Yiren Digital Reports Fourth Quarter and Fiscal Year 2023 Financial Results
BEIJING, March 21, 2024 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, today announced its unaudited financial results for the quarter ended December 31, 2023.
Fourth Quarter 2023 and Fiscal Year 2023 Operational Highlights
Financial Services Business
-- Total loans facilitated in the fourth quarter of 2023 reached RMB11.6 billion (US$1.6 billion), representing an increase of 18.7% from RMB9.8 billion in the third quarter of 2023 and compared to RMB6.8 billion in the same period of 2022. For the fiscal year of 2023, total loans facilitated reached RMB36.0 billion, compared to RMB22.6 billion in 2022. -- Cumulative number of borrowers served reached 9,295,666 as of December 31, 2023, representing an increase of 8.1% from 8,595,780 as of September 30, 2023 and compared to 7,277,627 as of December 31, 2022. -- Number of borrowers served in the fourth quarter of 2023 was 1,371,501, representing an increase of 13.9% from 1,204,012 in the third quarter of 2023 and compared to 862,226 in the same period of 2022. The increase was driven by the strong demand for our small revolving loan products and the improvement of customer acquisition efficiency. For the fiscal year of 2023, total number of borrowers served was 2,891,901, compared to 1,606,893 in 2022. -- Outstanding balance of performing loans facilitated reached RMB18.3 billion (US$2.6 billion) as of December 31, 2023, representing an increase of 20.9% from RMB15.1 billion as of September 30, 2023 and compared to RMB11.3 billion as of December 31, 2022.
Insurance Brokerage Business
-- Cumulative number of insurance clients served reached 1,283,102 as of December 31, 2023, representing an increase of 2.1% from 1,256,762 as of September 30, 2023 and compared to 924,824 as of December 31, 2022. -- Number of insurance clients served in the fourth quarter of 2023 was 102,556, representing a decrease of 17.1% from 123,693 in the third quarter of 2023 and compared to 85,314 in the same period of 2022. The decrease was primarily due to the decline in life insurance volume following product changes under the new regulations. For the fiscal year of 2023, total number of insurance clients served was 358,278, compared to 431,701 in 2022. -- Gross written premiums in the fourth quarter of 2023 were RMB1,208.7 million (US$170.2 million), representing a decrease of 15.4% from RMB1,428.5 million in the third quarter of 2023 and compared to RMB1,335.5 million in the same period of 2022. The decrease was mainly attributed to the declined life insurance volume following product changes under the new regulations. For the fiscal year of 2023, total gross written premiums were RMB4,893.0 million, compared to RMB3,936.6 million in 2022.
Consumption and Lifestyle Business
-- Total gross merchandise volume generated through our e-commerce platform and "Yiren Select" channel reached RMB692.7 million (US$97.6 million) in the fourth quarter of 2023, representing an increase of 23.0% from RMB563.2 million in the third quarter of 2023 and compared to RMB292.1 million in the same period of 2022. The increase was mainly due to the continuous growth of paying customers on our e-commerce platform. For the fiscal year of 2023, total gross merchandise volume was RMB1,960.3 million, compared to RMB687.8 million in 2022.
"In a year of global economic uncertainties, we wrapped up 2023 stronger than ever, showcasing the strength and resilience of our business. The year also marked a pivotal moment for us as we firmly established ourselves as a pioneering AI-driven financial and lifestyle services platform," said Mr. Ning Tang, Chairman and Chief Executive Officer. "Through our 'AI Lab' initiative, we have been training and fine-tuning our Large Language Models (LLM) and developing our own LLM Operations platform. This endeavor will, firstly, deepen AI integration across our operational spectrum, boosting efficiency and enhancing customer experience. Secondly, we aim to expand our AI expertise beyond the fintech verticals to more selected sectors, empowering both B2B and B2C clients and partners with advanced technological capabilities. Moreover, we have recently encountered high-quality AI companies and plan to expand our AI ecosystem through strategic partnerships and investments. The horizon is brimming with exciting prospects."
