Hexindai Reports Fourth Quarter and Fiscal Year 2018 Financial Results
Throughout the release, each ADS represents one ordinary share. Fiscal year refers to the 12 months ended
Fourth Quarter of Fiscal Year 2018 Operational Highlights
- Total loan volume facilitated (1) was
US$418.4 million (RMB2.7 billion ) during the fourth quarter of fiscal year 2018, an increase of 236.7% from the fourth quarter of fiscal year 2017. - Gross billing amount (net of VAT)(2) was
US$31.8 million during the fourth quarter of fiscal year 2018, an increase of 231.1% from the fourth quarter of fiscal year 2017. - Gross billing ratio (net of VAT)(3) for credit loans was 7.6% during the fourth quarter of fiscal year 2018, a decrease from 8.1% during the fourth quarter of fiscal year 2017.
- Number of borrowers (4) was 33,322 during the fourth quarter of fiscal year 2018, an increase of 285.2% from the fourth quarter of fiscal year 2017.
- Number of investors (5) was 62,039 during the fourth quarter of fiscal year 2018, an increase of 103.2% from the fourth quarter of fiscal year 2017.
(1) Total loan volume facilitated is defined as the total principal amount of loans facilitated on our marketplace during the |
(2)"Gross billing amount" is defined as the aggregated loan facilitation fees and loan management fees charged to borrowers |
(3)"Gross billing ratio" is defined as the gross billing amount divided by loan volume facilitated, presented in percentage. It is |
(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. |
Fourth Quarter of Fiscal Year 2018 Financial Highlights (Unaudited)
- Net revenue was
US$27.6 million during the fourth quarter of fiscal year 2018, an increase of 270.7% from the fourth quarter of fiscal year 2017. - Operating expenses were
US$8.4 million during the fourth quarter of fiscal year 2018, an increase of 115.2% from the fourth quarter of fiscal year 2017. - Net income was
US$17.0 million during the fourth quarter of fiscal year 2018, an increase of 303.0% from the fourth quarter of fiscal year 2017. - Basic EPS in the fourth quarter of fiscal year 2018 was
US$0.36 compared toUS$0.10 in fiscal year 2017. - Diluted EPS in the fourth quarter of fiscal year 2018 was
US$0.32 compared toUS$0.10 in fiscal year 2017. - Adjusted net income attributable to
Hexindai Inc.'s shareholders (Non-GAAP) in the fourth quarter of fiscal year 2018 wasUS$18.2 million , increased by 329.8% fromUS$4.2 million in the fourth quarter of fiscal year 2017. - Adjusted EBIT (Non-GAAP) in the fourth quarter of fiscal year 2018 was
US$20.4 million , increased by 472.8% fromUS$3.6 million in the fourth quarter of fiscal year 2017.
Fiscal Year Ended
- Total loan volume facilitated was
US$1,257.6 million (RMB8.3 billion ) during the fiscal year endedMarch 31, 2018 , an increase of 151.2% fromUS$493.3 million (RMB3.3 billion ) during last fiscal year. - Gross billing amount (net of VAT) was
US$118.6 million during the fiscal year endedMarch 31, 2018 , an increase of 320.0% from last fiscal year. - Gross billing ratio (net of VAT) for credit loans was 9.5% during the fiscal year ended
March 31, 2018 , an increase from 7.6% during last fiscal year. - Number of borrowers was 101,172 during the fiscal year ended
March 31, 2018 , an increase of 252.0% from last fiscal year. - Number of investors was 137,950 during the fiscal year ended
March 31, 2018 , an increase of 117.8% from last fiscal year. - Delinquency rates (6). As of
March 31, 2018 , the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.066%, 0.152% and 0.120%, compared to 0.091%, 0.138% and 0.331%, as ofMarch 31, 2017 . - M3+ Net Charge-Off Rates(7)As of
March 31, 2018 , the cumulative M3+ net charge-off rate for credit loans originated in the first vintage, from the inception toMarch 31, 2016 , was 3.95%, compared to 3.09% as ofDecember 31, 2017 . As ofMarch 31, 2018 , the cumulative M3+ net charge-off rate for credit loans originated in the second vintage, for fiscal year 2017, was 2.58%, compared to 1.37% as ofDecember 31, 2017 . As ofMarch 31, 2018 , the cumulative M3+ net charge-off rate for credit loans originated in the third vintage, for fiscal year 2018, was 0.11%, compared to 0.03% for loans originated in the third vintage, for the periodApril 1, 2017 toDecember 31, 2017 as ofDecember 31, 2017 .
