Yiren Digital Reports Third Quarter 2020 Financial Results

BEIJING,Nov. 26,2020 -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"),a leading fintech company in China,today announced its unaudited financial results for the third quarter ended September 30,2020.

Third Quarter 2020 Operational Highlights

Wealth Management—Yiren Wealth

Cumulative number of investors served reached 2,283,828 as of September 30,2020,representing an increase of 2.7% from 2,223,250 as of June 30,2020 and compared to 2,200,223 as of September 30,2019.

Number of active wealth management investors[1] was 76,707 as of September 30,representing an increase of 152.4% from 30,392 as of June 30,and compared to 12,235 as of September 30,2019.

Total assets under administration ("AUA") for wealth management products[2] on Yiren Wealth was RMB 4,334.2 million (US$ 638.4 million) as of September 30,representing an increase of 71.4% from 2,528.6 million as of June 30,and compared to RMB 626.2 million as of September 30,2019.

Sales volume of wealth management products amounted to RMB 4,593.3 million (US$ 676.5 million) in the third quarter of 2020,representing an increase of 110.1% from RMB 2,186.2 million in the second quarter of 2020 and compared to RMB 767.2 million in the same period of 2019.

Consumer Credit—Yiren Credit

Total loan originations in the third quarter of 2020 reached RMB 3.2 billion (US$ 0.5 billion),representing an increase of 33.5% from RMB 2.4 billion in the second quarter of 2020 and compared to RMB 10.5 billion in the third quarter of 2019.

Cumulative number of borrowers served reached 5,060,824 as of September 30,representing an increase of 2.9% from 4,917,635 as of June 30,2020 and compared to 4,593,590 as of September 30,2019.

Number of borrowers served in the third quarter of 2020 was 143,238 representing an increase of 33.2% from 107,568 in the second quarter of 2020 and compared to 150,280 in the third quarter of 2019.

24.4% of loan originations were generated online in the third quarter of 2020.

Total outstanding principal balance of performing loans reached RMB28,007.2 million (US$ 4,125.0 million) as of September 30,representing a decrease of 16.3% from RMB33,454.4 million as of June 30,2020.

[1]Active wealth management investors refer to those who hold an investment in one or more of the wealthmanagementproductsthe Companysourcefromfinancialinstitutions during the quarter.

[2]Wealth management products include the productsthe Company sourcefromfinancialinstitutions,which do not include any of our legacy P2P loans.

"We are very pleased to deliver a solid quarter,and we continue to make progress in our business transitions and strategic repositioning as we drive our online wealth management business into scale and ramp up our new credit-tech product offerings. We have achieved profitability and meaningful growth on both our wealth management and credit-tech business lines. With the large growing market opportunities in both our wealth management and credit businesses,we believe Yiren Digital is well positioned as China's leading digital platform providing comprehensive personal financial services." said Mr. Ning Tang,Chairman and Chief Executive Officer of Yiren Digital.

"For our wealth management business,we are seeing promising momentum in wealth management products and services and the demand remains strong. As of end of September,total AUA of wealth management products increased by 71% quarterly to RMB 4.3 billion,and total sales volume of wealth management products increased by 110% quarter-over-quarter to RMB 4.6 billion. New investors of wealth management products on Yiren Wealth in this quarter stood over 58,representing a 255% growth compared to last quarter."

"On our credit-tech business,we continue to execute our transition plan and drive our sales volume growth. Our new products continue to show strong growth as we shift towards small revolving loans and auto secured loans. For the small revolving loans,we have seen a quarterly increase of close to 100%,accounting for 19% of the total loan volume of this quarter. Meanwhile,auto secured loans grew 76% compared to the last quarter and took almost half of the total sales volume. "

"We are delighted to see continue growth in our wealth management business and loan originations and reached profitability for the quarter,as we continue to execute on our business plan," said Ms. Na Mei,Chief Financial Officer of Yiren Digital. "Total net revenue reached RMB 1.0 billion in third quarter,representing an increase of 36% from previous quarter due to growth in both loan and wealth management business. In particular,our revenue generated from wealth management products is becoming a significant portion of total net revenue at RMB 124 million up from RMB 22 million from prior quarter. On the balance sheet side,our cash position remains strong with RMB 3.3 billion of cash and short-term investments as of September 30,2020. "

Third Quarter 2020 Financial Results

Total amount of loans facilitatedin the third quarter of 2020 was RMB 3,207.0million (US$472.3million),compared to RMB 10,496.3 million in the same period last year. As of September 30,the total outstanding principal amount of the performing loans was RMB 28.0 billion (US$4.1 billion),decreased by 16.3% from RMB 33.5 billion as of June 30,2020.

