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Yiren Digital Reports First Quarter 2024 Financial Results

Yiren Digital Reports First Quarter 2024 Financial Results

BEIJING, June 21, 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 March 31, 2024. 

First Quarter 2024 Operational Highlights

Financial Services Business

  • Total loans facilitated in the first quarter of 2024 reached RMB11.9 billion (US$1.6 billion), representing an increase of 2.3% from RMB11.6 billion in the fourth quarter of 2023 and compared to RMB6.4 billion in the same period of 2023.
  • Cumulative number of borrowers served reached 9,978,280 as of March 31, 2024, representing an increase of 7.3% from 9,295,666 as of December 31, 2023 and compared to 7,582,435 as of March 31, 2023.
  • Number of borrowers served in the first quarter of 2024 was 1,352,200, representing a decrease of 1.4% from 1,371,501 in the fourth quarter of 2023 and compared to 872,235 in the same period of 2023. The slight decrease was due to seasonable reasons and the ongoing optimization of customer mix.
  • Outstanding balance of performing loans facilitated reached RMB20.2 billion (US$2.8 billion) as of March 31, 2024, representing an increase of 10.4% from RMB18.3 billion as of December 31, 2023 and compared to RMB11.1 billion as of March 31, 2023.

Insurance Brokerage Business

  • Cumulative number of insurance clients served reached 1,343,660 as of March 31, 2024, representing an increase of 4.7% from 1,283,102 as of December 31, 2023 and compared to 1,007,238 as of March 31, 2023.
  • Number of insurance clients served in the first quarter of 2024 was 73,687, representing a decrease of 28.1% from 102,556 in the fourth quarter of 2023 and compared to 80,856 in the same period of 2023. The decrease was primarily due to the decline in life insurance volume resulting from product changes required by new regulations.
  • Gross written premiums in the first quarter of 2024 were RMB912.4 million (US$126.4 million), representing a decrease of 24.5% from RMB1,208.7 million in the fourth quarter of 2023 and compared to RMB923.4 million in the same period of 2023. The decrease was mainly attributed to the declined life insurance volume resulting from product changes required by new regulations.

Consumption and Lifestyle Business

  • Total gross merchandise volume generated through our e-commerce platform and "Yiren Select" channel reached RMB625.1 million (US$86.6 million) in the first quarter of 2024, representing a decrease of 9.8% from RMB692.7 million in the fourth quarter of 2023 and compared to RMB308.6 million in the same period of 2023. The decrease was mainly due to seasonal reasons. As the penetration of our consumption and lifestyle products and services further grows in the existing customer pool, the growth rate of this segment is expected to gradually normalize, aligning with the growth pace of our other business segments

"We are pleased to report another solid quarter, with stable growth in our top line and overall business scale during a traditional off-season in the industry, while maintaining healthy profitability," said Mr. Ning Tang, Chairman and Chief Executive Officer. 

"We are also excited to announce that our 'AI Lab' initiative has begun to yield early results, as AI integration continues to permeate all aspects of our operations. Our AI strategy is structured in three comprehensive phases: firstly, empowering existing business; secondly, building advanced AI capabilities and ecosystem; and lastly, for the long-term goal, exploring future AI commercialization. It is not a sudden shift in business direction but a solid, step-by-step approach to upgrading and sharpening our core competitive strengths that we've built over the past decade of operations."

"In the first quarter of 2024, our total revenue reached RMB 1.4 billion, marking a 40% increase year-over-year. We generated approximately RMB 632 million in net cash from operations during this quarter, reflecting a 62% increase from the previous year," Ms. Na Mei, Chief Financial Officer commented. "Our balance sheet remained robust with RMB 5.9 billion in cash and equivalents as of the end of this quarter. We allocated USD 2.1 million to repurchase shares in the public market in the first quarter of this year, bringing our total deployment for the share repurchase program to USD 9.5 million by March 31, 2024."

First Quarter 2024 Financial Results

Total net revenue in the first quarter of 2024 was RMB1,378.1 million (US$190.9 million), representing an increase of 39.7% from RMB986.3 million in the first quarter of 2023. Particularly, in the first quarter of 2024, revenue from financial services business was RMB738.1 million (US$102.2 million), representing an increase of 52.5% from RMB483.9 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 RMB124.9 million (US$17.3 million), representing a decrease of 36.4% from RMB196.4 million in the first quarter of 2023. The decrease was due to declined sales of life insurance attributed to product changes required by new regulations. Revenue from consumption and lifestyle business and others was RMB515.0 million (US$71.3 million), representing an increase of 68.3% from RMB306.1 million in the first quarter of 2023. The increase was primarily attributed to the continuous growth in gross merchandise volume generated through our e-commerce platform, as the service and product penetration grows in the expanding base of paying customers.

