Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to LexinFintech's First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to conference like to I'd now hand over the Ms. And IR Manager. Wang, Jamie Please go ma'am. ahead

Jamie Wang

CEO, everyone. Hello earnings today today Wu; With you. to Zheng. James conference us President, are and line CFO, the Thank on Welcome call. XXXX Lexin's Xiao; Jared Jay first quarter

we we I'd today. on based and remind statements. update differ the as of like Before actual to you and results call materially are the get statements, no business containing which started, The any may presentation outlook to obligation that undertake and forward-looking assumptions forward-looking

performance, provide will more Jay update will will first an lastly, and the on then in our results overall risk management. James financial discuss Jared cover detail,

English turn our please. over to Jay the will Jay. now be call will and translation follow. remarks I'll the His in Chinese

Jay Xiao

Language] [Foreign

evening the pleasure gradual data-driven the with improvement quarter, two-wheel with Good to optimization, the again. results. through upgrading growth and another of Its the overall we drive you as strong consumer morning started my strategy a post-pandemic quarter and speak continued In with consumption and moderate of all growth finance this first maintains macroenvironment, achieved of recovery of everyone.

loan XX% outstanding at Revenue increase of year-over-year. billion, volume, billion balance Net year-over-year. origination up at up RMBXXX Total XX.X% XX.X% million, million, an RMBXX.X RMBXXX RMBX,XXX year-over-year. in of up profit XXX% year-over-year.

first a operating X.X% the continued and With net steadily quarters are direction. improve. in to profit indicators grown the of by demonstrated has And fourth to results, first consecutive moving the XX.X% rising profitability As in for last various has from our quarter margin positive year. quarter

more quarter. highlights in detail. were There Let operational first three in the me major elaborate

reducing our segments risk we accelerated high-risk therefore the quality. enhanced assessment our improve user pace First, asset as overall user we and capabilities, in

operational to we and operations efficiency. further optimize Second, continue refine

been rebounding. been have result, implementing profitability as a initiatives, cost steadily our we efficiency Third, has

high operation on of further risk terms quality First, pushed asset focused and overhauling risk system, on more users. gradually and in maintenance eliminated existing management of high our we customers quality, ahead

risk risk We have models which iterated multi-dimensional us and integrates automatically upgraded being assessment along comprehensive the on increased help variety user risk XX.X% to risk into new combination factors overall the more loan a assessment upgrades use, more These make the users in from accurate quarter scheme. prime of with renting model, system, conduct into an decisions and year users. assessments risk contributed therefore, a user put to volume ago. of the first After by XX.X% the

more the and satisfaction, and marketing categories. of Second, user in tagging a into evaluation system and et over system users upgraded XX cetera. our borrowing marketing with models terms detailed Based various preferences, responsiveness, of mix, operational our segmented optimization, on we underlying customer and offer

up that segment pushed some For of this new the the groups, specific customer certain user by detailed group operating XX.X%. model profit customer of separation application

On we launched capabilities quarter, structure which tree strategy new accordingly optimized this system, first this basis, sorted strengthened significantly has and decision and our the users' significantly marketing out Under boosted marketing the At sequentially. to loan time, of the XX.X% telemarketing cost. decreased sale save the with telemarketing year-over-year, XX.X% by in same XX% quarter grew it channels per original expect cost telemarketing the fell by we the contributed the been telemarketing operational activities. in a annual volume significantly cost strategies

those increased quarter-over-quarter. converted reactivating customers front the rate grew conversion XX.X% of volume XX.X% customers, On Loan quarter-over-quarter. [ph] up paid from

with achieved results marketing were half the of this cost. Additionally,

profitability and cost financing continuous enhanced attributing to costs. further initiatives efforts a have we reduction Third, in in our optimization

improved stood XXXX, a at of G&A operational indication a decrease a expenses quarter the RMBXX from million, XX.X% clear is year our ago. In first This of efficiency.