"We are glad to report a solid full year of 2023, with both our top line and bottom line realizing double-digit annual growth, beating our previous guidance." Ms. Na Mei, Chief Financial Officer commented. "Our balance sheet remains strong with total cash and cash equivalents of RMB5.8 billion by the end of the year, providing a sufficient buffer for us to respond to any business opportunities in institutional operations, international expansion, and strategic AI deployment."
Fourth Quarter 2023 Financial Results
Total net revenue in the fourth quarter of 2023 was RMB1,274.3 million (US$179.5 million), representing an increase of 17.1% from RMB1,088.1 million in the fourth quarter of 2022. Particularly, in the fourth quarter of 2023, revenue from financial services business was RMB781.3 million (US$110.0 million), representing an increase of 22.2% from RMB639.2 million in the same period of 2022. The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB98.2 million (US$13.8 million), representing a decrease of 50.7% from RMB199.0 million in the fourth quarter of 2022. The decrease was due to declined sales of life insurance attributed to product changes under the new regulations. Revenue from consumption and lifestyle business and others was RMB394.8 million (US$55.6 million), representing an increase of 58.0% from RMB249.9 million in the fourth quarter of 2022. The increase was primarily attributed to the continuous growth in gross merchandise volume generated through our e-commerce platform, driven by an expanding base of paying customers on the platform.
Sales and marketing expenses in the fourth quarter of 2023 were RMB205.7 million (US$29.0 million), compared to RMB103.4 million in the same period of 2022. The increase was primarily due to the growth of financial services business volume.
Origination, servicing and other operating costs in the fourth quarter of 2023 were RMB184.7 million (US$26.0 million), compared to RMB211.6 million in the same period of 2022. The decrease was due to the decline in sales of life insurance products attributed to product changes under the new regulations.
Research and development expenses([1]) in the fourth quarter of 2023 were RMB47.6 million (US$6.7 million), compared to RMB32.9 million in the same period of 2022. The increase was mainly attributed to our ongoing investment in AI upgrades and technological innovations.
General and administrative expenses in the fourth quarter of 2023 were RMB50.5 million (US$7.1 million), which remained stable compared to RMB52.3 million in the same period of 2022.
Allowance for contract assets, receivables and others in the fourth quarter of 2023 was RMB98.7 million (US$13.9 million), compared to RMB55.7 million in the same period of 2022. The increase was primarily attributed to the growing volume of loans facilitated on our platform.
Income tax expense in the fourth quarter of 2023 was RMB140.8 million (US$19.8 million).
Net income in the fourth quarter of 2023 was RMB571.3 million (US$80.5 million), as compared to RMB485.2 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([2]) (non-GAAP) in the fourth quarter of 2023 was RMB684.8 million (US$96.5 million), compared to RMB645.1 million in the same period of 2022.
Basic and diluted income per ADS in the fourth quarter of 2023 were RMB6.5 (US$0.9) and RMB6.5 (US$0.9) respectively, compared to a basic per ADS of RMB5.4 and a diluted per ADS of RMB5.4 in the same period of 2022.
Net cash generated from operating activities in the fourth quarter of 2023 was RMB417.2 million (US$58.8 million), compared to RMB471.9 million in the same period of 2022.
Net cash used in investing activities in the fourth quarter of 2023 was RMB260.3 million (US$36.7 million), compared to RMB283.1 million provided by investing activities in the same period of 2022.
Net cash provided by financing activities in the fourth quarter of 2023 was RMB332.3 million (US$46.8 million), compared to RMB54.6 million used in financing activities in the same period of 2022.
As of December 31, 2023, cash and cash equivalents were RMB5,791.3 million (US$815.7 million), compared to RMB5,438.0 million as of September 30, 2023. As of December 31, 2023, the balance of held-to-maturity investments was RMB10.4 million (US$1.5 million), compared to RMB4.8 million as of September 30, 2023. As of December 31, 2023, the balance of available-for-sale investments was RMB438.1 million (US$61.7 million), compared to RMB338.1 million as of September 30, 2023. As of December 31, 2023, the balance of trading securities was RMB76.1 million (US$10.7 million), compared to RMB74.2 million as of September 30, 2023.