Sales and marketing expenses in the first quarter of 2024 were RMB277.2 million (US$38.4 million), compared to RMB106.2 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 focused on attracting new, high-caliber customers while optimizing our customer composition.

Origination, servicing and other operating costs in the first quarter of 2024 were RMB233.3 million (US$32.3 million), compared to RMB199.7 million in the same period of 2023. The increase was due to the rapid growth of our financial services business as well as property insurance business.

Research and development expenses[1] in the first quarter of 2024 were RMB40.5 million (US$5.6 million), compared to RMB29.2 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 first quarter of 2024 were RMB83.7 million (US$11.6 million), compared to RMB63.4 million in the same period of 2023. The increase was primarily due to adjustments in personnel and the introduction of additional incentives.

Allowance for contract assets, receivables and others in the first quarter of 2024 was RMB102.3 million (US$14.2 million), compared to RMB39.4 million in the same period of 2023. The increase was primarily attributed to the growing volume of loans facilitated.

Provision for contingent liabilities in the first quarter of 2024 was RMB67.3 million (US$9.3 million), compared to RMB5.5 million in the same period of 2023. The increase was mainly attributed to a higher volume of loans facilitated under our risk-taking model[2].

Income tax expense in the first quarter of 2024 was RMB131.8 million (US$18.3 million).

Net income in the first quarter of 2024 was RMB485.9 million (US$67.3 million), as compared to RMB427.2 million in the same period in 2023. The increase was primarily due to the robust growth of our financial services business and the expansion of our consumption and lifestyle business scale.

Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2024 was RMB593.0 million (US$82.1 million), compared to RMB539.3 million in the same period of 2023.

Basic and diluted income per ADS in the first quarter of 2024 were RMB5.6 (US$0.8) and RMB5.5 (US$0.8) respectively, compared to a basic income per ADS of RMB4.8 and a diluted income per ADS of RMB4.7 in the same period of 2023.

Net cash generated from operating activities in the first quarter of 2024 was RMB631.7 million (US$87.5 million), compared to RMB390.3 million in the same period of 2023.

Net cash used in investing activities in the first quarter of 2024 was RMB683.7 million (US$94.7 million), compared to RMB774.3 million provided by investing activities in the same period of 2023.

Net cash used in financing activities in the first quarter of 2024 was RMB14.8 million (US$2.0 million), compared to RMB392.8 million in the same period of 2023.

As of March 31, 2024, cash and cash equivalents were RMB5,904.0 million (US$817.7 million), compared to RMB5,791.3 million as of December 31, 2023. As of March 31, 2024, the balance of held-to-maturity investments was RMB10.4 million (US$1.4 million), unchanged from December 31, 2023. As of March 31, 2024, the balance of available-for-sale investments was RMB379.5 million (US$52.6 million), compared to RMB438.1 million as of December 31, 2023. As of March 31, 2024, the balance of trading securities was RMB78.0 million (US$10.8 million), compared to RMB76.1 million as of December 31, 2023.

Delinquency rates. As of March 31, 2024, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.9%, 1.6% and 1.4%, respectively, compared to 0.9%, 1.4% and 1.2%, respectively, as of December 31, 2023.

Cumulative M3+ net charge-off rates. As of March 31, 2024, the cumulative M3+ net charge-off rates for loans originated in 2021, 2022 and 2023 were 6.3%, 4.7% and 3.9%, respectively, as compared to 6.4%, 4.7% and 2.8%, respectively, as of December 31, 2023.

Business Outlook

Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the second quarter of 2024 to be between RMB1.4 billion to RMB1.6 billion, with a healthy net profit margin.

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

Recent Development

1) Board Composition Change 

On June 17, 2024, Mr. Qing Li resigned from the board of directors of the Company (the "Board") due to personal reasons. Mrs. Shuo Zheng was appointed by the Board as a director of the Company to succeed Mr. Qing Li. In addition, the Board has appointed Mrs. Zheng as (i) a member of the nominating and corporate governance committee, (ii) a member of the audit committee, (iii) a member of the compensation committee, and (iv) a member of the newly formed ESG (Environmental, Social, and Governance) committee of the Board. The director change became effective on June 17, 2024.