Conference, of that percentage last funding this lower costs from It's point point historic the which ago. a to dropped quarter we and we honored further with is noting we period. in our three costs the low got during the future. Financial strengthen years. our year percentage financial three-year the In In institutional X.X%, April, X.X during will suspended very surely cooperation pandemic X.X partners Partners to worth are than lower whom is past Funding a which have business successfully Annual conference, resumed over XXX

technology We research XXXX, to the engine reached peers. believe research RMBXXX growth. amongst in investments is development our investments and input business in of quarter the million, we one as our the and maintaining remain of technology committed of development In firmly core highest levels first

data effort data correlations between fundamental able foundation mining business sets. find the and we're Lexin's approach. sets of have entire links data amongst data-driven and Accordingly, and links various of front, data intelligent level and On models, in tremendous to data. And decision-making we analysis -- put our low

simulation data-driven and intelligent manner. attribution business platform, of Furthermore, testing model [ph] predicting we steer more abnormalities, developed cetera. model AuthBridge to empowered et and in AB management a

We first quarter have this users' in of large language we application our in business the been continuously our exploring In efficiency experience. the the XXXX, at of pace. new model utilization optimizing and of expanded technology faster AI operation

areas among tools, We in services. the saw improvement noticeable initiatives including smart of assistant a customer designs, coding application efficiency telemarketing, and

by line application this telemarketing order placing model the by vendors on and exact borrowers are AI XX%. For in rates of by approval that scenario XX% versus credit technology our with line the credit service rates also granted the pushed example, up date supplied boosted

model we'll ahead, cetera. the comprehensively of management, et risk and apply the also to Looking areas anti-fraud,

In addition, Lexin ecosystem. we unique enhanced further existing our

fueled from business year. of to RMBXXX reached an increase end business in GMV, year. of ecosystem. the growth Lexin compared XX.X% by The last billion customers engine GMV last e-commerce grew robust of consumption XX.X% e-commerce Cumulative effectively First, users

recognition tangible our service various urban, technology technology local regional RMBX therefore, banks from relations. achieved partners including rural commercial partners trillion, the with impairment with financial AUM and business banks. over cooperation SaaS won facilitates The deepens financial business and our progress, Second, the impairment

of China's plan in economic recovery to gradual sales direct activity. team and sales our of Third, our offline light in leverage the we channels expand expertise

eventually competitive advantage. user unique acquisition information Our bring accurate assessments more and a credit offline channels first-hand creating more hence

strong improvement asset and quarter first in mainly quality. our and in risk were management the customer upgrading attributable to in capabilities The therefore, customer's assessment results the

our is continued due operations and initiatives. cost It reduction to of also refining

second Based and growth more of As XX% resuming recovery -- long We'll a to as undertake expected a billion on XX% a approach. quarter process. to prudent for the preliminary affirmations, consumption is understand the quarter, we to volume is reach the the RMBXX billion, year-over-year. RMBXX.X continue second economic to loan in

CFO, I'll Next, share our James detailed more you. financials. call the over to Thank hand to

James Zheng

our numbers of our recovery, I stated. we numbers. Jay. overall and our on in in consecutive both RMB you, financial that our Please details now In fourth otherwise business will quarters Thank in note more first quarter, all continued are unless provide results. financial the

economy risk to this of of the management's operational on segments, and quality well our continuous expected the We initiatives. our overhauling turnaround restructuring technology, operations. in cost our trajectory better as in dedicated as optimizing strong rebound in efforts in the first a new performance of capabilities, efforts light China's management, The user and of quarter result continue our was focusing upgrading

beating the quarter First, me same please QX XXXX. let of an what increase XX% gave year-over-year, compared high originations the of loan level billion, quarter The explain happened reached we guidance RMBXX.X earlier. quarter for as at the with a in

an billion around growth reached the year-over-year increased to RMBXXX quarter, balance, billion. mainly by by which the was which for loan driven RMBXX.X reach grew XX.X% and Revenue GMV

approximately fifth at our close than with for year stood APR average percentage around than point a to XX% quarter, ago. APR of little a make up X weighted over loans. Loans more under the XX% lower The now XX%

to loans three on negative a Partially a this year our ago the funding was from impact worth from APRs is our past in It's offsetting of lower the noting in historical funding X.X% low years. the QX. during cost of X.X% a cost that decrease

months Loan ago. a months XX.X versus to XX.X year increased tenures

risk we our the overhauling emphasized strategy year. top management As for last quarter, remains

team, to We continue upgrading Jared this and and the infrastructure. on segments rebooting user better systems, elaborate the the credit will on to process, shortly. risk and focus more the

at a rate lagging than compared the plus XX-day remaining of plus to first delinquency rate, XX-day The plus stable which metric. year. plus as basically XX-day improved in quarter. from in previous results the X.XX%, seen quarter due fourth be X.XX% more The X.XX% last to delinquency indicator can stood is efforts XX-day much delinquency to This our was improved compared to the in quarter our as partially rate

