EX-99.1 2 tm2230428d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

X Financial Reports Third Quarter 2022 Unaudited Financial Results

 

SHENZHEN, China, November 16, 2022 /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 third quarter ended September 30, 2022.

 

Third Quarter 2022 Financial Highlights

 

· Total net revenue in the third quarter of 2022 was RMB894.6 million (US$125.8 million), representing a decrease of 7.2% from RMB964.4 million in the same period of 2021.

 

·Income from operations in the third quarter of 2022 was RMB300.4 million (US$42.2 million), compared with RMB410.6 million in the same period of 2021.

 

·Net income in the third quarter of 2022 was RMB211.7 million (US$29.8 million), compared with RMB267.2 million in the same period of 2021.

 

·Non-GAAP1 adjusted net income in the third quarter of 2022 was RMB231.1 million (US$32.5 million), compared with RMB277.0 million in the same period of 2021.

 

·Net income per basic and diluted American depositary share (“ADS”)2 in the third quarter of 2022 was RMB3.96 (US$0.56) and RMB3.84 (US$0.54), compared with RMB4.80 and RMB4.68, respectively, in the same period of 2021.

 

·Non-GAAP adjusted net income per basic and adjusted diluted ADS in the third quarter of 2022 was RMB4.32 (US$0.61) and RMB4.20 (US$0.59), compared with RMB4.98 and RMB4.86, respectively, in the same period of 2021.

 

Third Quarter 2022 Operational Highlights

 

·The total loan amount facilitated and originated3 in the third quarter of 2022 was RMB19,825 million, representing an increase of 31.4% from RMB15,085 million in the same period of 2021 and an increase of 17.5% from RMB16,879 million in the previous quarter. Xiaoying Credit Loan4 accounted for 99.6% of the Company's total loan amount facilitated and originated in the third quarter of 2022, compared with 100% in the same period of 2021.

 

 

1 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 and income (loss) from financial 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.

2 Each American depositary share (“ADS”) represents six Class A ordinary shares. On November 19, 2020, a ratio change that has the same effect as a 1-for-3 reverse ADS split took effect, and as a result, one ADS currently represents six Class A ordinary shares.

3 Represents the total amount of loans that X Financial facilitated and originated during the relevant period.

4 Xiaoying Credit Loan is a category of online personal credit loan products facilitated and originated through our platform, including Xiaoying Card Loan and other unsecured loan products we introduce from time to time.

 

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·The total outstanding loan balance5 as of September 30, 2022 was RMB33,789 million, compared with RMB29,075 million as of June 30, 2022 and RMB24,509 million as of September 30, 2021.

 

·The delinquency rate for all outstanding loans6 that are past due for 31-60 days as of September 30, 2022 was 0.77%, compared with 0.93% as of June 30, 2022 and 0.96% as of September 30, 2021.

 

·The number of cumulative borrowers7 was 9.7 million as of September 30, 2022.

 

·Total cumulative registered users reached 78.9 million as of September 30, 2022.

 

Mr. Justin Tang, the Founder, Chief Executive Officer and Chairman of the Company, commented, “We are pleased with our operational and financial results in the third quarter. The loan facilitation amount reached the high end of our previous guidance, asset quality steadily improved, and both top line and bottom line saw sequential growth. Against the macro headwinds such as economic slowdown and consumption softness amid the COVID-19 resurgence, our performance further demonstrates our healthy fundamentals, effective strategic positioning, proven strategy, and strong execution capability.”

 

“We believe China's consumer and micro and small businesses financing markets still have great potential and we are confident of delivering sustainable growth in the long term. During recent months, we continued to execute our share repurchase program initiated earlier this year. This share repurchase program is aligned with our commitment to enhancing shareholder value and reflects the Board's confidence in the Company's long-term prospects. Our Board further increased our share repurchase program to US$30 million. We believe that our business strategy and execution will continue to further enhance shareholder value in the long term.”

