Artificial Intelligence
LexinFintech Holdings Ltd. Reports Fourth Quarter and Full Year 2020 Unaudited Financial Results
SHENZHEN, China, March 18, 2021 (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 December 31, 2020.
Fourth Quarter and Full Year 2020 Operational Highlights:
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.
Fourth Quarter 2020 Financial Highlights:
Full Year 2020 Financial Highlights:
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.
“In the past year, in spite of the challenging conditions presented by the ongoing COVID-19 pandemic, Lexin was able to meet our guidance and complete our loan origination targets. Our registered users, scale, and revenues continued to grow, and our credit risk is continuing to stabilize.” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive officer. “In particular, our ‘To Bank’ technology service capabilities continue to lead the industry. In the fourth quarter, loan originations generated under our pure technology service model represented over 50% of our new loan originations, improving the overall quality of our growth. This year, Lexin will aim to achieve even faster growth with higher quality, and based on the strong performance in the first quarter and the improving asset quality, we are raising our full year loan origination target up to RMB250 billion.”
“Even our core financial technology business continues to grow, we will concurrently develop a second area of growth. At the beginning of this year, Lexin introduced our new Yuehui, Maiya, and Xiaofeihao products, to expand the potential of our business, and to expand the customers that we serve from 120 million to the potential 500 million in the new consumption cohort. We currently estimate that our Maiya product will achieve GMV of RMB50 million for March.” Mr. Xiao added. “The scale of our potential business will extend to cover China’s USD4 trillion new consumption market. As China becomes the world’s largest consumption market, Lexin will utilize the customers, consumption scenarios, and operational capabilities that we have accumulated over the many years, to fully capture the potential of this historical opportunity, and to realize ever stronger growth from the expanding new consumption market.”
“We performed strongly in the last quarter of 2020 and we are currently seeing strong positive growth trends for 2021. As a result, we are raising our full year loan origination guidance for 2021, as we now expect total loan originations for 2021 to be between RMB240 and RMB250 billion,” said Mr. Craig Yan Zeng, Lexin’s chief financial officer, “In addition, the continued efforts made on improving asset quality are expected to enable a strong recovery in our profitability for the current fiscal year.” “Our credit performance and credit quality continues to improve for new loan originations and is within our expectations,” said Mr. Yang Qiao, Lexin’s vice president, “Our vintage charge-off rates7 is at approximately 4.0%, and our 90 day+ delinquency rate was 1.95% as of December, 2020. In addition, our first payment default rate (30 day+)8 for new loan originations have been at below 1% for the past 5 months now, and our one-month delinquencies for all our key past vintages have peak. As a result, we expect our credit performance to continue to 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 “Fourth Quarter 2020 Financial Results” of this press release.
8 Loan balance with first payment day past due 30+ over total loan origination.
Fourth Quarter 2020 Financial Results:
Operating revenue decreased from RMB3,148 million in the fourth quarter of 2019 to RMB3,033 million in the fourth 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 “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 60.6% from RMB1,085 million in the fourth quarter of 2019 to RMB428 million in the fourth quarter of 2020. This decrease was primarily due to the decrease in the number of e-commerce orders during the fourth quarter of 2020.
Credit-oriented services income increased by 3.2% from RMB1,789 million in the fourth quarter of 2019 to RMB1,846 million in the fourth quarter of 2020. The increase was primarily resulted from the increase of RMB339 million due to change of presentation of guarantee income as aforementioned and the increase of interest and financial services income and other revenues, partially offset by the decrease in loan facilitation and servicing fees-credit oriented.
Loan facilitation and servicing fees-credit oriented decreased by 32.4% from RMB1,530 million in the fourth quarter of 2019 to RMB1,034 million in the fourth 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 fourth quarter of 2020 was RMB339 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 82.3% from RMB259 million in the fourth quarter of 2019 to RMB473 million in the fourth quarter of 2020, which was consistent with the increase in the origination of on-balance sheet loans in the fourth quarter of 2020. Platform-based services income increased by 232% from RMB216 million in the fourth quarter of 2019 to RMB717 million in the fourth quarter of 2020. This increase was primarily contributed by an increase in the loan facilitation and servicing fees-performance based.
