Artificial Intelligence
LexinFintech Holdings Ltd. Reports Second Quarter 2021 Unaudited Financial Results
SHENZHEN, China, Aug. 25, 2021 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading online consumption and finance platform for new generation consumers and users in China, today announced its unaudited financial results for the quarter ended June 30, 2021.
“We are pleased to announce a quarter where key financial metrics1 scaled new highs. Number of active users rose 24% year over year to 8.4 million, driving up loan origination by 47.6% to RMB60.6 billion. Total loan outstanding also achieved an all-time record, rising 46.2% year over year to RMB90.5 billion,” said Mr. Jay Wenjie Xiao, Lexin’s chairman and chief executive officer. “But it’s no time to stay content and complacent. Recent regulatory changes have sought to reshape the operating environment of financial institutions and their technology partners. We have decided therefore to lower full year guidance on total loan originations to RMB230 billion from RMB240-250 billion.”
“We will slow down our pace, and step up the focus on asset quality and profitability of our business model. We have been making adjustments to our business, to ensure compliance as well as to further strengthen customer acquisition, funding structure, operations and risk management. Any impact will be transitory and manageable,” continued Mr. Xiao. “At the same time, we will also continue to build up Lexin’s capability in serving China’s new generation consumers and tapping into new growth opportunities.”
“Our credit quality has remained stable for new loan originations,” said Mr. Jayden Yang Qiao, Lexin’s chief risk officer. “Our vintage charge-off rates2 for the loans originated during the latest 12 months were estimated to be around 3.5% and 90 day+ delinquency ratio3 was 1.85% as of June 2021. In addition, as you can see from the graphs disclosed with our latest earnings release, our first payment default rate (30 day+)4 for new loan originations have stayed well under 1%.”
“We are proud of our performance in the second quarter,” said Kris Qian Qiao, Lexin’s acting chief financial officer. “Total operating revenue rose 10.5% to RMB3.3 billion, setting a record level. Net income reached an all-time high as well, increasing by 87.7% to RMB787 million. The results reflect our prudent risk management and cost management. Refining risk strategy and improving operational efficiency remain our top goals. They will steer Lexin through any market uncertainties.”
1 Our key financial metrics refer to loan originations, total outstanding principal balance, revenue, non-GAAP EBIT, net income, adjusted net income and adjusted earnings per ADS.
2 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 “Second Quarter 2021 Financial Results” of this press release.
3 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.
4 Loan balance with first payment day past due 30+ over total loan origination.
Second Quarter 2021 Operational Highlights:
User base continues to grow with active user numbers in the quarter hitting a new record high.
- Total number of registered users reached 144 million as of June 30, 2021, representing an increase of 50.9% from 95.3 million as of June 30, 2020; and users with credit line reached 32.9 million as of June 30, 2021, up by 45.2% from 22.7 million as of June 30, 2020.
- Number of active users5 who used our loan products in the second quarter of 2021 reached 8.4 million, representing an increase of 24.0% from 6.8 million in the second quarter of 2020.
- Number of new active users who used our loan products in the second quarter of 2021 was 1.7 million, representing an increase of 22.7% from 1.4 million in the second quarter of 2020.
Loan facilitation business sees both loan originations and outstanding principal balance of loans hitting record highs.
- Total loan originations6 in the second quarter of 2021 reached RMB60.6 billion, representing an increase of 47.6% from RMB41.1 billion in the second quarter of 2020.
- Total outstanding principal balance of loans6 reached RMB90.5 billion as of June 30, 2021, representing an increase of 46.2% from RMB61.9 billion as of June 30, 2020.
- In additional to new generation consumers, Lexin has started to expand financing services for small and micro business owners. In the second quarter, loan originations for small and micro business owners reached RMB4.0 billion.
- Number of orders placed on our platform in the second quarter of 2021 was 81.2 million, representing an increase of 8.9% from 74.6 million in the second quarter of 2020.
New Consumption efforts rapidly scaling up at an accelerating pace, in particular the buy-now pay-later service Maiya.
- Maiya recorded GMV of RMB349 million in the second quarter.
- Maiya has served over 618,000 users and 1,084 merchants, 84.8% of which were brick-and-mortar vendors, in the second quarter.
Credit performance and credit quality remain stable.
- 90 day+ delinquency ratio was 1.85% as of June 30, 2021.
- First payment default rate (30 day+) for new loan originations was below 1% as of June 30, 2021.
- Vintage charge-off rates for the loans originated during the latest 12 months were estimated to be around 3.5% as of June 30, 2021.
Other operational highlights.
- The weighted average tenor of loans originated on our platform in the second quarter of 2021 was approximately 11.6 months. The nominal APR7 was 15.5% for the loans originated during the second quarter of 2021.
- The GMV8 of our e-commerce channel in the second quarter of 2021 amounted to RMB1.5 billion, representing an increase of 8.2% from RMB1.4 billion in the second quarter of 2020.
5 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.
6 Originations of loans and outstanding principal balance represent the origination and outstanding principal balance of both on- and off-balance sheet loans.
7 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.
8 GMV refers to the total value of transactions completed for products purchased on the e-commerce channel, net of returns.
Second Quarter 2021 Financial Highlights
- Total operating revenue reached RMB3.3 billion. Credit-oriented services income reached RMB2.2 billion, representing an increase of 12.1% from the second quarter of 2020. Platform-based services income reached RMB620 million, representing an increase of 47.9% from the second quarter of 2020.