Through
(6) We define the delinquency rates as of the end of the period as the outstanding balance of principal and interest that were |
(7) We define ''M3+ Net Charge-off Rates'', with respect to loans facilitated during a specified time period or the |
Fiscal Year Ended
- Net revenue was
US$107.3 million in the fiscal year endedMarch 31, 2018 , an increase of 368.0% from last fiscal year. - Operating expenses were
US$31.4 million in the fiscal year endedMarch 31, 2018 , an increase of 141.3% from last fiscal year. - Net income was
US$65.5 million in the fiscal year endedMarch 31, 2018 , an increase of 664.3% from last fiscal year. - Basic EPS in the fiscal year ended
March 31, 2018 wasUS$1.46 compared toUS$0.20 in last fiscal year. - Diluted EPS in the fiscal year ended
March 31, 2018 wasUS$1.37 compared toUS$0.20 in last fiscal year. - Adjusted net income attributable to
Hexindai Inc.'s shareholders (Non-GAAP) in the fiscal year ended 2018 wasUS$67.3 million , increased by 685.3% fromUS$8.6 million in last fiscal year. - Adjusted EBIT (Non-GAAP) in the fiscal year ended 2018 was
US$78.0 million , increased by 679.2% fromUS$10.0 million in last fiscal year.
"We finished the year with another great quarter of growth in which loan volumes increased by 236.7%," commented Mr.
"To further diversify our user acquisition channels, we opened a call center in
Accounting Policy Changes
Effective on
Fourth Quarter of Fiscal Year 2018 Unaudited Financial Results
Net revenue
Net revenue during the fourth quarter of fiscal year 2018 was
Operating expenses
Total operating expenses during the fourth quarter of fiscal year 2018 were
Sales and marketing expenses
Sales and marketing expenses during the fourth quarter of fiscal year 2018 were
Service and development expenses
Service and development expenses during the fourth quarter of fiscal year 2018 were
General and administrative expenses
General and administrative expenses during the fourth quarter of fiscal year 2018 were
Share-based compensation
Share-based compensation during the fourth quarter of fiscal year 2018 was
Net income
As a result of the foregoing, an increase of 303.0% in our net income, which increased from
Net income attributable to
Net income attributable to the Company's shareholders increased by 303.0% to
Adjusted net income attributable to
Adjusted net income attributable to the Company's shareholders, which excluded share-based compensation expenses, increased by 329.8% to
Fiscal Year Ended March 31, 2018 Unaudited Financial Results
Net revenue
Net revenue during the fiscal year ended
Operating expenses
Total operating expenses during the fiscal year ended
Sales and marketing expenses
Sales and marketing expense during the fiscal year ended
Service and development expenses
Service and development expenses during the fiscal year ended
General and administrative expenses
General and administrative expenses during the fiscal year ended
Share-based compensation
Share-based compensation during the fiscal year 2018 was
Net income
As a result of the foregoing, a significant increase of 664.3% in our net income, which increased from
Net income attributable to
Net income attributable to the Company's shareholders increased by 664.0% to
Adjusted net income attributable to
Adjusted net income attributable to the Company's shareholders, which excluded share-based compensation expenses, increased by 685.7% to
Cash and Cash Flow
As of
Business Outlook
Based on the information available as of the date of this press release,
Three Months Ending
- Total loans facilitated will be in the range of
US$460.0 million to US$510.0 million . - Net revenue will be in the range of
US$51.0 million to US$56.0 million . - Adjusted net income will be in the range of
US$26.0 million to US$29.0 million .
