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LONDON (AP) — An artist whose work exploring her Scottish Sikh identity includes a vintage Ford car draped in a crocheted doily won the U.K.’s prestigious Turner Prize on Tuesday, during a ceremony picketed by pro-Palestinian demonstrators. Jasleen Kaur was awarded the 25,000-pound ($32,000) prize by actor James Norton at the Tate Britain gallery in London. Kaur used her acceptance speech to express support for scores of demonstrators outside. She is among signatories to a letter demanding Tate, which runs several major British art museums, cut ties with donors who are linked to Israel over its war in Gaza. “This is not a radical demand,” Kaur said. “This should not risk an artist’s career or safety. “We need a proper ceasefire now,” she said. The Israel-Hamas war has killed more than 43,000 Palestinians, according to Hamas health officials in Gaza. Israel launched the war in response to the militant group's Oct. 7, 2023 cross-border attack that killed some 1,200 Israelis and took more than 250 hostage. A jury led by Tate Britain director Alex Farquhar praised the way 38-year-old Kaur “weaves together the personal, political and spiritual” through “unexpected and playful combinations of material.” Her winning exhibition mixes sculpture, print, everyday items — including family photos, a Ford Escort car and the popular Scottish soda Irn Bru — and immersive music to reflect on her upbringing in Glasgow’s Sikh community. Three other finalists – Pio Abad, Claudette Johnson and Delaine Le Bas – received 10,000 pounds ($12,670) each. Named for 19th-century landscape painter J.M.W. Turner and founded in 1984 to reward young artists, the prize helped make stars of shark-pickling artist Damien Hirst, potter Grayson Perry, sculptor Anish Kapoor and filmmaker Steve McQueen . But it has also been criticized for rewarding impenetrable conceptual work and often sparks debate about the value of modern art, with winners such as Hirst’s "Mother and Child Divided,” which consists of two cows, bisected and preserved in formaldehyde, and Martin Creed’s “Lights On and Off” -- a room with a light blinking on and off – drawing scorn from sections of the media. In 2019, all four finalists were declared winners after they refused to compete against one another, “to make a collective statement in the name of commonality, multiplicity and solidarity.” In 2021, all five finalists were collectives rather than individual artists. The award was initially open to artists under 50 but now has no upper age limit. Works by the four finalists are on display until Feb. 16. Jill Lawless, The Associated PressAbandoned mines in the US pose dangers to people and property when land gives wayIn Pennsylvania alone, coal was mined in nearly half of the state’s 67 counties and there are at least 5,000 abandoned underground mines, leaving behind hazards that officials say can arise at any time.
LEONARD QUART: Post-election rumination
N. ILLINOIS (2-5) Durosinmi 0-1 1-2 1, Dent 5-9 3-5 15, Jones 6-14 7-8 20, McPherson 5-10 2-3 13, Munden 1-3 0-2 2, Muhammad 5-11 6-6 21, Sotirov 2-5 2-2 7, Nicholls 1-2 0-0 2, Mott 0-0 1-2 1, Gooden 0-0 0-0 0. Totals 25-55 22-30 82.Walmart's DEI rollback signals a profound shift in the wake of Trump's election victory
49ers attempt to bounce back and boost their postseason chances as they visit Green Bay
Analysis: Getting benched may have been best thing that happened to Bryce Young, Anthony Richardson
On Football analyzes the biggest topics in the NFL from week to week. For more On Football analysis, head here . Getting benched may have been the best thing that happened to Bryce Young and Anthony Richardson. Both second-year quarterbacks are playing well since returning to the starting lineup. Young has steadily improved after coming back in Week 8. He’s displayed the skills that earned him a Heisman Trophy at Alabama and convinced the Carolina Panthers to draft him ahead of C.J. Stroud with the No. 1 overall pick in 2023. Young had his best game on Sunday, nearly leading Carolina to an overtime win over Tampa Bay if it weren’t for Chuba Hubbard’s fumble in field-goal range. He threw for 298 yards and a go-ahead touchdown pass in the final minute of a 26-23 loss . Young almost led the Panthers to a win over the two-time defending Super Bowl champion Chiefs a week earlier only to see Patrick Mahomes