Artificial Intelligence
LexinFintech Holdings Ltd. Reports Third Quarter 2020 Unaudited Financial Results
SHENZHEN, China, Nov. 24, 2020 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading online consumption and consumer finance platform for new generation consumers in China, today announced its unaudited financial results for the quarter ended September 30, 2020.
Third Quarter 2020 Operational Highlights:
- Total loan originations1 in the third quarter of 2020 reached RMB48.3 billion, an increase of 30.6% from RMB37.0 billion in the third quarter of 2019.
- Total outstanding principal balance of loans1 reached RMB67.4 billion as of September 30, 2020, representing an increase of 31.0% from RMB51.5 billion as of September 30, 2019.
- Number of active users2 who used our loan products in the third quarter of 2020 reached 7.4 million, representing an increase of 21.3% from 6.1 million in the third quarter of 2019.
- Number of new active users who used our loan products in the third quarter of 2020 was 1.7 million, representing a decrease of 32.9% from 2.5 million in the third quarter of 2019.
- Number of orders placed on our platform in the third quarter of 2020 was 84.4 million, representing an increase of 49.9% from 56.3 million in the third quarter of 2019.
- The GMV3 of our e-commerce channel amounted to RMB1.3 billion, representing a decrease of 37.1% from RMB2.1 billion in the third quarter of 2019.
- The weighted average tenor of loans originated on our platform in the third quarter of 2020 was approximately 11.4 months. The nominal APR4 was 15.0% for the third quarter of 2020.
- Total number of registered users reached 106 million as of September 30, 2020, representing an increase of 69.6% from 62.6 million as of September 30, 2019; and users with credit line reached 25.2 million as of September 30, 2020, up by 51.0% from 16.7 million as of September 30, 2019.
- 90 day+ delinquency ratio5 was 2.60% as of September 30, 2020.
1 Originations of loans and outstanding principal balance represent the origination and outstanding principal balance of both on- and off-balance sheet loans.
2 Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using credit line granted by us.
3 GMV refers to the total value of transactions completed for products purchased on the e-commerce channel, net of returns.
4 Nominal APR refers to all-in interest costs and fees to the borrower over the net proceeds received by the borrower as a percentage of the total loan originations of both on- and off-balance sheet loans.
5 90 day+ delinquency ratio refers to outstanding principal balance of on- and off-balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans on our platform as of a specific date. On-balance sheet loans that were over 179 calendar days past due and charged off are not included in the delinquency rate calculation. Off-balance sheet loans that were over 179 calendar days past due are assumed charged off and not included in the delinquency rate calculation. The Company does not distinguish on the basis of the on- or off-balance sheet treatment in monitoring the credit risks of borrowers and the delinquency status of loans.
Third Quarter 2020 Financial Highlights:
- Total operating revenue reached RMB3.2 billion. Credit-oriented services income reached RMB2.0 billion, representing an increase of 5.8% from the third quarter of 2019. Platform-based services income reached RMB614 million, representing an increase of 159% from the third quarter of 2019.
- Gross profit reached RMB978 million, representing a decrease of 42.5% from the third quarter of 2019.
- Net income was RMB345 million, representing a decrease of 52.4% from the third quarter of 2019.
- Non-GAAP EBIT6 was RMB499 million, representing a decrease of 41.0% from the third quarter of 2019.
- Adjusted net income6 was RMB443 million, representing a decrease of 38.0% from the third quarter of 2019. Adjusted net income per ADS6 was RMB2.15 on a fully diluted basis.
6 Non-GAAP EBIT, adjusted net income, adjusted net income per ordinary share and per ADS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
“I am happy to announce a record quarter of loan originations, where we exceeded our guidance and continued our strong growth. Our RMB48.3 billion in loan originations exceeded our previous record of RMB42.8 billion, and represented a year-on-year growth rate of 30.6%, demonstrating our continued ability to serve our customers and connect them with financial institutions and retail merchants both online and offline,” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive officer. “Our continued ability to grow our loan originations is also a demonstration of our funding partners’ trust and confidence in our ability to generate high quality loan assets, and the continued increased adoption of the profit sharing model by our funding partners, which has now reached 39.4% of our loan originations, demonstrates our partners’ confidence in our risk control and the quality of the assets that we are generating.”
“As China’s consumer market continues to recover, we have seen strong momentum in our consumption-focused strategy, which brought our registered user number and the number of orders placed on our platform in the quarter to a record high,” Mr. Xiao added.
“We performed strongly for the quarter and are very much on track to achieve our full year loan origination guidance of RMB170-180 billion,” said Mr. Craig Yan Zeng, Lexin’s chief financial officer, “Due to the change in accounting policies, we are not able to directly compare this year’s numbers with last year’s, but we can see that while the impact of the new profit sharing model will bring pressure on margins in the short term, the new model is far more competitive and will bring benefits to our long term development.”
“In spite of the challenges in the industry and to the economy, our credit performance and credit quality continues to be stable and within our expectations,” said Mr. Ryan Huanian Liu, Lexin’s chief risk officer, “Our vintage charge-off rates7 is within expectations at approximately 4.5%, and our 90 day+ delinquency rate was 2.60% as of September 30, 2020. We expect to continue to perform strongly and improve in the future.”
7 Vintage charge-off rate refers to, with respect to on- and off-balance sheet loans originated during a specified time period, which we refer to as a vintage, the total outstanding principal balance of the loans that are charged off during a specified period, divided by the total initial principal of the loans originated in such vintage. Please refer to vintage curve at the end of “Third Quarter 2020 Financial Results” of this press release.
