X Financial Reports Third Quarter 2021 Unaudited Financial Results

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SHENZHEN, China, Nov. 23, 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 third quarter ended September 30, 2021.

Third Quarter 2021 Financial Highlights

  • Total net revenue in the third quarter of 2021 was RMB964.4 million (US$149.7 million), representing an increase of 72.3% from RMB559.8 million in the same period of 2020.
  • Income from operations in the third quarter of 2021 was RMB410.6 million (US$63.7 million), compared with loss from operations of RMB101.4 million in the same period of 2020.
  • Net income attributable to X Financial shareholders in the third quarter of 2021 was RMB279.9 million (US$43.4 million), compared with net loss attributable to X Financial shareholders of RMB113.0 million in the same period of 2020.
  • Non-GAAP[1] adjusted net income attributable to X Financial shareholders in the third quarter of 2021 was RMB277.0 million (US$43.0 million), compared with Non-GAAP adjusted net loss attributable to X Financial shareholders of RMB111.7 million in the same period of 2020.
  • Net income per basic and diluted American depositary share (“ADS”) [2] in the third quarter of 2021 was RMB5.04 (US$0.78) and RMB4.92 (US$0.76), compared with net loss per basic and diluted ADS of RMB2.10 and RMB2.10, respectively, in the same period of 2020.
  • Non-GAAP adjusted net income per basic and adjusted diluted ADS in the third quarter of 2021 was RMB4.98 (US$0.77), and RMB4.86 (US$0.75), compared with Non-GAAP adjusted net loss per basic and diluted ADS of RMB2.10 and RMB2.10, respectively, in the same period of 2020.

Third Quarter 2021 Operational Highlights

  • The total loan facilitation amount[3] in the third quarter of 2021 was RMB15,085 million, representing an increase of 87.9% from RMB8,027 million in the same period of 2020 and an increase of 17.5% from RMB12,835 million in the previous quarter. Xiaoying Credit Loan[4] accounted for 100.0% of the Company’s total loan facilitation amount in the third quarter of 2021, compared with 85.3% in the same period of 2020.
  • The total outstanding loan balance[5] as of September 30, 2021 was RMB24,509 million, compared with RMB11,581 million as of September 30, 2020 and RMB20,504 million as of June 30, 2021.
  • The delinquency rate for all outstanding loans that are past due for 31-60 days as of September 30, 2021 was 0.96%, compared with 0.77% as of June 30, 2021 and 1.06% as of September 30, 2020.
  • The number of cumulative borrowers[6] was 8.0 million as of September 30, 2021.
  • Total cumulative registered users reached 65.4 million as of September 30, 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 and other unsecured loan products we introduce from time to time.

[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 are very pleased with our strategic execution in the third quarter. Both our loan facilitation amount and net income were in line with our guidance. The total loan facilitation amount hit a new high for the second straight quarter. At the same time, the increase in our net income has demonstrated our ability to enhance profitability, boost operational efficiency and reduce costs.”

“During the third quarter, we further adjusted our pricing structure to comply with the 24% Internal Rate of Return (IRR) regulatory cap. We believe this is the government’s initiative to support the real economy and stimulate healthy growth for SMEs and private consumption. The proportion of our loan facilitation amount subject to the 24% IRR cap improved to approximately 30% of our total loan facilitation amount in September, and we expect it to grow to between 40% and 50% by the end of this year. Beyond the regulatory compliance requirement, we believe that this initiative can help us attract more quality borrowers as the demand for personal financing solutions increases.”

“We continued our efforts to diversify our service offerings. Our microcredit business officially commenced operation in the third quarter. We also made solid progress in our services to micro and small businesses and self-employed individuals, which are important target groups for our future growth. We have certain favorable loan policies for this group and are adjusting and testing our systems to speed up the qualification and validation processes. We believe we are on track towards our goals and all these efforts are bearing fruit and helping us to drive long-term sustainable growth in a fiercely competitive and strongly regulated industry.”

