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    Yiren Digital Reports Second Quarter 2024 Financial Results

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    yiren digital

    News provided byYiren Digital 

    Aug 20, 2024, 04:52 ET

    BEIJING, Aug. 20, 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 June 30, 2024. 

    Second Quarter 2024 Operational Highlights

    Financial Services Business

    • Total loans facilitated in the second quarter of 2024 reached RMB12.9 billion (US$1.8 billion), representing an increase of 8.6% from RMB11.9 billion in the first quarter of 2024 and compared to RMB8.2 billion in the same period of 2023.
    • Cumulative number of borrowers served reached 10,807,497 as of June 30, 2024, representing an increase of 8.3% from 9,978,280 as of March 31, 2024, and compared to 8,002,372 as of June 30, 2023.
    • Number of borrowers served in the second quarter of 2024 was 1,491,756, representing an increase of 10.3% from 1,352,200 in the first quarter of 2024 and compared to 1,013,972 in the same period of 2023. The increase was due to our ongoing effort in customer acquisition and user experience enhancement.
    • Outstanding balance of performing loans facilitated reached RMB21.8 billion (US$3.0 billion) as of June 30, 2024, representing an increase of 8.3% from RMB20.2 billion as of March 31, 2024 and compared to RMB12.8 billion as of June 30, 2023.

    Insurance Brokerage Business

    • Cumulative number of insurance clients served reached 1,410,158 as of June 30, 2024, representing an increase of 4.9% from 1,343,660 as of March 31, 2024, and compared to 1,133,069 as of June 30, 2023.
    • Number of insurance clients served in the second quarter of 2024 was 88,766, representing an increase of 20.5% from 73,687 in the first quarter of 2024 and compared to 135,449 in the same period of 2023. The increase was primarily due to the continued growth of our property insurance business.
    • Gross written premiums in the second quarter of 2024 were RMB1,060.9 million (US$146.0 million), representing an increase of 16.3% from RMB912.4 million in the first quarter of 2024 and compared to RMB1,332.5 million in the same period of 2023. The increase was mainly attributed to the continued expansion of our property insurance business.

    Consumption and Lifestyle Business

    • Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB554.6 million (US$76.3 million) in the second quarter of 2024, representing a decrease of 11.3% from RMB625.1 million in the first quarter of 2024 and compared to RMB395.8 million in the same period of 2023. The decrease was mainly due to the already high penetration of our products and services within the existing customer pool, along with our strategic scale-back in product offerings as we shift our focus to upgrading customer segmentation.

    “Despite the evolving market environment, we are pleased to report another solid quarter with strong unit economics, reflecting the resilience of our business structure and operational strategies, as well as our commitment to quality growth over mere expansion.” said Mr. Ning Tang, Chairman and Chief Executive Officer. 

    “Our continued investments in AI and the seamless integration of technological innovations into our operations have fostered dual growth in both technological advancements and operational efficiency. Our strategic direction positions us well to evolve into a leading AI-driven platform, paving the way for groundbreaking solutions and setting new industry standards.”

    “In the second quarter of 2024, our total revenue reached RMB 1.5 billion, representing 13% increase year-over-year. We generate approximately RMB 369 million net cash from operation in this quarter, remaining healthy and strong.” Ms. Na Mei, Chief Financial Officer commented. “On the balance sheet side, our balance sheet remained strong with RMB 5.5 billion in cash and cash equivalents as of the end of this quarter and we are exploring diversified ways to enhance our shareholder returns. Through both our cash dividend policy and share buybacks, we aim to reward our shareholders for their long-term trust and support, while also boosting market confidence.”

