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SHANGHAI, China, Nov. 13, 2022 (GLOBE NEWSWIRE) — 360 DigiTech, Inc. (QFIN) (“360 DigiTech” or the “Firm”), a number one Credit score-Tech platform in China, in the present day introduced its unaudited monetary outcomes for the third quarter ended September 30, 2022, declared quarterly dividend and introduced director change.
Third Quarter 2022 Enterprise Highlights
As of September 30, 2022, our platform has linked 141 monetary institutional companions and 203.5 million customers*1 with potential credit score wants, cumulatively, a rise of 11.9% from 181.8 million a 12 months in the past.
Cumulative customers with accredited credit score strains*2 had been 43.0 million as of September 30, 2022, a rise of 17.8% from 36.5 million as of September 30, 2021.
Cumulative debtors with profitable drawdown, together with repeat debtors was 26.3 million as of September 30, 2022, a rise of 12.9% from 23.3 million as of September 30, 2021.
Within the third quarter of 2022, monetary institutional companions originated 14,788,321 loans*3 by our platform. Complete facilitation and origination mortgage quantity reached RMB110,675 million*4, a rise of 13.4% from RMB97,592 million in the identical interval of 2021.
Out of these loans originated by monetary establishments, RMB64,583 million was beneath capital-light mannequin, Intelligence Credit score Engine (“ICE”) and different expertise options*5, representing 58.4% of the entire, a rise of 16.4% from RMB55,476 million in the identical interval of 2021.
Complete excellent mortgage stability*6 was RMB160,020 million as of September 30, 2022, a rise of 19.9% from RMB133,425 million as of September 30, 2021.
RMB91,196 million of such mortgage stability was beneath capital-light mannequin, “ICE” and different expertise options*7, a rise of 25.9% from RMB72,435 million as of September 30, 2021.
Monetary establishments granted roughly RMB3.0 billion credit score strains to small and micro-sized enterprises and their homeowners (collectively, SMEs)*8 by our platform within the third quarter of 2022.
The weighted common contractual tenor of loans originated by monetary establishments throughout our platform within the third quarter of 2022 was roughly 12.27 months, in contrast with 11.21 months in the identical interval of 2021.
90 day+ delinquency fee*9 of loans originated by monetary establishments throughout our platform was 2.31% as of September 30, 2022.
Repeat borrower contribution*10 of loans originated by monetary establishments throughout our platform for the third quarter of 2022 was 88.5%.
1 Refers to cumulative registered customers throughout our platform.
2 “Customers with accredited credit score strains” refers back to the whole variety of customers who had submitted their credit score purposes and had been accredited with a credit score line on the finish of every interval.
3 Together with 5,336,883 loans throughout “V-pocket”, and 9,451,438 loans throughout different merchandise.
4 Refers back to the whole principal quantity of loans facilitated and originated in the course of the given interval, together with mortgage quantity facilitated by Intelligence Credit score Engine (“ICE”) and different expertise options.
5 “ICE” is an open platform on our “360 Jietiao” APP, we match debtors and monetary establishments by massive knowledge and cloud computing expertise on “ICE”, and supply pre-loan investigation report of debtors. For loans facilitated by “ICE”, the Firm doesn’t bear principal threat. Mortgage facilitation quantity by “ICE” was RMB3,478 million within the third quarter of 2022.
Underneath different expertise options, we provide monetary establishments on-premise deployed, modular threat administration SaaS, which helps monetary establishment companions enhance credit score evaluation outcomes. Mortgage facilitation quantity by different expertise options was RMB26,034 million within the third quarter of 2022.
6 “Complete excellent mortgage stability” refers back to the whole quantity of principal excellent for loans facilitated and originated on the finish of every interval, together with mortgage stability for “ICE” and different expertise options, excluding loans delinquent for greater than 180 days.
7 Excellent mortgage stability for “ICE” and different expertise options had been RMB7,779 million and RMB26,777 million, respectively, as of September 30, 2022.
8 SME loans are loans issued to SMEs with e-commerce operations, with enterprise gross sales receipt, and/or with enterprise taxation file.
9 “90 day+ delinquency fee” refers back to the excellent principal stability of on- and off-balance sheet loans that had been 91 to 180 calendar days late as a proportion of the entire excellent principal stability of on- and off-balance sheet loans throughout our platform as of a particular date. Loans which can be charged-off and loans beneath “ICE” and different expertise options usually are not included within the delinquency fee calculation.
10 “Repeat borrower contribution” for a given interval refers to (i) the principal quantity of loans borrowed throughout that interval by debtors who had traditionally made at the very least one profitable drawdown, divided by (ii) the entire mortgage facilitation and origination quantity by our platform throughout that interval.
Third Quarter 2022 Monetary Highlights
Complete web income was RMB4,144.1 million (US$582.6 million), in comparison with RMB4,612.8 million in the identical interval of 2021.
Earnings from operations was RMB1,158.3 million (US$162.8 million), in comparison with RMB1,893.7 million in the identical interval of 2021.
Non-GAAP*11 revenue from operations was RMB1,207.8 million (US$169.8 million), in comparison with RMB1,963.3 million in the identical interval of 2021.
Working margin was 27.9%. Non-GAAP working margin was 29.1%.
Internet revenue was RMB988.4 million (US$138.9 million), in comparison with RMB1,564.1 million in the identical interval of 2021.
Non-GAAP web revenue was RMB1,037.9 million (US$145.9 million), in comparison with RMB1,633.6 million in the identical interval of 2021.
Internet revenue attributed to the Firm was RMB992.8 million (US$139.6 million), in comparison with RMB1,564.1 million in the identical interval of 2021.
