YRD Yiren Digital Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2023

 

Commission File Number: 001-37657

 

YIREN DIGITAL LTD.

 

28/F, China Merchants Bureau Building, 118 Jianguo Road

Chaoyang District, Beijing 100022

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x            Form 40-F  ¨

 

 

 

Exhibit Index

 

Exhibit No.		Description
99.1		Yiren Digital Reports Third Quarter 2023 Financial Results

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Yiren Digital Ltd.
	By:	/s/ Na Mei
		Name:	Na Mei
		Title:	Chief Financial Officer

 

Date: November 22, 2023

 

 

 

 

Exhibit 99.1

 

 

Yiren Digital Reports Third Quarter 2023 Financial Results

  

BEIJING – November 21, 2023 – Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-driven one-stop select financial and lifestyle services platform in China, today announced its unaudited financial results for the quarter ended September 30, 2023.

 

Third Quarter 2023 Operational Highlights

 

Financial Services Business

 

	●	Total loans facilitated in the third quarter of 2023 reached RMB9.8 billion (US$1.3 billion), representing an increase of 20.3% from RMB8.2 billion in the second quarter of 2023 and compared to RMB6.3 billion in the same period of 2022.
	●	Cumulative number of borrowers served reached 8,595,780 as of September 30, 2023, representing an increase of 7.4% from 8,002,372 as of June 30, 2023 and compared to 6,960,095 as of September 30, 2022.
	●	Number of borrowers served in the third quarter of 2023 was 1,204,012, representing an increase of 18.7% from 1,013,972 in the second quarter of 2023 and compared to 737,320 in the same period of 2022. The increase was driven by the strong demand for our small revolving loan products and the improvement of customer acquisition efficiency.
	●	Outstanding balance of performing loans facilitated reached RMB15.1 billion (US$2.1 billion) as of September 30, 2023, representing an increase of 18.2% from RMB12.8 billion as of June 30, 2023 and compared to RMB10.6 billion as of September 30, 2022.

 

Insurance Brokerage Business

 

	●	Cumulative number of insurance clients served reached 1,256,762 as of September 30, 2023, representing an increase of 10.9% from 1,133,069 as of June 30, 2023 and compared to 866,874 as of September 30, 2022.
	●	Number of insurance clients served in the third quarter of 2023 was 123,693, representing a decrease of 8.7% from 135,449 in the second quarter of 2023 and compared to 156,294 in the same period of 2022. The decrease was primarily a result of our strategic shift towards prioritizing products with higher average premiums.
	●	Gross written premiums in the third quarter of 2023 were RMB1,428.5 million (US$195.8 million), representing an increase of 7.2% from RMB1,332.5 million in the second quarter of 2023 and compared to RMB996.9 million in the same period of 2022. The increase was mainly attributed to the contribution from the renewal premiums of long-term insurance policies.

 

Consumption and Lifestyle Business

 

●

Total gross merchandise volume generated through our e-commerce platform and “Yiren Select” channel reached RMB563.2 million (US$77.2 million) in the third quarter of 2023, representing an increase of 42.3% from RMB395.8 million in the second quarter of 2023 and compared to RMB249.6 million in the same period of 2022. The increase was mainly due to the continuous growth of paying customers on our e-commerce platform.

 

“Over the past quarter, we invested in AI across the enterprise, and we have noted tangible progress in improving operational efficiencies and enhanced profitability,” said Mr. Ning Tang, Chairman and Chief Executive Officer. “We are confident in maintaining our leading position as an AI and technology-driven financial and lifestyle services platform through continued investments in technological innovation.”

 

“Amidst a moderately recovering macro environment, we are pleased by the financial results we achieved this quarter with net revenue increasing 56% year-over-year to RMB1.3 billion and net income increasing 105% year-over-year to RMB554.4 million,” Ms. Na Mei, Chief Financial Officer commented. “In the third quarter, we generated approximately RMB645.4 million cash from operations and as of quarter-end, our cash position remains strong at RMB5.4 billion.”

 

Third Quarter 2023 Financial Results

 

Total net revenue in the third quarter of 2023 was RMB1,310.8 million (US$179.7 million), representing an increase of 55.9% from RMB840.7 million in the third quarter of 2022. Particularly, in the third quarter of 2023, revenue from financial services business was RMB668.0 million (US$91.6 million), representing an increase of 35.4% from RMB493.4 million in the same period of 2022. The increase was attributed to the persistent and growing demand for our small revolving loan products. Revenue from insurance brokerage business was RMB264.6 million (US$36.3 million), representing an increase of 40.0% from RMB189.0 million in the third quarter of 2022. The increase was due to the effectiveness of the cross-selling between property and life insurance, as well as an increase in high-premium policy sales. Revenue from consumption and lifestyle business and others was RMB378.2 million (US$51.8 million), representing an increase of 139.0% from RMB158.3 million in the third quarter of 2022. The increase was primarily attributed to the continuous growth in gross merchandise volume generated through our e-commerce platform, driven by an expanding base of paying customers on the platform.

