Hexindai Reports Unaudited Fourth Quarter and Fiscal Year 2019 Financial Results
Throughout the release, each ADS represents one ordinary share. Fiscal year refers to the 12 months ended March 31.
Fourth Quarter of Fiscal Year 2019 Operational Highlights
- Total loan volume facilitated(1) was
US$61.7 million (RMB0.4 billion ) during the fourth quarter of fiscal year 2019, a decrease of 84.3% from the fourth quarter of fiscal year 2018. - Gross billing amount (net of VAT) (2) was
US$9.0 million during the fourth quarter of fiscal year 2019, a decrease of 70.1% from the fourth quarter of fiscal year 2018. - Gross billing ratio (net of VAT) (3) for credit loans was 14.5% during the fourth quarter of fiscal year 2019, an increase from 7.6% during the fourth quarter of fiscal year 2018.
- Number of borrowers(4) was 51,958 during the fourth quarter of fiscal year 2019, an increase of 55.9% from the fourth quarter of fiscal year 2018.
- Number of investors (5) was 20,894 during the fourth quarter of fiscal year 2019, a decrease of 66.3% from the fourth quarter of fiscal year 2018.
Fourth Quarter of Fiscal Year 2019 Unaudited Financial Highlights
- Net revenue was
US$4.1 million during the fourth quarter of fiscal year 2019, a decrease of 85.0% from the fourth quarter of fiscal year 2018. - Operating costs and expenses were
US$6.5 million during the fourth quarter of fiscal year 2019, a decrease of 21.6% from the fourth quarter of fiscal year 2018. - Net income was
US$2.8 million during the fourth quarter of fiscal year 2019, a decrease of 83.3% from the fourth quarter of fiscal year 2018. - Basic earnings per common shares (“EPS”) in the fourth quarter of fiscal year 2019 was
US$0.06 compared toUS$0.36 in the same period of fiscal year 2018. - Diluted EPS in the fourth quarter of fiscal year 2019 was
US$0.05 compared toUS$0.32 in the same period of fiscal year 2018. - Adjusted net income attributable to Hexindai Inc.’s shareholders (Non-GAAP) in the fourth quarter of fiscal year 2019 was
US$3.9 million , decreased by 78.4% fromUS$18.2 million in the fourth quarter of fiscal year 2018. - Adjusted EBIT (Non-GAAP) in the fourth quarter of fiscal year 2019 was (
US$1.4 million ), decreased by 107.0% fromUS$20.4 million in the fourth quarter of fiscal year 2018.
Fiscal Year Ended
- Total loan volume facilitated was
US$564.9 million (RMB3.8 billion ) during the fiscal year endedMarch 31, 2019 , a decrease of 54.5% fromUS$1,257.6 million (RMB8.3 billion ) during last fiscal year. - Gross billing amount (net of VAT) was
US$68.1 million during the fiscal year endedMarch 31, 2019 , a decrease of 41.9% from last fiscal year. - Gross billing ratio (net of VAT) for credit loans was 12.1% during the fiscal year ended
March 31, 2019 , an increase from 9.4% during last fiscal year. - Number of borrowers was 84,891 during the fiscal year ended
March 31, 2019 , a decrease of 16.1% from last fiscal year. - Number of investors was 118,247 during the fiscal year ended
March 31, 2019 , a decrease of 14.3% from last fiscal year. - Delinquency rates (6) As of
March 31, 2019 , the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.257%, 0.337% and 0.367%, compared to 0.066%, 0.152% and 0.120%, as ofMarch 31, 2018 . - M3+ Net Charge-Off Rates (7)As of
March 31, 2019 , the cumulative M3+ net charge-off rate for credit loans originated in the first vintage, from the inception toMarch 31, 2016 , was 5.99%, compared to 5.81% as ofDecember 31, 2018 . As ofMarch 31, 2019 , the cumulative M3+ net charge-off rate for credit loans originated in the second vintage, for fiscal year 2017, was 4.94%, compared to 4.56% as ofDecember 31, 2018 . As ofMarch 31, 2019 , the cumulative M3+ net charge-off rate for credit loans originated in the third vintage, for fiscal year 2018, was 1.97%, compared to 1.35% as ofDecember 31, 2018 . As ofMarch 31, 2019 , the cumulative M3+ net charge-off rate for credit loans originated in the fourth vintage, for fiscal year 2019, was 0.63% compared to 0.24% for loans originated in the fourth vintage, for the periodApril 1, 2018 toDecember 31, 2018 as ofDecember 31, 2018 .
