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Notre Dame vs. Army FREE STREAM today at Yankee Stadium | Shamrock SeriesSHENZHEN, China , Nov. 26, 2024 /PRNewswire/ -- X Financial 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 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 289,819 292,939 41,743 Income tax payable 446,500 496,489 70,749 Accrued expenses and other current liabilities 595,427 732,591 104,394 Dividend payable 59,226 - - Other non-current liabilities 37,571 30,915 4,405 Deferred tax liabilities 30,040 29,003 4,133 TOTAL LIABILITIES 5,802,899 4,723,728 673,126 Commitments and Contingencies Equity: Common shares 207 207 29 Treasury stock (111,520) (155,007) (22,088) Additional paid-in capital 3,196,942 3,194,909 455,271 Retained earnings 2,692,018 3,788,885 539,912 Other comprehensive income 69,477 67,568 9,628 Total X Financial shareholders' equity 5,847,124 6,896,562 982,752 Non-controlling interests - - - TOTAL EQUITY 5,847,124 6,896,562 982,752 TOTAL LIABILITIES AND EQUITY 11,650,023 11,620,290 1,655,878 X Financial Unaudited Condensed Consolidated Statements of Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD Net revenues Loan facilitation service 829,385 878,282 125,154 2,125,492 2,224,681 317,015 Post-origination service 168,186 186,109 26,520 429,775 493,520 70,326 Financing income 300,950 335,765 47,846 829,645 1,021,405 145,549 Guarantee income 7,920 53,576 7,635 7,920 132,067 18,819 Other revenue 90,423 128,765 18,349 229,388 291,387 41,522 Total net revenue 1,396,864 1,582,497 225,504 3,622,220 4,163,060 593,231 Operating costs and expenses: Origination and servicing [ 1] 402,939 457,545 65,200 1,123,027 1,299,164 185,129 Borrower acquisitions and marketing [ 1] 419,887 506,758 72,212 1,023,948 1,078,768 153,723 General and administrative [ 1] 40,200 49,499 7,054 114,833 127,047 18,104 Provision for accounts receivable and contract assets 3,748 4,799 684 5,983 22,470 3,202 (Reversal of) provision for loans receivable 53,946 (35) (5) 129,772 157,370 22,425 Provision for contingent guarantee liabilities 41,594 56,366 8,032 41,594 125,635 17,903 Change in fair value of financial guarantee derivative [ 2] - - - (24,966) - - Fair value adjustments related to Consolidated Trusts [ 2] (268) - - 531 - - (Reversal of) provision for credit losses for deposits and other financial assets (194) (1,399) (199) (427) 4,049 577 Total operating costs and expenses 961,852 1,073,533 152,978 2,414,295 2,814,503 401,063 Income from operations 435,012 508,964 72,526 1,207,925 1,348,557 192,168 Interest income (expenses), net (7,322) 1,211 173 (17,778) (4,898) (698) Foreign exchange (gain) loss 1,526 4,881 696 (7,255) (3,351) (478) Income (loss) from financial investments (16,490) (47,635) (6,788) (13,911) 53,887 7,679 Other income, net 4,742 6,048 862 23,005 9,437 1,345 Income before income taxes and gain from equity in affiliates 417,468 473,469 67,469 1,191,986 1,403,632 200,016 Income tax expense (74,172) (100,331) (14,297) (213,779) (254,924) (36,326) Gain from equity in affiliates, net of tax 3,894 2,702 385 19,619 5,572 794 Net income 347,190 375,840 53,557 997,826 1,154,280 164,484 Less: net income attributable to non-controlling interests - - - - - - Net income attributable to X Financial shareholders 347,190 375,840 53,557 997,826 1,154,280 164,484 Net income 347,190 375,840 53,557 997,826 1,154,280 164,484 Other comprehensive income, net of tax of nil: Gain (loss) from equity in affiliates 4 (449) (64) 45 (418) (60) Income from financial investments - 1,580 225 - 6,100 869 Foreign currency translation adjustments (6,301) (12,778) (1,821) 13,624 (7,590) (1,082) Comprehensive income 340,893 364,193 51,897 1,011,495 1,152,372 164,211 Less: comprehensive income attributable to non-controlling interests - - - - - - Comprehensive income attributable to X Financial shareholders 340,893 364,193 51,897 1,011,495 1,152,372 164,211 Net income per share—basic 1.21 1.31 0.19 3.47 3.96 0.56 Net income per share—diluted 1.17 1.29 0.18 3.43 3.87 0.55 Net income per ADS—basic 7.26 7.86 1.12 20.82 23.76 3.39 Net income per ADS—diluted 7.02 7.74 1.10 20.58 23.22 3.31 Weighted average number of ordinary shares outstanding—basic 287,806,370 285,857,203 285,857,203 287,412,729 291,622,784 291,622,784 Weighted average number of ordinary shares outstanding—diluted 297,114,127 292,339,641 292,339,641 291,209,263 298,036,305 298,036,305 [1] Starting in the first quarter of 2024, management has concluded