 

 

Sales and marketing expenses in the third quarter of 2023 were RMB195.7 million (US$26.8 million), compared to RMB136.4 million in the same period of 2022. The increase was primarily due to the growth of financial services business volume.

 

Origination, servicing and other operating costs in the third quarter of 2023 were RMB245.4 million (US$33.6 million), compared to RMB223.6 million in the same period of 2022. The increase was due to the expanding insurance brokerage business.

 

Research and development expenses¹ in the third quarter of 2023 were RMB39.0 million (US$5.3 million), compared to RMB33.4 million in the same period of 2022. The increase was mainly attributed to our ongoing investment in technological innovation.

 

General and administrative expenses in the third quarter of 2023 were RMB53.5 million (US$7.3 million), compared to RMB76.5 million in the same period of 2022. The decrease resulted from the implementation of our strategy to refine operations, leading to improvements in overall cost efficiency.

 

Allowance for contract assets, receivables and others in the third quarter of 2023 was RMB83.8 million (US$11.5 million), compared to RMB35.1 million in the same period of 2022. The increase was primarily attributed to the growing volume of loans facilitated on our platform and additional provisions made for the maturing balances of auto-secured loans.

 

Income tax expense in the third quarter of 2023 was RMB161.9 million (US$22.2 million).

 

Net income in the third quarter of 2023 was RMB554.4 million (US$76.0 million), as compared to RMB270.3 million in the same period in 2022. The increase was primarily due to the recovery of business volume and optimization of our business structure.

 

Adjusted EBITDA² (non-GAAP) in the third quarter of 2023 was RMB692.7 million (US$94.9 million), compared to RMB365.0 million in the same period of 2022.

 

Basic and diluted income per ADS in the third quarter of 2023 was RMB6.3 (US$0.9) and RMB6.2 (US$0.9), compared to a basic per ADS of RMB3.0 and a diluted per ADS of RMB3.0 in the same period of 2022.

 

Net cash generated from operating activities in the third quarter of 2023 was RMB645.4 million (US$88.5 million), compared to RMB342.9 million in the same period of 2022.

 

Net cash used in investing activities in the third quarter of 2023 was RMB393.9 million (US$54.0 million), compared to RMB835.1 million in the same period of 2022.

 

Net cash used in financing activities in the third quarter of 2023 was RMB502.6 million (US$68.9 million), compared to RMB276.2 million in the same period of 2022.

 

¹ Research and development expenses have been segregated from general and administrative expenses and restated for historical periods to better reflect the Company’s cost and expense structure.

² “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

 

 

As of September 30, 2023, cash and cash equivalents were RMB5,438.0 million (US$745.3 million), compared to RMB5,808.8 million as of June 30, 2023. As of September 30, 2023, the balance of held-to-maturity investments was RMB4.8 million (US$0.7 million), compared to RMB5.8 million as of June 30, 2023. As of September 30, 2023, the balance of available-for-sale investments was RMB338.1 million (US$46.3 million), compared to RMB102.6 million as of June 30, 2023. As of September 30, 2023, the balance of trading securities was RMB74.2 million (US$10.2 million), compared to nil as of June 30, 2023.

 

Delinquency rates. As of September 30, 2023, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.8%, 1.2% and 1.0%, respectively, compared to 0.7%, 1.1% and 1.1%, respectively, as of June 30, 2023.

 

Cumulative M3+ net charge-off rates. As of September 30, 2023, the cumulative M3+ net charge-off rates for loans originated in 2020, 2021 and 2022 were 7.9%, 6.5% and 4.5%, respectively, as compared to 8.0%, 6.6% and 3.9%, respectively, as of June 30, 2023.

 

Business Outlook

 

Based on the Company’s preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2023 to be between RMB1.0 billion to RMB1.3 billion, with net profit margin expected to remain stable.

 

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

 

Non-GAAP Financial Measures

 

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

 

Currency Conversion

 

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2960 to US$1.00, the effective noon buying rate on September 29, 2023, as set forth in the H.10 statistical release of the Federal Reserve Board.

 

Conference Call

 

Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on November 21, 2023 (or 9:00 p.m. Beijing/Hong Kong Time on November 21, 2023).