- Gross profit reached RMB1,661 million, representing an increase of 71.7% from the second quarter of 2020.
- Net income was RMB787 million, representing an increase of 87.7% from the second quarter of 2020.
- Non-GAAP EBIT9 was RMB1,001 million, representing an increase of 85.0% from the second quarter of 2020.
- Adjusted net income9 attributable to ordinary shareholders of the Company reached an all-time high of RMB851 million, representing an increase of 87.9% from the second quarter of 2020. Adjusted net income per ADS9 attributable to ordinary shareholders of the Company was RMB4.08 on a fully diluted basis.
9 Non-GAAP EBIT, adjusted net income /(loss) attributable to ordinary shareholders of the Company, adjusted net income /(loss) per ordinary share and per ADS attributable to ordinary shareholders of the Company 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.
Second Quarter 2021 Financial Results
Operating revenue increased from RMB2,958 million in the second quarter of 2020 to RMB3,269 million in the second quarter of 2021. This increase in operating revenue was due to the increases 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, partially offset by a decrease in online direct sales and services income.
Online direct sales decreased by 21.6% from RMB522 million in the second quarter of 2020 to RMB409 million in the second quarter of 2021. This decrease was primarily due to the decrease in the number of e-commerce orders during the second quarter of 2021.
Credit-oriented services income increased by 12.1% from RMB1,969 million in the second quarter of 2020 to RMB2,208 million in the second quarter of 2021. The increase was primarily due to the increase of loan facilitation and servicing fees-credit oriented and the increase of interest and financial services income and other revenues, partially offset by the decrease in guarantee income.
Loan facilitation and servicing fees-credit oriented increased by 71.2% from RMB931 million in the second quarter of 2020 to RMB1,595 million in the second quarter of 2021. This increase was primarily due to the increase in off-balance sheet loans originated under credit-oriented model as a result of the continuing growth of our business, with the expansion of partnerships with institutional funding partners.
Guarantee income decreased by 71.2% from RMB706 million in the second quarter of 2020 to RMB204 million in the second quarter of 2021. The decrease was primarily due to the decrease of loan origination and outstanding balances of the off-balance sheet loans funded by certain Institutional Funding Partners, which are accounted for as guarantee liabilities under ASC 460, Guarantees.
Interest and financial services income and other revenues increased by 23.5% from RMB332 million in the second quarter of 2020 to RMB410 million in the second quarter of 2021, which was consistent with the increase in the origination of on-balance sheet loans in the second quarter of 2021.
Platform-based services income increased by 47.9% from RMB419 million in the second quarter of 2020 to RMB620 million in the second quarter of 2021. 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 38.0% from RMB394 million in the second quarter of 2020 to RMB543 million in the second quarter of 2021. 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 17.8% from RMB520 million in the second quarter of 2020 to RMB427 million in the second quarter of 2021, which is consistent with the decrease of online direct sales revenue.
Funding cost decreased by 24.3% from RMB163 million in the second quarter of 2020 to RMB124 million in the second quarter of 2021, which was consistent with the decrease of the funding debts to fund the on-balance sheet loans. The decrease in funding debts was mainly due to the shortened weighted average tenor for on-balance sheet loans.
Processing and servicing cost increased by 31.8% from RMB356 million in the second quarter of 2020 to RMB470 million in the second quarter of 2021. This increase was primarily due to an increase in risk management and collection expenses, an increase in credit assessment cost, and an increase in fees to third-party payment platforms, partially offset by a decrease in fees to third party insurance companies and guarantee companies.
Provision for credit losses of financing receivables decreased by 7.7% from RMB121 million in the second quarter of 2020 to RMB112 million in the second quarter of 2021. 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 130% from RMB60.8 million in the second quarter of 2020 to RMB140 million in the second quarter of 2021. 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.
Provision for credit losses of contingent liabilities of guarantee decreased by 56.4% from RMB769 million in the second quarter of 2020 to RMB335 million in the second quarter of 2021. The decrease was primarily due to the decrease of loan origination of the off-balance sheet loans funded by certain Institutional Funding Partners, which are accounted for as guarantee liabilities under ASC 460, Guarantees.
Gross profit increased by 71.7% from RMB968 million in the second quarter of 2020 to RMB1,661 million in the second quarter of 2021. The increase in the gross profit is primarily due to the significant increase in platform-based services income and credit-oriented services income, the decrease in funding cost and provision for credit losses of contingent liabilities of guarantee, partially offset by the increase in processing and servicing cost and provision for credit losses of contract assets and receivables.
Sales and marketing expenses increased by 51.1% from RMB327 million in the second quarter of 2020 to RMB495 million in the second quarter of 2021. This increase was primarily due to an increase in online advertising cost, and an increase in salaries and personnel related costs.
Research and development expenses decreased by 3.1% from RMB135 million in the second quarter of 2020 to RMB130 million in the second quarter of 2021. This decrease was primarily due to a decrease in salaries and personnel related costs.
General and administrative expenses increased by 6.2% from RMB114 million in the second quarter of 2020 to RMB121 million in the second quarter of 2021. This increase was primarily due to an increase in professional service fees.