In ahead year. launched have a pushing been that initiatives QX, series last we we of cost restructuring

stood improvements further some cost, at sales year. of loan seen operating percentage related versus of in op X.XX% expenses and operating QX average have expenses. a and cost X.XX% balance and processing to R&D, G&A as We last Total and servicing including marketing,

slight the This G&A, servicing marketing processing down. a optimization of and all came cost happened pickup of expenses, and the while cost R&D, sales despite

long the restructuring cost efforts committed fruit will our initiatives run. in more and remain these to expect We bear to undertaking

RMBXXX of As of in are a clearly income our steady year. able with million, upward we QX increase represents report X.X% This improved result versus margin XXX% a The year net of improving year-over-year. ago. result each a quarter net aforementioned, an last to over to operation trajectory the XX% of

quarter-over-quarter analysis, year-over-year risk of on grew quarterly business progress and as to I little like prudent management we also achieved Total would X.X% with top above the billion, the a increase from RMBXX.X as GMV the an more comparisons. a put Apart elaborate priority. through bit was approach

from whole out in revenue level quarter, total basis. flat by the on quarter-over-quarter. business QX platform boosted QX Shopping year. came Days e-commerce down the for Considering on we stay our during carve slightly GMV total e-commerce the RMBX revenue business, at revenue we impact high group X.X% In e-commerce the billion, saw grew almost seasonality, quarter-over-quarter the Festival from If last first of about Singles'

take a of tenure reduction rate X.X% asset and X.X% costs. funding to of Take fluctuation improvement in is and due blended continuous from the minor longer provision quarter. booking quality the in more fell the result in to loans The last slightly rate

growth. increase pickup stayed to flat X.X% costs quarter-over-quarter, in a sales minor Operating attributing expenses related user almost marketing and by of

income As last aforementioned, a sequential net net we a growth in of achieved X.X% from in of margin the and X.X% a XX% quarter. boosted to result

noticeable and quarter the recovery have we the last quarter of fourth improvement during we hit point V-shaped marks both year. a consecutive perspective. year-over-year quarter-over-quarter bottom-line delivered in in the QX summarize, since first topline both This operational from To and results a of a lowest

a are XXXX well start last we we have although aware with our good on mentioned year indicating ahead The are in turnaround. of track. unfolds long fully we we way quarter, As a

at Next, financials. let's take a look the detailed

was a decrease As increase the year-over-year, business. due to an for mainly the and facilitation our representing revenue e-commerce of and business total services of by billion, quarter-over-quarter seasonality X.X% credit first mentioned, operating driven quarter of RMBX the e-commerce XX.X%

X.X% GMV the growth. is by Revenue a from increase XXX% billion, driven was RMBX.X which quarter-over-quarter increase and a facilitation approximately service representing credit year-over-year,

to the RMBXXX a tech-empowerment of among XX% and from year-over-year, Revenue was product was due mix quarter-over-quarter change service services. decrease XX.X% million, primarily tech-empowerment decrease which various representing

service to which of Revenue of a RMBXXX installment the representing an and e-commerce is from was last XX.X% seasonality platform e-commerce increase business. due million, quarter decrease year-over-year, XX.X% of from

side expense which the quality better to up increased of the users. investment on was our and quarter. quarter-over-quarter, acquiring Moving to mainly due X% marketing Sales in stepped by expense

to Our upgrade and goal obtain LTV. higher quality is customer to better groups

taking monitoring a strategy macro we're recovering growth will China's data as the now, and when closely acquisition new on prudent timing While opportunity gradually keep comes. we seize is right the economy

Research XX.X% year-over-year and efficiencies. million expenses decreased quarter-over-quarter by due decreased to and X.X% development to RMBXXX

same quarter-over-quarter flat XX% efficiency GMV achievement to initiatives. the decrease It's expense G&A almost an series noticeable that momentum basis the cost of to a and cost expense at due a RMBXX our on a level topline remained of upward maintained stayed while a a almost basis, G&A million. on quarterly year-over-year

in increase forward, increase million Going we quarter-over-quarter RMBXXX X.X% approximately high the was efforts to XXX% end Net year-over-year, regard. our this in plan initial first which expectations. step-up the beat quarter, and a profit of

equity At the net first a and billion the of had around end position hand RMBX company of position billion. on RMBX.X the of quarter, cash a