 

Mr. Kent Li, President of the Company, added, “During the third quarter, our total loan amount facilitated and originated reached about RMB19.8 billion, an increase of 31.4% year-over-year and 17.5% quarter-over-quarter. We continued to improve our asset quality with prudent risk management. On a sequential basis, the delinquency rate for all outstanding loans past due for 31-60 days decreased from 0.93% to 0.77% as of the end of September. In addition, we further expanded our premium borrower base. Our number of active borrowers increased to 1.4 million in the third quarter, a new record in the Company’s history. This expanding premium borrower base has underpinned our quality growth during challenging times and laid a solid foundation for our future development. Moving ahead, we will continue to enhance our risk management and borrower acquisition efforts.”

 

Mr. Frank Fuya Zheng, Chief Financial Officer of the Company, added, “We are pleased to deliver a steady financial performance in the third quarter. Total net revenue increased by 8.5% quarter-over-quarter to RMB894.6 million, while net income increased by 14.0% quarter-over-quarter to RMB211.7 million. We continued to deepen our collaboration with institutional funding partners to serve diverse personal financing needs and disciplined cost control measures to improve operational efficiency. Despite macro uncertainties ahead, we believe we are well positioned in the market with our trusted brand, strong technology and underlying earnings strength. We will strike a balance to drive long term growth and increase shareholder value through sound capital allocation strategy."

  

 

5 Represents the total amount of loans outstanding for loans X Financial 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.

6 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 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 September 30, 2021, June 30, 2022 and September 30, 2022 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.

7 Represents borrowers who made at least one transaction during that period from the commencement of the Company’s loan facilitation business to a certain date on the Company’s platform.

 

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Third Quarter 2022 Financial Results

 

Total net revenue in the third quarter of 2022 decreased by 7.2% to RMB894.6 million (US$125.8 million) from RMB964.4 million in the same period of 2021, primarily due to a decrease in average total borrowing cost of the borrowers; and also partially offset by an increase in the total loan amount facilitated and originated this quarter compared with the same period of 2021.

 

Loan facilitation service fees in the third quarter of 2022 decreased by 25.2% to RMB502.0 million (US$70.6 million) from RMB670.9 million in the same period of 2021, primarily due to a decrease in average total borrowing cost of the borrowers; and also partially offset by an increase in the total loan amount facilitated this quarter compared with the same period of 2021.

 

Post-origination service fees in the third quarter of 2022 increased by 8.6% to RMB96.0 million (US$13.5 million) from RMB88.4 million in the same period of 2021, 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 third quarter of 2022 increased by 46.0% to RMB251.6 million (US$35.4 million) from RMB172.3 million in the same period of 2021, primarily due to an increase in average loan balances compared with the same period of 2021.

 

Other revenue in the third quarter of 2022 increased by 37.7% to RMB45.0 million (US$6.3 million), compared with RMB32.7 million in the same period of 2021, primarily due to an increase in referral service fee for introducing borrowers to other platforms.

 

Origination and servicing expenses in the third quarter of 2022 increased by 11.7% to RMB540.5 million (US$76.0 million) from RMB483.8 million in the same period of 2021, primarily due to the following factors: (i) an increase in commission fees resulting from the increase in the total loan amount facilitated and originated this quarter, (ii) an increase in interest expenses as a result of the increase in payable to institutional funding partners, and (iii) partially offset by a decrease in insurance fee paid to insurance company.

 

Reversal of provision for accounts receivable and contract assets in the third quarter of 2022 was RMB4.4 million (US$0.6 million), compared with provision for accounts receivable and contract assets of RMB15.2 million in the same period of 2021, primarily due to a decrease in the average estimated default rate compared with the same period of 2021.

 

Provision for loans receivable in the third quarter of 2022 was RMB17.2 million (US$2.4 million), compared with RMB10.2 million in the same period of 2021, primarily due to an increase in loans receivable held by the Company as a result of the increase in the total loan amount facilitated and originated this quarter compared with the same period of 2021, and partially offset by a decrease in the average estimated default rate compared with the same period of 2021.

