UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2024

Commission File Number: 001-38328

 

LexinFintech Holdings Ltd.

 

27/F CES Tower

No. 3099 Keyuan South Road

Nanshan District, Shenzhen 518057

The People's Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ___X____ Form 40-F _________

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

LexinFintech Holdings Ltd.
By		/s/ James Xigui Zheng
Name:		James Xigui Zheng
Title:		Chief Financial Officer

 

Date: August 27, 2024

 

 

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Exhibit Index

Exhibit 99.1—Press Release

 

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Exhibit 99.1

LexinFintech Holdings Ltd. Reports Second Quarter 2024

Unaudited Financial Results

SHENZHEN, China, August 27, 2024 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended June 30, 2024.

 

“We harvested a healthy set of operational and financial results with improved risk performance for new loans, uplifted net profit from the first quarter of 2024, and controlled loan origination in the second quarter of 2024,” said Jay Wenjie Xiao, Chairman and CEO of Lexin. “Total loan origination for the second quarter reached RMB 51.1 billion, a 12% decline quarter-over-quarter. Nevertheless, both total operating revenue and net profit grew by 12% compared to the first quarter of 2024, this was despite continued soft consumer demand and a weak credit environment.”

“Attributing to our persistent efforts to uphold our key strategies, we achieved several milestones during past quarter, including a rapid growth in our overseas business, a new record-low funding cost, and positive signs of overall risk performance improvement.”

“By leveraging Lexin's over a decade of experience in the domestic fintech market and quickly replicating our business model overseas, we saw an accelerated growth in our international operations, far outpacing our domestic business in the second quarter. Although the current scale of our overseas business is still small, we will continue to invest and sharpen our focus abroad.”

“Despite quarterly fluctuations in some risk performance indicators, more risk metrics showed early signs of improvement that extended into July. This was due to the proactive control on loan origination and substantial risk management capability improvement over the past quarters.”

“Additionally, our funding cost hit a historical low with a significant quarterly drop compared to the previous quarter. This improvement in funding cost effectively boosted our profitability compared to the first quarter of 2024.”

“Looking ahead to the remainder of 2024, we remain confident in navigating challenges and seizing opportunities in both Chinese and overseas markets, positioning ourselves for sustainable growth in a cautious consumer environment. We are committed to returning sustainable value to shareholders and have declared a cash dividend payout of US$0.072 per ADS for the six-month period ended June 30, 2024, representing roughly 20% of total net income, continuing our consistent capital return program,” Mr. Xiao continued.

Mr. James Zheng, Chief Financial Officer of Lexin, added, “The second quarter's total operating revenue reached RMB 3.6 billion, showing a 19.1% year-over-year increase and a 12.3% quarter-over-quarter increase. Net profit for the second quarter reached RMB 227 million, a 12.4% increase from the previous quarter. This significant revenue rise was achieved despite a controlled loan origination volume, demonstrating a substantial expansion of our revenue take rate. This increase was primarily driven by improved risk performance of newly issued assets and a record-low funding cost. Furthermore, we resumed ABS issuance in May and completed the second ABS in July, with the senior tranche funding cost as low as 2.80%. Additional factors such as a slight improvement in the early repayment ratio and an increased revenue split ratio in our profit-sharing model, also bolstered our resilient financial results in the second quarter.”

 

 

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Second Quarter 2024 Operational Highlights:

User Base

Loan Facilitation Business

Credit Performance

Tech-empowerment Service

Installment E-commerce Platform Service

Other Operational Highlights

 

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Second Quarter 2024 Financial Highlights:

__________________________

Second Quarter 2024 Financial Results:

Operating revenue increased by 19.1% from RMB3,056 million in the second quarter of 2023 to RMB3,641 million in the second quarter of 2024.

Credit facilitation service income increased by 24.9% from RMB2,138 million in the second quarter of 2023 to RMB2,669 million in the second quarter of 2024. The increase was driven by the increases in loan facilitation and servicing fees-credit oriented and guarantee income, partially offset by the decrease in financing income.

Loan facilitation and servicing fees-credit oriented increased by 51.5% from RMB946 million in the second quarter of 2023 to RMB1,433 million in the second quarter of 2024. The increase was primarily due to the better control over the early repayment behaviors.

 

Guarantee income increased by 17.0% from RMB618 million in the second quarter of 2023 to RMB722 million in the second quarter of 2024. The increase was primarily driven by the increase of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

 

Financing income decreased by 10.6% from RMB574 million in the second quarter of 2023 to RMB513 million in the second quarter of 2024. The decrease was primarily due to the decrease in the origination of on-balance sheet loans.

 

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Tech-empowerment service income increased by 36.5% from RMB392 million in the second quarter of 2023 to RMB535 million in the second quarter of 2024. The increase was primarily due to the increase of loan facilitation volume under the profit-sharing model.