(1) Total loan volume facilitated is defined as the total principal amount of loans facilitated on our marketplace or recommended to other thirty-parties 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 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 or recommended to other third-parties during the relevant period.
(5) Refers to investors who made loan investments on our online marketplace during the relevant period.
(6) We define the delinquency rates as of the end of the period as the outstanding balance of principal and interest that were 15 to 29, 30 to 59 and 60 to 89 calendar days delinquent as a percentage of the total outstanding balance of principal and interest for the relevant group of loans during such period.
(7) We define ‘‘M3+ Net Charge-off Rates’’, with respect to loans facilitated during a specified time period or the ‘‘vintage’’, as the total balance of outstanding principal of loans that become delinquent for over three months during a specified period and the remainder of the expected interest for the life of such loans, divided by the total principal of the loans facilitated in such vintage.
Through Hexindai’s platform, the total loan volume facilitated was approximately US$3.1 billion (
Fiscal Year Ended
- Net revenue was
US$61.3 million in the fiscal year endedMarch 31, 2019 , a decrease of 42.8% from last fiscal year. - Operating costs and expenses were
US$56.2 million in the fiscal year endedMarch 31, 2019 , an increase of 79.2% from last fiscal year. - Net income was
US$5.5 million in the fiscal year endedMarch 31, 2019 , a decrease of 91.6% from last fiscal year. - Basic EPS in the fiscal year ended
March 31, 2019 wasUS$0.11 compared toUS$1.46 in last fiscal year. - Diluted EPS in the fiscal year ended
March 31, 2019 wasUS$0.10 compared toUS$1.37 in last fiscal year. - Adjusted net income attributable to Hexindai Inc.’s shareholders (Non-GAAP) in the fiscal year ended 2019 was
US$12.1 million , decreased by 82.0% fromUS$67.3 million in last fiscal year. - Adjusted EBIT (Non-GAAP) in the fiscal year ended 2019 was
US$13.2 million , decreased by 83.1% fromUS$78.0 million in last fiscal year.
Mr.
“Having made more progress in the regulatory compliance review process as the Beijing Local Financial Supervision and Administration (formerly the
Fourth Quarter of Fiscal Year 2019 Unaudited Financial Results
Net revenue
Net revenue during the fourth quarter of fiscal year 2019 was
Operating costs and expenses
Total operating costs and expenses during the fourth quarter of fiscal year 2019 were
Sales and marketing expenses
Sales and marketing expenses during the fourth quarter of fiscal year 2019 were
Service and development expenses
Service and development expenses during the fourth quarter of fiscal year 2019 were
General and administrative expenses
General and administrative expenses during the fourth quarter of fiscal year 2019 were
Share-based compensation
Share-based compensation during the fourth quarter of fiscal year 2019 was
Net income
As a result of the foregoing, a decrease of 83.3% in our net income, which decreased from
Net income attributable to Hexindai Inc.’s shareholders and EPS
Net income attributable to the Company’s shareholders decreased by 83.3% to
Adjusted net income attributable to Hexindai Inc.’s shareholders and adjusted EPS
Adjusted net income attributable to the Company’s shareholders, which excluded share-based compensation expenses, decreased by 78.4% to
Fiscal Year Ended March 31, 2019 Unaudited Financial Results
Net revenue
Net revenue during the fiscal year ended
Operating costs and expenses
Total operating costs and 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 2019 was
Net income
As a result of the foregoing, a decrease of 91.6% in our net income, which decreased from
Net income attributable to Hexindai Inc.’s shareholders and EPS