to separate expenses related to borrower acquisitions from origination and servicing expenses and indirect expenses of the borrower acquisitions from general and administrative expenses to a single line item as theses expenses become more and more significant and thus deemed to be useful to financial statement users. Furtherly, management has determined to embed the sales and marketing expenses, which is not considered as material, in other line item. In conclusion, management has decided to combine these two line items into one captioned borrower acquisitions and marketing expenses. Management has correspondingly conformed prior period presentation to current period presentation to enhance comparability. This change in presentation does not affect any subtotal line on the face of consolidated statements of comprehensive income. (In thousands, except for share and per share data) Three Months Ended September 30, 2023 Changes before re-grouping after re-grouping RMB RMB RMB Origination and servicing 811,078 402,939 (408,139) Borrower acquisitions and marketing expenses - 419,887 419,887 Sales and marketing 3,360 - (3,360) General and administrative 48,588 40,200 (8,388) [2] Starting in the first quarter of 2024, management has considered the facts that fair value change related to financial guarantee services and Consolidated Trusts are generated from ordinary course of businesses, and has concluded to reclass the amount to captions above total operating costs and expenses. Prior to the reclassification, management classified all amount of fair value changes to captions below total operating costs and expenses. This reclassification does not have impact on net income for any prior periods presented. X Financial Unaudited Reconciliations of GAAP and Non-GAAP Results Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except for share and per share data) 2023 2024 2024 2023 2024 2024 RMB RMB USD RMB RMB USD GAAP net income 347,190 375,840 53,557 997,826 1,154,280 164,484 Less: Income (loss) from financial investments (net of tax of nil) (16,490) (47,635) (6,788) (13,911) 53,887 7,679 Less: Impairment losses on financial investments (net of tax of nil) - - - - - - Less: Impairment losses on long-term investments (net of tax) - - - - - - Add: Share-based compensation expenses (net of tax of nil) 10,827 10,150 1,446 34,178 30,096 4,289 Non-GAAP adjusted net income 374,507 433,625 61,791 1,045,915 1,130,489 161,094 Non-GAAP adjusted net income per share—basic 1.30 1.52 0.22 3.64 3.88 0.55 Non-GAAP adjusted net income per share—diluted 1.26 1.48 0.21 3.59 3.79 0.54 Non-GAAP adjusted net income per ADS—basic 7.80 9.12 1.30 21.84 23.28 3.32 Non-GAAP adjusted net income per ADS—diluted 7.56 8.88 1.27 21.54 22.74 3.24 Weighted average number of ordinary shares outstanding—basic 287,806,370 285,857,203 285,857,203 287,412,729 291,622,784 291,622,784 Weighted average number of ordinary shares outstanding—diluted 297,114,127 292,339,641 292,339,641 291,209,263 298,036,305 298,036,305 View original content: https://www.prnewswire.com/news-releases/x-financial-reports-third-quarter-2024-unaudited-financial-results-302316439.html SOURCE X Financial © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Prof. (Dr.) D.K. Giri Prime Minister Narendra Modi was on a two-day visit to Kuwait on the invitation of the Emir. It was a historic event inasmuch as the Indian Prime Minister was visiting the country after a long gap of 43 years; Indira Gandhi was in Kuwait in 1981. Second, during this visit, bilateral relations between the two countries were elevated to a strategic partnership. Third, the Indian Prime Minister was conferred with the highest honour of Kuwait, ‘The Order of Mubarak AL-Kabeer’. A visit by the Head of State to a country indicates the importance attached to the host country by the visiting Head. The visit by Modi was significant as it came after 43 years by his predecessor. And it’s like the Prime Minister visiting Poland after a gap of 45 years that showed the priority India attaches to Poland. The strategic heft of Warsaw grew considerably after it joined the European Union and NATO. Poland was under the ‘Soviet/Russian sphere of influence’ and it borders Ukraine and Russia. Now it assumes the Presidency of the European Union, which, of course, is a rotating position. Likewise, Kuwait holds the Chair of six-member Gulf Cooperation Council (GCC). India is negotiating an FTA Agreement with GCC. Modi impressed upon