6-K
Yiren Digital Ltd. (YRD)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
WASHINGTON,D.C. 20549
FORM 6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16 UNDER
THESECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-37657
YIREN DIGITAL LTD.
28/F, China MerchantsBureau Building, 118 Jianguo Road
Chaoyang District,Beijing 100022
The People’sRepublic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
| Exhibit No. | Description |
|---|---|
| 99.1 | Yiren Digital Reports Second Quarter 2023 Financial Results |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Yiren Digital Ltd. | ||
|---|---|---|
| By: | /s/ Na Mei | |
| Name: | Na Mei | |
| Title: | Chief Financial Officer |
Date: August 18, 2023
Exhibit 99.1
Yiren Digital Reports Second Quarter 2023 FinancialResults
08/17/23
BEIJING, Aug. 17, 2023 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-driven one-stop select financial and lifestyle services platform in China, today announced its unaudited financial results for the quarter ended June 30, 2023.
Second Quarter 2023 Operational Highlights
Insurance Brokerage Business
| ● | Cumulative number of insurance clients served reached 1,133,069 as of June 30, 2023, representing an increase of 12.5% from 1,007,238<br>as of March 31, 2023 and compared to 755,819 as of June 30, 2022. |
|---|---|
| ● | Number of insurance clients served in the second quarter of 2023 was 135,449, representing an increase<br>of 67.5% from 80,856 in the first quarter of 2023 and compared to 132,727 in the same period of 2022. The increase was attributed to the<br>enhancement of digital operational efficiency, coupled with the optimization of products and service channels tailored to our customer<br>base. |
| --- | --- |
| ● | Gross written premiums in the second quarter of 2023 were RMB1,332.5 million (US$183.8 million), representing<br>an increase of 44.3% from RMB923.4 million in the first quarter of 2023 and compared to RMB797.9 million in the same period of 2022. The<br>quarter-over-quarter increase was mainly attributed to the effectiveness of the cross-selling between property and life insurance, as<br>well as an increase in high-premium policy sales. |
| --- | --- |
Financial Services Business
| ● | Total loans facilitated in the second quarter of 2023 reached RMB8.2 billion (US$1.1 billion), representing<br>an increase of 27.0% from RMB6.4 billion in the first quarter of 2023 and compared to RMB4.9 billion in the same period of 2022. |
|---|---|
| ● | Cumulative number of borrowers served reached 8,002,372 as of June 30, 2023, representing an increase<br>of 5.5% compared to 7,582,435 as of March 31, 2023 and compared to 6,514,111 as of June 30, 2022. |
| --- | --- |
| ● | Number of borrowers served in the second quarter of 2023 was 1,013,972 representing an increase of 16.2%<br>from 872,235 in the first quarter of 2023 and compared to 556,094 in the same period of 2022.<br>The increase was driven by the strong demand for our small revolving loan products and the improvement of customer acquisition efficiency. |
| --- | --- |
| ● | Outstanding balance of performing loans facilitated reached RMB12.8 billion (US$1.8 billion) as of June 30,<br>2023, representing an increase of 14.7% from RMB11.1 billion as of March 31, 2023 and compared to RMB10.6 billion as of June 30,<br>2022. |
| --- | --- |
Consumption & Lifestyle Business
| ● | Total gross merchandise volume generated through our e-commerce platform and “Yiren Select”<br>channel reached RMB395.8 million (US$54.6 million) in the second quarter of 2023, representing an increase of 28.3% from RMB308.6 million<br>in the first quarter of 2023 and compared to RMB87.1 million in the same period of 2022. |
|---|
“I am very excited to reveal our new corporate positioning as an AI and technology-driven financial and lifestyle services platform, which better aligns with our business model that is anchored by three key pillars -- financial services, insurance brokerage and consumption and lifestyle services.” said Mr. Ning Tang, Chairman and Chief Executive Officer. “In the long term, we will continue to focus on delivering shareholder value by expanding our business and investing in technology.”
“Despite a sequentially more challenging macro environment this quarter, we are pleased to report another quarter of solid financial results.,” Ms. Na Mei, Chief Financial Officer, commented. “For the second quarter of 2023, our total revenue increased by 65% year-over-year to RMB1.3 billion driven by rapid growth across all business segments. Net income reached RMB527.3 million for this quarter as we continued to strengthen operational efficiencies.”