Third Quarter 2020 Financial Results:
Operating revenue decreased from RMB3,188 million in the third quarter of 2019 to RMB3,154 million in the third quarter of 2020. This decrease in operating revenue was due to a decrease in online direct sales and services income, partially offset by the increase in credit-oriented services income and platform-based services income for the quarter, driven by continuing increases in the number of active users on our platform, and the change of the presentation of guarantee income along with the adoption of ASC 326. Before the adoption of ASC 326, gain or loss related to financial guarantee not accounted for as derivatives was recorded in one combined financial statement line item within “(Loss)/gain on guarantee liabilities, net.” After the adoption of ASC 326, the gain released from the guarantee liabilities accounted for under ASC 460 is recorded as “Guarantee income” as a separate financial statement line item within revenue and the relevant credit losses are recorded as “Provision for credit losses of contingent liabilities of guarantee.”
Online direct sales decreased by 53.3% from RMB989 million in the third quarter of 2019 to RMB462 million in the third quarter of 2020. This decrease was primarily due to the decrease in the number of e-commerce orders during the third quarter of 2020.
Credit-oriented services income increased by 5.8% from RMB1.9 billion in the third quarter of 2019 to RMB2.0 billion in the third quarter of 2020. The increase was primarily resulted from the increase of RMB598 million due to change of presentation of guarantee income as aforementioned, partially offset by the decrease in loan facilitation and servicing fees-credit oriented.
Loan facilitation and servicing fees-credit oriented decreased by 35.8% from RMB1,650 million in the third quarter of 2019 to RMB1,058 million in the third quarter of 2020. This decrease was primarily due to the Company’s business strategy shift to increase the loan originations under platform-based model.
Guarantee income for the third quarter of 2020 was RMB598 million. The guarantee liabilities accounted for under ASC 460 are released from the underlying risk, i.e., as the underlying loan is repaid by the borrower or when the lender is compensated in the event of a borrower’s default.
Interest and financial services income and other revenues increased by 39.5% from RMB264 million in the third quarter of 2019 to RMB369 million in the third quarter of 2020, which was consistent with the increase in the origination of on-balance sheet loans in the third quarter of 2020.
Platform-based services income increased by 159% from RMB237 million in the third quarter of 2019 to RMB614 million in the third quarter of 2020. This increase was primarily contributed by an increase in the loan facilitation and servicing fees-performance based, partially offset by the decrease in loan facilitation and servicing fees-volume based.
Loan facilitation and servicing fees-performance based increased by 222% from RMB180 million in the third quarter of 2019 to RMB580 million in the third quarter of 2020. This increase was primarily due to an increase in the origination of off-balance sheet loans under the performance-based model within platform-based services.
Cost of sales decreased by 51.4% from RMB979 million in the third quarter of 2019 to RMB476 million in the third quarter of 2020, which is consistent with the decrease of online direct sales revenue.
Funding cost increased by 21.3% from RMB118 million in the third quarter of 2019 to RMB143 million in the third quarter of 2020, which was consistent with the increase of the funding debts to fund the on-balance sheet loans.
Processing and servicing cost increased by 104% from RMB177 million in the third quarter of 2019 to RMB362 million in the third quarter of 2020. This increase was primarily due to an increase in fees to third-party insurance companies and guarantee companies, an increase in fees to third-party payment platforms, an increase in risk management expenses, an increase in credit assessment cost, and an increase in salaries and personnel related costs.
Provision for credit losses of financing receivables increased by 41.4% from RMB154 million in the third quarter of 2019 to RMB217 million in the third quarter of 2020. The increase was primarily due to earlier recognition of credit losses under ASC 326 as well as the negative impact of the ongoing COVID-19 pandemic since the beginning of this year.
Provision for credit losses of contract assets and receivables increased by 74.5% from RMB59.9 million in the third quarter of 2019 to RMB104 million in the third quarter of 2020. This increase was mainly due to the significant increase in off-balance sheet loans originated as a result of the continuing growth of our business, earlier recognition of credit losses under ASC 326 as well as negative impact of the ongoing COVID-19 pandemic started in 2020.
Provision for credit losses of contingent liabilities of guarantee was RMB874 million in the third quarter of 2020. After the adoption of ASC 326 on January 1, 2020, a separate contingent liability in full amount determined using current expected credit losses (“CECL”) lifetime methodology is accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460, and relevant credit losses are recorded as “Provision for credit losses of contingent liabilities of guarantee.” Before the adoption of ASC 326, gain or loss related to such financial guarantee was recorded in one combined financial statement line item within “(Loss)/gain on guarantee liabilities, net.”
Gross profit decreased by 42.5% from RMB1,701 million in the third quarter of 2019 to RMB978 million in the third quarter of 2020. The decrease in the gross profit is primarily due to the significant increase of processing and servicing cost, provision for credit losses of financing receivables, provision for credit losses of contract assets and receivables and provision for credit losses of contingent liabilities of guarantee.
Sales and marketing expenses decreased by 29.2% from RMB508 million in the third quarter of 2019 to RMB360 million in the third quarter of 2020. This decrease was primarily due to a decrease in online advertising cost.
Research and development expenses decreased by 2.3% from RMB121 million in the third quarter of 2019 to RMB118 million in the third quarter of 2020. This decrease was primarily due to a decrease in salaries and personnel related costs.
General and administrative expenses decreased by 7.7% from RMB111 million in the third quarter of 2019 to RMB103 million in the third quarter of 2020. This decrease was primarily due to a decrease in salaries and personnel related costs.
