basic and diluted American depositary share ("ADS") [7] in the fourth quarter of 2023 was
RMB3 .90 (US$0.55 ) andRMB3.84 (US$0.54 ), compared withRMB5 .28 andRMB5.16 , respectively, in the same period of 2022. - Non-GAAP adjusted net income per basic and adjusted diluted ADS in the fourth quarter of 2023 was
RMB4.74 (US$0.67 ) andRMB4.68 (US$0.66 ), compared withRMB5.34 andRMB5.22 , respectively, in the same period of 2022.
[6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, and (iii) adjusted net income (loss) per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [7] Each American depositary share ("ADS") represents six Class A ordinary shares. |
Fiscal Year 2023 Financial Highlights
|
Twelve Months Ended |
|
|
||
(In thousands, except for share and per share data) |
2022 |
2023 |
|
|
YoY |
|
RMB |
RMB |
|
|
|
Total net revenue |
3,562,950 |
4,814,884 |
|
|
35.1 % |
Total operating costs and expenses |
(2,480,657) |
(3,377,202) |
|
|
36.1 % |
Income from operations |
1,082,293 |
1,437,682 |
|
|
32.8 % |
Net income |
811,995 |
1,186,794 |
|
|
46.2 % |
Non-GAAP adjusted net income |
873,658 |
1,276,696 |
|
|
46.1 % |
|
|
|
|
|
|
Net income per ADS—basic |
15.42 |
24.72 |
|
|
60.3 % |
Net income per ADS—diluted |
15.12 |
24.48 |
|
|
61.9 % |
|
|
|
|
|
|
Non-GAAP adjusted net income per ADS—basic |
16.56 |
26.58 |
|
|
60.5 % |
Non-GAAP adjusted net income per ADS—diluted |
16.26 |
26.34 |
|
|
62.0 % |
- Total net revenue in 2023 was
RMB4,814.9 million (US$678.2 million ), representing an increase of 35.1% fromRMB3,563.0 million in 2022. - Income from operations in 2023 was
RMB1,437.7 million (US$202.5 million ), compared withRMB1,082.3 million in 2022. - Net income in 2023 was
RMB1,186.8 million (US$167.2 million ), compared withRMB812.0 million in 2022. - Non-GAAP adjusted net income in 2023 was
RMB1,276.7 million (US$179.8 million ), compared withRMB873.7 million in 2022. - Net income per basic and diluted American depositary share ("ADS") in 2023 was
RMB24 .72 (US$3.48 ) andRMB24.48 (US$3.45 ), compared withRMB15 .42 andRMB15.12 , respectively, in 2022. - Non-GAAP adjusted net income per basic and adjusted diluted ADS in 2023 was
RMB26.58 (US$3.74 ) andRMB26.34 (US$3.71 ), compared withRMB16.56 andRMB16.26 , respectively, in 2022.
Mr.
"For fiscal year 2024, our strategic approach will remain consistent and somewhat conservative, aligning with current market conditions in
Mr.
Mr.
Fourth Quarter 2023 Financial Results
Total net revenue in the fourth quarter of 2023 increased by 24.8% to
|
Three Months Ended |
|
|||
(In thousands, except for share and per share data) |
2022 |
2023 |
YoY |
||
|
RMB |
% of Revenue |
RMB |
% of Revenue |
|
Loan facilitation service |
562,137 |
58.8 % |
615,482 |
51.6 % |
9.5 % |
Post-origination service |
106,777 |
11.2 % |
166,807 |
14.0 % |
56.2 % |
Financing income |
248,639 |
26.0 % |
307,692 |
25.8 % |
23.8 % |
Other revenue |
38,087 |
4.0 % |
102,683 |
8.6 % |
169.6 % |
Total net revenue |
955,640 |
100.0 % |
1,192,664 |
100.0 % |
24.8 % |
Loan facilitation service fees in the fourth quarter of 2023 increased by 9.5% to
Post-origination service fees in the fourth quarter of 2023 increased by 56.2% to
Financing income in the fourth quarter of 2023 increased by 23.8% to
Other revenue in the fourth quarter of 2023 increased by 169.6% to
Origination and servicing expenses in the fourth quarter of 2023 increased by 28.3% to
Provision for loans receivable in the fourth quarter of 2023 was
Income from operations in the fourth quarter of 2023 was
Income before income taxes and gain (loss) from equity in affiliates in the fourth quarter of 2023 was
Income tax expense in the fourth quarter of 2023 was
Net income in the fourth quarter of 2023 was
Non-GAAP adjusted net income in the fourth quarter of 2023 was
Net income per basic and diluted ADS in the fourth quarter of 2023 was
Non-GAAP adjusted net income per basic and diluted ADS in the fourth quarter of 2023 was