Second Quarter 2023 Financial Results
Total net revenue in the second quarter of 2023 was RMB1,324.2 million (US$182.6 million), representing an increase of 65% from RMB801.1 million in the second quarter of 2022. Particularly, in the second quarter of 2023, revenue from financial services business was RMB582.0 million (US$80.3 million), representing an increase of 33.3% from RMB436.7 million in the same period of 2022. The increase was due to an increase of our small revolving loan products amid strong demand for consumption. Revenue from insurance brokerage business was RMB404.7 million (US$55.8 million), representing an increase of 114.6% from RMB188.6 million in the second quarter of 2022. The increase was due to the effectiveness of the cross-selling between property and life insurance, as well as an increase in high-premium policy sales.
Sales and marketing expenses in the second quarter of 2023 were RMB148.9 million (US$20.5 million), compared to RMB158.0 million in the same period of 2022. The decrease was primarily due to the optimization of the cost structure for our offline business and improvement of customer acquisition efficiency.
Origination, servicing and other operating costs in the second quarter of 2023 were RMB346.4 million (US$47.8 million), compared to RMB188.7 million in the same period of 2022. The increase was due to the expanding insurance brokerage business.
General and administrative expenses in the second quarter of 2023 were RMB96.7 million (US$13.3 million), compared to RMB112.0 million in the same period of 2022. The decrease was primarily a result of optimizing the company's offline business operations and achieving overall cost-efficiency improvements.
Allowance for contract assets, receivables and others in the second quarter of 2023 was RMB60.8 million (US$8.4 million), compared to RMB65.6 million in the same period of 2022. The decrease was primarily due to the continued improvement in the risk performance.
Income tax expense in the second quarter of 2023 was RMB139.8 million (US$19.3 million).
Net income in the second quarter of 2023 was RMB527.3 million (US$72.7 million), as compared to RMB254.5 million in the same period in 2022. The increase was primarily due to the recovery of business volume and optimization of our business structure.
Adjusted EBITDA^[1]^(non-GAAP) in the second quarter of 2023 was RMB661.7 million (US$91.2 million), compared to RMB312.9 million in the same period of 2022.
Basic and diluted income per ADS in the second quarter of 2023 was RMB6.0 (US$0.8) and RMB5.9 (US$0.8), compared to a basic per ADS of RMB3.0 and a diluted per ADS of RMB3.0 in the same period of 2022.
Net cash generated from operating activities in the second quarter of 2023 was RMB718.1 million (US$99.0 million), compared to RMB666.9 million in the same period of 2022.
Net cash used in investing activities in the second quarter of 2023 was RMB20.0 million (US$2.8 million), compared to RMB255.7 million provided by investing activities in the same period of 2022.
As of June 30, 2023, cash and cash equivalents were RMB5,808.8 million (US$801.1 million), compared to RMB5,077.2 million as of March 31, 2023. As of June 30, 2023, the balance of held-to-maturity investments was RMB5.8 million (US$0.8 million), compared to RMB3.3 million as of March 31, 2023. As of June 30, 2023, the balance of available-for-sale investments was RMB102.6 million (US$14.1 million), compared to RMB250.8 million as of March 31, 2023.
Delinquency rates. As of June 30, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.7%, 1.1% and 1.1% respectively, compared to 0.6%, 1.2% and 1.2% respectively as of March 31, 2023.
Cumulative M3+ net charge-off rates. As of June 30, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 8.0%, 6.6% and 3.9% respectively, as compared to 8.1%, 6.6% and 2.6% respectively as of March 31, 2023.
Business Outlook
Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the third quarter of 2023 to be between RMB0.9 billion to RMB1.1 billion, with net profit margin expected to remain stable.
This is the Company's current and preliminary view, which is subject to changes and uncertainties.
[1] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these 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 accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2513 to US$1.00, the effective noon buying rate on June 30, 2023, as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on August 17, 2023 (or 8:00 p.m. Beijing/Hong Kong Time on August 17, 2023).
Participants who wish to join the call should register online in advance of the conference at:
https://s1.c-conf.com/diamondpass/10033013-5tdywj.html
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at https://ir.yirendai.com/presentations-webcasts
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
About Yiren Digital
Yiren Digital Ltd. is an AI-driven one-stop select financial and lifestyle services platform in China. The Company provides personalized insurance solutions for individuals, families, and businesses, along with high-quality lifestyle services to enhance clients’ well-being and security, as well as offers financial consulting services for clients throughout their growth journey, addressing financing needs that arise from consumption and production.