Delinquency rates. As of December 31, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.9%, 1.4% and 1.2%, respectively, compared to 0.8%, 1.2% and 1.0%, respectively, as of September 30, 2023.
Cumulative M3+ net charge-off rates. As of December 31, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 7.8%, 6.4% and 4.7%, respectively, as compared to 7.9%, 6.5% and 4.5%, respectively, as of September 30, 2023.
Fiscal Year 2023 Financial Results
Total net revenue in 2023 was RMB4,895.6 million (US$689.5 million), compared to RMB3,434.6 million in 2022. Specifically, revenue from financial services business in 2023 was RMB2,515.1 million (US$354.2 million), compared to RMB1,959.7 million in 2022. The increase was driven by the growing demand for our small revolving loan products. Revenue from insurance brokerage business in 2023 was RMB963.8 million (US$135.8 million), compared to RMB731.8 million in 2022. The increase was driven by our improved customer acquisition and serving capabilities. Revenue from consumption and lifestyle business and others was RMB1,416.7million (US$199.5 million), compared to RMB743.1 million in 2022. The increase was due to the continuous growth of paying customers on our e-commerce platform.
Sales and marketing expenses in 2023 was RMB656.6 million (US$92.5 million), compared to RMB574.0 million in 2022. The increase was primarily due to the growth of financial services business volume.
Origination, servicing and other operating costs in 2023 was RMB976.2 million (US$137.5 million), compared to RMB776.8 million in 2022. The increase was due to the rapid growth of our overall business scale compared to the year of 2022.
Research and development expenses in 2023 was RMB148.8 million (US$21.0 million), which remained stable compared to RMB151.9 million in 2022.
General and administrative expenses in 2023 was RMB231.1 million (US$32.6 million), which remained stable compared to RMB271.8 million in 2022.
Allowance for contract assets, receivables and others in 2023 was RMB288.2 million (US$40.6 million), compared to RMB188.2 million in 2022. The increase was primarily attributed to the growing volume of loans facilitated on our platform.
Income tax expense in 2023 was RMB565.2 million (US$79.6 million).
Net income in 2023 was RMB2,080.2 million (US$293.0 million), compared to RMB1,194.9 million in 2022. The increase was driven by the growing of our business volume.
Adjusted EBITDA (non-GAAP) in 2023 was RMB2,578.5 million (US$363.2 million), compared to RMB1,570.3 million in 2022.
Basic and diluted income per ADS in 2023 were RMB23.5 (US$3.3) and RMB23.3 (US$3.3) respectively, compared to a basic per ADS of RMB13.7 and a diluted per ADS of RMB13.6 in 2022.
Net cash generated from operating activities in 2023 was RMB2,171.0 million (US$305.8 million), compared to RMB1,849.4 million in 2022.
Business Outlook
Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the full year of 2024 to be between RMB5.8 billion to RMB6.8 billion, with a healthy net profit margin
This is the Company's current and preliminary view, which is subject to changes and uncertainties.
Recent Development
In response to the recent SEC rules on cybersecurity risk management, strategy, governance, and incident disclosure, the board of directors has proactively adopted the Cybersecurity Incident Response Policy. This initiative, including the establishment of a cybersecurity risk management committee chaired by Mr. Ning Tang with members Mr. Sam Hanhui Sun and Mr. Hao Li, underscores the Company's dedication to not only adhering to but exceeding regulatory standards, thereby enhancing the overall efficiency and transparency of corporate governance. The Company's approach is rooted in a proactive stance towards risk management related to the use of information technology and data protection, reflecting a broader commitment to maintaining stakeholder trust by staying at the forefront of industry best practices. For more detailed information on the cybersecurity risk management committee and the committee's charter, please visit our website at https://ir.yiren.com/
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 RMB7.0999 to US$1.00, the effective noon buying rate on December 29, 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 March 21, 2024 (or 8:00 p.m. Beijing/Hong Kong Time on March 21, 2024).