Change in fair value of financial guarantee derivatives was a loss of RMB19.1 million in the second quarter of 2021, as compared to a gain of RMB79.2 million in the second quarter of 2020. The loss was primarily due to the re-measurement of the expected loss rates and changes in the balances of the underlying outstanding off-balance sheet loans at the balance sheet date.
Change in fair value of loans at fair value was a gain of RMB17.8 million in the second quarter of 2021. 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 increased by 97% from RMB76.6 million in the second quarter of 2020 to RMB151 million in the second quarter of 2021. The increase was consistent with the increase of the taxable income from the same period of 2020.
Net income increased by 87.7% from RMB419 million in the second quarter of 2020 to RMB787 million in the second quarter of 2021.
Adjusted net income attributable to ordinary shareholders of the Company increased by 87.9% from RMB453 million in the second quarter of 2020 to RMB851 million in the second quarter of 2021.
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Regulatory Update
On August 20, 2021, the Standing Committee of the National People’s Congress of China promulgated the Personal Information Protection Law of the People’s Republic of China, or the Personal Information Protection Law, which will take effect on November 1, 2021. The Personal Information Protection Law imposes additional compliance requirements on top of the existing laws and regulations on personal information protection with more significant legal responsibilities. As the Personal Information Protection Law was recently promulgated and has not yet taken effect, we cannot assure you that the personal information protection measures taken by us will be considered sufficient under the law due to factors including the uncertainties of the interpretation and implementation of the Personal Information Protection Law. To the extent our personal information protection measures may be considered insufficient, we may be required to make further adjustments to our business practices to ensure full compliance with the law, which may increase our compliance costs, subject us to heightened risks and challenges, and adversely affect our business, financial condition, and results of operations.
Outlook
Based on Lexin’s preliminary assessment of the current market conditions, the Company expects total loan originations for fiscal year 2021 to be around RMB230 billion, revised down from between RMB240 billion and RMB250 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 7:00 AM U.S. Eastern time on August 25, 2021 (7:00 PM Beijing/Hong Kong time on August 25, 2021).
Participants who wish to join the conference call should register online at:
http://apac.directeventreg.com/registration/event/6393426
Please note the Conference ID number of 6393426.
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 September 1, 2021, 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: | 6393426 |
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumption and finance platform for new generation consumers and users in China. The Company provides a comprehensive range of consumption, financial and business services including financial technology services, “buy now pay later” (“BNPL”) services, and membership benefits through its ecommerce platform Fenqile, BNPL product Maiya, 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, and other consumption and financial services.
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/(loss) attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income/(loss) per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income/(loss) attributable to ordinary shareholders of the Company as net income/(loss) attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes and investment income/(loss) and we define non-GAAP EBIT as net income/(loss) excluding income tax expense/(benefit), share-based compensation expenses, interest expense, net 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/(loss) attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense/(benefit), share-based compensation expenses, interest expense, net and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.
These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income/(loss) attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense/(benefit), interest expense, net and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income/(loss) attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.
We compensate for these limitations by reconciling 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 RMB6.4566 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2021. The Company makes no representation that the RMB or US$ 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:
Patricia Cheng
Tel: +86 (755) 3637-8888 ext. 8135
E-mail: [email protected]
Media inquiries:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: [email protected]
SOURCE LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
| As of | |||||||||||
| (In thousands) | December 31, 2020 | June 30, 2021 | |||||||||