would I for the like discuss Finally, XXXX. outlook quarter to our of second

will and Therefore, consumption cautious As are the we economic closely ongoing consumption know, growth. and we remain current and overall monitoring macro usually modest as time the take outlook. on recovery quarter's evidenced by

year-over-year market current subject be around to for the XX% increase quarter of are estimates total expected the the assessment change. billion, RMBXX.X basis. loan originations preliminary an million a XXXX expectation, of to to reflect of is which These company's representing company's conditions, the on on RMBXX Based current to second XX%

new demonstrates quarter first our run, In cost is in will efforts of establish management, underway. our as goal user the long for foundations results that initiatives, dedicated strong long-term risk as our well acquisitions clearly The of growth. sustainable well turnaround solid

risk Wu, that, discuss our Jerry, management. turn ahead. our would the over With I please go like call to President, to who will Jared

Jared Wu

[Foreign Language]

morning all of and Good James. good evening, again. speak with Thank everyone. you, to pleasure It's my you

and quarter. China's like more improvements Ever I'd management the for our of saw past XXXX, beginning a risk measures year Next, since economy. we a the the gradual of regarding bit elaborate recovery to

level, Accordingly, continuation and of our company on management a at and customer the unwavering the management implement approach. risk we prudent continue focus to acquisition risk

more been In allocating better serve our to have resources and addition, prime more we and putting customers. favor effort

model improved. terms have user our we risk drop of quarter thoughtful iterating the first our our and capability. and assessment In -- risk risk asset overall been modeling, In continued continuously one delinquency day quality got to enhancing of XXXX, the

delinquency quarter-over-quarter the standing X.XX% indicator, at end quarter. unchanged sequentially our last at day as and of first day X delinquency, bps XX-plus based the With down of X.XX% XX-plus on

risk confidence being priorities positive one hold management continue momentum. quality restored, Currently, business in to as life and of overall the top we will daily expect asset to continue operations the to a people as consumer business and of maintain continue gradually we normalize and upward to

prime increasing our In on the key to the first system, quarter, management upgrading following portion crucial Thus, remain we most including work risk objective. customers of initiatives. our continue

our the granularity risk and operations, of strategy upgrade the and management overall under business driving of efficiency First, to system risk management. we continue improved risk iterate the

year's customer our asset width refining capabilities, review identification while depth to increasing of Further customers user structure. segments prior the and continuing our optimize and and our

with we continue of Second, of refined customer thorough strengthen data in meantime, the more customer compliance usage heavy data profile and to we emphasis consumption credit to identify investing utilization credit sources, of introduce behavioral data. combined that can put data the internal In by on the ensure more coverage we credit accurately accordingly. segmentation the PBOC further

to should to different upgrade for credit pillar iterate proportion continue and which and matrix in essential in most customers our and ability for profile of be user further in we segments of improvement, brought we the believe the make which customer of capabilities. to customer increase the in the also us one model has continue prime be to will our Third, invest key breakthrough We remainder most will we that projects identification XXXX, it. more assess

economic in a China. is XXXX of year recovery

refined capability core management and We upgrading strengthening management risk to are our system. the committed risk our accelerating of

and risk-driven, capacities Jay mentioned As the and macroeconomic adhering market maintain monitor of environment, James a principle internally. cautious the we view earlier, the externally, of to build

a long-term a we returns vision firmly Above all, diverse with we infrastructure, believe can that shareholders. for sustainable continuously and in all generate mind solid

Jamie Wang

you. now concludes we our Thank This prepared Operator, remarks. are ready to take questions.

Operator

you. Thank

the begin [Operator session. now will question-and-answer We Instructions]

Frank your Our of first Zheng the question Please from Credit from comes Frank. Suisse. question line ask

Frank Zheng

[Foreign Language]

in recently. for This the second change side, and and first would Suisse. credit there Frank management dynamics is any question most you the terms you demand? is describe Thank the And My from risk of supply to-date, Credit taking my appetite? In quarter quarter demand supply regarding the recovery how first on questions. of is

or rest of on year? focus very you provide operational much. Thank hand, management color for the some the strategic the other could more On the the