Total net revenue in the third quarter of 2020 was RMB 1,022.8 million (US$ 150.6 million),compared to RMB 2,056.1 million in the same period last year. Revenue from Yiren Credit reached RMB 741.7 million (US$ 109.2 million),representing a decrease of 51.1% from RMB 1,515.6 million in the third quarter of 2019. Revenue from Yiren Wealth reached RMB 281.1 million (US$ 41.4 million),representing a decrease of 48.0% from RMB 540.6 million in the third quarter of 2019.

Sales and marketing expensesin the third quarter of 2020 were RMB 485.1 million (US$71.4 million),compared to RMB 1,160.4 million in the same period last year. Sales and marketing expenses in the third quarter of 2020 accounted for 15.1% of the total amount of loans facilitated,as compared to 11.1% in the same period last year mainly due to the decline of loan volume.

Origination,servicing and other operating costsin the third quarter of 2020 were RMB 239.7 million (US$35.3 million),compared to RMB 156.1 million in the same period last year. Origination and servicing costs in the third quarter of 2020 accounted for 7.5% of the total amount of loans facilitated,compared to 1.5% in the same period last year due to the decline of loan volume.

General and administrative expenses in the third quarter of 2020 were RMB 159.7 million (US$ 23.5 million),compared to RMB 168.1 million in the same period last year. General and administrative expenses in the third quarter of 2020 accounted for 15.6% of the total net revenue,compared to 8.2% in the same period last year.

Allowance for contract assets and receivablesin the third quarter of 2020 were RMB 25.0 million (US$ 3.7 million),compared to RMB 344.7 million in the same period last year.

Income tax expensein the third quarter of 2020 was RMB 16.4 million (US$ 2.4 million).

Net incomein the third quarter of 2020 was RMB 79.8 million (US$ 11.8 million),compared to net income of RMB 228.0 million in the same period last year.

Adjusted EBITDA[3](non-GAAP) in the third quarter of 2020 was net income of RMB 117.5 million (US$ 17.3 million),compared to net income of RMB 274.2 million in the same period last year.

Basic income per ADSin the third quarter of 2020 was net income of RMB 0.9 (US$ 0.1),compared to a basic income per ADS of RMB 2.5 in the same period last year.

Diluted income per ADSin the third quarter of 2020 was net income of RMB 0.9 (US$ 0.1),compared to a diluted income per ADS of RMB 2.4 in the same period last year.

Net cash generated from operating activitiesin the third quarter of 2020 was RMB 3.1 million (US$0.5 million),compared to net cash generated from operating activities of RMB 808.1 million in the same period last year.

Net cash used in investing activitiesin the third quarter of 2020 was RMB 99.5 million (US$14.6 million),compared to net cash used in investing activities of RMB 78.1 million in the same period last year.

As of September 30,cash and cash equivalents was RMB 2,836.2 million (US$ 417.7 million),935.5 million as of June 30,2020. As of September 30,the balance of held-to-maturity investments was RMB 2.3 million (US$ 0.3 million),compared to RMB 4.1 million as of June 30,the balance of available-for-sale investments was RMB 511.3 million (US$ 75.3 million),compared to RMB 513.0 million as of June 30,2020.

Delinquency rates. As of September 30,the delinquency rates for loans that are past due for 15-29 days,30-59 days and 60-89 days were 1.1%,1.7%,and 1.6%,respectively compared to 1.4%,2.0%,and 2.1%,as of June 30,2020.

Cumulative M3+ net charge-off rates. As of September 30,the cumulative M3+ net charge-off rate for loans originated in 2017 was 17.0%,compared to 16.7% as of June 30,2020. As September 30,the cumulative M3+ net charge-off rate for loans originated in 2018 was 18.3%,compared to 17.6% as of June 30,the cumulative M3+ net charge-off rate for loans originated in 2019 was 11.9%,compared to 9.4% as of June 30,2020.

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

Board Composition Change

The Board of Directors of the Company (the "Board") has appointed Mr. Dennis Cong as a member of the Board effective November 27,2020. At the same time,Mr. Huan Chen has retired from his position on the Board effective today after having served as a Director of the Company since 2015.

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 RMB 6.7896 to US$1.00,the effective noon buying rate on September 30,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 at7:00 p.m. U.S. Eastern TimeonNovember 26,2020 (or 8:00 a.m.Beijing/Hong Kong Time on November 27,2020).

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

http://apac.directeventreg.com/registration/event/5509629

Please note the Conference ID number of5509629.