    Second Quarter 2024 Financial Results

    Total net revenue in the second quarter of 2024 was RMB1,496.5 million (US$205.9 million), representing an increase of 13.0% from RMB1,324.2 million in the second quarter of 2023. Particularly, in the second quarter of 2024, revenue from financial services business was RMB851.0 million (US$117.1 million), representing an increase of 46.2% from RMB582.0 million in the same period of 2023. The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB91.5 million (US$12.6 million), representing a decrease of 77.4% from RMB404.7 million in the second quarter of 2023. The decrease was primarily driven by a decline in life insurance sales, resulting from product modifications mandated by new regulations, along with an industry-wide reduction in commission fee rates due to the implementation of more stringent regulatory standards on rates and terms. Revenue from consumption and lifestyle business and others was RMB554.0 million (US$76.2 million), representing an increase of 64.1% from RMB337.5 million in the second quarter of 2023. The annual increase was primarily attributed to the continuous growth of the service and product penetration in the expanding base of paying customers. As the penetration rate reached a substantial level in the second quarter of 2024, the growth rate is expected to moderate.

    Sales and marketing expenses in the second quarter of 2024 were RMB285.1 million (US$39.2 million), compared to RMB148.9 million in the same period of 2023. The increase was primarily driven by the swift growth of our financial services segment and enhanced marketing endeavors aimed at attracting new, high-caliber customers while optimizing our customer composition.

    Origination, servicing and other operating costs in the second quarter of 2024 were RMB246.5million (US$33.9 million), compared to RMB346.4 million in the same period of 2023. The decrease was mainly due to the decline in insurance brokerage services. 

    Research and development expenses[1] in the second quarter of 2024 were RMB55.8 million (US$7.7 million), compared to RMB33.0 million in the same period of 2023. The increase was mainly attributed to our ongoing investment in AI upgrades and technological innovations.

    General and administrative expenses in the second quarter of 2024 were RMB68.7 million (US$9.4 million), compared to RMB63.7 million in the same period of 2023. The increase was primarily due to personnel adjustments.

    Allowance for contract assets, receivables and others in the second quarter of 2024 was RMB123.3 million (US$17.0 million), compared to RMB48.9 million in the same period of 2023. The increase reflects the growing volume of loans facilitated on our platform and the more stringent risk estimates in response to the evolving external credit environment.

    Provision for contingent liabilities in the second quarter of 2024 was RMB278.9 million (US$38.4 million), compared to RMB12.0 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[2].

    Income tax expense in the second quarter of 2024 was RMB92.0 million (US$12.7 million). 

    Net income in the second quarter of 2024 was RMB409.5 million (US$56.4 million), as compared to RMB527.3 million in the same period in 2023. The decrease was primarily due to the growing loan volume facilitated under our risk-taking model, resulting in substantial upfront provisions required by the current accounting principles. 

    Adjusted EBITDA[3] (non-GAAP) in the second quarter of 2024 was RMB481.1 million (US$66.2 million), compared to RMB661.7 million in the same period of 2023. 

    Basic and diluted income per ADS in the second quarter of 2024 were RMB4.7 (US$0.7) and RMB4.7 (US$0.6) respectively, compared to a basic income per ADS of RMB6.0 and a diluted income per ADS of RMB5.9 in the same period of 2023. 

    Net cash generated from operating activities in the second quarter of 2024 was RMB368.9 million (US$50.8 million), compared to RMB718.1 million in the same period of 2023. 

    Net cash used in investing activities in the second quarter of 2024 was RMB536.9 million (US$73.9 million), compared to RMB20.0 million provided by investing activities in the same period of 2023.

    Net cash used in financing activities in the second quarter of 2024 was RMB125.9 million (US$17.3 million), compared to RMB6.1 million in the same period of 2023. 

    As of June 30, 2024, cash and cash equivalents were RMB5,496.9 million (US$756.4 million), compared to RMB5,904.0 million as of March 31, 2024. As of June 30, 2024, the balance of held-to-maturity investments was RMB5.1 million (US$0.7 million), decreased 51.2% from March 31, 2024. As of June 30, 2024, the balance of available-for-sale investments was RMB329.8 million (US$45.4 million), compared to RMB379.5 million as of March 31, 2024. As of June 30, 2024, the balance of trading securities was RMB83.9 million (US$11.5 million), compared to RMB78.0 million as of March 31, 2024.

    Delinquency rates. As of June 30, 2024, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.8%, 1.4% and 1.6%, respectively, compared to 0.9%, 1.6% and 1.4%, respectively, as of March 31, 2024. 