Change in fair value of financial guarantee derivatives was a loss of RMB21.8 million in the third quarter of 2020, as compared to a loss of RMB119 million in the third quarter of 2019. The loss was primarily due to the re-measurement of the expected loss rates of the underlying outstanding off-balance sheet loans at the balance sheet date.
Change in fair value of loans at fair value was a loss of RMB11.4 million in the third quarter of 2020. Starting from the second quarter of 2020, for the loans we acquired/purchased from the relevant funding partners during the period, we account for them using fair value option pursuant to ASC 825, Financial Instruments, and record them as “Loans at fair value”. Changes in fair value of these loans are reported net and recorded as “Change in fair value of loans at fair value”.
Income tax expense for the third quarter of 2020 was RMB44.7 million, as compared to income tax expense of RMB124 million in the third quarter of 2019. The decrease of the income tax expense was consistent with the decrease of the taxable income from the same period of 2019. In addition, RMB16.2 million income tax provision relating to 2019 was reversed as one subsidiary of the Group was certified to be qualified for using a preferential tax rate of 10% for 2019 annual tax clearance in this quarter.
Net income for the third quarter of 2020 was RMB345 million, representing a decrease of 52.4% from RMB724 million in the third quarter of 2019.
Adjusted net income for the third quarter of 2020 was RMB443 million, representing a decrease of 38.0% from RMB714 million in the third quarter of 2019.
Please click here to view our vintage curve:
http://ml.globenewswire.com/Resource/Download/28eefd47-dc92-4437-af0f-2c178e76f308
Management Share Purchase
Lexin’s senior management team including Chairman and CEO Jay Wenjie Xiao, president Jared Yi Wu, and other members of the senior management team have purchased in their personal capacity 1.85 million of the Company’s ADS since the announcement of the management share purchase plan on September 14, 2020. The total shares purchased represent a total transaction value of $12.9 million, and the purchases were made during the open trading window period and in compliance with the Company’s guidelines. These purchases represent part of the $20 million worth of the Company’s ADS that the senior management intends to purchase.
Outlook
Based on Lexin’s preliminary assessment of the current market conditions, the Company reiterates total loan origination guidance for fiscal year 2020 to be between RMB170 billion and RMB180 billion. This is Lexin’s current and preliminary view, which is subject to changes and uncertainties.
Conference Call
The Company’s management will host an earnings conference call at 6:00 AM U.S. Eastern time on November 24, 2020 (7:00 PM Beijing/Hong Kong time on November 24, 2020).
Participants who wish to join the conference call should register online at:
http://apac.directeventreg.com/registration/event/8098922
Please note the Conference ID number of 8098922.
Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.
Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lexin.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until December 9, 2020, by dialing the following telephone numbers:
United States: | 1 855 452 5696 or 1 646 254 3697 | |
International: | 61 2 8199 0299 | |
Replay Access Code: | 8098922 |
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumption and consumer finance platform for new generation consumers in China. The Company provides a range of services including financial technology services, membership benefits, and a point redemption system through its ecommerce platform Fenqile and membership platform Le Card. The Company works with financial institutions and brands both online and offline to provide a comprehensive consumption ecosystem catering to the needs of young professionals in China. Lexin utilizes advanced technologies such as big data, cloud computing and artificial intelligence throughout the Company’s services and operations, which include risk management, loan facilitation, and the near-instantaneous matching of users’ funding requests with offers from the Company’s many funding partners.
For more information, please visit http://ir.lexin.com
To follow us on Twitter, please go to: https://twitter.com/LexinFintech.
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use adjusted net income, non-GAAP EBIT, adjusted net income per ordinary share and per ADS, 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 as net income excluding share-based compensation expenses, interest expense associated with convertible notes, investment-related impairment and investment (income)/loss and we define non-GAAP EBIT as net income excluding income tax expense/(benefit), share-based compensation expenses, interest expense, net, investment-related impairment, and investment (income)/loss.