| RMB | RMB | US$ | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 1,563,755 | 2,383,754 | 369,196 | ||||||||
| Restricted cash | 1,112,152 | 991,752 | 153,603 | ||||||||
| Restricted time deposits | 1,779,458 | 1,688,553 | 261,524 | ||||||||
| Short-term financing receivables, net of allowance for credit losses of RMB508,013 and RMB587,650 as of December 31, 2020 and June 30, 2021, respectively | 4,918,548 | 3,481,588 | 539,229 | ||||||||
| Loans at fair value | 381,393 | 192,389 | 29,797 | ||||||||
| Accrued interest receivable, net of allowance for credit losses of RMB1,681 and RMB1,280 as of December 31, 2020 and June 30, 2021, respectively | 79,793 | 57,289 | 8,873 | ||||||||
| Prepaid expenses and other current assets | 1,004,845 | 943,708 | 146,162 | ||||||||
| Amounts due from related parties | 941 | 6,243 | 967 | ||||||||
| Deposits to insurance companies and guarantee companies | 1,066,281 | 1,431,751 | 221,750 | ||||||||
| Short-term guarantee receivables, net of allowance for credit losses of RMB58,771 and RMB56,707 as of December 31, 2020 and June 30, 2021, respectively | 756,197 | 531,177 | 82,269 | ||||||||
| Short-term contract assets and service fees receivable, net of allowance for credit losses of RMB65,607 and RMB208,037 as of December 31, 2020 and June 30, 2021, respectively | 3,707,649 | 4,264,576 | 660,499 | ||||||||
| Inventories, net | 47,170 | 46,565 | 7,212 | ||||||||
| Total current assets | 16,418,182 | 16,019,345 | 2,481,081 | ||||||||
| Non‑current assets | |||||||||||
| Restricted cash | 163,999 | 163,570 | 25,334 | ||||||||
| Long‑term financing receivables, net of allowance for credit losses of RMB21,149 and RMB22,406 as of December 31, 2020 and June 30, 2021 respectively | 204,761 | 134,596 | 20,846 | ||||||||
| Long-term guarantee receivables, net of allowance for credit losses of RMB16,994 and RMB15,001 as of December 31, 2020 and June 30, 2021, respectively | 218,654 | 142,529 | 22,075 | ||||||||
| Long-term contract assets and service fees receivable, net of allowance for credit losses of RMB18,970 and RMB55,032 as of December 31, 2020 and June 30, 2021, respectively | 481,989 | 542,186 | 83,974 | ||||||||
| Property, equipment and software, net | 125,694 | 132,099 | 20,460 | ||||||||
| Land use rights, net | 1,000,467 | 983,267 | 152,289 | ||||||||
| Long‑term investments | 521,802 | 472,919 | 73,246 | ||||||||
| Deferred tax assets | 747,332 | 804,785 | 124,645 | ||||||||
| Other assets | 462,285 | 729,601 | 113,001 | ||||||||
| Total non‑current assets | 3,926,983 | 4,105,552 | 635,870 | ||||||||
| TOTAL ASSETS | 20,345,165 | 20,124,897 | 3,116,951 | ||||||||
| LIABILITIES | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | 42,961 | 37,536 | 5,814 | ||||||||
| Amounts due to related parties | 67,514 | 55,785 | 8,640 | ||||||||
| Short‑term borrowings | 1,827,063 | 1,884,459 | 291,866 | ||||||||
| Short‑term funding debts | 4,685,935 | 3,432,747 | 531,665 | ||||||||
| Accrued interest payable | 36,484 | 44,437 | 6,882 | ||||||||
| Deferred guarantee income | 694,582 | 413,734 | 64,079 | ||||||||
| Contingent guarantee liabilities | 1,738,787 | 1,416,870 | 219,445 | ||||||||
| Accrued expenses and other current liabilities | 2,926,347 | 3,128,980 | 484,617 | ||||||||
| Total current liabilities | 12,019,673 | 10,414,548 | 1,613,008 | ||||||||
| Non‑current liabilities | |||||||||||
| Long‑term funding debts | 825,814 | 617,913 | 95,703 | ||||||||
| Deferred tax liabilities | 21,046 | 36,518 | 5,656 | ||||||||
| Convertible notes | 1,920,227 | 1,904,358 | 294,947 | ||||||||
| Other long-term liabilities | 27,667 | 21,016 | 3,255 | ||||||||
| Total non‑current liabilities | 2,794,754 | 2,579,805 | 399,561 | ||||||||
| TOTAL LIABILITIES | 14,814,427 | 12,994,353 | 2,012,569 | ||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||
| Class A Ordinary Shares | 176 | 179 | 28 | ||||||||
| Class B Ordinary Shares | 58 | 57 | 9 | ||||||||
| Additional paid‑in capital | 2,724,006 | 2,822,834 | 437,201 | ||||||||
| Statutory reserves | 649,234 | 649,234 | 100,554 | ||||||||
| Accumulated other comprehensive income | 3,308 | 6,541 | 1,013 | ||||||||
| Retained earnings | 2,113,956 | 3,611,194 | 559,303 | ||||||||
| Non-controlling interests | 40,000 | 40,505 | 6,274 | ||||||||
| TOTAL SHAREHOLDERS’ EQUITY | 5,530,738 | 7,130,544 | 1,104,382 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 20,345,165 | 20,124,897 | 3,116,951 | ||||||||
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||
| (In thousands, except for share and per share data) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Operating revenue: | |||||||||||||||||||
| Online direct sales | 521,592 | 408,841 | 63,321 | 1,011,116 | 835,168 | 129,351 | |||||||||||||
| Membership services | 24,205 | 12,599 | 1,951 | 48,496 | 35,322 | 5,471 | |||||||||||||
| Other services | 24,154 | 19,582 | 3,032 | 37,360 | 41,172 | 6,377 | |||||||||||||
| Online direct sales and services income | 569,951 | 441,022 | 68,304 | 1,096,972 | 911,662 | 141,199 | |||||||||||||
| Loan facilitation and servicing fees-credit oriented | 931,295 | 1,594,835 | 247,008 | 1,694,263 | 2,655,255 | 411,247 | |||||||||||||