Mr. Kent Li, President of the Company, added, “During the quarter, our total loan facilitation amount reached RMB15.1 billion, an increase of 87.9% year-over-year and 17.5% quarter-over-quarter. This was mainly driven by the strong growth in the loan facilitation amount of Xiaoying Card Loan, which increased 120.3% year-over-year and 17.5% quarter-over-quarter. As of September 30, 2021, the total outstanding loan balance of Xiaoying Card Loan reached RMB24.4 billion, an increase of 19.9% compared with the previous quarter. In the fourth quarter, there would be a moderate decline in our loan volume due to our institutional funding partners’ year-end outstanding loan balances requirements.”

“We continued our efforts to improve our risk management capabilities. As of September 30, 2021, the delinquency rate for all outstanding loans that are past due for 31-60 days was 0.96%, compared with 0.77% as of June 30, 2021 and 1.06% as of September 30, 2020. Despite the quarter-over-quarter fluctuation, our asset quality is still within its best historical range in our operating history.”

“According to a new regulation, loan facilitation platforms are restricted from submitting credit assessment-related personal data directly to financial institutions, and such data transfer must be conducted through a licensed credit agency. In response, we have been working closely with Baihang Credit, the second largest licensed individual credit bureau in China, in addition to the credit bureau of the People’s Bank of China (PBOC), to execute a plan to comply with the new regulation. We have noticed that 14 large companies on the regulator’s top list for the rectification are either working on a plan or waiting for approval. We are getting ready and will fully comply with the new regulation. We expect minimal changes to our daily operational activities and cost structure.”

Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, “We delivered another set of robust financial results for the third quarter. In line with our expectation, total net revenue increased 72.3% year-over-year to RMB964.4 million. Our bottom line also saw strong growth with a Non-GAAP adjusted net income of RMB277.0 million, compared with a Non-GAAP adjusted net loss of RMB111.7 million in the same period of last year. “

“Moving ahead, we will identify and acquire more high-quality borrowers to adapt to our strategy in response to the 24% IRR cap and improve asset quality by leveraging our evolving data-driven and technology-empowered credit analysis capabilities. We will also deepen cooperation with our institutional funding partners to better serve borrowers’ needs. Our proven track record demonstrates that we are capable of navigating through regulatory and macroeconomic challenges. We believe we are well-positioned to capture opportunities ahead and bring more valuable returns to our shareholders.”

Third Quarter 2021 Financial Results

Total net revenue in the third quarter of 2021 increased by 72.3% to RMB964.4 million (US$149.7 million) from RMB559.8 million in the same period of 2020, primarily due to an increase in the total loan facilitation amount of Xiaoying Card Loan this quarter compared with the same period of 2020.

Loan facilitation service fees under the direct model in the third quarter of 2021 increased by 91.5% to RMB670.9 million (US$104.1 million) from RMB350.4 million in the same period of 2020, primarily due to an increase in the amount of Xiaoying Card Loan facilitated through the direct model compared with the same period of 2020.

Post-origination service fees in the third quarter of 2021 increased by 78.6% to RMB88.4 million (US$13.7 million) from RMB49.5 million in the same period of 2020, as a result of the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided.

Financing income in the third quarter of 2021 increased by 24.1% to RMB172.3 million (US$26.7 million) from RMB138.8 million in the same period of 2020, primarily due to a change in the product mix resulting from an increase in revenue generated by Xiaoying Card Loan this quarter compared with the same period of 2020, which carried a higher service fee rate; and also partially offset by 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 third quarter of 2021 increased by 80.4% to RMB32.7 million (US$5.1 million) from RMB18.1 million in the same period of 2020, primarily due to an increase in technology service fees received for providing assistant technology development services and referral service fee for introducing borrowers to other platforms.

Origination and servicing expenses in the third quarter of 2021 decreased by 13.8% to RMB483.8 million (US$75.1 million) from RMB561.2 million in the same period of 2020, primarily due to the decline in collection expenses resulting from the decrease in delinquency rates and a decrease in interest expenses related to a decline in average loan balances held by the Company, and partially offset by the increase in commission fees resulting from the increased total loan facilitation amount this quarter compared with the same period of 2020.

