BEIJING, Sept. 25, 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 quarter
ended June 30, 2018.
Throughout the release, each ADS represents one ordinary share.
Fiscal year refers to the 12 months ended March 31.
First Quarter of Fiscal Year 2019 Operational
Highlights
- Total loan volume
facilitated [1] was US$461.1 million (RMB2.9
billion) during the first quarter of fiscal year 2019, an
increase of 130.1% from the first quarter of fiscal year 2018.
- Gross billing amount (net of
VAT)[2] was US$54.1 million during the first quarter of
fiscal year 2019, an increase of 205.2% from the first quarter of
fiscal year 2018.
- Gross billing ratio (net of
VAT)[3] for credit loans was
11.7% during the first quarter of fiscal year 2019, an increase
from 8.9% during the first quarter of fiscal year 2018.
- Number of
borrowers [4] was 28,979
during the first quarter of fiscal year 2019, an increase of 96.7%
from the first quarter of fiscal year 2018.
- Number of investors [5] was 67,607
during the first quarter of fiscal year 2019, an increase of 82.6%
from the first quarter of fiscal year 2018.
First Quarter of Fiscal Year 2019 Unaudited Financial
Highlights
- Net revenue was US$51.7
million during the first quarter of fiscal year 2019, an
increase of 241.8% from the first quarter of fiscal year 2018.
- Operating expenses were US$15.6 million during the first quarter of
fiscal year 2019, an increase of 224.2% from the first quarter of
fiscal year 2018.
- Net income was US$29.7
million during the first quarter of fiscal year 2019, an
increase of 233.7% from the first quarter of fiscal year 2018.
- Basic EPS in the first quarter of fiscal year 2019 was
US$0.62 compared to US$0.21 in first quarter of fiscal year
2018.
- Diluted EPS in the first quarter of fiscal year 2019 was
US$0.56 compared to US$0.21 in first quarter of fiscal year
2018.
- Adjusted net income (Non-GAAP) in the
first quarter of fiscal year 2019 was US$29.9 million, increased by 236.1% from
US$8.9 million in the first quarter
of fiscal year 2018.
- Adjusted EBIT (Non-GAAP) in the first quarter of fiscal
year 2019 was US$36.6 million,
increased by 250.9% from US$10.4
million in the first quarter of fiscal year 2018.
Through Hexindai's platform, the total loan volume facilitated
was approximately US$3.0 billion (RMB19.6 billion) from the inception of its
business in March 2014 through
June 30, 2018.
"We delivered another solid quarter of growth despite a
challenging market which I believe demonstrates our corporate
flexibility, ability to rapidly adapt, and commitment to
maintaining compliance in a rapidly evolving regulatory
environment," commented Mr. Xinming
Zhou, Chief Executive Officer of Hexindai. "Net revenue and
net income during the quarter both increased at a triple-digit pace
to US$51.7 million and US$29.7 million, respectively. We maintained our
corporate flexibility in the midst of a difficult market
environment and have been working in close cooperation with
relevant regulatory authorities to complete the self-examination
and correction measures. We believe the inspection process is a
positive development for us and the entire sector. Increased
regulation will raise the barriers to entry and will create a
healthier long-term market environment which allow us to leverage
our strong cash position, operational efficiency, and solid risk
management and marketing capabilities to consolidate the market. We
strategically focus on medium-sized loans targeting borrowers with
stable employment and income. Our strategic foresight, high-quality
user base, and ability to closely manage risk on our platform have
strengthened our confidence and ability to navigate this
challenging period for the industry and maintain user trust, which
is critical during this period."
"We made our first cross-border investment during the quarter by
buying 20% equity stake for US$1.6
million in Musketeer Group Inc. ("Musketeer"), an Indonesian
online lending platform that offers consumption installment loans.
