BEIJING, Febr. 13, 2018
/PRNewswire/ -- Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the
"Company"), a fast-growing consumer lending marketplace in
China, today announced its
unaudited financial results for the third quarter ended
December 31, 2017.
On November 3, 2017, the Company
completed its initial public offering ("IPO") and issued 5,036,950
American Depositary Shares ("ADS") at US$10 per ADS for an aggregate offering price of
US$ 50,369,500. Throughout the
release, each ADS represents one ordinary share. Fiscal year refers
to the 12 months ended March 31.
Third Quarter of Fiscal
Year 2018 Operational
Highlights
- Total loan volume facilitated
(1) was US$388.7 million (RMB2.6
billion) during the third quarter of fiscal year 2018, an
increase of 187.1% from the third quarter of fiscal year 2017.
- Gross billing amount (net of
VAT)(2) was US$46.9 million during the third quarter of
fiscal year 2018, an increase of 483.8% from the third quarter of
fiscal year 2017.
- Gross billing ratio (net of
VAT)(3) for credit
loans was 12.1% during the third quarter of fiscal year 2018, an
increase from 7.4% during the third quarter of fiscal year
2017.
- Number of borrowers
(4) was 32,417 during the
third quarter of fiscal year 2018, an increase of 285.3% from the
third quarter of fiscal year 2017.
- Number of investors
(5) was 57,846 during the
third quarter of fiscal year 2018, an increase of 132.0% from the
third quarter of fiscal year 2017.
(1) Loan
volume is defined as the total principal amount of loans
facilitated on our marketplace during the relevant
period.
|
(2) "Gross
billing amount" is defined as the aggregated loan facilitation fees
and loan management fees charged to borrowers before cash
incentives, net of value added tax. It differs from the revenue
recognized at the time of recognition. For an individual secured
loan transaction, the gross billing amount equals the gross
accumulative loan management service revenue recognized over the
term of the secured loan. For the traditional individual credit
loan transaction, as the loan facilitation service fees are charged
upfront upon the release of funds to borrowers, the gross billing
amount equals the loan facilitation service revenue, while for the
newly introduced individual credit loan we launched from this
period, the service fees are charged each period, the gross billing
amount equals the gross accumulative loan management service
revenue recognized over the estimated term of the credit
loan.
|
(3) "Gross
billing ratio" is defined as the gross billing amount divided by
loan volume facilitated, presented in percentage. It is an
operation metric we believe is a more accurate indicator of
profitability.
|
(4) Refers
to borrowers who recorded successful borrowing activity on our
online marketplace during the relevant period.
|
(5) Refers
to investors who made loan investments on our online marketplace
during the relevant period.
|
Hexindai's platform had facilitated approximately US$2.2
billion (RMB14.0 billion) in loan
principal from the inception of its business in March 2014 through December 31, 2017.
Third Quarter of Fiscal Year
2018 Financial Highlights
- Net revenue was US$43.3
million during the third quarter of fiscal year 2018, an
increase of 575.9% from the third quarter of fiscal year 2017.
- Operating expenses were US$11.7
million during the third quarter of fiscal year 2018, an
increase of 209.9% from the third quarter of fiscal year 2017.
- Net income was US$26.9
million during the third quarter of fiscal year 2018, a
significant increase of 1589.1% from the third quarter of fiscal
year 2017.
- Adjusted net income attributable to Hexindai Inc.'s
shareholder (non-GAAP) in the third quarter of fiscal
year 2018 was US$27.6 million,
increased by 1632.6% from US$1.6
million in the third quarter of fiscal year 2017.
- Basic EPS in the third quarter of fiscal year 2018 was
US$0.58 compared to US$0.04 in the same period of fiscal year
2017.
- Diluted EPS in the third quarter of fiscal year 2018 was
US$0.52 compared to US$0.04 in the same period of fiscal year
2017.