the Emir, the Crown Prince and the Prime Minister of Kuwait for moving towards an early conclusion of an FTA with GCC. Notably, GCC countries hold 1/6th of India’s total trade, one third of India’s Diaspora, about 9 million Indians. A close cooperation with GCC is essential for India’s growth. Among GCC countries, Kuwait has been friendly with India, barring a downturn in ties during the Gulf War, to be more precise, Iraq’s invasion of Kuwait. More on that, a bit later. Kuwait remains important to India. It has 6.5 per cent of world oil reserve, sixth largest crude oil and LPG supplier to India, meeting 3.5 per cent of India’s energy needs. Indians constitute 21 per cent of Kuwait’s population and 30 per cent of its work force. Indians are the largest expat group in Kuwait. While meeting with the Indian Diaspora in Kuwait, Modi lauded their contribution in talent, technology and traditions to the growth and development of Kuwait. He called them a ‘mini Hindustan’. In addition to one-to-one meeting with the Emir and at a delegation level with the Kuwait Prime Minister, he attended the inauguration of the Arabian Gulf Club football tournament. This was part of a cultural diplomacy allowing time for informal exchange of pleasantries between Heads of States. It is a popular tournament among eight countries, Kuwait having won the trophy more than any other teams. People-to-people exchange and cultural diplomacy enrich bilateral relations. Also, an MoU was signed for 2025-28 to promote cooperation in sports between the two countries. The strategic partnership, signed during the visit, aims at enhancing bilateral relations in all possible and potential sectors. This includes defence, wherein it would translate into joint military exercises, training of defence personnel, coastal defence, maritime safety, and joined development and production of defence equipment. It will also include counter terrorism operations, sharing of intelligence and information, anti-money laundering and drug-trafficking. The cooperation will deepen in pharmaceuticals, IT, Fin-tech, infrastructure, solar energy, health, digital, innovation, and textiles etc. It was decided to gradually move the focus from fossil fuel to trading in renewable energy, wherein it will be easier to step up cooperation as Kuwait is a member of the International Solar Alliance. Prime Minister Modi appreciably noted that ‘Made in India’ products were finding their way into Kuwait including automobiles, electrics, mechanical and telecom etc. He suggested that the petrochemical sector could be another big trade bridge between both countries as it is likely to grow up to 300b USD by 2025. The leadership of both countries agreed to promote business delegations from both countries and greater institutional linkages. Kuwait could explore more opportunities for investment in India. At the same time, Modi stressed that India has the technology and skills to contribute to making of a New Kuwait. On international politics, both leadership discussed Gaza and Ukraine. Modi reiterated his commitment to finding a negotiated solution to the war. On Gaza, he reaffirmed India’s commitment two-state solution by recourse to dialogue and diplomacy. He said ‘No’ to terrorist action that provokes retaliation causing deaths and destruction. It is necessary to recall that relations between India and Kuwait go back to millennia, as evidenced by discovery of the artifacts of pottery and jewellery from the Kuwait Island of Failaka. Before the oil was found in Kuwait, trade between India and Kuwait consisted of dates and pedigreed horses. After trading on horses stopped at the end of the Second World War, Pearls and teak wood were the items traded. As Kuwait got independence in 1961, India was one of the first countries to establish diplomatic contacts. In 1962, Kuwait supported India in its war with China. Ever since, the relations between both countries remained friendly. Kuwaitis concentrated in Bombay for their trade and commerce. Emir of Kuwait even had a house in Marine Drive in Mumbai. The bilateral relations plummeted by India’s pro-Iraq stance during Gulf War. New Delhi refused to condemn Iraq for invading and annexing Kuwait. India was the first country to shift her embassy from Kuwait to Basra, Iraq. It was surly bad diplomacy by New Delhi. It has often fumbled in condemning the aggression in balancing the principle of international law and national interest. It faltered in condemning