This marks the first step in our larger strategy to explore
overseas opportunities by leveraging our extensive experience and
expertise in new high-growth markets. Growing confidence in our
future growth prospects and strong cash position allowed us to
return value to shareholders in the form of an annual dividend
policy. We will continue to invest in strengthening our risk
management systems and developing new market opportunities to
ensure we are able to quickly take advantage of opportunities that
emerge as the market consolidates. We will also focus on growing
our business to scale by improving operational efficiency and
enhancing investor and borrower acquisition. I am confident that
these initiatives will help us solidify our competitive advantage
in China's rapidly growing
consumer lending marketplace and generate long-term sustainable
value for our shareholders."
[1] Total loan volume
facilitated 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 third
quarter of fiscal year 2018, the service fees are charged each
period, the gross billing amount equals the gross accumulative loan
facilitation 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.
|
Accounting Policy Change
Effective on April 1, 2018,
Hexindai has adopted the new revenue recognition policy, ASC 606 —
Revenue from Contracts with Customers, using the modified
retrospective method in accordance with US GAAP ("ASC 606"). As a
result of adopting ASC 606, the Company recognized the cumulative
effect of initially applying the revenue standard as an increase of
approximately US$0.3 million to the
opening balances of retained earnings. This adjustment primarily
arose from the timing of revenue recognition for loan facilitation
service fees that are collected on monthly basis, which under the
new revenue standard are recognized at the time of billing instead
of upon collection.
First Quarter of Fiscal Year 2019 Unaudited Financial
Results
Net revenue
Net revenue during the first quarter of fiscal year 2019 was
US$51.7 million, an increase of
241.8% compared to US$15.1 million
during the same quarter of fiscal year 2018. The increase was
primarily due to the significant increase in the volume of credit
loans facilitated through Hexindai's marketplace, which increased
from US$0.2 billion (RMB1.3 billion) in the first quarter of fiscal
year 2018 to US$0.5 billion
(RMB2.9 billion) in the same quarter
of fiscal year 2019. The increase in the volume of credit loans
facilitated through Hexindai's marketplace was driven by an
increase in the number of credit loan borrowers from 14,723 in the
first quarter of fiscal year 2018 to 28,979 in the same quarter of
fiscal year 2019.
Operating expenses
Total operating expenses during the first quarter of fiscal year
2019 were US$15.6 million, an
increase of 224.2% from US$4.8
million in the same quarter of last fiscal year. The
significant increase was primarily due to an increase in sales and
marketing expenses and general and administrative expenses.
Sales and marketing expenses
Sales and marketing expenses during the first quarter of fiscal
year 2019 were US$11.7 million, an
increase of 354.2% from US$2.6
million during the same quarter of last fiscal year. The
increase was primarily due to an increase in employee expenses and
advertising expenses associated with enhancing the Company's brand
recognition and acquiring more customers.
Service and development expenses
Service and development expenses during the first quarter of
fiscal year 2019 were US$1.4 million,
an increase of 2.2% from US$1.3
million during the same quarter of last fiscal year. Service
and development expenses remained stable when compared to the same
period of last fiscal year, which was primarily due to improvements
in operational efficiency.
General and administrative expenses
General and administrative expenses during the first quarter of
fiscal year 2019 were US$2.3 million,
an increase of 158.6% 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 rental expenses.
Share-based compensation
Share-based compensation during the first quarter of fiscal year
2019 was US$0.2 million, compared to
nil during the same period of last fiscal year. The increase was
attributable to awards granted under the 2016 Equity Incentive Plan
since November 3, 2017 on which date
the Company completed its IPO.
Net income and earnings per share ("EPS")
As a result of the foregoing, an increase of 233.7% in our net
income, which increased from US$8.9
million during the first quarter of fiscal year 2018 to
US$29.7 million during the same
quarter of fiscal year 2019. Accordingly, earnings per basic share
increased to US$0.62 in the first
quarter of fiscal year 2019 from US$0.21 in the same period of fiscal year 2018
and earnings per diluted share increased to US$0.56 in the first quarter of fiscal year 2019
from US$0.21 in the same period of
fiscal year 2018.