Unaudited Condensed ConsolidatedStatements of Operations
(in thousands,except for share, per share and per ADS data, and percentages)
| For the Three Months<br> Ended | For the Six Months<br> Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, <br><br> 2022 | March 31, <br><br> 2023 | June 30, <br><br> 2023 | June 30, <br> 2023 | June 30, <br><br> 2022 | June 30, <br><br> 2023 | June 30, <br> 2023 | |||||||||||||
| RMB | RMB | RMB | RMB | RMB | |||||||||||||||
| Net revenue: | |||||||||||||||||||
| Loan facilitation services | 273,725 | 417,165 | 514,353 | 503,386 | 931,518 | ||||||||||||||
| Post-origination services | 55,311 | 6,316 | 5,273 | 92,287 | 11,589 | ||||||||||||||
| Insurance brokerage services | 188,570 | 196,358 | 404,695 | 343,751 | 601,053 | ||||||||||||||
| Financing services | 78,530 | 22,577 | 14,896 | 188,141 | 37,473 | ||||||||||||||
| Electronic commerce services | 70,977 | 242,858 | 287,725 | 120,788 | 530,583 | ||||||||||||||
| Others | 134,011 | 101,069 | 97,264 | 257,536 | 198,333 | ||||||||||||||
| Total net revenue | 801,124 | 986,343 | 1,324,206 | 1,505,889 | 2,310,549 | ||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||
| Sales and marketing | 157,958 | 106,212 | 148,947 | 334,141 | 255,159 | ||||||||||||||
| Origination,servicing and other operating costs | 188,687 | 199,745 | 346,367 | 341,628 | 546,112 | ||||||||||||||
| General and administrative | 111,964 | 92,550 | 96,741 | 228,512 | 189,291 | ||||||||||||||
| Allowance for contract assets, receivables and others | 65,575 | 44,905 | 60,840 | 97,402 | 105,745 | ||||||||||||||
| Total operating costs and expenses | 524,184 | 443,412 | 652,895 | 1,001,683 | 1,096,307 | ||||||||||||||
| Other (expenses)/income: | |||||||||||||||||||
| Interest (expense)/income, net | (3,790 | ) | 14,519 | 10,535 | (29,363 | ) | 25,054 | ||||||||||||
| Fair value adjustments related to Consolidated ABFE | 15,020 | (11,203 | ) | (17,470 | ) | ) | 19,785 | (28,673 | ) | ) | |||||||||
| Others, net | 8,481 | 3,589 | 2,730 | 15,895 | 6,319 | ||||||||||||||
| Total other income/(expenses) | 19,711 | 6,905 | (4,205 | ) | ) | 6,317 | 2,700 | ||||||||||||
| Income before provision for income taxes | 296,651 | 549,836 | 667,106 | 510,523 | 1,216,942 | ||||||||||||||
| Income tax expense | 42,163 | 122,670 | 139,758 | 71,207 | 262,428 | ||||||||||||||
| Net income | 254,488 | 427,166 | 527,348 | 439,316 | 954,514 | ||||||||||||||
| Weighted average number of ordinary shares outstanding, basic | 170,008,652 | 177,782,059 | 176,929,176 | 170,005,103 | 177,353,262 | ||||||||||||||
| Basic income per share | 1.4969 | 2.4028 | 2.9806 | 2.5841 | 5.3820 | ||||||||||||||
| Basic income per ADS | 2.9938 | 4.8056 | 5.9612 | 5.1682 | 10.7640 | ||||||||||||||
| Weighted average number of ordinary shares outstanding, diluted | 170,871,232 | 180,180,975 | 179,124,032 | 170,932,908 | 179,650,148 | ||||||||||||||
| Diluted income per share | 1.4894 | 2.3708 | 2.9440 | 2.5701 | 5.3132 | ||||||||||||||
| Diluted income per ADS | 2.9788 | 4.7416 | 5.8880 | 5.1402 | 10.6264 | ||||||||||||||
| Unaudited Condensed Consolidated Cash Flow Data | |||||||||||||||||||