Once registration is completed,participants will receive the dial-in information for the conference call,an event passcode,and a unique registrant ID number.

Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.

A replay of the conference call may be accessed by phone at the following numbers untilDecember 4,2020:

International

+61 2-8199-0299

U.S.

+1 646-254-3697

Replay Access Code:

5509629

Additionally,a live and archived webcast of the conference call will be available atir.yirendai.com.

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 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. (NYSE: YRD) is a leading fintech company in China,providing both credit and wealth management services. For its credit business,the Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. Yiren Digital deploys a proprietary risk management system,which enables the Company to effectively assess the creditworthiness of borrowers,appropriately price the risks associated with borrowers,and offer quality loan investment opportunities to investors. Yiren Digital's marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For its wealth management business,the Company targets China's mass affluent population and strives to provide customized wealth management services,with a combination of long-term and short-term targets as well as different types of investments,ranging from cash and fixed-income assets,to funds and insurance. For more information,please visit 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,

2019

June 30,

2020

September 30,

2019

September 30,

2020

RMB

RMB

RMB

USD

RMB

RMB

USD

Net revenue:

Loan facilitation services

1,286,923

171,084

406,413

59,858

3,579,687

936,038

137,865

Post-origination services

103,073

126,477

195,570

28,804

640,673

468,567

69,012

Account management services

489,673

300,720

157,327

23,172

1,527,037

871,213

128,316

Others

176,439

156,408

263,452

38,802

505,759

525,293

77,367

Total net revenue

2,056,108

754,689

1,022,762

150,636

6,253,156

2,801,111

412,560

Operating costs and expenses:

Sales and marketing

1,160,365

508,466

485,055

71,441

3,496,957

1,609,962

237,122

Origination,servicing and other

operating costs

156,073

165,183

239,655

35,297

491,141

507,756

74,784

General and administrative

168,092

172,568

159,670

23,517

601,333

481,279

70,885

Allowance for contract assets and

receivables

344,742

168,708

25,016

3,684

1,036,707

337,109

49,651

Total operating costs and expenses

1,829,272

1,014,925

909,396

133,939

5,626,138

2,936,106

432,442

Other income/(expenses):

Interest income,net

13,825

16,950

11,003

1,621

62,913

53,069

7,816

Fair value adjustments related to

Consolidated ABFE

(1,323)

(32,957)

(30,905)

(4,552)

39,462

(89,882)

(13,238)

Others,net

7,112

(3,510)

2,726

401

184,815

11,400

1,679

Total other income/(expenses)

19,614

(19,517)

(17,176)

(2,530)

287,190

(25,413)

(3,743)

Income/(loss) before provision for

income taxes

246,450

(279,753)

96,190

14,167

914,208

(160,408)

(23,625)

Share of results of equity investees

1,505

-

-

-

(4,268)

-

-

Income tax expense/(benefit)

19,924

(47,558)

16,353

2,408

158,314

(27,269)

(4,016)

Net income/(loss)

228,031

(232,195)

79,837

11,759

751,626

(133,139)

(19,609)

Weighted average number of ordinary

shares outstanding,basic

185,548,214

185,613,735

186,784,192

186,192

185,095,873

186,002,493

186,493

Basic income/(loss) per share

1.2290

(1.2510)

0.4274

0.0630

4.0607

(0.7158)

(0.1054)

Basic income/(loss) per ADS

2.4580

(2.5020)

0.8548

0.1260

8.1214

(1.4316)

(0.2108)

Weighted average number of ordinary

shares outstanding,diluted

186,351,678

185,735

187,370,892

187,892

186,433,058

186,493

Diluted income/(loss) per share

1.2237

(1.2510)

0.4261

0.0628

4.0316

(0.7158)

(0.1054)

Diluted income/(loss) per ADS

2.4474

(2.5020)

0.8522

0.1256

8.0632

(1.4316)

(0.2108)

Unaudited Condensed Consolidated

Cash Flow Data(Recast*)

Net cash generated from/(used in)

operating activities

808,148

(64,721)

3,098

455

186,065

501,097

73,803

Net cash (used in)/provided by

investing activities

(78,146)

(186,670)

(99,460)

(14,649)

(87,181)

(815,567)

(120,120)

Net cash (used in)/provided by

financing activities

(839,114)

39,905

81,693

12,032

(419,110)

55,961

8,242

Effect of foreign exchange rate changes

3,193

(86)

(3,389)

(498)

2,529

(2,269)

(334)

Net decrease in cash,cash equivalents

and restricted cash

(105,919)

(211,572)

(18,058)

(2,660)

(317,697)

(260,778)

(38,409)