Adjusted net income and adjusted EPS
Adjusted net income, which excluded share-based compensation
expenses, increased by 236.1% to US$29.9
million in the first quarter of fiscal year 2019 from
US$8.9 million in the same quarter of
fiscal year 2018. Accordingly, adjusted earnings per basic share
increased to US$0.62 in the first
quarter of fiscal year 2019 from US$0.21 in the same period of fiscal year 2018
and the adjusted earnings per diluted share increased to
US$0.56 in the first quarter of
fiscal year 2019 from US$ 0.21 in the
same quarter of fiscal year 2018.
Cash and Cash Flow
As of June 30, 2018, the Company
had cash and cash equivalents of US$148.4
million. Net cash provided by operating activities for the
first quarter of fiscal year was US$23.4
million, compared to US$12.4
million in the same quarter of last fiscal year. The
increase was mainly due to an increase in net income during
the three months ended June 30, 2018.
Net cash used in investing activities for the first quarter ended
June 30, 2018 was US$2.5 million, compared to US$0.1 million in the same quarter of last fiscal
year. The increase was primarily due to loan principal originating
from the Company's microlending business.
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
(see Safe Harbor Statement below):
Three Months Ending September
30, 2018
- Total loans facilitated will be in the range of
US$32 million to US$36 million.
- Net revenue will be in the range of US$3 million to US$3.3
million.
- Adjusted net loss will be in the range of
US$11 million to US$13 million.
Fiscal Year Ending March
31, 2019
- Total loans facilitated will be in the range of
US$1.9 billion to US$2.1 billion.
- Net revenue will be in the range of US$240.0 million to US$260.0 million.
- Adjusted net income will be in the range of US$115.0 million to US$127.0 million.
Use of Non-GAAP Financial Measures
We used adjusted net income, adjusted EPS and adjusted EBIT,
non-GAAP financial measures, in evaluating our operating results
and for financial and operational decision-making purposes. We
believed that the non-GAAP financial measures 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 non-GAAP measures were 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
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 measures 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 measures, please
see the table captioned "Reconciliations of GAAP and non-GAAP
measures" set forth at the end of this press release.
Exchange Rate Information
Our business was conducted in China, and our financial records were
maintained in RMB, our functional currency. However, we used the
U.S. dollar as our reporting currency; therefore, periodic reports
made to shareholders will include current period amounts translated
into U.S. dollars using the then-current exchange rates, for the
convenience of the readers. The financial information was first
prepared in RMB and then was translated into U.S. dollars at
period-end exchange rates in the H.10 statistical release of the
Federal Reserve Board as to assets and liabilities and average
exchange rates as to revenue and expenses. Capital accounts were
translated at their historical exchange rates when the capital
transactions occurred. The effects of foreign currency translation
adjustments were included as a component of accumulated other
comprehensive income (loss) in shareholders' equity. We make no
representation that any RMB or U.S. dollar amounts could have been,
or could be, converted into U.S. dollars or RMB, as the case may
be, at any particular rate, or at all. The PRC government imposes
control over its foreign currency reserves in part through direct
regulation of the conversion of RMB into foreign exchange and
through restrictions on foreign trade.
Recent Developments
Cash Dividend
On July 23, 2018, Hexindai
declared a cash dividend of $0.40 per
ordinary share, which is equivalent to US$0.40 per American Depositary Share ("ADS"),
each of which represents one ordinary share. The cash dividend
consisted of an annual dividend pursuant to the newly adopted
annual dividend policy of US$0.27 per
ordinary share (or US$0.27 per ADS),
and a special cash dividend of US$0.13 per ordinary share (or US$0.13 per ADS).
On July 19, 2018, the board of
directors approved an annual dividend policy. Under this policy,
annual dividends will be set at an amount equivalent to
approximately 15-25% of our anticipated net income after tax in
each year commencing from fiscal year 2018.