| Interest and financial services income and other revenues | 331,593 | 409,663 | 63,449 | 577,522 | 951,300 | 147,338 | |||||||||||||
| Guarantee income | 706,271 | 203,595 | 31,533 | 1,383,571 | 438,644 | 67,937 | |||||||||||||
| Credit-oriented services income | 1,969,159 | 2,208,093 | 341,990 | 3,655,356 | 4,045,199 | 626,522 | |||||||||||||
| Loan facilitation and servicing fees-performance based | 393,595 | 543,225 | 84,135 | 670,983 | 1,116,174 | 172,873 | |||||||||||||
| Loan facilitation and servicing fees-volume based | 25,301 | 76,496 | 11,848 | 34,729 | 139,484 | 21,603 | |||||||||||||
| Platform-based services income | 418,896 | 619,721 | 95,983 | 705,712 | 1,255,658 | 194,476 | |||||||||||||
| Total operating revenue | 2,958,006 | 3,268,836 | 506,277 | 5,458,040 | 6,212,519 | 962,197 | |||||||||||||
| Operating cost: | |||||||||||||||||||
| Cost of sales | (519,713 | ) | (426,991 | ) | (66,132 | ) | (999,880 | ) | (860,460 | ) | (133,268 | ) | |||||||
| Funding cost | (163,363 | ) | (123,620 | ) | (19,146 | ) | (306,444 | ) | (253,380 | ) | (39,244 | ) | |||||||
| Processing and servicing cost | (356,439 | ) | (469,917 | ) | (72,781 | ) | (669,409 | ) | (866,633 | ) | (134,224 | ) | |||||||
| Provision for credit losses of financing receivables | (120,913 | ) | (111,635 | ) | (17,290 | ) | (411,162 | ) | (283,633 | ) | (43,929 | ) | |||||||
| Provision for credit losses of contract assets and receivables | (60,786 | ) | (139,698 | ) | (21,636 | ) | (150,126 | ) | (358,635 | ) | (55,545 | ) | |||||||
| Provision for credit losses of contingent liabilities of guarantee | (768,922 | ) | (335,499 | ) | (51,962 | ) | (1,786,165 | ) | (559,284 | ) | (86,622 | ) | |||||||
| Total operating cost | (1,990,136 | ) | (1,607,360 | ) | (248,947 | ) | (4,323,186 | ) | (3,182,025 | ) | (492,832 | ) | |||||||
| Gross profit | 967,870 | 1,661,476 | 257,330 | 1,134,854 | 3,030,494 | 469,365 | |||||||||||||
| Operating expenses: | |||||||||||||||||||
| Sales and marketing expenses | (327,430 | ) | (494,814 | ) | (76,637 | ) | (571,302 | ) | (840,318 | ) | (130,149 | ) | |||||||
| Research and development expenses | (134,605 | ) | (130,447 | ) | (20,204 | ) | (260,816 | ) | (254,654 | ) | (39,441 | ) | |||||||
| General and administrative expenses | (113,793 | ) | (120,849 | ) | (18,717 | ) | (223,319 | ) | (251,950 | ) | (39,022 | ) | |||||||
| Total operating expenses | (575,828 | ) | (746,110 | ) | (115,558 | ) | (1,055,437 | ) | (1,346,922 | ) | (208,612 | ) | |||||||
| Change in fair value of financial guarantee derivatives, net | 79,223 | (19,138 | ) | (2,964 | ) | (359,761 | ) | 134,434 | 20,821 | ||||||||||
| Change in fair value of loans at fair value | – | 17,776 | 2,753 | – | (60,035 | ) | (9,298 | ) | |||||||||||
| Interest expense, net | (23,713 | ) | (16,661 | ) | (2,580 | ) | (36,018 | ) | (36,350 | ) | (5,630 | ) | |||||||
| Investment income/(loss) | 26,880 | (2,208 | ) | (342 | ) | 10,614 | (2,397 | ) | (371 | ) | |||||||||
| Others, net | 21,248 | 42,586 | 6,596 | (1,946 | ) | 60,835 | 9,422 | ||||||||||||
| Income/(loss) before income tax expense | 495,680 | 937,721 | 145,235 | (307,694 | ) | 1,780,059 | 275,697 | ||||||||||||
| Income tax (expense)/benefit | (76,644 | ) | (151,059 | ) | (23,396 | ) | 48,303 | (282,316 | ) | (43,725 | ) | ||||||||
| Net income/(loss) | 419,036 | 786,662 | 121,839 | (259,391 | ) | 1,497,743 | 231,972 | ||||||||||||
| Less: Net income attributable to non-controlling interests | – | 505 | 78 | – | 47 | 7 | |||||||||||||
| Net income/(loss) attributable to ordinary shareholders of the Company | 419,036 | 786,157 | 121,761 | (259,391 | ) | 1,497,696 | 231,965 | ||||||||||||
| Net income/(loss) per ordinary share attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 1.15 | 2.13 | 0.33 | (0.71 | ) | 4.07 | 0.63 | ||||||||||||
| Diluted | 1.05 | 1.91 | 0.30 | (0.71 | ) | 3.65 | 0.57 | ||||||||||||
| Net income/(loss) per ADS attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 2.30 | 4.27 | 0.66 | (1.43 | ) | 8.13 | 1.26 | ||||||||||||
| Diluted | 2.10 | 3.82 | 0.59 | (1.43 | ) | 7.30 | 1.13 | ||||||||||||
| Weighted average ordinary shares outstanding | |||||||||||||||||||
| Basic | 364,483,393 | 368,245,622 | 368,245,622 | 363,992,775 | 368,257,243 | 368,257,243 | |||||||||||||
| Diluted | 410,340,418 | 417,056,948 | 417,056,948 | 363,992,775 | 416,277,840 | 416,277,840 | |||||||||||||
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||
| (In thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Net income/(loss) | 419,036 | 786,662 | 121,839 | (259,391 | ) | 1,497,743 | 231,972 | ||||||||||||
| Other comprehensive income/(loss) | |||||||||||||||||||
| Foreign currency translation adjustment, net of nil tax | (908 | ) | 5,304 | 824 | 399 | 3,233 | 501 | ||||||||||||
| Total comprehensive income/(loss) | 418,128 | 791,966 | 122,663 | (258,992 | ) | 1,500,976 | 232,473 | ||||||||||||
| Less: Net income attributable to non-controlling interests | – | 505 | 78 | – | 47 | 7 | |||||||||||||
| Total comprehensive income/(loss) attributable to ordinary shareholders of the Company | 418,128 | 791,461 | 122,585 | (258,992 | ) | 1,500,929 | 232,466 | ||||||||||||
