X Financial Reports First Quarter 2021 Unaudited Financial Results


    SHENZHEN, China, June 16, 2021 /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 first quarter ended March 31, 2021.

    First Quarter 2021 Financial Highlights

    • Total net revenue in the first quarter of 2021 was RMB906.3 million (US$138.3 million), representing an increase of 71.3% from RMB529.0 million in the same period of 2020.
    • Income from operations in the first quarter of 2021 was RMB251.2 million (US$38.3 million), compared with loss from operations of RMB130.0 million in the same period of 2020.
    • Net income attributable to X Financial shareholders in the first quarter of 2021 was RMB192.8 million (US$29.4 million), compared with net loss attributable to X Financial shareholders of RMB196.3 million in the same period of 2020.
    • Non-GAAP[1] adjusted net income attributable to X Financial shareholders in the first quarter of 2021 was RMB212.0 million (US$32.4 million), compared with Non-GAAP adjusted net loss attributable to X Financial shareholders of RMB159.9 million in the same period of 2020.
    • Net income per basic and diluted American depositary share ("ADS")[2] in the first quarter of 2021 was RMB3.54 (US$0.54) and RMB3.48 (US$0.53), compared with net loss per basic and diluted ADS of RMB3.66 and RMB3.66 in the same period of 2020.
    • Non-GAAP adjusted net income per basic and adjusted diluted ADS in the first quarter of 2021 was RMB3.90 (US$0.60), and RMB3.84 (US$0.59), compared with Non-GAAP adjusted net loss per basic and diluted ADS of RMB3.00 and RMB3.00 in the same period of 2020.

    First Quarter 2021 Operational Highlights

    • The total loan facilitation amount[3] in the first quarter of 2021 was RMB10,855 million, representing an increase of 59.1% from RMB6,823 million in the same period of 2020 and an increase of 25.2% from RMB8,673 million in the previous quarter.
    • The loan facilitation amount of Xiaoying Credit Loan[4] in the first quarter of 2021 was RMB10,855 million, representing an increase of 134.4% from RMB4,631 million in the same period of 2020 and an increase of 35.7% from RMB7,997 million in the previous quarter. Xiaoying Credit Loan accounted for 100.0% of the Company's total loan facilitation amount in the first quarter of 2021, compared with 67.9% in the same period of 2020.
    • The total outstanding loan balance[5] as of March 31, 2021 was RMB16,589 million, compared with RMB12,960 million as of March 31, 2020 and RMB13,218 million as of December 31, 2020.
    • The delinquency rates for all outstanding loans that are past due for 31-60 days as of March 31, 2021 was 0.82%, compared with 0.79% as of December 31, 2020, and 4.28% as of March 31, 2020.
    • The number of cumulative borrowers[6] was 7.0 million as of March 31, 2021.
    • Total cumulative registered users reached 58.2 million as of March 31, 2021.

    [1] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) attributable to X Financial shareholders, (iii) adjusted net income (loss) per basic ADS, and (iv) adjusted net income (loss) per diluted ADS, each of which excludes share-based compensation expense and income (loss) from investments in VC funds. 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 during the relevant period.

    [4] Xiaoying Credit Loan is a category of online personal credit loan products facilitated through our platform, including Xiaoying Card Loan, Xiaoying Preferred Loan and other unsecured loan products we introduce from time to time. We ceased the operation of Xiaoying Preferred Loan in October 2019.

    [5] Represents the total amount of loans outstanding for loans X Financial facilitated at the end of the relevant period. Loans that are delinquent for more than 60 days are charged-off and are excluded in the calculation of delinquency rate by balance, except for Xiaoying Housing Loan. Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral. X Financial does not charge off Xiaoying Housing Loans delinquent for more than 60 days and such loans are included in the calculation of delinquency rate by balance.

    [6] 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.

    Mr. Justin Tang, the Founder, Chief Executive Officer and Chairman of the Company, commented, "We're very pleased to report a strong start of the year as our business is fully back on its growth trajectory amid the subsiding COVID-19 pandemic in China. In the first quarter of 2021, both our operational and financial results continued to show progress against our strategic objectives. Our top line significantly improved on both a yearly and quarterly basis in line with the substantial increase in our loan facilitation amount. We also managed to turn profitable with net income exceeding our guidance and outperforming compared with the fourth quarter of 2019, just before the COVID-19 pandemic."