Nine Months Ended December
31, 2017 Operational Data
Loan volume
Total loan volume facilitated during the nine months ended
December 31, 2017 was US$844.9 million (RMB5.7
billion), an increase of 124.4% from US$378.8 million (RMB2.5
billion) during the same period of fiscal year 2017.
Number of borrowers
Number of borrowers was 67,850 during the nine months ended
December 31, 2017, an increase of
237.8% from the same period of fiscal year 2017.
Number of investors
Number of investors was 100,845 during the nine months ended
December 31, 2017, an increase of
126.4% from the same period of fiscal year 2017.
"We delivered another solid quarter of financial and operational
growth," commented Mr. Xinming Zhou,
Chief Executive Officer of Hexindai. "Loan volumes continued to
grow at a triple-digit pace as did the number of investors and
borrowers on our platform. The percentage of loan volume acquired
through online channels reached another historic high of 24% during
the quarter, more than double the 10% from last quarter. We
continue to deepen our cooperative agreements with other
third-party acquisition channels and are benefiting from the trust
and reliability that being a publicly listed company generates.
Last month we began holding investor education seminars across
China to introduce current and
prospective investors on our platform to our advanced risk
management systems, development strategy and insurance policies
among other topics which we believe will help further increase
trust in our platform and strengthen our brand equity. We will
continue to invest in enhancing our IT infrastructure and
increasing operational efficiency to reinforce our competitive
advantage in China's rapidly
growing consumer lending marketplace."
Third Quarter of Fiscal Year 2018 Unaudited Financial
Results
Net revenue
Net revenue during the third quarter of fiscal year 2018 was
US$43.3 million, an increase of
575.9% compared to US$6.4 million
during the same quarter of fiscal year 2017. The increase was
primarily due to the significant increase in the volume of credit
loans facilitated through Hexindai's marketplace, which increased
from RMB0.7 billion (US$0.1 billion) in the third quarter of fiscal
year 2017 to RMB2.6 billion
(US$0.4 billion) in the same quarter
of fiscal year 2018. The increase in the volume of credit loans
facilitated through our marketplace was driven by an increase in
the number of credit loan borrowers from 8,403 in the third quarter
of fiscal year 2017 to 32,417 in the same quarter of fiscal year
2018. The increase in net revenues was also due to the increase in
gross billing ratio (net of VAT) for credit loans from 7.4% in the
third quarter of fiscal year 2017 to 12.1% in the same quarter of
fiscal year 2018. The risk reserve liability charge decreased from
US$1.6 million in the three months
ended December 31, 2016 to nil in the
three months ended December 31, 2017
as our risk reserve liability policy has been discontinued and
replaced by a third party insurance arrangement since February 1, 2017, there was no risk reserve
liability charge in the three months ended December 31, 2017, which also contributed to the
increase of net revenue.
Operating expenses
Total operating expenses during the third quarter of fiscal year
2018 were US$11.7 million, an
increase of 209.9% from US$3.8
million in the same quarter of last fiscal year. The
significant increase was primarily due to increase in sales and
marketing expenses and general and administrative expenses.
Sales and marketing expenses
Sales and marketing expenses during the third quarter of fiscal
year 2018 were US$5.5 million, an
increase of 288.3% from US$1.4
million during the same quarter of last fiscal year. The
increase was primarily due to an increase in employee expenses and
a series of promotional and brand image campaigns to enhance the
Company's brand recognition and acquire more customers.
Service and development expenses
Service and development expenses during the third quarter of
fiscal year 2018 were US$3.2 million,
an increase of 114.8% from US$1.5
million during the same quarter of last fiscal year. The
increase was primarily attributable to an increase in employee
expenses, platform maintenance fees and custodian bank account
management fees which were in line with growth in the volume of
loans facilitated through the Company's platform.
General and administrative expenses
General and administrative expenses during the third quarter of
fiscal year 2018 were US$3.0 million,
an increase of 245.6% from US$0.9
million during the same period of last fiscal year. The
increase was primarily attributable to an increase in employee
expenses, professional service fees and the share-based
compensation expenses.
