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SHANGHAI, June 7, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its first quarter 2024 financial results after the market closes on Wednesday, June 12, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/. Cango's management will hold a conference call on Wednesday, June 12, 2024 at 9:00 P.M. Eastern Time or Thursday, June 13, 2024 at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-902-4272 United States Toll Free: +1-888-346-8982 Mainland China Toll Free: 4001-201-203 Hong Kong, China Toll Free: 800-905-945 Conference ID: Cango Inc. The replay will be accessible through June 19, 2024, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Access Code: 8381005 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/. About Cango Inc. Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers' car purchase service platform of choice. For more information, please visit: www.cangoonline.com. Investor Relations Contact Yihe LiuCango Inc.Tel: +86 21 3183 5088 ext.5581Email: ir@cangoonline.comTwitter: https://twitter.com/Cango_Group Helen WuPiacente Financial CommunicationsTel: +86 10 6508 0677Email: ir@cangoonline.com
WUHAN, China, June 5, 2024 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial and Operational Highlights Total net revenues in the first quarter of 2024 were RMB1,039.7million (US$144.0 million), compared with RMB1,483.1 million in the same period of 2023. Gross profit in the first quarter of 2024 was RMB109.0 million (US$15.1million), compared with RMB176.5 million in the same period of 2023. Net loss in the first quarter of 2024 was RMB88.0 million (US$12.2 million), compared with net income of RMB14.5 million in the same period of 2023. Adjusted net loss[1] in the first quarter of 2024 was RMB 85.7 million (US$11.9 million), compared with adjusted net income of RMB25.8 million in the same period of 2023. Average mobile MAUs[2] in the first quarter of 2024 were 45.3 million, compared with 50.2 million in the same period of 2023. The number of quarterly average paying users[3] in the first quarter of 2024 was 3.4 million, compared with 4.5 million in the same period of 2023. The interim management committee of DouYu commented, "In the first quarter of 2024, we continued to work on the diversification of our commercialization capabilities and streamlined operations by optimizing our organizational structure and fine-tuning operating strategies. Our priority is elevating user experience and meeting our core users' needs with a steady stream of premium content. We are doing this by harnessing the power of our streamer resources and content ecosystem and actively exploring cooperation opportunities with more game developers to enrich our gaming service lineup. However, we continue to face macroeconomic headwinds and challenging industry dynamics, and remain dedicated to protecting our shareholders' long-term interests by executing our long-term strategy for developing a vibrant, diverse, game-centric content ecosystem. We consistently maximize the competitive edges of our extensive gaming ecosystem, agile operational mechanisms and close cooperation with game developers to propel our platform's long-term, sustainable growth." Mr. Hao Cao, Vice President of DouYu, commented, "We reinforced our streamlined operations, ensuring the financial health of our business. While we shore up our fundamentals, we continue to face revenue pressures from soft macroeconomic conditions and ongoing adjustments to the livestreaming business, as well as operating uncertainties. In the first quarter of 2024, we made encouraging developments across our commercial diversification initiatives that improved our revenue mix. Revenue from advertising and others amounted to RMB 238.8 million, contributing 23.0% of our total revenue, a significant increase from 7.7% in the same period of 2023. Moving forward, we will increase our efforts to diversify our revenue streams and strengthen our solid foundation to drive the Company's healthy growth and deliver enduring value to our shareholders." In connection with investigations by relevant government authorities against certain third-party streamers for their historical illegal activities, the Company voluntarily returned RMB111.7 million of gain that was related to these streamers' historical illegal activities to the relevant government authorities (the "Voluntary Return") this week. Pursuant to PRC law, the Company is not entitled to retain gains related to streamers' illegal activities. As a result, the Company elected to make the Voluntary Return, which has been recorded as an operating expense. The Voluntary Return has no material impact on our business operations and we continue to maintain normal business operations. The Company is not the target of any legal proceedings or investigations in connection with the historical illegal activities of these third-party streamers. There remain uncertainties regarding future developments or regulatory investigations into streamers' historical illegal activities. The Company will continue to fully cooperate with authorities and remains committed to upholding regulatory compliance on its platform. First Quarter 2024 Financial Results Total net revenues in the first quarter of 2024 decreased by 29.9% to RMB1,039.7million (US$144.0 million), compared with RMB1,483.1 million in the same period of 2023. Livestreaming revenues in the first quarter of 2024 decreased by 41.5% to RMB800.9 million (US$110.9 million) from RMB1,369.0 million in the same period of 2023. The decrease was primarily due to the soft macroeconomic condition and our planned reduction in revenue-generating promotions during the first quarter in light of the seasonality, leading to a year-over-year decrease in total paying users. Advertising and other revenues in the first quarter of 2024 increased by 109.3% to RMB238.8 million (US$33.1 million) from RMB114.1 million in the same period of 2023. The increase was primarily driven by an increase in other revenues generated through our other innovative business, such as voice-based social networking service. Cost of revenues in the first quarter of 2024 decreased by 28.8% to RMB930.7 million (US$128.9 million) from RMB1,306.6 million in the same period of 2023. Revenue-sharing fees and content costs in the first quarter of 2024 decreased by 37.7% to RMB675.1 million (US$93.5 million) from RMB1,084.4 million in the same period of 2023. The decrease was primarily due to a decrease in revenue-sharing fees aligned with decreased livestreaming revenues, as well as a decline in content costs resulting from improved cost management in streamer payments and self-produced content. Bandwidth costs in the first quarter of 2024 decreased by 33.7% to RMB82.5 million (US$11.4 million) from RMB124.5 million in the same period of 2023.The decline was primarily due to a year-over-year decrease in peak bandwidth usage. Gross profit in the first quarter of 2024 was RMB109.0 million (US$15.1 million), compared with RMB176.5 million in the same period of 2023. The decline in gross profit was primarily attributable to a decrease in livestreaming revenues and an increase in other costs related to the development of innovative business. Gross margin in the first quarter of 2024 was 10.5%, compared with 11.9% in the same period of 2023. Sales and marketing expenses in the first quarter of 2024 decreased by 16.6% to RMB75.6 million (US$10.5 million) from RMB90.7 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses. Research and