Internet revenue margin was 23.8%. Non-GAAP web revenue margin was 25.0%.
11 Non-GAAP revenue from operations (Adjusted Earnings from operations), Non-GAAP web revenue (Adjusted web revenue), Non-GAAP working margin and Non-GAAP web revenue margin are non-GAAP monetary measures. For extra data on these non-GAAP monetary measures, please see the part of “Use of Non-GAAP Monetary Measures Assertion” and the desk captioned “Unaudited Reconciliations of GAAP and Non-GAAP Outcomes” set forth on the finish of this press launch.
Mr. Haisheng Wu, Chief Government Officer and Director of 360 DigiTech, commented, “We have now witnessed modest enchancment in a difficult macro surroundings in the course of the quarter though some uncertainties remained. Within the third quarter, whole facilitation and origination quantity was RMB110.7 billion, up roughly 13% year-on-year. Throughout the quarter, we additionally added roughly 1.7 million new customers with accredited credit score strains, a 19% sequential improve, whereas conserving the general gross sales and advertising bills across the similar degree. Our constant execution enabled us to strike a desired stability between development in enterprise and publicity to macro dangers. Roughly 58% of the loans was facilitated beneath the capital-light mannequin, ICE and different expertise options*12. The elevated contribution from non-credit threat bearing providers helped us additional mitigate close to time period dangers and volatilities, and introduced us nearer to long run sustainable expertise pushed enterprise fashions.
Throughout the quarter, we continued our efforts to optimize our consumer base to decrease total credit score dangers and better consumer retention. Such efforts not solely enabled us to proceed enhancing threat metrics in opposition to macro uncertainties, but in addition allowed us to supply higher priced merchandise to customers. Common IRR of the loans originated and facilitated by our platform additional optimized to effectively under 24% fee cap requirement within the third quarter. As well as, we continued to broaden our partnership with bigger monetary establishments with nationwide operations, and with available liquidity within the monetary system, we meaningfully lowered total funding prices in the course of the quarter.
On the regulatory entrance, as one of many main Credit score-Tech platforms, now we have considerably accomplished many of the rectification measures to our operations based mostly on our self-examination leads to accordance with regulatory steerage. The regulatory authorities have reviewed our rectification measures generally. We word regulators’ latest feedback relating to regularly shifting focus from self-examination and rectification to common regulatory supervision in lots of elements of platform operations and we’re additionally inspired to see continued supportive statements for platform economic system by numerous regulators.”
“We’re happy to report one other quarter of strong monetary leads to a altering macro surroundings. Complete income was RMB4.14 billion and non-GAAP web revenue was RMB1.04 billion,” Mr. Alex Xu, Chief Monetary Officer, commented. “Throughout the quarter, though we skilled some restoration in demand for shopper credit score, the tempo and magnitude of the rebound had been modest. With the sporadic resurgence of and subsequent restrictive measures to comprise COVID-19 throughout the nation, we intend to proceed to take a prudent method to handle our enterprise development and dangers. On the finish of the third quarter, our whole money and money equal*13 was roughly RMB10.8 billion, and we generated roughly RMB1.6 billion money from operations. Our sturdy monetary positions additional strengthen {our capability} to navigate by close to time period financial challenges.”
Mr. Yan Zheng, Chief Danger Officer, added, “We continued to decrease our threat publicity by optimizing our consumer base to deal with comparatively larger high quality teams within the third quarter. Amongst key main indicators, Day-1 delinquency*14 additional improved to 4.5% from 4.9% quarter-on-quarter, one other historic low. With the continued adjustment in our assortment operation, 30-day assortment charges*15 reached the very best degree for the 12 months in the course of the quarter. Regardless of the nonetheless difficult macro circumstances, our dedication to additional optimize our consumer base ought to assist us mitigate some influence on threat metrics from the financial uncertainties for the remainder of the 12 months.”
12 We’ve primarily used knowledge expertise instruments and AI credit score evaluation methods within the strategy of offering such providers as mortgage facilitation, post-facilitation and debtors’ referral to our prospects. Revenues from these expertise powered providers accounted for 43% of our whole web income for the third quarter 2022.
13 Together with “Money and money equivalents”, “Restricted money”, and “Safety deposit pay as you go to third-party assure corporations”.
14 “Day-1 delinquency fee” is outlined as (i) the entire quantity of principal that grew to become overdue as of a specified date, divided by (ii) the entire quantity of principal that was due for compensation as of such specified date.
15 “30 day assortment fee” is outlined as (i) the quantity of principal that was repaid in a single month among the many whole quantity of principal that grew to become overdue as of a specified date, divided by (ii) the entire quantity of principal that grew to become overdue as of such specified date.
Third Quarter 2022 Monetary Outcomes
Complete web income was RMB4,144.1 million (US$582.6 million), in comparison with RMB4,612.8 million in the identical interval of 2021, and RMB4,183.2 million within the prior quarter.
Internet income from Credit score Pushed Companies was RMB2,941.1 million (US$413.5 million), in comparison with RMB2,620.0 million in the identical interval of 2021, and RMB2,947.8 million within the prior quarter.
Mortgage facilitation and servicing fees-capital heavy had been RMB582.9 million (US$81.9 million), in comparison with RMB581.1 million in the identical interval of 2021 and RMB580.4 million within the prior quarter. The year-over-year modifications primarily mirrored modifications in mortgage facilitation quantity by capital-heavy mannequin.
Financing revenue*16 was RMB877.1 million (US$123.3 million), in comparison with RMB570.5 million in the identical interval of 2021 and RMB819.6 million within the prior quarter. The year-over-year and sequential will increase had been primarily because of the development in common excellent on-balance-sheet mortgage stability.
