Technology
Yiren Digital Reports Third Quarter 2024 Financial Results
Published
2 years agoon
By
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,
2024
September 30,
2023
September 30,
2024
September 30,
2024
RMB
RMB
RMB
USD
RMB
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
175,018,644
177,189,206
173,557,082
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
176,035,324
179,220,434
175,457,062
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
September 30,
2024
RMB
RMB
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
32
206
279
40
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
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
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
130
132
19
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,
2024
September 30,
2023
September 30,
2024
September 30,
2024
RMB
RMB
RMB
USD
RMB
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
1,498,020
2,128,924
3,365,960
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
1,470,738
1,256,762
1,470,738
1,470,738
Number of insurance clients
123,693
88,766
82,291
82,291
293,254
226,191
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 %
26.6 %
52.3 %
33.7 %
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 %
1.2 %
30+ Days Delinquency Rates by Vintage[1]
Loan Issued Period
Month on Book
2
4
6
8
10
12
14
16
18
20
22
24
2019Q1
0.0 %
0.5 %
1.6 %
2.3 %
3.3 %
4.4 %
5.9 %
6.1 %
6.4 %
6.9 %
6.9 %
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 %
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 %
8.2 %
2021Q3
0.6 %
2.5 %
4.2 %
5.4 %
6.1 %
6.5 %
6.7 %
6.9 %
6.9 %
6.9 %
6.9 %
6.8 %
2021Q4
0.8 %
2.7 %
4.1 %
4.9 %
5.4 %
5.8 %
5.8 %
5.8 %
5.7 %
5.6 %
5.6 %
5.5 %
2022Q1
0.7 %
2.1 %
3.2 %
4.0 %
4.6 %
4.8 %
4.7 %
4.6 %
4.6 %
4.5 %
4.5 %
4.4 %
2022Q2
0.5 %
1.8 %
2.9 %
3.8 %
4.3 %
4.5 %
4.4 %
4.3 %
4.3 %
4.2 %
4.2 %
4.1 %
2022Q3
0.6 %
2.2 %
3.5 %
4.3 %
4.8 %
5.0 %
5.0 %
4.9 %
4.9 %
4.8 %
4.7 %
4.7 %
2022Q4
0.7 %
2.5 %
3.9 %
4.9 %
5.6 %
5.9 %
5.8 %
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
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Secretary of State Belanger announces expansion of high-speed Internet access in Saskatchewan
Published
56 minutes agoon
July 24, 2026By
Federal investment of over $141 million will help connect more than 30,000 homes to high–speed Internet
HUMBOLDT, SK, July 24, 2026 /CNW/ — Reliable and affordable high-speed Internet is essential for all Canadians. It enables access to important online resources, connects friends and families, and drives economic growth and innovation. This is why the Government of Canada is helping bring high-speed Internet access to underserved communities–including Indigenous communities–in Saskatchewan.
Today, the Honourable Buckley Belanger, Secretary of State for Rural Development, announced over $141 million in federal funding for six projects to bring high-speed Internet access to more than 30,000 households in over 500 rural and remote communities across Saskatchewan.
This funding is provided through the Universal Broadband Fund, a program designed to ensure that Canadians in rural, remote and Indigenous communities have access to reliable high-speed Internet.
The Government of Canada has committed to ensuring that every household in Canada has access to high-speed Internet by 2030, and it is on track to meet this connectivity target. These projects will build toward that goal, and the government will continue to invest in infrastructure that creates new opportunities and makes sure communities can benefit from all of Canada’s potential.
Quotes
“High-speed Internet is no longer just a luxury–it’s essential infrastructure, no matter where you live in Canada. It’s how people access health care virtually, start a business or just stay in touch with their loved ones. That’s why we made a historic commitment to provide 100% of Canadian households with access to high-speed Internet by 2030. The projects announced today are a major milestone for connectivity in Saskatchewan, providing reliable and affordable high-speed Internet to more than 30,000 underserved homes in over 500 rural and remote communities across the province.”
– The Honourable Buckley Belanger, Secretary of State for Rural Development
“In many rural and remote areas, connectivity projects like these face a number of financial and structural barriers. Federal tools like the Canada Infrastructure Bank help bridge that gap, ensuring critical infrastructure is built where it otherwise would not be. By supporting initiatives like this, we are advancing economic growth today and helping close the connectivity gap for underserved communities well into the future.”
