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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      AI is the Future of Web Browsing. What’s this Buzz Around Perplexity’s Comet?

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      June 10, 2025

      Betterbot Unveils Agentic AI Suite and Launches Strategic Rebrand to Usher in the Next Era of Multifamily Innovation

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

      July 23, 2025

      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

      July 23, 2025

      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

      July 23, 2025

      100% of Revenue Teams Now Use GenAI; 51% Say It’s Shortening Sales Cycles

      July 23, 2025

      Dashlane Accelerates Global Partner Momentum with New Incentives for Credential Security Success

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      July 23, 2025

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      New Lightcast Report: AI Skills Command 28% Salary Premium as Demand Shifts Beyond Tech Industry

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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      HiBob Appoints Tech Industry Growth Specialist Sophie Chesters as Chief Marketing Officer

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    Ciente | MarTechCiente | MarTech
    Home»Data & Analytics»Yiren Digital Reports First Quarter 2023 Financial Results
    Data & Analytics

    Yiren Digital Reports First Quarter 2023 Financial Results

    By PRNEWSWIREJune 9, 2023Updated:June 9, 2023No Comments16 Mins Read
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    BEIJING, June 9, 2023 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading digital personal financial management platform in China, today announced its unaudited financial results for the quarter ended March 31, 2023.

    First Quarter 2023 Operational Highlights

    Insurance Brokerage Business

    Cumulative number of insurance clients served reached 1,007,238 as of March 31, 2023, representing an increase of 8.9% from 924,824 as of December 31, 2022 and compared to 633,431 as of March 31, 2022.Number of insurance clients served in the first quarter of 2023 was 80,856, representing a decrease of 5.2% from 85,314 in the fourth quarter of 2022 and compared to 120,968 in the same period of 2022. The decrease was mainly due to our strategic realignment, with a focus on serving insurance product clients that yield higher profitability.Gross written premiums in the first quarter of 2023 were RMB923.4 million (US$134.5 million), representing a decrease of 30.9% from RMB1,335.5 million in the fourth quarter of 2022 and compared to RMB806.4 million in the same period of 2022. The quarter-over-quarter decrease was mainly attributed to the nature of the fourth quarter being a peak season for insurance sales, with a larger base of policy renewals.

     

    Credit-tech Business

    Total loans facilitated in the first quarter of 2023 reached RMB6.4 billion (US$0.9 billion), representing a decrease of 5.4% from RMB6.8 billion in the fourth quarter of 2022 and compared to RMB4.6 billion in the same period of 2022. The decline was primarily due to proactive adjustments in small business loans business, which were offset by continued growth in the small revolving loan business.Cumulative number of borrowers served reached 7,582,435 as of March 31, 2023, representing an increase of 4.2% compared to 7,277,627 as of December 31, 2022 and compared to 6,324,705 as of March 31, 2022.Number of borrowers served in the first quarter of 2023 was 872,235 representing an increase of 1.2% from 862,226 in the fourth quarter of 2022 and compared to 508,746 in the same period of 2022. The increase was driven by the strong demand for our small revolving loan products.Outstanding balance of performing loans facilitated reached RMB11,129.2 million (US$1,620.5 million) as of March 31, 2023, representing a decrease of 1.2% from RMB11,259.8 million as of December 31, 2022 and compared to RMB12,421.0 million as of March 31, 2022. The decrease was due to the scale back of our secured loan business as part of our business optimization process.

     

    Others

    Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB308.6 million (US$44.9 million) in the first quarter of 2023, representing an increase of 5.6% from RMB292.1 million in the fourth quarter of 2022 and compared to RMB59.0 million in the same period of 2022.

     

    “Against the backdrop of a modest recovery in the macro economy, we achieved a healthy growth momentum this quarter, exceeding our internal guidance on revenue and profitability,” said Mr. Ning Tang, Chairman and Chief Executive Officer. “For the first quarter, total gross written premiums reached RMB 923 million, up 15% year-on-year while revenue from our insurance brokerage business increased 27% year-over-year to RMB 196 million. On the credit side, total loans facilitated this quarter reached RMB 6.4 billion, representing an increase of 39% year-over-year.”