Loan facilitation and servicing fees-performance based increased by 251% from RMB194 million in the fourth quarter of 2019 to RMB679 million in the fourth 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, driven by continuing increases in the number of active users on our platform.
Cost of sales decreased by 60.4% from RMB1,092 million in the fourth quarter of 2019 to RMB432 million in the fourth quarter of 2020, which is consistent with the decrease of online direct sales revenue.
Funding cost increased by 9.7% from RMB128 million in the fourth quarter of 2019 to RMB141 million in the fourth 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 81.8% from RMB210 million in the fourth quarter of 2019 to RMB382 million in the fourth quarter of 2020. This increase was primarily due to an increase in fees to third-party insurance companies and guarantee companies, an increase in risk management expenses, and an increase in salaries and personnel related costs. Provision for credit losses of financing receivables decreased by 31.2% from RMB219 million in the fourth quarter of 2019 to RMB151 million in the fourth quarter of 2020. The credit losses have reflected the most recent performance in relation to the Company’s on-balance sheet loans and the Company has continued to implement prudent credit assessment and risk management policies and procedures.
Provision for credit losses of contract assets and receivables increased by 794% from RMB20.9 million in the fourth quarter of 2019 to RMB187 million in the fourth 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 RMB220 million in the fourth 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 “Gain on guarantee liabilities, net.”
Gross profit increased by 2.9% from RMB1,478 million in the fourth quarter of 2019 to RMB1,520 million in the fourth quarter of 2020. The increase in the gross profit is primarily due to the significant increase in platform-based services income and interest and financial services income and other revenues, and partially offset by the increase in processing and servicing cost, 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 34.0% from RMB520 million in the fourth quarter of 2019 to RMB343 million in the fourth quarter of 2020. This decrease was primarily due to a decrease in online advertising cost. Research and development expenses decreased by 6.1% from RMB101 million of 2019 to RMB95.1 million in the fourth quarter of 2020. This decrease was primarily due to a decrease in salaries and personnel related costs.
General and administrative expenses increased by 4.8% from RMB120 million in the fourth quarter of 2019 to RMB125 million in the fourth quarter of 2020. This increase was primarily due to an increase in rental expenses.
Change in fair value of financial guarantee derivatives was a loss of RMB326 million in the fourth quarter of 2020, as compared to a loss of RMB258 million in the fourth 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 RMB35.9 million in the fourth 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 fourth quarter of 2020 was RMB94.2 million, as compared to income tax expense of RMB96.1 million in the fourth 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. Net income for the fourth quarter of 2020 was RMB510 million, representing a decrease of 1.6% from RMB518 million in the fourth quarter of 2019.
Adjusted net income for the fourth quarter of 2020 was RMB603 million, representing an increase of 3.1% from RMB585 million in the fourth quarter of 2019.
Full Year 2020 Financial Results:
Operating revenue increased from RMB10,604 million in 2019 to RMB11,645 million in 2020. This increase in operating revenue was due to an increase in credit-oriented services income and platform-based services income for the year, 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, partially offset by the decrease in online direct sales and services income. 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 “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 47.5% from RMB3,624 million in 2019 to RMB1,901million in 2020. This decrease was primarily due to the decrease in the number of e-commerce orders during 2020. Credit-oriented services income increased by 26.3% from RMB6.0 billion in 2019 to RMB7.5 billion in 2020. The increase was primarily resulted from the increase of RMB2,320 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 21.3% from RMB4,812 million in 2019 to RMB3,787 million in 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 2020 was RMB2,320 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 23.7% from RMB1,147 million in 2019 to RMB1,419 million in 2020, which was consistent with the increase in the origination of on-balance sheet loans in 2020.