Jay Xiao

Language] [Foreign

Jamie Wang

okay. So,

you, translation. Frank. do I'll the Thank So,

see we demand can In results, and quarter. in volume our as quarter's the of side, saw of the our we from terms actually loan the demand rebound are overall first increased have overall first -- you

was It attributed couple factors. by a of mainly

The spike being overall recovery. consumption over, first lockdown a and one in needs quarantine COVID the there and with also the the was

as the in customers. better recognized operations as able existing the assessment well to increased. risk We serve and being were refined Second, was mainly customers to due good it our the right capabilities customers

the customers. existing our we their This them capabilities, better a able of existing already we value risk improved customer from most and pick very is have With to better are that pool. explore out you large that knew assessment

remaining And XXXX, now, can the still bit, as been as now quarter in relatively bypass, we we as the second But right are the trend stable. of see trend the -- a data little is down the increasing strong. of slowing still right demand but of the breaks has is spring

to at ecosystem, When make the we not the is to existing -- assumptions whether demand. quarter, sense, create which demand, the a have e-commerce, to option special very the new, attract another customers have that in previous it's consumption we and products And have whether as our on discount different strong also is as scenario. it's lending need the our we create own to product products ones relatively

as the we to which of ecosystem. now, great quarter more right opportunity second So, XXX preparing are to festival, be unique a generate thanks our the would demand,

strong partners, funding side, and them. still to funding and our risk really right And Based years, in. cost now it capabilities to is now. level When our in limited relatively management from by supply sufficient the approved on options situation are invest they after current the comes say risk XX the national have and right our I'd recognized

And make see, funding quarter of with our also is first the And questions, might as them you this the cost the still lowered we answers in funding can the had also Conference deeper. supply our hope relatively your Day partners and Corporation and already, showed overall all you as Frank. actually I know to strong. willingness corporation that

Operator

you. Thank

Jay Xiao

Language] [Foreign

Jamie Wang

Okay.

are our In main of key terms four there ones. strategies,

first one the The management is risk upgrading. capability

have presented X.X level, and to it it's We the our will this ready, capabilities undergoing get to certain in will risk we be been system structure and we risk upgrade management. -- upgrade management are when in with strategies lower

and our actually to are and upgraded. be it doing we risk user in Hence, capabilities operate. to in When will step-by-step adjust risk management it's identifying ready, significantly

do routine common we of to high the of the are risk in the to a saying high making elimination continue users. do and the of users we operational elimination progress also, risk And it

like said strong I offline we'll These have that earlier, to strengthen scenario help to continue others to us team. customer have try our Like advantages the [Indiscernible] we in own will from we capabilities. very scenarios are different and acquisition. Secondly, e-commerce ourselves a differentiate

we'll the refine And undergo the do third, increase further operations b cost as customer's to to continue through go as operational well efficiency. the continue -- to the initiative. we'll Fourth, LTV efficiency

first see, As the it you quarter, shows can some results. in prominent

decreased operational outstanding increased The to continue aim profitability. to of to actually own over increase XX% percentage our we year, And the loan as balance net our the of margin our rest costs for and the

for your Frank. question, thanks And

Operator

you. Right. Thank

Alex. question of Ye line the ahead, Please Alex next go Our comes UBS. from from

Alex Ye

[Foreign Language]

So, I'll translate my for question.

has rate how seen the First previous sequential far? so on the your share with growth seen have May. does in Could volume you loan run it movement now compared to April is notation. you and And how us

trend. on with you. some of improvement Second question is in May and indicators the from Thank your here? asset quality trend the share you do Could expect asset us further early we April quality and

Jay Xiao

Language] [Foreign

Jamie Wang

you the quarter our volume guidance RMBXX some as already, to could months-over-month quarter, with heard results XX.X So, billion. I second the share for billion you. the RMB loan for in was first But

In The showed the numbers after New Chinese volume of was a there peak of month minor Year. increase X% in quarter-over-quarter. February, application-wise, an a the it

now, decrease bit. month-over-month down as of it of the are And the For amount the kind in month-over-month passed slowed seeing we month X% a a March, spiked little needs shows as minor COVID May, of

seeing quarter, with little bit our a a line expectation. team's We're second slow down still entering the in demanding bit it's but management in

Jay Xiao

Language]] [Foreign

Jamie Wang

Okay.

the of we now, and stable stable indicators, In quarter's are seeing right and first as the risk it's for right terms being early of risk, certain second now. quarter discrete

is overall the are -- X new is RX percentage RX But being if structure to the They decreased to percentage better. perspective. increased, -- RRX the loan structure being the what perspective, X the loan is overall better, from the from actually to the X new of

continually it improved will being the with overall some still level. optimizing are our new comes to be And rooms with structure in monthly the when overall future there the level risk in risk and improved, loan

your that question, answers Hope Alex?

