BEIJING, Sept. 18, 2019 /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, 2019.
Throughout the release, each ADS represents one ordinary
share. Fiscal year refers to the 12
months ended March 31.
First Quarter of Fiscal Year 2020 Operational
Highlights
- Total loan volume facilitated[1] was US$ 28.2 million (RMB192.3
million) during the first quarter of fiscal year 2020, a
decrease of 93.5% from the first quarter of fiscal year 2019.
- Gross billing amount (net of VAT)[2] was US$4.7 million during the first quarter of fiscal
year 2020, a decrease of 90.7% from the first quarter of fiscal
year 2019.
- Gross billing ratio (net of VAT)[3] for credit loans was 16.7%
during the first quarter of fiscal year 2020, an increase from
11.7% during the first quarter of fiscal year 2019.
- Number of borrowers[4] was 18,546 during the first
quarter of fiscal year 2020, a decrease of 36.0% from the first
quarter of fiscal year 2019.
- Number of investors[5] was 9,534 during the first
quarter of fiscal year 2020, a decrease of 85.9% from the first
quarter of fiscal year 2019.
First Quarter of Fiscal Year 2020 Unaudited Financial
Highlights
- Net revenue was US$4.9
million during the first quarter of fiscal year 2020, a
decrease of 90.5% from the first quarter of fiscal year 2019.
- Operating costs and expenses were US$12.6 million during the first quarter of
fiscal year 2020, a decrease of 18.9% from the first quarter of
fiscal year 2019.
- Net loss was US$7.2
million during the first quarter of fiscal year 2020,
compared to net income of US$29.7
million in first quarter of fiscal year 2019.
- Basic loss per ordinary shares in the first quarter of
fiscal year 2020 was US$0.15,
compared to basic earnings per ordinary shares ("EPS") of
US$0.62 in first quarter of fiscal
year 2019.
- Diluted loss per ordinary shares in the first quarter of
fiscal year 2020 was US$0.15,
compared to diluted EPS of US$0.56 in
first quarter of fiscal year 2019.
- Adjusted net loss attributable to Hexindai Inc.'s
shareholders (Non-GAAP) in the first quarter of fiscal
year 2020 was US$7.0 million,
compared to adjusted net income attributable to Hexindai Inc.'s
shareholders (Non-GAAP) of US$29.9
million in the first quarter of fiscal year 2019.
- Adjusted EBIT (Non-GAAP) in the first quarter of fiscal
year 2020 was (US$5.8) million,
compared to US$36.6 million in the
first quarter of fiscal year 2019.
[1] Total
loan volume facilitated is defined as the total principal amount of
loans facilitated on our marketplace and referred to other
third-parties during the relevant period. We started to provide
recommendation services by referring certain borrowers to financial
partners since December 2018.
|
[2] "Gross
billing amount" is defined as the sum of (i) the aggregated loan
facilitation fees charged to borrowers before cash incentives, and
(ii) the recommendation service fees received from financial
partners during the relevant period, net of value added tax. It
differs from the revenue recognized at the time of recognition. For
traditional individual credit loan transactions, 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. For individual credit loans launched
in the third quarter of the fiscal year ended March 31, 2018, as
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. For
recommendation services, the gross billing amount equals the
recommendation service fees.
|
[3] "Gross
billing ratio" is defined as the gross billing amount divided by
loan volume facilitated, presented as a 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 and referred to other third-parties during
the relevant period. We started to provide recommendation services
by referring certain borrowers to financial partners since December
2018.
|
[5] Refers
to individual investors who made loan investments on our online
marketplace during the relevant period.
|
Through Hexindai's platform, the total loan volume facilitated
was approximately US$3.1 billion (RMB20.7 billion) from the inception of its
business in March 2014 through
June 30, 2019.
