Technology

Yiren Digital Reports Third Quarter 2024 Financial Results

Published

2 years ago

November 20, 2024

BEIJING, Nov. 20, 2024 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, today announced its unaudited financial results for the quarter ended September 30, 2024.

Third Quarter 2024 Operational Highlights

Financial Services Business

Total loans facilitated in the third quarter of 2024 reached RMB13.4 billion (US$1.9 billion), representing an increase of 3.5% from RMB12.9 billion in the second quarter of 2024 and compared to RMB9.8 billion in the same period of 2023.Cumulative number of borrowers served reached 11,611,899 as of September 30, 2024, representing an increase of 7.4% from 10,807,497 as of June 30, 2024, and compared to 8,595,780 as of September 30, 2023.Number of borrowers served in the third quarter of 2024 was 1,498,020, representing an increase of 0.4% from 1,491,756 in the second quarter of 2024 and compared to 1,204,012 in the same period of 2023. As our efforts to upgrade the customer mix reach a milestone success, we are now shifting our focus to increasing the repeat rate of existing high-quality borrowers.Outstanding balance of performing loans facilitated reached RMB22.8 billion (US$3.2 billion) as of September 30, 2024, representing an increase of 4.3% from RMB21.8 billion as of June 30, 2024 and compared to RMB15.1 billion as of September 30, 2023.

Insurance Brokerage Business

Cumulative number of insurance clients served reached 1,470,738 as of September 30, 2024, representing an increase of 4.3% from 1,410,158 as of June 30, 2024, and compared to 1,256,762 as of September 30, 2023.Number of insurance clients served in the third quarter of 2024 was 82,291, representing a decrease of 7.3% from 88,766 in the second quarter of 2024, and compared to 123,693 in the same period of 2023.Gross written premiums in the third quarter of 2024 were RMB1,351.3 million (US$192.6 million), representing an increase of 27.4% from RMB1,060.9 million in the second quarter of 2024 and compared to RMB1,428.5 million in the same period of 2023. The quarterly increase was attributed to the gradual recovery of our life insurance business following product changes made in response to new regulations, along with the continued rise in renewed life insurance premiums.

Consumption and Lifestyle Business

Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB507.6 million (US$72.3 million) in the third quarter of 2024, representing a decrease of 8.5% from RMB554.6 million in the second quarter of 2024, and compared to RMB563.2 million in the same period of 2023. The decrease was mainly due to the already high penetration of our products and services within the existing customer pool, along with our strategic scale-back of product offerings as we shift our focus to upgrading customer segmentation.

“I’m pleased to report a stable and healthy quarter with concrete business development and strategic exploration, driven by our ‘quality over quantity’ strategy, which underscores our consistent focus on sustainable, high-quality growth.” said Mr. Ning Tang, Chairman and Chief Executive Officer.

“Our financial services business has improved asset quality through strong risk management and borrower optimization. We’ve also made progress in exploring new online business models for our insurance division. As a tech-powered platform, Yiren Digital prioritizes the use of technology and digital capabilities to enhance our business model. Furthermore, our AI investments are driving operational efficiency and enhancing the customer experience. These efforts lay the foundation for higher-quality growth and long-term value for our stakeholders.”

“In the third quarter of this year, our total revenue reached RMB 1.5 billion, up 13% year-over-year.” Mr.Yuning Feng, Chief Financial Officer commented. “On the balance sheet side, as we continued to make strategic long-term investments this quarter, cash and cash equivalents decreased compared to the end of the previous quarter, bringing the total to RMB3.7 billion. Despite this, our cash position remains strong and competitive within the industry. Meanwhile, we are continuing share buybacks and executing cash dividends to enhance returns for our shareholders.”

Third Quarter 2024 Financial Results

Total net revenue in the third quarter of 2024 was RMB1,479.1 million (US$210.8 million), representing an increase of 12.8% from RMB1,310.8 million in the third quarter of 2023. Particularly, in the third quarter of 2024, revenue from financial services business was RMB836.2 million (US$119.2 million), representing an increase of 25.2% from RMB668.0 million in the same period of 2023.The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB85.5 million (US$12.2 million), representing a decrease of 67.7% from RMB264.6 million in the third quarter of 2023. The decrease was primarily driven by a decline in life insurance sales, resulting from product modifications mandated by new regulations, along with an industry-wide reduction in commission fee rates due to the implementation of more stringent regulatory standards on rates and terms. Revenue from consumption and lifestyle business and others was RMB557.4 million (US$79.4 million), representing an increase of 47.4% from RMB378.2 million in the third quarter of 2023. The annual increase was primarily attributed to the continuous growth of the service and product penetration in the expanding base of paying customers. As the penetration rate reached a substantial level in the third quarter of 2024, the growth rate is expected to moderate.