development expenses in the first quarter of 2024 decreased by 25.0% to RMB54.2 million (US$7.5 million) from RMB72.3 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses. General and administrative expenses in the first quarter of 2024 decreased by 28.4% to RMB42.8 million (US$5.9 million) from RMB59.8 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses. Other operating expenses, net in the first quarter of 2024 were RMB103.4 million (US$14.3 million) and included a RMB111.7 million of the Voluntary Return, compared with other operating income of RMB19.0 million in the same period of 2023. Loss from operations in the first quarter of 2024 was RMB166.9 million (US$23.1 million), compared with RMB27.3 million in the same period of 2023. Net loss in the first quarter of 2024 was RMB88.0 million (US$12.2 million), compared with net income of RMB14.5 million in the same period of 2023. Adjusted net loss, which excludes the share of income (loss) in equity method investments, gain on disposal of investment and impairment loss of investments, was RMB85.7 million (US$11.9 million) in the first quarter of 2024, compared with adjusted net income of RMB25.8 million in the same period of 2023. Basic and diluted net loss per ADS[4] in the first quarter of 2024 were both RMB2.77 (US$0.38). Adjusted basic and diluted net loss per ADS in the first quarter of 2024 were both RMB2.69 (US$0.37). Cash and cash equivalents, restricted cash and bank deposits As of March 31, 2024, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB6,762.2 million (US$936.6 million), compared with RMB6,855.5 million as of December 31, 2023. Updates of Share Repurchase Program On December 28, 2023, the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1, 2024. As of March 31, 2024, the Company had repurchased an aggregate of US$2.7 million of its ADSs in the open market under this program, and we expect to expedite the repurchase activity in the second quarter of 2024. Renewal of Framework Agreement with Tencent On June 4, 2024, the Company and Tencent further renewed our strategic cooperation agreement (the "SCFM"), which initially became effective on January 31, 2018 and was subsequently replaced by the Amended and Restated SCFM dated April 1, 2019. The renewed SCFM had substantially the same terms as the Amended and Restated SCFM and extended the term for another three years. Conference Call Information The Company will hold a conference call on June 5, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-317-6061 United States Toll Free: +1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Singapore Toll Free: 800-120-5863 Conference ID: 3768185 The replay will be accessible through June 12, 2024, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Conference ID: 5832581 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.douyu.com. [1] "Adjusted net loss" is defined as net loss excluding share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments and impairment loss of goodwill and intangible assets. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period. [3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period. [4] Every one ADS represents one ordinary share for the relevant period and calendar year. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com. Use of Non-GAAP Financial Measures Adjusted operating income (loss) is calculated as operating income (loss) adjusted for impairment loss of goodwill and intangible assets. Adjusted net income (loss) is calculated as net income (loss) adjusted for share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment loss of goodwill and intangible assets. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment loss of goodwill and intangible assets. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of income (loss) in equity method investments, (ii) gain on disposal of investment, (iii) impairment loss of investments, (iv) impairment loss of goodwill and intangible assets to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars, at that rate on March 29, 2024, or at any other rate. Safe Harbor Statement This press release 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 the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and 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: the Company's results of operations and financial condition; the Company's business strategies; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company's business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: Lingling Kong DouYu International Holdings Limited Email: ir@douyu.tv Tel: +86 (10) 6508-0677 Andrea Guo Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 In the United States: Brandi Piacente Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +1-212-481-2050 Media Relations Contact In China: Lingling Kong DouYu International Holdings Limited Email: pr_douyu@douyu.tv Tel: +86 (10) 6508-0677 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31 As of March 31 2023 2024 2024 ASSETS RMB RMB US$ (1) Current assets: Cash and cash equivalents 4,440,131 3,683,872 510,211 Short-term bank deposits 1,716,540 2,391,070 331,159 Accounts receivable, net 73,453 54,247 7,514 Prepayments 38,181 31,698 4,390 Amounts due from related parties 68,994 88,312 12,231 Other current assets 348,129 538,805 74,624 Total current assets 6,685,428 6,788,004 940,129 Property and equipment, net 13,808 9,218 1,277 Intangible assets, net 120,694 131,164 18,166 Long-term bank deposits 630,000 610,000 84,484 Investments 436,197 434,254 60,143 Right-of-use assets, net 22,792 9,686 1,341 Other non-current assets 163,184 158,324 21,928 Total non-current assets 1,386,675 1,352,646 187,339 TOTAL ASSETS 8,072,103 8,140,650 1,127,468 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current liabilities: Accounts payable 534,428 522,091 72,309 Advances from customers 12,911 8,962 1,241 Deferred revenue 315,969 292,346 40,489 Accrued expenses and other current liabilities 246,601 281,834 39,034 Amounts due to related parties 251,392 434,698 60,205 Lease liabilities due within one year 14,768 7,411 1,026 Total current liabilities 1,376,069 1,547,342 214,304 Deferred revenue 6,701 - - Lease liabilities - 1,176 163 Total non-current liabilities 6,701 1,176 163 TOTAL LIABILITIES 1,382,770 1,548,518 214,467 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31 As of March 31 2023 2024 2024 RMB RMB US$ (1) SHAREHOLDERS' EQUITY Ordinary shares 23 23 3 Treasury shares (911,217) (930,830) (128,918) Additional paid-in capital 10,670,287 10,670,287 1,477,818 Accumulated deficit (3,485,007) (3,572,960) (494,849) Accumulated other comprehensive income 415,247 425,612 58,947 Total DouYu Shareholders' Equity 6,689,333 6,592,132 913,001 Total Shareholders' Equity 6,689,333 6,592,132 913,001 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,072,103 8,140,650 1,127,468 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data) Three Months Ended March 31, December 31, March 31, March 31, 2023 2023 2024 2024 RMB RMB RMB US$(1) Net revenues 1,483,060 1,295,962 1,039,684 143,995 Cost of revenues (1,306,594) (1,169,712) (930,678) (128,897) Gross profit 176,466 126,250 109,006 15,098 Operating income (expense) Sales and marketing expenses (90,686) (83,998) (75,570) (10,466) General and administrative expenses (59,793) (80,031) (42,797) (5,927) Research and development expenses (72,311) (59,072) (54,150) (7,500) Other operating income (expense), net 19,046 (9,618) (103,428) (14,325) Impairment of goodwill - (13,967) - - Total operating expenses (203,744) (246,686) (275,945) (38,218) Loss from operations (27,277) (120,436) (166,939) (23,120) Other expenses, net (8,000) (21,844) - - Interest income 54,426 82,556 81,094 11,231 Foreign exchange (loss) income (1,396) (122) 153 21 Income (loss) before income taxes and share of (loss) income in equity method investments 17,753 (59,846) (85,692) (11,868) Income tax expenses - (1,069) - - Share of (loss) income in equity method investments (3,236) (1,310) (2,261) (313) Net income (loss) 14,517 (62,225) (87,953) (12,181) Net income (loss) attributable to ordinary shareholders of the Company 14,517 (62,225) (87,953) (12,181) Net income (loss) per ordinary share Basic 0.45 (1.95) (2.77) (0.38) Diluted 0.45 (1.95) (2.77) (0.38) Net income (loss) per ADS(2) Basic 0.45 (1.95) (2.77) (0.38) Diluted 0.45 (1.95) (2.77) (0.38) Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share Basic 32,023,551 31,977,665 31,807,180 31,807,180 Diluted 32,023,551 31,977,665 31,807,180 31,807,180 Weighted average number of ADS used in calculating net income (loss) per ADS(2) Basic 32,023,551 31,977,665 31,807,180 31,807,180 Diluted 32,023,551 31,977,665 31,807,180 31,807,180 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board.(2) Every one ADS represents one ordinary share. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data) Three Months Ended March 31, December 31, March 31, March 31, 2023 2023 2024 2024 RMB RMB RMB US$(1) Loss from operations (27,277) (120,436) (166,939) (23,120) Add: Impairment of goodwill and intangible assets - 34,035 - - Adjusted Operating Loss (27,277) (86,401) (166,939) (23,120) Net income (loss) 14,517 (62,225) (87,953) (12,181) Add: Share of loss in equity method investments 3,236 1,310 2,261 313 Impairment losses of investments 8,000 21,844 - - Impairment losses of goodwill and intangible assets - 34,035 - - Adjusted net income (loss) 25,753 (5,036) (85,692) (11,868) Net income (loss) attributable to DouYu 14,517 (62,225) (87,953) (12,181) Add: Share of loss in equity method investments 3,236 1,310 2,261 313 Impairment losses of investments 8,000 21,844 - - Impairment losses of goodwill and intangible assets - 34,035 - - Adjusted net income (loss) attributable to DouYu 25,753 (5,036) (85,692) (11,868) Adjusted net income (loss) per ordinary share Basic 0.80 (0.16) (2.69) (0.37) Diluted 0.80 (0.16) (2.69) (0.37) Adjusted net income (loss) per ADS(2) Basic 0.80 (0.16) (2.69) (0.37) Diluted 0.80 (0.16) (2.69) (0.37) Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ordinary share Basic 32,023,551 31,977,665 31,807,180 31,807,180 Diluted 32,023,551 31,977,665 31,807,180 31,807,180 Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ADS(2) Basic 32,023,551 31,977,665 31,807,180 31,807,180 Diluted 32,023,551 31,977,665 31,807,180 31,807,180 (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, in the H.10 statistical release of the Federal Reserve Board.(2) Every one ADS represents one ordinary share.
ROCHESTER, N.Y., June 03, 2024 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announced today it will report financial results for its first quarter ended May 31, 2024, on Wednesday, July 3, 2024, before the open of the U.S. markets. A conference call to discuss the financial results and outlook will be hosted by President and Chief Executive Officer, Bill Newlands, and Executive Vice President and Chief Financial Officer, Garth Hankinson, at 10:30 a.m. EDT, July 3, 2024. The conference call can be accessed by dialing +1-877-407-9121 and entering conference identification number 13746981, beginning at 10:20 a.m. EDT. A live, listen-only webcast of the conference call will be available on the company’s investor relations website at ir.cbrands.com under the News & Events section. When the call begins, financial information discussed on the conference call, and reconciliations of reported GAAP financial measures with comparable and other non-GAAP financial measures, will also be available on the company’s investor relations website under the Financial History section. For anyone unable to participate in the conference call, a replay will be available on the company’s investor relations website. ABOUT CONSTELLATION BRANDSConstellation Brands (NYSE: STZ) is a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Our mission is to build brands that people love because we believe elevating human connections is Worth Reaching For. It’s worth our dedication, hard work, and calculated risks to anticipate market trends and deliver more for our consumers, shareholders, employees, and industry. This dedication is what has driven us to become one of the fastest-growing, large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what’s next. Every day, people reach for our high-end, iconic imported beer brands such as those in the Corona brand family like the flagship Corona Extra, Modelo Especial and the flavorful lineup of Modelo Cheladas, Pacifico, and Victoria; our fine wine and craft spirits brands including The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey; and our premium wine brands such as Kim Crawford and Meiomi. As an agriculture-based company, we have a long history of operating sustainably and responsibly. Our ESG strategy is embedded into our business and our work focuses on serving as good stewards of the environment, enhancing social equity within our industry and communities, and promoting responsible beverage alcohol consumption. These commitments ground our aspirations beyond driving the bottom line as we work to create a future that is truly Worth Reaching For. To learn more, visit www.cbrands.com and follow us on X, Instagram, and LinkedIn. A downloadable PDF copy of this news release can be found here: http://ml.globenewswire.com/Resource/Download/de99d49d-91cc-4c5f-a5c0-81cca164ca56 MEDIA CONTACTS INVESTOR RELATIONS CONTACTS Amy Martin 585-678-7141 / amy.martin@cbrands.comCarissa Guzski 315-525-7362 / carissa.guzski@cbrands.com Joseph Suarez 773-551-4397 / joseph.suarez@cbrands.com Snehal Shah 847-385-4940 / snehal.shah@cbrands.comDavid Paccapaniccia 585-282-7227 / david.paccapaniccia@cbrands.com
BEIJING, May 31, 2024 /PRNewswire/ -- Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM), a China-based IT company, today announced that it will report its financial results for the first quarter ended March 31, 2024, before the U.S. market opens on Friday, June 7, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cmcm.com. Cheetah Mobile's management will hold an earnings conference call at 7:00 AM on Friday, June 7, 2024, U.S. Eastern Time (7:00 PM on Friday, June 7, 2024, Beijing Time/Hong Kong Time). Participants may access the call by dialing the following numbers: Main Line:International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: 4001-206115Hong Kong Toll Free: 800-963976Conference ID: 8764416 English Translation:International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: 4001-206115Hong Kong Toll Free: 800-963976Conference ID: 0625357 The replay of the conference call will be accessible through June 14, 2024 by dialing the following numbers: Main Line:International: 1-412-317-0088United States Toll Free: +1-877-344-7529Access Code: 3225752 English Translation:International: 1-412-317-0088United States Toll Free: 1-877-344-7529Access Code: 1141549 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com. About Cheetah Mobile Inc. Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of its AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.