| Net cash generated from operating activities | 666,901 | 390,307 | 718,058 | 1,034,652 | 1,108,365 | ||||||||||||||
| Net cash provided by/(used in) investing activities | 255,693 | 774,283 | (19,988 | ) | ) | 604,478 | 754,295 | ||||||||||||
| Net cash used in financing activities | (50,166 | ) | (392,831 | ) | (6,120 | ) | ) | (158,374 | ) | (398,951 | ) | ) | |||||||
| Effect of foreign exchange rate changes | 1,580 | (181 | ) | 329 | 1,308 | 148 | |||||||||||||
| Net increase in cash, cash equivalents and restricted cash | 874,008 | 771,578 | 692,279 | 1,482,064 | 1,463,857 | ||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 3,553,400 | 4,360,695 | 5,132,273 | 2,945,344 | 4,360,695 | ||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | 4,427,408 | 5,132,273 | 5,824,552 | 4,427,408 | 5,824,552 |
All values are in US Dollars.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
| As of | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, <br> 2022 | March 31,<br><br> 2023 | June 30, <br> 2023 | June 30, 2023 | ||||||||
| RMB | RMB | RMB | |||||||||
| Cash and cash equivalents | 4,271,899 | 5,077,211 | 5,808,775 | ||||||||
| Restricted cash | 88,796 | 55,062 | 15,777 | ||||||||
| Accounts receivable | 221,004 | 320,440 | 490,680 | ||||||||
| Contract assets, net | 626,739 | 609,969 | 694,507 | ||||||||
| Contract cost | 787 | 480 | 356 | ||||||||
| Prepaid expenses and other assets | 321,411 | 258,786 | 297,018 | ||||||||
| Loans at fair value | 54,049 | 175,411 | 412,389 | ||||||||
| Financing receivables | 514,388 | 371,196 | 252,878 | ||||||||
| Amounts due from related parties | 1,266,232 | 1,281,348 | 1,098,164 | ||||||||
| Held-to-maturity investments | 2,700 | 3,320 | 5,820 | ||||||||
| Available-for-sale investments | 972,738 | 250,788 | 102,594 | ||||||||
| Property, equipment and software, net | 77,256 | 75,726 | 73,991 | ||||||||
| Deferred tax assets | 84,187 | 90,855 | 92,359 | ||||||||
| Right-of-use assets | 33,909 | 29,606 | 25,424 | ||||||||
| Total assets | 8,536,095 | 8,600,198 | 9,370,732 | ||||||||
| Accounts payable | 14,144 | 19,887 | 66,738 | ||||||||
| Amounts due to related parties | 227,724 | 247,717 | 338,779 | ||||||||
| Deferred revenue | 65,539 | 36,555 | 32,450 | ||||||||
| Accrued expenses and other liabilities | 1,315,006 | 1,342,251 | 1,427,016 | ||||||||
| Secured borrowings | 767,900 | 392,100 | 392,100 | ||||||||
| Deferred tax liabilities | 79,740 | 84,824 | 100,178 | ||||||||
| Lease liabilities | 35,229 | 30,274 | 26,930 | ||||||||
| Total liabilities | 2,505,282 | 2,153,608 | 2,384,191 | ||||||||
| Ordinary shares | 129 | 129 | 130 | ||||||||
| Additional paid-in capital | 5,160,783 | 5,164,104 | 5,168,632 | ||||||||
| Treasury stock | (46,734 | ) | (61,046 | ) | (66,914 | ) | ) | ||||
| Accumulated other comprehensive income | 7,765 | 8,599 | 23,748 | ||||||||
| Retained earnings | 908,870 | 1,334,804 | 1,860,945 | ||||||||
| Total equity | 6,030,813 | 6,446,590 | 6,986,541 | ||||||||
| Total liabilities and equity | 8,536,095 | 8,600,198 | 9,370,732 |
All values are in US Dollars.