Sales and marketing expenses in the third quarter of 2024 were RMB335.6 million (US$47.8 million), compared to RMB195.7 million in the same period of 2023. The increase was primarily driven by the swift growth of our financial services segment and enhanced marketing endeavors aimed at attracting new, high-caliber customers while optimizing our customer composition.

Origination, servicing and other operating costs in the third quarter of 2024 were RMB205.9million (US$29.3 million), compared to RMB245.4 million in the same period of 2023. The decrease was mainly due to the decline in insurance brokerage services.

Research and development expenses in the third quarter of 2024 were RMB150.8 million (US$21.5 million), compared to RMB39.0 million in the same period of 2023. The increase was mainly attributed to our ongoing investment in AI upgrades and technological innovations.

General and administrative expenses in the third quarter of 2024 were RMB80.1 million (US$11.4 million), compared to RMB53.5 million in the same period of 2023. The increase was primarily due to increasing incentive bonus and employee benefits.

Allowance for contract assets, receivables and others in the third quarter of 2024 was RMB94.9 million (US$13.5 million), compared to RMB72.7 million in the same period of 2023. The increase reflects the growing volume of loans facilitated on our platform and the stringent risk estimates in response to the evolving external credit environment.

Provision for contingent liabilities in the third quarter of 2024 was RMB272.4 million (US$38.8 million), compared to RMB11.1 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[1].

Income tax expense in the third quarter of 2024 was RMB44.7 million (US$6.4 million).

Net income in the third quarter of 2024 was RMB355.4 million (US$50.7 million), as compared to RMB554.4 million in the same period in 2023. The decrease was primarily due to the growing loan volume facilitated under our risk-taking model, resulting in substantial upfront provisions required by the current accounting principles.

Adjusted EBITDA[2] (non-GAAP) in the third quarter of 2024 was RMB393.9 million (US$56.1 million), compared to RMB692.7 million in the same period of 2023.

Basic and diluted income per ADS in the third quarter of 2024 were RMB4.1 (US$0.6) and RMB4.0 (US$0.6) respectively, compared to a basic income per ADS of RMB6.3 and a diluted income per ADS of RMB6.2 in the same period of 2023.

Net cash generated from operating activities in the third quarter of 2024 was RMB50.4 million (US$7.2 million), compared to RMB645.4 million in the same period of 2023.

Net cash used in investing activities in the third quarter of 2024 was RMB1,859.6 million (US$265.0 million), compared to RMB393.9 million in the same period of 2023.

Net cash used in financing activities in the third quarter of 2024 was RMB22.2 million (US$3.2 million), compared to RMB502.6 million in the same period of 2023.

As of September 30, 2024, cash and cash equivalents were RMB3,705.9 million (US$528.1 million), compared to RMB5,496.9 million as of June 30, 2024. The decline is due to our long-term investments in business expansion and potential acquisitions, which are still in the early stages and have not been finalized. As of September 30, 2024, the balance of held-to-maturity investments was RMB5.1 million (US$0.7 million), remained unchanged from June 30, 2024. As of September 30, 2024, the balance of available-for-sale investments was RMB321.6 million (US$45.8 million), compared to RMB329.8 million as of June 30, 2024. As of September 30, 2024, the balance of trading securities was RMB63.3 million (US$9.0 million), compared to RMB83.9 million as of June 30, 2024.

Delinquency rates[3]. As of September 30, 2024, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 1.8%, 1.2% and 1.2%, respectively, compared to 1.9%, 1.4% and 1.5%, respectively, as of June 30, 2024.

[1] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
[2] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.
[3] “Delinquency rates” refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Dividend Policy

Under the Company’s semi-annual dividend policy, the Company distributed cash dividends in October 2024, representing a payout ratio of 14% of earnings for the first half of 2024.

Update on Share Repurchase

In the third quarter of 2024, the Company allocated US$3.0 million to repurchase shares in the public market. As of September 30, 2024, the Company had in aggregate purchased approximately 5.0 million ADSs in the open market for a total amount of approximately US$16.5 million (exclusive of commissions) under the 2022 share repurchase program.

Business Outlook

Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2024 to be between RMB1.3 billion to RMB1.5 billion, with a healthy net profit margin.

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

Non-GAAP Financial Measures

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

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.0176 to US$1.00, the effective noon buying rate on September 30, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on November 20, 2024 (or 8:00 p.m. Beijing/Hong Kong Time on November 20, 2024).
Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10194517/fdfac17402
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=MvArF4tV

Safe Harbor Statement

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

About Yiren Digital

Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers’ financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.

