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    Yiren Digital Reports Second Quarter 2024 Financial Results

    8/20/24 4:52:00 AM ET
    $YRD
    Finance: Consumer Services
    Finance
    Get the next $YRD alert in real time by email

    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



    RMB



    RMB



    RMB



    USD





    RMB



    RMB



    USD

    Net revenue:





























    Loan facilitation services

    514,353



    676,295



    695,532



    95,708





    931,518



    1,371,827



    188,770

    Post-origination services

    5,273



    1,772



    1,290



    178





    11,589



    3,062



    421

    Insurance brokerage services

    404,695



    124,926



    91,526



    12,594





    601,053



    216,452



    29,785

    Financing services

    14,896



    10,666



    19,574



    2,693





    37,473



    30,240



    4,161

    Electronic commerce services

    287,725



    502,936



    523,641



    72,055





    530,583



    1,026,577



    141,262

    Guarantee services

    6,343



    16,853



    68,934



    9,486





    12,102



    85,787



    11,805

    Others

    90,921



    44,636



    96,039



    13,216





    186,231



    140,675



    19,357

    Total net revenue

    1,324,206



    1,378,084



    1,496,536



    205,930





    2,310,549



    2,874,620



    395,561

    Operating costs and expenses:





























    Sales and marketing

    148,947



    277,223



    285,101



    39,231





    255,159



    562,324



    77,378

    Origination,servicing and other operating costs

    346,367



    233,270



    246,542



    33,925





    546,112



    479,812



    66,024

    Research and development

    33,018



    40,521



    55,812



    7,680





    62,187



    96,333



    13,256

    General and administrative

    63,723



    83,674



    68,670



    9,449





    127,104



    152,344



    20,963

    Allowance for contract assets, receivables and others

    48,865



    102,334



    123,285



    16,965





    88,271



    225,619



    31,047

    Provision for contingent liabilities

    11,975



    67,258



    278,925



    38,382





    17,474



    346,183



    47,636

    Total operating costs and expenses

    652,895



    804,280



    1,058,335



    145,632





    1,096,307



    1,862,615



    256,304

    Other (expenses)/income:





























    Interest income, net

    10,535



    27,713



    24,668



    3,394





    25,054



    52,381



    7,208

    Fair value adjustments related to Consolidated ABFE

    (17,470)



    15,468



    38,706



    5,326





    (28,673)



    54,174



    7,455

    Others, net

    2,730



    677



    (11)



    (1)





    6,319



    666



    91

    Total other (expenses)/income

    (4,205)



    43,858



    63,363



    8,719





    2,700



    107,221



    14,754

    Income before provision for income taxes

    667,106



    617,662



    501,564



    69,017





    1,216,942



    1,119,226



    154,011

    Income tax expense

    139,758



    131,779



    92,036



    12,664





    262,428



    223,815



    30,798

    Net income

    527,348



    485,883



    409,528



    56,353





    954,514



    895,411



    123,213































    Weighted average number of ordinary shares outstanding,

    basic

    176,929,176



    174,282,443



    172,831,722



    172,831,722





    177,353,262



    173,557,082



    173,557,082

    Basic income per share

    2.9806



    2.7879



    2.3695



    0.3261





    5.3820



    5.1592



    0.7099

    Basic income per ADS

    5.9612



    5.5758



    4.7390



    0.6522





    10.7640



    10.3184



    1.4198































    Weighted average number of ordinary shares outstanding,

    diluted

    179,124,032



    176,202,571



    174,711,554



    174,711,554





    179,650,148



    175,457,062



    175,457,062

    Diluted income per share

    2.9440



    2.7575



    2.3440



    0.3225





    5.3132



    5.1033



    0.7022

    Diluted income per ADS

    5.8880



    5.5150



    4.6880



    0.6450





    10.6264



    10.2066



    1.4044































    Unaudited Condensed Consolidated Cash Flow Data





























    Net cash generated from operating activities

    718,058



    631,743



    368,908



    50,763





    1,108,365



    1,000,651



    137,693

    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 changes

    329



    1,340



    (896)



    (123)





    148



    444



    61

    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

    5,132,273



    6,058,604



    5,993,216



    824,694





    4,360,695



    6,058,604



    833,692

    Cash, cash equivalents and restricted cash, end of period

    5,824,552



    5,993,216



    5,698,461



    784,134





    5,824,552



    5,698,461



    784,134

     

     

    Unaudited Condensed Consolidated Balance Sheets

     (in thousands)