 

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Income from operations in the third quarter of 2022 was RMB300.4 million (US$42.2 million), compared with RMB410.6 million in the same period of 2021.

 

Income before income taxes and loss from equity in affiliates in the third quarter of 2022 was RMB302.9 million (US$42.6 million), compared with income before income taxes and gain from equity in affiliates of RMB385.2 million in the same period of 2021.

 

Income tax expense in the third quarter of 2022 was RMB91.1 million (US$12.8 million), compared with RMB119.5 million in the same period of 2021.

 

Net income in the third quarter of 2022 was RMB211.7 million (US$29.8 million), compared with RMB267.2 million in the same period of 2021.

 

Non-GAAP adjusted net income in the third quarter of 2022 was RMB231.1 million (US$32.5 million), compared with RMB277.0 million in the same period of 2021.

 

Net income per basic and diluted ADS in the third quarter of 2022 was RMB3.96 (US$0.56), and RMB3.84 (US$0.54), compared with RMB4.80 and RMB4.68, respectively, in the same period of 2021.

 

Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2022 was RMB4.32 (US$0.61), and RMB4.20 (US$0.59), compared with RMB4.98 and RMB4.86 respectively, in the same period of 2021.

 

Cash and cash equivalents was RMB653.7 million (US$91.9 million) as of September 30, 2022, compared with RMB702.9 million as of June 30, 2022.

 

Share Repurchase Plan

 

On September 30, 2022, the Company announced that its board of directors authorized an increase in its share repurchase program to US$20 million from US$15 million, effective through September 2023. As of the date of this announcement, the Company had repurchased an aggregate of 218,178 ADSs and 38,088,855 Class A ordinary shares for a total consideration of US$18.1 million.

 

On November 16, 2022, the Company announced that its board of directors has authorized to further increase its share repurchase program to US$30 million. The share repurchase program will remain effective through September 2023.

 

Business Outlook

 

For the fourth quarter of 2022, the Company expects the total loan amount facilitated and originated to be between RMB19.5 billion and RMB21.0 billion. For the full year of 2022, the Company expects the total loan amount facilitated and originated to be between RMB71.5 billion and RMB73.0 billion. This forecast reflects the Company’s current and preliminary views, which are subject to changes.

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Conference Call

 

X Financial’s management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 17, 2022 (8:00 PM Beijing / Hong Kong Time on the same day).

 

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 November 24, 2022:

 

United States: 1-877-344-7529
International: 1-412-317-0088
Passcode: 3350951

 

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.

 

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We use in this press release the following non-GAAP financial measures: (i) adjusted net income, (ii) adjusted net income per basic ADS, and (iii) adjusted net income per diluted ADS, each of which excludes income (loss) from financial investments, impairment losses on financial investments and share-based compensation expense. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as 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 RMB7.1135 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 September 30, 2022.

 

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 following: 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.

 

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For more information, please contact:

 

X Financial 

Mr. Frank Fuya Zheng 

E-mail: ir@xiaoying.com

 

Christensen IR

 

In China 

Mr. Eric Yuan 

Phone: +86-10-5900-1548 

E-mail: eric.yuan@christensencomms.com

 

In US 

Ms. Linda Bergkamp 

Phone: +1-480-614-3004 

Email: linda.bergkamp@christensencomms.com

 

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X Financial

Unaudited Condensed Consolidated Balance Sheets       

 