drive Kansas City into position for a winning field goal as time expired. Rookie coach Dave Canales benched Young for veteran Andy Dalton after just two games in which he had a 44.1 passer rating. The 23-year-old has completed 60.4% of his passes for 1,062 yards, six TDs and three interceptions — none in the past three games — while going 2-3 in the five starts since Young got another opportunity to lead the Panthers (3-9). Richardson has led Indianapolis to a pair of comeback wins late in the fourth quarter in three starts after he regained his starting job. The Colts (6-7) selected Richardson No. 4 last year and he started just 10 games before coach Shane Steichen benched him for Joe Flacco in Week 9. Richardson completed only 44.4% of his passes with four TDs and seven picks in his first six starts. He’s improved to 52.4% with three TDs and two picks since coming back. The 22-year-old tossed a 3-yard TD pass to Alec Pierce on fourth-and-goal with 12 seconds remaining and then ran in for a 2-point conversion to lift the Colts to a 25-24 win over New England on Sunday. Young and Richardson both have a long way to go to prove they can be franchise quarterbacks. But there’s far more optimism now that they’re not busts. Young is on his third head coach and second offensive coordinator in two seasons. Canales is known for getting the best out of quarterbacks, helping Geno Smith and Baker Mayfield revive their careers. He made a bold decision to bench Young after just two games but that allowed him to watch, grow and learn without the pressure of having to perform. Now it appears Young might have a future in Carolina when that seemed unlikely in September. Richardson just needs more experience. He threw only 393 passes in college and started four games as a rookie before he was injured. Steichen’s decision to bench him for Flacco didn’t work out. Flacco, who was the AP NFL Comeback Player of the Year last year after leading Cleveland to the playoffs by going 4-1 in five starts, struggled in two games. Still, that gave Richardson a chance to reset after tapping out for a play in the game before he was benched. Quarterbacks need time to develop. They can’t be judged fairly after one or two seasons, especially when they were high draft picks who joined bad teams that lacked talent. Clock management blunders Matt Eberflus lost his job as Chicago’s head coach a day after he watched the offense run out of time with a timeout in hand, missing an opportunity to push Detroit to overtime on Thanksgiving. But Antonio Pierce made an even worse decision on Black Friday that cost the Raiders a chance to beat the Chiefs. Aidan O’Donnell drove Las Vegas to the Chiefs 32 with 15 seconds left. Instead of trying for a game-winning field goal down 19-17, Pierce wanted O’Donnell to take the snap, allow more time to tick and throw the ball away. But O’Donnell wasn’t ready for the snap, the Chiefs recovered the fumble and escaped with the win. aManaging the clock shouldn’t be this difficult for NFL head coaches. Tucker’s troubles Ravens kicker Justin Tucker is having the worst season of his 13-year career. If he wasn’t one of the best kickers in NFL history, Baltimore would’ve made a switch already. But coach John Harbaugh has too much respect for Tucker, who began the season as the most accurate kicker in league history. Tucker has missed a career-high eight field-goal attempts, including two in a 24-19 loss to Philadelphia. Harbaugh, a former special teams coach, isn’t planning to replace Tucker. But the Ravens (8-5) have Super Bowl aspirations and Tucker needs to straighten things out. One solution would be to place him on injured reserve to work on his technique. In this case, Tucker has earned the right not to be released. Plus, he’s signed through 2027. AP NFL: https://apnews.com/hub/nflDow Jones futures will open Sunday evening, along with S&P 500 futures and Nasdaq futures. The stock market rally had a strong week, though Google-parent ( ) and some megacaps saw muted Nasdaq gains late in the week. One of those tech titans, ( ), wavered after earnings, ending the week flat but still in a buy zone. However, recent IPO ( ), a relatively small company, is now the clear leader in AI chip stocks. It was a strong week for leading stocks, with many flying into and often out of buy zones, including ALAB stock. ( ), ( ), ( ) and ( ) are all in traditional buy