    Cumulative M3+ net charge–off rates. As of June 30, 2024, the cumulative M3+ net charge-off rates for loans originated in 2021, 2022 and 2023 were 6.1%, 4.6% and 5.9%, respectively, as compared to 6.3%, 4.7% and 3.9%, respectively, as of March 31, 2024.

    Management Change

    The Company announces that Ms. Na Mei will resign from her position as Chief Financial Officer due to personal reasons effective as of the close of business on August 20, 2024 New York time. Ms. Mei will continue to serve CreditEase, Yiren Digital’s parent company, and assist in ensuring a smooth transition to the new CFO. The board of directors of the Company (the “Board”) extends its gratitude to Ms. Mei for her dedicated service and significant contributions during her tenure.

    Following this development, the Board has appointed Mr. Yuning Feng as the new Chief Financial Officer to succeed Ms. Mei. Mr. Feng brings extensive experience and expertise in investment banking and financial control to the role, and the Board is confident in his ability to lead the Company’s financial operations with distinction.

    Mr. Feng possesses over a decade of experience in venture capital investment, investment banking and financial control. Before joining Yiren Digital, he was a partner at CE Innovation Capital, from 2015 to 2018 and from 2021 to 2024. In this role, he led investments in fintech, enterprise solutions, and AI sectors, managed investment portfolios, and contributed to fundraising and fund management. From 2018 to 2021, Mr. Feng served as an investment banker at China Renaissance, specializing in corporate finance for fintech and enterprise solutions companies, where he established strong connections with a variety of companies and investors. Earlier in his career, Mr. Feng was a financial controller at Goldman Sachs and UBS from 2008 to 2012. He received a bachelor’s degree from Beijing Foreign Studies University in 2008 and an MBA from the University of Warwick in 2014.

    Dividend Policy

    The Company is pleased to announce that the Board has approved a semi-annual dividend policy, reflecting our commitment to delivering value to our shareholders. Pursuant to the policy, the Board plans to declare semi-annual dividends at an amount equivalent to no less than 10% of the Company’s anticipated net income after tax in each half year commencing from the first half of 2024. The determination to declare and pay such semi-annual dividends and the amount of dividends in any particular half year will be made at the discretion of the Board and will be based upon the Company’s operations, earnings, cash flow, financial condition and other relevant factors that the Board may deem appropriate.

    The cash dividend for the first half of 2024, a payment of US$0.2 per American depositary share (the “ADS”), each representing two ordinary shares of the Company, par value US$0.0001 per share, is expected to be paid on or about October 15, 2024, to holders of the Company’s ordinary shares and ADSs of record as of the close of business on September 30, 2024, Hong Kong time and New York time, respectively. 

    Update on Share Repurchase

    In September 2022, the Board authorized a share repurchase program under which the Company may repurchase up to US$20 million worth of its ADSs. The share repurchases may be made in accordance with applicable laws and regulations through open market transactions, privately negotiated transactions or other legally permissible means as determined by the management.

    In the second quarter of 2024, the Company allocated US$4.0 million to repurchase shares in the public market. As of June 30, 2024, the Company had in aggregate purchased approximately 4.3 million ADSs in the open market for a total amount of approximately US$13.5 million (exclusive of commissions) under the 2022 share repurchase program.

    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 2024 to be between RMB1.4 billion to RMB1.5 billion, with a healthy net profit margin.

    This is the Company’s current and preliminary view, which is subject to changes and uncertainties.

    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 RMB7.2672 to US$1.00, the effective noon buying rate on June 28, 2024, 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 20, 2024 (or 8:00 p.m. Beijing/Hong Kong Time on August 20, 2024).