    "In May 2021, we received the approval from the Local Financial Regulatory Bureau of Shenzhen Municipality to set up Shenzhen Xiaoying Microcredit Co., Ltd. ("Xiaoying Microcredit"), which is a newly established entity as one of our VIEs for the purpose of operating a microcredit business. Xiaoying Microcredit is the first company of its kind to successfully transform from a P2P business to an online microcredit business. Such an approval is a major milestone towards our full regulatory compliance. It will also expand our services beyond consumer financing, and provide more comprehensive financial services to the large pool of micro and small businesses and self-employed individuals in China, which are key drivers and contributors of China's economic growth. The government is taking a series of active measures to promote the development of micro and small businesses and self-employed individuals, and we will cooperate with other licensed financial institutions to meet their financing needs. This license will enhance our credibility and give us the advantage when we cooperate with other financial institutions, including the benefit of cutting intermediate costs. We are expecting to commence operation in the third quarter of 2021."

    "Moving forward, market demand for our products and services continues to grow and we expect to maintain our current growth momentum throughout the year. China's consumer financing and micro and small businesses financing markets have great potential. We believe we are well positioned to capture opportunities ahead with our trusted brand, full regulatory compliance, and our deepening cooperation with financial institutions."

    Mr. Kent Li, President of the Company, added, "During the first quarter, our total loan facilitation amount reached RMB10.9 billion, an increase of 59.1% year-over-year and 25.2% quarter-over-quarter, representing a record high in the last two years. This was mainly driven by the strong growth of loan facilitation amount of Xiaoying Card Loan, which increased 145.4% year-over-year and 35.7% quarter-over-quarter. Since last year, we have shifted our product focus to Xiaoying Card Loan, which accounted for 100% of total loan facilitation amount for the first quarter of 2021, compared with 92.2% in the previous quarter. Our focused product strategy has proven to be effective in gaining traction among borrowers and deliver profitable growth. As of the end of March 2021, total outstanding loan balance of Xiaoying Card Loan reached RMB16.3 billion, an increase of 29.4% compared with the prior quarter. We will continue to enhance and focus on Xiaoying Card Loan products to address consumers' growing financing needs going forward."

    "In the meantime, we have been working to expand our service coverage by exploring more opportunities to cooperate with more regional financial institutions. A diversified geographic reach will further enhance our business flexibility and help us navigate uncertainties in the macro environment and expand our funding sources. This is one of our key business development strategies in 2021 and beyond. In addition, we will further strengthen risk management by introducing more advanced and effective data analytics, and further improve asset quality."

    Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, "We are pleased to have delivered a strong financial performance during the first quarter. Total net revenue increased 71.3% year-over-year and 26.5% quarter-over-quarter to RMB906.3 million. Our net income for the quarter was RMB192.8 million, compared with a net loss of RMB196.3 million in the same period of last year and a net loss of RMB655.5 million in the previous quarter. This significant improvement in our top line and bottom line resulted mainly from the strong growth in our loan facilitation amount, enhanced operational efficiency and extensive premium borrower base."

    "During the first quarter, the proportion of loan amount we facilitated covered by third-party financial guarantee companies increased to 48.1% from 38.8% in the previous quarter. Our efforts to expand partnerships with third-party financial guarantee companies to further optimize financing costs for borrowers will remain on our agenda throughout the year."

    "In conclusion, the progress we have made this quarter has strengthened our position and reputation in the markets and improved our ability to expand and deepen cooperation with financial institutions. We are entering a new chapter of our journey as our core consumer financing business gets back on track and we are ready to explore additional opportunities in the microcredit sector as well. We remain confident of the enormous potential of the industry and our capabilities to deliver long-term growth and return to our shareholders."

    First Quarter 2021 Financial Results

    Total net revenue in the first quarter of 2021 increased by 71.3% to RMB906.3 million (US$138.3 million) from RMB529.0 million in the same period of 2020, primarily due to a change in the product mix with the increase in total loan facilitation amount of Xiaoying Card Loan in this quarter when compared with that in the same period of 2020.

    Loan facilitation service fees under the direct model in the first quarter of 2021 increased by 181.4% to RMB692.1 million (US$105.6 million) from RMB246.0 million in the same period of 2020, primarily due to an increase in the amount of Xiaoying Card Loan facilitated through direct model compared with that in the same period of 2020, as a result of our improved ability to attract and retain more borrowers with better credit score.

    Loan facilitation service fees under the intermediary model in the first quarter of 2021 decreased by 99.6% to RMB0.1 million (US$0.02 million), compared with RMB37.0 million in the same period of 2020, primarily due to the fact that substantially all of the institutional funding partners invested their funds in the loans facilitated under direct model and/or trust model, depending on their investment strategies.