Cash,cash equivalents and restricted

cash,beginning of period

2,822,706

3,237,994

3,026,422

445,744

3,034,484

3,269,142

481,493

Cash,end of period

2,716,787

3,422

3,008,364

443,084

2,084

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

As of

December 31,

2020

RMB

RMB

RMB

USD

Cash and cash equivalents

3,198,086

2,935,543

2,836,229

417,731

Restricted cash

71,056

90,879

172,135

25,353

Accounts receivable

3,398

27,309

100,657

14,825

Contract assets,net

2,398,685

1,356,886

1,231,190

181,335

Contract cost

160,003

145,809

124,005

18,264

Prepaid expenses and other assets

1,333,221

1,134,257

986,747

145,332

Loans at fair value

418,492

246,475

180,058

26,520

Financing receivables

29,612

54,876

267,938

39,463

Amounts due from related parties

988,853

1,560,376

1,584,084

233,310

Held-to-maturity investments

6,627

4,126

2,349

346

Available-for-sale investments

460,991

513,013

511,267

75,301

Property,equipment and software,net

195,855

184,957

163,696

24,110

Deferred tax assets

45,407

49,051

50,175

7,390

Right-of-use assets

334,134

224,067

160,825

23,687

Total assets

9,644,420

8,624

8,371,355

1,232,967

Accounts payable

43,583

40,324

24,757

3,646

Amounts due to related parties

106,645

184,325

293,620

43,246

Liabilities from quality assurance program

and guarantee

4,397

2,660

2,065

304

Deferred revenue

358,203

190,712

135,590

19,970

Accrued expenses and other liabilities

2,338,745

1,981,040

1,993,273

293,577

Refund liability

1,535

1,501,318

1,285,109

189,276

Deferred tax liabilities

218,888

162,016

150,486

22,164

Lease liabilities

282,334

205,056

135,544

19,963

Total liabilities

5,154,330

4,267,451

4,030,320

593,601

Ordinary shares

121

121

121

18

Additional paid-in capital

5,038,691

5,050,226

5,059,529

745,188

Treasury stock

(37,097)

(37,097)

(40,147)

(5,913)

Accumulated other comprehensive income

21,855

23,474

18,595

2,739

Accumulated deficit

(533,480)

(776,551)

(697,063)

(102,666)

Total equity

4,490,090

4,260,173

4,341,035

639,366

Total liabilities and equity

9,967

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands,except for number of borrowers,number of investors and percentages)

For the Three Months Ended

For the Nine Months Ended

September 30,

2020

RMB

RMB

USD

Operating Highlights

Amount of p2p investment

9,037,670

4,017,751

2,620,252

385,921

32,412,841

11,841,750

1,744,101

Number of p2p investors

113,955

63,066

41,851

41,851

319,538

119,929

119,929

Amount of non-p2p investment

767,226

2,186,210

4,256

676,514

1,380,717

8,942,780

1,317,129

Number of non-p2p investors

12,235

30,392

76,707

76,707

26,101

90,888

90,888

Amount of loans facilitated

10,261

2,402,494

3,206,977

472,337

31,105,001

7,448,925

1,097,108

Number of borrowers

150,280

107,568

143,238

143,238

423,414

360,170

360,170

Remaining principal of performing

loans

54,553,702

33,454,423

28,007,249

4,125,022

54,702

28,022

Segment Information

Wealth management:

Revenue

540,554

322,381

281,050

41,394

1,654,366

1,019,307

150,129

Sales and marketing expenses

219,390

45,454

43,879

6,463

576,462

156,659

23,074

Consumer credit:

Revenue

1,515,554

432,308

741,712

109,242

4,598,790

1,781,804

262,431

Sales and marketing expenses

940,975

463,012

441,176

64,978

2,920,495

1,453,303

214,048

Reconciliation of Adjusted

EBITDA

Net income/(loss)

228,609)

Interest income,net

(13,825)

(16,950)

(11,003)

(1,621)

(62,913)

(53,069)

(7,816)

Income tax expense/(benefit)

19,016)

Depreciation and amortization

32,153

24,368

23,404

3,447

95,767

74,943

11,038

Share-based compensation

7,954

2,954

8,952

1,319

40,385

16,447

2,422

Adjusted EBITDA

274,237

(269,381)

117,543

17,312

983,179

(122,087)

(17,981)

Adjusted EBITDA margin

13.3%

-35.7%

11.5%

11.5%

15.7%

-4.4%

-4.4%

*The Company reclassified 22.0 million payments made in the second quarter of 2020 related to financing receivables from cash used in operating

activities to cash used in investing activities.