Soviet occupation of Hungary in 1956, Afghanistan in 1979, Iraq’s occupation of Kuwait in 1990 and Ukraine in 2022. New Delhi gets away with such diplomatic faux pas as it has not attacked any country, nor has it incurred into territories of other countries. Talking of Kuwait, New Delhi almost repeated the mistake in Afghanistan. One statement, made during the Gulf War, indicates its confusion, “We regret that it had not been possible for Iraq and Kuwait to resolve their differences, we hope for Iraqi withdrawals (instead of calling for them)”. And in the same sentence, noted Iraqi statements in this connection. There was not a word of disapproval of Iraqi action. It is perhaps India’s policy of non-alignment in the past and strategic autonomy now that makes India tentative and vulnerable and thus New Delhi does not want to provoke enmity with anyone, even if it is an invader. The demolition of Babri Masjid in 1992 had thrown another spanner into the fragile relationship. However, that is history. Prime Minister Modi’s visit and Kuwait’s highest honour to him have put those two bad patches into the dustbin of history. Let it be said and realised that India, in quest for a world role and a big power status, should stand up for international law in keeping with her tradition for peace, non-violence, and non-aggression, unless it endorses a Darwinian world and lives by the logic of survival. —INFA
Subscribe to our newsletter Privacy Policy Success! Your account was created and you’re signed in. Please visit My Account to verify and manage your account. An account was already registered with this email. Please check your inbox for an authentication link. Support Independent Arts Journalism As an independent publication, we rely on readers like you to fund our journalism. If you value our coverage and want to support more of it, consider becoming a member today . Already a member? Sign in here. We rely on readers like you to fund our journalism. If you value our coverage and want to support more of it, please join us as a member . A lattice of contemporary design elements interwoven with features inspired by 154 years of architectural history make up Mexican architect Frida Escobedo’s vision for the Metropolitan Museum of Art’s new home for modern and contemporary art, as shown in design renderings unveiled today, December 10. After being delayed in 2017 , the five-story Tang Wing, now slated to open in 2030, will remain housed within the existing museum building’s footprint while expanding The Met’s exhibition spaces by nearly 50%, bringing the total square footage to 126,000. The new wing is named after the couple Oscar L. Tang and H.M. Agnes Hsu-Tang, who initially gave $125 million to fund the project, which is being financed by $550 million in private donations from both new and longtime trustees and donors. Appointed to the project in 2022, Escobedo is the first woman to design a wing for the New York museum. Her studio is also a co-designer for the renovation of another prominent modern and contemporary art institution , the Centre Pompidou in Paris, for which design renderings were publicized this past summer. “The wing is in New York, yet of the world,” Escobedo said in a statement, emphasizing the goal of connecting the institution’s modern and contemporary art galleries with its larger encyclopedic collection. Get the latest art news, reviews and opinions from Hyperallergic. Daily Weekly Opportunities For The Met, Escobedo’s plans take cue from the adjacent Central Park and the preexisting 21 buildings on the museum’s campus, incorporating a cadence of solids and spaces throughout. Integrating the signature glass and limestone aesthetic used across seven of the museum’s buildings designed by architect Kevin Roche, Escobedo’s reimagined facade will center a limestone celosía , or criss-cross grid, paired with intermittent floor-to-ceiling glass. Galleries of varying ceiling heights to allow for installations of different scales will comprise the wing’s interior, in addition to a café on the top floor, which will also have an outdoor area designed by Thomas Woltz of Nelson Byrd Woltz Landscape Architects. The museum’s rooftop sculpture garden, which has become a beloved spot for panoramic views of Central Park and Manhattan’s skyline, will be expanded and relocated to a terrace on the wing’s recessed fourth floor, while south-facing windows both there and on the top floor will continue to offer scenic