General and administrative expenses in the third quarter of 2021 increased by 9.2% to RMB39.1 million (US$6.1 million) from RMB35.8 million in the same period of 2020, primarily due to the increase in share-based compensation expenses in the third quarter of 2021. 

Sales and marketing expenses in the third quarter of 2021 increased by 40.4% to RMB5.4 million (US$0.8 million) from RMB3.9 million in the same period of 2020, primarily due to an increase in marketing expenses resulting from the business expansion. 

Provision for accounts receivable and contract assets in the third quarter was RMB15.2 million (US$2.4 million), compared with RMB24.3 million in the same period of 2020, primarily due to a decrease in the average estimated default rate compared with 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 third quarter of 2021.

Provision for loans receivable in the third quarter of 2021 was RMB10.2 million (US$1.6 million), compared with RMB58.1 million in the same period of 2020, primarily due to a decrease in the average estimated default rate compared with the same period of 2020.

Income from operations in the third quarter of 2021 was RMB410.6 million (US$63.7 million), compared with loss from operation of RMB101.4 million in the same period of 2020.

Income before income taxes and gain from equity in affiliates in the third quarter of 2021 was RMB397.8 million (US$61.7 million), compared with loss before income taxes and loss from equity in affiliates of RMB108.2 million in the same period of 2020.

Income tax expense in the third quarter of 2021 was RMB119.5 million (US$18.5 million), compared with RMB1.6 million in the same period of 2020.

Net income attributable to X Financial shareholders in the third quarter of 2021 was RMB279.9 million (US$43.4 million), compared with net loss attributable to X Financial shareholders of RMB113.0 million in the same period of 2020.

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Non-GAAP adjusted net income attributable to X Financial shareholders in the third quarter of 2021 was RMB277.0 million (US$43.0 million), compared with Non-GAAP adjusted net loss attributable to X Financial shareholders of RMB111.7 million in the same period of 2020.

Net income per basic and diluted ADS in the third quarter of 2021 was RMB5.04 (US$0.78), and RMB4.92 (US$0.76), compared with net loss per basic and diluted ADS of RMB2.10 and RMB2.10 in the same period of 2020.

Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2021 was RMB4.98 (US$0.77), and RMB4.86 (US$0.75), compared with Non-GAAP adjusted net loss per basic and diluted ADS of RMB2.10 and RMB2.10 in the same period of 2020.

Cash and cash equivalents was RMB971.8 million (US$150.8 million) as of September 30, 2021, compared with RMB1,183.9 million as of June 30, 2021.

Business Outlook

The Company expects total loan facilitation amount for the fourth quarter of 2021 to be between RMB12.0 billion and RMB13.2 billion, which makes total loan facilitation amount for 2021 to be between RMB50.8 billion and RMB52.0 billion. The Company expects Non-GAAP adjusted net income attributable to X Financial shareholders for the fourth quarter of 2021 to be no less than RMB240 million, which makes Non-GAAP adjusted net income attributable to X Financial shareholders for 2021 to be no less than RMB971 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 November 23, 2021 (8:00 PM Beijing / Hong Kong Time on the same day).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-346-8982

Hong Kong:

852-301-84992

Mainland China:

4001-201203

International:

1-412-902-4272

Passcode:

X Financial

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until November 30, 2021:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

10162112

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 RMB6.4434 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 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 September 30, 2021