Net income
As a result of the foregoing, a significant increase of 1589.1%
in our net income, which increased from US$1.6 million during the third quarter of fiscal
year 2017 to US$26.9 million during
the same quarter of fiscal year 2018.
Adjusted net income attributable to Hexindai Inc.'s
shareholder and adjusted EPS
Adjusted net income attributable to the Company's shareholders,
which excluded share-based compensation expenses, increased by
1632.6% to US$27.6 million in the
third quarter of fiscal year 2018 from US$1.6 million in the same quarter of fiscal year
2017. Accordingly, the adjusted earnings per basic share increased
to US$0.60 in the third quarter of
fiscal year 2018 from US$0.04 in the
same period of fiscal year 2017 and the adjusted earnings per
diluted share increased to US$0.54 in
the third quarter of fiscal year 2018 from US$ 0.04 in the same quarter of fiscal year
2017.
Nine Months Ended December
31, 2017 Unaudited Financial
Results
Net revenue
Net revenue during the nine months ended December 31, 2017 was US$79.6 million, an increase of 414.8% from
US$15.5 million during the same
period of last fiscal year. The increase was primarily due to the
significant increase in the volume of credit loans facilitated
through Hexindai's marketplace, which increased from RMB1.5 billion (US$0.2
billion) in the nine months ended December 31, 2016 to RMB5.6 billion (US$0.8
billion) in the nine months ended December 31, 2017. The increase in the volume of
credit loans facilitated through our marketplace was driven by an
increase in the number of credit loan borrowers from 19,724 in the
nine months ended December 31, 2016
to 67,815 in the nine months ended December
31, 2017. The increase in net revenues was also due to the
increase in gross billing ratio (net of VAT) for credit loans from
7.4% in the nine months ended December 31,
2016 to 10.4% in the nine months ended December 31, 2017. The risk reserve liability
charge decreased from US$4.0 million
in the nine months ended December 31,
2016 to nil in the nine months ended December 31, 2017 as our risk reserve liability
policy has been discontinued and replaced by a third party
insurance arrangement since February 1,
2017, there was no risk reserve liability charge in the nine
months ended December 31, 2017, which
also contributed to the increase of net revenue.
Operating expenses
Total operating expenses during the nine months ended
December 31, 2017 were US$23.0 million, an increase of 152.4% from
US$9.1 million in nine months ended
December 31, 2016. The significant
increase was primarily due to increase in sales and marketing
expenses and general and administrative expenses.
Sales and marketing expenses
Sales and marketing expense during the nine months ended
December 31, 2017 were US$11.7 million, an increase of 259.6% from
US$3.3 million from the same period
of last fiscal year. The increase was primarily due to an increase
in employee expenses, a marketing campaign for new products
launched in July 2017 and a series of
promotional and brand image campaigns to enhance the Company's
brand recognition and acquire more customers.
Service and development expenses
Service and development expenses during the nine months ended
December 31, 2017 were US$6.4 million, an increase of 66.3% from
US$3.9 million during the same period
of last fiscal year. The increase was primarily attributable to an
increase in employee expenses, platform maintenance fees and
custodian bank account management fees which were in line with
growth in the volume of loans facilitated through the Company's
platform.
General and administrative expenses
General and administrative expenses during the nine months ended
December 31, 2017 were US$4.8 million, an increase of 143.8% from
US$2.0 million during the same period
of last year. The increase was primarily attributable to an
increase in employee expenses, professional service fees and the
share-based compensation expenses.
Net income
As a result of the foregoing, a significant increase of 1016.3%
in our net income, which increased from US$4.3 million during the nine months ended
December 31, 2016 to US$48.5 million during the same period of this
fiscal year.