Platform-based services income increased by 150% from RMB816 million in 2019 to RMB2,037 million in 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 198% from RMB649 million in 2019 to RMB1,931 million in 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, driven by continuing increases in the number of active users on our platform.
Cost of sales decreased by 47.4% from RMB3,624 million in 2019 to RMB1,908 million in 2020, which was consistent with the decrease of online direct sales revenue.
Funding cost increased by 15.9% from RMB509 million in 2019 to RMB590 million in 2020, which was consistent with the increase of the funding debts to fund the on-balance sheet loans.
Processing and servicing cost increased by 120% from RMB642 million in 2019 to RMB1,413 million in 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 10.0% from RMB709 million in 2019 to RMB779 million in 2020. The credit losses have reflected the most recent performance in relation to the Company’s on-balance sheet loans and the Company has continued to implement prudent credit assessment and risk management policies and procedures. Provision for credit losses of contract assets and receivables increased by 252% from RMB125 million in 2019 to RMB442 million in 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 RMB2,881 million in 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 “Gain on guarantee liabilities, net.”
Gross profit decreased by 27.3% from RMB4,994 million in 2019 to RMB3,633 million in 2020. The decrease in the gross profit is primarily due to the significant increase of processing and servicing cost, provision for credit losses of contract assets and receivables and provision for credit losses of contingent liabilities of guarantee, partially offset by the increase in platform-based services income.
Sales and marketing expenses decreased by 17.2% from RMB1,539 million in 2019 to RMB1,274 million in 2020. This decrease was primarily due to a decrease in online advertising cost.
Research and development expenses increased by 14.0% from RMB416 million in 2019 to RMB474 million in 2020. This increase was primarily due to an increase in salaries and personnel related costs and an increase in depreciation and amortization expenses. General and administrative expenses increased by 9.5% from RMB412 million in 2019 to RMB451 million in 2020. This increase was primarily due to an increase in salaries and personnel related costs.
Change in fair value of financial guarantee derivatives was a loss of RMB707 million in 2020, as compared to a loss of RMB212 million in 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 RMB47.3 million in 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”.
An investment-related impairment charge of RMB69.2 million was recognized in 2020 on an equity investment due to its unsatisfied financial performance.
Income tax expense for 2020 was RMB90.6 million, as compared to income tax expense of RMB412 million in 2019. The decrease of the income tax expense was consistent with the decrease of the taxable income from 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 the third quarter of 2020. Net income for 2020 was RMB595 million, representing a decrease of 74.1% from RMB2,295 million in 2019.
Adjusted net income for 2020 was RMB903 million, representing a decrease of 62.9% from RMB2,434 million in 2019.
Please click here to view our vintage curve:
http://ml.globenewswire.com/Resource/Download/016e8a88-23ed-46f7-92ce-697c02cd0ae7
Regulatory update In February 2021, the China Banking Regulatory Commission, the People’s Bank of China, the Ministry of Education, the Office of the Central Cyberspace Affairs Commission and the Ministry of Public Security jointly issued the Notice on Further Strengthening the Regulation and Management Work of Internet Consumer Loan for College Students. The notice provides that the micro-credit companies are prohibited to provide internet consumer loans to college students. In addition, it sets forth several requirements on the banking financial institutions participating in internet consumer loans for college students, including without limitation: (i) the banking financial institutions and its cooperative institution shall not conduct online precision marketing aimed at college students, and shall complete necessary filings and reports with relevant authorities before offline promotion in campus; (ii) the banking financial institutions shall strictly check credit qualifications and the identities of college students and their use of loans, conduct comprehensive credit assessment, and receive a written confirmation from the second repayment sources (such as parents, guardians, or other administrator of the college students) that they agree such internet consumer loan provided to such college student and they will guarantee the repayment of such internet consumer loan; and (iii) all credit information of internet consumer loan for college students shall be submitted to the financial credit information database in a timely, complete and accurate manner, and college students who do not agree to submit such credit information shall not be extended the loan.