 

 

Participants who wish to join the call should register online in advance of the conference at:

 

https://s1.c-conf.com/diamondpass/10035120-gh876t.html

 

Once registration is completed, participants will receive the dial-in details for the conference call.

 

Additionally, a live and archived webcast of the conference call will be available at https://ir.yirendai.com/presentations-webcasts

 

Safe Harbor Statement

 

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

 

About Yiren Digital

 

Yiren Digital Ltd. is an AI-driven one-stop select financial and lifestyle services platform in China. The Company provides personalized insurance solutions for individuals, families, and businesses, along with high-quality lifestyle services to enhance clients’ well-being and security, as well as offers financial consulting services for clients throughout their growth journey, addressing financing needs that arise from consumption and production.

 

For investor and media inquiries, please contact:

 

Yiren Digital

Investor Relations

Email: ir@Yirendai.com

 

 

Unaudited Condensed Consolidated Statements of Operations

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

 

		For the Three Months Ended																For the Nine Months Ended
		September 30, 2022				June 30, 2023				September 30, 2023				September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2023
		RMB				RMB				RMB				USD				RMB				RMB				USD
Net revenue:
Loan facilitation services			334,162				514,353				586,883				80,439				837,548				1,518,401				208,114
Post-origination services			74,433				5,273				984				135				166,720				12,573				1,723
Insurance brokerage services			189,019				404,695				264,611				36,268				532,770				865,664				118,649
Financing services			54,702				14,896				9,937				1,362				242,843				47,410				6,498
Electronic commerce services			52,954				287,725				350,635				48,058				173,742				881,218				120,781
Others			135,385				97,264				97,724				13,395				392,921				296,057				40,579
Total net revenue			840,655				1,324,206				1,310,774				179,657				2,346,544				3,621,323				496,344
Operating costs and expenses:
Sales and marketing			136,406				148,947				195,714				26,825				470,547				450,873				61,797
Origination, servicing and other operating costs			223,622				346,367				245,360				33,629				565,250				791,472				108,480
Research and development expenses			33,422				33,018				38,981				5,343				118,987				101,168				13,866
General and administrative			76,525				63,723				53,519				7,335				219,472				180,623				24,756
Allowance for contract assets, receivables and others			35,074				60,840				83,756				11,480				132,476				189,501				25,974
Total operating costs and expenses			505,049				652,895				617,330				84,612				1,506,732				1,713,637				234,873
Other (expenses)/income:
Interest (expense)/income, net			(378	)			10,535				25,815				3,538				(29,741	)			50,869				6,972
Fair value adjustments related to Consolidated ABFE			2,077				(17,470	)			(8,104	)			(1,111	)			21,862				(36,777	)			(5,041	)
Others, net			3,035				2,730				5,177				709				18,930				11,496				1,575
Total other income/(expenses)			4,734				(4,205	)			22,888				3,136				11,051				25,588				3,506
Income before provision for income taxes			340,340				667,106				716,332				98,181				850,863				1,933,274				264,977
Income tax expense			70,020				139,758				161,917				22,192				141,227				424,345				58,161
Net income			270,320				527,348				554,415				75,989				709,636				1,508,929				206,816
Weighted average number of ordinary shares outstanding, basic			179,409,525				176,929,176				176,866,653				176,866,653				173,174,370				177,189,206				177,189,206
Basic income per share			1.5067				2.9806				3.1346				0.4296				4.0978				8.5159				1.1672
Basic income per ADS			3.0134				5.9612				6.2692				0.8592				8.1956				17.0318				2.3344
Weighted average number of ordinary shares outstanding, diluted			179,841,065				179,124,032				178,366,565				178,366,565				173,962,494				179,220,434				179,220,434
Diluted income per share			1.5031				2.9440				3.1083				0.4260				4.0792				8.4194				1.1540
Diluted income per ADS			3.0062				5.8880				6.2166				0.8520				8.1584				16.8388				2.3080
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from operating activities			342,888				718,058				645,416				88,462				1,377,540				1,753,781				240,375
Net cash  (used in)/provided by investing activities			(835,064	)			(19,988	)			(393,919	)			(53,991	)			(230,586	)			360,376				49,394
Net cash used in financing activities			(276,198	)			(6,120	)			(502,636	)			(68,892	)			(434,572	)			(901,587	)			(123,573	)
Effect of foreign exchange rate changes			2,284				329				2,395				328				3,592				2,543				349
Net increase in cash, cash equivalents and restricted cash			(766,090	)			692,279				(248,744	)			(34,093	)			715,974				1,215,113				166,545
Cash, cash equivalents and restricted cash, beginning of period			4,427,408				5,132,273				5,824,552				798,321				2,945,344				4,360,695				597,683
Cash, cash equivalents and restricted cash, end of period			3,661,318				5,824,552				5,575,808				764,228				3,661,318				5,575,808				764,228