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||
| (In thousands, except for share and per share data) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Reconciliation of Adjusted net income/(loss) attributable to ordinary shareholders of the Company to Net income/(loss) attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Net income/(loss) attributable to ordinary shareholders of the Company | 419,036 | 786,157 | 121,761 | (259,391 | ) | 1,497,696 | 231,965 | ||||||||||||
| Add: Share-based compensation expenses | 48,265 | 43,969 | 6,810 | 102,999 | 92,482 | 14,323 | |||||||||||||
| Interest expense associated with convertible notes | 12,206 | 11,166 | 1,729 | 24,119 | 22,300 | 3,454 | |||||||||||||
| Investment (income)/loss | (26,880 | ) | 2,208 | 342 | (10,614 | ) | 2,397 | 371 | |||||||||||
| Tax effects on Non-GAAP adjustments(1) | – | 7,151 | 1,108 | – | 7,151 | 1,108 | |||||||||||||
| Adjusted net income/(loss) attributable to ordinary shareholders of the Company | 452,627 | 850,652 | 131,750 | (142,887 | ) | 1,622,026 | 251,221 | ||||||||||||
| Adjusted net income/(loss) per ordinary share attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 1.24 | 2.31 | 0.36 | (0.39 | ) | 4.40 | 0.68 | ||||||||||||
| Diluted | 1.10 | 2.04 | 0.32 | (0.39 | ) | 3.90 | 0.60 | ||||||||||||
| Adjusted net income/(loss) per ADS attributable to ordinary shareholders of the Company | |||||||||||||||||||
| Basic | 2.48 | 4.62 | 0.72 | (0.79 | ) | 8.81 | 1.36 | ||||||||||||
| Diluted | 2.21 | 4.08 | 0.63 | (0.79 | ) | 7.79 | 1.21 | ||||||||||||
| Weighted average number of ordinary shares outstanding | |||||||||||||||||||
| Basic | 364,483,393 | 368,245,622 | 368,245,622 | 363,992,775 | 368,257,243 | 368,257,243 | |||||||||||||
| Diluted | 410,340,418 | 417,056,948 | 417,056,948 | 363,992,775 | 416,277,840 | 416,277,840 | |||||||||||||
(1) To exclude the tax effects related to the investment (income)/loss.
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||
| (In thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Reconciliations of Non-GAAP EBIT to Net income/(loss) | |||||||||||||||||||
| Net income/(loss) | 419,036 | 786,662 | 121,839 | (259,391 | ) | 1,497,743 | 231,972 | ||||||||||||
| Add: Income tax expense/(benefit) | 76,644 | 151,059 | 23,396 | (48,303 | ) | 282,316 | 43,725 | ||||||||||||
| Share-based compensation expenses | 48,265 | 43,969 | 6,810 | 102,999 | 92,482 | 14,323 | |||||||||||||
| Interest expense, net | 23,713 | 16,661 | 2,580 | 36,018 | 36,350 | 5,630 | |||||||||||||
| Investment (income)/loss | (26,880 | ) | 2,208 | 342 | (10,614 | ) | 2,397 | 371 | |||||||||||
| Non-GAAP EBIT | 540,778 | 1,000,559 | 154,967 | (179,291 | ) | 1,911,288 | 296,021 | ||||||||||||
Artificial Intelligence
Group-IB takes part in a global operation to cripple Canadian Phishing-as-a-Service provider LabHost
SINGAPORE, April 18, 2024 /PRNewswire/ — Group-IB, a leading cybersecurity company aimed at investigating, preventing, and fight digital crime announced today that it participated in a coordinated global takedown operation against prominent Canadian Phishing-as-a-Service (PhaaS) provider LabHost, which has led to the arrest of 37 suspects across the United Kingdom and around the world by law enforcement agencies. As part of the operation, Group-IB also conducted an extensive analysis of LabHost’s criminal history and infrastructure, including insights into LabHost’s administrative platform and the services it provides to its purported user base which exceeds 2,000 subscribers worldwide, who illegally obtained around 480,000 card numbers, 64,000 pin numbers, and over 1 million passwords from victims used for websites and other online services, according to law enforcement agencies.
“By leveraging our Threat Intelligence and Digital Risk Protection, we are able to identify and monitor phishing attacks and websites like those deployed by LabHost and its subscribers around the world, enabling us to actively alert and protect our customers, and in turn, their customers as well,” said Dmitry Volkov, Chief Executive Officer of Group-IB. “Today’s takedown operation demonstrates the agility and responsiveness of our decentralized Digital Crime Resistance Centers, and how quickly we can provide immediate and local assistance wherever our customers may be.”
First uncovered in late 2021, LabHost emerged as a fully automated Phishing-as-a-Service (PhaaS) platform, streamlining the creation of phishing websites meticulously mirroring the interface and functionality of prominent banking, postal, and financial entities, aimed at intercepting, seizing, and profiting from users’ personal, credit card, and online banking credentials. Users are prompted to select from various “membership plans,” tailored to target businesses and individuals in either the United States and Canada, or globally, akin to mobile subscription models. These plans encompass “standard,” “premium,” and “world membership” tiers, priced between US$179 and US$300 monthly, with options for monthly, quarterly, or annual billing cycles.