Cash and cash equivalents was
Fiscal Year 2023 Financial Results
Total net revenue in 2023 increased by 35.1% to
|
Twelve Months Ended |
|
|||
(In thousands, except for share and per share data) |
2022 |
2023 |
YoY |
||
|
RMB |
% of Revenue |
RMB |
% of Revenue |
|
Loan facilitation service |
2,044,344 |
57.4 % |
2,740,974 |
56.9 % |
34.1 % |
Post-origination service |
372,451 |
10.5 % |
596,582 |
12.4 % |
60.2 % |
Financing income |
966,277 |
27.1 % |
1,137,336 |
23.6 % |
17.7 % |
Other revenue |
179,878 |
5.0 % |
339,992 |
7.1 % |
89.0 % |
Total net revenue |
3,562,950 |
100.0 % |
4,814,884 |
100.0 % |
35.1 % |
Loan facilitation service fees in 2023 increased by 34.1% to
Post-origination service fees in 2023 increased by 60.2% to
Financing income in 2023 increased by 17.7% to
Other revenue in 2023 increased by 89.0% to
Origination and servicing expenses in 2023 increased by 34.9% to
Provision for loans receivable in 2023 was
Provision for contingent guarantee liabilities in 2023 was
Income from operations in 2023 was
Income before income taxes and gain (loss) from equity in affiliates in 2023 was
Income tax expense in 2023 was
Net income in 2023 was
Non-GAAP adjusted net income in 2023 was
Net income per basic and diluted ADS in 2023 was
Non-GAAP adjusted net income per basic and diluted ADS in 2023 was
Cash and cash equivalents was
Share Repurchase Plan
In the fourth quarter of 2023, the Company repurchased an aggregate of 35,922 ADSs for a total consideration of
Declaration of Semi-Annual Dividend
The Company today announced that the Company's board of directors (the "Board") has approved a semi-annual dividend policy. Under this policy, the determination to declare and pay such semi-annual dividend and the amount of dividend in any particular half year will be made at the discretion of the Board and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors that the Board may deem appropriate.
Pursuant to the semi-annual dividend policy, the Board has approved the declaration and payment of a semi-annual dividend of
Business Outlook
The Company expects the total loan amount facilitated and originated for the first quarter of 2024 to be between
This forecast reflects the Company's current and preliminary views, which are subject to changes.
Conference Call
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: |
|
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
|
1-877-344-7529 |
International: |
1-412-317-0088 |
Passcode: |
3077685 |
Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com.
About
For more information, please visit: http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
We use in this press release the following non-GAAP financial measures: (i) adjusted net income, (ii) adjusted net income per basic ADS, and (iii) adjusted net income per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with
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:
Mr.
E-mail: ir@xiaoying.com
Christensen IR
In
Mr.
Phone: +86-178-1749 0483
E-mail: rene.vanguestaine@christensencomms.com
In US
Ms.
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
|
|
|
|
Unaudited Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
(In thousands, except for share and per share data) |
As of |
As of |
As of |
|
RMB |
RMB |
USD |
ASSETS |
|
|
|
Cash and cash equivalents |
602,271 |
1,195,352 |
168,362 |
Restricted cash |
404,689 |
749,070 |
105,504 |
Accounts receivable and contract assets, net |
1,161,912 |
1,659,588 |
233,748 |
Loans receivable from Xiaoying Credit Loans and other loans, net |
3,810,393 |
4,947,833 |
696,888 |
Loans at fair value |
120,280 |
- |
- |
Deposits to institutional cooperators, net |
1,770,317 |
1,702,472 |
239,788 |
Prepaid expenses and other current assets, net |
71,082 |
48,767 |
6,870 |
Deferred tax assets, net |
88,428 |
135,958 |
19,149 |
Long-term investments |
495,995 |
493,411 |
69,495 |
Property and equipment, net |
5,861 |
8,642 |
1,217 |
Intangible assets, net |
36,550 |