 

 

Unaudited Condensed Consolidated Balance Sheets (in thousands)
		As of
		December 31, 2022				June 30, 2023				September 30, 2023				September 30, 2023
		RMB				RMB				RMB				USD
Cash and cash equivalents			4,271,899				5,808,775				5,437,972				745,336
Restricted cash			88,796				15,777				137,836				18,892
Trading securities			-				-				74,185				10,168
Accounts receivable			221,004				490,680				432,824				59,323
Contract assets, net			626,739				694,507				826,088				113,225
Contract cost			787				356				271				37
Prepaid expenses and other assets			321,411				297,018				272,577				37,360
Loans at fair value			54,049				412,389				534,687				73,285
Financing receivables			514,388				252,878				162,411				22,260
Amounts due from related parties			1,266,232				1,098,164				940,472				128,902
Held-to-maturity investments			2,700				5,820				4,820				661
Available-for-sale investments			972,738				102,594				338,069				46,336
Property, equipment and software, net			77,256				73,991				73,446				10,067
Deferred tax assets			84,187				92,359				88,231				12,093
Right-of-use assets			33,909				25,424				27,352				3,749
Total assets			8,536,095				9,370,732				9,351,241				1,281,694
Accounts payable			14,144				66,738				38,025				5,211
Amounts due to related parties			227,724				338,779				27,664				3,792
Deferred revenue			65,539				32,450				27,150				3,721
Accrued expenses and other liabilities			1,315,006				1,427,016				1,483,190				203,288
Secured borrowings			767,900				392,100				-				-
Deferred tax liabilities			79,740				100,178				118,543				16,248
Lease liabilities			35,229				26,930				27,709				3,798
Total liabilities			2,505,282				2,384,191				1,822,235				249,758
Ordinary shares			129				130				130				18
Additional paid-in capital			5,160,783				5,168,632				5,169,821				708,583
Treasury stock			(46,734	)			(66,914	)			(81,501	)			(11,171	)
Accumulated other comprehensive income			7,765				23,748				25,873				3,546
Retained earnings			908,870				1,860,945				2,414,683				330,960
Total equity			6,030,813				6,986,541				7,529,006				1,031,936
Total liabilities and equity			8,536,095				9,370,732				9,351,241				1,281,694

 

 

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

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

 

		For the Three Months Ended																For the Nine Months Ended
		September 30, 2022				June 30, 2023				September 30, 2023				September 30, 2023				September 30, 2022				September 30, 2023				September 30, 2023
		RMB				RMB				RMB				USD				RMB				RMB				USD
Operating Highlights
Gross written premiums			996,864				1,332,458				1,428,484				195,790				2,601,100				3,684,325				504,979
First year premium			767,250				1,101,928				914,839				125,389				2,071,610				2,644,082				362,402
Renewal premium			229,614				230,530				513,645				70,401				529,490				1,040,243				142,577
Number of insurance clients			156,294				135,449				123,693				123,693				352,175				293,254				293,254
Cumulative number of insurance clients			866,874				1,133,069				1,256,762				1,256,762				866,874				1,256,762				1,256,762
Amount of loans facilitated			6,298,522				8,156,201				9,814,359				1,345,170				15,839,577				24,390,773				3,343,034
Number of borrowers			737,320				1,013,972				1,204,012				1,204,012				1,228,435				2,128,924				2,128,924
Remaining principal of performing loans			10,630,352				12,768,448				15,090,800				2,068,366				10,630,352				15,090,800				2,068,366
Gross merchandise volume			249,624				395,820				563,224				77,196				395,762				1,267,611				173,740
Segment Information
Insurance brokerage business:
Revenue			189,019				404,695				264,611				36,268				532,770				865,664				118,649
Sales and marketing expenses			2,565				3,845				3,175				435				14,783				9,309				1,276
Origination, servicing and other operating costs			152,983				289,851				176,182				24,148				387,511				599,650				82,189
Financial services business:
Revenue			493,369				581,974				667,966				91,552				1,320,565				1,733,813				237,639
Sales and marketing expenses			88,714				103,164				146,369				20,062				325,934				311,751				42,729
Origination, servicing and other operating costs			39,951				38,961				59,300				8,128				113,454				145,870				19,993
Consumption & lifestyle business and others:
Revenue			158,267				337,537				378,197				51,837				493,209				1,021,846				140,056
Sales and marketing expenses			45,127				41,938				46,170				6,328				129,830				129,813				17,792
Origination, servicing and other operating costs			30,688				17,555				9,878				1,353				64,285				45,952				6,298
Reconciliation of Adjusted EBITDA
Net income			270,320				527,348				554,415				75,989				709,636				1,508,929				206,816
Interest expense/(income), net			378				(10,535	)			(25,815	)			(3,538	)			29,741				(50,869	)			(6,972	)
Income tax expense			70,020				139,758				161,917				22,192				141,227				424,345				58,161
Depreciation and amortization			8,514				1,778				1,664				228				23,893				5,310				728
Share-based compensation			15,760				3,321				513				70				20,642				5,923				812
Adjusted EBITDA			364,992				661,670				692,694				94,941				925,139				1,893,638				259,545
Adjusted EBITDA margin			43.4	%			50.0	%			52.8	%			52.8	%			39.4	%			52.3	%			52.3	%