Unaudited Condensed Consolidated Statements of Operations

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

For the Three Months Ended

For the Nine Months Ended

September 30,
2023

June 30,
2024

September 30,
2024

September 30,
2023

September 30,
2024

RMB

USD

RMB

USD

Net revenue:

Loan facilitation services

586,883

695,532

600,899

85,627

1,518,401

1,972,726

281,111

Post-origination services

984

1,290

1,421

203

12,573

4,483

639

Insurance brokerage services

264,611

91,526

85,530

12,188

865,664

301,982

43,032

Financing services

9,937

19,574

31,448

4,481

47,410

61,688

8,790

Electronic commerce services

350,635

523,641

546,366

77,856

881,218

1,572,943

224,143

Guarantee services

30,173

68,934

136,746

19,486

42,275

222,533

31,711

Others

67,551

96,039

76,678

10,927

253,782

217,353

30,972

Total net revenue

1,310,774

1,496,536

1,479,088

210,768

3,621,323

4,353,708

620,398

Operating costs and expenses:

Sales and marketing

195,714

285,101

335,647

47,829

450,873

897,971

127,960

Origination,servicing and other operating costs

245,360

246,542

205,913

29,342

791,472

685,725

97,715

Research and development

38,981

55,812

150,840

21,495

101,168

247,173

35,222

General and administrative

53,519

68,670

80,097

11,413

180,623

232,441

33,123

Allowance for contract assets, receivables and others

72,652

123,285

94,913

13,525

160,923

320,532

45,675

Provision for contingent liabilities

11,104

278,925

272,406

38,818

28,578

618,589

88,148

Total operating costs and expenses

617,330

1,058,335

1,139,816

162,422

1,713,637

3,002,431

427,843

Other income/(expenses):

Interest income, net

25,815

24,668

21,877

3,117

50,869

74,258

10,582

Fair value adjustments related to Consolidated ABFE

(8,104)

38,706

36,423

5,190

(36,777)

90,597

12,910

Others, net

5,177

(11)

2,535

362

11,496

3,201

456

Total other income/(expenses)

22,888

63,363

60,835

8,669

25,588

168,056

23,948

Income before provision for income taxes

716,332

501,564

400,107

57,015

1,933,274

1,519,333

216,503

Income tax expense

161,917

92,036

44,665

6,365

424,345

268,480

38,258

Net income

554,415

409,528

355,442

50,650

1,508,929

1,250,853

178,245

Weighted average number of ordinary shares outstanding,
basic

176,866,653

172,831,722

175,018,644

177,189,206

173,557,082

Basic income per share

3.1346

2.3695

2.0309

0.2894

8.5159

7.2072

1.0270

Basic income per ADS

6.2692

4.7390

4.0618

0.5788

17.0318

14.4144

2.0540

Weighted average number of ordinary shares outstanding,
diluted

178,366,565

174,711,554

176,035,324

179,220,434

175,457,062

Diluted income per share

3.1083

2.3440

2.0192

0.2877

8.4194

7.1291

1.0159

Diluted income per ADS

6.2166

4.6880

4.0384

0.5754

16.8388

14.2582

2.0318

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from operating activities

645,416

368,908

50,393

7,181

1,753,781

1,051,044

149,773

Net cash (used in)/provided by investing activities

(393,919)

(536,883)

(1,859,587)

(264,989)

360,376

(3,080,167)

(438,920)

Net cash used in financing activities

(502,636)

(125,884)

(22,227)

(3,167)

(901,587)

(162,885)

(23,211)

Effect of foreign exchange rate changes

2,395

(896)

(6,252)

(891)

2,543

(5,808)

(828)

Net (decrease)/increase in cash, cash equivalents and
restricted cash

(248,744)

(294,755)

(1,837,673)

(261,866)

1,215,113

(2,197,816)

(313,186)