36,810 |
5,185 |
Loan receivable from Xiaoying Housing Loans, net |
10,061 |
8,657 |
1,219 |
Financial investments |
192,620 |
608,198 |
85,663 |
Other non-current assets |
67,204 |
55,265 |
7,784 |
TOTAL ASSETS |
8,837,663 |
11,650,023 |
1,640,872 |
|
|
|
|
LIABILITIES |
|
|
|
Payable to investors and institutional funding partners at amortized cost |
2,627,910 |
3,584,041 |
504,802 |
Payable to investors at fair value |
141,289 |
- |
- |
Guarantee liabilities |
- |
61,907 |
8,719 |
Financial guarantee derivative |
107,890 |
- |
- |
Short-term borrowings |
70,209 |
565,000 |
79,579 |
Accrued payroll and welfare |
63,681 |
86,771 |
12,221 |
Other tax payable |
255,691 |
289,819 |
40,819 |
Income tax payable |
270,089 |
446,500 |
62,888 |
Deposit payable to channel cooperators |
19,700 |
19,700 |
2,775 |
Accrued expenses and other current liabilities |
476,035 |
622,324 |
87,653 |
Dividend payable |
- |
59,226 |
8,342 |
Other non-current liabilities |
51,193 |
37,571 |
5,292 |
Deferred tax liabilities |
722 |
30,040 |
4,231 |
TOTAL LIABILITIES |
4,084,409 |
5,802,899 |
817,321 |
|
|
|
|
Commitments and Contingencies |
|
|
|
Equity: |
|
|
|
Common shares |
207 |
207 |
29 |
Treasury stock |
(124,597) |
(111,520) |
(15,707) |
Additional paid-in capital |
3,191,194 |
3,196,942 |
450,280 |
Retained earnings |
1,622,851 |
2,692,018 |
379,163 |
Other comprehensive income |
63,599 |
69,477 |
9,786 |
Total X Financial shareholders' equity |
4,753,254 |
5,847,124 |
823,551 |
Non-controlling interests |
- |
- |
- |
TOTAL EQUITY |
4,753,254 |
5,847,124 |
823,551 |
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
8,837,663 |
11,650,023 |
1,640,872 |
|
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Comprehensive Income |
|||||||
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||
(In thousands, except for share and per share data) |
2022 |
2023 |
2023 |
|
2022 |
2023 |
2023 |
|
RMB |
RMB |
USD |
|
RMB |
RMB |
USD |
Net revenues |
|
|
|
|
|
|
|
Loan facilitation service |
562,137 |
615,482 |
86,689 |
|
2,044,344 |
2,740,974 |
386,058 |
Post-origination service |
106,777 |
166,807 |
23,494 |
|
372,451 |
596,582 |
84,027 |
Financing income |
248,639 |
307,692 |
43,338 |
|
966,277 |
1,137,336 |
160,190 |
Other revenue |
38,087 |
102,683 |
14,463 |
|
179,878 |
339,992 |
47,887 |
Total net revenue |
955,640 |
1,192,664 |
167,984 |
|
3,562,950 |
4,814,884 |
678,162 |
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
Origination and servicing |
588,730 |
755,238 |
106,373 |
|
2,126,742 |
2,869,845 |
404,209 |
General and administrative |
42,445 |
48,142 |
6,781 |
|
171,524 |
186,515 |
26,270 |
Sales and marketing |
2,497 |
3,711 |
523 |
|
15,448 |
12,539 |
1,766 |
(Reversal of) provision for accounts receivable and contract assets |
(25,550) |
6,250 |
880 |
|
21,836 |
12,234 |
1,723 |
Provision for loans receivable |
75,396 |
99,365 |
13,995 |
|
158,576 |
229,137 |
32,273 |
(Reversal of) provision for contingent guarantee liabilities |
- |
25,926 |
3,652 |
|
(14,000) |
67,520 |
9,510 |
(Reversal of) provision for credit losses on deposits to institutional cooperators |
(1,831) |
(246) |
(35) |
|
1,296 |
(674) |
(95) |
(Reversal of) provision for credit losses for other financial assets |
- |
86 |
12 |
|
(765) |
86 |
12 |
Total operating costs and expenses |
681,687 |
938,472 |
132,181 |
|
2,480,657 |
3,377,202 |
475,668 |
|
|
|
|
|
|
|
|
Income from operations |
273,953 |
254,192 |
35,803 |
|
1,082,293 |
1,437,682 |
202,494 |
Interest income (expenses), net |
396 |
(2,587) |
(364) |
|
3,756 |
(20,365) |
(2,868) |
Foreign exchange gain (loss) |
6,175 |
3,232 |
455 |
|
(19,963) |
(4,023) |
(567) |
Income (loss) from financial investments |
28,702 |
1,686 |
237 |
|
20,900 |
(12,225) |
(1,722) |
Impairment losses on financial investments |
- |
- |
- |
|
(8,875) |
- |
- |
Impairment losses on long-term investments |
(26,866) |
(46,771) |
(6,588) |
|
(26,866) |
(46,771) |
(6,588) |