Acquisition of Equity Stake in Indonesian Online Lending
Platform Musketeer
Hexindai acquired a 20% equity stake in Musketeer on
August 9, 2018, an Indonesian online
lending platform that offers consumption installment loans, for
approximately US$1.6 million.
Hexindai believes that Indonesia's
vast online lending market and open regulatory environment present
a significant growth opportunity to invest in as its first step
into overseas markets.
Conference Call
The Company will host a conference call to discuss the earnings
at 8:00 a.m. Eastern Time on Tuesday,
September 25, 2018 (8:00 p.m.
Beijing/Hong Kong Time on the same
day).
Dial-in numbers for the live conference call are as follows:
International
|
+65
6713-5090
|
U.S. Toll
Free
|
+1
866-519-4004
|
Mainland
China
|
4006-208038
|
Hong Kong Toll
Free
|
8009-06601
|
Passcode:
HX
|
|
A telephone replay of the call will be available two hours after
the conclusion of the conference call through 10:59 p.m. Beijing/Hong Kong Time, October 3, 2018.
Dial-in numbers for the replay are as follows:
International
Dial-in
|
+61
2-8199-0299
|
U.S. Toll
Free
|
+1
855-452-5696
|
Passcode:
9737109
|
|
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 by matching them with investors seeking
various types of investment products with appropriate risk levels
and risk-adjusted returns. Hexindai's strong online and offline
user acquisition capabilities combined with an online platform with
extensive offline networks, an advanced risk management system, and
strong strategic cooperative relationships with a custodian bank
and an insurance company to safeguard investments, allows the
Company to generate higher customer satisfaction, reliance, and
realize faster 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
Ms. Daisy
Wang
Tel: +86-10-5380-6196
E-mail: 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
E-mail: tfleming@Christensenir.com
HEXINDAI
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
|
June
30,
|
|
|
March
31,
|
|
|
|
|
2018
|
|
|
2018
|
|
|
|
|
US$
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash
|
|
|
148,413,218
|
|
|
132,622,467
|
|
Receivables, prepayments and other assets
|
|
|
10,211,490
|
|
|
1,248,562
|
|
Loans receivable
|
|
|
29,469,103
|
|
|
28,696,234
|
|
Interest receivable
|
|
|
1,085,739
|
|
|
555,502
|
|
Total current assets
|
|
|
189,179,550
|
|
|
163,122,765
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property, equipment and software, net
|
|
|
813,580
|
|
|
767,087
|
|
TOTAL
ASSETS
|
|
|
189,993,130
|
|
|
163,889,852
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities
|
|
|
2,153,331
|
|
|
3,786,955
|
|
Taxes payable
|
|
|
23,105,631
|
|
|
20,059,828
|
|
Total current liabilities
|
|
|
25,258,962
|
|
|
23,846,783
|
|
TOTAL
LIABILITIES
|
|
|
25,258,962
|
|
|
23,846,783
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Ordinary shares, $0.0001 par value, 500,000,000 shares
authorized, 48,368,830 and 47,958,550 shares issued and
outstanding as of June 30, 2018 and March 31, 2018,
respectively.
|
|
|
4,837
|
|
|
4,796
|
|
Additional paid-in capital
|
|
|
59,157,367
|
|
|
58,417,971
|
|
Retained earnings
|
|
|
107,197,514
|
|
|
77,241,073
|
|
Accumulated other comprehensive (loss) income
|
|
|
(1,625,550)
|
|
|
4,379,229
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
164,734,168
|
|
|
140,043,069
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
189,993,130
|
|
|
163,889,852
|
|
|
|
|
|
|
|
|
|
* The shares and per
share data are presented on a retroactive basis to reflect the
nominal share issuance.