sights year-round. According to the press statement, the design will also make it easier to navigate the museum by adding a second elevator core, plus more ramps and entry points. Additionally, a green roof and window placements aim to maximize the wing’s use of natural light while minimizing overexposure and heat retained from sunlight in the galleries, effectively cutting down the building’s energy consumption. The museum also plans to make changes to its landscaping around the building. The Central Park Conservancy in collaboration with the city’s Parks Department will design a plan to replace the current lawn with canopy trees, shrubs, grassy areas, and other plants. Construction of the Tang Wing is expected to begin in 2026, the museum said. We hope you enjoyed this article! Before you keep reading, please consider supporting Hyperallergic ’s journalism during a time when independent, critical reporting is increasingly scarce. Unlike many in the art world, we are not beholden to large corporations or billionaires. Our journalism is funded by readers like you , ensuring integrity and independence in our coverage. We strive to offer trustworthy perspectives on everything from art history to contemporary art. We spotlight artist-led social movements, uncover overlooked stories, and challenge established norms to make art more inclusive and accessible. With your support, we can continue to provide global coverage without the elitism often found in art journalism. If you can, please join us as a member today . Millions rely on Hyperallergic for free, reliable information. By becoming a member, you help keep our journalism free, independent, and accessible to all. Thank you for reading. Share Copied to clipboard Mail Bluesky Threads LinkedIn FacebookNYC couple netted $2M in massive mob-style theft ring that targeted luxury brands: DA
Public safety under Congress government in shambles, Says Harish Rao on rising crime rate
It’s a U.S. Food and Drug Administration rule that most Americans know little about, yet gives corporations the license to add potentially harmful ingredients to foods without regulatory oversight or public notice. For decades, the FDA’s “generally recognized as safe,” , designation has allowed food makers to decide for themselves whether certain novel ingredients are safe or not — even without providing evidence to agency scientists. the system has allowed companies to , including suspected carcinogens, to such products as cereals, baked goods, ice cream, potato chips and chewing gum. Now, President-elect Donald Trump’s nomination of to lead the Department of Health and Human Service promises to elevate the issue. Although Kennedy’s penchant for amplifying medical conspiracies and his anti-vaccination activism , his vow to crack down on chemical additives in food has resonated with consumer health advocates. The problem, critics say, is that a GRAS determination is supposed to follow a scientific assessment, ideally one conducted by independent experts. Under the law, however, it is entirely optional for companies to share their assessments with FDA reviewers. That means the FDA and American consumers are in the dark about hundreds of compounds in processed foods. “FDA cannot ensure the safety of our food supply if it does not know what is in our food,” said , principal scientist for food additives and supplements at the Center for Science in the Public Interest. When the agency does learn about a new compound, it evaluates the company’s safety report to see whether it agrees. If FDA scientists see problems and request additional information, the company doesn’t have to provide it. It can simply withdraw its GRAS notice and use the ingredient anyway. , a former prosecutor and current state legislator in Pennsylvania, said she doesn’t understand why the FDA treats food additives like criminal defendants — “innocent until proven guilty, safe until proven otherwise.” “Right now we’re relying on the companies that are going to profit off selling these substances to do the research for us,” said Mihalek, a Republican who has introduced a bill to in her state. “It just blows my mind.” FDA officials acknowledge the limits of the GRAS system but say they don’t have the authority to change it. “Congress sets GRAS as part of the law,” said , director of the FDA’s Office of Food Additive Safety. “It is our responsibility to administer the law. We do not in fact have the authority to make the laws.” Related