About us: Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products. As its sub-brand, MoonFox Data is a leading expert in data insights and analysis services across all scenarios, aiming to help companies gain market insights and empower precise decision-making. SHENZHEN, China, May 31, 2024 /PRNewswire/ -- I. Net Profit Soars by 50%, WeChat Channels Lead Tencent's Growth On May 14th, Tencent Holdings released its Financial Report for the First Quarter of 2024. The report shows that Tencent's revenue in the first quarter was RMB 159.501 billion, increased by 6% YoY and 3% QoQ; While net profit was RMB 50.265 billion, increased by 54% YoY and 18% QoQ. Among its three major business segments, the Tencent Games business has not fully recovered, with revenue continuing to record a YoY negative growth in the fourth quarter. The businesses of Online Advertising, Tencent Financial Technology, and Enterprise Services maintained growth momentum, with the segment of integration of digital technologies and the real economy accounting for more than 30% of Tencent's revenue for three consecutive years and becoming the largest contribution to Tencent's revenue since 2022. Behind the growth of these segments lies the same contributor: WeChat Channels. Having been launched for four years, WeChat Channels has now grown into the "Hope of the Tencent". In its latest financial report, Tencent stated that services including WeChat Channels and Search Ads, Game Applet platform service fees, and Channels merchant technology service fees contributed to an increase in Tencent's gross profit & operating profit that exceeded its revenue growth. Tencent's Q1 gross profit increased by 23% YoY, with gross profit margin rising from 45% in the same period last year to 53%; operating profit reached RMB 52.6 billion, increased by 38% YoY. In the first quarter of 2024, the total user' usage duration of WeChat Channels increased by over 80% YoY. By expanding product categories and encouraging more KOLs to participate in live streaming, Tencent strengthened the retail streaming ecosystem on WeChat Channels. WeChat Channels is bearing greater commercial value, and its future potential should not be underestimated. II. Four-Year Transformation for WeChat Channels: Commercialization Exploration and User Value Enhancement within WeChat The growth of WeChat Channels is inseparable from the strong support of WeChat. According to MoonFox iApp data, in the first quarter of 2024, WeChat's monthly active user(MAU) base reached 1.02 billion, an YoY increase of 4.122 million. In terms of user stickiness, WeChat's average daily launches per user in the first quarter was 21.9 times, an YoY increase of 2.1 times. Changes in WeChat MAU and Average Daily Launches per User in Q1 2024 MAU Average Daily Launches per User January 2023 - March 2023 1.014 billion 19.8 times January 2024 - March 2024 1.018 billion 21.9 times Data Source: MoonFox iApp; Data Period: January 2023 - March 2023, January 2024 - March 2024 As a member of the WeChat ecosystem, WeChat Channels has been constantly drawing on WeChat's strong vitality over the past four years, inheriting and expanding WeChat's massive and deep user base. The continuous enrichment and optimization of WeChat Channels' commercial functions have also brought about an increase in user engagement and interaction frequency, which in turn has contributed to the growth of WeChat's user base and activity levels. Regarding the exploration and expansion of WeChat Channels' commercial functions, it initially facilitated private connections by integrating with WeCom, building a convenient communication bridge between users and enterprises. Later, with the addition of the "Products" tab, WeChat Channels introduced a brand-new shopping experience for users. Subsequently, the launch of content marketing functions transformed WeChat Channels into an efficient advertising platform for advertisers, while also providing users with more diverse content choices. Timeline for WeChat Channel Launching Key Commercial Functions Private Connection January 2021: WeChat Channels integrated with WeCom (WeChat Work) November 2021: New version of WeCom enabled sending/receiving and watching live streaming on WeChat Channels E-commerce May 2021: "Products" tab added to WeChat Channels homepage November 2021: WeChat launched "11.11" WeChat Channels Live Streaming Shopping Festival Content Marketing June 2021: WeChat Channels Advertising Platform launched May 2023: Tencent Advertising's full UV(Unique Visitor) bidding platform upgraded, Auction Ads mechanism launched on WeChat Channels Knowledge Monetization January 2022: Paid live streaming allowed replay viewing on WeChat Channels April 2022: It launched a knowledge live streaming column on WeChat Channels Local Life Services May 2023: It tested local life services on a small scale on WeChat Channels, while adding the function of group purchase, voucher redemption in live streaming rooms Source: Public information, compiled by MoonFox Research Institute In 2022, WeChat Channels took a step further into knowledge monetization by introducing paid live streaming, allowing creators to monetize their premium content while satisfying users' demand for high-quality content. In 2023, WeChat Channels set its sights on the local life services sector, testing local life services and providing users with a more convenient and practical living experience. III. Initial E-commerce Dividends, Multiple Operational Initiatives Accelerate WeChat Channels' Commercialization Process In 2024, the commercialization layout of WeChat Channels is accelerating, and the e-commerce business, as its important component, is unleashing enormous dividends. Previously, WeChat officially disclosed that in 2023, the GMV (Gross Merchandise Volume) of WeChat Channels achieved nearly a threefold increase, its number of orders grew by over 244%, and the product supply increased by approximately 300%. Among these, the proportion of brand GMV on WeChat Channels reached 15%, with brand GMV growing by 226% and the number of brands increasing by 281%; The growth of service providers scale was also very rapid, with over 3,000 ecosystem partners, and their GMV grew by more than 4.5 times within a year, contributing to over 35% of the overall GMV share. Compared to numerous competitors, WeChat Channels is currently in a period of UV dividends, with relatively low UV costs, which easily attracts a large number of small and medium-sized generic brand merchants to join the platform. E-commerce Performance of WeChat Channels in 2023 GDP Growth 300%+ Order Growth 244%+ Product Supply Growth 300%+ Brand GMV Growth 226%+ Brand Number Growth 281%+ Number of Service Providers 3000+ Source: Public information, compiled by MoonFox Research Institute WeChat Channels continuously roll out and refine various commercialization functions, gradually building a diversified e-commerce ecosystem and releasing more and more dividends for content creators, merchants, and users. The e-commerce business of WeChat Channels not only provides merchants with a new sales channel but also offers users a more diverse and convenient shopping experience. With the launch and optimization of more innovative functions in the future, WeChat Channels is expected to become an important platform connecting users, merchants, and content creators, further promoting the development and prosperity of the e-commerce business. It is reported that WeChat Advertising is currently testing a new capability that allows direct access to WeChat Channels Shop from Moments and Ads, bringing new UV growth paths