For media inquiries, please contact [email protected]
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Artificial Intelligence
Malaysia Data Center Market to Witness $3.97 Billion Investment Opportunities by 2029, Get Insights on 34 Existing Data Centers and 33 Upcoming Facilities across Malaysia – Arizton
CHICAGO, April 18, 2024 /PRNewswire/ — According to Arizton’s latest research report, the Malaysia data center market is growing at a CAGR of 13.92% during the forecast period.
To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Malaysia Data Center Market Report Scope
Report Attributes
Details
Market Size (Investment)
USD 3.97 Billion (2029)
Market Size (Area)
883 Thousand Sq. Feet (2029)
Market Size (Power Capacity)
163 MW (2029)
CAGR Investment (2023-2029)
13.92 %
Colocation Market Size (Revenue)
USD 1.23 Billion (2029)
Historic Year
2020-2022
Base Year
2023
Forecast Year
2024-2029
Over the next few years, Malaysia is poised to witness significant growth in data center investments, driven by the influx of operators like AirTrunk, Equinix, Princeton Digital Group, and other leading companies. Key hubs like Cyberjaya, Kuala Lumpur, and Johor Bahru are expected to see heightened activity, hosting most of the country’s data centers.
The wholesale colocation sector is projected to experience a revenue surge fueled by major cloud players like Microsoft, Google, and AWS. These companies have unveiled plans to establish dedicated cloud regions within Malaysia, with expected timelines for deployment within the next one to two years. This trend underscores Malaysia’s growing importance as a regional hub for data infrastructure and cloud services.
Malaysia is among the top expensive markets globally for developing data centers. Malaysia’s data center construction cost in 2023 stood at about $8.5-$10 million per MW, making it the costliest market in the APAC region after Singapore and Jakarta.
Investment Opportunities in the Malaysia Data Center Market
In November 2023, ST Telemedia Global Data Centres announced its plans to develop a new data center campus in Johor. The construction of the first building is likely to begin soon and become operational by 2025. The company formed a joint venture with Basis Bay to develop a new data center campus with two buildings, Cyberjaya DC.2 and STT Kuala Lumpur 1 in Cyberjaya, Selangor.In October 2023, EDGNEX Data Centres by DAMAC announced its plans to enter the APAC market for the first time; the company is considering a facility in Cyberjaya, Selangor. The expected investment can cross the $52 million mark.In October 2023, Infinaxis Data Centre Holdings, the joint venture between Gaw Capital Partners and A3 Capital, announced the construction of its first data center facility in Cyberjaya. The facility will have 10 data halls and will likely be operational by Q2 2025.In September 2023, EdgeConneX announced its plans to expand its footprint in Malaysia with the development of three data centers sites across Bukit Jalil, Kuala Lumpur, and Cyberjaya. The company plans to develop data centers in partnership with Cyberview.To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Market Trends
According to IRENA, in 2022, hydroenergy accounted for around 69% of the renewable energy capacity in Malaysia, followed by solar energy, which contributed about 21%, along with a 10% contribution by bioenergy.Malaysia aims to achieve the target of net-zero carbon emissions by 2050. To make this goal a reality, WWF-Malaysia is partnering with Boston Consulting Group to develop an independent joint study on the country’s optimal net zero pathway.The government of Malaysia has established a green tariff scheme to support its carbon-neutrality target. Under the scheme, subscribers can get electricity from solar or hydro sources instead of fossil fuel sources.Mergers, acquisitions, joint ventures, and partnerships are key strategies employed by operators to expand their portfolios and global footprint. For example:
In December 2023, Chindata Group merged with BCPE Chivalry Merger Sub, a wholly owned subsidiary of BCPE Chivalry Bidco, completing its transition to a private company from a public one.November 2023 saw ST Telemedia Global Data Centres, in a joint venture with Basis Bay, announcing plans to develop a new data center campus with two buildings in Cyberjaya, Selangor.A3 Capital and Gaw Capital Partners formed a joint venture in February 2023 to establish Infinaxis Data Centre Holdings to develop and operate data centers across Malaysia and Southeast Asia.MN Holdings, an engineering services and solutions company, signed a Memorandum of Understanding (MoU) in April 2023 with Shanghai DC-Science, outlining an investment of approximately $600 million to develop a data center site at the Sedenak Tech Park, Johor.Why Should You Buy This Research?