(In thousands, except for share and per share data)  As of December 31, 2021   As of September 30, 2022   As of September 30, 2022 
     RMB     RMB    USD 
ASSETS               
Cash and cash equivalents   584,762    653,722    91,899 
Restricted cash   407,276    468,348    65,839 
Accounts receivable and contract assets, net   747,480    922,239    129,646 
Loans receivable from Xiaoying Credit Loans and Revolving Loans, net   2,484,073    3,751,936    527,439 
Loans at fair value   389,679    205,646    28,909 
Deposits to institutional cooperators, net   1,500,407    1,631,129    229,300 
Prepaid expenses and other current assets, net   213,127    69,543    9,780 
Financial guarantee derivative   11,817    -    - 
Deferred tax assets, net   274,869    121,287    17,050 
Long-term investments   560,038    566,687    79,664 
Property and equipment, net   6,188    5,334    750 
Intangible assets, net   36,817    37,150    5,222 
Loan receivable from Xiaoying Housing Loans, net   12,083    10,061    1,414 
Financial investments   82,844    167,099    23,490 
Other non-current assets   31,277    62,736    8,819 
TOTAL ASSETS   7,342,737    8,672,917    1,219,221 
                
LIABILITIES               
Payable to investors at fair value   462,714    250,635    35,234 
Payable to institutional funding partners   1,487,379    2,509,891    352,835 
Financial guarantee derivative   565,953    319,489    44,913 
Short-term borrowings   166,500    90,209    12,681 
Accrued payroll and welfare   44,605    47,054    6,615 
Other tax payable   219,544    245,500    34,512 
Income tax payable   117,148    248,859    34,984 
Deposit payable to channel cooperators   21,012    20,100    2,826 
Accrued expenses and other current liabilities   268,967    360,344    50,656 
Other non-current liabilities   12,019    48,192    6,775 
Deferred tax liabilities   -    2,405    338 
TOTAL LIABILITIES   3,365,841    4,142,678    582,369 
                
Commitments and Contingencies               
Equity:               
Common shares   207    207    29 
Treasury stock   -    (95,865)   (13,476)
Additional paid-in capital   3,159,523    3,201,238    450,023 
Retained earnings   810,856    1,348,212    189,529 
Other comprehensive income   6,310    76,447    10,747 
Total X Financial shareholders' equity   3,976,896    4,530,239    636,852 
Non-controlling interests   -    -    - 
TOTAL EQUITY   3,976,896    4,530,239    636,852 
                
TOTAL LIABILITIES AND EQUITY   7,342,737    8,672,917    1,219,221 

 

 

 

 

X Financial

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
(In thousands, except for share and per share data)  2021   2022   2022   2021   2022   2022 
   RMB   RMB   USD   RMB   RMB   USD 
Net revenues                              
Loan facilitation service   670,885    501,972    70,566    2,057,818    1,482,206    208,365 
Post-origination service   88,420    96,026    13,499    220,823    265,673    37,348 
Financing income   172,349    251,607    35,370    452,808    717,638    100,884 
Other revenue   32,697    45,012    6,328    71,618    141,791    19,933 
Total net revenue   964,351    894,617    125,763    2,803,067    2,607,308    366,530 
                               
Operating costs and expenses:                              
Origination and servicing   483,833    540,451    75,975    1,577,209    1,538,011    216,210 
General and administrative   39,081    42,590    5,987    125,652    129,078    18,145 
Sales and marketing   5,440    3,726    524    15,512    12,952    1,821 
(Reversal of) provision for accounts receivable and contract assets   15,237    (4,385)   (616)   57,719    47,386    6,661 
Provision for loans receivable   10,199    17,216    2,420    35,695    83,180    11,693 
Reversal of provision for contingent guarantee liabilities   -    -    -    (24)   (14,000)   (1,968)
(Reversal of) provision for credit losses on deposits to institutional cooperators   392    (5,407)   (760)   (7,782)   3,127    440 
Reversal of provision for credit losses for other financial assets   (382)   -    -    (382)   (765)   (108)
Total operating costs and expenses   553,800    594,191    83,530    1,803,599    1,798,969    252,894 
                               