– The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
“Access to dependable high-speed Internet should not be determined by where people live. Thanks to support from the Government of Canada through the Universal Broadband Fund, RFNOW is delivering the infrastructure needed to connect underserved rural and First Nations communities across Saskatchewan. Together, we are building a stronger digital future that will enhance economic development, support essential services and improve quality of life for thousands of Canadians.”
– Chris Kennedy, Chief Executive Officer, RFNOW Inc.
“Every community deserves the opportunity that comes with access to reliable high-speed Internet–and that’s exactly what this investment delivers. In partnership with the Government of Canada’s Universal Broadband Fund, Xplore is bringing high-speed Internet connectivity to nearly 20,000 homes and businesses in Saskatchewan. Better connectivity means more than faster downloads–it means students can learn without interruption, families can access health care from home, and local businesses can compete on a level playing field.”
– Brent Johnston, Chief Executive Officer, Xplore Inc.
“Since our establishment in 2007, we have been committed to providing dependable Internet service and strengthening connections in the communities we serve. With support from the Government of Canada’s Universal Broadband Fund, we’re excited to expand our network and introduce new 6 GHz fixed wireless technology capable of delivering speeds of up to 1 Gbps. This project will help more residents of rural and remote communities access the reliable high-speed connectivity they need for work, education, health care, business and everyday life.”
– Allen Stafford, President, Stafford Communications Inc.
“Beaver River Broadband has secured federal Universal Broadband Fund support to deliver fibre-to-the-home infrastructure directly to Peepeekisis Cree Nation. This critical investment guarantees gigabit-capable Internet access that will transform local opportunities in digital education, remote health care and community-led economic development. Crucially, the project underscores the importance of partnering with smaller, regional Internet providers that bring deep community roots, agile deployment and a dedicated focus on serving areas that larger national carriers often overlook. As an Indigenous-led regional provider working closely with First Nations, Beaver River Broadband understands the unique needs of the area and delivers tailored, reliable customer support on the ground. Empowering local providers through initiatives like the Universal Broadband Fund ensures that underserved First Nations are not just connected but also supported by partners invested in their long-term digital sovereignty.”
– John DeGraauw, CEO, Beaver River Broadband
“MCSnet’s fibre-to-the-tower expansion in Saskatchewan will deliver fast, highly reliable Internet access to underserved homes in rural Saskatchewan, courtesy of a dedicated, community-invested provider. As a family-owned company based in the Prairies, we have been serving rural communities with our innovative technology and exceptional customer service for over 30 years.”
– Jerome VanBrabant, Chief Projects Officer, MCSnet
Quick facts
Canada’s Connectivity Strategy aims to provide all Canadians with access to Internet speeds of at least 50 megabits per second (Mbps) download / 10 Mbps upload.The Universal Broadband Fund is a $3.225 billion investment by the Government of Canada designed to help provide high-speed Internet access to 98% of Canadian households by the end of 2026 and achieve the national target of 100% access by 2030.Today, 97.4% of Canadian households have access to high-speed Internet, compared to just 79% in 2014.In Saskatchewan, 89.2% of households currently have access to high-speed internet.Since 2015, the Government of Canada has invested $242 million in connectivity projects in Saskatchewan.The Canada Infrastructure Bank has committed more than $2 billion toward digital (broadband) infrastructure, closing last-mile connectivity gaps across Canada.Indigenous women, girls, Two-Spirit individuals and gender diverse people are more likely to go missing or be murdered than non-Indigenous women. Better connectivity means more tools in moments of danger, enabling victims of violence to access critical online resources and get help when they need it most.Building on the Building a Green Prairie Economy Act, the Government of Canada launched the Prairie Partnership Initiative to build a dynamic, sustainable and inclusive economy in the Prairie provinces.
Associated links
Rural economic developmentHigh-Speed Internet Access DashboardUniversal Broadband FundBackgrounder: Universal Broadband Fund and Telesat low Earth orbit capacity agreementCanada Infrastructure Bank: Digital Infrastructure and AIHigh-Speed Access for All: Canada’s Connectivity StrategyNational Broadband MapFederal Pathway to Address Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ PeoplePrairie Partnership Initiative
Stay connected
Follow Innovation, Science and Economic Development Canada on social media. X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada
For easy access to government programs for businesses, download the Canada Business app.
SOURCE Innovation, Science and Economic Development Canada
Technology
Fragmented Web Strategies Leave Organizations Exposed as Digital Expectations Rise, Warns Info-Tech Research Group
Published
56 minutes agoon
July 24, 2026By
Organizations are increasingly focused on modernizing their digital presence to meet rising user expectations, yet many still rely on decentralized content models, inconsistent governance, and legacy platforms. New findings from Info-Tech Research Group show that without a structured web experience management (WEM) strategy, web initiatives often fail to align with business goals and user needs. The firm’s blueprint Develop Your Web Experience Management Strategy provides a five-phase framework and tools to help IT leaders strengthen governance and align web priorities with organizational objectives.