    “I am also excited to announce that we have recently established an AI lab and will focus on enhancing operational efficiency and driving technological innovations and business expansion across all business sectors in 2023.”

    “For the first quarter of 2023, total revenue increased by 40% year-over-year to RMB 986.3 million and net income reached RMB 427 million, representing a year-over-year increase of 131% and a strong net income margin of 43.3%,” Ms. Na Mei, Chief Financial Officer, commented. “As of quarter end, our total cash and cash equivalents was approximately RMB 5.1 billion. Looking ahead, we remain committed to delivering growth and our strong cash position will provide us with the flexibility and stability to navigate evolving markets and capitalize on untapped potentials.”

    First Quarter 2023 Financial Results

    Total net revenue in the first quarter of 2023 was RMB986.3 million (US$143.6 million), representing an increase of 40.0% from RMB704.8 million in the first quarter of 2022. Particularly, in the first quarter of 2023, revenue from credit-tech business was RMB483.9 million (US$70.5 million), representing an increase of 23.9% from RMB390.5 million in the same period of 2022. The increase was due to an increase of our small revolving loan products amid strong demand for consumption. Revenue from insurance brokerage business was RMB196.4 million (US$28.6 million), representing an increase of 26.5% from RMB155.2 million in the first quarter of 2022. The increase was due to the expansion of our insurance brokerage business.

    Sales and marketing expenses in the first quarter of 2023 were RMB106.2 million (US$15.5 million), compared to RMB176.2 million in the same period of 2022. The decrease was primarily due to the optimization of the cost structure for our offline business.

    Origination, servicing and other operating costs in the first quarter of 2023 were RMB199.7 million (US$29.1 million), compared to RMB152.9 million in the same period of 2022. The increase was due to the expanding insurance brokerage business.

    General and administrative expenses in the first quarter of 2023 were RMB92.6 million (US$13.5 million), compared to RMB116.5 million in the same period of 2022. The decrease was primarily a result of optimizing the company’s offline business operations and achieving overall cost-efficiency improvements.

    Allowance for contract assets, receivables and others in the first quarter of 2023 was RMB44.9 million (US$6.5 million), compared to RMB31.8 million in the same period of 2022. The increase was primarily driven by the increase of loan volume facilitated.

    Income tax expense in the first quarter of 2023 was RMB122.7 million (US$17.9 million).

    Net income in the first quarter of 2023 was RMB427.2 million (US$62.2 million), as compared to RMB184.8 million in the same period in 2022. The increase was primarily due to the recovery of business volume and optimization of our business structure. Net income margin increased to 43.3% in the first quarter of 2023 from 26.2% in the same period of 2022 due to improved cost efficiency.

    Adjusted EBITDA[1] (non-GAAP) in the first quarter of 2023 was RMB539.3 million (US$78.5 million), compared to RMB247.2 million in the same period of 2022.

    Basic and diluted income per ADS in the first quarter of 2023 was RMB4.8 (US$0.7) and RMB4.7 (US$0.7), compared to a basic per ADS of RMB2.2 and a diluted per ADS of RMB2.2 in the same period of 2022.

    Net cash generated from operating activities in the first quarter of 2023 was RMB390.3 million (US$56.8 million), compared to RMB367.8 million in the same period of 2022.

    Net cash provided by investing activities in the first quarter of 2023 was RMB774.3 million (US$112.7 million), compared to RMB348.8 million in the same period of 2022.

    As of March 31, 2023, cash and cash equivalents were RMB5,077.2 million (US$739.3 million), compared to RMB4,271.9 million as of December 31, 2022. As of March 31, 2023, the balance of held-to-maturity investments was RMB3.3 million (US$0.5 million), compared to RMB2.7 million as of December 31, 2022, the balance of available-for-sale investments was RMB250.8 million (US$36.5 million), compared to RMB972.7 million as of December 31, 2022.

    Delinquency rates. As of March 31, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.6%, 1.2% and 1.2% respectively, compared to 0.7%, 1.3% and 1.1% respectively as of December 31, 2022.