Articles Concern about the safety and purity of food prompted Congress to pass the in 1906, just months after Upton Sinclair brought the meatpacking industry’s unsanitary practices to light in his book The new law forbade the manufacture and sale of foods that were “adulterated or misbranded or poisonous.” The FDA’s regulatory powers expanded in 1938 with the passage of the , and a 1958 amendment divided food ingredients into two categories: additives that must be assessed for safety, and substances that could go straight into foods because they are “generally recognized as safe.” Unfortunately, the legal distinction between the two kinds of ingredients is “very vague,” said , a public health lawyer at New York University’s School of Global Public Health. The types of ingredients that were considered GRAS in 1958 included items that were already in wide use, such as salt, vanilla extract, baking powder and vinegar. The FDA established a list of GRAS substances and added new items if they passed a safety review. Individuals from outside the agency also could ask to have a particular substance studied for inclusion on the official GRAS list. But the process was time-consuming, and petitions from industry could take to evaluate. As part of the Clinton-era initiative to , the FDA embraced designed to make it more enticing for companies to keep the agency in the loop about their GRAS decisions. Now the FDA pledges to respond to GRAS notices . The notification process is also low-risk for food companies. If everything looks good, the FDA says it has “no questions” about the compound, effectively endorsing the GRAS assessment. This happens about 80% of the time, according to researchers and Maricel Maffini, who analyzed . If things aren’t so clear, the agency may say it needs more information before it can weigh in. And if a company decides not to provide that information, it can back out of the process and the FDA will say it ended its evaluation at the filer’s request. Such was the case with an ingredient in . Not just another gourmet candy bar, the dark chocolate with lavender and blueberry flavors is infused with the hormone , the amino acid , a blend of soothing botanicals and something called , an artificial version of that calms the brain. PharmaGABA is made by of Kyoto, Japan. The company touts its product as having “US-FDA’s self-affirmed GRAS approval” even though the FDA twice raised serious concerns about its safety and has never indicated to the public that its misgivings were addressed. Nothing about this violates the law. Neltner, a chemical engineer and attorney, and Maffini, a biochemist and consultant, dug into the FDA’s files on PharmaGABA to see why regulators were concerned about it. In its filed in 2008, Pharma Foods said it hired a to determine whether PharmaGABA should qualify for GRAS status when used in candy, chewing gum, beverages and other products. The consulting firm produced a report about the product and tapped three university professors with expertise in pharmacology, toxicology and food science to weigh in. The trio’s determination that the product was “safe and suitable and would be GRAS” was unanimous, . Yet after reviewing all 155 pages of the PharmaGABA notice, FDA scientists raised concerns about the product’s purity, its risk for causing low blood pressure and electrolyte imbalances, and the lack of data on how PharmaGABA is metabolized, among other problems. Pharma Foods withdrew its notice, and the FDA . The company with a for using PharmaGABA in yogurts and cheese, cereals and snack bars, candy and gum, and an array of beverages including sports drinks and flavored milks. The same consulting firm assembled a scientific panel that said consuming PharmaGABA in expected quantities was “reasonably expected to be safe.” As before, FDA reviewers had concerns. They said the new filing didn’t back the company’s claims that the product would be absorbed into the bloodstream at low levels and that it wouldn’t cross the blood-brain barrier. The reviewers were particularly concerned with the compound’s potential to harm pregnant women and children, as well as its effect on the pituitary gland. Pharma Foods withdrew its notice so it could “conduct further studies,” and the FDA of the product. Maffini said it wasn’t unusual for agency scientists to find fault with GRAS decisions that passed muster with hired consultants. Giving their clients favorable reviews increases their chances of