ARLINGTON, Va., July 24, 2026 /CNW/ — Organizations continue to invest in digital platforms and web modernization efforts, but progress is often limited by unclear priorities, inconsistent ownership, and a lack of shared performance measures. New insights from Info-Tech Research Group indicate that without a clear understanding of web experience maturity and readiness, digital investments fail to translate into consistent and measurable outcomes. The global research and advisory firm’s recently published blueprint, Develop Your Web Experience Management Strategy, provides a structured five-phase methodology to assess current-state capabilities, define priority audiences and journeys, and build a practical roadmap for evolving the web ecosystem in alignment with organizational objectives.
“Web experience management has moved beyond basic websites to become a core driver of growth and engagement,” says Hriday Gulrajani, senior research analyst at Info-Tech Research Group. “CIOs and IT leaders need to align marketing, data, and technology teams under clear governance and a structured roadmap to deliver consistent, scalable digital experiences.”
Info-Tech’s blueprint shows that many organizations treat web modernization as a technology upgrade rather than a coordinated experience strategy. As a result, content operations remain decentralized, integration between core systems such as CMS, CRM, and analytics platforms is inconsistent, and governance responsibilities are not clearly defined. While capabilities such as personalization, automation, and advanced analytics offer opportunities to improve engagement and operational efficiency, organizations often lack a structured framework for prioritizing initiatives and measuring progress across the web ecosystem.
Key Challenges IT Leaders Face in Web Experience Management
Despite ongoing investment in digital platforms and experience initiatives, many organizations encounter structural and operational barriers that limit progress. Info-Tech’s research highlights several persistent challenges:
Content decisions are often made in silos, resulting in inconsistent messaging, fragmented governance, and unclear ownership across teams.Limited integration between CMS, CRM, analytics, and other core systems restricts visibility into user behavior and makes it difficult to measure and improve web experience performance.Legacy platforms and constrained architectures limit personalization, automation, accessibility, and multichannel delivery capabilities.Misalignment between marketing, IT, and data teams slows decision-making and weakens the organization’s ability to evolve its web ecosystem strategically.
Info-Tech’s Practical Framework for Web Experience Management
To address these challenges, Info-Tech recommends a structured five-phase approach that connects organizational strategy, customer experience priorities, and web execution. The Develop Your Web Experience Management Strategy blueprint outlines the following priorities for CIOs and IT leaders:
Phase 1: Define Vision & Success Criteria – Align WEM objectives to organizational strategy, define strategic outcomes, and establish experience KPIs to measure performance across digital touchpoints.
Phase 2: Assess Current State & Readiness – Use a web experience maturity model to evaluate capabilities across people, process, technology, and performance, and identify integration gaps and readiness risks.
Phase 3: Understand Audiences & Experience Priorities – Define priority personas, map end-to-end journeys, and translate organizational goals into structured web experience use cases prioritized by value and feasibility.
Phase 4: Architect & Govern the Ecosystem – Establish architecture principles, design the target-state WEM ecosystem, and define governance structures and operating models that clarify roles, ownership, and decision rights.
Phase 5: Launch, Communicate, & Measure – Develop a phased roadmap aligned to key value drivers, implement performance measurement frameworks, and enable continuous optimization across the web ecosystem.
Info-Tech’s Develop Your Web Experience Management Strategy blueprint is supported by a Web Experience Management Business Case Template and a Web Experience Initiatives Prioritization and Roadmap Planning Tool. These resources are designed to help CIOs and IT leaders build a clear case for modernization, prioritize initiatives based on value and feasibility, and develop phased roadmaps aligned to organizational objectives. By applying this framework and its supporting tools, organizations can strengthen governance, improve cross-functional alignment, and evolve their web ecosystem in a measurable and scalable way.
For exclusive and timely commentary from Info-Tech’s experts, including Hriday Gulrajani, and access to the complete Develop Your Web Experience Management Strategy blueprint, please contact pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading and fastest-growing research and advisory firms, serving over 30,000 IT, HR, and marketing professionals around the globe. As a trusted product and service leader, the company delivers unbiased, highly relevant research and industry-leading advisory support to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide everything they need, from actionable tools to expert guidance, ensuring they deliver measurable results for their organizations.