    Cumulative M3+ net charge-off rates. As of March 31, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 8.1%, 6.6% and 2.6% respectively, as compared to 8.1%, 6.5% and 2.0% respectively as of December 31, 2022.

    Business Outlook

    Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the second quarter of 2023 to be between RMB0.9 billion to RMB1.0 billion, with net profit margin expected to remain stable.

    This is the Company’s current and preliminary view, which is subject to changes and uncertainties.

    Recent Development

    Management Change

    In order to better mobilize the Company’s internal human resources and better serve the future business development strategy, Ms. Bin Yang has been appointed as the Chief Human Resources Officer of the Company, effective immediately. Ms. Yang initially joined the company in 2015 as the head of the human resources department and possesses over 10 years of experience in human resource management. Prior to joining the company, she held the position of head of human resources at JUPITER, C2MICRO, and 360.

    Non-GAAP Financial Measures

    In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.

    Currency Conversion

    This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8676 to US$1.00, the effective noon buying rate on March 31, 2023, as set forth in the H.10 statistical release of the Federal Reserve Board.

    Conference Call

    Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 9, 2023 (or 8:00 p.m. Beijing/Hong Kong Time on June 9, 2023).

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

    https://s1.c-conf.com/diamondpass/10031315-v76cyb.html

    Once registration is completed, participants will receive the dial-in details for the conference call.

    Additionally, a live and archived webcast of the conference call will be available at https://edge.media-server.com/mmc/p/dzdrbbjc.

    Safe Harbor Statement

    This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

    About Yiren Digital

    Yiren Digital Ltd. is a leading digital personal financial management platform in China. The Company provides customized, asset allocation-based holistic wealth solutions to China’s mass affluent population as well as provides retail credit facilitation services to individual borrowers and small business owners.

    [1] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

     

    Unaudited Condensed Consolidated Statements of Operations

     (in thousands, except for share, per share and per ADS data, and percentages)

    For the Three Months Ended 

    March 31,
    2022

    March 31,
    2023

    March 31, 
    2023

    RMB

    RMB

    USD

    Net revenue:

    Loan facilitation services

    229,661

    417,165

    60,744

    Post-origination services

    36,976

    6,316

    920

    Insurance brokerage services

    155,181

    196,358

    28,591

    Financing services

    109,611

    22,577

    3,288

    Electronic commerce services

    49,811

    242,858

    35,363

    Others

    123,525

    101,069

    14,717

    Total net revenue

    704,765

    986,343

    143,623

    Operating costs and expenses:

    Sales and marketing

    176,183

    106,212

    15,466

    Origination,servicing and other operating costs

    152,941

    199,745

    29,085

    General and administrative

    116,548

    92,550

    13,476

    Allowance for contract assets, receivables and others

    31,827

    44,905

    6,539

    Total operating costs and expenses

    477,499

    443,412

    64,566

    Other (expenses)/income:

    Interest (expense)/income, net

    (25,573)

    14,519

    2,114

    Fair value adjustments related to Consolidated ABFE

    4,765

    (11,203)

    (1,631)

    Others, net

    7,414

    3,589

    522

    Total other (expenses)/income

    (13,394)

    6,905

    1,005

    Income before provision for income taxes

    213,872

    549,836

    80,062

    Income tax expense

    29,044

    122,670

    17,862

    Net income

    184,828

    427,166

    62,200

    Weighted average number of ordinary shares outstanding, basic

    170,001,178

    177,782,059

    177,782,059

    Basic income per share

    1.0872

    2.4028

    0.3499

    Basic income per ADS

    2.1744

    4.8056

    0.6998

    Weighted average number of ordinary shares outstanding, diluted

    171,071,430

    180,180,975

    180,180,975

    Diluted income per share

    1.0804

    2.3708

    0.3452

    Diluted income per ADS

    2.1608

    4.7416

    0.6904

    Unaudited Condensed Consolidated Cash Flow Data

    Net cash generated from operating activities

    367,751

    390,307

    56,834

    Net cash  provided by investing activities

    348,785

    774,283

    112,744

    Net cash used in financing activities

    (108,208)