Mrs. Shuo Zheng has over 28 years of experience in financial control and regulatory compliance within both corporate and personal banking sectors. From June 2016 to July 2023, she had served as the Head of Regulatory Compliance and Branch Compliance at JPMorgan Chase Bank China. Prior to this, from August 2011 to June 2016, she was the Head of North Region Compliance and Approved Compliance Officer for Citibank Beijing branch. Ms. Zheng also held positions at China offices of Deutsche Bank, Standard Chartered Bank and HSBC from 1995 to 2011. Ms. Zheng holds a bachelor's degree in finance from the Financial and Banking Institution of China, now part of the University of International Business and Economics, which she obtained in 1992. She also holds ACCA Certificates (Chinese version) and the Insurance Agent Sales Certificate.

The Board has determined that Mrs. Zheng satisfies the "independence" requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and Rule 10A-3 under the Securities Exchange Act of 1934, as amended.

"On behalf of the Board, I would like to extend our gratitude to Mr. Qing Li for his years of contributions to Yiren Digital and wish him all the best in his future endeavors," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We are also delighted to welcome Mrs. Zheng to the Board. We believe her extensive experience in financial control and regulatory compliance will add significant value to the Board and enhance the overall governance and management of our Company."

2) Establishment of ESG Board Committee

As a strategic imperative that reflects our commitment to sustainable growth and responsible corporate governance, the Board has approved the establishment of an ESG (Environmental, Social, and Governance) Committee under the Board, consisting of Mr. Ning Tang as the committee chair, Mr. Hao Li and Mrs. Shuo Zheng as the committee members, effective June 17, 2024.

By creating this dedicated committee, the Company ensures that ESG considerations are embedded at the highest level of decision-making, aligning our operations with global best practices and stakeholder expectations. This committee will provide focused oversight on ESG matters, drive initiatives that mitigate environmental impact, promote social responsibility, and uphold strong governance standards.

Furthermore, this will enhance our transparency and accountability, attract socially conscious investors and foster long-term value creation for all stakeholders, positioning the Company as a leader in sustainability, ready to address the evolving challenges and opportunities in the industry.

3) Upgrade of Code of Business Conduct and Ethics

In line with our commitment to enhanced non-financial risk control and improved ESG efforts, the Company has amended and restated its Code of Business Conduct and Ethics (the "Code") to incorporate ESG-related topics. The revised Code became effective on June 17, 2024 and is available on our IR website at https://ir.yiren.com/Committee-Composition.

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 RMB7.2203 to US$1.00, the effective noon buying rate on March 29, 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 7:30 a.m. U.S. Eastern Time on June 21, 2024 (or 7:30 p.m. Beijing/Hong Kong Time on June 21, 2024).

Participants who wish to join the call should register online in advance of the conference at: https://dpregister.com/sreg/10189856/fcb1994da0

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=1RBjWm6O

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.

[1] Research and development expenses have been segregated from general and administrative expenses and restated for historical periods to better reflect the Company's cost and expense structure.
[2] The risk-taking model refers to the framework in which the company assumes the credit risk for the loans facilitated on our platform.
[3] "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.

 

 

Unaudited Condensed Consolidated Statements of Operations

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



For the Three Months Ended 


March 31,
2023


March 31,
2024


March 31,
2024


RMB


RMB


USD

Net revenue:






Loan facilitation services

417,165


676,295


93,666

Post-origination services

6,316


1,772


245

Insurance brokerage services

196,358


124,926


17,302

Financing services

22,577


10,666


1,477

Electronic commerce services

242,858


502,936


69,656

Guarantee services

5,759


16,853


2,334

Others

95,310


44,636


6,182

Total net revenue

986,343


1,378,084


190,862

Operating costs and expenses:






Sales and marketing

106,212


277,223


38,395

Origination,servicing and other operating costs

199,745


233,270


32,308

Research and development

29,169


40,521


5,612

General and administrative

63,381


83,674


11,589

Allowance for contract assets, receivables and others

39,406


102,334


14,173

Provision for contingent liabilities

5,499


67,258


9,315

Total operating costs and expenses

443,412


804,280


111,392

Other income/(expenses):






Interest income, net

14,519


27,713


3,838

Fair value adjustments related to Consolidated ABFE

(11,203)