We present these non-GAAP financial measures because it is used by our management to evaluate our operating performance and formulate business plans. Adjusted net income enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, investment-related impairment 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/(benefit), share-based compensation expenses, interest expense, net, investment-related impairment 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 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/(benefit), interest expense, net and investment-related impairment 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 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 the non-GAAP financial measure 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 RMB6.7896 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2020. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
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 its 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:
Tony Hung
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: [email protected]
Media inquiries:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 8047
E-mail: [email protected]
SOURCE LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
As of | |||||||||
(In thousands) | December 31, 2019 | September 30, 2020 | |||||||
RMB | RMB | US$ | |||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 2,085,234 | 1,593,413 | 234,684 | ||||||
Restricted cash | 1,813,855 | 2,281,501 | 336,029 | ||||||
Restricted time deposits | 1,962,293 | 2,067,485 | 304,508 | ||||||
Short-term financing receivables, net of allowance for credit losses of RMB318,262 and RMB772,813 as of December 31, 2019 and September 30, 2020, respectively | 3,752,690 | 4,914,926 | 723,890 | ||||||
Loans at fair value | – | 367,438 | 54,118 | ||||||
Accrued interest receivable, net of allowance for credit losses of nil and RMB1,681 as of December 31, 2019 and September 30, 2020, respectively | 54,284 | 91,837 | 13,526 | ||||||
Prepaid expenses and other current assets | 1,324,924 | 1,275,570 | 187,871 | ||||||
Amounts due from related parties | – | 941 | 139 | ||||||
Deposits to insurance companies and guarantee companies | 1,251,003 | 1,170,314 | 172,369 | ||||||
Short-term guarantee receivables, net of allowance for credit losses of RMB49,833 and RMB17,544 as of December 31, 2019 and September 30, 2020, respectively | 1,183,278 | 1,079,194 | 158,948 | ||||||
Short-term contract assets and service fees receivable, net of allowance for credit losses of RMB94,894 and RMB61,428 as of December 31, 2019 and September 30, 2020, respectively | 2,971,976 | 3,545,337 | 522,172 | ||||||
Inventories, net | 106,781 | 59,238 | 8,725 | ||||||
Total current assets | 16,506,318 | 18,447,194 | 2,716,979 | ||||||
Non‑current assets | |||||||||
Restricted cash | 86,537 | 125,299 | 18,455 | ||||||
Restricted time deposits | 4,350 | 9,415 | 1,387 | ||||||
Long‑term financing receivables, net of allowance for credit losses of RMB55,283 and RMB34,462 as of December 31, 2019 and September 30, 2020, respectively | 658,798 | 257,967 | 37,994 | ||||||
Long-term guarantee receivables, net of allowance for credit losses of RMB750 and RMB3,910 as of December 31, 2019 and September 30, 2020, respectively | 281,699 | 240,540 | 35,428 | ||||||
Long-term contract assets and service fees receivable, net of allowance for credit losses of RMB2,845 and RMB13,692 as of December 31, 2019 and September 30, 2020, respectively | 482,875 | 364,600 | 53,700 | ||||||
Property, equipment and software, net | 92,553 | 103,702 | 15,274 | ||||||
Land use rights, net | – | 1,009,067 | 148,620 | ||||||
Long‑term investments | 511,605 | 475,423 | 70,022 | ||||||
Deferred tax assets | 157,138 | 599,720 | 88,329 | ||||||
Other assets | 454,421 | 509,292 | 75,011 | ||||||
Total non‑current assets | 2,729,976 | 3,695,025 | 544,220 | ||||||
TOTAL ASSETS | 19,236,294 | 22,142,219 | 3,261,199 | ||||||
LIABILITIES | |||||||||
Current liabilities | |||||||||
Accounts payable | 201,837 | 65,692 | 9,675 | ||||||
Amounts due to related parties | 40,804 | 57,184 | 8,422 | ||||||
Short‑term borrowings | 1,977,691 | 2,155,572 | 317,481 | ||||||
Short‑term funding debts | 3,755,528 | 4,654,269 | 685,500 | ||||||
Accrued interest payable | 87,003 | 59,128 | 8,709 | ||||||
Guarantee liabilities(1) | 1,726,368 | – | – | ||||||
Deferred guarantee income(1) | – | 970,221 | 142,898 | ||||||
Contingent guarantee liabilities(1) | – | 2,622,095 | 386,193 | ||||||
Funds payable to individual investors | 618,749 | 930,018 | 136,977 | ||||||
Accrued expenses and other current liabilities | 1,394,639 | 2,453,386 | 361,345 | ||||||
Total current liabilities | 9,802,619 | 13,967,565 | 2,057,200 | ||||||
Non‑current liabilities | |||||||||
Long‑term funding debts | 450,595 | 1,182,257 | 174,128 | ||||||
Deferred tax liabilities | 309,646 | 39,870 | 5,872 | ||||||
Convertible notes | 2,046,051 | 2,002,444 | 294,928 | ||||||
Other long-term liabilities | 27,844 | 29,840 | 4,395 | ||||||
Total non‑current liabilities | 2,834,136 | 3,254,411 | 479,323 | ||||||
TOTAL LIABILITIES | 12,636,755 | 17,221,976 | 2,536,523 | ||||||
SHAREHOLDERS’ EQUITY: | |||||||||
Class A Ordinary Shares | 170 | 175 | 26 | ||||||
Class B Ordinary Shares | 61 | 58 | 9 | ||||||
Additional paid‑in capital | 2,519,886 | 2,677,072 | 394,290 | ||||||
Statutory reserves | 352,313 | 352,313 | 51,890 | ||||||
Accumulated other comprehensive loss | (7,288 | ) | (10,576 | ) | (1,556 | ) | |||
Retained earnings | 3,734,397 | 1,901,201 | 280,017 | ||||||
TOTAL SHAREHOLDERS’ EQUITY | 6,599,539 | 4,920,243 | 724,676 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 19,236,294 | 22,142,219 | 3,261,199 | ||||||
(1) We have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) effective January 1, 2020 using the modified retrospective method.
Before the adoption of ASC 326, the guarantee liabilities subsequent to initial recognition were measured at the greater of the amount determined based on ASC 460 and the amount determined under ASC 450. An excess liability was recorded when the aggregate contingent liabilities under ASC 450 exceeded the balance of guarantee liabilities determined under ASC 460.
After the adoption of ASC 326, a contingent liability in full amount determined using CECL lifetime methodology of the guarantee (i.e., the contingent aspect recorded as “Contingent guarantee liabilities”) shall be accounted for in addition to and separately from the guarantee liability (i.e., the noncontingent aspect recorded as “Deferred guarantee income”) accounted for under ASC 460.