Mr. Xiaobo An, Founder, Chairman
and Chief Executive Office of Hexindai, commented: "The first
quarter of fiscal year 2020 marked the beginning of a transition
period for us as an uncertain regulatory environment continues to
hang over the P2P industry. Facing a challenging market, we began
strategically repositioning our business during the quarter by
developing a loan assistance business alongside our P2P business.
This will further diversify revenue streams and ensure growth of
our overall business going forward, regardless of what regulatory
environment finally emerges for the P2P industry. We already have
the key capabilities needed to efficiently run this new business
with our extensive experience in borrower acquisition, solid risk
management capabilities, and strong operational capabilities. We
are very pleased with the initial results from this new business.
Loan volume funded by institutional partners during the quarter
accounted for approximately 20% of total loans facilitated during
the quarter."
"This loan assistance business will cater to the growing demand
from our partner institutions for loans that are short-term and in
small amounts, which closely matches the profile of the
high-quality microfinancing loans we facilitate. We spent the past
several months carefully customizing and fine-tuning our risk
management system using the enormous amounts of data generated by
our legacy P2P products to ensure it continues to be
highly-effective at assessing borrowers for our microfinancing loan
products. While the ramp-up period for our new loan assistance
business was not quick enough to offset the decline of our P2P
business, which continues to be negatively impacted by a
challenging industry environment, net revenue has begun to
gradually recover, increasing sequentially by 18.6%. I am pleased
with the progress we've made during the quarter while we make the
transition of our business and am fully confident that this will
allow us to create value for our users and shareholders and
position us to generate long-term sustainable growth."
First Quarter of Fiscal Year
2020 Unaudited Financial Results
Net revenue
Net revenue during the first quarter of fiscal year 2020 was
US$4.9 million, a decrease of
90.5% compared to US$51.7 million
during the same quarter of fiscal year 2019. The decrease was
primarily due to the significant decrease in the volume of credit
loans facilitated through Hexindai's marketplace, which decreased
from US$0.5 billion (RMB2.9 billion) in the first quarter of fiscal
year 2019 to US$28.2 million
(RMB0.2 billion) in the same quarter
of fiscal year 2020. The decrease in the volume of credit loans
facilitated through the Company's marketplace was primarily due to
(i) the reduction in the amount of investment available for credit
loans resulting from tightened industry regulation causing the
suspension or shut down of some peers, which negatively impacted
investors' sentiment and confidence across the industry, and (ii)
the decline in the number of borrowers due to the Company's
application of stricter internal control, including credit
background investigations with heightened diligence and cooperation
with third-party credit reporting agencies to further develop the
Company's credit check system. Since the Company derives its
revenue mainly from charging service fees from borrowers after
successful facilitation of loans, the decline in both the amount of
investment and the number of borrowers resulted in the decrease in
revenue in the first quarter of fiscal year 2020.
Operating costs and expenses
Total operating expenses during the first quarter of fiscal year
2020 were US$12.6 million, a decrease
of 18.9% from US$15.6 million in the
same quarter of last fiscal year. The decrease was primarily due to
a decrease in sales and marketing expenses.
Service and development expenses
Service and development expenses during the first quarter
of fiscal year 2020 were US$1.9 million, an increase of 42.3%
from US$1.4 million during the
same quarter of last fiscal year. The increase was mainly due to an
increase in employee expenses.
Sales and marketing expenses
Sales and marketing expenses during the first quarter of
fiscal year 2020 were US$7.5 million, a decrease of 35.5%
from US$11.7 million during the
same quarter of last fiscal year. The decrease was primarily
due to a decrease in advertising expenses.
General and administrative expenses
General and administrative expenses during the
first quarter of fiscal year 2020 were US$2.3 million, remained stable when
compared to the same period of last fiscal year.
Finance cost
Finance cost during the first quarter of fiscal year 2020 were
US$0.6 million, compared to nil
during the same period of last fiscal year. The increase was mainly
due to the interests expenses for senior notes.
Share-based compensation
Share-based compensation during the first quarter of fiscal year
2020 was US$0.2 million, remained
stable when compared to the same period of last fiscal year.