Income from releasing of assure liabilities was RMB1,447.6 million (US$203.5 million), in comparison with RMB1,440.7 million in the identical interval of 2021, and RMB1,524.5 million within the prior quarter. The year-over-year and sequential modifications primarily mirrored modifications in common excellent stability of off-balance-sheet capital-heavy loans in the course of the interval.
Different providers charges had been RMB33.6 million (US$4.7 million), in comparison with RMB27.6 million in the identical interval of 2021, and RMB23.3 million within the prior quarter.
Internet income from Platform Companies was RMB1,203.0 million (US$169.1 million), in comparison with RMB1,992.8 million in the identical interval of 2021 and RMB1,235.4 million within the prior quarter.
Mortgage facilitation and servicing fees-capital gentle had been RMB1,040.2 million (US$146.2 million), in comparison with RMB1,800.1 million in the identical interval of 2021 and RMB1,030.0 million within the prior quarter. The year-over-year decline was primarily resulting from lower in mortgage facilitation quantity by capital-light mannequin in addition to decline in common IRR of the loans. The sequential improve was primarily resulting from improve in mortgage facilitation quantity by capital-light mannequin and partially offset by decline in common IRR.
Referral providers charges had been RMB85.4 million (US$12.0 million), in comparison with RMB156.3 million in the identical interval of 2021 and RMB135.4 million within the prior quarter. The year-over-year decline was primarily resulting from decline in referral providers charges and mortgage facilitation quantity by ICE. The sequential decline was primarily because of the lower in mortgage facilitation quantity by ICE, partially offset by improve in different referral providers charges.
Different providers charges had been RMB77.4 million (US$10.9 million), in comparison with RMB36.5 million in the identical interval of 2021 and RMB70.1 million within the prior quarter. The year-over-year and sequential modifications primarily mirrored the expansion in mortgage facilitation quantity by different expertise options.
Complete working prices and bills had been RMB2,985.9 million (US$419.7 million), in comparison with RMB2,719.1 million in the identical interval of 2021 and RMB3,172.4 million within the prior quarter.
Facilitation, origination and servicing bills had been RMB617.3 million (US$86.8 million), in comparison with RMB627.2 million in the identical interval of 2021 and RMB555.6 million within the prior quarter. The year-over-year lower was partly resulting from enchancment in operational effectivity. The sequential improve was partly resulting from development in mortgage facilitation and origination quantity and stability.
Funding prices had been RMB138.5 million (US$19.5 million), in comparison with RMB83.8 million in the identical interval of 2021 and RMB123.9 million within the prior quarter. The year-over-year and sequential will increase had been primarily because of the development in funding from ABS and trusts.
Gross sales and advertising bills had been RMB624.1 million (US$87.7 million), in comparison with RMB577.3 million in the identical interval of 2021 and RMB615.1 million within the prior quarter. The year-over-year and sequential will increase had been primarily resulting from a extra proactive buyer acquisition technique specializing in larger high quality customers.
Basic and administrative bills had been RMB102.7 million (US$14.4 million), in comparison with RMB173.0 million in the identical interval of 2021 and RMB93.9 million within the prior quarter. The year-over-year decline was resulting from decrease skilled service charges and our continued effort to enhance operational effectivity. The sequential improve was resulting from expanded enterprise operations.
Provision for loans receivable was RMB191.5 million (US$26.9 million), in comparison with RMB360.4 million in the identical interval of 2021 and RMB416.1 million within the prior quarter. The year-over-year and sequential declines had been primarily resulting from larger reversal of prior quarters’ provision as loans facilitated in earlier quarters carried out higher than anticipated.
Provision for monetary belongings receivable was RMB115.1 million (US$16.2 million), in comparison with RMB70.1 million in the identical interval of 2021 and RMB103.7 million within the prior quarter. The year-over-year and sequential modifications mirrored the Firm’s constant method in assessing provisions commensurate with its underlying mortgage profile.
Provision for accounts receivable and contract belongings was RMB53.8 million (US$7.6 million), in comparison with RMB129.1 million in the identical interval of 2021 and RMB63.4 million within the prior quarter. The year-over-year lower was primarily resulting from a lower in mortgage facilitation quantity beneath capital-light mannequin. The sequential lower primarily mirrored the Firm’s constant method in assessing provisions commensurate with its underlying mortgage profile.
Provision for contingent legal responsibility was RMB1,142.8 million (US$160.7 million), in comparison with RMB698.3 million in the identical interval of 2021 and RMB1,200.7 million within the prior quarter. The year-over-year improve primarily mirrored decrease reversal of prior quarters’ provision beneath the Firm’s constant method in assessing provisions commensurate with its underlying mortgage profile. The sequential lower was primarily resulting from lower in mortgage facilitation quantity by capital-heavy mannequin.
Earnings from operations was RMB1,158.3 million (US$162.8 million), in comparison with RMB1,893.7 million in the identical interval of 2021 and RMB1,010.8 million within the prior quarter.
Non-GAAP revenue from operations was RMB1,207.8 million (US$169.8 million), in comparison with RMB1,963.3 million in the identical interval of 2021 and RMB1,057.5 million within the prior quarter.
Working margin was 27.9%. Non-GAAP working margin was 29.1%.
Earnings earlier than revenue tax expense was RMB1,171.5 million (US$164.7 million), in comparison with RMB1,922.7 million in the identical interval of 2021 and RMB1,155.3 million within the prior quarter.
Internet revenue was RMB988.4 million (US$138.9 million), in comparison with RMB1,565.1 million in the identical interval of 2021 and RMB975.0 million within the prior quarter.
Non-GAAP web revenue was RMB1,037.9 million (US$145.9 million), in comparison with RMB1,633.6 million in the identical interval of 2021 and RMB1,021.7 million within the prior quarter.