 

 

Delinquency Rates
		15-29 days				30-59 days				60-89 days
December 31, 2019			0.8	%			1.3	%			1.0	%
December 31, 2020			0.5	%			0.7	%			0.6	%
December 31, 2021			0.9	%			1.5	%			1.2	%
December 31, 2022			0.7	%			1.3	%			1.1	%
March 31, 2023			0.6	%			1.2	%			1.2	%
June 30, 2023			0.7	%			1.1	%			1.1	%
September 30, 2023			0.8	%			1.2	%			1.0	%

 

Net Charge-Off Rate
Loan Issued Period			Amount of Loans Facilitated During the Period				Accumulated M3+ Net Charge-Off as of September 30, 2023				Total Net Charge-Off Rate as of September 30, 2023
			(in RMB thousands)				(in RMB thousands)
2019				3,431,443				390,347				11.4	%
2020				9,614,819				761,411				7.9	%
2021				23,195,224				1,502,598				6.5	%
2022				22,623,101				1,019,963				4.5	%
2023H1				14,576,413				249,378				1.7	%

 

		M3+ Net Charge-Off Rate
Loan Issued Period		Month on Book
		4			7			10			13			16			19			22			25			28			31			34
2019Q1		0.0	%		0.8	%		2.0	%		3.4	%		5.3	%		5.9	%		6.3	%		6.3	%		6.3	%		6.3	%		6.3	%
2019Q2		0.1	%		1.5	%		4.5	%		7.5	%		8.8	%		9.2	%		9.9	%		10.3	%		10.6	%		10.6	%		10.6	%
2019Q3		0.2	%		2.9	%		6.8	%		9.0	%		10.4	%		12.0	%		13.2	%		13.8	%		14.4	%		14.6	%		14.6	%
2019Q4		0.4	%		3.1	%		4.9	%		6.3	%		7.2	%		7.9	%		8.4	%		8.9	%		9.5	%		9.8	%		9.8	%
2020Q1		0.6	%		2.3	%		4.1	%		5.2	%		6.0	%		6.2	%		6.6	%		7.3	%		7.8	%		7.9	%		7.9	%
2020Q2		0.5	%		2.5	%		4.2	%		5.3	%		6.1	%		6.7	%		7.6	%		8.1	%		8.2	%		8.3	%		8.2	%
2020Q3		1.1	%		3.3	%		5.1	%		6.3	%		7.1	%		8.1	%		8.7	%		8.9	%		8.9	%		8.8	%		8.7	%
2020Q4		0.3	%		1.8	%		3.2	%		4.6	%		6.0	%		7.1	%		7.4	%		7.6	%		7.6	%		7.5	%
2021Q1		0.4	%		2.3	%		3.9	%		5.5	%		6.7	%		7.0	%		7.2	%		7.3	%		7.2	%
2021Q2		0.4	%		2.4	%		4.5	%		5.9	%		6.4	%		6.7	%		6.8	%		6.7	%
2021Q3		0.5	%		3.1	%		5.0	%		5.9	%		6.3	%		6.4	%		6.4	%
2021Q4		0.6	%		3.2	%		4.6	%		5.3	%		5.4	%		5.4	%
2022Q1		0.6	%		2.5	%		3.8	%		4.5	%		4.5	%
2022Q2		0.4	%		2.2	%		3.6	%		4.1	%
2022Q3		0.5	%		2.7	%		4.1	%
2022Q4		0.6	%		3.0	%
2023Q1		0.5	%

 

 

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