Net income attributable to the Company’s shareholders decreased by 91.6% to
Adjusted net income attributable to Hexindai Inc.’s shareholders and adjusted EPS
Adjusted net income attributable to the Company’s shareholders, which excluded share-based compensation expenses, decreased by 82.0% to
Cash and Cash Flow
As of
Use of Non-GAAP Financial Measures
We used adjusted net (loss) income, adjusted EPS 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 income before share-based compensation expenses. “Adjusted EBIT” is earnings before interest, income taxes and share-based compensation. 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 (loss) income, adjusted EPS 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 U.S. GAAP and was not presented in accordance with U.S. 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, 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 these 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
In
In
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: 1828707 |
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
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: +86-10-5380-6196
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, | |||||
2019 | 2018 | |||||
USD | USD | |||||
ASSETS | ||||||
CURRENT ASSETS: | ||||||
Cash | 57,372,128 | 132,622,467 | ||||
Receivables, contract assets, prepayments and other assets | 3,753,604 | 1,248,562 | ||||
Loans receivable-current, net of provision for loan losses | 36,554,913 | 28,696,234 | ||||
Interest receivable | - | 555,502 | ||||
TOTAL CURRENT ASSETS | 97,680,645 | 163,122,765 | ||||
Loans receivable-non-current, net of provision for loan losses | 39,810,461 | - | ||||
Long term investments | 30,789,836 | - | ||||
Property, equipment and software at cost, net | 1,253,723 | 767,087 | ||||
Deferred tax assets | 3,721,177 | - | ||||
TOTAL ASSETS | 173,255,842 | 163,889,852 | ||||
CURRENT LIABILITIES: | ||||||
Accrued expenses and other current liabilities | 2,791,099 | 3,786,955 | ||||
Consideration payable | 14,289,371 | - | ||||
Deferred revenue-current | 110,726 | - | ||||
Taxes payable | 9,371,530 | 20,059,828 | ||||
TOTAL CURRENT LIABILITIES | 26,562,726 | 23,846,783 | ||||
Note payable | 20,000,000 | - | ||||
Deferred revenue-non-current | 189,958 | - | ||||
TOTAL LIABILITIES | 46,752,684 | 23,846,783 | ||||
EQUITY: | ||||||
Ordinary shares ($0.0001 par value, 500,000,000 shares authorized 49,625,303 and 47,958,550 shares issued as of March 31, 2019 and 2018;49,204,083 and 47,958,550 shares outstanding as of March 31, 2019 and 2018, respectively) | 4,963 | 4,796 | ||||
Treasury stock (421,220 shares and nil as of March 31, 2019 and 2018, respectively) | (1,320,468 | ) | - | |||
Additional paid-in capital | 66,159,813 | 58,417,971 | ||||
Retained earnings | 63,415,808 | 77,241,073 | ||||
Accumulated other comprehensive (loss) income | (1,756,958 | ) | 4,379,229 | |||
TOTAL EQUITY | 126,503,158 | 140,043,069 | ||||
TOTAL LIABILITIES AND EQUITY | 173,255,842 | 163,889,852 |
HEXINDAI INC. | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||
(UNAUDITED) | ||||||||||||
For Three Months Ended March 31, |
For the Years Ended March 31, |
|||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
USD | USD | USD | USD | |||||||||
REVENUE | ||||||||||||
Loan facilitation, post-origination and other service, net | 4,251,156 | 27,991,650 | 62,103,886 | 108,148,255 | ||||||||
Business and sales related taxes | (104,536 | ) | (377,792 | ) | (773,382 | ) | (890,414 | ) | ||||
NET REVENUE | 4,146,620 | 27,613,858 | 61,330,504 | 107,257,841 | ||||||||
OPERATING COSTS AND EXPENSES | ||||||||||||
Sales and marketing | 1,731,520 | 3,496,941 | 32,322,003 | 15,241,637 | ||||||||
Service and development | 1,608,518 | 2,054,458 | 7,396,835 | 8,495,768 | ||||||||