    Post-origination service fees in the first quarter of 2021 decreased by 6.9% to RMB59.7 million (US$9.1 million) from RMB64.1 million in the same period of 2020, as a result of the cumulative effect of decreased volume of loans facilitated in the prior year. 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 first quarter of 2021 decreased by 24.7% to RMB131.5 million (US$20.1 million) from RMB174.6 million in the same period of 2020, primarily due to a decrease in average loan balances held by the Company. These loans do not qualify for sales accounting, and the service fees are recognized as financing income over the life of the underlying financing using the effective interest method.

    Other revenue in the first quarter of 2021 increased by 215.6% to RMB23.0 million (US$3.5 million) from RMB7.3 million in the same period of 2020, primarily due to an increase in referral service fee for introducing borrowers to other platforms and technology service fees received for providing assistant technology development services.

    Origination and servicing expenses in the first quarter of 2021 increased by 28.0% to RMB572.5 million (US$87.4 million) from RMB447.2 million in the same period of 2020, primarily due to the increase in commission fee and insurance cost resulting from the increased total loan facilitation amount in this quarter when compared with the same period of 2020. Meanwhile, to better reflect the origination and servicing expenses incurred in connection with the loans facilitated through the Consolidated Trusts, the management fees paid to third-party trust companies, amounting to RMB8.7 million compared with RMB22.3 million in the same period of 2020, have been reclassified from general and administrative expenses to origination and servicing expenses. The comparative figures have been reallocated to conform with the current period's classification.

    General and administrative expenses in the first quarter of 2021 decreased by 10.7% to RMB42.5 million (US$6.5 million) from RMB47.6 million in the same period of 2020, primarily due to a decrease in share-based compensation expenses.

    Sales and marketing expenses in the first quarter of 2021 decreased by 61.7% to RMB4.5 million (US$0.7 million) from RMB11.8 million in the same period of 2020, primarily due to a continuing cost reduction in promotional and advertising activities since the outbreak of COVID-19. 

    Provision for accounts receivable and contract assets in the first quarter was RMB17.3 million (US$2.6 million) compared with RMB82.1 million in the same period of 2020, primarily due to a decrease of the average estimated default rate compared with that the same period of 2020, and partially offset by an increase in accounts receivable from facilitation services as a result of the increase in total loan facilitation amount in the first quarter of 2021.

    Provision for loans receivable in the first quarter of 2021 was RMB26.6 million (US$4.1 million), compared with RMB42.8 million in the same period of 2020, primarily due to a decrease of the average estimated default rate compared with that in the same period of 2020.

    Income from operations in the first quarter of 2021 was RMB251.2 million (US$38.3 million), compare with loss from operation of RMB130.0 million in the same period of 2020.

    Income before income taxes and gain from equity in affiliates in the first quarter of 2021 was RMB228.1 million (US$34.8 million), compared with loss before income taxes and gain from equity in affiliates of RMB228.3 million in the same period of 2020.

    Income tax expense in the first quarter of 2021 was RMB37.2 million (US$5.7 million), compared with income tax benefit of RMB31.2 million in the same period of 2020.

    Net income attributable to X Financial shareholders in the first quarter of 2021 was RMB192.8 million (US$29.4 million), compared with net loss attributable to X Financial shareholders of RMB196.3 million in the same period of 2020.

    Non-GAAP adjusted net income attributable to X Financial shareholders in the first quarter of 2021 was RMB212.0 million (US$32.4 million), compared with Non-GAAP adjusted net loss attributable to X Financial shareholders of RMB159.9 million in the same period of 2020.

    Net income per basic and diluted ADS in the first quarter of 2021 was RMB3.54 (US$0.54), and RMB3.48 (US$0.53), compared with net loss per basic and diluted ADS of RMB3.66 and RMB3.66 in the same period of 2020.

    Non-GAAP adjusted net income per basic and diluted ADS in the first quarter of 2021 was RMB3.90 (US$0.60), and RMB3.84 (US$0.59), compared with Non-GAAP adjusted net loss per basic and diluted ADS of RMB3.00 and RMB3.00 in the same period of 2020.

    Cash and cash equivalents was RMB799.8 million (US$122.1 million) as of March 31, 2021, compared with RMB746.4 million as of December 31, 2020.