Fair value adjustments related to Consolidated Trusts |
209 |
- |
- |
|
(6,168) |
(531) |
(75) |
Change in fair value of financial guarantee derivative |
91,380 |
- |
- |
|
137,654 |
24,966 |
3,516 |
Other income, net |
8,590 |
1,346 |
190 |
|
40,724 |
24,351 |
3,430 |
|
|
|
|
|
|
|
|
Income before income taxes and gain (loss) from equity in affiliates |
382,539 |
211,098 |
29,733 |
|
1,223,455 |
1,403,084 |
197,620 |
|
|
|
|
|
|
|
|
Income tax expense |
(74,977) |
(35,659) |
(5,022) |
|
(389,358) |
(249,438) |
(35,133) |
Gain (loss) from equity in affiliates, net of tax |
(32,923) |
13,529 |
1,906 |
|
(22,102) |
33,148 |
4,669 |
Net income |
274,639 |
188,968 |
26,617 |
|
811,995 |
1,186,794 |
167,156 |
Less: net income attributable to non-controlling interests |
- |
- |
- |
|
- |
- |
- |
Net income attributable to |
274,639 |
188,968 |
26,617 |
|
811,995 |
1,186,794 |
167,156 |
|
|
|
|
|
|
|
|
Net income |
274,639 |
188,968 |
26,617 |
|
811,995 |
1,186,794 |
167,156 |
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
Gain (loss) from equity in affiliates |
39 |
(52) |
(7) |
|
204 |
(7) |
(1) |
Income (loss) from financial investments |
- |
475 |
67 |
|
- |
475 |
67 |
Foreign currency translation adjustments |
(12,887) |
(8,214) |
(1,157) |
|
57,085 |
5,410 |
762 |
Comprehensive income |
261,791 |
181,177 |
25,520 |
|
869,284 |
1,192,672 |
167,984 |
Less: comprehensive income attributable to non-controlling interests |
- |
- |
- |
|
- |
- |
- |
Comprehensive income attributable to |
261,791 |
181,177 |
25,520 |
|
869,284 |
1,192,672 |
167,984 |
|
|
|
|
|
|
|
|
Net income per share—basic |
0.88 |
0.65 |
0.09 |
|
2.57 |
4.12 |
0.58 |
Net income per share—diluted |
0.86 |
0.64 |
0.09 |
|
2.52 |
4.08 |
0.57 |
|
|
|
|
|
|
|
|
Net income per ADS—basic |
5.28 |
3.90 |
0.55 |
|
15.42 |
24.72 |
3.48 |
Net income per ADS—diluted |
5.16 |
3.84 |
0.54 |
|
15.12 |
24.48 |
3.45 |
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding—basic |
311,832,013 |
291,312,698 |
291,312,698 |
|
316,444,826 |
288,115,969 |
288,115,969 |
Weighted average number of ordinary shares outstanding—diluted |
317,710,296 |
294,631,195 |
294,631,195 |
|
322,403,387 |
290,833,214 |
290,833,214 |
|
|
|
|
|
|
|
|
Unaudited Reconciliations of GAAP and Non-GAAP Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||
(In thousands, except for share and per share data) |
2022 |
2023 |
2023 |
|
2022 |
2023 |
2023 |
|
RMB |
RMB |
USD |
|
RMB |
RMB |
USD |
GAAP net income |
274,639 |
188,968 |
26,617 |
|
811,995 |
1,186,794 |
167,156 |
Less: Income (loss) from financial investments (net of tax of nil) |
28,702 |
1,686 |
237 |
|
20,900 |
(12,225) |
(1,722) |
Less: Impairment losses on financial investments (net of tax of nil) |
- |
- |
- |
|
(8,875) |
- |
- |
Less: Impairment losses on long-term investments (net of tax) |
(20,150) |
(35,079) |
(4,941) |
|
(20,150) |
(35,079) |
(4,941) |
Add: Share-based compensation expenses (net of tax of nil) |
11,852 |
8,421 |
1,186 |
|
53,538 |
42,598 |
6,000 |
Non-GAAP adjusted net income |
277,939 |
230,782 |
32,507 |
|
873,658 |
1,276,696 |
179,819 |
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income per share—basic |
0.89 |
0.79 |
0.11 |
|
2.76 |
4.43 |
0.62 |
Non-GAAP adjusted net income per share—diluted |
0.87 |
0.78 |
0.11 |
|
2.71 |
4.39 |
0.62 |
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income per ADS—basic |
5.34 |
4.74 |
0.67 |
|
16.56 |
26.58 |
3.74 |
Non-GAAP adjusted net income per ADS—diluted |
5.22 |
4.68 |
0.66 |
|
16.26 |
26.34 |
3.71 |
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding—basic |
311,832,013 |
291,312,698 |
291,312,698 |
|
316,444,826 |
288,115,969 |
288,115,969 |
Weighted average number of ordinary shares outstanding—diluted |
317,710,296 |
294,631,195 |
294,631,195 |
|
322,403,387 |
290,833,214 |
290,833,214 |
View original content:https://www.prnewswire.com/news-releases/x-financial-reports-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-302099874.html
SOURCE