    As of



    December 31,

    2023



    March 31,

    2024



    June 30,

    2024



    June 30,

    2024



    RMB



    RMB



    RMB



    USD

















            Cash and cash equivalents

    5,791,333



    5,903,995



    5,496,932



    756,403

            Restricted cash

    267,271



    89,221



    201,529



    27,731

            Trading securities

    76,053



    77,967



    83,889



    11,544

            Accounts receivable

    499,027



    610,745



    654,698



    90,089

            Guarantee receivable

    2,890



    36,787



    260,759



    35,882

            Contract assets, net

    978,051



    994,116



    962,482



    132,442

            Contract cost

    32



    18



    206



    28

            Prepaid expenses and other assets

    423,621



    1,273,040



    1,662,654



    228,789

            Loans at fair value

    677,835



    655,058



    473,311



    65,130

            Financing receivables

    116,164



    73,383



    30,501



    4,197

            Amounts due from related parties

    820,181



    726,991



    1,509,651



    207,735

            Held-to-maturity investments

    10,420



    10,420



    5,087



    700

            Available-for-sale investments

    438,084



    379,489



    329,829



    45,386

            Equity investments

    -



    -



    2,500



    344

            Property, equipment and software, net

    79,158



    77,777



    77,970



    10,729

            Deferred tax assets

    73,414



    59,260



    44,309



    6,097

            Right-of-use assets

    23,382



    18,758



    19,462



    2,678

    Total assets

    10,276,916



    10,987,025



    11,815,769



    1,625,904

            Accounts payable

    30,902



    41,484



    43,710



    6,015

            Amounts due to related parties

    14,414



    1,122



    2,485



    342

            Guarantee liabilities-stand ready

    8,802



    40,583



    278,656



    38,344

            Guarantee liabilities-contingent

    28,351



    81,921



    336,190



    46,261

            Deferred revenue

    54,044



    46,807



    38,843



    5,345

            Payable to investors at fair value

    445,762



    445,762



    350,000



    48,162

            Accrued expenses and other liabilities

    1,463,369



    1,595,052



    1,727,182



    237,668

            Deferred tax liabilities

    122,075



    114,222



    55,520



    7,640

            Lease liabilities

    23,648



    19,025



    19,280



    2,653

    Total liabilities

    2,191,367



    2,385,978



    2,851,866



    392,430

            Ordinary shares

    130



    130



    130



    18

            Additional paid-in capital

    5,171,232



    5,172,942



    5,175,653



    712,194

            Treasury stock

    (94,851)



    (109,444)



    (139,380)



    (19,179)

            Accumulated other comprehensive

    income

    23,669



    66,671



    47,798



    6,576

            Retained earnings

    2,985,369



    3,470,748



    3,879,702



    533,865

    Total equity

    8,085,549



    8,601,047



    8,963,903



    1,233,474

    Total liabilities and equity

    10,276,916



    10,987,025



    11,815,769



    1,625,904

     

     

    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



    RMB



    RMB



    RMB



    USD





    RMB



    RMB



    USD

    Operating Highlights





























    Amount of loans facilitated 

    8,156,201



    11,910,367



    12,936,017



    1,780,055





    14,576,413



    24,846,384



    3,418,976

    Number of borrowers

    1,013,972



    1,352,200



    1,491,756



    1,491,756





    1,457,736



    2,439,778



    2,439,778

    Remaining principal of performing loans 

    12,768,448



    20,156,161



    21,827,634



    3,003,582





    12,768,448



    21,827,634



    3,003,582

    Cumulative number of insurance clients

    1,133,069



    1,343,660



    1,410,158



    1,410,158





    1,133,069



    1,410,158



    1,410,158

    Number of insurance clients

    135,449



    73,687



    88,766



    88,766





    212,414



    153,807



    153,807

    Gross written premiums

    1,332,458



    912,431



    1,060,885



    145,983





    2,255,841



    1,973,316



    271,537

    First year premium

    1,101,928



    514,141



    577,387



    79,451





    1,729,243



    1,091,528



    150,199

    Renewal premium

    230,530



    398,290



    483,498



    66,532





    526,598



    881,788



    121,338

    Gross merchandise volume 

    395,820



    625,120



    554,574



    76,312





    704,387



    1,179,695



    162,331































    Segment Information





























    Financial services business:





























    Revenue

    581,974



    738,117



    851,031



    117,106





    1,065,847



    1,589,148



    218,674

    Sales and marketing expenses

    103,164



    251,922



    253,103



    34,828





    165,382



    505,025



    69,494

    Origination, servicing and other operating

    costs

    38,961



    85,787



    113,234



    15,582





    86,570



    199,021



    27,386

    Allowance for contract assets, receivables and

    others

    45,754



    101,127



    124,765



    17,168





    85,976



    225,892



    31,084

    Provision for contingent liabilities

    11,975



    67,258



    278,925



    38,382





    17,474



    346,183



    47,636































    Insurance brokerage business:





























    Revenue

    404,695



    124,926



    91,526



    12,594





    601,053



    216,452



    29,785

    Sales and marketing expenses

    3,845



    3,565



    4,263



    587





    6,134



    7,828



    1,077

    Origination, servicing and other operating

    costs

    289,851



    136,883



    122,358



    16,837





    423,468



    259,241



    35,673

    Allowance for contract assets, receivables and

    others

    3,614



    1,012



    (1,502)