    (392,831)

    (57,201)

    Effect of foreign exchange rate changes

    (272)

    (181)

    (26)

    Net increase in cash, cash equivalents and restricted cash

    608,056

    771,578

    112,351

    Cash, cash equivalents and restricted cash, beginning of period

    2,945,344

    4,360,695

    634,966

    Cash, cash equivalents and restricted cash, end of period

    3,553,400

    5,132,273

    747,317

     

    Unaudited Condensed Consolidated Balance Sheets

     (in thousands)

    As of

    December 31,
    2022

    March 31, 2023

    March 31, 2023

    RMB

    RMB

    USD

            Cash and cash equivalents

    4,271,899

    5,077,211

    739,299

            Restricted cash

    88,796

    55,062

    8,018

            Accounts receivable

    221,004

    320,440

    46,660

            Contract assets, net

    626,739

    609,969

    88,818

            Contract cost

    787

    480

    70

            Prepaid expenses and other assets

    321,411

    258,786

    37,682

            Loans at fair value

    54,049

    175,411

    25,542

            Financing receivables

    514,388

    371,196

    54,050

            Amounts due from related parties

    1,266,232

    1,281,348

    186,579

            Held-to-maturity investments

    2,700

    3,320

    483

            Available-for-sale investments

    972,738

    250,788

    36,518

            Property, equipment and software, net

    77,256

    75,726

    11,027

            Deferred tax assets

    84,187

    90,855

    13,229

            Right-of-use assets

    33,909

    29,606

    4,311

    Total assets

    8,536,095

    8,600,198

    1,252,286

            Accounts payable

    14,144

    19,887

    2,897

            Amounts due to related parties

    227,724

    247,717

    36,070

            Deferred revenue

    65,539

    36,555

    5,323

            Accrued expenses and other liabilities

    1,315,006

    1,342,251

    195,447

            Secured borrowings

    767,900

    392,100

    57,094

            Deferred tax liabilities

    79,740

    84,824

    12,351

            Lease liabilities

    35,229

    30,274

    4,408

    Total liabilities

    2,505,282

    2,153,608

    313,590

            Ordinary shares

    129

    129

    19

            Additional paid-in capital

    5,160,783

    5,164,104

    751,952

            Treasury stock

    (46,734)

    (61,046)

    (8,889)

            Accumulated other comprehensive income

    7,765

    8,599

    1,251

            Accumulated deficit

    908,870

    1,334,804

    194,363

    Total equity

    6,030,813

    6,446,590

    938,696

    Total liabilities and equity

    8,536,095

    8,600,198

    1,252,286

     

    Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

    (in thousands, except for number of  borrowers, number of investors and percentages)

    For the Three Months Ended 

    March 31, 2022

    March 31, 2023

    March 31, 2023

    RMB

    RMB

    USD

    Operating Highlights

    Gross written premiums

    806,355

    923,382

    134,455

    ——First year premium

    540,043

    627,314

    91,344

    ——Renewal premium

    266,313

    296,068

    43,111

    Number of insurance clients

    120,968

    80,856

    80,856

    Cumulative number of insurance clients

    633,431

    1,007,238

    1,007,238

    Amount of loans facilitated 

    4,606,889

    6,420,213

    934,855

    Number of borrowers

    508,746

    872,235

    872,235

    Remaining principal of performing loans 

    12,421,001

    11,129,221

    1,620,540

    Gross merchandise volume 

    59,021

    308,567

    44,931

    Segment Information

    Insurance  Brokerage:

    Revenue

    155,181

    196,358

    28,592

    Sales and marketing expenses

    5,172

    2,289

    333

    Origination,servicing and other operating costs

    93,190

    133,617

    19,456

    Consumer credit:

    Revenue

    390,473

    483,873

    70,457

    Sales and marketing expenses

    137,559

    62,218

    9,060

    Origination,servicing and other operating costs

    39,670

    47,609

    6,933

    Others:

    Revenue

    159,111

    306,112

    44,574

    Sales and marketing expenses

    33,452

    41,705

    6,073

    Origination,servicing and other operating costs

    20,081

    18,519

    2,696

    Reconciliation of Adjusted EBITDA

    Net income

    184,828

    427,166

    62,200

    Interest expense/(income), net

    25,573

    (14,519)

    (2,114)

    Income tax expense

    29,044

    122,670

    17,862

    Depreciation and amortization

    6,260

    1,868

    272

    Share-based compensation

    1,500

    2,089

    304

    Adjusted EBITDA

    247,205

    539,274

    78,524

    Adjusted EBITDA margin

    35.1 %

    54.7 %

    54.7 %

     

     

    Delinquency Rates

    15-29 days

    30-59 days

    60-89 days

    December 31, 2019

    0.8 %

    1.3 %

    1.0 %

    December 31, 2020

    0.5 %

    0.7 %

    0.6 %

    December 31, 2021

    0.9 %

    1.5 %

    1.2 %

    December 31, 2022

    0.7 %

    1.3 %

    1.1 %

    March 31, 2023

    0.6 %

    1.2 %

    1.2 %

     

     

    Net Charge-Off Rate 

    Loan Issued Period

    Amount of Loans Facilitated
    During the Period

    Accumulated M3+ Net Charge-Off
    as of March 31, 2023

    Total Net Charge-Off Rate
    as of March 31, 2023

    (in RMB thousands)

    (in RMB thousands)

    2019

    3,431,443

    395,872

    11.5 %

    2020

    9,614,819

    778,668

    8.1 %

    2021

    23,195,224

    1,537,956

    6.6 %

    2022

    22,623,101

    598,837

    2.6 %

     

     

    M3+ Net Charge-Off Rate 

    Loan Issued Period

    Month on Book

    4

    7

    10

    13

    16

    19

    22

    25

    28

    31

    34

    2019Q1

    0.0 %

    0.8 %

    2.0 %

    3.4 %

    5.3 %

    5.9 %

    6.3 %

    6.3 %

    6.3 %

    6.3 %

    6.3 %

    2019Q2

    0.1 %

    1.5 %

    4.5 %

    7.5 %

    8.8 %

    9.2 %

    9.9 %

    10.3 %

    10.6 %

    10.6 %

    10.6 %

    2019Q3

    0.2 %

    2.9 %

    6.8 %

    9.0 %

    10.4 %

    12.0 %

    13.2 %

    13.8 %

    14.4 %

    14.6 %

    14.6 %

    2019Q4

    0.4 %

    3.1 %

    4.9 %

    6.3 %

    7.2 %

    7.9 %

    8.4 %

    8.9 %

    9.5 %

    9.8 %

    9.8 %

    2020Q1

    0.6 %

    2.3 %

    4.1 %

    5.2 %

    6.0 %

    6.2 %

    6.6 %

    7.2 %

    7.7 %

    7.8 %

    7.9 %

    2020Q2

    0.5 %

    2.5 %

    4.2 %

    5.3 %

    6.1 %

    6.7 %

    7.5 %

    8.1 %

    8.2 %

    8.2 %

    2020Q3

    1.1 %

    3.3 %

    5.1 %

    6.3 %

    7.1 %

    8.1 %

    8.7 %

    8.8 %

    8.9 %

    2020Q4

    0.3 %

    1.8 %

    3.2 %

    4.6 %

    6.0 %

    7.0 %

    7.4 %

    7.6 %

    2021Q1

    0.4 %

    2.3 %

    3.9 %

    5.5 %

    6.6 %

    6.9 %

    7.2 %

    2021Q2

    0.4 %

    2.4 %

    4.5 %

    5.9 %

    6.4 %

    6.7 %

    2021Q3

    0.5 %

    3.1 %

    5.0 %

    5.9 %

    6.2 %

    2021Q4

    0.6 %

    3.2 %

    4.6 %

    5.3 %

    2022Q1

    0.6 %

    2.5 %

    3.8 %

    2022Q2

    0.4 %

    2.2 %

    2022Q3

    0.5 %

     

     

     

    View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-first-quarter-2023-financial-results-301846970.html

    SOURCE Yiren Digital

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