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||
(In thousands, except for share and per share data) | 2019 | 2020 | 2019 | 2020 | |||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
Operating revenue: | |||||||||||||||||||
Online direct sales | 988,964 | 461,959 | 68,039 | 2,539,291 | 1,473,075 | 216,960 | |||||||||||||
Membership services(1) | 24,166 | 27,602 | 4,065 | 86,491 | 76,098 | 11,208 | |||||||||||||
Other services(1) | 23,277 | 26,048 | 3,835 | 59,841 | 63,408 | 9,339 | |||||||||||||
Online direct sales and services income(1) | 1,036,407 | 515,609 | 75,939 | 2,685,623 | 1,612,581 | 237,507 | |||||||||||||
Loan facilitation and servicing fees-credit oriented(1) | 1,649,969 | 1,058,468 | 155,895 | 3,282,343 | 2,752,731 | 405,433 | |||||||||||||
Interest and financial services income and other revenues | 264,255 | 368,702 | 54,304 | 887,568 | 946,224 | 139,364 | |||||||||||||
Guarantee income(2) | – | 597,542 | 88,008 | – | 1,981,113 | 291,786 | |||||||||||||
Credit-oriented services income(1) | 1,914,224 | 2,024,712 | 298,207 | 4,169,911 | 5,680,068 | 836,583 | |||||||||||||
Loan facilitation and servicing fees-performance based(1) | 180,058 | 580,358 | 85,477 | 454,957 | 1,251,341 | 184,303 | |||||||||||||
Loan facilitation and servicing fees-volume based(1) | 57,307 | 33,375 | 4,916 | 144,955 | 68,104 | 10,031 | |||||||||||||
Platform-based services income(1) | 237,365 | 613,733 | 90,393 | 599,912 | 1,319,445 | 194,334 | |||||||||||||
Total operating revenue | 3,187,996 | 3,154,054 | 464,539 | 7,455,446 | 8,612,094 | 1,268,424 | |||||||||||||
Operating cost: | |||||||||||||||||||
Cost of sales | (979,179 | ) | (475,824 | ) | (70,081 | ) | (2,532,635 | ) | (1,475,704 | ) | (217,348 | ) | |||||||
Funding cost | (117,586 | ) | (142,658 | ) | (21,011 | ) | (380,522 | ) | (449,102 | ) | (66,146 | ) | |||||||
Processing and servicing cost | (177,004 | ) | (361,839 | ) | (53,293 | ) | (432,002 | ) | (1,031,248 | ) | (151,886 | ) | |||||||
Provision for credit losses of financing receivables | (153,601 | ) | (217,222 | ) | (31,993 | ) | (489,321 | ) | (628,384 | ) | (92,551 | ) | |||||||
Provision for credit losses of contract assets and receivables | (59,867 | ) | (104,452 | ) | (15,384 | ) | (104,531 | ) | (254,578 | ) | (37,495 | ) | |||||||
Provision for credit losses of contingent liabilities of guarantee(2) | – | (873,936 | ) | (128,717 | ) | – | (2,660,101 | ) | (391,791 | ) | |||||||||
Total operating cost | (1,487,237 | ) | (2,175,931 | ) | (320,479 | ) | (3,939,011 | ) | (6,499,117 | ) | (957,217 | ) | |||||||
Gross profit | 1,700,759 | 978,123 | 144,060 | 3,516,435 | 2,112,977 | 311,207 | |||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and marketing expenses | (507,928 | ) | (359,828 | ) | (52,997 | ) | (1,018,689 | ) | (931,130 | ) | (137,141 | ) | |||||||
Research and development expenses | (121,114 | ) | (118,325 | ) | (17,427 | ) | (314,653 | ) | (379,141 | ) | (55,841 | ) | |||||||
General and administrative expenses | (111,102 | ) | (102,501 | ) | (15,097 | ) | (292,394 | ) | (325,820 | ) | (47,988 | ) | |||||||
Total operating expenses | (740,144 | ) | (580,654 | ) | (85,521 | ) | (1,625,736 | ) | (1,636,091 | ) | (240,970 | ) | |||||||
Change in fair value of financial guarantee derivatives, net | (119,202 | ) | (21,833 | ) | (3,216 | ) | 45,521 | (381,594 | ) | (56,203 | ) | ||||||||
Change in fair value of loans at fair value | – | (11,356 | ) | (1,673 | ) | – | (11,356 | ) | (1,673 | ) | |||||||||
(Loss)/gain on guarantee liabilities, net(2) | (45,833 | ) | – | – | 80,517 | – | – | ||||||||||||
Interest expense, net | (8,590 | ) | (23,450 | ) | (3,454 | ) | (9,739 | ) | (59,468 | ) | (8,759 | ) | |||||||
Investment-related impairment | – | (35,370 | ) | (5,209 | ) | – | (35,370 | ) | (5,209 | ) | |||||||||
Investment income/(loss) | 55,197 | (1,293 | ) | (190 | ) | 53,433 | 9,321 | 1,373 | |||||||||||
Others, net | 6,095 | 85,241 | 12,555 | 32,077 | 83,295 | 12,268 | |||||||||||||
Income before income tax expense | 848,282 | 389,408 | 57,352 | 2,092,508 | 81,714 | 12,034 | |||||||||||||
Income tax (expense)/benefit | (123,916 | ) | (44,713 | ) | (6,586 | ) | (315,878 | ) | 3,590 | 529 | |||||||||
Net income | 724,366 | 344,695 | 50,766 | 1,776,630 | 85,304 | 12,563 | |||||||||||||
Net income per ordinary share | |||||||||||||||||||
Basic | 2.03 | 0.94 | 0.14 | 5.01 | 0.23 | 0.03 | |||||||||||||
Diluted | 1.96 | 0.87 | 0.13 | 4.87 | 0.30 | 0.04 | |||||||||||||
Net income per ADS | |||||||||||||||||||
Basic | 4.05 | 1.89 | 0.28 | 10.02 | 0.47 | 0.07 | |||||||||||||
Diluted | 3.93 | 1.74 | 0.26 | 9.75 | 0.59 | 0.09 | |||||||||||||
Weighted average ordinary shares outstanding | |||||||||||||||||||
Basic | 357,428,690 | 364,991,825 | 364,991,825 | 354,720,615 | 364,328,223 | 364,328,223 | |||||||||||||
Diluted | 369,863,610 | 410,968,465 | 410,968,465 | 364,924,688 | 411,274,741 | 411,274,741 |
(1) Starting from the second quarter of 2020, we report revenue streams in three categories—online direct sales and services income, credit-oriented services income and platform-based services income, to provide more relevant information. We also revised the comparative period presentation to conform to current period classification.