being hired again, she said. Nine years later, Pharma Foods has yet to share additional results with the FDA. But PharmaGABA legally remains in based on Pharma Foods’ determination that the compound should be generally recognized as safe. Pharma Foods International and , which makes Sleepy Chocolate, did not respond to requests to discuss PharmaGABA’s safety. Maffini said she was frustrated that the FDA scientists who examined PharmaGABA couldn’t post a memo to warn the public about their concerns. (She and Neltner obtained the GRAS documents by filing a .) “They ask questions,” Maffini said of the agency scientists, “but then there’s really nothing they can do.” For every ingredient like PharmaGABA that is disclosed to the FDA, another probably makes its way to the market without any regulatory review. By definition, there’s no way to know for sure how many new additives are granted GRAS status in secret. To , researchers scoured websites and trade journals to find every corporate announcement of a new GRAS product during an eight-week period. Ten of those products weren’t on the FDA’s GRAS notice list. If those eight weeks were typical, at least 65 new substances are being introduced into the food supply every year without any vetting by the agency. That’s on a par with the 60 to 70 GRAS notices that Muldoon Jacobs said the FDA evaluates each year. The situation is something of a catch-22, Pomeranz said: Since GRAS products are presumed to be safe, they aren’t subject to regulatory review. But since they’re not regulated, how can the public be assured that they’re safe? And that’s only part of the problem, she said. When companies use novel ingredients, they can list them on food labels using generic terms like “flavors” or “colors.” That makes it all but impossible for consumers to know that something new has been added to their food, she said. This helps explain how an ingredient called was able to who consumed French Lentil + Leek Crumbles, a meat replacement product sold by Daily Harvest in 2022. Customers suffered severe abdominal pain, fever, chills and acute liver failure, and , according to the FDA. The company and for the illnesses. Tara flour is a high-protein substance made from the seeds of found in South America. There is no GRAS notice for the ingredient in the FDA’s database. Tests conducted after the outbreak found that in the flour caused liver damage in mice. In May, nearly two years after the recall, the FDA concluded that tara flour to qualify for GRAS status. That makes it an unapproved food additive and is considered unsafe. The agency added that it’s not aware of any products made in the U.S. that contain tara flour, nor has it identified any imported products that contain the ingredient. The case shows why the FDA’s regulatory approach needs to change, said , regulatory counsel for food chemical safety at the Center for Science in the Public Interest. “Self-declaring that your chemical is safe should not be the law of the land,” Jose said. “I highly doubt that’s what Congress meant” when it created the GRAS designation in 1958, he said. Bills introduced would put an end to the practice of allowing companies to make GRAS determinations in secret. The legislation would require companies to share their scientific reviews and give the FDA and the public at least 90 days to review — and potentially challenge — them before they take effect, among other provisions. But both bills have a ways to go in order to pass before the congressional term ends in January. Jose has another idea for reducing the secrecy surrounding novel food ingredients: Require companies using self-declared GRAS ingredients to submit the safety data to the New York Department of Agriculture and Markets in Albany as a condition for selling their products in the Empire State. Jose laid out the plan in that is under consideration in the New York state Legislature. If it passes, state regulators would not be required to review the safety data, but at least it would become publicly available, he said. “The goal is that you’d have a database so if something like tara flour happens, the FDA can look there and be able to respond more quickly,” Jose said. Companies could avoid the notification requirement by keeping their products out of New York stores, but that would be a tip-off to watchdog groups like his, Jose said. “If we find them selling everywhere except New York, we’ll know there might be something wrong with this chemical,” he said. , the FDA’s deputy commissioner for human foods, the “growing public demand for the FDA to do more to ensure the safety of chemicals currently in the U.S. food supply.” and other states have sought to fill the void by regulating or banning within their borders. But “a strong national food-safety system is not built state-by-state,” Jones said. “The FDA must lead the way.” ©2024 Los Angeles Times. Visit at latimes.com. Distributed by Tribune Content Agency, LLC.