Cash, cash equivalents and restricted cash, beginning of period

5,824,552

5,993,216

5,698,461

812,024

4,360,695

6,058,604

863,344

Cash, cash equivalents and restricted cash, end of period

5,575,808

5,698,461

3,860,788

550,158

5,575,808

3,860,788

550,158

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

As of

December 31,
2023

June 30,
2024

September 30,
2024

RMB

USD

Cash and cash equivalents

5,791,333

5,496,932

3,705,866

528,082

Restricted cash

267,271

201,529

154,922

22,076

Trading securities

76,053

83,889

63,276

9,017

Accounts receivable

499,027

654,698

668,757

95,297

Guarantee receivable

2,890

260,759

391,547

55,795

Contract assets, net

978,051

962,482

916,543

130,606

Contract cost

206

279

Prepaid expenses and other assets

423,621

1,662,654

2,291,397

326,521

Loans at fair value

677,835

473,311

414,803

59,109

Financing receivables

116,164

30,501

28,672

4,086

Amounts due from related parties

820,181

1,509,651

3,338,868

475,785

Held-to-maturity investments

10,420

5,087

725

Available-for-sale investments

438,084

329,829

321,550

45,820

Equity investments

–

2,500

7,105

1,012

Property, equipment and software, net

79,158

77,970

80,224

11,432

Deferred tax assets

73,414

44,309

54,595

7,780

Right-of-use assets

23,382

19,462

14,454

2,060

Total assets

10,276,916

11,815,769

12,457,945

1,775,243

Accounts payable

30,902

43,710

42,712

6,085

Amounts due to related parties

14,414

2,485

96,498

13,751

Guarantee liabilities-stand ready

8,802

278,656

449,759

64,090

Guarantee liabilities-contingent

28,351

336,190

512,004

72,960

Deferred revenue

54,044

38,843

18,348

2,615

Payable to investors at fair value

445,762

350,000

49,875

Accrued expenses and other liabilities

1,463,369

1,727,182

1,672,111

238,274

Deferred tax liabilities

122,075

55,520

16,434

2,342

Lease liabilities

23,648

19,280

15,226

2,170

Total liabilities

2,191,367

2,851,866

3,173,092

452,162

Ordinary shares

130

132

Additional paid-in capital

5,171,232

5,175,653

5,198,271

740,748

Treasury stock

(94,851)

(139,380)

(160,534)

(22,876)

Accumulated other comprehensive
income

23,669

47,798

21,226

3,024

Retained earnings

2,985,369

3,879,702

4,225,758

602,166

Total equity

8,085,549

8,963,903

9,284,853

1,323,081

Total liabilities and equity

10,276,916

11,815,769

12,457,945

1,775,243

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients and percentages)

For the Three Months Ended

For the Nine Months Ended

September 30,
2023

June 30,
2024

September 30,
2024

September 30,
2023

September 30,
2024

RMB

USD

RMB

USD

Operating Highlights

Amount of loans facilitated

9,814,359

12,936,017

13,392,676

1,908,441

24,390,773

38,239,060

5,449,022

Number of borrowers

1,204,012

1,491,756

1,498,020

2,128,924

3,365,960

Remaining principal of performing loans

15,090,800

21,827,634

22,768,555

3,244,493

15,090,800

22,768,555

3,244,493

Cumulative number of insurance clients

1,256,762

1,410,158

1,470,738

1,256,762

1,470,738

Number of insurance clients

123,693

88,766

82,291

293,254

226,191

Gross written premiums

1,428,484

1,060,885

1,351,311

192,560

3,684,325

3,324,627

473,756

First year premium

914,839

577,387

511,377

72,871

2,644,082

1,602,905

228,412

Renewal premium

513,645

483,498

839,934

119,689

1,040,243

1,721,722

245,344

Gross merchandise volume

563,224

554,574

507,585

72,330

1,267,611

1,687,280

240,435

Segment Information

Financial services business:

Revenue

667,966

851,031

836,193

119,157

1,733,813

2,425,341

345,608

Sales and marketing expenses

146,369

253,103

307,459

43,812

311,751

812,484

115,778

Origination, servicing and other operating
costs

59,300

113,234

119,706

17,058

145,870

318,727

45,418

Allowance for contract assets, receivables and
others

77,135

124,765

93,248

13,288

163,111

319,140

45,477

Provision for contingent liabilities

11,104

278,925

272,406

38,818

28,578

618,589

88,148

Insurance brokerage business:

Revenue

264,611

91,526

85,530

12,188

865,664

301,982

43,032

Sales and marketing expenses

3,175

4,263

3,545

505

9,309

11,373

1,621

Origination, servicing and other operating
costs

176,182

122,358

78,466

11,181

599,650

337,707

48,123

Allowance for contract assets, receivables and
others

(3,981)

(1,502)

(414)

(59)

(355)

(904)

(129)

Consumption & lifestyle business and others:

Revenue

378,197

553,979

557,365

79,423

1,021,846

1,626,385

231,758

Sales and marketing expenses

46,170

27,735

24,643

3,512

129,813

74,114

10,561

Origination, servicing and other operating
costs

9,878

10,950

7,741

1,103

45,952

29,291

4,174

Allowance for contract assets, receivables and
others

(313)

(11)

1,666

237

(1,545)

1,664

237

Reconciliation of Adjusted EBITDA

Net income

554,415

409,528

355,442

50,650

1,508,929

1,250,853

178,245

Interest income, net

(25,815)

(24,668)

(21,877)

(3,117)

(50,869)

(74,258)

(10,582)