 

Installment e-commerce platform service income decreased by 17.0% from RMB526 million in the second quarter of 2023 to RMB437 million in the second quarter of 2024. The decrease was primarily due to the decrease in transaction volume in the second quarter of 2024.

Cost of sales decreased by 9.1% from RMB465 million in the second quarter of 2023 to RMB423 million in the second quarter of 2024, which was consistent with the decrease in installment e-commerce platform service income.

Funding cost decreased by 41.8% from RMB156 million in the second quarter of 2023 to RMB90.5 million in the second quarter of 2024, which was primarily driven by the decrease in the cost of funding and funding debts to fund the on-balance sheet loans.

Processing and servicing costs increased by 16.3% from RMB446 million in the second quarter of 2023 to RMB519 million in the second quarter of 2024. This increase was primarily due to an increase in risk management and collection expenses.

Provision for financing receivables was RMB171 million for the second quarter of 2024, as compared to RMB146 million for the second quarter of 2023. The increase was primarily due to the decrease in performance of the on-balance sheet loans.

Provision for contract assets and receivables was RMB155 million in the second quarter of 2024, as compared to RMB125 million in the second quarter of 2023. The increase was primarily due to the increase in loan facilitation and servicing fees and the decrease in performance of the off-balance sheet loans.

Provision for contingent guarantee liabilities was RMB935 million in the second quarter of 2024, as compared to RMB722 million in the second quarter of 2023. The increase was primarily due to the increase of outstanding balances of the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees, as well as the decrease in performance of the off-balance sheet loans.

Gross profit increased by 35.4% from RMB995 million in the second quarter of 2023 to RMB1,348 million in the second quarter of 2024.

Sales and marketing expenses was RMB467 million in the second quarter of 2024, as compared to RMB453 million in the second quarter of 2023.

Research and development expenses was RMB143 million in the second quarter of 2024, as compared to RMB121 million in the second quarter of 2023. The increase was primarily due to increased investment in technology development.

General and administrative expenses RMB100 million in the second quarter of 2024, as compared to RMB96.5 million in the second quarter of 2023.

Change in fair value of financial guarantee derivatives and loans at fair value was a loss of RMB368 million in the second quarter of 2024, as compared to a gain of RMB130 million in the second quarter of 2023. The change in fair value was primarily due to the re-measurement of the expected loss rates, partially offset by the fair value gains realized as a result of the release of guarantee obligation.

Income tax expense is RMB60.0 million in the second quarter of 2024, as compared to RMB80.8 million in the second quarter of 2023. The change was primarily due to the decrease of income before income tax expense.

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Net income decreased by 36.3% from RMB356 million in the second quarter of 2023 to RMB227 million in the second quarter of 2024.

 

Recent Development

Semi-Annual Dividend

The board of directors of the Company has approved a dividend of US$0.036 per ordinary share, or US$0.072 per ADS, for the six-month period ended June 30, 2024 in accordance with the Company’s dividend policy, which is expected to be paid on October 18, 2024 to shareholders of record (including holders of ADSs) as of the close of business on September 16, 2024 New York time.

 

Conference Call

The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on August 27, 2024 (10:00 AM Beijing/Hong Kong time on August 28, 2024).

Participants who wish to join the conference call should register online at:

https://register.vevent.com/register/BI3c6bd663baef41b58321967fdd88a0d6

Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.lexin.com.

 

About LexinFintech Holdings Ltd.

We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

For more information, please visit http://ir.lexin.com.

To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

 

 

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Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the 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 U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2672 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 28, 2024. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

 

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Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

LexinFintech Holdings Ltd.

IR inquiries:

Mandy Dong

Tel: +86 (755) 3637-8888 ext. 6258

E-mail: Mandydong@lexin.com

 

Media inquiries:

Limin Chen

Tel: +86 (755) 3637-8888 ext. 6993

E-mail: liminchen@lexin.com

SOURCE LexinFintech Holdings Ltd.

 

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LexinFintech Holdings Ltd.