Participants who wish to join the call should register online in advance of the conference at: https://s1.c-conf.com/diamondpass/10037668-ghu76t.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://edge.media-server.com/mmc/p/rqq7rpic.
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 advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers' financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.
[1] Research and development expenses have been segregated from general and administrative expenses and restated for historical periods to better reflect the Company's cost and expense structure.
[2] "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.
Unaudited Condensed Consolidated Statements of Operations (in thousands, except for share, per share and per ADS data, and percentages) For the Year Ended For the Three Months Ended December September December December December December December 31, 30, 31, 31, 31, 31, 31, 2022 2023 2023 2023 2022 2023 2023 RMB RMB RMB USD RMB RMB USD Net revenue: Loan facilitation services 525,137 586,883 722,451 101,755 1,362,685 2,240,852 315,617 Post-origination services 37,616 984 4,630 652 204,336 17,203 2,423 Insurance brokerage services 199,027 264,611 98,158 13,825 731,797 963,822 135,751 Financing services 35,940 9,937 8,564 1,206 278,783 55,974 7,884 Electronic commerce services 129,154 350,635 385,886 54,351 302,896 1,267,104 178,468 Others 161,202 97,724 54,621 7,694 554,123 350,678 49,392 Total net revenue 1,088,076 1,310,774 1,274,310 179,483 3,434,620 4,895,633 689,535 Operating costs and expenses: Sales and marketing 103,427 195,714 205,730 28,977 573,974 656,603 92,481 Origination,servicing and other 211,591 245,360 184,700 26,014 776,841 976,172 137,491 operating costs Research and development 32,936 38,981 47,586 6,702 151,924 148,754 20,952 General and administrative 52,323 53,519 50,512 7,115 271,794 231,135 32,555 Allowance for contract assets, 55,747 83,756 98,686 13,899 188,223 288,187 40,589 receivables and others Total operating costs and expenses 456,024 617,330 587,214 82,707 1,962,756 2,300,851 324,068 Other income/(expenses): Interest income/(expense), net 3,439 25,815 29,880 4,209 (26,302) 80,749 11,373 Fair value adjustments related to (2,962) (8,104) (13,394) (1,887) 18,900 (50,171) (7,066) Consolidated ABFE Others, net 11,991 5,177 8,504 1,197 30,921 20,000 2,817 Total other income 12,468 22,888 24,990 3,519 23,519 50,578 7,124 Income before provision for income taxes 644,520 716,332 712,086 100,295 1,495,383 2,645,360 372,591 Income tax expense 159,285 161,917 140,818 19,833 300,512 565,163 79,601 Net income 485,235 554,415 571,268 80,462 1,194,871 2,080,197 292,990 Weighted average number of ordinary 179,211,437 176,866,653 175,445,539 175,445,539 174,695,959 176,749,706 176,749,706 shares outstanding, basic Basic income per share 2.7076 3.1346 3.2561 0.4586 6.8397 11.7692 1.6577 Basic income per ADS 5.4152 6.2692 6.5122 0.9172 13.6794 23.5384 3.3154 Weighted average number of ordinary 179,628,555 178,366,565 177,106,305 177,106,305 175,391,332 178,688,319 178,688,319 shares outstanding, diluted Diluted income per share 2.7013 3.1083 3.2256 0.4543 6.8126 11.6415 1.6397 Diluted income per ADS 5.4026 6.2166 6.4512 0.9086 13.6252 23.2830 3.2794 Unaudited Condensed Consolidated Cash