Net (loss) income
As a result of the foregoing, the net loss was US$7.2 million during the first quarter of fiscal
year 2020, compared to net income of US$29.7
million in first quarter of fiscal year 2019.
Net (loss) income attributable to Hexindai Inc.'s
shareholders and (loss) earnings per ordinary shares
Net loss attributable to the Company's shareholders was
US$7.2 million during the first
quarter of fiscal year 2020, compared to net income attributable to
the Company's shareholders of US$29.7
million in the same period of fiscal year 2019. Accordingly,
basic loss per ordinary shares in the first quarter of fiscal year
2020 was US$0.15, compared to basic
EPS of US$0.62 in the same period of
fiscal year 2019. Diluted loss per ordinary shares in the first
quarter of fiscal year 2020 was US$0.15, compared to diluted EPS of US$0.56 in the same period of fiscal year
2019.
Adjusted net (loss) income attributable to Hexindai Inc.'s
shareholders and adjusted (loss) earnings per
ordinary shares
Adjusted net loss attributable to the Company's shareholders,
which excluded share-based compensation expenses, was US$7.0 million in the first quarter of fiscal
year 2020, compared to adjusted net income attributable to the
Company's shareholders of US$29.9
million in the same period of fiscal year 2019. Accordingly,
the adjusted basic loss per ordinary shares was US$0.14 in the first quarter of fiscal year 2020,
compared to the adjusted basic EPS of US$0.62 in the same period of fiscal year 2019.
The adjusted diluted loss per ordinary shares was US$0.14 in the first quarter of fiscal year 2020,
compared to the adjusted diluted EPS of US$0.56 in the same period of fiscal year
2019.
Cash and Cash Flow
As of June 30, 2019, the Company
had cash and cash equivalents of US$25.9
million. Net cash used in operating activities for the first
quarter of fiscal year 2020 was US$9.4
million, compared to net cash provided by operating
activities of US$23.4 million in the
same quarter of last fiscal year. The decrease in operating cash
flow was mainly due to decreased net income during the three months
ended June 30, 2019. Net cash
used in investing activities for the first quarter of fiscal year
2020 was US$19.4 million, compared to
US$2.5 million in the same quarter of
last fiscal year. The increase in investing cash flow was due to
the payment of long-term investment and increased investment in
loan principal. Net cash used in financing activities for the first
quarter of fiscal year 2020 was US$2.5
million, compared to net cash provided by financing
activities of US$0.5 million in the
same quarter of last fiscal year. The decrease in financing
activities was mainly due to ordinary shares repurchase.
Use of Non-GAAP Financial Measures
We used adjusted net (loss) income, adjusted (loss)
earnings per ordinary shares and adjusted EBIT, non-GAAP
financial measures, in evaluating our operating results and for
financial and operational decision-making purposes. "Adjusted net
(loss) income" is net (loss) income before share-based compensation
expenses. "Adjusted EBIT" is earnings before interest, income taxes
and share-based compensation. We believed that the adjusted
net (loss) income, adjusted (loss) earnings per ordinary
shares and adjusted EBIT provided useful information
about our 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 its financial
and operational decision-making.
The non-GAAP measures were not defined under US GAAP and
was not presented in accordance with US GAAP. These non-GAAP
financial measures 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(loss), cash flows provided by operating
activities or other consolidated statements of operation and cash
flow data prepared in accordance with US GAAP.
We mitigate these limitations by reconciling the non-GAAP
financial measures to the most comparable US 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
In July 2019, Hexindai announced
it will further diversify its business by launching a new
e-commerce installment financing service "Hexin Installments".
Hexindai plans to cooperate with institutional funding partners to
provide installment financing for consumers through this service.
The Company will attract and acquire users leveraging its effective
online acquisition channels. Hexindai's powerful risk management
system and technological infrastructure will create a solid
foundation for the new platform to grow.
In August 2019, Hexindai-backed
Indonesian online lending platform, Musketeer Group Inc.