 RMB 

RMB

USD

 ASSETS 

 Cash and cash equivalents 

746,388

971,761

150,815

 Restricted cash 

852,134

332,841

51,656

 Accounts receivable and contract assets, net 

413,307

888,459

137,887

 Loans receivable from Xiaoying Credit Loans and
 Revolving Loans, net 

1,236,026

1,728,865

268,316

 Loans at fair value 

1,585,732

470,538

73,026

 Deposits to institutional cooperators, net 

907,923

1,486,346

230,677

 Prepaid expenses and other current assets, net 

403,779

477,632

74,127

 Financial guarantee derivative 

297,928

 Deferred tax assets, net 

605,653

376,003

58,355

 Long term investments 

295,615

286,551

44,472

 Property and equipment, net 

11,137

6,135

952

 Intangible assets, net 

37,440

36,879

5,724

 Loan receivable from Xiaoying Housing Loans, net 

47,490

14,026

2,177

 Investments in VC funds 

99,749

15,481

 Short-term investment 

6,000

 Other non-current assets 

51,458

35,776

5,552

 TOTAL ASSETS 

7,498,010

7,211,561

1,119,217

 LIABILITIES 

 Payable to investors at fair value 

1,914,184

594,477

92,261

 Payable to institutional funding partners 

1,460,395

1,393,537

216,274

 Guarantee liabilities 

9,790

 Financial guarantee derivative 

130,442

737,961

114,530

 Short-term bank borrowings 

350,545

75,050

11,648

 Accrued payroll and welfare 

34,781

25,170

3,906

 Other tax payable 

73,077

174,770

27,125

 Income tax payable 

75,917

63,554

9,863

 Deposit payable to channel cooperators 

21,472

21,012

3,261

 Accrued expenses and other liabilities 

323,748

292,134

45,338

 Other non-current liabilities 

27,615

13,759

2,135

 TOTAL LIABILITIES 

4,421,966

3,391,424

526,341

 Commitments and Contingencies 

 Equity: 

 Common shares 

203

207

32

 Additional paid-in capital 

3,068,045

3,121,997

484,526

 Retained earnings (accumulated deficit) 

(14,551)

681,389

105,750

 Other comprehensive income 

21,059

16,544

2,568

 Total X Financial shareholders’ equity 

3,074,756

3,820,137

592,876

 Non-controlling interests 

1,288

 TOTAL EQUITY 

3,076,044

3,820,137

592,876

 TOTAL LIABILITIES AND EQUITY 

7,498,010

7,211,561

1,119,217

X Financial

Unaudited Condensed Consolidated Statements of Comprehensive Income

Three Months Ended September 30,

Nine Months Ended September 30,

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

2020

2021

2021

2020

2021

2021

 RMB 

RMB

USD

 RMB 

RMB

USD

 Net revenues 

 Loan facilitation service-Direct Model 

350,381

670,885

104,120

793,967

2,057,657

319,343

 Loan facilitation service-Intermediary Model 

2,959

41,190

161

25

 Post-origination service 

49,514

88,420

13,723

162,452

220,823

34,271

 Financing income 

138,826

172,349

26,748

441,171

452,808

70,275

 Other revenue 

18,120

32,697

5,074

37,881

71,618

11,115

 Total net revenue 

559,800

964,351

149,665

1,476,661

2,803,067

435,029

 Operating costs and expenses: 

 Origination and servicing 

561,241

483,833

75,090

1,520,781

1,577,209

244,779

 General and administrative 

35,791

39,081

6,065

142,846

125,652

19,501

 Sales and marketing 

3,874

5,440

844

30,771

15,512

2,407

 Provision for accounts receivable and contract assets 

24,346

15,237

2,365

134,722

57,719

8,958

 Provision for loans receivable 

58,135

10,199

1,583

211,501

35,695

5,540

 (Reversal of) provision for contingent guarantee liabilities 

(19,438)

2,152

(24)

(4)

 (Reversal of) provision for credit losses on deposits to
  institutional cooperators 

392

61

(7,782)

(1,208)

 (Reversal of) provision for credit losses for other financial
  assets 

(2,718)

(382)

(59)

6,879

(382)

(59)

 Total operating costs and expenses 

661,231

553,800

85,949

2,049,652

1,803,599

279,914

 Income (loss) from operations 

(101,431)

410,551

63,716

(572,991)

999,468

155,115

 Interest income (expense), net 

5,752

6,382

990

15,990

15,990

2,482

 Foreign exchange gain (loss) 