Income tax expense

161,917

92,036

44,665

6,365

424,345

268,480

38,258

Depreciation and amortization

1,664

2,026

2,401

342

5,310

6,319

901

Share-based compensation

513

2,136

13,235

1,886

5,923

16,578

2,362

Adjusted EBITDA

692,694

481,058

393,866

56,126

1,893,638

1,467,972

209,184

Adjusted EBITDA margin

52.8 %

32.1 %

26.6 %

52.3 %

33.7 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2019

2.1 %

1.2 %

0.9 %

December 31, 2020

1.3 %

0.7 %

0.6 %

December 31, 2021

2.0 %

1.5 %

1.2 %

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

March 31, 2024

2.1 %

1.6 %

1.4 %

June 30, 2024

1.9 %

1.4 %

1.5 %

September 30, 2024

1.8 %

1.2 %

30+ Days Delinquency Rates by Vintage[1]

Loan Issued Period

Month on Book

2019Q1

0.0 %

0.5 %

1.6 %

2.3 %

3.3 %

4.4 %

5.9 %

6.1 %

6.4 %

6.9 %

2019Q2

0.3 %

1.4 %

2.8 %

5.0 %

7.8 %

8.9 %

9.5 %

10.0 %

10.3 %

10.7 %

10.9 %

11.2 %

2019Q3

0.3 %

2.0 %

5.1 %

7.6 %

9.1 %

10.4 %

11.3 %

12.4 %

13.3 %

14.1 %

14.7 %

15.2 %

2019Q4

0.7 %

3.0 %

4.4 %

5.7 %

6.6 %

7.3 %

8.1 %

8.5 %

9.0 %

9.4 %

9.7 %

10.3 %

2020Q1

0.8 %

2.0 %

3.4 %

4.5 %

5.4 %

5.9 %

6.5 %

6.8 %

7.1 %

7.5 %

8.1 %

8.5 %

2020Q2

0.6 %

2.0 %

3.3 %

4.5 %

5.3 %

6.0 %

6.4 %

6.9 %

7.4 %

8.0 %

8.6 %

8.8 %

2020Q3

1.3 %

2.8 %

4.3 %

5.4 %

6.3 %

6.9 %

7.5 %

8.2 %

8.9 %

9.3 %

9.5 %

2020Q4

0.3 %

1.4 %

2.4 %

3.4 %

4.3 %

5.4 %

6.4 %

7.3 %

7.7 %

8.0 %

8.2 %

8.3 %

2021Q1

0.5 %

1.8 %

3.0 %

4.2 %

5.3 %

6.3 %

7.1 %

7.3 %

7.5 %

7.7 %

7.8 %

7.9 %

2021Q2

0.5 %

2.1 %

3.8 %

5.5 %

6.8 %

7.5 %

7.7 %

7.9 %

8.1 %

8.3 %

8.2 %

2021Q3

0.6 %

2.5 %

4.2 %

5.4 %

6.1 %

6.5 %

6.7 %

6.9 %

6.8 %

2021Q4

0.8 %

2.7 %

4.1 %

4.9 %

5.4 %

5.8 %

5.7 %

5.6 %

5.5 %

2022Q1

0.7 %

2.1 %

3.2 %

4.0 %

4.6 %

4.8 %

4.7 %

4.6 %

4.5 %

4.4 %

2022Q2

0.5 %

1.8 %

2.9 %

3.8 %

4.3 %

4.5 %

4.4 %

4.3 %

4.2 %

4.1 %

2022Q3

0.6 %

2.2 %

3.5 %

4.3 %

4.8 %

5.0 %

4.9 %

4.8 %

4.7 %

2022Q4

0.7 %

2.5 %

3.9 %

4.9 %

5.6 %

5.9 %

5.8 %

5.7 %

5.6 %

5.5 %

2023Q1

0.6 %

2.4 %

4.0 %

5.2 %

5.9 %

6.2 %

6.1 %

6.0 %

5.9 %

5.5 %

2023Q2

0.7 %

3.0 %

4.9 %

6.3 %

7.0 %

7.3 %

7.2 %

6.9 %

2023Q3

0.9 %

3.7 %

5.8 %

7.1 %

7.9 %

8.1 %

7.8 %

2023Q4

0.8 %

3.6 %

5.8 %

7.0 %

7.6 %

2024Q1

0.7 %

3.2 %

5.0 %

6.4 %

2024Q2

0.6 %

2.7 %

2024Q3

0.6 %

[1]The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 30 days past due,

as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.

View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-third-quarter-2024-financial-results-302311261.html

SOURCE Yiren Digital

Technology

ImageTrend CFO John Wolfenden Accepted Into Forbes Finance Council

Published

59 seconds ago

July 24, 2026

Invitation-only professional community selects finance leader based on the depth and diversity of his experience

EAGAN, Minn., July 24, 2026 /PRNewswire/ — ImageTrend, the leading provider of software and AI intelligence for emergency response, healthcare and public safety organizations, today announced that Chief Financial Officer John Wolfenden has been accepted into the Forbes Finance Council.