To learn more about Info-Tech’s HR research and advisory services, visit McLean & Company, and for data-driven software buying insights and vendor evaluations, visit the firm’s SoftwareReviews platform.
Media professionals can register for unrestricted access to research across IT, HR, and software, as well as hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.
For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.
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SOURCE Info-Tech Research Group
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In HelloNation, Custom Fabrication Expert Mark Coyle Explains What to Know Before Choosing an Aluminum Fabrication Partner
Published
56 minutes agoon
July 24, 2026By
The article explains how an integrated fabrication process supports better quality, efficiency, and long-term project success.
ROCHESTER, N.Y., July 24, 2026 /PRNewswire/ — What should someone look for before selecting an aluminum fabrication partner who can guide a project from the first design sketch through final delivery? That question is answered in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that explains how the full aluminum production workflow shapes accuracy, consistency, and long-term reliability. The article shows why a clear understanding of each stage in the process helps people make informed decisions before committing to a fabrication partner.
The article begins by explaining that aluminum fabrication involves far more than cutting or welding. It describes how every project moves through a connected chain of design support, extrusion, machining, finishing, and logistics. Each step affects the next, and the article notes that the best results come from choosing an aluminum fabrication partner who keeps these stages aligned. By showing how coordination prevents errors, the article gives readers a practical way to evaluate a potential shop.
Early design support is a major focus of the article. It states that many projects benefit when design engineering is handled in-house because small adjustments to a profile can influence strength, weight, and final performance. The HelloNation article explains that an aluminum fabrication partner with internal design capabilities can review shapes before tooling begins, reducing the risk of delays caused by unrealistic or difficult-to-extrude features. This design stage sets the direction for everything that follows, making it one of the most valuable parts of the process.
The article also examines extrusion, which it calls one of the most specialized stages in aluminum manufacturing. It notes that some shops do not extrude their own material, which forces them to rely on outside mills. That structure can lead to longer schedules and more points of communication. By contrast, an aluminum fabrication partner with direct access to extrusion equipment can control die design, schedule production runs, and manage metal flow more precisely. The article explains that this control reduces variation between batches, which supports stable timelines and more predictable quality.
Machining receives detailed attention as well. The article states that accuracy depends on how well each machine is calibrated for the specific alloy and geometry involved. It describes how a fabricator who machines their own extrusions becomes familiar with how those profiles respond to different tool paths and cutting forces. This familiarity supports tighter tolerances and more dependable results. The article explains that when machining is outsourced, the receiving shop may not know the conditions under which the material was extruded or aged, which can cause small adjustments that affect uniformity across long runs.
Finishing is another important stage explored in the article. It explains how anodizing, powder coating, polishing, or protective layers interact with thickness and alloy. The article notes that when finishing is spread across multiple vendors, the project moves more often, which increases the chance for delays or inconsistency. An aluminum fabrication partner with integrated finishing services can keep color and coating texture more uniform while maintaining a tighter schedule.
Logistics also plays a key role in the article’s guidance. It highlights that aluminum profiles, especially long or delicate ones, require thoughtful packaging, palletizing, and freight planning. A shop with its own logistics team can reduce damage risks and speed up the time between manufacturing and delivery. The article explains that when logistics is outsourced, communication slows down and the chances of errors increase, making it harder to keep a project on schedule.
Tolerance control is another subject the article describes. It explains that aluminum reacts to heat, pressure, and machining forces in predictable ways only when the team understands how the material was formed at every stage. The article notes that when extrusion, aging, machining, and inspection all occur within one operation, teams can maintain a closed loop of information. This reduces the risk of dimensional issues and strengthens consistency from batch to batch.
As the article moves toward its conclusion, it emphasizes that choosing the right aluminum fabrication partner comes down to understanding how many stages the shop directly manages. When a partner controls design, extrusion, machining, finishing, and logistics, communication becomes clearer, and the workflow becomes more predictable. The article explains that this unified structure allows teams to adjust quickly because they understand every step of the operation.
The article ends by stating that dependable performance in aluminum work depends on how well each stage connects to the next. A strong aluminum fabrication partner is defined not by one capability but by how the entire process fits together. This guidance gives readers a practical way to evaluate potential partners and make decisions that support long-term project success.
What to Know Before Choosing an Aluminum Fabrication Partner features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.
About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-custom-fabrication-expert-mark-coyle-explains-what-to-know-before-choosing-an-aluminum-fabrication-partner-302834344.html
SOURCE HelloNation
Secretary of State Belanger announces expansion of high-speed Internet access in Saskatchewan
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