("Musketeer"), completed registration for its P2P lending platform
with the Indonesian Financial Services Authority (OJK). Only a
limited number of qualified online lenders in Indonesia have been able to register with the
OJK.
Conference Call
The Company will host a conference call to discuss the earnings
at 8:00 a.m. Eastern Time on
Wednesday, September 18, 2019 (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 9:59 p.m. Beijing/Hong Kong Time, September 26, 2019.
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:
|
1727727
|
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 loan
assistance and online marketplace. Hexindai's strong user
acquisition capabilities, cutting-edge risk management system, and
strategic relationships with respected financial institutions allow
it to maintain high customer satisfaction, enhance user stickiness,
and drive growth.
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
Investor Relations
Tel: +86-10-5357 9038
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.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(UNAUDITED)
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
|
|
2019
|
|
2019
|
|
|
|
USD
|
|
USD
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
25,881,578
|
|
57,372,128
|
|
Accounts receivable and contract assets
|
|
739,509
|
|
418,639
|
|
Loans receivable-current, net of provision for loan
losses
|
|
29,026,113
|
|
36,554,913
|
|
Interest receivable
|
|
3,546
|
|
-
|
|
Prepayments and other
assets
|
|
2,871,612
|
|
3,334,965
|
|
TOTAL CURRENT
ASSETS
|
|
58,522,358
|
|
97,680,645
|
|
Loans receivable-non-current, net of provision for loan
losses
|
|
50,468,578
|
|
39,810,461
|
|
Long term investments
|
|
30,789,836
|
|
30,789,836
|
|
Property, equipment and software, net
|
|
1,296,624
|
|
1,253,723
|
|
Right-of-use assets
|
|
2,098,299
|
|
-
|
|
Deferred tax assets
|
|
3,614,605
|
|
3,721,177
|
|
TOTAL ASSETS
|
|
146,790,300
|
|
173,255,842
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Interests payable
|
|
600,000
|
|
-
|
|
Accrued expenses and other current liabilities
|
|
1,764,760
|
|
2,791,099
|
|
Consideration payable
|
|
-
|
|
14,289,371
|
|
Deferred revenue-current
|
|
148,205
|
|
110,726
|
|
Lease liabilities-current
|
|
1,567,780
|
|
-
|
|
Taxes payable
|
|
7,416,533
|
|
9,371,530
|
|
TOTAL
CURRENT LIABILITIES
|
|
11,497,278
|
|
26,562,726
|
|
Note
payable
|
|
20,000,000
|
|
20,000,000
|
|
Lease
liabilities-non-current
|
|
535,930
|
|
-
|
|
Deferred
revenue-non-current
|
|
193,459
|
|
189,958
|
|
TOTAL
LIABILITIES
|
|
32,226,667
|
|
46,752,684
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Ordinary shares
($0.0001 par value, 500,000,000 shares
authorized, 49,847,350 and 49,625,303 shares issued as of
June 30, 2019 and March 31, 2019; 48,681,467 and
49,204,083 shares outstanding as of June 30, 2019 and
March 31, 2019, respectively)
|
|
4,985
|
|
4,963
|
|
Additional paid-in
capital
|
|
60,196,828
|
|
59,806,865
|
|
Treasury stock (1,165,883 and 421,220 shares as of June 30,2019 and
March 31, 2019, respectively)
|
|
(3,988,370)
|
|
(1,320,468)
|
|
Retained earnings
|
|
62,608,345
|
|
69,768,756
|
|
Accumulated other comprehensive loss
|
|
(4,258,155)
|
|
(1,756,958)
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
114,563,633
|
|
126,503,158
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