In providing credit-oriented services, we originate on-balance sheet loans, or facilitate the loan origination of off-balance loans where we also provide guarantee services. Consequently, we take all credit risks of borrowers in respect of on-balance sheet loans, and off-balance sheet loans through the relevant guarantee arrangements. By nature, revenue earned from off-balance sheet loans where we also provide guarantee services is recorded as “Loan facilitation and servicing fees-credit oriented” and “Guarantee income,” and interest income and other fees from on-balance sheet loans is recorded as “Interest and financial services income and other revenues.”
In providing platform-based services, we do not provide guarantee services and take no credit risks of borrowers in respect of principal and interests due to the lenders for off-balance sheet loans we facilitate. We either charge the service fees for loan facilitation and servicing at predetermined rates based on the performance of the underlying off-balance sheet loans, which we refer to as performance-based model, or charge the service fees at predetermined rates of amount of loan originations upon successful matching of borrowing requests, which we refer to as volume-based model.
Revenue from “Loan facilitation and servicing fees-credit oriented,” “Loan facilitation and servicing fees-performance based” and “Loan facilitation and servicing fees-volume based” were previously reported as one combined financial statement line item as “Loan facilitation and servicing fees” before the change of presentation.
For online direct sales and services income, we report the premium membership fees for our membership packages as “Membership services,” and the commission fee earned from third-party sellers for the online marketplace services we rendered and other services revenue as “Other services” within “Online direct sales and services income.” The premium membership fees, commission fee earned from third-party sellers and other services revenue were previously reported as “Services and others” within “Online direct sales and services income” before the change of presentation.
(2) We have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) effective January 1, 2020 using the modified retrospective method.
Before the adoption of ASC 326, gain or loss related to guarantee liabilities accounted for under ASC 460 was recorded in one combined financial statement line item within “(Loss)/gain on guarantee liabilities, net.”
After the adoption of ASC 326, the gain released from the guarantee liabilities accounted for under ASC 460 is recorded as a separate financial statement line item within revenue as “Guarantee income” and the relevant credit losses of guarantee are recorded as “Provision for credit losses of contingent liabilities of guarantee.”
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||
(In thousands) | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
Net income | 724,366 | 344,695 | 50,766 | 1,776,630 | 85,304 | 12,563 | ||||||||||||||
Other comprehensive income/(loss) | ||||||||||||||||||||
Foreign currency translation adjustment, net of nil tax | 12,661 | (3,687 | ) | (543 | ) | 13,358 | (3,288 | ) | (484 | ) | ||||||||||
Total comprehensive income | 737,027 | 341,008 | 50,223 | 1,789,988 | 82,016 | 12,079 | ||||||||||||||
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except for share and per share data) | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||
Reconciliation of Adjusted Net Income to Net Income | |||||||||||||||||||||||
Net income | 724,366 | 344,695 | 50,766 | 1,776,630 | 85,304 | 12,563 | |||||||||||||||||
Add: Share-based compensation expenses | 43,345 | 49,193 | 7,246 | 123,767 | 152,192 | 22,416 | |||||||||||||||||
Interest expense associated with convertible notes | 1,868 | 12,127 | 1,786 | 1,868 | 36,246 | 5,338 | |||||||||||||||||
Investment-related impairment | – | 35,370 | 5,209 | – | 35,370 | 5,209 | |||||||||||||||||
Investment (income)/loss | (55,197 | ) | 1,293 | 190 | (53,433 | ) | (9,321 | ) | (1,373 | ) | |||||||||||||
Adjusted net income | 714,382 | 442,678 | 65,197 | 1,848,832 | 299,791 | 44,153 | |||||||||||||||||
Adjusted net income per ordinary share | |||||||||||||||||||||||
Basic | 2.00 | 1.21 | 0.18 | 5.21 | 0.82 | 0.12 | |||||||||||||||||
Diluted | 1.93 | 1.08 | 0.16 | 5.07 | 0.73 | 0.11 | |||||||||||||||||
Adjusted net income per ADS | |||||||||||||||||||||||
Basic | 4.00 | 2.43 | 0.36 | 10.42 | 1.65 | 0.24 | |||||||||||||||||
Diluted | 3.86 | 2.15 | 0.32 | 10.13 | 1.46 | 0.21 | |||||||||||||||||
Weighted average number of ordinary shares outstanding | |||||||||||||||||||||||
Basic | 357,428,690 | 364,991,825 | 364,991,825 | 354,720,615 | 364,328,223 | 364,328,223 | |||||||||||||||||
Diluted | 369,863,610 | 410,968,465 | 410,968,465 | 364,924,688 | 411,274,741 | 411,274,741 |
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||
Reconciliations of Non-GAAP EBIT to Net Income | ||||||||||||||||||||||||
Net income | 724,366 | 344,695 | 50,766 | 1,776,630 | 85,304 | 12,563 | ||||||||||||||||||
Add: Income tax expense/(benefit) | 123,916 | 44,713 | 6,586 | 315,878 | (3,590 | ) | (529 | ) | ||||||||||||||||
Share-based compensation expenses | 43,345 | 49,193 | 7,246 | 123,767 | 152,192 | 22,416 | ||||||||||||||||||
Interest expense, net | 8,590 | 23,450 | 3,454 | 9,739 | 59,468 | 8,759 | ||||||||||||||||||
Investment-related impairment | – | 35,370 | 5,209 | – | 35,370 | 5,209 | ||||||||||||||||||
Investment (income)/loss | (55,197 | ) | 1,293 | 190 | (53,433 | ) | (9,321 | ) | (1,373 | ) | ||||||||||||||
Non-GAAP EBIT | 845,020 | 498,714 | 73,451 | 2,172,581 | 319,423 | 47,045 | ||||||||||||||||||
Artificial Intelligence
Timekettle Announces Major Software Update, Launching AI Translation Lab
SHENZHEN, China, April 18, 2024 /PRNewswire/ — Timekettle, a fast-growing cross-language communication solutions innovator, has announced a significant software update with the launch of the AI Translation Lab, which will serve as a new platform to rapidly introduce cutting-edge technological features while gathering immediate user feedback to avoid releasing underdeveloped functionalities.