Fiscal Year Ending
- 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
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Recent Developments
Microlending Business
Insurance Renewal
In
Conference Call
The Company will host a conference call to discuss the earnings at
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
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: 6836748 |
A live and archived webcast of the conference call will be available on the Investor Relations section of
About
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
For more information, please visit ir.hexindai.com
For investor inquiries, please contact:
Ms.
Tel: +86-10-5370-9902 ext. 849
Email: ir@hexindai.com
Christensen
In
Mr.
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) |
||||||||
March 31, |
March 31, |
|||||||
2018 |
2017 |
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash |
$ |
132,622,467 |
$ |
19,232,275 |
||||
Prepayments and other assets |
1,248,562 |
4,139,354 |
||||||
Amounts due from related parties |
- |
4,182,502 |
||||||
Loans receivable |
28,696,234 |
- |
||||||
Interest receivable |
555,502 |
- |
||||||
TOTAL CURRENT ASSETS |
163,122,765 |
27,554,131 |
||||||
Property, equipment and software at cost, net |
767,087 |
427,938 |
||||||
Deferred tax assets |
- |
400,062 |
||||||
TOTAL ASSETS |
$ |
163,889,852 |
$ |
28,382,131 |
||||
CURRENT LIABILITIES: |
||||||||
Accrued expenses and other current liabilities |
$ |
3,786,955 |
$ |
789,129 |
||||
Taxes payable |
20,059,828 |
4,088,646 |
||||||
TOTAL CURRENT LIABILITIES |
23,846,783 |
4,877,775 |
||||||
TOTAL LIABILITIES |
$ |
23,846,783 |
$ |
4,877,775 |
||||
EQUITY: |
||||||||
Ordinary shares, $0.0001 par value, |
||||||||
4,796 |
4,292 |
|||||||
Additional paid-in capital |
58,417,971 |
13,285,717 |
||||||
Retained earnings |
77,241,073 |
11,759,100 |
||||||
Accumulated other comprehensive income |
4,379,229 |
(1,544,753) |
||||||
TOTAL EQUITY |
140,043,069 |
23,504,356 |
||||||
TOTAL LIABILITIES AND EQUITY |
$ |
163,889,852 |
$ |
28,382,131 |
||||
HEXINDAI INC. |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
||||||||||||
(UNAUDITED) |
||||||||||||
For Three Months Ended |
For the Years Ended |
|||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||
REVENUE |
||||||||||||
Loan facilitation, post-origination and other service, net |
$ |
27,991,650 |
$ |
7,530,001 |
$ |
108,148,255 |
$ |
23,092,405 |
||||
Business and sales related taxes |
(377,792) |
(81,594) |
(890,414) |
(171,862) |
||||||||
NET REVENUE |
27,613,858 |
7,448,407 |
107,257,841 |
22,920,543 |
||||||||
OPERATING EXPENSES |
||||||||||||
Sales and marketing |
3,496,941 |
1,946,039 |
15,241,637 |
5,212,127 |
||||||||
Service and development |
2,054,458 |
1,275,931 |
8,495,768 |
5,149,265 |
||||||||
General and administrative |
1,697,319 |
659,686 |
5,816,130 |
2,645,605 |
||||||||
Share-based compensation |
1,105,037 |
- |
1,828,868 |
- |
||||||||
Total operating expenses |
8,353,755 |