General and administrative | 2,131,075 | 1,697,319 | 9,928,512 | 5,816,130 | ||||||||
Share-based compensation | 1,077,137 | 1,105,037 | 6,585,386 | 1,828,868 | ||||||||
Total operating costs and expenses | 6,548,250 | 8,353,755 | 56,232,736 | 31,382,403 | ||||||||
INCOME FROM OPERATIONS | (2,401,630 | ) | 19,260,103 | 5,097,768 | 75,875,438 | |||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Other income | 65,678 | 169,598 | 2,336,015 | 683,393 | ||||||||
Other expense | (2,188 | ) | (2,191 | ) | (28,530 | ) | (22,516 | ) | ||||
Total other income, net | 63,490 | 167,407 | 2,307,485 | 660,877 | ||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (2,338,140 | ) | 19,427,510 | 7,405,253 | 76,536,315 | |||||||
INCOME TAXES (CREDIT) EXPENSES | (5,185,470 | ) | 2,382,315 | 1,872,672 | 11,025,690 | |||||||
NET INCOME | 2,847,330 | 17,045,195 | 5,532,581 | 65,510,625 | ||||||||
Less: net income attributable to non-controlling interest | - | - | - | 28,652 | ||||||||
NET INCOME ATTRIBUTABLE TO HEXINDAI’S SHAREHOLDERS | 2,847,330 | 17,045,195 | 5,532,581 | 65,481,973 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Foreign currency translation adjustment | 4,589,150 | 3,419,954 | (6,136,187 | ) | 6,028,143 | |||||||
COMPREHENSIVE INCOME | 7,436,480 | 20,465,149 | (603,606 | ) | 71,538,768 | |||||||
Less: comprehensive income attributable to non-controlling interest | - | - | - | 132,814 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO HEXINDAI’S SHAREHOLDERS | 7,436,480 | 20,465,149 | (603,606 | ) | 71,405,954 | |||||||
Earnings per common share-basic | 0.06 | 0.36 | 0.11 | 1.46 | ||||||||
Earnings per common share-diluted | 0.05 | 0.32 | 0.10 | 1.37 | ||||||||
Weighted average number of shares outstanding-basic | 49,104,693 | 47,958,550 | 48,693,162 | 44,977,780 | ||||||||
Weighted average number of shares outstanding-diluted | 52,438,134 | 53,269,615 | 52,912,826 | 47,656,263 |
HEXINDAI INC. | ||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||||||||
(UNAUDITED) | ||||||||||||
For Three Months Ended March 31, | For the Years Ended March 31, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
USD | USD | USD | USD | |||||||||
Net income attributable to Hexindai Inc.’s shareholders | 2,847,330 | 17,045,195 | 5,532,581 | 65,481,973 | ||||||||
Add: Share-based compensation expenses* | 1,077,137 | 1,105,037 | 6,585,386 | 1,828,868 | ||||||||
Adjusted net income attributable to Hexindai Inc.’s shareholders | 3,924,467 | 18,178,884 | 12,117,967 | 67,310,841 | ||||||||
Weighted average number of shares outstanding*-basic | 49,104,693 | 47,958,550 | 48,693,162 | 44,977,780 | ||||||||
Weighted average number of shares outstanding*-diluted | 52,438,134 | 53,269,615 | 52,912,826 | 47,656,263 | ||||||||
Earnings per common share*-basic | 0.06 | 0.36 | 0.11 | 1.46 | ||||||||
Adjustment related to share based compensation expenses*-basic | 0.02 | 0.02 | 0.14 | 0.04 | ||||||||
Adjusted earnings per common share*-basic | 0.08 | 0.38 | 0.25 | 1.50 | ||||||||
Earnings per common share*-diluted | 0.05 | 0.32 | 0.10 | 1.37 | ||||||||
Adjustment related to share based compensation expenses*-diluted | 0.02 | 0.02 | 0.12 | 0.04 | ||||||||
Adjusted earnings per common share*-diluted | 0.07 | 0.34 | 0.22 | 1.41 | ||||||||
Net income attributable to Hexindai Inc.’s shareholders | 2,847,330 | 17,045,195 | 5,532,581 | 65,481,973 | ||||||||
Less: Interest income | (165,701 | ) | (92,287 | ) | (775,551 | ) | (343,370 | ) | ||||
Add: Income tax (benefit) expense** | (5,185,470 | ) | 2,382,315 | 1,872,672 | 11,025,690 | |||||||
Share-based compensation expenses* | 1,077,137 | 1,105,037 | 6,585,386 | 1,828,868 | ||||||||
Adjusted EBIT | (1,426,704 | ) | 20,440,260 | 13,215,088 | 77,993,161 |
* Share-based compensation expenses are not tax deductible under relevant tax laws and regulations in our tax jurisdiction.