    Business Outlook

    For the second quarter of 2021, the Company raises the guidance for total loan facilitations to be in the range of RMB12.4 billion to RMB13.0 billion and net income attributable to X Financial's shareholders to be no less than RMB220 million. 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 16, June, 2021 (7:00 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 June 23, 2021:

    United States:

    1-877-344-7529

    International:

    1-412-317-0088

    Passcode:

    10157507

    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 loans to prime borrowers under a robust 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 attributable to X Financial shareholders, (iii) adjusted net income per basic ADS, and (iv) adjusted net income per diluted ADS, each of which excludes investment income 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 RMB6.5518 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 March 31, 2021.

    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

    In China
    Mr. Eric Yuan
    Phone: +86-10-5900-1548
    E-mail: eyuan@christensenir.com  

    In US 
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: lbergkamp@christensenir.com

     

     

    X Financial





    Unaudited Condensed Consolidated Balance Sheets










    (In thousands, except for share and per share data)

    As of December 31, 2020

    As of March 31, 2021


     RMB 

    RMB


    USD

     ASSETS 





     Cash and cash equivalents 

    746,388

    799,777


    122,070

     Restricted cash 

    852,134

    596,403


    91,029

     Accounts receivable and contract assets, net of
    allowance for doubtful accounts 

    413,307

    588,734


    89,858

     Loans receivable from Xiaoying Credit Loans and
    Revolving Loans, net 

    1,236,026

    1,215,400


    185,506

     Loans at fair value 

    1,585,732

    1,111,234


    169,607

     Deposits to institutional cooperators, net 

    907,923

    1,207,531


    184,305

     Prepaid expenses and other current assets, net 

    403,779

    394,627


    60,232

     Financial guarantee derivative 

    297,928

    73,316


    11,190

     Deferred tax assets, net 

    605,653

    561,392


    85,685

     Long term investments 

    295,615

    283,261


    43,234

     Property and equipment, net 

    11,137

    9,324


    1,423

     Intangible assets, net 

    37,440

    36,972


    5,643

     Loan receivable from Xiaoying Housing Loans, net 

    47,490

    32,568


    4,971

     Investments in VC funds 

    -

    49,651


    7,578

     Short-term investment 

    6,000

    -


    -

     Other non-current assets 

    51,458

    46,915


    7,161

     TOTAL ASSETS 

    7,498,010

    7,007,105


    1,069,492






     LIABILITIES 





     Payable to investors at fair value 

    1,914,184

    1,305,725


    199,293

     Payable to institutional funding partners 

    1,460,395

    1,395,678


    213,022

     Guarantee liabilities 

    9,790

    2,203


    336

     Financial guarantee derivative 

    130,442

    268,692


    41,010

     Short-term bank borrowings 

    350,545

    128,050


    19,544

     Accrued payroll and welfare 

    34,781

    19,484


    2,974

     Other tax payable 

    73,077

    103,415


    15,783

     Income tax payable 

    75,917

    68,766


    10,496

     Deposit payable to channel cooperators 

    21,472

    21,472


    3,277

     Accrued expenses and other liabilities 

    323,748

    375,462


    57,307

     Other non-current liabilities 

    27,615

    22,501


    3,434

     Deferred tax liabilities 

    -

    -


    -

     TOTAL LIABILITIES 

    4,421,966

    3,711,448


    566,476






     Commitments and Contingencies 





     Equity: 





     Common shares 

    203

    207


    32

     Additional paid-in capital 

    3,068,045

    3,090,977


    471,775

     Retained earnings (accumulated deficit)

    (14,551)

    178,288


    27,212

     Other comprehensive income 

    21,059

    26,185


    3,997

     Total X Financial shareholders' equity 

    3,074,756

    3,295,657


    503,016

     Non-controlling interests 

    1,288

    -


    -

     TOTAL EQUITY 

    3,076,044

    3,295,657


    503,016






     TOTAL LIABILITIES AND EQUITY 

    7,498,010

    7,007,105


    1,069,492

     

     

    X Financial




    Unaudited Condensed Consolidated Statements of Comprehensive Income







    Three Months Ended March 31,

    (In thousands, except for share and per share data)

    2020

    2021

    2021


     RMB 

    RMB

    USD

     Net revenues 




     Loan facilitation service-Direct Model 

    245,960

    692,080

    105,632

     Loan facilitation service-Intermediary Model 

    37,012

    143

    22

     Post-origination service 

    64,113

    59,665

    9,107

     Financing income 

    174,617

    131,452

    20,063

     Other revenue 

    7,290

    23,009

    3,512

     Total net revenue 

    528,992

    906,349

    138,336





     Operating costs and expenses: 