3,881,656 |
31,382,403 |
13,006,997 |
||||||||
INCOME FROM OPERATIONS |
19,260,103 |
3,566,751 |
75,875,438 |
9,913,546 |
||||||||
OTHER INCOME (EXPENSE) |
||||||||||||
Other income |
169,598 |
18,530 |
683,393 |
198,624 |
||||||||
Other expense |
(2,191) |
(3,267) |
(22,516) |
(19,095) |
||||||||
Total other income, net |
167,407 |
15,263 |
660,877 |
179,529 |
||||||||
INCOME BEFORE INCOME TAXES |
19,427,510 |
3,582,014 |
76,536,315 |
10,093,075 |
||||||||
PROVISION (BENEFIT) FOR INCOME TAXES |
2,382,315 |
(647,383) |
11,025,690 |
1,522,211 |
||||||||
NET INCOME |
17,045,195 |
4,229,397 |
65,510,625 |
8,570,864 |
||||||||
Less: net income attributable to non-controlling interest |
- |
- |
28,652 |
- |
||||||||
NET INCOME ATTRIBUTABLE TO HEXINDAI'S |
17,045,195 |
4,229,397 |
65,481,973 |
8,570,864 |
||||||||
OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||
Foreign currency translation adjustment |
3,419,954 |
75,721 |
6,028,143 |
(1,080,036) |
||||||||
COMPREHENSIVE INCOME |
20,465,149 |
4,305,118 |
71,538,768 |
7,490,828 |
||||||||
Less: comprehensive income attributable to non- |
- |
- |
132,814 |
- |
||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO |
$ |
20,465,149 |
$ |
4,305,118 |
$ |
71,405,954 |
$ |
7,490,828 |
||||
Earnings per common share*-basic |
$ |
0.36 |
$ |
0.10 |
$ |
1.46 |
$ |
0.20 |
||||
Earnings per common share*-diluted |
$ |
0.32 |
$ |
0.10 |
$ |
1.37 |
$ |
0.20 |
||||
Weighted average number of shares outstanding*-basic |
47,958,550 |
42,921,600 |
44,977,780 |
42,331,200 |
||||||||
Weighted average number of shares outstanding*-diluted |
53,269,615 |
42,921,600 |
47,656,263 |
42,331,200 |
||||||||
* 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 |
For the Years Ended March 31, |
||||||||||
2018 |
2017 |
2018 |
2017 |
||||||||
Net income attributable to Hexindai Inc.'s |
$ |
17,045,195 |
4,229,397 |
65,481,973 |
8,570,864 |
||||||
Add: Share-based compensation expenses |
1,105,037 |
- |
1,828,868 |
- |
|||||||
Adjusted net income attributable to Hexindai Inc.'s |
$ |
18,178,884 |
4,229,397 |
67,310,841 |
8,570,864 |
||||||
Weighted average number of shares outstanding*-basic |
47,958,550 |
42,921,600 |
44,977,780 |
42,331,200 |
|||||||
Weighted average number of shares outstanding*-diluted |
53,269,615 |
42,921,600 |
47,656,263 |
42,331,200 |
|||||||
Earnings per common share*-basic |
$ |
0.36 |
$ |
0.10 |
$ |
1.46 |
$ |
0.20 |
|||
Adjustment related to share based compensation |
$ |
0.02 |
$ |
- |
$ |
0.04 |
$ |
- |
|||
Adjusted earnings per common share*-basic |
$ |
0.38 |
$ |
0.10 |
$ |
1.50 |
$ |
0.20 |
|||
Earnings per common share*-diluted |
$ |
0.32 |
$ |
0.10 |
$ |
1.37 |
$ |
0.20 |
|||
Adjustment related to share based compensation |
$ |
0.02 |
$ |
- |
$ |
0.04 |
$ |
- |
|||
Adjusted earnings per common share*-diluted |
$ |
0.34 |
$ |
0.10 |
$ |
1.41 |
$ |
0.20 |
|||
Net income attributable to Hexindai Inc.'s |
17,045,195 |
4,229,397 |
65,481,973 |
8,570,864 |
