LexinFintech Holdings Ltd 6-K, filed Nov 12, 2021

LexinFintech Holdings Ltd. (LX)

6-K 2021-11-12 For: 2021-11-11

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Added on April 08, 2026

About this 6-K

LexinFintech Holdings Ltd filed this 6-K on November 12, 2021.

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By	/s/ Sunny Rui Sun
Name:	Sunny Rui Sun
Title:	Chairman and Chief Executive Officer

United States:	1 855 452 5696 or 1 646 254 3697
International:	61 2 8199 0299
Replay Access Code:	4596091

		As of
(In thousands)		December 31, 2020		September 30, 2021
		RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents			1,563,755		2,545,779		395,099
Restricted cash			1,112,152		1,414,669		219,553
Restricted time deposits			1,779,458		1,702,386		264,206
Short-term financing receivables, net of allowance for credit losses of RMB508,013 and RMB702,654 as of December 31, 2020 and September 30, 2021, respectively			4,918,548		2,983,686		463,061
Loans at fair value			381,393		154,138		23,922
Accrued interest receivable, net of allowance for credit losses of RMB1,681 and RMB1,309 as of December 31, 2020 and September 30, 2021, respectively			79,793		56,662		8,794
Prepaid expenses and other current assets			1,004,845		998,074		154,899
Amounts due from related parties			941		6,283		975
Deposits to insurance companies and guarantee companies			1,066,281		1,527,696		237,095
Short-term guarantee receivables, net of allowance for credit losses of RMB58,771 and RMB36,779 as of December 31, 2020 and September 30, 2021, respectively			756,197		435,006		67,512
Short-term contract assets and service fees receivable, net of allowance for credit losses of RMB65,607 and RMB205,943 as of December 31, 2020 and September 30, 2021, respectively			3,707,649		4,407,408		684,019
Inventories, net			47,170		52,460		8,142
Total current assets			16,418,182		16,284,247		2,527,277
Non‑current assets
Restricted cash			163,999		161,107		25,003
Long‑term financing receivables, net of allowance for credit losses of RMB21,149 and RMB36,102 as of December 31, 2020 and September 30, 2021 respectively			204,761		150,345		23,333
Long-term guarantee receivables, net of allowance for credit losses of RMB16,994 and RMB8,591 as of December 31, 2020 and September 30, 2021, respectively			218,654		109,163		16,942
Long-term contract assets and service fees receivable, net of allowance for credit losses of RMB18,970 and RMB48,103 as of December 31, 2020 and September 30, 2021, respectively			481,989		457,018		70,928
Property, equipment and software, net			125,694		156,759		24,329
Land use rights, net			1,000,467		974,667		151,266
Long‑term investments			521,802		471,370		73,155
Deferred tax assets			747,332		866,043		134,408
Other assets			462,285		940,069		145,896
Total non‑current assets			3,926,983		4,286,541		665,260
TOTAL ASSETS			20,345,165		20,570,788		3,192,537
	-
LIABILITIES
Current liabilities
Accounts payable			42,961		18,939		2,939
Amounts due to related parties			67,514		52,283		8,114
Short‑term borrowings			1,827,063		1,768,792		274,512
Short‑term funding debts			4,685,935		3,153,038		489,344
Accrued interest payable			36,484		41,107		6,380
Deferred guarantee income			694,582		318,977		49,504
Contingent guarantee liabilities			1,738,787		1,128,975		175,214
Accrued expenses and other current liabilities			2,926,347		3,532,990		548,311
Total current liabilities			12,019,673		10,015,101		1,554,318
Non‑current liabilities
Long‑term funding debts			825,814		701,168		108,820
Deferred tax liabilities			21,046		36,652		5,688
Convertible notes			1,920,227		1,913,449		296,963
Other long-term liabilities			27,667		146,559		22,746
Total non‑current liabilities			2,794,754		2,797,828		434,217
TOTAL LIABILITIES			14,814,427		12,812,929		1,988,535
SHAREHOLDERS’ EQUITY:
Class A Ordinary Shares			176		180		28
Class B Ordinary Shares			58		57		9
Additional paid‑in capital			2,724,006		2,870,322		445,467
Statutory reserves			649,234		649,234		100,760
Accumulated other comprehensive income			3,308		5,605		870
Retained earnings			2,113,956		4,191,845		650,564
Non-controlling interests			40,000		40,616		6,304
TOTAL SHAREHOLDERS’ EQUITY			5,530,738		7,757,859		1,204,002
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			20,345,165		20,570,788		3,192,537