In 2017, as directed by the relevant regulatory authorities, our micro-credit loan company had already stopped providing services to college students. We will also recommend new customers based on any new instructions provided by our financial institution partners. In addition, we will continue to assess and strengthen our customer identification capabilities, to better comply with the requests of our financial institution partners.
Management changes
On March 18, 2021, Lexin appointed Mr. Ryan Huanian Liu as the Company’s new senior vice president responsible for new business initiatives. Previously, Mr. Liu was Lexin’s chief risk officer in charge of the company’s risk control operations. In addition, Lexin would also like to welcome Mr. Yang Qiao to the Lexin team as a new vice president responsible for risk control. Prior to joining Lexin, Mr. Qiao held senior positions with JD Finance, Discover, and ZRobot.
Outlook Based on Lexin’s preliminary assessment of the current market conditions, the Company now expects total loan originations for fiscal year 2021 to be between RMB240 billion and RMB250 billion, representing an upward adjustment of up to RMB30 billion from the previously stated guidance of RMB220 to RMB230 billion disclosed in the Company’s January 2021 press release. 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 11:00 PM U.S. Eastern time on March 18, 2021 (11:00 AM Beijing/Hong Kong time on March 19, 2021).
Participants who wish to join the conference call should register online at:
http://apac.directeventreg.com/registration/event/3006519 Please note the Conference ID number of 3006519.
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 March 26, 2021, by dialing the following telephone numbers: 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 loss/(income) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, investment-related impairment, and investment loss/(income).
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 loss/(income). 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, investment-related impairment and investment loss/(income). 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, interest expense, net and investment-related impairment and investment loss/(income) 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 RMB6.5250 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2020. The Company makes no representation that the RMB or US$ 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. Media inquiries: SOURCE LexinFintech Holdings Ltd.
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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.
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 “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.”
United States:
1 855 452 5696 or 1 646 254 3697
International:
61 2 8199 0299
Replay Access Code:
3006519
IR inquiries:
Tony Hung
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: [email protected]
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: [email protected]
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
As of
(In thousands)
December 31, 2019
December 31, 2020
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
2,085,234
1,563,755
239,656
Restricted cash
1,813,855
1,112,152
170,445
Restricted time deposits
1,962,293
1,779,458
272,714
Short-term financing receivables, net of allowance for credit losses of RMB318,262 and
RMB508,013 as of December 31, 2019 and December 31, 2020, respectively
3,752,690
4,918,548
753,800
Loans at fair value