|||||||
Add: Interest income |
(92,287) |
(13,373) |
(343,370) |
(83,950) |
|||||||
Income tax expense |
2,382,315 |
(647,383) |
11,025,690 |
1,522,211 |
|||||||
Share-based compensation expenses |
1,105,037 |
- |
1,828,868 |
- |
|||||||
Adjusted EBIT |
20,440,260 |
3,568,641 |
77,993,161 |
10,009,125 |
|||||||
* 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 fiscal year ended
For Three Months Ended March 31, |
For the Years Ended March 31, |
|||||||||||||
2018 |
2017 |
2018 |
2017 |
Growth Rates(4) |
||||||||||
(RMB) |
(US$) |
(RMB) |
(US$) |
(RMB) |
(US$) |
(RMB) |
(US$) |
Three months |
For the fiscal year |
|||||
Loan volume facilitated |
(in thousands, except percentages and numbers) |
(in thousands, except percentages and numbers) |
||||||||||||
Credit loan principal |
2,658,495 |
418,427 |
732,190 |
106,341 |
8,268,844 |
1,248,033 |
2,264,421 |
336,727 |
263.1% |
265.2% |
||||
Secured loan principal |
- |
- |
57,471 |
8,347 |
63,220 |
9,542 |
1,053,095 |
156,599 |
-100.0% |
-94.0% |
||||
Total |
2,658,495 |
418,427 |
789,661 |
114,688 |
8,332,064 |
1,257,575 |
3,317,516 |
493,326 |
236.7% |
151.2% |
||||
Number of transactions facilitated(1) |
||||||||||||||
Credit loan transactions |
33,396 |
33,396 |
8,650 |
8,650 |
101,361 |
101,361 |
28,374 |
28,374 |
||||||
Secured loan transactions |
- |
- |
38 |
38 |
49 |
49 |
1,254 |
1,254 |
||||||
Total |
33,396 |
33,396 |
8,688 |
8,688 |
101,410 |
101,410 |
29,628 |
29,628 |
||||||
Average individual transaction |
||||||||||||||
Credit loan transactions |
80 |
13 |
85 |
12 |
82 |
12 |
80 |
12 |
||||||
Secured loan transactions |
- |
- |
1,512 |
220 |
1,290 |
195 |
840 |
125 |
||||||
Overall average |
80 |
13 |
91 |
13 |
82 |
12 |
112 |
17 |
||||||
Gross billing amount (net of VAT) |
||||||||||||||
Credit loan |
202,246 |
31,832 |
59,213 |
8,600 |
784,355 |
118,384 |
172,401 |
25,637 |
241.6% |
355.0% |
||||
Secured loan |
- |
- |
1,864 |
271 |
1,458 |
220 |
14,700 |
2,186 |
-100.0% |
-90.1% |
||||
Total |
202,246 |
31,832 |
61,077 |
8,871 |
785,813 |
118,604 |
187,101 |
27,823 |
231.1% |
320.0% |
||||
Gross billing ratio (net of VAT) |
||||||||||||||
Credit loan |
7.6% |
7.6% |
8.1% |
8.1% |
9.5% |
9.5% |
7.6% |
7.6% |
||||||
Secured loan |
- |
- |
3.2% |
3.2% |
2.3% |
2.3% |
1.4% |
1.4% |
||||||
Total |
7.6% |
7.6% |
7.7% |
7.7% |
9.4% |
9.4% |
5.6% |
5.6% |
||||||
Number of borrowers |
||||||||||||||
Credit loan transactions |
33,322 |
33,322 |
8,650 |
8,650 |
101,137 |
101,137 |
28,374 |
28,374 |
||||||
Secured loan transactions |
- |
- |
1 |
1 |
35 |
35 |
364 |
364 |
||||||
Total |
33,322 |
33,322 |
8,651 |
8,651 |
101,172 |
101,172 |
28,738 |
28,738 |
285.2% |
252.0% |
||||
Number of investors |
||||||||||||||
Credit loan transactions (2) |
52,231 |
52,231 |
18,505 |
18,505 |
117,016 |
117,016 |
25,679 |
25,679 |
||||||
Secured loan transactions (3) |
- |
- |
178 |
178 |
76 |
76 |
13,795 |
13,795 |
||||||
Credit and secured loan transactions |
9,808 |
9,808 |