|
HEXINDAI
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(UNAUDITED)
|
|
|
For Three Months
Ended June 30,
|
|
|
|
2018
|
|
2017
|
|
|
|
US$
|
|
US$
|
|
NET REVENUE
|
|
|
|
|
|
Loan facilitation,
post-origination and other service, net
|
|
52,197,005
|
|
15,130,590
|
|
Business and sales
related taxes
|
|
(545,508)
|
|
(17,669)
|
|
NET
REVENUE
|
|
51,651,497
|
|
15,112,921
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
Sales and marketing
|
|
11,665,104
|
|
2,568,544
|
|
Service and development
|
|
1,364,568
|
|
1,334,985
|
|
General and administrative
|
|
2,313,793
|
|
894,747
|
|
Share-based compensation
|
|
214,278
|
|
-
|
|
Total operating expenses
|
|
15,557,743
|
|
4,798,276
|
|
INCOME FROM
OPERATIONS
|
|
36,093,754
|
|
10,314,645
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
Other income
|
|
484,977
|
|
159,722
|
|
Other expense
|
|
(19,909)
|
|
(3,859)
|
|
Total other income, net
|
|
465,068
|
|
155,863
|
|
INCOME BEFORE
INCOME TAXES
|
|
36,558,822
|
|
10,470,508
|
|
PROVISION FOR
INCOME TAXES
|
|
6,880,207
|
|
1,575,944
|
|
NET
INCOME
|
|
29,678,615
|
|
8,894,564
|
|
OTHER
COMPREHENSIVE (LOSS) INCOME
|
|
|
|
|
|
Foreign currency translation
adjustment
|
|
(6,004,778)
|
|
433,596
|
|
COMPREHENSIVE
INCOME
|
|
23,673,837
|
|
9,328,160
|
|
|
|
|
|
|
|
Earnings per common
share*-basic
|
|
0.62
|
|
0.21
|
|
Earnings per common
share*-diluted
|
|
0.56
|
|
0.21
|
|
Weighted average
number of shares outstanding*-basic
|
|
47,999,127
|
|
42,921,600
|
|
Weighted average
number of shares outstanding*-diluted
|
|
53,011,074
|
|
42,921,600
|
|
|
|
|
|
|
|
* 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 June 30,
|
|
|
|
2018
|
|
2017
|
|
|
|
US$
|
|
US$
|
|
Net income
|
|
29,678,615
|
|
8,894,564
|
|
Add: Share-based
compensation expenses
|
|
214,278
|
|
-
|
|
Adjusted net
income
|
|
29,892,893
|
|
8,894,564
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding*-basic
|
|
47,999,127
|
|
42,921,600
|
Weighted average
number of shares outstanding*-diluted
|
|
53,011,074
|
|
42,921,600
|
|
|
|
|
|
|
|
Earnings per common
share*-basic
|
|
0.62
|
|
0.21
|
|
Adjustment related to
share-based compensation expenses*-basic
|
|
-
|
|
-
|
|
Adjusted earnings per
common share*-basic
|
|
0.62
|
|
0.21
|
|
|
|
|
|
|
|
Earnings per common
share*-diluted
|
|
0.56
|
|
0.21
|
|
Adjustment related to
share-based compensation expenses*-diluted
|
|
-
|
|
-
|
|
Adjusted earnings per
common share*-diluted
|
|
0.56
|
|
0.21
|
|
|
|
|
|
|
|
Net
income
|
|
29,678,615
|
|
8,894,564
|
|
Add: Interest
income
|
|
(203,513)
|
|
(49,831)
|
|
Income tax
expense
|
|
6,880,207
|
|
1,575,944
|
|
Share-based
compensation expenses
|
|
214,278
|
|
-
|
|
Adjusted
EBIT
|
|
36,569,587
|
|
10,420,677
|
|
|
|
|
|
|
|
* 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 ended June 30, 2017 and
2018.