for merchants operating the Shop. Key Stages in the E-commerce Development of WeChat Channels Function Updates - Building E-commerce Infrastructure Regulation and Governance - Governing the Ecosystem Environment KOLs Operations - Resource Support May 2021: Added "One-click to open the store" function on WeChat Channels, streamlining the e-commerce process; November 2021: Optimized user experience, allowing WeChat Channels users to view their "Orders"; December 2021: WeChat Channels e-commerce updated basic functions,tested the "short video shopping cart" through graybox testing. July 2022: Introducedoptimized rules for usingWeChat Channels Storefronts, updating the ecosystem rules for WeChat Channels e-commerce; February 2022: Released anew batch of Storefrontproduct quality inspection standards, conducting product quality inspections; March 2023: To rectifyirregularities in the WeChat Channels ecosystem, non-core products were removed from WeChat Channels Shop. June 2023: To enhance privacy protection, Tencent initiated testing of virtual account for WeChat Channels Shop; July 2023: Launched the Basic Tutorial for WeChatChannels Merchant toIncrease Sales official guide and upgraded the KOLsincentive plan, entering theresource support stage; January 2024: Tencent Advertising released the Guide for WeChat Channels Merchant to Create Best-selling Products and Generate Massive Orders. Source: Public information, compiled by MoonFox Research Institute IV. Venturing into Local Life Services, New Blue Ocean Battle with Meituan and TikTok On April 29th, WeChat Channels released policies for local life service merchants to join the platform, including two top-level categories of dining, tourism & hotel, with nine second-level categories such as full-service restaurants, fast food, bakeries & snacks, accommodation, and scenic spots. Currently, only chain restaurant brands are allowed to join the dining category, and there are also restrictions for the tourism & hotel category, such as the scenic spots in only AAAA-level and above to be permitted to join. In terms of fees, local life service merchants joining WeChat Channels in 2024 can enjoy a preferential 0.6% technological service fee for the entire year, which will later be restored to 2.5%, relatively lower than the 2% to 5% fee range for most e-commerce categories. The security deposit for categories is RMB 20,000, and the floating security deposit is charged based on a certain percentage of the total transaction amount within 30 days. As the engine driving WeChat's commercialization and Tencent's revenue growth today, WeChat Channels shoulders the critical task of expanding its reach. The reason why the local life services sector has re-entered the sights of internet giants after the "thousand-team battle" and the "food delivery battle" have quieted down is quite simple: it is almost the last "blue ocean" in the domestic consumer internet market. The appearance of WeChat Channels has intensified competition in the local life service sector. The advantages of WeChat Channels lie in its massive user base and the convenience of WeChat Pay. WeChat Channels can leverage WeChat's social network to provide local life service merchants with more exposure opportunities. At the same time, the widespread adoption of WeChat Pay also makes it more convenient for users to consume on WeChat Channels. However, WeChat Channels also faces challenges. First, it need to find its positioning between TikTok and Meituan to avoid being caught in the middle of the competition. Second, it needs to figure out how to transition users from WeChat's social scenarios to local life consumption scenarios. Finding its advantages in the competition and providing better services will be the main challenges that WeChat Channels is facing. V. How Rapidly Growing UV Leads Brand Advertisers to Tap into Opportunities? Fundamentally, all internet businesses are ultimately UV businesses. Especially as mobile internet dividends peak and UV costs continue to soar, finding new "blue ocean" has become a consideration for many brands, and WeChat Channels is precisely that rapidly growing market. In the first quarter of 2024, the UV dividends of WeChat Channels allowed advertisers to see a new "blue ocean". Previously, Tencent had mentioned that advertisers had a strong demand for WeChat Channels Ads, and it would gradually increase the advertising share of WeChat Channels in the future. According to the data released by Tencent, advertisers seem to favor WeChat Channels as well. In 2023, Tencent's advertising business revenue reached RMB 101.5 billion, a YoY increase of 23%. Tencent stated in its financial report that the growth in advertising revenue was driven by new ads inventories from WeChat Channels and WeChat Search, as well as the continuous upgrades of its advertising platform. Among these, advertising revenue from consumer goods, internet services, and the healthcare industry increased significantly. Apart from WeChat Channels Ads, its live streaming is another potential arena, and compared to platforms like Kwai and Douyin, WeChat Channels is still in the early stage of development and has yet to produce its own top-tier KOLs. However, in the early stage, this also presents an opportunity for many small and medium-sized advertisers to overtake others, attracting a large number of mid-tier KOLs and brands to cash in on WeChat Channels. At the same time, the official WeChat Channels team continues to roll out various incentive policies like introducing more UV. With a series of actions, the development of WeChat Channels will be further accelerated. For advertisers, this may present an opportunity to overtake others in live streaming e-commerce. With the upcoming 618 Shopping Festival, all parties are competing to layout their strategies, and it is expected that WeChat Channels will also introduce various incentive policies in succession, which will also be an opportunity for it to further flex its muscles and demonstrate its capabilities. This battle may attract more brands to join the platform. For the future, let's wait and see what kind of results WeChat Channels will deliver in the next quarterly financial report.
SHENZHEN, China, May 31, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Operational Highlights Three Months Ended March 31, 2023 Three Months Ended December 31, 2023 Three Months Ended March 31, 2024 QoQ YoY Total loan amount facilitated and originated (RMB in million) 24,088 26,134 21,505 (17.7 %) (10.7 %) Number of active borrowers 1,523,738 1,603,760 1,369,410 (14.6 %) (10.1 %) The total loan amount facilitated and originated[1] in the first quarter of 2024 was RMB21,505 million, compared with RMB24,088 million in the same period of 2023. Total number of active borrowers[2] was 1,369,410 in the first quarter of 2024, compared with 1,523,738 in the same period of 2023. As of March 31, 2023 As of December 31, 2023 As of March 31, 2024 Total outstanding loan balance (RMB in million) 41,531 48,847 43,812 Delinquency rates for all outstanding loans that are past due for 31-60 days 1.05 % 1.57 % 1.61 % Delinquency rates for all outstanding loans that are past due for 91-180 days 2.40 % 3.12 % 4.37 % The total outstanding loan balance[3] as of March 31, 2024 was RMB43,812 million, compared with RMB41,531 million as of March 31, 2023. The delinquency rate for all outstanding loans that are past due for 31-60 days[4] as of March 31, 2024 was 1.61%, compared with 1.05% as of March 31, 2023. The delinquency rate for all outstanding