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(inthousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages)
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, <br> 2022 | March 31, 2023 | June 30, <br> 2023 | June 30, 2023 | June 30, <br> 2022 | June 30, <br> 2023 | June 30, 2023 | |||||||||||||
| RMB | RMB | RMB | RMB | RMB | |||||||||||||||
| Operating Highlights | |||||||||||||||||||
| Gross written premiums | 797,881 | 923,382 | 1,332,458 | 1,604,236 | 2,255,841 | ||||||||||||||
| First year premium | 764,318 | 627,314 | 1,101,928 | 1,304,360 | 1,729,243 | ||||||||||||||
| Renewal premium | 33,563 | 296,068 | 230,530 | 299,876 | 526,598 | ||||||||||||||
| Number of insurance clients | 132,727 | 80,856 | 135,449 | 266,199 | 212,414 | ||||||||||||||
| Cumulative number of insurance clients | 755,819 | 1,007,238 | 1,133,069 | 755,819 | 1,133,069 | ||||||||||||||
| Amount of loans facilitated | 4,934,167 | 6,420,213 | 8,156,201 | 9,541,056 | 14,576,413 | ||||||||||||||
| Number of borrowers | 556,094 | 872,235 | 1,013,972 | 827,767 | 1,457,736 | ||||||||||||||
| Remaining principal of performing loans | 10,613,125 | 11,129,221 | 12,768,448 | 10,613,125 | 12,768,448 | ||||||||||||||
| Gross merchandise volume | 87,117 | 308,567 | 395,820 | 146,138 | 704,387 | ||||||||||||||
| Segment Information | |||||||||||||||||||
| Insurance Brokerage Business: | |||||||||||||||||||
| Revenue | 188,570 | 196,358 | 404,695 | 343,751 | 601,053 | ||||||||||||||
| Sales and marketing expenses | 7,046 | 2,289 | 3,845 | 12,218 | 6,134 | ||||||||||||||
| Origination, servicing and other operating costs | 141,338 | 133,617 | 289,851 | 234,528 | 423,468 | ||||||||||||||
| Financial Services Business: | |||||||||||||||||||
| Revenue | 436,723 | 483,873 | 581,974 | 827,196 | 1,065,847 | ||||||||||||||
| Sales and marketing expenses | 99,661 | 62,218 | 103,164 | 237,220 | 165,382 | ||||||||||||||
| Origination, servicing and other operating costs | 33,833 | 47,609 | 38,961 | 73,503 | 86,570 | ||||||||||||||
| Consumption & Lifestyle Business and others: | |||||||||||||||||||
| Revenue | 175,831 | 306,112 | 337,537 | 334,942 | 643,649 | ||||||||||||||
| Sales and marketing expenses | 51,251 | 41,705 | 41,938 | 84,703 | 83,643 | ||||||||||||||
| Origination, servicing and other operating costs | 13,516 | 18,519 | 17,555 | 33,597 | 36,074 | ||||||||||||||
| Reconciliation of Adjusted EBITDA | |||||||||||||||||||
| Net income | 254,488 | 427,166 | 527,348 | 439,316 | 954,514 | ||||||||||||||
| Interest expense/(income), net | 3,790 | (14,519 | ) | (10,535 | ) | ) | 29,363 | (25,054 | ) | ) | |||||||||
| Income tax expense | 42,163 | 122,670 | 139,758 | 71,207 | 262,428 | ||||||||||||||
| Depreciation and amortization | 9,119 | 1,868 | 1,778 | 15,379 | 3,646 | ||||||||||||||
| Share-based compensation | 3,382 | 2,089 | 3,321 | 4,882 | 5,410 | ||||||||||||||
| Adjusted EBITDA | 312,942 | 539,274 | 661,670 | 560,147 | 1,200,944 | ||||||||||||||
| Adjusted EBITDA margin | 39.1 | % | 54.7 | % | 50.0 | % | % | 37.2 | % | 52.0 | % | % |
All values are in US Dollars.