Delinquency Rates

Delinquent for

15-29 days

30-59 days

60-89 days

All Loans

December 31,2015

0.7%

1.2%

0.9%

December 31,2016

0.6%

0.9%

0.8%

December 31,2017

0.8%

1.0%

0.8%

December 31,2018

1.0%

1.8%

1.7%

December 31,2019

1.2%

2.0%

1.7%

March 31,2020

1.6%

4.1%

3.2%

June 30,2020

1.4%

2.0%

2.1%

September 30,2020

1.1%

1.7%

1.6%

Online Channels

December 31,2015

0.5%

0.8%

0.6%

December 31,2016

0.6%

1.0%

0.8%

December 31,2017

1.3%

1.2%

0.9%

December 31,2018

1.2%

2.3%

2.2%

December 31,2019

1.6%

2.9%

2.5%

March 31,2020

1.9%

5.2%

3.8%

June 30,2020

1.4%

2.4%

2.7%

September 30,2020

1.2%

2.2%

2.1%

Offline Channels

December 31,2015

0.7%

1.2%

1.0%

December 31,2017

0.6%

0.9%

0.7%

December 31,2018

0.9%

1.6%

1.5%

December 31,2019

1.0%

1.7%

1.5%

March 31,2020

1.6%

3.7%

3.1%

June 30,2020

1.4%

1.8%

2.0%

September 30,2020

1.0%

1.5%

1.5%

Net Charge-Off Rate

Loan

Issued

Period

Amount of Loans

Facilitated

During the Period

Accumulated M3+ Net Charge-

Off

as of September 30,2020

Total Net Charge-Off

Rate

as of September 30,2020

(in RMB thousands)

(in RMB thousands)

2015

53,143,029

4,426,384

8.3%

2016

53,805,112

5,035,620

9.4%

2017

69,883,293

11,848,179

17.0%

2018

63,176,149

11,551,234

18.3%

2019

39,103,048

4,088

11.9%

2020H1

3,574,487

6,815

0.2%

M3+ Net Charge-Off Rate

Loan Issued

Period

Month on Book

2015Q1

0.8%

2.0%

3.4%

4.7%

5.7%

6.5%

7.1%

7.5%

7.7%

7.8%

7.8%

2015Q2

0.8%

2.3%

3.8%

5.2%

6.4%

7.3%

7.9%

8.3%

8.5%

8.7%

8.8%

2015Q3

0.4%

1.6%

3.1%

4.4%

5.6%

6.5%

7.1%

7.6%

7.9%

8.1%

8.4%

2015Q4

0.4%

1.6%

3.1%

4.4%

5.5%

6.3%

6.9%

7.4%

7.9%

8.3%

8.5%

2016Q1

0.3%

1.2%

2.5%

3.6%

4.5%

5.2%

5.8%

6.4%

7.0%

7.4%

7.6%

2016Q2

0.4%

1.6%

3.1%

4.3%

5.2%

6.0%

6.8%

7.6%

8.1%

8.4%

8.7%

2016Q3

0.3%

1.6%

3.0%

4.3%

5.4%

6.6%

7.8%

8.6%

9.1%

9.5%

9.7%

2016Q4

0.2%

1.5%

2.9%

4.3%

5.8%

7.3%

8.3%

9.2%

9.9%

10.3%

10.6%

2017Q1

0.4%

1.6%

3.2%

5.1%

7.0%

8.4%

9.7%

10.6%

11.3%

11.8%

12.0%

2017Q2

1.2%

3.0%

5.6%

8.3%

10.2%

11.9%

13.2%

14.2%

15.0%

15.4%

15.7%

2017Q3

0.5%

3.0%

6.3%

9.0%

11.4%

13.3%

14.8%

15.9%

16.6%

17.1%

17.4%

2017Q4

0.8%

4.1%

7.4%

10.5%

13.2%

15.2%

16.7%

17.8%

18.6%

19.1%

2018Q1

0.4%

3.1%

6.6%

10.0%

12.8%

15.1%

16.8%

18.1%

19.1%

2018Q2

0.5%

3.7%

7.4%

10.8%

13.6%

15.8%

17.7%

19.2%

2018Q3

0.4%

3.0%

6.2%

9.1%

11.7%

13.9%

15.9%

2018Q4

0.3%

2.5%

5.6%

8.6%

11.7%

14.5%

2019Q1

0.2%

2.5%

5.6%

9.0%

12.7%

2019Q2

0.3%

2.9%

6.9%

11.3%

2019Q3

0.3%

3.4%

8.0%

2019Q4

0.3%

3.9%

2020Q1

0.5%