Internet revenue margin was 23.8%. Non-GAAP web revenue margin was 25.0%.
Internet revenue attributed to the Firm was RMB992.8 million (US$139.6 million), in comparison with RMB1,564.1 million in the identical interval of 2021 and RMB979.8 million within the prior quarter.
Non-GAAP web revenue attributed to the Firm was RMB1,042.4 million (US$146.5 million), in comparison with RMB1,633.6 million in the identical interval of 2021 and RMB1,026.6 million within the prior quarter.
Internet revenue per absolutely diluted ADS was RMB6.18 (US$0.86).
Non-GAAP web revenue per absolutely diluted ADS was RMB6.48 (US$0.91).
Weighted common fundamental ADS utilized in calculating GAAP and non-GAAP web revenue per ADS was 156.24 million.
Weighted common diluted ADS utilized in calculating GAAP and non-GAAP web revenue per ADS was 160.76 million.
16 “Financing revenue” is generated from loans facilitated by the Firm’s platform funded by the consolidated trusts and Fuzhou Microcredit, which cost charges and pursuits from debtors.
30 Day+ Delinquency Charge by Classic and 180 Day+ Delinquency Charge by Classic
The next charts and tables show the historic cumulative 30 day+ delinquency charges by mortgage facilitation and origination classic and 180 day+ delinquency charges by mortgage facilitation and origination classic for all loans facilitated and originated by the Firm’s platform. Loans beneath “ICE” and different expertise options usually are not included within the 30 day+ charts and the 180 day+ charts:
http://ml.globenewswire.com/Resource/Download/fd8f72bd-c7e7-43b5-9f00-c4359793fbed
http://ml.globenewswire.com/Resource/Download/ef182123-378f-4376-9639-9a28e9af9c3c
Quarterly Dividend
The board of administrators of the Firm has accredited a dividend of US$0.08 per strange share, or US$0.16 per ADS, for the third fiscal quarter of 2022 in accordance with the Firm’s dividend coverage, which is predicted to be paid on January 18, 2023 to shareholders of file as of the shut of enterprise on December 12, 2022.
Enterprise Outlook
Given the present macro financial circumstances, the Firm expects to proceed to take a prudent method in its enterprise planning. As such, the Firm expects mortgage facilitation and origination quantity for the fourth quarter of 2022 to be between RMB102.5 billion and RMB112.5 billion, representing year-on-year development of 6% to 16%. This outlook displays the Firm’s present and preliminary views, which is topic to materials modifications.
Director Change
The board of administrators of the Firm has accredited the appointment of Ms. Jiao Jiao to the Board as a director and confirmed the resignation of Mr. Wei Liu as a director and the vice chairman of the Board, all efficient November 11, 2022. Ms. Jiao Jiao will even serve on the nominating and company governance committee of the Board as its member, to interchange Mr. Wei Liu’s place on the committee.
“We thank Mr. Wei Liu for the contribution to our Board and the Firm throughout his tenure, and need him future success in his new endeavor,” mentioned Mr. Haisheng Wu, director and the chief govt officer of 360 DigiTech. “We’re delighted and honored to welcome Ms. Jiao Jiao to our Board. I’m assured her authorized experience and strategic insights will add excessive worth to our Board and our operations. We sit up for working together with her as we additional develop our enterprise and maximize worth for all of our stakeholders.”
Ms. Jiao Jiao has been serving as a director of 360 Group since Might 2022, the place she has additionally been serving as a vice chairman and the pinnacle of the authorized division since September 2021. From July 2019 to August 2021, Ms. Jiao served as the final counsel of Future VIPKID Restricted. Ms. Jiao served as a vice chairman and the pinnacle of the authorized division of JD.com, Inc. (NASDAQ: JD; HKEX: 9618) from June 2014 to April 2019. Previous to that, she was a lawyer at JunHe LLP from June 2005 to Might 2014. Ms. Jiao acquired her bachelor of legal guidelines and grasp of legal guidelines in 2002 and 2005, respectively, from Peking College.
Convention Name
360 DigiTech’s administration staff will host an earnings convention name at 8:00 AM U.S. Japanese Time on Monday, November 14, 2022 (9:00 PM Beijing Time on Monday, November 14).
United States: | +1-646-722-4977 |
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Hong Kong: | +852-5814-0120 |
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Mainland China: | 400-821-0637 |
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Worldwide: | +65-6408-5782 |
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PIN: | 79748713# |
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Please dial in quarter-hour earlier than the decision is scheduled to start and supply the PIN to affix the decision.
A phone replay of the decision can be out there after the conclusion of the convention name till November 21, 2022:
United States: | +1-646-982-0473 |
Worldwide: | +65-6408-5781 |
Entry code: | 520004399# |
Moreover, a stay and archived webcast of the convention name can be out there on the Investor Relations part of the Firm’s web site at ir.360shuke.com.
About 360 DigiTech
360 DigiTech, Inc. (NASDAQ: QFIN) (“360 DigiTech” or the “Firm”) is a number one Credit score-Tech platform. By way of its platform the Firm permits monetary establishments to supply higher and focused services to a broader shopper base. The Firm additionally presents standardized threat administration service, within the type of SaaS modules to institutional shoppers. The Firm’s options present seamless experiences and create noticeable benefits in buyer acquisition, funding optimization, threat evaluation and post-lending administration.
For extra data, please go to: ir.360shuke.com.