–
381,393
58,451
Accrued interest receivable, net of allowance for credit losses of nil and RMB1,681 as of
December 31, 2019 and December 31, 2020, respectively
54,284
79,793
12,229
Prepaid expenses and other current assets
1,324,924
1,004,845
153,999
Amounts due from related parties
–
941
144
Deposits to insurance companies and guarantee companies
1,251,003
1,066,281
163,415
Short-term guarantee receivables, net of allowance for credit losses of RMB49,833 and
RMBB58,771 as of December 31, 2019 and December 31, 2020, respectively
1,183,278
756,197
115,892
Short-term contract assets and service fees receivable, net of allowance for credit losses of
RMB94,894 and RMB65,607 as of December 31, 2019 and December 31, 2020, respectively
2,971,976
3,707,649
568,222
Inventories, net
106,781
47,170
7,229
Total current assets
16,506,318
16,418,182
2,516,196
Non‑current assets
Restricted cash
86,537
163,999
25,134
Restricted time deposits
4,350
–
–
Long‑term financing receivables, net of allowance for credit losses of RMB55,283 and
RMB21,149 as of December 31, 2019 and December 31, 2020, respectively
658,798
204,761
31,381
Long-term guarantee receivables, net of allowance for credit losses of RMB750 and RMB16,994
as of December 31, 2019 and December 31, 2020, respectively
281,699
218,654
33,510
Long-term contract assets and service fees receivable, net of allowance for credit losses of
RMB2,845 and RMB18,970 as of December 31, 2019 and December 31, 2020, respectively
482,875
481,989
73,868
Property, equipment and software, net
92,553
125,694
19,263
Land use rights, net
–
1,000,467
153,328
Long‑term investments
511,605
521,802
79,970
Deferred tax assets
157,138
747,332
114,534
Other assets
454,421
462,285
70,848
Total non‑current assets
2,729,976
3,926,983
601,836
TOTAL ASSETS
19,236,294
20,345,165
3,118,032
LIABILITIES
Current liabilities
Accounts payable
201,837
42,961
6,584
Amounts due to related parties
40,804
67,514
10,347
Short‑term borrowings
1,977,691
1,827,063
280,010
Short‑term funding debts
3,755,528
4,685,935
718,151
Accrued interest payable
87,003
36,484
5,591
Guarantee liabilities(1)
1,726,368
–
–
Deferred guarantee income(1)
–
694,582
106,449
Contingent guarantee liabilities(1)
–
1,738,787
266,481
Funds payable to individual investors
618,749
–
–
Accrued expenses and other current liabilities
1,394,639
2,926,347
448,482
Total current liabilities
9,802,619
12,019,673
1,842,095
Non‑current liabilities
Long‑term funding debts
450,595
825,814
126,562
Deferred tax liabilities
309,646
21,046
3,225
Convertible notes
2,046,051
1,920,227
294,288
Other long-term liabilities
27,844
27,667
4,240
Total non‑current liabilities
2,834,136
2,794,754
428,315
TOTAL LIABILITIES
12,636,755
14,814,427
2,270,410
SHAREHOLDERS’ EQUITY:
Class A Ordinary Shares
170
176
27
Class B Ordinary Shares
61
58
9
Additional paid‑in capital
2,519,886
2,724,006
417,472
Statutory reserves
352,313
649,234
99,499
Accumulated other comprehensive (loss)/income
(7,288
)
3,308
507
Retained earnings
3,734,397
2,113,956
323,978
Non-controlling interests
–
40,000
6,130
TOTAL SHAREHOLDERS’ EQUITY
6,599,539
5,530,738
847,622
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
19,236,294
20,345,165
3,118,032
(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 December 31,
For the Year Ended December 31,
(In thousands, except for share and per share data)
2019
2020
2019
2020
RMB
RMB
US$
RMB
RMB
US$
Operating revenue:
Online direct sales
1,084,700
427,760
65,557
3,623,991
1,900,835
291,316