The Forbes Finance Council brings together executives, investors, and market operators who help shape how capital is allocated, managed, and protected in increasingly complex environments. The invitation-only members are vetted by a selection process that evaluates professional experience, leadership, and industry expertise.

Wolfenden was selected following a review of his experience as CFO of multiple software companies and his track record of strengthening financial operations, improving business processes and supporting growth. At ImageTrend, he leads the finance function and serves as a strategic partner across the business as the company advances its AI-powered platform and supports more than 11,000 agencies.

Recognized Finance Leadership

Across his CFO roles, Wolfenden has focused on operational improvement, business growth and building finance functions that serve as strategic partners across the organization. At ImageTrend, he plays a critical role in the executive leadership team, overseeing financial strategy and operations and helping the company build the scalable foundation required for long-term growth.

“John’s impact at ImageTrend goes well beyond the finance function,” said Joe Graw, Interim Chief Executive Officer and Chief Growth Officer. “He brings financial discipline, commercial perspective and a roll-up-your-sleeves approach to the decisions that shape how we grow and serve our customers. His selection for Forbes Finance Council is well deserved and gives him a valuable platform to share that expertise with other finance leaders.”

Contributing to a Selective Finance Community

As a council member, Wolfenden will join a curated peer community and have opportunities to work with an editorial team to share expert insights in original articles and contribute to Expert Panels on Forbes.com. He plans to share lessons from scaling software organizations and strengthening finance operations.

“I am honored to have been selected to join Forbes Finance Council,” said Wolfenden. “I look forward to exchanging ideas with other finance leaders and learning from their experiences. I have always believed that finance should work closely with every part of the business, helping teams solve problems and make sound decisions. I am excited to bring what I learn back to ImageTrend as we continue improving how we operate and supporting the company’s growth.”

For more information about ImageTrend, visit www.imagetrend.com.

About ImageTrend

ImageTrend helps emergency response teams who struggle with documentation overload by giving them one AI-powered operating system so they can command with confidence and protect more lives with better decisions.

Founded in 1998, the company serves more than 11,000 agencies in the United States, Canada and United Arab Emirates across Fire, Emergency Medical Services, and Hospital segments. With its deep industry knowledge and advanced data analytics capabilities, the software provider helps its customers streamline operations, shape long-term strategies, and dramatically improve outcomes. Its AI-embedded product solutions and dedicated team provide the intelligence and confidence that first responders need to tackle today’s challenges and prepare for tomorrow’s uncertainties.

About Forbes Councils

Forbes Councils is a collective of invitation-only communities created in partnership with Forbes and the expert community builders who founded Young Entrepreneur Council (YEC). In Forbes Councils, exceptional business owners and leaders come together with the people and resources that can help them thrive.

To learn more about Forbes Councils, visit https://councils.forbes.com.

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SOURCE ImageTrend LLC

Technology

Okuma America Corporation to Exhibit at IMTS 2026 with Comprehensive Lineup

Published

1 minute ago

July 24, 2026

Newly Designed Machines, Open-architecture CNC Control, Multiple Automation Systems, Intelligent Technologies, World-Class Services, Sustainable Initiatives, & More to be Featured

CHARLOTTE, N.C., July 24, 2026 /PRNewswire/ — The leadership team at Okuma America Corporation, a global leader and single-source builder of computer numeric control (CNC) machine tools, controls, and automation systems, is excited to announce the company’s exhibition plans for the 2026 International Manufacturing Technology Show (IMTS) to be held in Chicago, Illinois, from September 14 to 19, 2026.

Within its 17,000 square-foot booth, the company plans to showcase a comprehensive offering for the metalworking industry featuring new CNC machine tools, an industry-leading CNC control, a robust line of automation systems, intelligent manufacturing technologies, new world-class services, and more. Okuma America Corporation will host a media event in the South Hall (Booth #338500) on Tuesday, September 15 at 2:00 pm to highlight the company’s IMTS offerings, share insights from the Okuma leadership team, and showcase latest technologies during booth tours.