zones. ( ) and ( ) also are in buy zones after Friday breakouts. But both report on Tuesday. So do ( ), ( ), ( ) and ( ). CrowdStrike is extended from a buy point. ANF stock is near a trendline entry. Workday is working on a handle buy point. Nutanix is near an alternate handle entry. Investors can take advantage of new entries, but stay cool. Don't treat the past few weeks as a "new normal" for stock performance. Nvidia stock is on , with Astera Labs on the Leaderboard watchlist. Astera Labs stock and Nvidia are on the . Dow Jones Futures Today Dow Jones futures open at 6 p.m. ET on Sunday, along with S&P 500 futures and Nasdaq 100 futures. Remember that overnight action in and elsewhere doesn't necessarily translate into actual trading in the next regular session. Stock Market Rally The stock market rally had a strong performance that was even better than major indexes suggested, especially the Nasdaq. The Dow Jones Industrial Average gained nearly 2% in last week's . The S&P 500 index and Nasdaq composite gained 1.7%. The small-cap Russell 2000 surged 4.5%. All of these indexes tested their 21-day lines multiple times in the past week, moving off those levels. The Nasdaq, which hit resistance at the 19,000 level, is still relatively close to the 21-day. But it's also close to its postelection peaks. The Invesco S&P 500 Equal Weight ETF ( ) popped 2.55%, outperforming the S&P 500 and matching a record high Friday. The First Trust Nasdaq 100 Equal Weighted Index ETF ( ) bounced 3.5%, outperforming the Nasdaq 100 and the Nasdaq. Stalling megacaps are not just masking the underlying market strength, they may be helping to fuel the underlying strength. Big institutions selling relatively small slices of, say, Nvidia or Google might still be raising several billion dollars or more. That's massive firepower for bidding up much-smaller stocks. The 10-year Treasury yield fell two basis points to 4.41%, trading in a tight range near five-month highs. The two-year Treasury yield, more closely tied to the Fed rate outlook, climbed for a 10th straight week, up seven basis points to 4.37%. U.S. crude oil futures jumped 6.5% to $71.24 a barrel last week. Bitcoin surged 10.8% to $99,290.67, up nearly 49% over the past four weeks. ETFs Among growth ETFs, the Innovator IBD 50 ETF ( ) soared 9.2% last week to a two-year high. The iShares Expanded Tech-Software Sector ETF ( ) popped 4.9% to record levels. The VanEck Vectors Semiconductor ETF ( ) gained 1.95%, just below the 10-week line. Nvidia stock is the dominant holding in SMH. ARK Innovation ETF ( ) jumped 5.1% last week and ARK Genomics ETF ( ) rallied 5.2%. SPDR S&P Metals & Mining ETF ( ) ran up 5.5% last week. The Global X U.S. Infrastructure Development ETF ( ) advanced 3.6%. U.S. Global Jets ETF ( ) fell 1.1%. SPDR S&P Homebuilders ETF ( ) bounced 3.6%. The Energy Select SPDR ETF ( ) climbed 2.7% and the Health Care Select Sector SPDR Fund ( ) rebounded 1.6%. The Industrial Select Sector SPDR Fund ( ) notched a 2.5% gain. The Financial Select SPDR ETF ( ) rose 1.7%. Nvidia Stock Nvidia stock fell 3 cents to 141.95 for the week. Shares briefly spiked to a record 152.89 Thursday morning following earnings, but finished the week just below the 21-day moving average. NVDA stock held the 140.76 consolidation buy point, according to . But it's gone nowhere over the past month, and is essentially flat since the June peak. Late Wednesday, Nvidia reported a 103% EPS gain last quarter with revenue soaring 94%, both beating. But the AI chipmaker only guided slightly higher on the current quarter, which will include Blackwell AI chip shipments. ( ) is hitting resistance near an early entry, but ( ) and ( ) are clear laggards. Astera Labs: New AI Chip Leader Astera Labs is a minnow next to these chip giants, with $113.1 million in Q3 sales vs. Nvidia's $35.1 billion. But the 2024 IPO is the clear AI chip stock leader right now. The company is now profitable with huge revenue growth vs. a year earlier and quarter on quarter. Shares have nearly tripled from their early August low of 36.22. Last week, Astera Labs stock leapt 18.3% to 102.28. On Thursday, following Nvidia earnings, ALAB stock cleared a 100.06 high-handle entry on a consolidation that started in late March. Astera Labs is in range of that entry, though shares are extended 47% above their 50-day line. What To Do Now The stock market rally is looking