Membership services(1)
26,067
37,009
5,672
112,558
113,107
17,334
Other services(1)
32,451
5,482
839
92,292
68,890
10,558
Online direct sales and services income(1)
1,143,218
470,251
72,068
3,828,841
2,082,832
319,208
Loan facilitation and servicing fees-credit oriented(1)
1,529,525
1,034,265
158,508
4,811,868
3,786,996
580,383
Interest and financial services income and other revenues
259,256
472,668
72,440
1,146,824
1,418,892
217,455
Guarantee income(2)
–
338,580
51,890
–
2,319,693
355,509
Credit-oriented services income(1)
1,788,781
1,845,513
282,838
5,958,692
7,525,581
1,153,347
Loan facilitation and servicing fees-performance based(1)
193,559
679,494
104,137
648,516
1,930,835
295,913
Loan facilitation and servicing fees-volume based(1)
22,503
37,903
5,809
167,458
106,007
16,246
Platform-based services income(1)
216,062
717,397
109,946
815,974
2,036,842
312,159
Total operating revenue
3,148,061
3,033,161
464,852
10,603,507
11,645,255
1,784,714
Operating cost:
Cost of sales
(1,091,666
)
(431,804
)
(66,177
)
(3,624,301
)
(1,907,508
)
(292,338
)
Funding cost
(128,307
)
(140,735
)
(21,569
)
(508,829
)
(589,837
)
(90,396
)
Processing and servicing cost
(210,124
)
(381,964
)
(58,539
)
(642,126
)
(1,413,212
)
(216,584
)
Provision for credit losses of financing receivables
(219,363
)
(150,851
)
(23,119
)
(708,684
)
(779,235
)
(119,423
)
Provision for credit losses of contract assets and receivables
(20,940
)
(187,227
)
(28,694
)
(125,471
)
(441,805
)
(67,710
)
Provision for credit losses of contingent liabilities of guarantee(2)
–
(220,489
)
(33,791
)
–
(2,880,590
)
(441,470
)
Total operating cost
(1,670,400
)
(1,513,070
)
(231,889
)
(5,609,411
)
(8,012,187
)
(1,227,921
)
Gross profit
1,477,661
1,520,091
232,963
4,994,096
3,633,068
556,793
Operating expenses:
Sales and marketing expenses
(520,009
)
(343,272
)
(52,609
)
(1,538,698
)
(1,274,402
)
(195,311
)
Research and development expenses
(101,342
)
(95,124
)
(14,578
)
(415,995
)
(474,265
)
(72,684
)
General and administrative expenses
(119,723
)
(125,464
)
(19,228
)
(412,117
)
(451,284
)
(69,162
)
Total operating expenses
(741,074
)
(563,860
)
(86,415
)
(2,366,810
)
(2,199,951
)
(337,157
)
Change in fair value of financial guarantee derivatives, net
(257,777
)
(325,848
)
(49,938
)
(212,256
)
(707,442
)
(108,420
)
Change in fair value of loans at fair value
–
(35,926
)
(5,506
)
–
(47,282
)
(7,246
)
Gain on guarantee liabilities, net(2)
115,546
–
–
196,063
–
–
Interest expense, net
(29,476
)
(18,074
)
(2,770
)
(39,215
)
(77,542
)
(11,884
)
Investment-related impairment
–
(33,786
)
(5,178
)
–
(69,156
)
(10,599
)
Investment (loss)/income
(1,222
)
(1,436
)
(220
)
52,211
7,885
1,208
Others, net
50,345
62,734
9,614
82,422
146,029
22,380
Income before income tax expense
614,003
603,895
92,550
2,706,511
685,609
105,075
Income tax expense
(96,081
)
(94,219
)
(14,440
)
(411,959
)
(90,629
)
(13,890
)
Net income
517,922
509,676
78,110
2,294,552
594,980
91,185
Net income per ordinary share
Basic
1.45
1.39
0.21
6.45
1.63
0.25
Diluted
1.30
1.27
0.19
6.14
1.56
0.24
Net income per ADS
Basic
2.89
2.79
0.43
12.90
3.26
0.50
Diluted
2.60
2.54
0.39
12.29
3.13
0.48
Weighted average ordinary shares outstanding
Basic
358,312,515
365,939,185
365,939,185
355,625,970
364,733,164
364,733,164
Diluted
408,188,044
411,086,216
411,086,216
375,831,131
411,229,810
411,229,810
(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.
(2)
We have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) effective January 1, 2020 using the modified retrospective method.