Market size is available regarding investment, area, power capacity, and Malaysia colocation market revenue.An assessment of the data center investment in Malaysia by colocation, hyperscale, and enterprise operators.Investments in the area (square feet) and power capacity (MW) across cities in the country.A detailed study of the existing Malaysia data center market landscape, an in-depth market analysis, and insightful predictions about market size during the forecast period.Snapshot of existing and upcoming third-party data center facilities in MalaysiaFacilities Covered (Existing): 34Facilities Identified (Upcoming): 33Coverage: 9 LocationsExisting vs. Upcoming (Area)Existing vs. Upcoming (IT Load Capacity)Data Center Colocation Market in MalaysiaColocation Market Revenue & Forecast (2023-2029)Wholesale vs. Retail Colocation Revenue (2023-2029)Retail Colocation PricingWholesale Colocation PricingThe Malaysia data center market investments are classified into IT, power, cooling, and general construction services with sizing and forecast.A comprehensive analysis of the latest trends, growth rate, potential opportunities, growth restraints, and prospects for the industry.Business overview and product offerings of prominent IT infrastructure providers, construction contractors, support infrastructure providers, and investors operating in the industry.A transparent research methodology and the analysis of the demand and supply aspects of the industry.Buy this Research @ https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Post-Purchase Benefit
1hr of free analyst discussion10% off on customizationThe Report Includes the Investment in the Following Areas:
IT InfrastructureServersStorage SystemsNetwork InfrastructureElectrical InfrastructureUPS SystemsGeneratorsSwitches & SwitchgearsPDUsOther Electrical InfrastructureMechanical InfrastructureCooling SystemsRack CabinetsOther Mechanical InfrastructureCooling SystemsCRAC and CRAHChillersCooling Tower and Dry CoolersOther Cooling UnitsGeneral ConstructionCore & Shell DevelopmentInstallation & Commissioning ServicesBuilding & Engineering DesignFire Detection & Suppression SystemsPhysical SecurityData Center Infrastructure Management (DCIM)Tier StandardTier I & Tier IITier IIITier IV GeographySelangorJohorOther StatesVendor Landscape
IT Infrastructure Providers
Cisco SystemsDell TechnologiesFujitsuHewlett Packard EnterpriseHuawei TechnologiesIBMInspurLenovoNetAppData Center Construction Contractors & Sub-Contractors
Advance Power EngineeringAsima ArchitectsAVO TechnologyB-Global TechCTC-GlobalCSF GroupCyclect GroupDSCO GroupGamudaGCM TechnologiesHSS EngineersISGKienta Engineering ConstructionLSK EngineeringMES GroupM+W Group (Exyte)MN HoldingsNakanoNTT FACILITIESPowerware SystemsS5 EngineeringShaw ArchitectSunway Construction GroupUnique CentralSupport Infrastructure Providers
ABBCaterpillarCumminsEatonFuji ElectricHITEC Power ProtectionKOHLER PowerLegrandMitsubishi ElectricNarada Power SourcePiller Power SystemsRittalRolls-RoyceSchneider ElectricSiemensSocomecSTULZTraneVertivData Center Investors
Bridge Data CentresEdge CentresGDS ServicesIRIX (PP TELECOMMUNICATION)Keppel Data CentresNTT DATAOpen DCTM OneVantage Data CentersYTL Data Center HoldingsNew Entrants
AirTrunkAmazon Web Services (AWS)EdgeConneXEquinixFutureData (Cyclect Group + TSG Group)Googlei-BerhadInfinaxis Data Centre HoldingsMN Holdings + Shanghai DC-ScienceMicrosoftNEXTDCPrinceton Digital GroupRegal OrionSingtelST Telemedia Global Data CentresYondrTo Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Key Questions Answered in the Report:
What factors are driving the Malaysian data center industry?
How big is the Malaysia data center market?
How many MW of power capacity will be added across Malaysia during 2024 to 2029?
What is the growth rate of the Malaysia data center market?
Which states are included in the Malaysia data center market report?
Get the Detailed TOC @ https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
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Artificial Intelligence
VIVOTEK Launches Successful Make Tomorrow Easier, Today! Vision During ISC West 2024
TAIPEI, April 18, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading IP security solution provider, announces that last week’s 2024 ISC West trade show in Las Vegas was a tremendous success as it unveiled the 2024 theme Make Tomorrow Easier, Today! to partners, attendees, and the media. Make Analytics Easier, Make Cloud Easier, Make Search Easier, and Make Integration Easier were the core essential components of the 2024 theme, and both the booth staff and visitors were very busy discussing its vision throughout the show. This also demonstrates that VIVOTEK’s AI security solutions and cloud-based service VORTEX attracted interests by many customers for their rich versatility in applications.
From the outset, it was clear that this year’s ISC West was going to surpass previous editions. There were more engagements, and these engagements lasted longer than the past as attendees and the media were hyper-focused on VORTEX, its new camera solutions, AI integration, re-launch of VIVOTEK Premium Partner Program, additional technology solutions, and the roll-out of the 2024 theme.
AI has quickly become a priority in the security industry, and it was a focal point of VIVOTEK’s strategy during the show as well. During its many sales and marketing meetings at ISC West, discussions primarily revolved around how to integrate AI into the product lines and software platforms, much to the gratification of its partners who are seeing a quickly growing need for this technology to satisfy their customers’ needs.
As many of its customers may know by now, VIVOTEK recently entered into an integration partnership with Kisi, a modern cloud-based access control solution based in Brooklyn, New York. This partnership aims to secure physical spaces dedicated to providing a seamless and efficient user experience, making Kisi ideally suited as a VIVOTEK partner. During ISC West, VIVOTEK provided Kisi with a station in the booth to perform demonstrations, which proved to be very popular during the show.
Throughout the event, VORTEX remained a central focal point and rapidly gained popularity among partners since its launch. This was evident throughout the show as the VORTEX station was continuously used for strategic demonstrations. As for the theme, attendees commended on how much they liked this year’s booth layout, how the message of “Making Tomorrow Easier, Today” was delivered in every stations, how accessible the staff was in meeting with them, and how much they enjoyed the partner reception party.
VIVOTEK’s commitment to innovation and customer-centric solutions shone brightly at ISC West, as evident in the overwhelmingly positive feedbacks it received from partners, end users, media, and even other exhibit manufacturers. VIVOTEK extends heartfelt thanks to everyone who contributed to making this year’s ISC West a tremendous success. We look forward to making next year’s ISC West even better!
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