Operator

you. Thank Right.

Please of from Our the Li go CICC. ahead, Yada Yada. next question comes from line

Yada Li

[Foreign Language]

increase services first facilitation And the plans tech-empowerment management. us my facilitation? Then the of I'll risk Yada give do there And and to translation. please on trend credit model Hello or sharing in model. This on from the more question regarding choice you balance my is is the would the CICC the and be color any future. lending of could

recent the you. updates outlook new other Secondly, and business? I was wondering Thank of consumption That's and all. [Indiscernible] about

James Zheng

part So, a I part question. would answer of question of take second first Jay your will at the crack the the and

do sense and that of to risk so the more, level, the question profitability. to it don't improves, first that then less increase at is The risks to the obviously, little that company part they would can we want if I achieve risk bit so Obviously, somehow related always is my the I balance. profitability. want more to I try If profitability. do worsening, taking I retain Obviously, makes right? do

kind So, our attitude. that has been of

in out of in where in here in reflected Results of of we basically the facilitation proportion tech-empowerment business this business business risks that is is the the of and reflected our take business. loan rev terms the share part

the rev so. basically take been say between in several quarters XX% And XX% or this roughly business, has to part, Right now risks don't we accounts much it share hovering year, XX% in also. for last the

the risk so company. indicators improve more So, quality little the we increase our then data closely risks taking our preclude for obviously, to overall a credit overall profitability we to are improving, asset really and overall that overall of macro data overall continue is situation doesn't us improve, the the bit it watching and from If the macroeconomic continue very

basically, thinking that's to run will So, our the you kind if of business.

the second the part for of Jay, Now, question.

Jay Xiao

[Foreign Language]

Jamie Wang

Okay.

we have know, you our as own Lexin So, ecosystem.

the terms strong, competition. very other has very wise, with increase the in In or heavy especially in industry been overall the e-commerce being others peers

the -- increased volume As quarter well as in cumulative you also year-over-year, customers. the not the trading can I but revenue GMV customer already the shared only as first in as

larger than are They in larger main exponentially They overall the business business other the the industry. only within speed our than increase actually are or company.

customer we mostly e-commerce customer areas with in credit consumption. are the serve our that So, actually

the macro with now, bit requirements higher. environment current economy a being situation little the overall ATR and Under right

more opportunity a a little being increase requirements These sector spend little. higher actually bit bit e-commerce gives a the

facilitation the the customer well in which our with main the as loan actually is retention business, customer e-commerce business us Furthermore, with our acquisition and as future. could help

offline Next is [Indiscernible] our team.

on right team economy in customer team being [Indiscernible] mainly offline operations, as and our the BD pooling with resumed, offline which as Our realized risk well helps costs now being actually the is acquisition recovery. level. The

there when to traffic the offline retention. as expensive can comparatively customers see as well being as advantages more as willingness being team as to the customers [Indiscernible] lot their gave are We us with evaluate -- the more understand helps them rare, in to keep of online well capability us a well more evaluate to as accurately

with the better Especially to existing the investment front continue increase to us customers' when competitions, to customer [Indiscernible] acquire our them comes [Indiscernible] to team, we better better get on know customers. to via offline to help acquisition we will and team it differentiate

I'd of business, like already XX five and much banking standardized funding corporation with years it's SaaS accumulated with of empowerment of another mention, capabilities. into our partners relative It's business. our pretty sizable second volume In partners. experience We six to got to our

-- with help our to the to in past use use average return, funding funding our of We lower the business in we and them much It's cooperation relatively us monetization cost. and helping current our experience. them a a pretty strengthen experiences main capabilities cost than they

very So, this I unique Lexin system that is has. think a

our differentiate between us be Yada. cooperation future strengthened inter-relatable the Hope help to that question, aforementioned peers. answered believe more your business and in be ourselves amongst will We the will to

Operator

management to showing Thank conference to further you. the team no closing now remarks. questions. for I'm I'll back like turn

Jamie Wang

everyone again joining for you Thank us.

our contact website. our have Thank on you. you available via IR further contact information please If us questions,

Jamie Wang

Language] [Foreign

Operator

Thank participating. you. conference That Thank for concludes today's call. you

may You disconnect. now

LexinFintech (LX) 23 May 232023 Q1 Earnings call transcript