Unaudited Condensed Consolidated Balance Sheets

	As of
(In thousands)	December 31, 2023			June 30, 2024
	RMB			RMB			US$
ASSETS
Current Assets
Cash and cash equivalents		2,624,719			2,093,712			288,104
Restricted cash		1,433,502			2,079,970			286,213
Restricted term deposit and short-term investments		305,182			345,192			47,500
Short-term financing receivables, net(1)		3,944,000			3,865,333			531,888
Short-term contract assets and receivables, net(1)		6,112,981			6,595,149			907,523
Deposits to insurance companies and guarantee companies		2,613,271			2,369,989			326,121
Prepayments and other current assets		1,428,769			1,327,862			182,721
Amounts due from related parties		6,989			7,321			1,007
Inventories, net		33,605			45,034			6,197
Total Current Assets		18,503,018			18,729,562			2,577,274
Non-current Assets
Restricted cash		144,948			98,880			13,606
Long-term financing receivables, net(1)		200,514			144,478			19,881
Long-term contract assets and receivables, net(1)		599,818			398,602			54,849
Property, equipment and software, net		446,640			548,630			75,494
Land use rights, net		897,267			880,067			121,101
Long‑term investments		255,003			255,641			35,177
Deferred tax assets		1,232,092			1,345,458			185,141
Other assets		861,491			618,063			85,050
Total Non-current Assets		4,637,773			4,289,819			590,299
TOTAL ASSETS		23,140,791			23,019,381			3,167,573
LIABILITIES
Current liabilities
Accounts payable		49,801			42,968			5,913
Amounts due to related parties		2,958			9,167			1,261
Short‑term borrowings		502,013			608,093			83,676
Short‑term funding debts		3,483,196			2,345,753			322,786
Deferred guarantee income		1,538,385			1,275,387			175,499
Contingent guarantee liabilities		1,808,540			1,474,899			202,953
Accruals and other current liabilities		4,434,254			4,800,387			660,553
Convertible notes		505,450			-			-
Total Current Liabilities		12,324,597			10,556,654			1,452,641
Non-current Liabilities
Long-term borrowings		524,270			551,938			75,949
Long‑term funding debts		455,800			1,701,449			234,127
Deferred tax liabilities		75,340			71,192			9,796
Other long-term liabilities		50,702			47,235			6,500
Total Non-current Liabilities		1,106,112			2,371,814			326,372
TOTAL LIABILITIES		13,430,709			12,928,468			1,779,013
Shareholders’ equity:
Class A Ordinary Shares		199			200			30
Class B Ordinary Shares		41			41			7
Treasury stock		(328,764	)		(328,764	)		(45,239	)
Additional paid-in capital		3,204,961			3,254,489			447,833
Statutory reserves		1,106,579			1,106,579			152,270
Accumulated other comprehensive income		(13,545	)		(24,776	)		(3,409	)
Retained earnings		5,740,611			6,083,144			837,068
Total shareholders’ equity		9,710,082			10,090,913			1,388,560
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		23,140,791			23,019,381			3,167,573

__________________________

(1) Short-term financing receivables, net of allowance for credit losses of RMB58,594 and RMB91,343 as of December 31, 2023 and June 30, 2024, respectively.

Short-term contract assets and receivables, net of allowance for credit losses of RMB436,136 and RMB467,977 as of December 31, 2023 and June 30, 2024, respectively.

Long-term financing receivables, net of allowance for credit losses of RMB3,087 and RMB4,186 as of December 31, 2023 and June 30, 2024, respectively.

Long-term contract assets and receivables, net of allowance for credit losses of RMB61,838 and RMB35,408 as of December 31, 2023 and June 30, 2024, respectively.
 

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LexinFintech Holdings Ltd.