    Participants who wish to join the call should register online in advance of the conference at: https://dpregister.com/sreg/10191859/fd4b40278f

    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://event.choruscall.com/mediaframe/webcast.html?webcastid=T01PiHJw

    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] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
    [3] “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 Three Months Ended For the Six Months Ended 
    June 30,
    2023    		March 31,
    2024    		June 30,
    2024    		June 30,
    2024    		June 30,
    2023    		June 30,
    2024    		June 30,
    2024
    RMBRMBRMBUSDRMBRMBUSD
    Net revenue:
    Loan facilitation services514,353676,295695,53295,708931,5181,371,827188,770
    Post-origination services5,2731,7721,29017811,5893,062421
    Insurance brokerage services404,695124,92691,52612,594601,053216,45229,785
    Financing services14,89610,66619,5742,69337,47330,2404,161
    Electronic commerce services287,725502,936523,64172,055530,5831,026,577141,262
    Guarantee services6,34316,85368,9349,48612,10285,78711,805
    Others90,92144,63696,03913,216186,231140,67519,357
    Total net revenue1,324,2061,378,0841,496,536205,9302,310,5492,874,620395,561
    Operating costs and expenses:
    Sales and marketing148,947277,223285,10139,231255,159562,32477,378
    Origination,servicing and other operating costs346,367233,270246,54233,925546,112479,81266,024
    Research and development33,01840,52155,8127,68062,18796,33313,256
    General and administrative63,72383,67468,6709,449127,104152,34420,963
    Allowance for contract assets, receivables and others48,865102,334123,28516,96588,271225,61931,047
    Provision for contingent liabilities11,97567,258278,92538,38217,474346,18347,636
    Total operating costs and expenses652,895804,2801,058,335145,6321,096,3071,862,615256,304
    Other (expenses)/income:
    Interest income, net10,53527,71324,6683,39425,05452,3817,208
    Fair value adjustments related to Consolidated ABFE(17,470)15,46838,7065,326(28,673)54,1747,455
    Others, net2,730677(11)(1)6,31966691
    Total other (expenses)/income(4,205)43,85863,3638,7192,700107,22114,754
    Income before provision for income taxes667,106617,662501,56469,0171,216,9421,119,226154,011
    Income tax expense139,758131,77992,03612,664262,428223,81530,798
    Net income527,348485,883409,52856,353954,514895,411123,213
    Weighted average number of ordinary shares outstanding,
    basic    		176,929,176174,282,443172,831,722172,831,722177,353,262173,557,082173,557,082
    Basic income per share2.98062.78792.36950.32615.38205.15920.7099
    Basic income per ADS5.96125.57584.73900.652210.764010.31841.4198
    Weighted average number of ordinary shares outstanding,
    diluted    		179,124,032176,202,571174,711,554174,711,554179,650,148175,457,062175,457,062
    Diluted income per share2.94402.75752.34400.32255.31325.10330.7022
    Diluted income per ADS5.88805.51504.68800.645010.626410.20661.4044
    Unaudited Condensed Consolidated Cash Flow Data
    Net cash generated from operating activities718,058631,743368,90850,7631,108,3651,000,651137,693
    Net cash  (used in)/provided by investing activities(19,988)(683,697)(536,883)(73,878)754,295(1,220,580)(167,957)
    Net cash used in financing activities(6,120)(14,774)(125,884)(17,322)(398,951)(140,658)(19,355)
    Effect of foreign exchange rate changes3291,340(896)(123)14844461
    Net increase/(decrease) in cash, cash equivalents and
    restricted cash    		692,279(65,388)(294,755)(40,560)1,463,857(360,143)(49,558)
    Cash, cash equivalents and restricted cash, beginning of
    period    		5,132,2736,058,6045,993,216824,6944,360,6956,058,604833,692