Adjusted net income attributable to Hexindai Inc.'s
shareholder and adjusted EPS
Adjusted net income attributable to the Company's shareholders,
which excluded share-based compensation expenses, increased by
1032.4% to US$49.2 million during the
nine months ended December 31, 2017
from US$4.3 million in the nine
months ended December 31 2016.
Accordingly, the adjusted earnings per basic share increased to
US$1.12 during the nine months ended
December 31, 2017 from US$0.10 in the same period of last fiscal year
and the adjusted earnings per diluted share increased to
US$1.07 during the nine months ended
December 31, 2017 from US$0.10 in the same period of last fiscal
year.
Cash and Cash Flow
As of December 31, 2017, the
Company had cash and cash equivalents of US$139.3 million. Net cash provided by operating
activities for the nine months ended December 31, 2017 was US$65.0 million, compared to net cash provided by
operating activities of US$3.9
million in the same period last fiscal year. The increase in
operating cash flow was mainly due to increased net income during
nine months ended December 31, 2017.
Net cash provided by financing activities for the nine months ended
December 31, 2017 was US$52.5 million, compared to net cash provided by
financing activities of US$1.1
million in the same period of last fiscal year. The increase
in financing activities was mainly due to the net proceeds of
US$43.7 million raised from IPO after
deducting related costs and expenses.
Business Outlook
Based on the information available as of the date of this press
release, Hexindai provides the following outlook, which reflects
the Company's current and preliminary view and is subject to
change:
Three Months Ending March 31,
2018
- Total loans facilitated will be in the range of
US$370.0 million to US$390.0 million.
- Net revenue will be in the range of US$27.0 million to US$29.0
million.
- Adjusted net income will be in the range of US$13.0 million to US$15.0
million.
Fiscal Year Ending March
31, 2018
- Total loans facilitated will be in the range of
US$1.22 billion to US$1.24 billion.
- Net revenue will be in the range of US$107.0 million to US$109.0 million.
- Adjusted net income will be in the range of US$62.0 million to US$64.0
million.
Use of Non-GAAP Financial Measures
We used adjusted net income and adjusted EPS, non-GAAP financial
measures, in evaluating our operating results and for financial and
operational decision-making purposes. We believed that the adjusted
net income helped identify underlying trends in our business by
excluding the impact of share-based compensation expenses, which
were non-cash charges. We believed that the adjusted net income
provided useful information about our 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.
The adjusted net income was not defined under U.S. GAAP and was
not presented in accordance with U.S. GAAP. This non-GAAP financial
measure had limitations as analytical tools, and when assessing our
operating performance, cash flows or our liquidity, investors
should not consider them in isolation, or as a substitute for net
(loss)/income, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in
accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP
financial measure to the most comparable U.S. GAAP performance
measure, all of which should be considered when evaluating our
performance.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and non-GAAP
results" set forth at the end of this press release.
Recent Developments
Expanded Education and Communication Channels with
Investors
In October 2017, Hexindai expanded
the education and communication channels it has with investors on
its official website and mobile app. These channels will help
educate investors on recent Company developments, financial tools,
risk systems and government regulations while also allowing them to
interact with Hexindai management through online Q&A sessions.
Hexindai believes that educating its investors and increasing the
transparency of its operations and platform will increase trust in
the Company and support its healthy and sustainable growth.
Conference Call
The Company will host a conference call to discuss the earnings
at 8:00 a.m. Eastern Time on Tuesday,
February 13, 2018 (9:00 p.m.
Beijing time on the same day).
Dial-in numbers for the live conference call are as follows:
International
|
+65
6713-5091
|
U.S. Toll
Free
|
+1
866-519-4004
|
Mainland
China
|
4006-208038
|
Hong Kong
|
+852
3018-6771
|
Passcode:
|
HX
|
A telephone replay of the call will be available after the
conclusion of the conference call through 11:59 p.m. Hong Kong Time, February 21, 2018.
Dial-in numbers for the replay are as follows:
International
Dial-in
|
+61
2-8199-0299
|
U.S. Toll
Free
|
+1
646-254-3697
|
Passcode:
|
2187757
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of Hexindai's website
at http://ir.hexindai.com/.