Flow Data Net cash generated from operating 471,890 645,416 417,232 58,765 1,849,430 2,171,013 305,780 activities Net cash provided by/(used in) investing 283,145 (393,919) (260,331) (36,667) 52,559 100,045 14,091 activities Net cash (used in/)provided by financing (54,551) (502,636) 332,309 46,805 (489,123) (569,278) (80,181) activities Effect of foreign exchange rate changes (1,107) 2,395 (6,414) (903) 2,485 (3,871) (545) Net increase in cash, cash equivalents and 699,377 (248,744) 482,796 68,000 1,415,351 1,697,909 239,145 restricted cash Cash, cash equivalents and restricted cash, 3,661,318 5,824,552 5,575,808 785,336 2,945,344 4,360,695 614,191 beginning of period Cash, cash equivalents and restricted cash, 4,360,695 5,575,808 6,058,604 853,336 4,360,695 6,058,604 853,336 end of period
Unaudited Condensed Consolidated Balance Sheets (in thousands) As of December September December December 31, 30, 31, 31, 2022 2023 2023 2023 RMB RMB RMB USD Cash and cash equivalents 4,271,899 5,437,972 5,791,333 815,692 Restricted cash 88,796 137,836 267,271 37,644 Trading securities - 74,185 76,053 10,712 Accounts receivable 221,004 432,824 499,027 70,287 Contract assets, net 626,739 826,088 978,051 137,756 Contract cost 787 271 32 4 Prepaid expenses and other assets 321,411 272,577 426,511 60,073 Loans at fair value 54,049 534,687 677,835 95,471 Financing receivables 514,388 162,411 116,164 16,361 Amounts due from related parties 1,266,232 940,472 820,181 115,520 Held-to-maturity investments 2,700 4,820 10,420 1,468 Available-for-sale investments 972,738 338,069 438,084 61,703 Property, equipment and software, net 77,256 73,446 79,158 11,149 Deferred tax assets 84,187 88,231 73,414 10,340 Right-of-use assets 33,909 27,352 23,382 3,293 Total assets 8,536,095 9,351,241 10,276,916 1,447,473 Accounts payable 14,144 38,025 30,902 4,353 Amounts due to related parties 227,724 27,664 14,414 2,030 Deferred revenue 65,539 27,150 54,044 7,612 Payable to investors at fair value - 99,954 445,762 62,784 Accrued expenses and other liabilities 1,315,006 1,483,190 1,500,522 211,344 Secured borrowings 767,900 Deferred tax liabilities 79,740 118,543 122,075 17,194 Lease liabilities 35,229 27,709 23,648 3,331 Total liabilities 2,505,282 1,822,235 2,191,367 308,648 Ordinary shares 129 130 130 18 Additional paid-in capital 5,160,783 5,169,821 5,171,232 728,353 Treasury stock (46,734) (81,501) (94,851) (13,359) Accumulated other comprehensive 7,765 25,873 23,669 3,333 income Retained earnings 908,870 2,414,683 2,985,369 420,480 Total equity 6,030,813 7,529,006 8,085,549 1,138,825 Total liabilities and equity 8,536,095 9,351,241 10,276,916 1,447,473
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures (in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages) For the Year Ended For the Three Months Ended December September December December December December December 31, 30, 31, 31, 31, 31, 31, 2022 2023 2023 2023 2022 2023 2023 RMB RMB RMB USD RMB RMB USD Operating Highlights Amount of loans facilitated 6,783,523 9,814,359 11,645,528 1,640,238 22,623,101 36,036,301 5,075,607 Number of borrowers 862,226 1,204,012 1,371,501 1,371,501 1,606,893 2,891,901 2,891,901 Remaining principal of performing loans 11,259,763 15,090,800 18,251,550 2,570,677 11,259,763 18,251,550 2,570,677 Cumulative