15,468


2,142

Others, net

3,589


677


95

Total other income

6,905


43,858


6,075

Income before provision for income taxes

549,836


617,662


85,545

Income tax expense

122,670


131,779


18,251

Net income

427,166


485,883


67,294







Weighted average number of ordinary shares outstanding, basic

177,782,059


174,282,443


174,282,443

Basic income per share

2.4028


2.7879


0.3861

Basic income per ADS

4.8056


5.5758


0.7722







Weighted average number of ordinary shares outstanding, diluted

180,180,975


176,202,571


176,202,571

Diluted income per share

2.3708


2.7575


0.3819

Diluted income per ADS

4.7416


5.5150


0.7638







Unaudited Condensed Consolidated Cash Flow Data






Net cash generated from operating activities

390,307


631,743


87,495

Net cash provided by/(used in) investing activities

774,283


(683,697)


(94,691)

Net cash used in financing activities

(392,831)


(14,774)


(2,046)

Effect of foreign exchange rate changes

(181)


1,340


186

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

771,578


(65,388)


(9,056)

Cash, cash equivalents and restricted cash, beginning of period

4,360,695


6,058,604


839,107

Cash, cash equivalents and restricted cash, end of period

5,132,273


5,993,216


830,051

 

 

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)


As of


December 31,
2023


March 31,
2024


March 31,
2024


RMB


RMB


USD







        Cash and cash equivalents

5,791,333


5,903,995


817,694

        Restricted cash

267,271


89,221


12,357

        Trading securities

76,053


77,967


10,798

        Accounts receivable

499,027


610,745


84,588

        Guarantee receivable 

2,890


36,787


5,095

        Contract assets, net

978,051


994,116


137,683

        Contract cost

32


18


2

        Prepaid expenses and other assets

423,621


1,273,040


176,314

        Loans at fair value

677,835


655,058


90,725

        Financing receivables

116,164


73,383


10,163

        Amounts due from related parties

820,181


726,991


100,687

        Held-to-maturity investments

10,420


10,420


1,443

        Available-for-sale investments

438,084


379,489


52,559

        Property, equipment and software, net

79,158


77,777


10,772

        Deferred tax assets

73,414


59,260


8,207

        Right-of-use assets

23,382


18,758


2,598

Total assets

10,276,916


10,987,025


1,521,685

        Accounts payable

30,902


41,484


5,745

        Amounts due to related parties

14,414


1,122


155

        Guarantee liabilities-stand ready

8,802


40,583


5,621

        Guarantee liabilities-contingent

28,351


81,921


11,346

        Deferred revenue

54,044


46,807


6,483

        Payable to investors at fair value

445,762


445,762


61,737

        Accrued expenses and other liabilities

1,463,369


1,595,052


220,912

        Deferred tax liabilities

122,075


114,222


15,820

        Lease liabilities

23,648


19,025


2,635

Total liabilities

2,191,367


2,385,978


330,454

        Ordinary shares

130


130


18

        Additional paid-in capital

5,171,232


5,172,942


716,444

        Treasury stock

(94,851)


(109,444)


(15,158)

        Accumulated other comprehensive income

23,669


66,671


9,234

        Retained earnings

2,985,369


3,470,748


480,693

Total equity

8,085,549


8,601,047


1,191,231

Total liabilities and equity

10,276,916


10,987,025


1,521,685

 

 







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 


March 31,
2023


March 31,
2024


March 31,
2024


RMB


RMB


USD

Operating Highlights






Amount of loans facilitated 

6,420,213


11,910,367


1,649,567

Number of borrowers

872,235


1,352,200


1,352,200

Remaining principal of performing loans 

11,129,221


20,156,161


2,791,596

Cumulative number of insurance clients

1,007,238


1,343,660


1,343,660

Number of insurance clients

80,856


73,687


73,687

Gross written premiums

923,382


912,431


126,370

First year premium

627,314


514,141


71,208

Renewal premium

296,068


398,290


55,162

Gross merchandise volume 

308,567


625,120


86,578







Segment Information






Financial services business:






Revenue

483,873


738,117


102,228

Sales and marketing expenses

62,218


251,922


34,891

Origination, servicing and other operating costs

47,609


85,787


11,882

Allowance for contract assets, receivables and others

40,222


101,127


14,006

Provision for contingent liabilities

5,499


67,258


9,315







Insurance brokerage business:






Revenue

196,358


124,926


17,302

Sales and marketing expenses

2,289


3,565


494

Origination, servicing and other operating costs

133,617


136,883


18,958

Allowance for contract assets, receivables and others

12


1,012


140







Consumption & lifestyle business and others:






Revenue

306,112


515,041


71,332

Sales and marketing expenses

41,705


21,736


3,010

Origination, servicing and other operating costs

18,519


10,600


1,468

Allowance for contract assets, receivables and others

(479)


9


1







Reconciliation of Adjusted EBITDA






Net income

427,166


485,883


67,294

Interest income, net

(14,519)


(27,713)


(3,838)

Income tax expense

122,670


131,779


18,251

Depreciation and amortization

1,868


1,892


262

Share-based compensation

2,089


1,207


167

Adjusted EBITDA

539,274


593,048


82,136

Adjusted EBITDA margin

54.7 %


43.0 %


43.0 %

 

 

Delinquency Rates 



15-29 days


30-59 days


60-89 days

December 31, 2019


0.8 %


1.3 %


1.0 %

December 31, 2020


0.5 %


0.7 %


0.6 %

December 31, 2021


0.9 %


1.5 %


1.2 %

December 31, 2022


0.7 %


1.3 %


1.1 %

December 31, 2023


0.9 %


1.4 %


1.2 %

March 31, 2024


0.9 %


1.6 %


1.4 %

 

 

Net Charge-Off Rate 

Loan Issued
Period


Amount of Loans
Facilitated

During the Period


Accumulated M3+ Net
Charge-Off

as of March 31, 2024


Total Net Charge-Off
Rate
as of March 31, 2024



(in RMB thousands)


(in RMB thousands)



2019


3,431,443


384,442


11.2 %

2020


9,614,819


734,218


7.6 %

2021


23,195,224


1,451,220


6.3 %

2022


22,623,101


1,059,319


4.7 %

2023


36,036,301


1,396,260


3.9 %

 

 

M3+ Net Charge-Off Rate

Loan Issued
Period


Month on Book



4

7

10

13

16

19

22

25

28

31

34

2019Q1


0.0 %

0.8 %

2.0 %

3.4 %

5.3 %

5.9 %

6.3 %

6.3 %

6.3 %

6.3 %

6.3 %

2019Q2


0.1 %

1.5 %

4.5 %

7.5 %

8.8 %

9.2 %

9.9 %

10.3 %

10.6 %

10.6 %

10.6 %

2019Q3


0.2 %

2.9 %

6.8 %

9.0 %

10.4 %

12.0 %

13.2 %

13.8 %

14.4 %

14.6 %

14.6 %

2019Q4


0.4 %

3.1 %

4.9 %

6.3 %

7.2 %

7.9 %

8.4 %

8.9 %

9.5 %

9.8 %

9.8 %

2020Q1


0.6 %

2.3 %

4.1 %

5.2 %

6.0 %

6.2 %

6.6 %

7.3 %

7.8 %

7.9 %

7.9 %

2020Q2


0.5 %

2.5 %

4.2 %

5.3 %

6.1 %

6.7 %

7.6 %

8.1 %

8.2 %

8.3 %

8.2 %

2020Q3


1.1 %

3.3 %

5.1 %

6.3 %

7.1 %

8.1 %

8.7 %

8.9 %

8.9 %

8.8 %

8.7 %

2020Q4


0.3 %

1.8 %

3.2 %

4.6 %

6.0 %

7.1 %

7.4 %

7.6 %

7.6 %

7.5 %

7.5 %

2021Q1


0.4 %

2.3 %

3.9 %

5.5 %

6.7 %

7.0 %

7.2 %

7.3 %

7.2 %

7.1 %

7.0 %

2021Q2


0.4 %

2.4 %

4.5 %

5.9 %

6.4 %

6.7 %

6.8 %

6.7 %

6.6 %

6.5 %


2021Q3


0.5 %

3.1 %

5.0 %

5.9 %

6.3 %

6.4 %

6.4 %

6.3 %

6.2 %



2021Q4


0.6 %

3.2 %

4.6 %

5.3 %

5.4 %

5.4 %

5.3 %

5.2 %




2022Q1


0.6 %

2.5 %

3.8 %

4.5 %

4.5 %

4.4 %

4.3 %





2022Q2


0.4 %

2.2 %

3.6 %

4.1 %

4.2 %

4.1 %






2022Q3


0.5 %

2.7 %

4.1 %

4.7 %

4.8 %







2022Q4


0.6 %

3.0 %

4.6 %

5.4 %








2023Q1


0.5 %

3.1 %

4.9 %









2023Q2


0.5 %

3.2 %










2023Q3


0.7 %











 

 

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