    (207)





    3,626



    (490)



    (67)































    Consumption & lifestyle business and others:





























    Revenue

    337,537



    515,041



    553,979



    76,230





    643,649



    1,069,020



    147,102

    Sales and marketing expenses

    41,938



    21,736



    27,735



    3,816





    83,643



    49,471



    6,807

    Origination, servicing and other operating

    costs

    17,555



    10,600



    10,950



    1,506





    36,074



    21,550



    2,965

    Allowance for contract assets, receivables and

    others

    (753)



    9



    (11)



    (2)





    (1,232)



    (2)



    -































    Reconciliation of Adjusted EBITDA





























    Net income

    527,348



    485,883



    409,528



    56,353





    954,514



    895,411



    123,213

    Interest income, net

    (10,535)



    (27,713)



    (24,668)



    (3,394)





    (25,054)



    (52,381)



    (7,208)

    Income tax expense

    139,758



    131,779



    92,036



    12,664





    262,428



    223,815



    30,798

    Depreciation and amortization

    1,778



    1,892



    2,026



    279





    3,646



    3,918



    539

    Share-based compensation

    3,321



    1,207



    2,136



    294





    5,410



    3,343



    460

    Adjusted EBITDA

    661,670



    593,048



    481,058



    66,196





    1,200,944



    1,074,106



    147,802

    Adjusted EBITDA margin

    50.0 %



    43.0 %



    32.1 %



    32.1 %





    52.0 %



    37.4 %



    37.4 %

     

     

    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 %

    December 31, 2023



    0.9 %



    1.4 %



    1.2 %

    March 31, 2024



    0.9 %



    1.6 %



    1.4 %

    June 30, 2024



    0.8 %



    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)





    2019



    3,431,443



    381,533



    11.1 %

    2020



    9,614,819



    723,686



    7.5 %

    2021



    23,195,224



    1,418,075



    6.1 %

    2022



    22,623,101



    1,033,743



    4.6 %

    2023



    36,036,301



    2,126,589



    5.9 %

    2024Q1



    11,910,367



    105,205



    0.9 %

     

     

    M3+ Net Charge-Off Rate

    Loan

    Issued

    Period



    Month on Book





    4

    7

    10

    13

    16

    19

    22

    25

    28

    31

    34

    2019Q1



    0.0 %

    0.8 %

    2.0 %

    3.4 %

    5.3 %

    5.9 %

    6.3 %

    6.3 %

    6.3 %

    6.3 %

    6.3 %

    2019Q2



    0.1 %

    1.5 %

    4.5 %

    7.5 %

    8.8 %

    9.2 %

    9.9 %

    10.3 %

    10.6 %

    10.6 %

    10.6 %

    2019Q3



    0.2 %

    2.9 %

    6.8 %

    9.0 %

    10.4 %

    12.0 %

    13.2 %

    13.8 %

    14.4 %

    14.6 %

    14.6 %

    2019Q4



    0.4 %

    3.1 %

    4.9 %

    6.3 %

    7.2 %

    7.9 %

    8.4 %

    8.9 %

    9.5 %

    9.8 %

    9.8 %

    2020Q1



    0.6 %

    2.3 %

    4.1 %

    5.2 %

    6.0 %

    6.2 %

    6.6 %

    7.3 %

    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 %

    7.0 %

    2021Q2



    0.4 %

    2.4 %

    4.5 %

    5.9 %

    6.4 %

    6.7 %

    6.8 %

    6.7 %

    6.6 %

    6.5 %

    6.4 %

    2021Q3



    0.5 %

    3.1 %

    5.0 %

    5.9 %

    6.3 %

    6.4 %

    6.4 %

    6.3 %

    6.2 %

    6.1 %



    2021Q4



    0.6 %

    3.2 %

    4.6 %

    5.3 %

    5.4 %

    5.4 %

    5.3 %

    5.2 %

    5.1 %





    2022Q1



    0.6 %

    2.5 %

    3.8 %

    4.5 %

    4.5 %

    4.4 %

    4.3 %

    4.2 %







    2022Q2



    0.4 %

    2.2 %

    3.6 %

    4.1 %

    4.2 %

    4.1 %

    4.0 %









    2022Q3



    0.5 %

    2.7 %

    4.1 %

    4.7 %

    4.8 %

    4.6 %











    2022Q4



    0.6 %

    3.0 %

    4.6 %

    5.4 %

    5.4 %













    2023Q1



    0.5 %

    3.1 %

    4.9 %

    5.8 %















    2023Q2



    0.5 %

    3.3 %

    5.2 %

















    2023Q3



    0.7 %

    4.0 %



















    2023Q4



    0.6 %





















     

     

    Cision View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-second-quarter-2024-financial-results-302226268.html

    SOURCE Yiren Digital

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