strong, with the indexes near record highs and leaders powering higher. Some of the megacaps may be sitting out for a time. Google stock and ( ) are clear laggards right now, but ( ) and ( ) have faded off. Nvidia stock is in a buy zone, but it isn't going anywhere. So, investors need to adjust. Luckily, a slew of other stocks have been acting well from a variety of sources. Many stocks flashed buy signals last week, offering opportunities to add exposure. There are still stocks in buy zones or setting up. Investors, who should be heavily invested, can look for incremental buys or add-on purchases, while also paring laggards. But after the huge gains in many leaders over the past few weeks, keep a level head. Weekly gains of 10%, 20% in leading stocks aren't the new normal. Enjoy these periods, but buying extended and other super-aggressive moves that worked in the past few weeks could backfire now. Read every day to stay in sync with the market direction and leading stocks and sectors.
Bloomberg reports that Uber has started farming out independent contractors for data-labeling services as well as coders-for-hire. Uber describes its new Scaled Solutions division as a platform of “analysts, testers and independent data operators,” according to the company’s website . Scaled Solutions began life as an internal team, handling “large-scale annotation tasks” for Uber’s other services. Now it’s been expanded to provide coders and data labelers for outside companies like Pokémon Go developer Niantic Inc. and the self-driving trucking software firm Aurora Innovations. Aurora acquired Uber’s self-driving Advanced Technologies Group (ATG) unit in 2020 and Uber is one of Aurora’s investors. Uber started recruiting workers this month for its Scaled Solutions division from India, the US, Canada, Poland and Nicaragua. Scaled Solutions also posted some corporate openings for positions in San Francisco, New York and Chicago. According to an onboarding FAQ reviewed by Bloomberg , contractor pay is distributed monthly and totals are based on the tasks that contractors complete. The company did not reveal any specific rates to Bloomberg for its new crop of freelance employees.
SHENZHEN, China , Nov. 26, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company" or "we"), a leading online personal finance company in China , today announced its unaudited financial results for the third quarter ended September 30, 2024 . Third Quarter 2024 Operational Highlights Three Months Ended September 30, 2023 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 QoQ YoY Total loan amount facilitated and originated (RMB in million) 29,462 22,749 28,338 24.6 % (3.8 %) Number of active borrowers 1,809,815 1,642,605 1,965,248 19.6 % 8.6 % The total loan amount facilitated and originated [1] in the third quarter of 2024 was RMB28,338 million , compared with RMB29,462 million in the same period of 2023. Total number of active borrowers [2] was 1,965,248 in the third quarter of 2024, compared with 1,809,815 in the same period of 2023. As of September 30, 2023 As of June 30, 2024 As of September 30, 2024 Total outstanding loan balance (RMB in million) 49,685 41,804 45,766 Delinquency rates for all outstanding loans that are past due for 31-60 days 1.11 % 1.29 % 1.02 % Delinquency rates for all outstanding loans that are past due for 91-180 days 2.50 % 4.38 % 3.22 % The total outstanding loan balance [3] as of September 30, 2024 was RMB45,766 million , compared with RMB49,685 million as of September 30, 2023 . The delinquency rate for all outstanding loans that are past due for 31-60 days [4] as of September 30, 2024 was 1.02%, compared with 1.11% as of September 30, 2023 . The delinquency rate for all outstanding loans that are past due for 91-180 days [5] as of September 30, 2024 was 3.22%, compared with 2.50% as of September 30, 2023 . [1] Represents the total amount of loans that the Company facilitated and originated during the relevant period. [2] Represents borrowers who made at least one transaction on the Company's platform during the relevant period. [3] Represents the total amount of loans outstanding for loans that the Company facilitated and originated at the end of the relevant period. Loans that are delinquent for more than 60 days are excluded in the outstanding loan balance, except for Xiaoying Housing Loans. As Xiaoying Housing Loans is a secured loan