| Delinquency Rates | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15-29 days | 30-59 days | 60-89 days | |||||||||||||||||||||||||||||||
| December 31, 2019 | 0.8 | % | 1.3 | % | 1.0 | % | |||||||||||||||||||||||||||
| December 31, 2020 | 0.5 | % | 0.7 | % | 0.6 | % | |||||||||||||||||||||||||||
| December 31, 2021 | 0.9 | % | 1.5 | % | 1.2 | % | |||||||||||||||||||||||||||
| December 31, 2022 | 0.7 | % | 1.3 | % | 1.1 | % | |||||||||||||||||||||||||||
| March 31, 2023 | 0.6 | % | 1.2 | % | 1.2 | % | |||||||||||||||||||||||||||
| June 30,2023 | 0.7 | % | 1.1 | % | 1.1 | % | |||||||||||||||||||||||||||
| Net Charge-Off Rate | |||||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||||||||
| Loan <br><br>Issued <br><br>Period | Amount of Loans<br><br> Facilitated <br> During the Period | Accumulated M3+ Net <br><br>Charge-Off <br> as of June 30, 2023 | Total Net Charge-Off<br><br> Rate <br> as of June 30, 2023 | ||||||||||||||||||||||||||||||
| (in RMB thousands) | (in RMB thousands) | ||||||||||||||||||||||||||||||||
| 2019 | 3,431,443 | 392,882 | 11.4 | % | |||||||||||||||||||||||||||||
| 2020 | 9,614,819 | 767,540 | 8.0 | % | |||||||||||||||||||||||||||||
| 2021 | 23,195,224 | 1,520,740 | 6.6 | % | |||||||||||||||||||||||||||||
| 2022 | 22,623,101 | 871,590 | 3.9 | % | |||||||||||||||||||||||||||||
| 2023Q1 | 6,420,213 | 38,654 | 0.6 | % | |||||||||||||||||||||||||||||
| M3+ Net Charge-Off Rate | |||||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loan Issued<br><br> Period | Month on Book | ||||||||||||||||||||||||||||||||
| 4 | 7 | 10 | 13 | 16 | 19 | 22 | 25 | 28 | 31 | 34 | |||||||||||||||||||||||
| 2019Q1 | 0.0 | % | 0.8 | % | 2.0 | % | 3.4 | % | 5.3 | % | 5.9 | % | 6.3 | % | 6.3 | % | 6.3 | % | 6.3 | % | 6.3 | % | |||||||||||
| 2019Q2 | 0.1 | % | 1.5 | % | 4.5 | % | 7.5 | % | 8.8 | % | 9.2 | % | 9.9 | % | 10.3 | % | 10.6 | % | 10.6 | % | 10.6 | % | |||||||||||
| 2019Q3 | 0.2 | % | 2.9 | % | 6.8 | % | 9.0 | % | 10.4 | % | 12.0 | % | 13.2 | % | 13.8 | % | 14.4 | % | 14.6 | % | 14.6 | % | |||||||||||
| 2019Q4 | 0.4 | % | 3.1 | % | 4.9 | % | 6.3 | % | 7.2 | % | 7.9 | % | 8.4 | % | 8.9 | % | 9.5 | % | 9.8 | % | 9.8 | % | |||||||||||
| 2020Q1 | 0.6 | % | 2.3 | % | 4.1 | % | 5.2 | % | 6.0 | % | 6.2 | % | 6.6 | % | 7.2 | % | 7.7 | % | 7.9 | % | 7.8 | % | |||||||||||
| 2020Q2 | 0.5 | % | 2.5 | % | 4.2 | % | 5.3 | % | 6.1 | % | 6.7 | % | 7.5 | % | 8.1 | % | 8.2 | % | 8.2 | % | 8.2 | % | |||||||||||
| 2020Q3 | 1.1 | % | 3.3 | % | 5.1 | % | 6.3 | % | 7.1 | % | 8.1 | % | 8.7 | % | 8.8 | % | 8.8 | % | 8.7 | % | |||||||||||||
| 2020Q4 | 0.3 | % | 1.8 | % | 3.2 | % | 4.6 | % | 6.0 | % | 7.0 | % | 7.4 | % | 7.5 | % | 7.5 | % | |||||||||||||||
| 2021Q1 | 0.4 | % | 2.3 | % | 3.9 | % | 5.5 | % | 6.6 | % | 6.9 | % | 7.1 | % | 7.1 | % | |||||||||||||||||
| 2021Q2 | 0.4 | % | 2.4 | % | 4.5 | % | 5.9 | % | 6.4 | % | 6.5 | % | 6.6 | % | |||||||||||||||||||
| 2021Q3 | 0.5 | % | 3.1 | % | 5.0 | % | 5.9 | % | 6.1 | % | 6.2 | % | |||||||||||||||||||||
| 2021Q4 | 0.6 | % | 3.2 | % | 4.6 | % | 5.1 | % | 5.2 | % | |||||||||||||||||||||||
| 2022Q1 | 0.6 | % | 2.6 | % | 3.4 | % | 4.1 | % | |||||||||||||||||||||||||
| 2022Q2 | 0.4 | % | 1.6 | % | 3.0 | % | |||||||||||||||||||||||||||
| 2022Q3 | 0.5 | % | 2.7 | % | |||||||||||||||||||||||||||||
| 2022Q4 | 0.6 | % |