Use of Non-GAAP Monetary Measures Assertion
To complement our monetary outcomes offered in accordance with U.S. GAAP, we use non-GAAP monetary measure, which is adjusted from outcomes based mostly on U.S. GAAP to exclude share-based compensation bills. Reconciliations of our non-GAAP monetary measures to our U.S. GAAP monetary measures are set forth in tables on the finish of this earnings launch, which offer extra particulars on the non-GAAP monetary measures.
We use non-GAAP revenue from operation, non-GAAP operation margin, non-GAAP web revenue, non-GAAP web revenue margin, Non-GAAP web revenue attributed to the Firm and Non-GAAP web revenue per absolutely diluted ADS in evaluating our working outcomes and for monetary and operational decision-making functions. Non-GAAP revenue from operation represents revenue from operation excluding share-based compensation bills, non-GAAP web revenue represents web revenue excluding share-based compensation bills, non-GAAP web revenue attributed to the Firm represents web revenue attributed to the Firm excluding share-based compensation bills and non-GAAP web revenue per absolutely diluted ADS represents web revenue per absolutely diluted ADS excluding share-based compensation. Such changes don’t have any influence on revenue tax. We imagine that non-GAAP revenue from operation and non-GAAP web revenue assist determine underlying developments in our enterprise that would in any other case be distorted by the impact of sure bills that we embody in outcomes based mostly on U.S. GAAP. We imagine that non-GAAP revenue from operation and non-GAAP web revenue present helpful details about our working outcomes, improve the general understanding of our previous efficiency and future prospects and permit for larger visibility with respect to key metrics utilized by our administration in its monetary and operational decision-making. Our non-GAAP monetary data must be thought of along with outcomes ready in accordance with U.S. GAAP, however shouldn’t be thought of an alternative choice to or superior to U.S. GAAP outcomes. As well as, our calculation of non-GAAP monetary data could also be completely different from the calculation utilized by different corporations, and subsequently comparability could also be restricted.
Trade Charge Data
This announcement incorporates translations of sure RMB quantities into U.S. {dollars} at specified charges solely for the comfort of the reader. Until in any other case famous, all translations from RMB to U.S. {dollars} are made at a fee of RMB7.1135 to US$1.00, the alternate fee set forth within the H.10 statistical launch of the Board of Governors of the Federal Reserve System as of September 30, 2022.
Protected Harbor Assertion
Any forward-looking statements contained on this announcement are made beneath the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. Ahead-looking statements will be recognized by terminology corresponding to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the enterprise outlook and quotations from administration on this announcement, in addition to the Firm’s strategic and operational plans, comprise forward-looking statements. 360 DigiTech might also make written or oral forward-looking statements in its experiences to the U.S. Securities and Trade Fee (“SEC”), in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic info, together with the Firm’s enterprise outlook, beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot of components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, which components embody however not restricted to the next: the Firm’s development methods, the Firm’s cooperation with 360 Group, modifications in legal guidelines, guidelines and regulatory environments, the popularity of the Firm’s model, market acceptance of the Firm’s services, developments and developments within the credit-tech business, governmental insurance policies regarding the credit-tech business, common financial circumstances in China and across the globe, and assumptions underlying or associated to any of the foregoing. Additional data relating to these and different dangers and uncertainties is included in 360 DigiTech’s filings with the SEC. All data offered on this press launch and within the attachments is as of the date of this press launch, and 360 DigiTech doesn’t undertake any obligation to replace any forward-looking assertion, besides as required beneath relevant legislation.
For extra data, please contact:
360 DigiTech
E-mail: ir@360shuke.com
Christensen
In China
Mr. Eric Yuan
Cellphone: +86-138-0111-0739
E-mail: eric.yuan@christensencomms.com
In US
Ms. Linda Bergkamp
Cellphone: +1-480-614-3004
E mail: linda.bergkamp@christensencomms.com
Unaudited Condensed Consolidated Stability Sheets
(Quantities in hundreds of Renminbi (“RMB”) and U.S. {dollars} (“USD”)
apart from variety of shares and per share knowledge, or in any other case famous)
| December 31, | September 30, | September 30, |
| 2021 | 2022 | 2022 |
| RMB | RMB | USD |
ASSETS |
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Present belongings: |
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Money and money equivalents | 6,116,360 | 7,219,700 | 1,014,929 |
Restricted money | 2,643,587 | 3,009,630 | 423,087 |
Brief time period investments | – | 30,000 | 4,217 |
Safety deposit pay as you go to third-party assure corporations | 874,886 | 549,548 | 77,254 |
Funds receivable from third occasion cost service suppliers | 153,151 | 983,851 | 138,308 |
Accounts receivable and contract belongings, web | 3,097,254 | 3,109,128 | 437,074 |
Monetary belongings receivable, web | 3,806,243 | 3,321,117 | 466,875 |
Quantities due from associated events | 837,324 | 518,001 | 72,819 |
Loans receivable, web | 9,844,481 | 14,002,507 | 1,968,441 |
Pay as you go bills and different belongings | 383,937 | 534,340 | 75,116 |