product and the Company is entitled to payment by exercising its rights to the collateral, the Company does not exclude Xiaoying Housing Loans delinquent for more than 60 days in the outstanding loan balance. [4] Represents the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 31 to 60 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 60 days are excluded when calculating the denominator. Starting from the first quarter of 2021, substantially all of the loans facilitated and originated by the Company have been Xiaoying Credit Loans. [5] To make the delinquency rate by balance comparable to the peers, the Company also defines the delinquency rate as the balance of the outstanding principal and accrued outstanding interest for Xiaoying Credit Loans that were 91 to 180 days past due as a percentage of the total balance of outstanding principal and accrued outstanding interest for the Xiaoying Credit Loans that the Company facilitated and originated as of a specific date. Xiaoying Credit Loans that are delinquent for more than 180 days are excluded when calculating the denominator. Third Quarter 2024 Financial Highlights (In thousands, except for share and per share data) Three Months Ended September 30, 2023 Three Months Ended June 30, 2024 Three Months Ended September 30, 2024 QoQ YoY RMB RMB RMB Total net revenue 1,396,864 1,372,588 1,582,497 15.3 % 13.3 % Total operating costs and expenses (961,852) (909,535) (1,073,533) 18.0 % 11.6 % Income from operations 435,012 463,053 508,964 9.9 % 17.0 % Net income 347,190 415,303 375,840 (9.5 %) 8.3 % Non-GAAP adjusted net income 374,507 374,661 433,625 15.7 % 15.8 % Net income per ADS—basic 7.26 8.46 7.86 (7.1 %) 8.3 % Net income per ADS—diluted 7.02 8.28 7.74 (6.5 %) 10.3 % Non-GAAP adjusted net income per ADS—basic 7.80 7.62 9.12 19.7 % 16.9 % Non-GAAP adjusted net income per ADS—diluted 7.56 7.50 8.88 18.4 % 17.5 % Total net revenue in the third quarter of 2024 was RMB1,582.5 million ( US$225.5 million ), representing an increase of 13.3% from RMB1,396.9 million in the same period of 2023. Income from operations in the third quarter of 2024 was RMB509.0 million ( US$72.5 million ), compared with RMB435.0 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375.8 million ( US$53.6 million ), compared with RMB347.2 million in the same period of 2023. Non-GAAP [6] adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted American depositary share ("ADS") [7] in the third quarter of 2024 was RMB7.86 (US$1.12) and RMB7.74 (US$1.10) , compared with RMB7.26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9.12 (US$1.30) and RMB8.88 (US$1.27) , compared with RMB7.80 and RMB7.56 , respectively, in the same period of 2023. [6] The Company uses in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. For more information on non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measures Statement" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [7] Each American depositary share ("ADS") represents six Class A ordinary shares. Mr. Kent Li , President of the Company, commented, "We are pleased to report another strong quarter, with loan volumes exceeding our forecast and a significant sequential improvement in asset quality. In the third quarter, we continued to promptly adjust loan volumes based on risk levels. As asset quality improved, we further intensified our borrower acquisition efforts, which have yielded very positive results. Both the top and bottom lines continued to grow year-over-year. Non-GAAP adjusted net income reached a new record high." "Specifically on the operational front, our total loan amount facilitated and originated was down 4% year-on-year but up 25% sequentially to RMB28 billion , above the high end of our guidance. Delinquency rates for all outstanding loans past due for 31-60 days and 91-180 days were 1.02% and 3.22%, respectively, at the end of the quarter, compared to 1.29% and 4.38% a quarter ago and 1.11% and 2.50% a year ago. We are pleased with these improvements in asset quality and will continue to optimize our risk management system through advanced technology." "In September this year, the Chinese government unveiled a comprehensive stimulus package aimed at improving liquidity, boosting the property market, stabilizing financial markets and stimulating consumption. We expect this will provide a meaningful boost to the macroeconomic recovery. As an