About Hexindai Inc.
Hexindai Inc. (NASDAQ: HX) ("Hexindai" or the "Company") is a
fast-growing consumer lending marketplace based in Beijing, China facilitating loans to meet the
increasing consumption demand of the emerging middle class in
China. Hexindai provides borrowers
with convenient and ready access to credit through its online
marketplace. The Company offers borrowers a wide range of products
designed based on customer segmentation data and tailored to the
specific needs of the emerging middle class in China. Hexindai offers investors various types
of investment products with appropriate risk levels and
risk-adjusted returns. With its strong O2O capability combining
online platform with extensive offline networks, and the advanced
risk management system, further safeguarded by the Company's
strategic cooperative relationships with a custodian bank and an
insurance company, it gains high customer satisfaction and
reliance, and realizes fast growth in China.
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
following: 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.
For more information, please visit
ir.hexindai.com
For investor inquiries, please contact:
Hexindai
Wendy Xuan
Tel: +86 10 5370 9902 ext. 829
Email: ir@hexindai.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
HEXINDAI
INC.
INTERIM CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
December
31,
|
|
|
March
31,
|
|
|
2017
|
|
|
2017
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash
|
$
|
139,293,226
|
|
$
|
19,232,275
|
Prepayments and other assets
|
|
4,490,142
|
|
|
4,139,354
|
Amounts due from related parties
|
|
-
|
|
|
4,182,502
|
TOTAL CURRENT
ASSETS
|
|
143,783,368
|
|
|
27,554,131
|
Property, equipment and software at cost, net
|
|
620,148
|
|
|
427,938
|
Deferred tax assets
|
|
438,951
|
|
|
400,062
|
TOTAL ASSETS
|
$
|
144,842,467
|
|
$
|
28,382,131
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Accrued expenses and other current liabilities
|
$
|
4,059,855
|
|
$
|
789,129
|
Taxes payable
|
|
17,289,055
|
|
|
4,088,646
|
TOTAL CURRENT
LIABILITIES
|
|
21,348,910
|
|
|
4,877,775
|
TOTAL
LIABILITIES
|
$
|
21,348,910
|
|
$
|
4,877,775
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Ordinary
shares, $0.0001 par value,
500,000,000 shares authorized, 47,958,550 and
42,921,600 shares issued and outstanding as of
December 31, 2017 and March 31, 2017,
respectively
|
|
4,796
|
|
|
4,292
|
Additional paid-in capital
|
|
57,693,590
|
|
|
13,285,717
|
Retained earnings
|
|
60,195,878
|
|
|
11,759,100
|
Accumulated other comprehensive income
(loss)
|
|
959,274
|
|
|
(1,544,753)
|
TOTAL HEXINDAI'S
SHAREHOLDERRS'
EQUITY
|
|
118,853,538
|
|
|
23,504,356
|
Non-controlling
interest
|
|
4,640,019
|
|
|
-
|
TOTAL
SHAREHOLDERS' EQUTIY
|
|
123,493,557
|
|
|
23,504,356
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND
SHAREHOLDERS' EQUITY
|
$
|
144,842,467
|
|
$
|
28,382,131
|
HEXINDAI
INC.