New & Notable

Four CNC Machines to Make Americas Debut
Of the 11 CNC machine tools Okuma will exhibit at IMTS 2026, four will make their debut in the Americas:

NEW – Okuma MB-100V Vertical Machining CenterNEW – Okuma GENOS M4000H-e Horizontal Machining CenterNEW – Okuma MS-320H Horizontal Machining CenterNEW – Okuma MULTUS U1000 Multitasking Lathe

Okuma Factory Automation and Peripherals
Okuma will present a comprehensive lineup of automation systems developed by the Okuma Factory Automation (OFA) Group, along with best-in-class solutions from its industry partners, all of which seamlessly integrate with Okuma machines. Leading the charge on automation innovation, Okuma is partnering with Intrinsic AI to display an AI automation robot cell. The company is pleased to announce that 9 of its 11 IMTS 2026 CNC machine tools will be paired with automation systems, including three solutions making their debut in the Americas:

NEXT GENERATION – Okuma Robot Loader (ORL) Series Enhancements & Additions – easy-to-integrate robotic systems designed to load and unload workpieces from machinesOkuma Robot Loader Drawer II (ORL-D II)Okuma Robot Loader for Machining Centers (ORL-MC II) with palletOkuma Robot Loader Plus with Pallet (ORL+) – a system designed to perform multiple functionsNEW – Okuma Tower Pallet Changer – vertical, two-level pallet changer with 13-pallet capacityNEW – Modular Automatic Tool Changer

NEW Virtual Reality Experience
Okuma will provide IMTS 2026 attendees with the opportunity to explore various Okuma machine models in a virtual reality environment. A dedicated area within the Okuma booth (booth #338500) will be available for participants to wear a virtual reality headset to view, walk around, and interact with a virtual 3D model of various Okuma CNC machine tools. This includes models beyond what is physically being exhibited within the booth, such as the MCR-A5CII double column machining center.

NEW Explore the Okuma Global Repair Center
Okuma is thrilled to share details of its newly constructed Global Repair Center at its headquarters campus in Charlotte, NC. The 35,000 square-foot facility brings mechanical and electrical repair, component exchange, upgrades, and legacy part fabrication together in a new, state-of-the-art building that is four times larger than previous dedicated space. Backed by advanced inspection, testing, CNC simulation, and thousands of ready-to-ship parts, the facility maximizes uptime, safeguards Okuma users’ investment, and reinforces Okuma’s promise to Passionately Pursue a Customer for Life. Booth visitors may explore the new facility via a 3D-printed model and watch a video of the facility’s impressive operations.

NEW Tribute to America 250
Okuma is pleased to recognize and celebrate the 250th anniversary of the United States of America with several tributes within its booth experience. Booth visitors can see an intricately-crafted Bald Eagle which is being created on the Okuma MU-8000V vertical machining center. Additionally, the company will also reward attendees who complete an in-booth survey with an exclusive baseball hat that features an American flag design element. Also, the GENOS M4000H-e horizontal machining center, which will be making its Americas Debut, will feature a one-of-a-kind patriotic graphics theme, produced by the company’s NASCAR partner, Richard Childress Racing.

Okuma Machine Featured in Partner Booth
Okuma is proud to partner with 50+ companies in the manufacturing industry through our Partners in Technology program, many who will be featured in demonstrations throughout the Okuma booth. Several program members are also exhibiting at IMTS 2026, including Air Turbine Tool. They will feature an Okuma GENOS M560-V vertical machining center in working display at their booth (#431645).

Comprehensive Technology Lineup

Okuma will showcase 11 CNC machine tools at the show, representing a wide range of the company’s vast product lines. Among these are four new products making their Americas debut. Additionally, ten unique automation systems will be on display, including three proprietary innovations from Okuma Factory Automation. The distinctive OSP-P500 control system will be featured on 9 of the 11 CNC machines in the booth, as well as on free-standing interactive simulators. Okuma will also highlight key components of its world-class service and support program.

Okuma’s complete IMTS 2026 machine, control, and automation lineup includes:

Okuma Machining Centers

Paired Automation System

GENOS M4000H-e – NEW

Internal Two-Station Automatic Pallet Changer (APC)

MB-100V – NEW

MB-5000HII

Okuma Tower Pallet Changer

MS-320H – NEW

Okuma Robot Loader Drawer II (ORL-D II)

MU-8000V

Modular Automation Cell

GENOS M460V-5AX (5-axis)

Okuma Robot Loader Machining Center II (ORL-MC II) & Modular Automatic Tool Changer (ATC)

Lathes

Paired Automation System

LB2000 EX III MYW

Okuma Robot Loader Plus with pallet (ORL+)

LT2000 EX 3T3MY

Okuma NC Unloader and LNS Bar Feeder

LU3000 EX

Okuma Gantry Loader (OGL)

Multitasking Lathes

Paired Automation System

MULTUS U1000 – NEW

Grinder

Paired Automation System

GA26W

Okuma Robot Loader Plus with pallet (ORL+)

Other Highlights

Okuma Speaking & Media Engagements
There will be multiple opportunities for show visitors to attend speaking engagements led by Okuma executive leadership and experts, including:

Okuma Press Conference on Tuesday, 9/15 at 2 PM CST, located in the Virtual Reality section of Okuma Booth (booth #338500)Simon Schneider, Director of Okuma Factory Automation, to present “The Automation Impact: Short-Term Wins to Long-Term Transformations” at Room W192-C on Tuesday, 9/15 at 2:15 CSTWade Andersion, Vice President of Engineering and Okuma Factory Automation, to present at the Blaser Swisslube Booth (booth #431228) on Tuesday 9/15 at 3 PM CST

Okuma is pleased to partner with a variety of manufacturing trade publications for scheduled media engagement and filming sessions throughout IMTS 2026. This includes outlets such as Practical Machinist, MTD CNC, Modern Machine Shop, and more.