number of insurance clients 924,824 1,256,762 1,283,102 1,283,102 924,824 1,283,102 1,283,102 Number of insurance clients 85,314 123,693 102,556 102,556 431,701 358,278 358,278 Gross written premiums 1,335,488 1,428,484 1,208,717 170,244 3,936,588 4,893,042 689,171 First year premium 665,452 914,839 536,252 75,529 2,737,062 3,180,334 447,941 Renewal premium 670,036 513,645 672,465 94,715 1,199,526 1,712,708 241,230 Gross merchandise volume 292,086 563,224 692,733 97,569 687,848 1,960,344 276,109 Segment Information Financial services business: Revenue 639,167 667,966 781,306 110,045 1,959,732 2,515,119 354,247 Sales and marketing expenses 58,016 146,369 186,304 26,240 383,950 498,055 70,150 Origination, servicing and other operating 38,085 59,300 77,598 10,929 151,539 223,468 31,475 costs Insurance brokerage business: Revenue 199,027 264,611 98,158 13,825 731,797 963,822 135,751 Sales and marketing expenses 2,634 3,175 3,578 504 17,417 12,887 1,815 Origination, servicing and other operating 137,256 176,182 98,019 13,806 524,767 697,669 98,265 costs Consumption & lifestyle business and others: Revenue 249,882 378,197 394,846 55,613 743,091 1,416,692 199,537 Sales and marketing expenses 42,777 46,170 15,848 2,233 172,607 145,661 20,516 Origination, servicing and other operating 36,250 9,878 9,083 1,279 100,535 55,035 7,751 costs Reconciliation of Adjusted EBITDA Net income 485,235 554,415 571,268 80,462 1,194,871 2,080,197 292,990 Interest (income)/expense, net (3,439) (25,815) (29,880) (4,209) 26,302 (80,749) (11,373) Income tax expense 159,285 161,917 140,818 19,833 300,512 565,163 79,601 Depreciation and amortization 2,537 1,664 1,806 254 26,430 7,116 1,002 Share-based compensation 1,494 513 828 117 22,136 6,751 951 Adjusted EBITDA 645,112 692,694 684,840 96,457 1,570,251 2,578,478 363,171 Adjusted EBITDA margin 59.3 % 52.8 % 53.7 % 53.7 % 45.7 % 52.7 % 52.7 %
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 % September 30, 2023 0.8 % 1.2 % 1.0 % December 31, 2023 0.9 % 1.4 % 1.2 %
Net Charge-Off Rate Loan Amount of Loans Accumulated M3+ Net Total Net Charge- Issued Facilitated Charge-Off Off Rate Period During the Period as of December 31, as of December 2023 31, 2023 (in RMB thousands) (in RMB thousands) 2019 3,431,443 387,239 11.3 % 2020 9,614,819 746,687 7.8 % 2021 23,195,224 1,481,751 6.4 % 2022 22,623,101 1,070,819 4.7 % 2023Q1-Q3 24,390,773 694,391 2.8 %
M3+ Net Charge-Off Rate Loan Issued Month on Book Period 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 % 7.3 % 7.8 % 7.9 % 7.9 % 2020Q2 0.5 % 2.5 % 4.2 % 5.3 % 6.1 % 6.7 % 7.6 % 8.1 % 8.2 % 8.3 % 8.2 % 2020Q3 1.1 % 3.3 % 5.1 % 6.3 % 7.1 % 8.1 % 8.7 % 8.9 % 8.9 % 8.8 % 8.7 % 2020Q4 0.3 % 1.8 % 3.2 % 4.6 % 6.0 % 7.1 % 7.4 % 7.6 % 7.6 % 7.5 % 7.5 % 2021Q1 0.4 % 2.3 % 3.9 % 5.5 % 6.7 % 7.0 % 7.2 % 7.3 % 7.2 % 7.1 % 2021Q2 0.4 % 2.4 % 4.5 % 5.9 % 6.4 % 6.7 % 6.8 % 6.7 % 6.6 % 2021Q3 0.5 % 3.1 % 5.0 % 5.9 % 6.3 % 6.4 % 6.4 % 6.3 % 2021Q4 0.6 % 3.2 % 4.6 % 5.3 % 5.4 % 5.4 % 5.3 % 2022Q1 0.6 % 2.5 % 3.8 % 4.5 % 4.5 % 4.4 % 2022Q2 0.4 % 2.2 % 3.6 % 4.1 % 4.2 % 2022Q3 0.5 % 2.7 % 4.1 % 4.7 % 2022Q4 0.6 % 3.0 % 4.6 % 2023Q1 0.5 % 3.1 % 2023Q2 0.5 %
View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-fourth-quarter-and-fiscal-year-2023-financial-results-302095828.html
SOURCE Yiren Digital