	For the Three Months Ended September 30,									For the Nine Months Ended September 30,
(In thousands, except for share and per share data)	2020			2021						2020			2021
	RMB			RMB			US$			RMB			RMB			US$
Operating revenue:
Online direct sales		461,959			400,223			62,114			1,473,075			1,235,391			191,730
Membership services		27,602			4,390			681			76,098			39,712			6,163
Other services		26,048			23,568			3,657			63,408			64,740			10,047
Online direct sales and services income		515,609			428,181			66,452			1,612,581			1,339,843			207,940
Loan facilitation and servicing fees-credit oriented		1,058,468			1,187,060			184,229			2,752,731			3,842,315			596,318
Interest and financial services income and other revenues		368,702			414,192			64,282			946,224			1,365,492			211,921
Guarantee income		597,542			164,052			25,460			1,981,113			602,696			93,537
Credit-oriented services income		2,024,712			1,765,304			273,971			5,680,068			5,810,503			901,776
Loan facilitation and servicing fees-performance based		580,358			692,630			107,494			1,251,341			1,808,804			280,722
Loan facilitation and servicing fees-volume based		33,375			82,680			12,832			68,104			222,164			34,479
Platform-based services income		613,733			775,310			120,326			1,319,445			2,030,968			315,201
Total operating revenue		3,154,054			2,968,795			460,749			8,612,094			9,181,314			1,424,917
Operating cost:
Cost of sales		(475,824	)		(436,973	)		(67,817	)		(1,475,704	)		(1,297,433	)		(201,358	)
Funding cost		(142,658	)		(106,013	)		(16,453	)		(449,102	)		(359,393	)		(55,777	)
Processing and servicing cost		(361,839	)		(523,611	)		(81,263	)		(1,031,248	)		(1,390,244	)		(215,762	)
Provision for credit losses of financing receivables		(217,222	)		(216,344	)		(33,576	)		(628,384	)		(499,977	)		(77,595	)
Provision for credit losses of contract assets and receivables		(104,452	)		(127,958	)		(19,859	)		(254,578	)		(486,593	)		(75,518	)
Provision for credit losses of contingent liabilities of guarantee		(873,936	)		(51,374	)		(7,973	)		(2,660,101	)		(610,658	)		(94,773	)
Total operating cost		(2,175,931	)		(1,462,273	)		(226,941	)		(6,499,117	)		(4,644,298	)		(720,783	)
Gross profit		978,123			1,506,522			233,808			2,112,977			4,537,016			704,134
Operating expenses:
Sales and marketing expenses		(359,828	)		(490,934	)		(76,192	)		(931,130	)		(1,331,252	)		(206,607	)
Research and development expenses		(118,325	)		(130,996	)		(20,330	)		(379,141	)		(385,650	)		(59,852	)
General and administrative expenses		(102,501	)		(100,463	)		(15,592	)		(325,820	)		(352,413	)		(54,694	)
Total operating expenses		(580,654	)		(722,393	)		(112,114	)		(1,636,091	)		(2,069,315	)		(321,153	)
Change in fair value of financial guarantee derivatives, net		(21,833	)		(92,268	)		(14,320	)		(381,594	)		42,166			6,544
Change in fair value of loans at fair value		(11,356	)		11,513			1,787			(11,356	)		(48,522	)		(7,530	)
Interest expense, net		(23,450	)		(14,023	)		(2,176	)		(59,468	)		(50,373	)		(7,818	)
Investment-related impairment		(35,370	)		-			-			(35,370	)		-			-
Investment (loss)/ income		(1,293	)		(1,656	)		(257	)		9,321			(4,053	)		(629	)
Others, net		85,241			(946	)		(147	)		83,295			59,889			9,295
Income before income tax expense		389,408			686,749			106,581			81,714			2,466,808			382,843
Income tax (expense)/benefit		(44,713	)		(105,987	)		(16,449	)		3,590			(388,303	)		(60,264	)
Net income		344,695			580,762			90,132			85,304			2,078,505			322,579
Less: Net income attributable to non-controlling interests		-			279			43			-			326			51
Net income attributable to ordinary shareholders of the Company		344,695			580,483			90,089			85,304			2,078,179			322,528

Net income per ordinary share attributable to ordinary shareholders of the Company
Basic		0.94			1.57			0.24			0.23			5.64			0.88
Diluted		0.87			1.43			0.22			0.30			5.08			0.79

Net income per ADS attributable to ordinary shareholders of the Company
Basic		1.89			3.15			0.49			0.47			11.28			1.75
Diluted		1.74			2.86			0.44			0.59			10.17			1.58

Weighted average ordinary shares outstanding
Basic		364,991,825			368,873,003			368,873,003			364,328,223			368,375,020			368,375,020
Diluted		410,968,465			414,206,884			414,206,884			411,274,741			415,500,045			415,500,045

	For the Three Months Ended September 30,									For the Nine Months Ended September 30,
(In thousands)	2020			2021						2020			2021
	RMB			RMB			US$			RMB			RMB		US$
Net income		344,695			580,762			90,132			85,304			2,078,505		322,579
Other comprehensive (loss)/ income
Foreign currency translation adjustment, net of nil tax		(3,687	)		(936	)		(143	)		(3,288	)		2,297		356
Total comprehensive income		341,008			579,826			89,989			82,016			2,080,802		322,935
Less: Net income attributable to non-controlling interests		-			279			43			-			326		51
Total comprehensive income attributable to ordinary shareholders of the Company		341,008			579,547			89,946			82,016			2,080,476		322,884