146,790,300
|
|
173,255,842
|
|
|
|
|
|
|
|
HEXINDAI
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(UNAUDITED)
|
|
|
|
For Three Months
Ended June 30,
|
|
|
|
2019
|
|
2018
|
|
|
|
USD
|
|
USD
|
|
REVENUE
|
|
|
|
|
|
Loan facilitation,
post-origination and other service
|
|
3,694,104
|
|
51,447,278
|
|
Interest
income
|
|
1,341,547
|
|
749,727
|
|
Tax and
surcharges
|
|
(117,117)
|
|
(545,508)
|
|
NET
REVENUE
|
|
4,918,534
|
|
51,651,497
|
|
|
|
|
|
|
|
OPERATING COSTS
AND EXPENSES
|
|
|
|
|
|
Service and development
|
|
1,941,517
|
|
1,364,568
|
|
Sales and marketing
|
|
7,524,148
|
|
11,665,104
|
|
General and administrative
|
|
2,331,413
|
|
2,313,793
|
|
Finance cost
|
|
629,913
|
|
-
|
|
Share-based compensation
|
|
194,584
|
|
214,278
|
|
Total operating costs
and expenses
|
|
12,621,575
|
|
15,557,743
|
|
(LOSS) INCOME FROM
OPERATIONS
|
|
(7,703,041)
|
|
36,093,754
|
|
OTHER
INCOME
|
|
|
|
|
|
Other
income
|
|
1,154,348
|
|
484,977
|
|
Other
expense
|
|
(4,077)
|
|
(19,909)
|
|
Total other income,
net
|
|
1,150,271
|
|
465,068
|
|
(LOSS) INCOME
BEFORE INCOME TAXES
|
|
(6,552,770)
|
|
36,558,822
|
|
INCOME TAXES
EXPENSES
|
|
607,641
|
|
6,880,207
|
|
NET (LOSS)
INCOME
|
|
(7,160,411)
|
|
29,678,615
|
|
OTHER
COMPREHENSIVE LOSS
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
(2,501,198)
|
|
(6,004,778)
|
|
COMPREHENSIVE
(LOSS) INCOME
|
|
(9,661,609)
|
|
23,673,837
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to Hexindai's shareholders
|
|
|
|
|
|
Basic
|
|
(0.15)
|
|
0.62
|
|
Diluted
|
|
(0.15)
|
|
0.56
|
|
|
|
|
|
|
|
Weighted average
shares used in calculation of net income per share
|
|
|
|
|
|
Basic
|
|
48,591,927
|
|
47,999,127
|
|
Diluted
|
|
48,591,927
|
|
53,011,074
|
|
|
|
|
|
|
|
HEXINDAI
INC.
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
(UNAUDITED)
|
|
|
|
For Three Months
Ended June 30,
|
|
|
|
2019
|
|
2018
|
|
|
|
USD
|
|
USD
|
|
Net (loss) income
attributable to Hexindai Inc.'s shareholders
|
|
(7,160,411)
|
|
29,678,615
|
|
Add: Share-based
compensation expenses*
|
|
194,584
|
|
214,278
|
|
Adjusted net
(loss) income attributable to Hexindai Inc.'s
shareholders
|
|
(6,965,827)
|
|
29,892,893
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding*-basic
|
48,591,927
|
|
47,999,127
|
Weighted average
number of shares outstanding*-diluted
|
|
48,591,927
|
|
53,011,074
|
|
|
|
|
|
|
|
(Loss) earnings per
ordinary shares*-basic
|
|
(0.15)
|
|
0.62
|
|
Adjustment related to
share based compensation expenses*-basic
|
|
0.01
|
|
-
|
|
Adjusted (loss)
earnings per ordinary share*-basic
|
|
(0.14)
|
|
0.62
|
|
|
|
|
|
|
|
(Loss) earnings per
ordinary shares*-diluted
|
|
(0.15)
|
|
0.56
|
|
Adjustment related to
share based compensation expenses*-diluted
|
|
0.01
|
|
-
|
|
Adjusted (loss)
earnings per ordinary shares*-diluted
|
|
(0.14)
|
|
0.56
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Hexindai Inc.'s shareholders
|
|
(7,160,411)
|
|
29,678,615
|
|
Add: Interest expense
(income)
|
|
560,964
|
|
(203,513)
|
|
Income tax expenses
|
|
607,641
|
|
6,880,207
|
|
Share-based compensation expenses*
|
|
194,584
|
|
214,278
|
|
Adjusted
EBIT
|
|
(5,797,222)
|
|
36,569,587
|
|
|
|
|
|
|
|
* Share-based
compensation expenses are not tax deductible under relevant tax
laws and regulations in our tax jurisdiction.