    Cash, cash equivalents and restricted cash, end of period5,824,5525,993,2165,698,461784,1345,824,5525,698,461784,134
    Unaudited Condensed Consolidated Balance Sheets
     (in thousands)
    As of
    December 31,
    2023    		March 31,
    2024    		June 30,
    2024    		June 30,
    2024
    RMBRMBRMBUSD
            Cash and cash equivalents5,791,3335,903,9955,496,932756,403
            Restricted cash267,27189,221201,52927,731
            Trading securities76,05377,96783,88911,544
            Accounts receivable499,027610,745654,69890,089
            Guarantee receivable2,89036,787260,75935,882
            Contract assets, net978,051994,116962,482132,442
            Contract cost321820628
            Prepaid expenses and other assets423,6211,273,0401,662,654228,789
            Loans at fair value677,835655,058473,31165,130
            Financing receivables116,16473,38330,5014,197
            Amounts due from related parties820,181726,9911,509,651207,735
            Held-to-maturity investments10,42010,4205,087700
            Available-for-sale investments438,084379,489329,82945,386
            Equity investments––2,500344
            Property, equipment and software, net79,15877,77777,97010,729
            Deferred tax assets73,41459,26044,3096,097
            Right-of-use assets23,38218,75819,4622,678
    Total assets10,276,91610,987,02511,815,7691,625,904
            Accounts payable30,90241,48443,7106,015
            Amounts due to related parties14,4141,1222,485342
            Guarantee liabilities-stand ready8,80240,583278,65638,344
            Guarantee liabilities-contingent28,35181,921336,19046,261
            Deferred revenue54,04446,80738,8435,345
            Payable to investors at fair value445,762445,762350,00048,162
            Accrued expenses and other liabilities1,463,3691,595,0521,727,182237,668
            Deferred tax liabilities122,075114,22255,5207,640
            Lease liabilities23,64819,02519,2802,653
    Total liabilities2,191,3672,385,9782,851,866392,430
            Ordinary shares13013013018
            Additional paid-in capital5,171,2325,172,9425,175,653712,194
            Treasury stock(94,851)(109,444)(139,380)(19,179)
            Accumulated other comprehensive
    income    		23,66966,67147,7986,576
            Retained earnings2,985,3693,470,7483,879,702533,865
    Total equity8,085,5498,601,0478,963,9031,233,474
    Total liabilities and equity10,276,91610,987,02511,815,7691,625,904
    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 Three Months Ended For the Six Months Ended 
    June 30,
    2023    		March 31,
    2024    		June 30,
    2024    		June 30,
    2024    		June 30,
    2023    		June 30,
    2024    		June 30,
    2024
    RMBRMBRMBUSDRMBRMBUSD
    Operating Highlights
    Amount of loans facilitated 8,156,20111,910,36712,936,0171,780,05514,576,41324,846,3843,418,976
    Number of borrowers1,013,9721,352,2001,491,7561,491,7561,457,7362,439,7782,439,778
    Remaining principal of performing loans 12,768,44820,156,16121,827,6343,003,58212,768,44821,827,6343,003,582
    Cumulative number of insurance clients1,133,0691,343,6601,410,1581,410,1581,133,0691,410,1581,410,158
    Number of insurance clients135,44973,68788,76688,766212,414153,807153,807
    Gross written premiums1,332,458912,4311,060,885145,9832,255,8411,973,316271,537
    First year premium1,101,928514,141577,38779,4511,729,2431,091,528150,199
    Renewal premium230,530398,290483,49866,532526,598881,788121,338
    Gross merchandise volume 395,820625,120554,57476,312704,3871,179,695162,331
    Segment Information
    Financial services business:
    Revenue581,974738,117851,031117,1061,065,8471,589,148218,674