integral part of the economy, the personal finance market we serve should benefit from this upturn. We have already observed positive signs in the market and are committed to adjusting loan volumes in line with risk levels. As a result of this favorable environment, we are raising our guidance and expect our monthly loan volume to exceed RMB10 billion in the fourth quarter, setting a new record." Mr. Frank Fuya Zheng , Chief Financial Officer of the Company, added, "I'm pleased to report that our strategy of balancing business growth and profitability continued to pay off. Total net revenue was RMB1.6 billion , up 13% year-on-year and 15% sequentially, while non-GAAP adjusted net income reached a record high of RMB434 million , up 16% year-on-year and sequentially. As we continue to deliver strong profitability and execute on our proven strategy, we have full confidence in our future. We will continue to execute our semi-annual dividend policy and explore opportunities under our share repurchase program to return more value to our shareholders over the long term." Third Quarter 2024 Financial Results Total net revenue in the third quarter of 2024 increased by 13.3% to RMB1,582 .5 million ( US$225 .5 million) from RMB1,396.9 million in the same period of 2023, primarily due to growth in various disaggregated revenue items compared with the same period of 2023. Please refer to analysis of disaggregation of revenue below. Three Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 YoY RMB % of Revenue RMB % of Revenue Loan facilitation service 829,385 59.4 % 878,282 55.5 % 5.9 % Post-origination service 168,186 12.0 % 186,109 11.8 % 10.7 % Financing income 300,950 21.5 % 335,765 21.2 % 11.6 % Guarantee income 7,920 0.6 % 53,576 3.4 % 576.5 % Other revenue 90,423 6.5 % 128,765 8.1 % 42.4 % Total net revenue 1,396,864 100.0 % 1,582,497 100.0 % 13.3 % Loan facilitation service fees in the third quarter of 2024 increased by 5.9% to RMB878 .3 million ( US$125 .2 million) from RMB829 .4 million in the same period of 2023, primarily due to a decrease in the expected prepayment rates this quarter compared with the same period of 2023. Post-origination service fees in the third quarter of 2024 increased by 10.7% to RMB186 .1 million ( US$26 .5 million) from RMB168 .2 million in the same period of 2023, primarily due to the cumulative effect of increased volume of loans facilitated in the previous quarters. Revenues from post-origination services are recognized on a straight-line basis over the term of the underlying loans as the services are being provided. Financing income in the third quarter of 2024 increased by 11.6% to RMB335 .8 million ( US$47 .8 million) from RMB301 .0 million in the same period of 2023, primarily due to an increase in average loan receivables held by the Company compared with the same period of 2023. Guarantee income in the third quarter of 2024 was RMB53.6 million ( US$7.6 million ), compared with RMB7.9 million in the same period of 2023, due to the cumulative effect of increased volume of loans facilitated covered by guarantee service in the previous quarters compared with the same period of 2023. Revenues from guarantee service are recognized systematically when the Company released from the underlying risk. Other revenue in the third quarter of 2024 increased by 42.4% to RMB128.8 million ( US$18.3 million ), compared with RMB90.4 million in the same period of 2023, primarily due to an increase in referral service fee for introducing borrowers to other platforms. Origination and servicing expenses in the third quarter of 2024 increased by 13.6% to RMB457 .5 million ( US$65 .2 million) from RMB402 .9 million in the same period of 2023, primarily due to the increase in collection expenses resulting from the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Borrower acquisitions and marketing expenses in the third quarter of 2024 increased by 20.7% to RMB506 .8 million ( US$72 .2 million) from RMB419 .9 million in the same period of 2023, primarily due to intensified efforts in borrower acquisitions compared with the same period of 2023. Reversal of provision for loans receivable in the third quarter of 2024 was RMB35 thousand ( US$5 thousand ), compared with provision for loans receivable of RMB53.9 million in the same period of 2023, primarily due to a decrease in the average estimated default rate compared with the