Sustainability Initiatives
At Okuma, we’re working together to build a better machine tool and a better future. Okuma CNC machines are equipped with Okuma’s “Green Smart Machine” technology, a series of combined technologies that harmonize high-performance machining with intelligent energy management controls. Specifically, these technologies include Okuma’s proprietary ECO suite plus and Thermo-Friendly Concept, both of which will be displayed at IMTS 2026.

Okuma Best-in-Class Distributor Network
In support of Okuma’s mission of ‘Passionately Pursuing a Customer for Life’, Okuma has created strategic relationships with best-in-class distributorships to support customer needs within their local regions of operation. Representatives from each of Okuma’s distributors will be onsite at IMTS 2026.

Okuma Partners in Technology
Okuma’s Partners in Technology network brings together 50+ companies that represent best-in-class manufacturing solutions and technologies that pair perfectly with Okuma CNC machine tools.

For more information on Okuma’s IMTS offering, visit www.okuma.com/imts.

About Okuma America Corporation
Okuma America Corporation is the U.S.-based sales, marketing, engineering, and service affiliate of Okuma Corporation, a world-leading builder of CNC (computer numeric control) machine tools, controls, and automation systems. The company was founded in 1898 in Nagoya, Japan, and is the industry’s only single-source provider of CNC machines, drives, motors, encoders, spindles, and automation systems, all manufactured by Okuma. The company designs its own CNC controls to integrate seamlessly with each machine tool’s functionality. In 2014 Okuma launched the Okuma App Store, the industry’s only centralized online marketplace for machine tool apps and related content at that time. Along with its extensive distribution network (largest in the Americas), and Partners in Technology network of enhanced manufacturing technologies, Okuma is committed to helping users gain competitive advantage through the open possibilities of machine tools today and into the future. For more information, visit Okuma.com or follow us on Facebook, Instagram, LinkedIn and X.

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SOURCE Okuma America Corporation

Technology

TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization, Assessment, and Virtual Patching

Published

1 minute ago

July 24, 2026

As a participant in Anthropic’s Cyber Verification Program, TrendAI applies frontier reasoning to convert vulnerability intelligence into faster protection across hybrid environments

DALLAS, July 24, 2026 /PRNewswire/ — TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced it is adopting Claude Opus 5, Anthropic’s latest and most capable Opus model, to help security teams convert vulnerability intelligence into immediate protection, from prioritization and assessment through to virtual patching. The move builds on TrendAI’s collaboration with Anthropic on Claude Opus 4.8, extending the same defensive focus to a model that delivers step-change gains in advanced reasoning, agentic workflows, and long-horizon analysis. As AI makes finding vulnerabilities easier than ever, the harder problem becomes protecting organizations faster than software can be permanently patched, and that is where TrendAI is putting Opus 5 to work.

As a participant in Anthropic’s Cyber Verification Program, which credentials organizations for the defensive use of frontier AI models, TrendAI is positioned to apply Claude Opus 5 to defensive security as access becomes available. The model is Zero Data Retention compatible, supporting TrendAI’s governance and data-protection requirements as it scales AI across security operations.

Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™:
“With Claude Opus 5, TrendAI can move from vulnerability intelligence to action faster than ever, prioritizing what matters most by exploitability and business impact. Finding the vulnerability was always the hard part. Now the challenge is protecting organizations faster than software can be permanently patched, and frontier reasoning is what changes that equation, extending all the way to virtual patching that protects customers before a vendor fix ships. This is what it means to secure the AI age, fearlessly.”

These capabilities support TrendAI Vision One™ in helping security analysts, AppSec teams, and SOC teams prioritize exposure, map attack paths, and accelerate mitigation, including virtual patching, across hybrid environments, moving vulnerability management from a static scanning process into a faster, context-aware risk mitigation workflow.

About TrendAI™
TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. Through deep ecosystem partnerships with market leaders like NVIDIA, Anthropic, AWS, Google, and Microsoft, TrendAI™ empowers your organization to securely drive forward at the speed of AI. AI Fearlessly. Learn more: trendaisecurity.com

About Anthropic
Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models, including Claude Opus 5, enables advanced capabilities across a wide range of applications, including code understanding and security analysis.

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SOURCE TrendAI