Income from operations   410,551    300,426    42,233    999,468    808,339    113,636 
Interest income, net   6,382    643    90    15,990    3,359    472 
Foreign exchange gain (loss)   (954)   (13,991)   (1,967)   1,240    (26,137)   (3,674)
Impairment losses on financial investments   -    (8,875)   (1,248)   -    (8,875)   (1,248)
Income (loss) from financial investments   -    1,823    256    -    (7,802)   (1,097)
Fair value adjustments related to Consolidated Trusts   7,570    (4,886)   (687)   (108)   (6,377)   (896)
Change in fair value of financial guarantee derivative   (48,042)   21,649    3,043    (143,658)   46,274    6,505 
Other income, net   9,644    6,106    858    16,745    32,134    4,517 
                               
Income before income taxes and gain (loss) from equity in affiliates   385,151    302,895    42,578    889,677    840,915    118,215 
                               
Income tax expense   (119,458)   (91,104)   (12,807)   (214,566)   (314,380)   (44,195)
Gain (loss) from equity in affiliates, net of tax   1,548    (67)   (9)   4,775    10,821    1,521 
Net income   267,241    211,724    29,762    679,886    537,356    75,541 
Less: net income attributable to non-controlling interests   -    -    -    -    -    - 
Net income attributable to X Financial shareholders  267,241    211,724    29,762    679,886    537,356    75,541 
                               
Net income   267,241    211,724    29,762    679,886    537,356    75,541 
Other comprehensive income, net of tax of nil:                              
Gain from equity in affiliates   -    96    13    -    166    23 
Foreign currency translation adjustments   1,957    37,254    5,237    (4,515)   69,971    9,836 
Comprehensive income   269,198    249,074    35,012    675,371    607,493    85,400 
Less: comprehensive income attributable to non-controlling interests   -    -    -    -    -    - 
Comprehensive income attributable to X Financial shareholders   269,198    249,074    35,012    675,371    607,493    85,400 
                               
Net income per share—basic   0.80    0.66    0.09    2.06    1.64    0.23 
Net income per share—diluted   0.78    0.64    0.09    2.00    1.60    0.22 
                               
Net income per ADS—basic   4.80    3.96    0.56    12.36    9.84    1.38 
Net income per ADS—diluted   4.68    3.84    0.54    12.00    9.60    1.35 
                               
Weighted average number of ordinary shares outstanding—basic   332,503,053    321,742,209    321,742,209    329,347,604    328,467,902    328,467,902 
Weighted average number of ordinary shares outstanding—diluted   342,343,280    328,981,034    328,981,034    339,187,831    335,706,728    335,706,728 

 

 

 

  

X Financial

Unaudited Reconciliations of GAAP and Non-GAAP Results

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
(In thousands, except for share and per share data)  2021   2022   2022   2021   2022   2022 
   RMB   RMB   USD   RMB   RMB   USD 
GAAP net income   267,241    211,724    29,762    679,886    537,356    75,541 
Less: Impairment losses on financial investments (net of tax of nil)   -    (8,875)   (1,248)   -    (8,875)   (1,248)
Less: Income (loss) from financial investments (net of tax of nil)   -    1,823    256    -    (7,802)   (1,097)
Add: Share-based compensation expenses (net of tax of nil)   9,719    12,349    1,736    51,006    41,686    5,860 
Non-GAAP adjusted net income   276,960    231,125    32,490    730,892    595,719    83,746 
                               
Non-GAAP adjusted net income per share—basic   0.83    0.72    0.10    2.22    1.81    0.25 
Non-GAAP adjusted net income per share—diluted   0.81    0.70    0.10    2.15    1.77    0.25 
                               
Non-GAAP adjusted net income per ADS—basic   4.98    4.32    0.61    13.32    10.86    1.53 
Non-GAAP adjusted net income per ADS—diluted   4.86    4.20    0.59    12.90    10.62    1.49 
                               
Weighted average number of ordinary shares outstanding—basic   332,503,053    321,742,209    321,742,209    329,347,604    328,467,902    328,467,902 
Weighted average number of ordinary shares outstanding—diluted   342,343,280    328,981,034    328,981,034    339,187,831    335,706,728    335,706,728