same period of 2023, and partially offset by an increase in loans receivable held by the Company as a result of the cumulative effect of increased volume of loans facilitated and originated in the previous quarters compared with the same period of 2023. Provision for contingent guarantee liabilities in the third quarter of 2024 was RMB56.4 million ( US$8.0 million ), compared with RMB41.6 million in the same period of 2023, primarily due to an increase in guarantee liabilities held by the Company as a result of the increased volume of loans facilitated covered by the guarantee service this quarter compared with the same period of 2023. Income from operations in the third quarter of 2024 was RMB509 .0 million ( US$72 .5 million), compared with RMB435 .0 million in the same period of 2023. Income before income taxes and gain from equity in affiliates in the third quarter of 2024 was RMB473 .5 million ( US$67 .5 million), compared with RMB417 .5 million in the same period of 2023. Income tax expense in the third quarter of 2024 was RMB100.3 million ( US$14.3 million ), compared with RMB74.2 million in the same period of 2023. Net income in the third quarter of 2024 was RMB375 .8 million ( US$53 .6 million), compared with RMB347 .2 million in the same period of 2023. Non-GAAP adjusted net income in the third quarter of 2024 was RMB433.6 million ( US$61.8 million ), compared with RMB374.5 million in the same period of 2023. Net income per basic and diluted ADS in the third quarter of 2024 was RMB7 .86 (US$1.12), and RMB7 .74 (US$1.10), compared with RMB7 .26 and RMB7.02 , respectively, in the same period of 2023. Non-GAAP adjusted net income per basic and diluted ADS in the third quarter of 2024 was RMB9 .12 (US$1.30), and RMB8 .88 (US$1.27), compared with RMB7 .80 and RMB7 .56 respectively, in the same period of 2023. Cash and cash equivalents was RMB1,044 .1 million ( US$148 .8 million) as of September 30, 2024 , compared with RMB1,612.2 million as of June 30, 2024 . Recent Development Share Repurchase Plans On September 4, 2024 , the Company further extended the period of the US$30 million share repurchase program until March 31, 2026 . In the third quarter of 2024, the Company repurchased an aggregate of 1,689,722 Class A ordinary shares with 10,038 Class A ordinary shares represented by ADSs for a total consideration of approximately US$1.3 million . The Company has approximately US$4.1 million remaining for potential repurchases under its US$30 million share repurchase plan. As previously disclosed, on May 30, 2024 , the Company announced that its board of directors authorized a new US$20 million share repurchase plan, effective through November 30, 2025 . The Company completed a tender offer in July 2024 under the new share repurchase program, with a total repurchase amount of approximately US$9.2 million . The Company has approximately US$10.8 million remaining under its US$20 million plan. Business Outlook The Company expects the total loan amount facilitated and originated for the fourth quarter of 2024 to be between RMB30.0 billion and RMB31.0 billion . The total loan amount facilitated and originated for 2024 is expected to be between RMB102.6 billion and RMB103.6 billion . This forecast reflects the Company's current and preliminary views, which are subject to changes. Conference Call X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 27, 2024 ( 8:00 PM Beijing / Hong Kong Time on November 27, 2024 ). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until December 4, 2024 : United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 3088426 Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com . About X Financial X Financial (NYSE: XYF) (the "Company") is a leading online personal finance company in China . The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and originate loans to prime borrowers under a risk assessment and control system. For more information, please visit: http://ir.xiaoyinggroup.com . Use of Non-GAAP Financial Measures Statement In evaluating our business, we consider and use non-GAAP measures as supplemental measures to review and assess our operating performance. We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We believe that the use of the non-GAAP financial measures facilitates investors' assessment of our operating performance and help investors to identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We also believe that the non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We use in this press release the following non-GAAP financial measures: (i) adjusted net income (loss), (ii) adjusted net income (loss) per basic ADS, (iii) adjusted net income (loss) per diluted ADS, (iv) adjusted net income per basic share, and (v) adjusted net income per diluted share, each of which excludes share-based compensation expense, impairment losses on financial investments, income (loss) from financial investments and impairment losses on long-term investments. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, investors should not consider them in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We mitigate these limitations by reconciling the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.0176 to US$1.00 , the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024 . Disclaimer Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the followings: the Company's goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China ; the demand for and market acceptance of its marketplace's products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law. Use of Projections This announcement also contains certain financial forecasts (or guidance) with respect to the Company's projected financial results. The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections or guidance for the purpose of their inclusion in this announcement, and accordingly, they did not express an opinion or provide any other form assurance with respect thereto for the purpose of this announcement. This guidance should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company, or that actual results will not differ materially from those set forth in the prospective financial information. Inclusion of the prospective financial information in this announcement should not be regarded as a representation by any person that the results contained in the prospective financial information will actually be achieved. You should review this information together with the Company's historical information. For more information, please contact: X Financial Mr. Frank Fuya Zheng E-mail: ir@xiaoying.com Christensen IR In China Mr. Rene Vanguestaine Phone: +86-178-1749 0483 E-mail: rene.vanguestaine@christensencomms.com In US Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: linda.bergkamp@christensencomms.com X Financial Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) As of December 31, 2023 As of September 30, 2024 As of September 30, 2024 RMB RMB USD ASSETS Cash and cash equivalents 1,195,352 1,044,144 148,789 Restricted cash, net 749,070 489,372 69,735 Accounts receivable and contract assets, net 1,659,588 1,709,428 243,592 Loans receivable from Credit Loans and other loans, net 4,947,833 4,938,195 703,687 Deposits to institutional cooperators, net 1,702,472 1,739,539 247,882 Prepaid expenses and other current assets, net 48,767 40,824 5,817 Deferred tax assets, net 135,958 192,644 27,452 Long term investments 493,411 491,782 70,078 Property and equipment, net 8,642 11,566 1,648 Intangible assets, net 36,810 36,236 5,164 Loan receivable from Housing Loans, net 8,657 6,494 925 Financial investments 608,198 866,804 123,519 Other non-current assets 55,265 53,259 7,589 TOTAL ASSETS 11,650,023 11,620,287 1,655,877 LIABILITIES Payable to investors and institutional funding partners at amortized cost 3,584,041 2,406,552 342,931 Guarantee liabilities 61,907 102,638 14,626 Deferred guarantee income 46,597 106,054 15,113 Short-term borrowings 565,000 433,500 61,773 Accrued payroll and welfare 86,771 93,047 13,259 Other tax payable
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Sacked AmaZulu premier claims King was under pressure to oust him12-seed Monte Vista makes Cinderella run to Division V FinalsCOLORADO SPRINGS, Colo. (AP) — EJ Neal had 12 points in Sacramento State's 63-61 win against Air Force on Wednesday night. Neal had five rebounds for the Hornets (2-4). Julian Vaughns shot 5 for 8, including 2 for 4 from beyond the arc to add 12 points. Jacob Holt had 10 points and shot 3 of 5 from the field and 4 of 4 from the free-throw line. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get the latest sports news delivered right to your inbox six days a week.A judge has once again rejected Musk's multi-billion-dollar Tesla pay package. Now what?