Cansortium Inc. Completes New Senior Secured Credit Agreement Ahead of Planned Business Combination Closing with RIV CapitalTrump, US to undergo creative destruction?ORCHARD PARK, N.Y. (AP) — Josh Allen threw two touchdown passes and ran for another score, and the Buffalo Bills clinched the AFC’s No. 2 seed with a 40-14 rout of the unraveling and undisciplined New York Jets on Sunday. The Bills put the game away by capitalizing on two Jets turnovers and scoring three touchdowns over a 5:01 span in the closing minutes of the third quarter. Buffalo’s defense forced three takeaways overall and sacked Aaron Rodgers four times, including a 2-yard loss for a safety in the second quarter. Allen had a short and efficient outing, finishing 16 of 27 for 182 yards with a 30-yard TD pass to Amari Cooper and a 14-yarder to Keon Coleman before giving way to backup Mitchell Trubisky with Buffalo leading 33-0 through three quarters. And Trubisky piled on by completing a 69-yard touchdown pass to practice squad call-up Tyrell Shavers 2:23 into the fourth quarter. Allen’s two-TD passing outing was the 64th of his career to match Peyton Manning for the third most in a player’s first seven NFL seasons. Patrick Mahomes holds the record with 67 two-TD outings in that span, followed by Dan Marino’s 65. Allen also became the NFL’s first player with five consecutive 40-TD seasons, while his 1-yard score was the 65th rushing TD of his career, matching the team record held by Thurman Thomas. The five-time defending AFC East champion Bills improved to 13-3 to match a franchise single-season record, and will open the playoffs hosting the conference’s seventh-seeded team in two weeks. The outing was a meltdown for Rodgers and the Jets (4-12), who will finish with five or fewer wins for the seventh time over a 14-season playoff drought — the NFL’s longest active streak. Rodgers, who entered the game with 499 career TD passes and looking to become just the fifth player to reach 500, instead was shut out and replaced by Tyrod Taylor with 12:37 remaining. Discipline was an issue for a Jets team that fell to 2-9 since Jeff Ulbrich took over as interim coach. New York finished with 16 accepted penalties for 120 yards. Taylor accounted for New York’s only points with a 9-yard TD pass to Garrett Wilson and a 20-yarder to Tyler Conklin in a game played in blustery, unseasonably warm conditions, with temperatures in the mid-50s Farenheit (10 Celsius) and winds gusting up to 35 mph (56 kmph). Rodgers finished 12 of 18 for 112 yards with two interceptions after entering the game having thrown only one in his past eight outings. He was also sacked four times, pushing his career total to 568, moving ahead of Tom Brady (565) and into first place on the NFL list. The outing became a comedy of errors for the Jets. Trailing 7-0 after Allen’s 1-yard run, New York’s three possession of the first half ended with turning the ball over on downs Buffalo’s 24; Rodgers being intercepted at his own 17 by defensive tackle Jordan Phillips ; and being sacked for a safety by A.J. Epenesa. The bottom fell out to close the third quarter when Rodgers’ being intercepted by Christian Benford led to Cooper’s leaping TD grab put Buffalo up 19-0. James Cook scored on a 1-yard run on Buffalo’s next possession with 1:15 left, and Coleman’s touchdown with 12 seconds left in the third was set up after Wilson lost a fumble. The Bills finished their third season with a perfect record, and first since 1990, by going 8-0 at home. They've won 11 straight regular-season home games dating to last season since dropping a 24-22 decision to Denver on Nov. 13. Jets CB Sauce Gardner aggravated a hamstring injury in the first half and was ruled out in the third quarter. Jets: Close the season hosting the Miami Dolphins. Bills: Play their regular-season finale at the New England Patriots. AP NFL: https://apnews.com/hub/nflInframark Executes Multi-Year Wastewater Operations and Maintenance Contract with Fayetteville, Arkansas