    Sales and marketing expenses103,164251,922253,10334,828165,382505,02569,494
    Origination, servicing and other operating
    costs    		38,96185,787113,23415,58286,570199,02127,386
    Allowance for contract assets, receivables and
    others    		45,754101,127124,76517,16885,976225,89231,084
    Provision for contingent liabilities11,97567,258278,92538,38217,474346,18347,636
    Insurance brokerage business:
    Revenue404,695124,92691,52612,594601,053216,45229,785
    Sales and marketing expenses3,8453,5654,2635876,1347,8281,077
    Origination, servicing and other operating
    costs    		289,851136,883122,35816,837423,468259,24135,673
    Allowance for contract assets, receivables and
    others    		3,6141,012(1,502)(207)3,626(490)(67)
    Consumption & lifestyle business and others:
    Revenue337,537515,041553,97976,230643,6491,069,020147,102
    Sales and marketing expenses41,93821,73627,7353,81683,64349,4716,807
    Origination, servicing and other operating
    costs    		17,55510,60010,9501,50636,07421,5502,965
    Allowance for contract assets, receivables and
    others    		(753)9(11)(2)(1,232)(2)–
    Reconciliation of Adjusted EBITDA
    Net income527,348485,883409,52856,353954,514895,411123,213
    Interest income, net(10,535)(27,713)(24,668)(3,394)(25,054)(52,381)(7,208)
    Income tax expense139,758131,77992,03612,664262,428223,81530,798
    Depreciation and amortization1,7781,8922,0262793,6463,918539
    Share-based compensation3,3211,2072,1362945,4103,343460
    Adjusted EBITDA661,670593,048481,05866,1961,200,9441,074,106147,802
    Adjusted EBITDA margin50.0 %43.0 %32.1 %32.1 %52.0 %37.4 %37.4 %
    Delinquency Rates 
    15-29 days30-59 days60-89 days
    December 31, 20190.8 %1.3 %1.0 %
    December 31, 20200.5 %0.7 %0.6 %
    December 31, 20210.9 %1.5 %1.2 %
    December 31, 20220.7 %1.3 %1.1 %
    December 31, 20230.9 %1.4 %1.2 %
    March 31, 20240.9 %1.6 %1.4 %
    June 30, 20240.8 %1.4 %1.6 %
    Net Charge-Off Rate 
    Loan
    Issued
    Period    		Amount of Loans
    Facilitated
    During the Period    		Accumulated M3+ Net
    Charge-Off
    as of June 30, 2024    		Total Net Charge-
    Off Rate
    as of June 30, 2024
    (in RMB thousands)(in RMB thousands)
    20193,431,443381,53311.1 %
    20209,614,819723,6867.5 %
    202123,195,2241,418,0756.1 %
    202222,623,1011,033,7434.6 %
    202336,036,3012,126,5895.9 %
    2024Q111,910,367105,2050.9 %
    M3+ Net Charge-Off Rate
    Loan
    Issued
    Period    		Month on Book
    47101316192225283134
    2019Q10.0 %0.8 %2.0 %3.4 %5.3 %5.9 %6.3 %6.3 %6.3 %6.3 %6.3 %
    2019Q20.1 %1.5 %4.5 %7.5 %8.8 %9.2 %9.9 %10.3 %10.6 %10.6 %10.6 %
    2019Q30.2 %2.9 %6.8 %9.0 %10.4 %12.0 %13.2 %13.8 %14.4 %14.6 %14.6 %
    2019Q40.4 %3.1 %4.9 %6.3 %7.2 %7.9 %8.4 %8.9 %9.5 %9.8 %9.8 %
    2020Q10.6 %2.3 %4.1 %5.2 %6.0 %6.2 %6.6 %7.3 %7.8 %7.9 %7.9 %
    2020Q20.5 %2.5 %4.2 %5.3 %6.1 %6.7 %7.6 %8.1 %8.2 %8.3 %8.2 %
    2020Q31.1 %3.3 %5.1 %6.3 %7.1 %8.1 %8.7 %8.9 %8.9 %8.8 %8.7 %
    2020Q40.3 %1.8 %3.2 %4.6 %6.0 %7.1 %7.4 %7.6 %7.6 %7.5 %7.5 %
    2021Q10.4 %2.3 %3.9 %5.5 %6.7 %7.0 %7.2 %7.3 %7.2 %7.1 %7.0 %
    2021Q20.4 %2.4 %4.5 %5.9 %6.4 %6.7 %6.8 %6.7 %6.6 %6.5 %6.4 %
    2021Q30.5 %3.1 %5.0 %5.9 %6.3 %6.4 %6.4 %6.3 %6.2 %6.1 %
    2021Q40.6 %3.2 %4.6 %5.3 %5.4 %5.4 %5.3 %5.2 %5.1 %
    2022Q10.6 %2.5 %3.8 %4.5 %4.5 %4.4 %4.3 %4.2 %
    2022Q20.4 %2.2 %3.6 %4.1 %4.2 %4.1 %4.0 %
    2022Q30.5 %2.7 %4.1 %4.7 %4.8 %4.6 %
    2022Q40.6 %3.0 %4.6 %5.4 %5.4 %
    2023Q10.5 %3.1 %4.9 %5.8 %
    2023Q20.5 %3.3 %5.2 %
    2023Q30.7 %4.0 %
    2023Q40.6 %

    SOURCE Yiren Digitalrt

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