The AI Translation Lab represents a major advancement in rendering digital communication more personal, accurate, and educational across various languages. It introduces a range of key features aimed at greatly enhancing the accuracy and fluidity of translations.
Understanding the importance of accurate translations for proper nouns and specialized terms in everyday conversations, the AI Translation Lab features the Custom Lexicon, which allows users to create their own terms linked to specific translations, ensuring precision every time. As users add more terms over time, they will notice increasingly accurate translations with these personalized glossaries.
In an effort to counteract the mechanical feel of conventional translation tools, the AI Translation Lab has enhanced its voice feature to incorporate options that emulate human-like tonality with subtle emotional nuances. Users now have the liberty to select between male and female voices, ensuring a more organic auditory experience without sacrificing efficiency.
Customized for individuals grappling with practical language obstacles such as immigrants or international business personnel, the AI Language Tutor harnesses sophisticated AI technology to facilitate interactive learning experiences, with a focus on enhancing fluency and pronunciation. By integrating the AI Language Tutor into their ecosystem, Timekettle is not merely dismantling communication barriers, but also equipping users with the requisite skills for real-world interactions.
At present, Timekettle’s AI Translation Lab supports Chinese, English, and Spanish languages. As part of its ongoing commitment to making the world more interconnected, Timekettle is dedicated to adding more languages in upcoming updates, aligning with its goal of creating a world where people can easily communicate in their native language.
In today’s globalized world, the technologies and devices provided by Timekettle are becoming essential not just for travelers but also for international businesses that need clear communication without the setbacks of delays or errors due to poor translations. The creation of the AI Translation Lab highlights Timekettle’s dedication to developing technologies that respond to what users actually want.
Opening a door for users to evolve from simply using the technologies and devices to actively contributing to shaping our future, Timekettle invites global users to explore its AI Translation Lab, discover the latest offerings, share feedback instantly, and join the brand in breaking down language barriers through innovative technology.
About Timekettle
Established in 2016, Timekettle is an industry-leading and award-winning provider of cross-language communication solutions. Headquartered in Shenzhen, China, Timekettle also operates a customer center in Los Angeles, United States. Its exceptional products have been recognized with numerous international accolades, including the CES Innovation Award, iF Design Award, and Japan Good Design Award.
For further information, please visit https://www.timekettle.co/
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View original content:https://www.prnewswire.co.uk/news-releases/timekettle-announces-major-software-update-launching-ai-translation-lab-302120663.html
Artificial Intelligence
Clearwater Analytics Wins IFRS 9 Solution Provider of the Year for Second Consecutive Year
Insurance Asset Risk Awards Celebrate Clearwater’s Excellence in IFRS 9 Solutions
BOISE, Idaho, April 18, 2024 /PRNewswire/ — Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that it has won the IFRS 9 Solution Provider of the Year award for the second consecutive year. This achievement underscores Clearwater’s expertise in navigating the complexities of financial reporting and simplifying meticulous processes for our clients.
The Insurance Asset Risk Awards annually recognize outstanding technology firms in the insurance asset management sector. Clearwater Analytics distinguished itself from the competition with its cloud-based SaaS platform and dedicated Client Services offering, which provides a robust foundation to assist clients with their IFRS 9 plan, or global equivalents such as PSAK 71. The solution itself simplifies and streamlines adherence to the financial reporting rules for businesses of all sizes.
“We’re truly honored by this award, which highlights our team’s deep understanding of IFRS 9 and our dedication to supporting our clients,” said Keith Viverito, Managing Director, EMEA and APAC at Clearwater Analytics. “The journey towards IFRS 9 proficiency has been difficult for many in the industry. While insurers have become more adept over the years, there remains a significant need for improvement in operational models to align with best practices today. Clearwater simplifies the financial reporting process, making it faster and more accurate in aligning with IFRS 9 requirements. Our ability to automate the Expected Credit Loss (ECL) allowances and provide comprehensive data management solutions is a testament to our investments in innovation and relentless focus on customer success.”