|
INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
For Three Months
Ended
December 31,
|
|
|
For Nine Months
Ended
December 31,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
NET
REVENUE
|
|
|
|
|
|
|
|
|
|
Loan facilitation,
post-origination and other service, net
|
$
|
43,651,672
|
$
|
6,472,383
|
|
$
|
80,156,605
|
$
|
15,562,404
|
Business and sales
related taxes
|
|
(339,512)
|
|
(64,267)
|
|
|
(512,622)
|
|
(90,268)
|
NET
REVENUE
|
|
43,312,160
|
|
6,408,116
|
|
|
79,643,983
|
|
15,472,136
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
5,484,582
|
|
1,412,340
|
|
|
11,744,696
|
|
3,266,088
|
Service and development
|
|
3,205,208
|
|
1,491,967
|
|
|
6,441,310
|
|
3,873,334
|
General and administrative
|
|
2,998,092
|
|
867,570
|
|
|
4,842,642
|
|
1,985,919
|
Total operating expenses
|
|
11,687,882
|
|
3,771,877
|
|
|
23,028,648
|
|
9,125,341
|
INCOME FROM
OPERATIONS
|
|
31,624,278
|
|
2,636,239
|
|
|
56,615,335
|
|
6,346,795
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
254,672
|
|
24,522
|
|
|
513,795
|
|
180,094
|
Other
expense
|
|
(14,691)
|
|
(251)
|
|
|
(20,325)
|
|
(15,828)
|
Total other income (expense), net
|
|
239,981
|
|
24,271
|
|
|
493,470
|
|
164,266
|
INCOME BEFORE
INCOME TAXES
|
|
31,864,259
|
|
2,660,510
|
|
|
57,108,805
|
|
6,511,061
|
PROVISION FOR
INCOME TAXES
|
|
4,958,434
|
|
1,067,582
|
|
|
8,643,375
|
|
2,169,594
|
NET
INCOME
|
|
26,905,825
|
|
1,592,928
|
|
|
48,465,430
|
|
4,341,467
|
Less: net income
attributable to non-controlling interest
|
|
30,906
|
|
-
|
|
|
28,652
|
|
-
|
NET INCOME
ATTRIBUTABLE TO HEXINDAI
|
|
26,874,919
|
|
1,592,928
|
|
|
48,436,778
|
|
4,341,467
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
1,559,958
|
|
(663,166)
|
|
|
2,608,189
|
|
(1,155,757)
|
COMPREHENSIVE
INCOME
|
|
28,465,783
|
|
929,762
|
|
|
51,073,619
|
|
3,185,710
|
Less: comprehensive
income attributable to non-
controlling interest
|
|
133,237
|
|
-
|
|
|
132,814
|
|
-
|
COMPREHENSIVE
INCOME ATTRIBUTABLE TO
HEXINDAI
|
$
|
28,332,546
|
$
|
929,762
|
|
$
|
50,940,805
|
$
|
3,185,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share*-basic
|
$
|
0.58
|
$
|
0.04
|
|
$
|
1.10
|
$
|
0.10
|
Earnings per common
share*-diluted
|
$
|
0.52
|
$
|
0.04
|
|
$
|
1.06
|
$
|
0.10
|
Weighted average
number of shares outstanding*-basic
|
|
46,131,964
|
|
42,080,000
|
|
|
43,987,816
|
|
42,080,000
|
Weighted average
number of shares outstanding*-diluted
|
|
51,534,829
|
|
42,080,000
|
|
|
45,788,771
|
|
42,080,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The shares and per
share data are presented on a retroactive basis to reflect the
nominal share issuance.
|
HEXINDAI
INC.