8,984

(954)

(148)

8,911

1,240

192

 Income from investments in VC funds 

12,639

1,962

16,054

2,492

 Fair value adjustments related to Consolidated Trusts 

3,245

7,570

1,175

(43,416)

(108)

(17)

 Change in fair value of financial guarantee derivative 

(26,579)

(48,042)

(7,456)

(143,621)

(143,658)

(22,295)

 Other income (loss), net 

1,798

9,644

1,497

10,789

16,745

2,599

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

(108,231)

397,790

61,736

(724,338)

905,731

140,568

 Income tax benefit (expense) 

(1,576)

(119,458)

(18,540)

72,912

(214,566)

(33,300)

 Gain (loss) from equity in affiliates, net of tax 

(3,224)

1,548

240

(1,564)

4,775

741

 Net income (loss) 

(113,031)

279,880

43,436

(652,990)

695,940

108,009

 Less: net income (loss) attributable to non-controlling interests 

(7)

41

 Net income (loss) attributable to X Financial shareholders 

(113,024)

279,880

43,436

(653,031)

695,940

108,009

 Net income (loss) 

(113,031)

279,880

43,436

(652,990)

695,940

108,009

 Other comprehensive income, net of tax of nil: 

 Foreign currency translation adjustments 

(26,816)

1,957

304

(16,607)

(4,515)

(701)

 Comprehensive income (loss) 

(139,847)

281,837

43,740

(669,597)

691,425

107,308

 Less: comprehensive income (loss) attributable to non-controlling interests 

(7)

41

 Comprehensive income (loss) attributable to X Financial shareholders 

(139,840)

281,837

43,740

(669,638)

691,425

107,308

 Net income (loss) per share—basic 

(0.35)

0.84

0.13

(2.03)

2.11

0.33

 Net income (loss) per share—diluted  

(0.35)

0.82

0.13

(2.03)

2.05

0.32

 Net income (loss) per ADS—basic 

(2.10)

5.04

0.78

(12.18)

12.66

1.96

 Net income (loss) per ADS—diluted  

(2.10)

4.92

0.76

(12.18)

12.30

1.91

 Weighted average number of ordinary shares outstanding—basic 

321,262,508

332,503,053

332,503,053

320,913,563

329,347,604

329,347,604

 Weighted average number of ordinary shares outstanding—diluted 

321,262,508

342,343,280

342,343,280

320,913,563

339,187,831

339,187,831

X Financial

Unaudited Reconciliations of GAAP and Non-GAAP Results

Three Months Ended September 30,

Nine Months Ended September 30,

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

2020

2021

2021

2020

2021

2021

 RMB 

RMB

USD

 RMB 

RMB

USD

GAAP net income (loss)

(113,031)

279,880

43,436

(652,990)

695,940

108,009

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

12,639

1,962

16,054

2,492

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

1,292

9,719

1,508

55,448

51,006

7,916

Non-GAAP adjusted net income (loss)

(111,739)

276,960

42,982

(597,542)

730,892

113,433

Net income (loss) attributable to X Financial shareholders

(113,024)

279,880

43,436

(653,031)

695,940

108,009

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

12,639

1,962

16,054

2,492

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

1,292

9,719

1,508

55,448

51,006

7,916

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

(111,732)

276,960

42,982

(597,583)

730,892

113,433

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

(0.35)

0.83

0.13

(1.86)

2.22

0.34

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

(0.35)

0.81

0.13

(1.86)

2.15

0.33

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

(2.10)

4.98

0.77

(11.16)

13.32

2.07

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

(2.10)

4.86

0.75

(11.16)

12.90

2.00

 Weighted average number of ordinary shares outstanding—basic 

321,262,508

332,503,053

332,503,053

320,913,563

329,347,604

329,347,604

 Weighted average number of ordinary shares outstanding—diluted 

321,262,508

342,343,280

342,343,280

320,913,563

339,187,831

339,187,831

Cision View original content:https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2021-unaudited-financial-results-301430063.html

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