One of the main challenges facing businesses for IFRS 9 adherence is the impairment of financial instruments, particularly the ECL model. Firms continuously struggle with data availability and quality, estimation techniques, scenario analysis, documentation, auditability, and the ongoing monitoring and reassessment of financial instruments. Clearwater’s success in delivering sophisticated solutions that address these challenges head-on has been a major factor behind its industry-leading 60+ NPS score.
This award joins a growing list of industry accolades, including the InsuranceAsia News Excellence Award for Technology Provider of the Year, the Chartis RiskTech Buyside 50 spot for Investment Lifecycle – Insurance/ Pension Funds, and the Captive Review Award for Software Solution of the Year. Each honor reaffirms Clearwater’s commitment to enhancing data quality and operational efficiency for clients around the globe.
Talk to an expert today to learn more about how Clearwater Analytics elevates financial operations and IFRS 9 compliance strategy.
About Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater’s trusted data to drive efficient, scalable investing on more than $7.3 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.
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View original content:https://www.prnewswire.co.uk/news-releases/clearwater-analytics-wins-ifrs-9-solution-provider-of-the-year-for-second-consecutive-year-302120164.html
Artificial Intelligence
Buyers Edge Platform Accelerates European Expansion with Two Strategic UK Acquisitions
WALTHAM, Mass., April 18, 2024 /PRNewswire/ — Buyers Edge Platform, the leading software and analytics company providing data-driven insights and technology to the foodservice industry, announces its acquisitions of The Full Range and Delta Procurement, two prominent UK Group Purchasing Organizations (GPOs). These acquisitions mark a significant step in Buyers Edge Platform’s rapid expansion across Europe, solidifying its position as a key player in the international procurement landscape. This announcement comes on the heels of Buyers Edge Platform recently securing a $425 million Preferred Equity investment from three prominent investors: General Atlantic, Blackstone, and Morgan Stanley.
These acquisitions align with Buyers Edge Platform’s broader strategy to create the largest Digital Procurement Network in Europe, mirroring their success achieved in the US. Through strategic acquisitions, new country partnerships, and organic growth initiatives, Buyers Edge Platform is set to transform procurement, offering exceptional value to foodservice businesses across Europe.
John Davie, CEO of Buyers Edge Platform, expressed his excitement about both acquisitions, stating, “We’re seeking the best and most powerful GPOs in each country in Europe and have been looking to bring both brands on board as we continue our mission to revolutionize procurement practices and empower businesses across the continent.”
Daniel Wilson, President of Buyers Edge Platform Europe, added “We are delighted to welcome the Full Range and Delta Procurement to the Buyers Edge Platform Family. We have hugely ambitious plans to expand our operations across Europe and look forward to working with the team members, supply partners, and customers of the acquisitions to achieve this.” Buyers Edge Platform has now completed 3 European acquisitions since January 2023.
The Full Range
Founded by Co-Owners and Directors Barry Knight and Nicky Prentice, The Full Range stands as one of the largest independent GPOs in the UK. Renowned for its comprehensive support and consultancy services, The Full Range caters to diverse sectors including hotels, bars, restaurants, and golf clubs. Their sterling reputation stems from a commitment to enhancing client purchasing efficiency while fostering strong supplier relationships.
Barry Knight, Director of The Full Range, expressed his enthusiasm about the acquisition, saying: “From the very first conversation with Buyers Edge Platform, it was clear we shared the same vision and values. We are both people-focused businesses who always put the customer first. Combining our UK market knowledge with Buyers Edge Platform technology and buying power will create the perfect environment to help our customers to thrive. We are excited to have joined the most powerful network in the foodservice industry and to share the opportunities this brings to hospitality owners across the UK.”
Delta Procurement
Delta Procurement, led by Dave Anderson and Nick Ryan, has emerged as a transformative force in the UK procurement service industry. With a focus on delivering absolute value at every link of the foodservice chain, Delta has earned acclaim for its tailored solutions and exceptional customer satisfaction. The company’s success underscores its commitment to innovation and customer-centricity.
“We have always put our clients front and center of all that we do and so are thrilled about the acquisition by Buyers Edge Platform as it represents a significant opportunity for our customers. By joining forces, we can now offer our clients access to cutting-edge technology and enhanced buying power, enabling them to streamline their procurement processes and drive greater efficiencies in their businesses. This acquisition marks a new chapter for Delta and our customers, and we are excited to continue delivering exceptional value and service as part of the Buyers Edge Platform.”
For other companies who are interested in leveraging the power of Buyers Edge Platform for their customers, visit BuyersEdgePlatform.com/About/Acquisitions.
About Buyers Edge Platform
Buyers Edge Platform is the leading software and analytics company providing data-driven insights and technology to the foodservice industry. We connect entities throughout foodservice and empower them to run their businesses more efficiently by leveraging data and analytics. Buyers Edge Platform’s mission is to drive the foodservice industry from manual to automated with programs that benefit all stakeholders across the supply chain. Visit BuyersEdgePlatform.com to learn more.
Buyers Edge Platform recently announced a $425M preferred equity investment from a consortium led by General Atlantic Credit’s (“GA Credit”) Atlantic Park fund, alongside funds managed by Blackstone Tactical Opportunities (“Blackstone”) and investment funds managed by Morgan Stanley Tactical Value (“MS Tactical Value”). Buyers Edge Platform intends to leverage the new funds and partnership with GA Credit, Blackstone, and MS Tactical Value to support the execution of its continued growth initiatives, including platform innovation, strategic M&A, and European expansion.
Media contact:Ryan Gerding for Buyers Edge [email protected]
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