Unaudited Condensed Consolidated Statements of Operations

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
(In thousands, except for share and per share data)	2023			2024							2023			2024
	RMB			RMB			US$				RMB			RMB			US$
Operating revenue:
Credit facilitation service income		2,137,718			2,669,093			367,280				4,253,526			5,317,571			731,722
Loan facilitation and servicing fees-credit oriented		945,919			1,433,416			197,245				1,910,090			2,850,664			392,264
Guarantee income		617,599			722,288			99,390				1,171,267			1,466,539			201,802
Financing income		574,200			513,389			70,645				1,172,169			1,000,368			137,655
Tech-empowerment service income		391,695			534,548			73,556				759,627			896,091			123,306
Installment e-commerce platform service income		526,399			437,047			60,140				1,025,558			668,956			92,051
Total operating revenue		3,055,812			3,640,688			500,976				6,038,711			6,882,618			947,079
Operating cost
Cost of sales		(465,393	)		(422,933	)		(58,198	)			(931,864	)		(658,680	)		(90,637	)
Funding cost		(155,651	)		(90,525	)		(12,457	)			(306,034	)		(181,263	)		(24,943	)
Processing and servicing cost		(446,140	)		(518,692	)		(71,374	)			(975,101	)		(1,106,423	)		(152,249	)
Provision for financing receivables		(145,931	)		(170,974	)		(23,527	)			(284,779	)		(307,657	)		(42,335	)
Provision for contract assets and receivables		(125,242	)		(154,778	)		(21,298	)			(267,188	)		(320,720	)		(44,133	)
Provision for contingent guarantee liabilities		(722,018	)		(934,693	)		(128,618	)			(1,375,095	)		(1,763,070	)		(242,607	)
Total operating cost		(2,060,375	)		(2,292,595	)		(315,472	)			(4,140,061	)		(4,337,813	)		(596,904	)
Gross profit		995,437			1,348,093			185,504				1,898,650			2,544,805			350,175
Operating expenses:
Sales and marketing expenses		(453,112	)		(467,423	)		(64,320	)			(893,077	)		(885,040	)		(121,786	)
Research and development expenses		(121,338	)		(143,250	)		(19,712	)			(250,865	)		(278,232	)		(38,286	)
General and administrative expenses		(96,519	)		(100,434	)		(13,820	)			(193,556	)		(190,194	)		(26,172	)
Total operating expenses		(670,969	)		(711,107	)		(97,852	)			(1,337,498	)		(1,353,466	)		(186,244	)
Change in fair value of financial guarantee derivatives and loans at fair value		130,461			(368,261	)		(50,674	)			286,726			(684,184	)		(94,147	)
Interest (expense)/income, net		(21,804	)		1,988			274				(25,884	)		(1,916	)		(264	)
Investment (loss)/income		(699	)		260			36				(539	)		350			48
Others, net		4,101			15,603			2,147				16,856			36,028			4,958
Income before income tax expense		436,527			286,576			39,435				838,311			541,617			74,526
Income tax expense		(80,794	)		(60,045	)		(8,262	)			(155,088	)		(113,463	)		(15,613	)
Net income		355,733			226,531			31,173				683,223			428,154			58,913
Net income attributable to ordinary shareholders of the Company		355,733			226,531			31,173				683,223			428,154			58,913
Net income per ordinary share attributable to ordinary shareholders of the Company
Basic		1.08			0.68			0.09				2.08			1.30			0.18
Diluted		1.02			0.68			0.09				1.94			1.30			0.18
Net income per ADS attributable to ordinary shareholders of the Company
Basic		2.17			1.37			0.19				4.16			2.59			0.36
Diluted		2.04			1.35			0.19				3.87			2.59			0.36
Weighted average ordinary shares outstanding
Basic		328,241,855			330,780,601			330,780,601				328,402,747			330,528,871			330,528,871
Diluted		374,351,114			335,192,422			335,192,422				374,821,074			334,421,262			334,421,262

 

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LexinFintech Holdings Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
(In thousands)	2023			2024							2023			2024
	RMB			RMB			US$				RMB			RMB			US$
Net income		355,733			226,531			31,173				683,223			428,154			58,913
Other comprehensive income
Foreign currency translation adjustment, net of nil tax		(24,579	)		(13,554	)		(1,865	)			(20,582	)		(11,231	)		(1,545	)
Total comprehensive income		331,154			212,977			29,308				662,641			416,923			57,368
Total comprehensive income attributable to ordinary shareholders of the Company		331,154			212,977			29,308				662,641			416,923			57,368

 

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LexinFintech Holdings Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

 

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
(In thousands, except for share and per share data)	2023			2024							2023			2024
	RMB			RMB			US$				RMB			RMB			US$
Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company
Net income attributable to ordinary shareholders of the Company		355,733			226,531			31,173				683,223			428,154			58,913
Add: Share-based compensation expenses		25,987			23,119			3,181				58,656			46,393			6,384
Interest expense associated with convertible notes		27,017			373			51				42,073			5,695			784
Investment loss/(income)		699			(260	)		(36	)			539			(350	)		(48	)
Adjusted net income attributable to ordinary shareholders of the Company		409,436			249,763			34,369				784,491			479,892			66,033
Adjusted net income per ordinary share attributable to ordinary shareholders of the Company
Basic		1.25			0.76			0.10				2.39			1.45			0.20
Diluted		1.09			0.75			0.10				2.09			1.43			0.20
Adjusted net income per ADS attributable to ordinary shareholders of the Company
Basic		2.49			1.51			0.21				4.78			2.90			0.40
Diluted		2.19			1.49			0.21				4.19			2.87			0.39
Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS
Basic		328,241,855			330,780,601			330,780,601				328,402,747			330,528,871			330,528,871
Diluted		374,351,114			335,192,422			335,192,422				374,821,074			334,421,262			334,421,262
Reconciliations of Non-GAAP EBIT to Net income
Net income		355,733			226,531			31,173				683,223			428,154			58,913
Add: Income tax expense		80,794			60,045			8,262				155,088			113,463			15,613
Share-based compensation expenses		25,987			23,119			3,181				58,656			46,393			6,384
Interest expense/(income), net		21,804			(1,988	)		(274	)			25,884			1,916			264
Investment loss/(income)		699			(260	)		(36	)			539			(350	)		(48	)
Non-GAAP EBIT		485,017			307,447			42,306				923,390			589,576			81,126

 

 

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Additional Credit Information

Vintage Charge Off Curve

 

Dpd30+/GMV by Performance Windows

 

 

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First Payment Default 30+

 

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