Complete present belongings | 27,757,223 | 33,277,822 | 4,678,120 |
Non-current belongings: |
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Accounts receivable and contract belongings, net-non present | 223,474 | 298,161 | 41,915 |
Monetary belongings receivable, net-non present | 597,965 | 755,977 | 106,274 |
Quantities due from associated events | 140,851 | 72,245 | 10,156 |
Loans receivable, net-non present | 2,859,349 | 3,289,501 | 462,431 |
Property and gear, web | 24,941 | 25,170 | 3,538 |
Land use rights,web | 1,018,908 | 1,003,366 | 141,051 |
Intangible belongings | 4,961 | 4,835 | 680 |
Deferred tax belongings | 834,717 | 1,170,598 | 164,560 |
Different non-current belongings | 42,606 | 64,702 | 9,097 |
Complete non-current belongings | 5,747,772 | 6,684,555 | 939,702 |
TOTAL ASSETS | 33,504,995 | 39,962,377 | 5,617,822 |
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LIABILITIES AND EQUITY |
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Present liabilities: |
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Payable to buyers of the consolidated trusts-current | 2,304,518 | 6,173,089 | 867,799 |
Accrued bills and different present liabilities | 2,258,329 | 2,267,693 | 318,787 |
Quantities resulting from associated events | 214,057 | 203,324 | 28,583 |
Brief time period loans | 397,576 | 639,764 | 89,937 |
Assure liabilities-stand prepared | 4,818,144 | 4,385,117 | 616,450 |
Assure liabilities-contingent | 3,285,081 | 3,404,333 | 478,574 |
Earnings tax payable | 624,112 | 683,342 | 96,063 |
Different tax payable | 241,369 | 186,270 | 26,185 |
Complete present liabilities | 14,143,186 | 17,942,932 | 2,522,378 |
Non-current liabilities: |
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Deferred tax liabilities | 121,426 | 196,517 | 27,626 |
Payable to buyers of the consolidated trusts-noncurrent | 4,010,597 | 3,802,348 | 534,526 |
Different long-term liabilities | 13,177 | 31,067 | 4,366 |
Complete non-current liabilities | 4,145,200 | 4,029,932 | 566,518 |
TOTAL LIABILITIES | 18,288,386 | 21,972,864 | 3,088,896 |
TOTAL 360 DIGITECH INC EQUITY | 15,203,863 | 17,901,272 | 2,516,521 |
Noncontroling pursuits | 12,746 | 88,241 | 12,405 |
TOTAL EQUITY | 15,216,609 | 17,989,513 | 2,528,926 |
TOTAL LIABILITIES AND EQUITY | 33,504,995 | 39,962,377 | 5,617,822 |
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Unaudited Condensed Consolidated Statements of Operations
(Quantities in hundreds of Renminbi (“RMB”) and U.S. {dollars} (“USD”)
apart from variety of shares and per share knowledge, or in any other case famous)
| Three months ended September 30, |
| 9 months ended September 30, | ||||||||||
| 2021 | 2022 | 2022 |
| 2021 | 2022 | 2022 | ||||||
| RMB | RMB | USD |
| RMB | RMB | USD | ||||||
Credit score pushed providers | 2,619,968 |
| 2,941,106 |
| 413,454 |
|
| 7,476,006 |
| 8,809,503 |
| 1,238,420 |
|
Mortgage facilitation and servicing fees-capital heavy | 581,055 |
| 582,857 |
| 81,937 |
|
| 1,846,102 |
| 1,724,628 |
| 242,444 |
|
Financing revenue | 570,547 |
| 877,051 |
| 123,294 |
|
| 1,468,075 |
| 2,485,871 |
| 349,458 |
|
Income from releasing of assure liabilities | 1,440,719 |
| 1,447,592 |
| 203,499 |
|
| 4,088,453 |
| 4,522,107 |
| 635,708 |
|
Different providers charges | 27,647 |
| 33,606 |
| 4,724 |
|
| 73,376 |
| 76,897 |
| 10,810 |
|
Platform providers | 1,992,845 |
| 1,203,023 |
| 169,118 |
|
| 4,737,574 |
| 3,837,872 |
| 539,520 |
|
Mortgage facilitation and servicing fees-capital gentle | 1,800,071 |
| 1,040,210 |
| 146,230 |
|
| 4,192,673 |
| 3,169,165 |
| 445,514 |
|
Referral providers charges | 156,295 |
| 85,381 |
| 12,003 |
|
| 442,889 |
| 468,031 |
| 65,795 |
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Different providers charges | 36,479 |
| 77,432 |
| 10,885 |
|
| 102,012 |
| 200,676 |
| 28,211 |
|
Complete web income | 4,612,813 |
| 4,144,129 |
| 582,572 |
|
| 12,213,580 |
| 12,647,375 |
| 1,777,940 |
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Facilitation, origination and servicing | 627,192 |
| 617,311 |
| 86,780 |
|
| 1,662,927 |
| 1,787,872 |
| 251,335 |
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Funding prices | 83,753 |
| 138,475 |
| 19,467 |
|
| 245,995 |
| 366,105 |
| 51,466 |
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Gross sales and advertising | 577,264 |
| 624,104 |
| 87,735 |
|
| 1,462,210 |
| 1,791,761 |
| 251,882 |
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Basic and administrative | 173,003 |
| 102,721 |
| 14,440 |
|
| 416,777 |
| 318,869 |
| 44,826 |
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Provision for loans receivable | 360,399 |
| 191,542 |
| 26,927 |
|
| 742,286 |
| 1,098,859 |
| 154,475 |
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Provision for monetary belongings receivable | 70,085 |
| 115,144 |
| 16,187 |
|
| 173,661 |
| 279,361 |
| 39,272 |
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Provision for accounts receivable and contract belongings | 129,086 |
| 53,762 |
| 7,558 |
|
| 286,202 |
| 170,787 |
| 24,009 |
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Provision for contingent liabilities | 698,313 |
| 1,142,820 |
| 160,655 |
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| 1,918,899 |
| 3,305,458 |
| 464,674 |
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Complete working prices and expenses | 2,719,095 |
| 2,985,879 |
| 419,749 |
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| 6,908,957 |
| 9,119,072 |
| 1,281,939 |
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Earnings from operations | 1,893,718 |
| 1,158,250 |
| 162,823 |
|
| 5,304,623 |
| 3,528,303 |
| 496,001 |
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Curiosity revenue, web | 26,915 |
| 57,819 |
| 8,128 |
|
| 109,790 |
| 126,007 |
| 17,714 |
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Overseas alternate achieve (loss) | 4,002 |