loans that are past due for 91-180 days[5] as of March 31, 2024 was 4.37%, compared with 2.40% as of March 31, 2023. [1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are charged-off and are excluded in the outstanding loan balance, except for Xiaoying Housing Loan. As Xiaoying Housing Loan is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loan delinquent for more than 60 days in the outstanding loan balance. [4] Represents the balance of the outstanding principal and accrued outstanding interest for loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 60 days are charged-off and excluded in the calculation of delinquency rate by balance. Xiaoying Housing Loan was launched in 2015 and ceased in 2019, and all the outstanding loan balance of housing loan as of March 31, 2023, December 31, 2023 and March 31, 2024 were overdue more than 60 days. To make the delinquency rate by balance comparable, the Company excludes Xiaoying Housing Loan in the calculation of delinquency rate. [5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the loans that the Company facilitated and originated as of a specific date. Loans that are delinquent for more than 180 days are excluded in the calculation of delinquency rate by balance, except for Xiaoying Housing Loan. All the outstanding loan balance of housing loan as of March 31, 2023, December 31, 2023 and March 31, 2024 were overdue more than 180 days. To make the delinquency rate by balance comparable, the Company excludes Xiaoying Housing Loan in the calculation of delinquency rate. First Quarter 2024 Financial Highlights (In thousands, except for share and per share data) Three Months Ended March 31, 2023 Three Months Ended December 31, 2023 Three Months Ended March 31, 2024 QoQ YoY RMB RMB RMB Total net revenue 1,004,934 1,192,664 1,207,974 1.3 % 20.2 % Total operating costs and expenses (677,151) (938,472) (831,433) (11.4 %) 22.8 % Income from operations 327,783 254,192 376,541 48.1 % 14.9 % Net income 284,346 188,968 363,139 92.2 % 27.7 % Non-GAAP adjusted net income 306,525 230,782 322,205 39.6 % 5.1 % Net income per ADS—basic 5.94 3.90 7.44 90.8 % 25.3 % Net income per ADS—diluted 5.82 3.84 7.32 90.6 % 25.8 % Non-GAAP adjusted net income per ADS—basic 6.36 4.74 6.60 39.2 % 3.8 % Non-GAAP adjusted net income per ADS—diluted 6.24 4.68 6.54 39.7 % 4.8 % Total net revenue in the first quarter of 2024 was RMB1,208.0 million (US$167.3 million), representing an increase of 20.2% from RMB1,004.9 million in the same period of 2023. Income from operations in the first quarter of 2024 was RMB376.5 million (US$52.2 million), compared with RMB327.8 million in the same period of 2023. Net income in the first quarter of 2024 was RMB363.1 million (US$50.3 million), compared with RMB284.3 million in the same period of 2023. Non-GAAP[6] adjusted net income in the first quarter of 2024 was RMB322.2 million (US$44.6 million), compared with RMB306.5 million in the same period of 2023. Net income per basic and diluted American depositary share ("ADS") [7] in the first quarter of 2024 was RMB7.44 (US$1.03) and RMB7.32 (US$1.01), compared with RMB5.94 and RMB5.82, respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and adjusted diluted ADS in the first quarter of 2024 was RMB6.60 (US$0.91) and RMB6.54 (US$0.91), compared with RMB6.36 and RMB6.24, respectively, in the same period of 2023. [6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, and (iii) adjusted net income (loss) per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [7] Each American depositary share ("ADS") represents six Class A ordinary shares. Mr. Kent Li, President of the Company, commented, "We are pleased to start 2024 with a solid financial performance in the first quarter. We continued to implement our strategy of proactively and dynamically adjusting loan volumes based on close monitoring of asset quality dynamics and this, again, proved effective in securing our profitability. As a result, despite a year-over-year and quarter-over-quarter decline in the loan volume, both our top and bottom lines increased on a yearly and quarterly basis, with notable improvements in profits." "In the first quarter, the total loan amount facilitated and originated decreased by 11% year-over-year and 18% quarter-over-quarter to RMB22 billion, in line with our guidance. Our total outstanding loan balance was RMB44 billion at the end of March 2024. Delinquency rates for outstanding loans past due for 31-60 days and 91-180 days were 1.61% and 4.37%, respectively, at the end of the quarter, compared to 1.05% and 2.40% a year ago. The increase in overdue loans as a percentage of total outstanding loans is primarily due to lower outstanding loan balances at this quarter end as a result of the proactive control of loans facilitated and originated that we initiated in the fourth quarter of last year. Excluding the impact of the reduced loan volume, asset quality begun to stabilize during this quarter. We remain committed to closely monitor borrowers through the entire credit cycle, continuously strengthening our risk control system, and taking all necessary measures to mitigate risks." "We are confident in our future profitable growth. With stabilized asset quality, we have clearer visibility on the loan volume for 2024 under our current strategy and expect the total loan amount facilitated and originated for the full year to be around RMB100 billion. Our commitment to sustainable profitability and shareholder value creation is unwavering." Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, "We are very pleased with the solid financial results we achieved in the first quarter. Total net revenue was RMB1.2 billion, up 20% year-over-year and 1% quarter-over-quarter despite the decline in loan volumes. Thanks to our strict risk controls and improved operational efficiency, net income increased by 28% year-over-year and 92% quarter-over-quarter to RMB363 million. This once again demonstrates the effectiveness of our strategy, strong execution, and commitment to ensuring long-term profitability. Beginning this quarter, we combined borrower acquisition costs from origination and servicing expenses, indirect expenses of the borrower acquisitions from general and administrative expenses and sales and marketing expenses into borrower acquisitions and marketing expenses within total operating costs and expenses to provide a clearer breakdown of the Company's expenses for investors. Going forward, we will continue to improve asset quality while optimizing borrower acquisition costs to drive sustainable profitability." "Our board of directors has authorized a new program to repurchase up to $20 million worth of our shares which will be effective from June 1, 2024 through November 30, 2025. We are confident in our position as a public company and will drive long-term returns for our shareholders." First Quarter 2024 Financial Results Total net revenue in the first quarter of 2024 increased by 20.2% to RMB1,208.0 million (US$167.3 million) from RMB1,004.9 million in the same period of 2023, primarily due to growth in various disaggregated revenue compared with the same period of 2023. Please refer to analysis of disaggregation of revenue. Three Months Ended March 31, (In thousands, except for share and per share data) 2023 2024 YoY RMB % of Revenue RMB % of Revenue Loan facilitation service 580,604 57.8 % 614,150 50.8 % 5.8 % Post-origination service 121,273 12.1 % 152,742 12.6 % 25.9 % Financing income 254,056 25.3 % 334,628 27.7 % 31.7 % Guarantee income - 0.0 % 32,926 