|
|
For Three Months
Ended June 30,
|
|
|
|
|
|
2018
|
|
2017
|
|
Growth Rates
(4)
|
|
|
|
(RMB)
|
(US$)
|
|
(RMB)
|
(US$)
|
|
Three months
ended
June 30,2018 compared
to June 30, 2017
|
|
Loan volume facilitated
|
|
(in thousands,
except percentages and numbers (5))
|
|
|
|
Credit loan
principal
|
|
2,940,672
|
461,123
|
|
1,268,297
|
184,921
|
|
131.9%
|
|
Secured loan
principal
|
|
-
|
-
|
|
9,900
|
1,443
|
|
-100.0%
|
|
Total
|
|
2,940,672
|
461,123
|
|
1,278,197
|
186,364
|
|
130.1%
|
|
Number of
transactions facilitated (1)
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
|
28,992
|
28,992
|
|
14,723
|
14,723
|
|
|
|
Secured loan
transactions
|
|
-
|
|
|
13
|
13
|
|
|
|
Total
|
|
28,992
|
28,992
|
|
14,736
|
14,736
|
|
|
|
Average individual
transaction amount
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
|
101
|
16
|
|
86
|
13
|
|
|
|
Secured loan
transactions
|
|
-
|
-
|
|
762
|
111
|
|
|
|
Overall
average
|
|
101
|
16
|
|
87
|
13
|
|
|
|
Gross billing
amount (net of VAT)
|
|
|
|
|
|
|
|
|
|
Credit
loan
|
|
344,695
|
54,051
|
|
112,798
|
16,446
|
|
205.6%
|
|
Secured
loan
|
|
-
|
-
|
|
132
|
19
|
|
-100.0%
|
|
Total
|
|
344,695
|
54,051
|
|
112,930
|
16,465
|
|
205.2%
|
|
Gross billing
ratio (net of VAT)
|
|
|
|
|
|
|
|
|
|
Credit
loan
|
|
11.7%
|
11.7%
|
|
8.9%
|
8.9%
|
|
|
|
Secured
loan
|
|
-
|
-
|
|
1.3%
|
1.3%
|
|
|
|
Total
|
|
11.7%
|
11.7%
|
|
8.8%
|
8.8%
|
|
|
|
Number of
borrowers
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
|
28,979
|
28,979
|
|
14,723
|
14,723
|
|
|
|
Secured loan
transactions
|
|
-
|
-
|
|
13
|
13
|
|
|
|
Total
|
|
28,979
|
28,979
|
|
14,736
|
14,736
|
|
96.7%
|
|
Number of
investors
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions (2)
|
|
58,596
|
58,596
|
|
24,900
|
24,900
|
|
|
|
Secured loan
transactions (3)
|
|
-
|
-
|
|
27
|
27
|
|
|
|
Credit and secured
loan transactions
|
|
9,011
|
9,011
|
|
12,106
|
12,106
|
|
|
|
Total
|
|
67,607
|
67,607
|
|
37,033
|
37,033
|
|
82.6%
|
|
|
(1) Number of
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.
(5) Numbers refer to
number of transactions facilitated, number of investors and numbers
of borrowers presented in the table.
|
|
The following table sets forth our revenue breakdown for the
periods indicated:
|
|
For Three Months
Ended June 30,
|
|
|
2018
|
|
2017
|
Revenue (1)
|
|
US$
|
|
US$
|
Loan facilitation
service
|
|
54,051,878
|
|
16,446,177
|
Loan management
service
|
|
-
|
|
167,631
|
Post-origination
service
|
|
2,364,879
|
|
328,928
|
Interest income on
loans
|
|
749,727
|
|
|
Others
|
|
-
|
|
6,425
|
Business
tax
|
|
(545,508)
|
|
(17,669)
|
Cash
incentives
|
|
(4,969,479)
|
|
(1,818,571)
|
Net
Revenue
|
|
51,651,497
|
|
15,112,921
|
|
|
|
|
|
(1) Represents
amounts net of VAT
|
View original
content:http://www.prnewswire.com/news-releases/hexindai-reports-unaudited-first-quarter-of-fiscal-year-2019-financial-results-300718308.html
SOURCE Hexindai Inc.