| (68,583 | ) | (9,641 | ) |
| 17,897 |
| (155,241 | ) | (21,823 | ) |
Different (expense) revenue, web | (12,074 | ) | 24,027 |
| 3,378 |
|
| 38,737 |
| 227,485 |
| 31,979 |
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Funding achieve (loss) | 10,115 |
| – |
| – |
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| 10,115 |
| (8,996 | ) | (1,265 | ) |
Earnings earlier than revenue tax expense | 1,922,676 |
| 1,171,513 |
| 164,688 |
|
| 5,481,162 |
| 3,717,558 |
| 522,606 |
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Earnings taxes expense | (358,599 | ) | (183,159 | ) | (25,748 | ) |
| (1,021,956 | ) | (579,891 | ) | (81,520 | ) |
Internet revenue | 1,564,077 |
| 988,354 |
| 138,940 |
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| 4,459,206 |
| 3,137,667 |
| 441,086 |
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Internet (revenue) loss attributable to noncontrolling pursuits | – |
| 4,481 |
| 630 |
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| (42 | ) | 14,505 |
| 2,039 |
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Internet revenue attributable to ordinary shareholders of the Firm | 1,564,077 |
| 992,835 |
| 139,570 |
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| 4,459,164 |
| 3,152,172 |
| 443,125 |
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Internet revenue per strange share attributable to strange shareholders of 360 DigiTech, Inc. |
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Fundamental | 5.08 |
| 3.18 |
| 0.45 |
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| 14.54 |
| 10.12 |
| 1.42 |
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Diluted | 4.87 |
| 3.09 |
| 0.43 |
|
| 13.89 |
| 9.81 |
| 1.38 |
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Internet revenue per ADS attributable to strange shareholders of 360 DigiTech, Inc. |
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Fundamental | 10.16 |
| 6.36 |
| 0.90 |
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| 29.08 |
| 20.24 |
| 2.84 |
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Diluted | 9.74 |
| 6.18 |
| 0.86 |
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| 27.78 |
| 19.62 |
| 2.76 |
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Weighted common shares utilized in calculating web revenue per strange share |
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Fundamental | 308,110,677 |
| 312,481,135 | 312,481,135 |
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| 306,641,972 |
| 311,571,575 |
| 311,571,575 |
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Diluted | 321,368,936 |
| 321,521,765 | 321,521,765 |
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| 320,946,727 |
| 321,224,803 |
| 321,224,803 |
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Unaudited Condensed Consolidated Statements of Money Flows
(Quantities in hundreds of Renminbi (“RMB”) and U.S. {dollars} (“USD”)
apart from variety of shares and per share knowledge, or in any other case famous)
| Three months ended September 30, |
| 9 months ended September 30, |
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| 2021 | 2022 | 2022 |
| 2021 | 2022 | 2022 |
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| RMB | RMB | USD |
| RMB | RMB | USD |
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Internet money offered by working actions | 1,776,677 |
| 1,592,127 |
| 223,819 |
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| 3,778,316 |
| 4,130,038 |
| 580,590 |
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Internet money (utilized in) investing actions | (3,430,815 | ) | (2,981,196 | ) | (419,090 | ) |
| (5,718,813 | ) | (5,675,628 | ) | (797,867 | ) |
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Internet money offered by financing actions | 455,225 |
| 881,092 |
| 123,862 |
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| 1,806,770 |
| 3,010,269 |
| 423,176 |
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Impact of international alternate fee modifications | 43 |
| 7,081 |
| 994 |
|
| (2,709 | ) | 4,704 |
| 663 |
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Internet (lower) improve in money and money equivalents | (1,198,870 | ) | (500,896 | ) | (70,415 | ) |
| (136,436 | ) | 1,469,383 |
| 206,562 |
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Money, money equivalents, and restricted money, starting of interval | 7,836,700 |
| 10,730,226 |
| 1,508,431 |
|
| 6,774,266 |
| 8,759,947 |
| 1,231,454 |
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Money, money equivalents, and restricted money, finish of interval | 6,637,830 |
| 10,229,330 |
| 1,438,016 |
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| 6,637,830 |
| 10,229,330 |
| 1,438,016 |
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In December 2021, the Firm acquired 30% fairness curiosity of Shanghai 360 Changfeng Know-how Co., Ltd. (“360 Changfeng”). Earlier than the transaction, the Firm owns 40% fairness curiosity of 360 Changfeng and accounted for it as fairness methodology funding. As such, it consolidated 360 Changfeng’s monetary assertion into its monetary statements after the transaction. The transaction is between entities beneath frequent management and has been retrospectively mirrored within the consolidated monetary statements from the start of 2021, however to not prior 12 months as there isn’t any influence. 360 Changfeng’s main transaction in 2021 is to buy the land use proper on the quantity of RMB 1 billion within the first half 12 months which is classed as “web money utilized in working actions” mirrored within the Condensed Consolidated Statements of Money Flows for the 9 months ended September 30, 2021. The main points of the transaction was offered within the Firm’s press launch furnished to the SEC on type 6-Ok which dated on December 20, 2021. |