|
Reconciliations of
GAAP And Non-GAAP Results
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
For Three Months
Ended
December 31,
|
|
|
For Nine Months
Ended
December 31,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
Net income
attributable to Hexindai Inc.'s shareholder
|
$
|
26,874,919
|
$
|
1,592,928
|
|
$
|
48,436,778
|
$
|
4,341,467
|
Add: Share-based
compensation expenses
|
|
723,831
|
|
-
|
|
|
723,831
|
|
-
|
Non-GAAP net
income attributable to Hexindai Inc.'s
shareholder
|
$
|
27,598,750
|
$
|
1,592,928
|
|
$
|
49,160,609
|
$
|
4,341,467
|
Weighted average
number of shares outstanding*-basic
|
|
46,131,964
|
|
42,080,000
|
|
|
43,987,816
|
|
42,080,000
|
Weighted average
number of shares outstanding*-diluted
|
|
51,534,829
|
|
42,080,000
|
|
|
45,788,771
|
|
42,080,000
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share*-basic
|
$
|
0.58
|
$
|
0.04
|
|
$
|
1.10
|
$
|
0.10
|
Adjustment related to
share based compensation
expenses*-basic
|
$
|
0.02
|
$
|
0.00
|
|
$
|
0.02
|
$
|
0.00
|
Non-GAAP earnings per
common share*-basic
|
$
|
0.60
|
$
|
0.04
|
|
$
|
1.12
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share*-diluted
|
$
|
0.52
|
$
|
0.04
|
|
$
|
1.06
|
$
|
0.10
|
Adjustment related to
share based compensation
expenses*-diluted
|
$
|
0.02
|
$
|
0.00
|
|
$
|
0.01
|
$
|
0.00
|
Non-GAAP earnings per
common share*-diluted
|
$
|
0.54
|
$
|
0.04
|
|
$
|
1.07
|
$
|
0.10
|
|
* The shares and per
share data are presented on a retroactive basis to reflect the
nominal share issuance.
|
The following table presents our summary operating data for
three months and nine months ended December
31, 2016 and 2017.
|
For Three Months
Ended December 31,
|
|
For Nine Months
Ended December 31,
|
|
|
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
Growth
Rates(4)
|
|
(RMB)
|
(US$)
|
|
(RMB)
|
(US$)
|
|
(RMB)
|
(US$)
|
|
(RMB)
|
(US$)
|
|
Three Months
ended
December 31, 2017
compared to
December 31, 2016
|
Nine Months
ended
September 31, 2017
compared to
December 31, 2016
|
Loan volume
facilitated
|
(in thousands,
except percentages and numbers)
|
|
(in thousands,
except percentages and numbers)
|
|
|
|
Credit loan
principal
|
684,063
|
100,133
|
|
2,570,798
|
388,745
|
|
1,532,231
|
229,616
|
|
5,610,349
|
835,471
|
|
275.8%
|
266.2%
|
Secured loan
principal
|
211,350
|
30,937
|
|
-
|
-
|
|
995,624
|
149,201
|
|
63,220
|
9,414
|
|
-100.0%
|
-93.7%
|
Total
|
895,413
|
131,070
|
|
2,570,798
|
388,745
|
|
2,527,855
|
378,817
|
|
5,673,569
|
844,885
|
|
187.1%
|
124.4%
|
Number of
transactions facilitated(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
8,403
|
8,403
|
|
32,511
|
32,511
|
|
19,724
|
19,724
|
|
67,965
|
67,965
|
|
|
|
Secured loan
transactions
|
206
|
206
|
|
-
|
-
|
|
1,216
|
1,216
|
|
49
|
49
|
|
|
|
Total
|
8,609
|
8,609
|
|
32,511
|
32,511
|
|
20,940
|
20,940
|
|
68,014
|
68,014
|
|
|
|
Average individual
transaction amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
81
|
12
|
|
79
|
12
|
|
78
|
12
|
|
83
|
12
|
|
|
|
Secured loan
transactions
|
1,026
|
150
|
|
-
|
-
|
|
819
|
123
|
|
1,290
|
192
|
|
|
|
Overall
average
|
104
|
15
|
|
79
|
12
|
|
121
|
18
|
|
83
|
12
|
|
|
|
Gross billing