|
|
The following table
presents our summary operating data for three months ended June 30,
2019 and 2018.
|
|
|
|
|
|
|
|
|
For Three Months
Ended June 30,
|
|
|
|
|
|
2019
|
|
2018
|
|
Growth
Rates [3]
|
|
|
|
(RMB)
|
(US$)
|
|
(RMB)
|
(US$)
|
|
Three months
ended
June 30, 2019 compared
to June 30, 2018
|
|
Loan volume
facilitated
|
|
(in thousands,
except percentages and numbers)
|
|
|
|
Credit loan
principal
|
|
192,321
|
28,202
|
|
2,940,672
|
461,123
|
|
-93.5%
|
|
Number of
transactions facilitated [1]
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
|
18,546
|
18,546
|
|
28,992
|
28,992
|
|
|
|
Average individual
transaction amount
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
|
10
|
2
|
|
101
|
16
|
|
|
|
Gross billing
amount (net of VAT)
|
|
|
|
|
|
|
|
|
|
Credit
loan
|
|
32,160
|
4,716
|
|
344,695
|
54,051
|
|
-90.7%
|
|
Gross billing
ratio (net of VAT)
|
|
|
|
|
|
|
|
|
|
Credit
loan
|
|
16.7%
|
16.7%
|
|
11.7%
|
11.7%
|
|
|
|
Number of
borrowers
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions
|
|
18,546
|
18,546
|
|
28,979
|
28,979
|
|
-36.0%
|
|
Number of
investors
|
|
|
|
|
|
|
|
|
|
Credit loan
transactions [2]
|
|
8,784
|
8,784
|
|
58,596
|
58,596
|
|
|
|
Credit and secured
loan transactions
|
|
750
|
750
|
|
9,011
|
9,011
|
|
|
|
Total
|
|
9,534
|
9,534
|
|
67,607
|
67,607
|
|
-85.9%
|
|
|
|
|
|
|
|
|
|
|
|
[1] Number
of loan transactions facilitated is defined as the total number of
loans facilitated on our marketplace and referred to other
third-parties during the relevant
period. We started to provide recommendation services by referring
certain borrowers to financial partners since December
2018.
|
[2] Refers
to individual investors who exclusively invested in credit loan
transactions during the relevant period.
|
[3] Growth
rates are calculated by RMB and exclude the impact from exchange
rates in different reporting periods to reflect a real growth
rate.
|
The following table
sets forth our revenue breakdown for the periods
indicated:
|
|
|
|
|
|
For Three Months
Ended June 30,
|
|
|
2019
|
|
2018
|
Revenue [1]
|
|
US$
|
|
US$
|
Loan facilitation
service
|
|
3,577,785
|
|
54,051,878
|
Post-origination
service
|
|
270,398
|
|
2,364,879
|
Interest
income
|
|
1,341,547
|
|
749,727
|
Total
revenue
|
|
5,189,730
|
|
57,166,484
|
Tax and
surcharges
|
|
(117,117)
|
|
(545,508)
|
Cash
incentives
|
|
(154,079)
|
|
(4,969,479)
|
Net
Revenue
|
|
4,918,534
|
|
51,651,497
|
|
|
|
|
|
[1] Represents
amounts net of VAT
|
View original
content:http://www.prnewswire.com/news-releases/hexindai-reports-unaudited-first-quarter-of-fiscal-year-2020-financial-results-300920638.html
SOURCE Hexindai Inc.