11,853 |
11,853 |
20,858 |
20,858 |
23,861 |
23,861 |
||||||
Total |
62,039 |
62,039 |
30,536 |
30,536 |
137,950 |
137,950 |
63,335 |
63,335 |
103.2% |
117.8% |
||||
(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. |
The following table sets forth our revenue breakdown for the periods indicated:
For the Three Months Ended March 31, |
For the Fiscal Years Ended March 31, |
||||||||
2018 |
2017 |
2018 |
2017 |
||||||
Revenue (1) |
|||||||||
Loan facilitation service |
$ |
30,929,552 |
$ |
8,734,161 |
$ |
117,984,295 |
$ |
25,636,661 |
|
Loan management service |
104,002 |
250,289 |
508,948 |
2,678,557 |
|||||
Post-origination service |
1,819,683 |
159,578 |
4,213,862 |
1,219,897 |
|||||
Interest income |
590,122 |
- |
590,122 |
- |
|||||
Others |
(483) |
9,290 |
21,434 |
59,756 |
|||||
Business tax |
(377,792) |
(81,594) |
(890,414) |
(171,862) |
|||||
Cash incentives |
(5,451,226) |
(783,997) |
(15,170,406) |
(1,629,316) |
|||||
Risk reserve liability charge |
- |
(839,320) |
- |
(4,873,150) |
|||||
Net Revenue |
$ |
27,613,858 |
$ |
7,448,407 |
$ |
107,257,841 |
$ |
22,920,543 |
|
(1) Represents amounts net of VAT |
The following tables set forth our delinquency rates for all loans as of
Delinquency Rates (1) |
||||||
Delinquent for |
||||||
15 - 29 days |
30 - 59 days |
60 - 89 days |
||||
March 31, 2016 |
0.092% |
0.074% |
0.061% |
|||
March 31, 2017 |
0.091% |
0.138% |
0.331% |
|||
March 31, 2018 |
0.066% |
0.152% |
0.120% |
|||
(1) Loans that are delinquent for more than 89 days are counted towards the M3+ Net Charge-off Rates. See ''—M3+ Net Charge- |
The following table provides the amount of credit loans generated through our marketplace during each of the periods presented and the corresponding accumulated M3+ Net Charge-off and M3+ Net Charge-off Rates data as of
M3+ Net Charge-off Rates |
||||||||||
Loan issued period |
Amount of loans facilitated |
Accumulated M3+Net March 31, 2018 |
Total M3+Net |
|||||||
(RMB) |
(USD) |
(RMB) |
(USD) |
Percentage |
||||||
(in thousands) |
(in thousands) |
|||||||||
Since inception to March 31, 2016 |
678,849 |
107,466 |
26,801 |
4,182 |
3.95% |
|||||
From April 1, 2016 to March 31, |
2,264,421 |
336,727 |
58,513 |
8,501 |
2.58% |
|||||
From April 1, 2017 to March 31, |
8,268,844 |
1,248,033 |
8,858 |
1,412 |
0.11% |
|||||
M3+ Net Charge-off Rates |
||||||||||
Loan issued period |
Amount of loans facilitated |
Accumulated M3+Net Charge-off |
Total M3+Net |
|||||||
(RMB) |
(USD) |
(RMB) |
(USD) |
Percentage |
||||||
(in thousands) |
(in thousands) |
|||||||||
Since inception to March 31, 2016 |
678,849 |
107,466 |
20,960 |
3,276 |
3.09% |
|||||
From April 1, 2016 to March 31, 2017 |
2,264,421 |
336,727 |
30,982 |
4,501 |
1.37% |
|||||
From April 1, 2017 to December 31, |
5,610,349 |
835,471 |
1,786 |
263 |
0.03% |
View original content:http://www.prnewswire.com/news-releases/hexindai-reports-unaudited-fourth-quarter-and-fiscal-year-2018-financial-results-300666948.html
SOURCE