amount (net of VAT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
loan
|
50,341
|
7,369
|
|
310,244
|
46,914
|
|
113,189
|
16,962
|
|
582,109
|
86,686
|
|
516.3%
|
414.3%
|
Secured
loan
|
2,799
|
410
|
|
-
|
-
|
|
12,836
|
1,924
|
|
1,458
|
217
|
|
-100.0%
|
-88.6%
|
Total
|
53,140
|
7,779
|
|
310,244
|
46,914
|
|
126,025
|
18,886
|
|
583,567
|
86,903
|
|
483.8%
|
363.1%
|
Gross billing
ratio (net of VAT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
loan
|
7.4%
|
7.4%
|
|
12.1%
|
12.1%
|
|
7.4%
|
7.4%
|
|
10.4%
|
10.4%
|
|
|
|
Secured
loan
|
1.3%
|
1.3%
|
|
-
|
-
|
|
1.3%
|
1.3%
|
|
2.3%
|
2.3%
|
|
|
|
Total
|
5.9%
|
5.9%
|
|
12.1%
|
12.1%
|
|
5.0%
|
5.0%
|
|
10.3%
|
10.3%
|
|
|
|
Number of
borrowers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
8,403
|
8,403
|
|
32,417
|
32,417
|
|
19,724
|
19,724
|
|
67,815
|
67,815
|
|
|
|
Secured loan
transactions
|
10
|
10
|
|
-
|
-
|
|
363
|
363
|
|
35
|
35
|
|
|
|
Total
|
8,413
|
8,413
|
|
32,417
|
32,417
|
|
20,087
|
20,087
|
|
67,850
|
67,850
|
|
285.3%
|
237.8%
|
Number of
investors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions (2)
|
6,893
|
6,893
|
|
45,452
|
45,452
|
|
8,570
|
8,570
|
|
80,836
|
80,836
|
|
|
|
Secured loan
transactions (3)
|
4,935
|
4,935
|
|
-
|
-
|
|
14,374
|
14,374
|
|
91
|
91
|
|
|
|
Credit and secured
loan transactions
|
13,108
|
13,108
|
|
12,394
|
12,394
|
|
21,602
|
21,602
|
|
19,918
|
19,918
|
|
|
|
Total
|
24,936
|
24,936
|
|
57,846
|
57,846
|
|
44,546
|
44,546
|
|
100,845
|
100,845
|
|
132.0%
|
126.4%
|
|
(1) Number
of loan transactions facilitated is defined as the total number of
loans facilitated on our marketplace during the relevant
period.
|
(2) Refers
to investors who exclusively invested in credit loan transactions
during the relevant period.
|
(3) Refers
to investors who exclusively invested in secured loan transactions
during the relevant period.
|
(4) Growth
rates are calculated by RMB, and exclude the impact from exchange
rate in different reporting period to reflect a real growth
rate.
|
The following table sets forth our revenue breakdown for the
periods indicated:
|
|
For the Three
Months Ended
December
31,
|
|
|
For the Nine
Months Ended
December 31,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
Revenue
(1)
|
|
|
|
|
|
|
|
|
|
Loan facilitation
service
|
$
|
46,754,718
|
$
|
7,380,145
|
|
$
|
87,054,743
|
$
|
16,902,500
|
Loan management
service
|
|
111,792
|
|
526,560
|
|
|
404,946
|
|
2,428,268
|
Post-origination
service
|
|
1,316,351
|
|
418,817
|
|
|
2,394,179
|
|
1,060,319
|
Others
|
|
11,592
|
|
25,427
|
|
|
21,917
|
|
50,466
|
Total
revenue
|
|
48,194,453
|
|
8,350,949
|
|
|
89,875,785
|
|
20,441,553
|
Business
tax
|
|
339,512
|
|
64,267
|
|
|
512,622
|
|
90,268
|
Cash
incentives
|
|
4,542,781
|
|
252,394
|
|
|
9,719,180
|
|
845,319
|
Risk reserve
liability charge
|
|
-
|
|
1,626,172
|
|
|
-
|
|
4,033,830
|
Net
Revenue
|
$
|
43,312,160
|
$
|
6,408,116
|
|
$
|
79,643,983
|
$
|
15,472,136
|
|
(1)
Represents amounts net of VAT
|
View original
content:http://www.prnewswire.com/news-releases/hexindai-reports-third-quarter-of-fiscal-year-2018-financial-results-300597775.html
SOURCE Hexindai Inc.