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Unaudited Condensed Consolidated Statements of Complete Earnings
(Quantities in hundreds of Renminbi (“RMB”) and U.S. {dollars} (“USD”)
apart from variety of shares and per share knowledge, or in any other case famous)
360 DigiTech, Inc |
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Unaudited Condensed Consolidated Statements of Complete (Loss)/Earnings |
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(Quantities in hundreds of Renminbi (“RMB”) and U.S. {dollars} (“USD”) | ||||
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| Three months ended September 30, | |||
| 2021 | 2022 | 2022 | |
| RMB | RMB | USD | |
Internet revenue | 1,564,077 |
| 988,354 | 138,940 |
Different complete revenue, web of tax of nil: |
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Overseas forex translation adjustment | (4,435 | ) | 36,950 | 5,194 |
Different complete (loss) revenue | (4,435 | ) | 36,950 | 5,194 |
Complete complete revenue | 1,559,642 |
| 1,025,304 | 144,134 |
Complete loss attributable to noncontrolling pursuits | – |
| 4,481 | 630 |
Complete revenue attributable to strange shareholders | 1,559,642 |
| 1,029,785 | 144,764 |
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| 9 months ended September 30, | |||
| 2021 | 2022 | 2022 | |
| RMB | RMB | USD | |
Internet revenue | 4,459,206 |
| 3,137,667 | 441,086 |
Different complete revenue, web of tax of nil: |
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Overseas forex translation adjustment | (20,227 | ) | 80,270 | 11,284 |
Different complete (loss) revenue | (20,227 | ) | 80,270 | 11,284 |
Complete complete revenue | 4,438,979 |
| 3,217,937 | 452,370 |
Complete (revenue) loss attributable to noncontrolling pursuits | (42 | ) | 14,505 | 2,039 |
Complete revenue attributable to strange shareholders | 4,438,937 |
| 3,232,442 | 454,409 |
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Unaudited Reconciliations of GAAP and Non-GAAP Outcomes
(Quantities in hundreds of Renminbi (“RMB”) and U.S. {dollars} (“USD”)
apart from variety of shares and per share knowledge, or in any other case famous)
| Three months ended September 30, | ||||
| 2021 | 2022 | 2022 | ||
| RMB | RMB | USD | ||
Reconciliation of Non-GAAP Internet Earnings to Internet Earnings |
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Internet revenue | 1,564,077 |
| 988,354 |
| 138,940 |
Add: Share-based compensation bills | 69,540 |
| 49,550 |
| 6,966 |
Non-GAAP web revenue | 1,633,617 |
| 1,037,904 |
| 145,906 |
GAAP web revenue margin | 33.9 | % | 23.8 | % |
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Non-GAAP web revenue margin | 35.4 | % | 25.0 | % |
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Internet revenue attributable to shareholders of 360 DigiTech, Inc | 1,564,077 |
| 992,835 |
| 139,570 |
Add: Share-based compensation bills | 69,540 |
| 49,550 |
| 6,966 |
Non-GAAP web revenue attributable to shareholders of 360 DigiTech, Inc | 1,633,617 |
| 1,042,385 |
| 146,536 |
Weighted common ADS utilized in calculating web revenue per strange share for each GAAP and non-GAAP EPS -diluted | 160,684,468 |
| 160760883 |
| 160760883 |
Internet revenue per ADS attributable to strange shareholders of 360 DigiTech, Inc. -diluted | 9.74 |
| 6.18 |
| 0.86 |
Non-GAAP web revenue per ADS attributable to strange shareholders of 360 DigiTech, Inc. -diluted | 10.17 |
| 6.48 |
| 0.91 |
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Reconciliation of Non-GAAP Earnings from operations to Earnings from operations |
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Earnings from operations | 1,893,718 |
| 1,158,250 |
| 162,823 |
Add: Share-based compensation bills | 69,540 |
| 49,550 |
| 6,966 |
Non-GAAP Earnings from operations | 1,963,258 |
| 1,207,800 |
| 169,789 |
GAAP working margin | 41.1 | % | 27.9 | % |
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Non-GAAP working margin | 42.6 | % | 29.1 | % |
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| 9 months ended September 30, | ||||
| 2021 | 2022 | 2022 | ||
| RMB | RMB | USD | ||
Reconciliation of Non-GAAP Internet Earnings to Internet Earnings |
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Internet revenue | 4,459,206 |
| 3,137,667 |
| 441,086 |
Add: Share-based compensation bills | 196,371 |
| 148,383 |
| 20,859 |
Non-GAAP web revenue | 4,655,577 |
| 3,286,050 |
| 461,945 |
GAAP web revenue margin | 36.5 | % | 24.8 | % |
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Non-GAAP web revenue margin | 38.1 | % | 26.0 | % |
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Internet revenue attributable to shareholders of 360 DigiTech, Inc | 4,459,164 |
| 3,152,172 |
| 443,125 |
Add: Share-based compensation bills | 196,371 |
| 148,383 |
| 20,859 |
Non-GAAP web revenue attributable to shareholders of 360 DigiTech, Inc | 4,655,535 |
| 3,300,555 |
| 463,984 |
Weighted common ADS utilized in calculating web revenue per strange share for each GAAP and non-GAAP EPS -diluted | 160,473,363 |
| 160612402 |
| 160612402 |
Internet revenue per ADS attributable to strange shareholders of 360 DigiTech, Inc. -diluted | 27.78 |
| 19.62 |
| 2.76 |
Non-GAAP web revenue per ADS attributable to strange shareholders of 360 DigiTech, Inc. -diluted | 29.01 |
| 20.55 |
| 2.89 |
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Reconciliation of Non-GAAP Earnings from operations to Earnings from operations |
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Earnings from operations | 5,304,623 |
| 3,528,303 |
| 496,001 |
Add: Share-based compensation bills | 196,371 |
| 148,383 |
| 20,859 |
Non-GAAP Earnings from operations | 5,500,994 |
| 3,676,686 |
| 516,860 |
GAAP working margin | 43.4 | % | 27.9 | % |
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Non-GAAP working margin | 45.0 | % | 29.1 | % |
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