     Origination and servicing 

    447,164

    572,503

    87,381

     General and administrative 

    47,640

    42,534

    6,492

     Sales and marketing 

    11,813

    4,525

    691

     Provision for accounts receivable and contract assets 

    82,116

    17,255

    2,634

     Provision for loans receivable 

    42,831

    26,589

    4,058

     Provision for contingent guarantee liabilities 

    17,876

    -

    -

     Reversal of provision for credit losses on deposits to institutional cooperators 

    -

    (8,252)

    (1,260)

     Provision for credit losses for other financial assets 

    9,597

    -

    -

     Total operating costs and expenses 

    659,037

    655,154

    99,996





     Income (loss) from operations 

    (130,045)

    251,195

    38,340

     Interest income (expense), net 

    6,453

    2,330

    356

     Foreign exchange loss 

    (84)

    (1,574)

    (240)

     Income from investments in VC funds 

    -

    3,639

    555

     Fair value adjustments related to Consolidated Trusts 

    (32,352)

    51

    8

     Change in fair value of financial guarantee derivative 

    (77,522)

    (33,726)

    (5,148)

     Other income (loss), net 

    5,236

    6,159

    940





     Income (loss) before income taxes and
    gain from equity in affiliates 

    (228,314)

    228,074

    34,811





     Income tax benefit (expenses) 

    31,153

    (37,220)

    (5,681)

     Gain from equity in affiliates, net of tax

    820

    1,985

    303

     Net income (loss) 

    (196,341)

    192,839

    29,433

     Less: net income attributable to non-controlling interests 

    -

    -

    -

     Net income (loss) attributable to X Financial shareholders 

    (196,341)

    192,839

    29,433





     Net income (loss) 

    (196,341)

    192,839

    29,433

     Other comprehensive income, net of tax of nil: 



     Foreign currency translation adjustments 

    12,115

    5,126

    782

     Comprehensive income (loss) 

    (184,226)

    197,965

    30,215

     Less: comprehensive income attributable to non controlling interests 

    -

    -

    -

     Comprehensive income (loss) attributable to X Financial shareholders 

    (184,226)

    197,965

    30,215





     Net income (loss) per share—basic 

    (0.61)

    0.59

    0.09

     Net income (loss) per share—diluted  

    (0.61)

    0.58

    0.09





     Net income (loss) per ADS—basic 

    (3.66)

    3.54

    0.54

     Net income (loss) per ADS—diluted  

    (3.66)

    3.48

    0.53





     Weighted average number of ordinary shares outstanding—basic 

    320,667,943

    324,668,619

    324,668,619

     Weighted average number of ordinary shares outstanding—diluted 

    320,667,943

    333,245,214

    333,245,214

     

     

    X Financial




    Unaudited Reconciliations of GAAP and Non-GAAP Results









    Three Months Ended March 31,

    (In thousands, except for share and per share data)

    2020

    2021

    2021


    RMB

    RMB

    USD

    GAAP net income (loss)

    (196,341)

    192,839

    29,433

    Less: Income from investments in VC funds (net of tax of nil)

    -

    3,639

    555

    Add: Share-based compensation expenses (net of tax of nil)

    36,402

    22,848

    3,487

    Non-GAAP adjusted net income (loss)

    (159,939)

    212,048

    32,365





    Net income (loss) attributable to X Financial shareholders

    (196,341)

    192,839

    29,433

    Less: Income from investments in VC funds (net of tax of nil)

    -

    3,639

    555

    Add: Share-based compensation expenses (net of tax of nil)

    36,402

    22,848

    3,487

    Non-GAAP adjusted net income (loss) attributable to X Financial shareholders

    (159,939)

    212,048

    32,365





     Non-GAAP adjusted net income (loss) per share—basic 

    (0.50)

    0.65

    0.10

     Non-GAAP adjusted net income (loss) per share—diluted  

    (0.50)

    0.64

    0.10





     Non-GAAP adjusted net income (loss) per ADS—basic 

    (3.00)

    3.90

    0.60

     Non-GAAP adjusted net income (loss) per ADS—diluted  

    (3.00)

    3.84

    0.59





     Weighted average number of ordinary shares outstanding—basic 

    320,667,943

    324,668,619

    324,668,619

     Weighted average number of ordinary shares outstanding—diluted 

    320,667,943

    333,245,214

    333,245,214

     

     

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