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
For the Three Months Ended December 31,
For the Year Ended December 31,
(In thousands)
2019
2020
2019
2020
RMB
RMB
US$
RMB
RMB
US$
Net income
517,922
509,676
78,110
2,294,552
594,980
91,185
Other comprehensive (loss)/ income
Foreign currency translation adjustment, net of nil tax
(6,339
)
13,884
2,128
7,020
10,596
1,624
Total comprehensive income
511,583
523,560
80,238
2,301,572
605,576
92,809
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Three Months Ended December 31,
For the Year Ended December 31,
(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
517,922
509,676
78,110
2,294,552
594,980
91,185
Add: Share-based compensation expenses
53,495
46,633
7,148
177,262
198,825
30,472
Interest expense associated with convertible notes
12,393
11,535
1,768
14,261
47,781
7,323
Investment-related impairment
–
33,786
5,178
–
69,156
10,599
Investment loss/ (income)
1,222
1,436
220
(52,211
)
(7,885
)
(1,208
)
Adjusted net income
585,032
603,066
92,424
2,433,864
902,857
138,371
Adjusted net income per ordinary share
Basic
1.63
1.65
0.25
6.84
2.48
0.38
Diluted
1.43
1.47
0.22
6.48
2.20
0.34
Adjusted net income per ADS
Basic
3.27
3.30
0.51
13.69
4.95
0.76
Diluted
2.87
2.93
0.45
12.95
4.39
0.67
Weighted average number of ordinary shares outstanding
Basic
358,312,515
365,939,185
365,939,185
355,625,970
364,733,164
364,733,164
Diluted
408,188,044
411,086,216
411,086,216
375,831,131
411,229,810
411,229,810
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Three Months Ended December 31,
For the Year Ended December 31,
(In thousands)
2019
2020
2019
2020
RMB
RMB
US$
RMB
RMB
US$
Reconciliations of Non-GAAP EBIT to Net Income
Net income
517,922
509,676
78,110
2,294,552
594,980
91,185
Add: Income tax expense
96,081
94,219
14,440
411,959
90,629
13,890
Share-based compensation expenses
53,495
46,633
7,148
177,262
198,825
30,472
Interest expense, net
29,476
18,074
2,770
39,215
77,542
11,884
Investment-related impairment
–
33,786
5,178
–
69,156
10,599
Investment loss/(income)
1,222
1,436
220
(52,211
)
(7,885
)
(1,208
)
Non-GAAP EBIT
698,196
703,824
107,866
2,870,777
1,023,247
156,822
Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
Optimized Visuals Tailored for Football Dynamics
The Toshiba REGZA Engine ZRi in Z670 transports football fans into the heart of the action. With the AI Football Mode, they’ll be able to see fast-moving objects crystal clear and football field actions much enriched. To see their favourite player score that winning goal, the AI Picture Optimizer automatically adjusts visual contrast and precision adapted to the game. From vivid green fields and vibrant player kits, every play comes to life with AI 4K Upscaling and Quantum Dot Color, transforming lower-resolution broadcasts into near-4K quality and unleashing lifelike visual color.
Powerful Audio Effects for a Live Stadium Experience
The Toshiba TV Z670’s powerful audio system makes viewers feel like they’re right in the game. With the REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, they’ll experience heart-thumping 3D surround sound that captures the live stadium atmosphere. Whether it’s the roar of the crowd or the intensity of each play, the rich audio brings the excitement of each game right into their room.
Bringing Everyone Together for UEFA EURO 2024™
Available in sizes ranging from 55″ to 85″, Z670 is equipped with a Wide Viewing Angle and Anti-reflection features that ensures a clear picture from all viewing positions with the non-glare panel. Gather everyone for “Brilliant Every Moment” in UEFA EURO 2024™ with Toshiba TV!
Please find the high-resolution TVC here: Link
About Toshiba TV:
With 70+ years of history in TV production, Toshiba TV is known for its exquisite craftsmanship, innovative ideas and groundbreaking inventions. By prioritizing superior image quality and auditory experiences, Toshiba TV sets new standards in entertainment. Toshiba TV stems from the excellence quest of customers, providing the world with responsible products to make the world a better place. Emphasizing attention to product details and technological advancement, Toshiba TV integrates aesthetically pleasing design, quality assurance, and brand reputation to underscore its commitment to authenticity in the actual world and a sincere dedication to its consumers, showcasing Toshiba TV’s long-standing design philosophy and continuous pursuit of product quality.
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