2.7 % 100.0 % Other revenue 49,001 4.8 % 73,528 6.2 % 50.1 % Total net revenue 1,004,934 100.0 % 1,207,974 100.0 % 20.2 % Loan facilitation service fees in the first quarter of 2024 increased by 5.8% to RMB614.2 million (US$85.1 million) from RMB580.6 million in the same period of 2023, primarily due to a decrease in the impact from expected prepayment risk this quarter compared with the same period of 2023. Post-origination service fees in the first quarter of 2024 increased by 25.9% to RMB152.7 million (US$21.2 million) from RMB121.3 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the first quarter of 2024 increased by 31.7% to RMB334.6 million (US$46.3 million) from RMB254.1 million in the same period of 2023, primarily due to an increase in average loan balances compared with the same period of 2023. Guarantee income in the first quarter of 2024 was RMB32.9 million (US$4.6 million), primarily due to an increase in guarantee income arising from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in second half of 2023. Other revenue in the first quarter of 2024 increased by 50.1% to RMB73.5 million (US$10.2 million), compared with RMB49.0 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms. Origination and servicing expenses in the first quarter of 2024 increased by 14.8% to RMB426.5 million (US$59.1 million) from RMB371.5 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and provided in the previous quarters compared with the same period of 2023. Borrower acquisitions and marketing expenses in the first quarter of 2024 decreased by 8.7% to RMB248.4 million (US$34.4 million) from RMB271.9 million in the same period of 2023, primarily due to the decrease in the borrower acquisition costs compared with the same period of 2023. Provision for loans receivable in the first quarter of 2024 was RMB61.5 million (US$8.5 million), compared with RMB20.4 million in the same period of 2023, primarily due to an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and provided in the previous quarters compared with the same period of 2023. Provision for contingent guarantee liabilities in the first quarter of 2024 was RMB47.9 million (US$6.6 million), primarily due to the increase in guarantee liability arising from financing guarantee business operated by a subsidiary which holds the financing guarantee license and commenced the financing guarantee business in second half of 2023. Income from operations in the first quarter of 2024 was RMB376.5 million (US$52.2 million), compared with RMB327.8 million in the same period of 2023. Income before income taxes and gain from equity in affiliates in the first quarter of 2024 was RMB426.1 million (US$59.0 million), compared with RMB330.6 million in the same period of 2023. Income tax expense in the first quarter of 2024 was RMB65.0 million (US$9.0 million), compared with RMB52.6 million in the same period of 2023. Net income in the first quarter of 2024 was RMB363.1 million (US$50.3 million), compared with RMB284.3 million in the same period of 2023. Non-GAAP adjusted net income in the first quarter of 2024 was RMB322.2 million (US$44.6 million), compared with RMB306.5 million in the same period of 2023. Net income per basic and diluted ADS in the first quarter of 2024 was RMB7.44 (US$1.03), and RMB7.32 (US$1.01), compared with RMB5.94 and RMB5.82, respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the first quarter of 2024 was RMB6.60 (US$0.91), and RMB6.54 (US$0.91), compared with RMB6.36 and RMB6.24 respectively, in the same period of 2023. Cash and cash equivalents was RMB1,413.1 million (US$195.7 million) as of March 31, 2024, compared with RMB1,195.4 million as of December 31, 2023. Recent Development Share Repurchase Plan The Company today announced that its board of directors (the "Board") authorized a new program to repurchase up to $20 million of its Class A shares and its Class A ordinary shares in the form of American depositary shares (together "the Shares"). This new share repurchase program, effective from June 1, 2024 through November 30, 2025, is in addition to the existing share repurchase plan approved in March 2022, and as further amended in September 2022 and November 2022, which has approximately $5.5 million remaining. The Company did not repurchase any shares during the first quarter of 2024. Under the new share repurchase program, the Company may repurchase the Shares from time to time through various means, including open market transactions, privately negotiated transactions, and through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The manner, timing and amount of any share repurchases will be determined by the Company's management in its discretion based on its evaluation of various factors. Changes in the Board of Directors On May 27, 2024, the Board approved the following changes to the composition of the Board. Mr. Shengwen Rong has resigned from his respective positions as an independent non-executive director and chairman of the Audit Committee of the Board due to personal reason. Mr. Zheng Xue has been appointed as the chairman of the Audit Committee of the Board to fill the vacancy resulting from Mr. Shengwen Rong's resignation. Mr. Zheng Xue has resigned from his position as the chairman of the Nominating and Corporate Governance Committee of the Board. Mr. Zheng Wan has been appointed as an independent non-executive director of the Board to fill the vacancy resulting from Mr. Shengwen Rong's resignation. Mr. Zheng Wan has also been appointed as the chairman of the Nominating and Corporate Governance Committee of the Board to fill the vacancy resulting from Mr. Zheng Xue's resignation. Mr. Zheng Wan has served as a Group Director of M&A Integration at Cadence Design Systems Inc. since 2022. Mr. Zheng Wan served as a Director of M&A Integration at Snap Inc. from 2016 to 2018 and from 2020 to 2022. Mr. Zheng Wan served as a Global Director of M&A Integration at Airbnb Inc. from 2018 to 2020. Between 2006 and 2017, Mr. Zheng Wan served in multiple capacities at Google Inc., including as Finance Manager of Internal Audit and Risk Consulting, Corporate Development Manager, and Financial Planning & Analysis Manager. Mr. Zheng Wan received a master degree in political science from University of Utah in 2001 and an MBA degree from Duke University in 2004. Business Outlook The Company expects the total loan amount facilitated and originated for the second quarter of 2024 to be between RMB23.0 billion and RMB24.5 billion. For the full year of 2024, the Company expects the total loan amount facilitated and originated to be between RMB90 billion and RMB110 billion. This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on May 31, 2024 (7:00 PM Beijing / Hong Kong Time on May 31, 2024). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until June 7, 2024: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 1086048 Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com. About X Financial X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com. Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, and (iii) adjusted net income (loss) per diluted ADS, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, 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. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 29, 2024. Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company 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. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not diff materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X FinancialMr. Frank Fuya ZhengE-mail: ir@xiaoying.com Christensen IR In ChinaMr. Rene VanguestainePhone: +86-178-1749 0483E-mail: rene.vanguestaine@christensencomms.com In USMs. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com X Financial Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) As of December 31, 2023 As of March 31, 2024 As of March 31, 2024 RMB RMB USD ASSETS Cash and cash equivalents 1,195,352 1,413,065 195,707 Restricted cash, net 749,070 776,500 107,544 Accounts receivable and contract assets, net 1,659,588 1,600,970 221,732 Loans receivable from Xiaoying Credit Loans and other loans, net 4,947,833 5,339,591 739,525 Deposits to institutional cooperators, net 1,702,472 1,595,967 221,039 Prepaid expenses and other current assets, net 48,767 27,619 3,825 Deferred tax assets, net 135,958 163,441 22,636 Long-term investments 493,411 496,179 68,720 Property and equipment, net 8,642 9,552 1,323 Intangible assets, net 36,810 37,033 5,129 Loan receivable from Xiaoying Housing Loans, net 8,657 8,657 1,199 Financial investments 608,198 618,404 85,648 Other non-current assets 55,265 51,665 7,156 TOTAL ASSETS 11,650,023 12,138,643 1,681,183 LIABILITIES Payable to investors and institutional funding partners at amortized cost 3,584,041 3,770,872 522,259 Guarantee liabilities 61,907 94,955 13,151 Deferred guarantee income 46,597 103,665 14,357 Short-term borrowings 565,000 434,500 60,178 Accrued payroll and welfare 86,771 31,128 4,311 Other tax payable 289,819 270,968 37,529 Income tax payable 446,500 469,476 65,022 Accrued expenses and other current liabilities 595,427 607,901 84,193 Dividend payable 59,226 59,226 8,203 Other non-current liabilities 37,571 33,688 4,666 Deferred tax liabilities 30,040 39,775 5,509 TOTAL LIABILITIES 5,802,899 5,916,154 819,378 Commitments and Contingencies Equity: Common shares 207 207 29 Treasury stock (111,520) (106,682) (14,775) Additional paid-in capital 3,196,942 3,200,857 443,314 Retained earnings 2,692,018 3,055,157 423,134 Other comprehensive income 69,477 72,950 10,103 Total X Financial shareholders' equity 5,847,124 6,222,489 861,805 Non-controlling interests - - - TOTAL EQUITY 5,847,124 6,222,489 861,805 TOTAL LIABILITIES AND EQUITY 11,650,023 12,138,643 1,681,183 X Financial Unaudited Condensed Consolidated Statements of Comprehensive Income Three Months Ended March 31, (In thousands, except for share and per share data) 2023 2024 2024 RMB RMB USD Net revenues Loan facilitation service 580,604 614,150 85,059 Post-origination service 121,273 152,742 21,155 Financing income 254,056 334,628 46,345 Guarantee income - 32,926 4,560 Other revenue 49,001 73,528 10,184 Total net revenue 1,004,934 1,207,974 167,303 Operating costs and expenses: Origination and servicing[1] 371,484 426,547 59,076 Borrower acquisitions and marketing[1] 271,942 248,374 34,399 General and administrative[1] 38,068 38,474 5,329 (Reversal of) provision for accounts receivable and contract assets (940) 8,655 1,199 Provision for loans receivable 20,377 61,540 8,523 Provision for contingent guarantee liabilities - 47,893 6,633 Change in fair value of financial guarantee derivative[2] (24,299) - - Fair value adjustments related to Consolidated Trusts[2] 553 - - Reversal of provision for credit losses for deposits and other financial assets (34) (50) (7) Total operating costs and expenses 677,151 831,433 115,152 Income from operations 327,783 376,541 52,151 Interest income (expenses), net (1,999) (4,291) (594) Foreign exchange gain (loss) 3,018 (424) (59) Income (loss) from financial investments (9,514) 50,246 6,959 Other income, net 11,332 4,046 560 Income before income taxes and gain from equity in affiliates 330,620 426,118 59,017 Income tax expense (52,563) (65,025) (9,006) Gain from equity in affiliates, net of tax 6,289 2,046 283 Net income 284,346 363,139 50,294 Less: net income attributable to non-controlling interests - - - Net income attributable to X Financial shareholders 284,346 363,139 50,294 Net income 284,346 363,139 50,294 Other comprehensive income, net of tax of nil: Gain from equity in affiliates 2 30 4 Income from financial investments - 2,225 308 Foreign currency translation adjustments (7,261) 1,218 169 Comprehensive income 277,087 366,612 50,775 Less: comprehensive income attributable to non-controlling interests - - - Comprehensive income attributable to X Financial shareholders 277,087 366,612 50,775 Net income per share—basic 0.99 1.24 0.17 Net income per share—diluted 0.97 1.22 0.17 Net income per ADS—basic 5.94 7.44 1.03 Net income per ADS—diluted 5.82 7.32 1.01 Weighted average number of ordinary shares outstanding—basic 288,027,062 293,788,724 293,788,724 Weighted average number of ordinary shares outstanding—diluted 294,330,508 296,894,415 296,894,415 [1] Starting in the first quarter of 2024, management has concluded to separate expenses related to borrower acquisitions from origination and servicing expenses and indirect expenses of the borrower acquisitions from general and administrative expenses to a single line item as these expenses become more and more significant and thus deemed to be useful to financial statement users. Furtherly, management has determined to embed the sales and marketing expenses, which is not considered as material, in other line item. In conclusion, management has decided to combine these two line items into one captioned borrower acquisitions and marketing expenses. Management has correspondingly conformed prior period presentation to current period presentation to enhance comparability. This change in presentation does not affect any subtotal line on the face of consolidated statements of comprehensive income. In thousands, except for share and per share data Three Months Ended March 31, 2023 Changes before re-grouping after re-grouping RMB RMB RMB Origination and servicing 633,809 371,484 (262,325) Borrower acquisitions and marketing - 271,942 271,942 Sales and marketing 2,038 - (2,038) General and administrative 45,647 38,068 (7,579) [2] Starting in the first quarter of 2024, management has considered the facts that fair value change related to financial guarantee services and Consolidated Trusts are generated from ordinary course of businesses, and has concluded to reclass the amount to captions above total operating costs and expenses. Prior to the reclassification, management classified all amount of fair value changes to captions below total operating costs and expenses. This reclassification does not have impact on net income for any prior periods presented. X Financial Unaudited Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 31, (In thousands, except for share and per share data) 2023 2024 2024 RMB RMB USD GAAP net income 284,346 363,139 50,294 Less: Income (loss) from financial investments (net of tax of nil) (9,514) 50,246 6,959 Less: Impairment losses on financial investments (net of tax of nil) - - - Less: Impairment losses on long-term investments (net of tax) - - - Add: Share-based compensation expenses (net of tax of nil) 12,665 9,312 1,290 Non-GAAP adjusted net income 306,525 322,205 44,625 Non-GAAP adjusted net income per share—basic 1.06 1.10 0.15 Non-GAAP adjusted net income per share—diluted 1.04 1.09 0.15 Non-GAAP adjusted net income per ADS—basic 6.36 6.60 0.91 Non-GAAP adjusted net income per ADS—diluted 6.24 6.54 0.91 Weighted average number of ordinary shares outstanding—basic 288,027,062 293,788,724 293,788,724 Weighted average number of ordinary shares outstanding—diluted 294,330,508 296,894,415 296,894,415
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