** Income tax expenses include
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, | |||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | Growth Rates (4) | ||||||||||||||||||||
(RMB) | (US$) | (RMB) | (US$) | (RMB) | (US$) | (RMB) | (US$) | Three months ended March 31, 2019 compared to March 31, 2018 | For the fiscal year ended March 31, 2019 compared to March 31, 2018 | |||||||||||||||
Loan volume facilitated | (in thousands, except percentages and numbers) | (in thousands, except percentages and numbers) | ||||||||||||||||||||||
Credit loan principal | 416,302 | 61,723 | 2,658,495 | 418,427 | 3,788,185 | 564,895 | 8,268,844 | 1,248,033 | -84.3 | % | -54.2 | % | ||||||||||||
Secured loan principal | - | - | - | - | - | - | 63,220 | 9,542 | - | -100.0 | % | |||||||||||||
Total | 416,302 | 61,723 | 2,658,495 | 418,427 | 3,788,185 | 564,895 | 8,332,064 | 1,257,575 | -84.3 | % | -54.5 | % | ||||||||||||
Number of transactions facilitated (1) | ||||||||||||||||||||||||
Credit loan transactions | 51,958 | 51,958 | 33,396 | 33,396 | 84,904 | 84,904 | 101,361 | 101,361 | ||||||||||||||||
Secured loan transactions | - | - | - | - | - | - | 49 | 49 | ||||||||||||||||
Total | 51,958 | 51,958 | 33,396 | 33,396 | 84,904 | 84,904 | 101,410 | 101,410 | ||||||||||||||||
Average individual transaction amount | ||||||||||||||||||||||||
Credit loan transactions | 8 | 1 | 80 | 13 | 45 | 7 | 82 | 12 | ||||||||||||||||
Secured loan transactions | - | - | - | - | - | - | 1,290 | 195 | ||||||||||||||||
Overall average | 8 | 1 | 80 | 13 | 45 | 7 | 82 | 12 | ||||||||||||||||
Gross billing amount (net of VAT) | ||||||||||||||||||||||||
Credit loan | 60,455 | 8,963 | 202,246 | 31,832 | 456,526 | 68,077 | 784,355 | 118,384 | -70.1 | % | -41.8 | % | ||||||||||||
Secured loan | - | - | - | - | - | - | 1,458 | 220 | - | -100.0 | % | |||||||||||||
Total | 60,455 | 8,963 | 202,246 | 31,832 | 456,526 | 68,077 | 785,813 | 118,604 | -70.1 | % | -41.9 | % | ||||||||||||
Gross billing ratio (net of VAT) | ||||||||||||||||||||||||
Credit loan | 14.5 | % | 14.5 | % | 7.6 | % | 7.6 | % | 12.1 | % | 12.1 | % | 9.5 | % | 9.5 | % | ||||||||
Secured loan | - | - | - | - | - | - | 2.3 | % | 2.3 | % | ||||||||||||||
Total | 14.5 | % | 14.5 | % | 7.6 | % | 7.6 | % | 12.1 | % | 12.1 | % | 9.4 | % | 9.4 | % | ||||||||
Number of borrowers | ||||||||||||||||||||||||
Credit loan transactions | 51,958 | 51,958 | 33,322 | 33,322 | 84,891 | 84,891 | 101,137 | 101,137 | ||||||||||||||||
Secured loan transactions | - | - | - | - | - | - | 35 | 35 | ||||||||||||||||
Total | 51,958 | 51,958 | 33,322 | 33,322 | 84,891 | 84,891 | 101,172 | 101,172 | 55.9 | % | -16.1 | % | ||||||||||||
Number of investors | ||||||||||||||||||||||||
Credit loan transactions (2) | 19,587 | 19,587 | 52,231 | 52,231 | 106,764 | 106,764 | 117,016 | 117,016 | ||||||||||||||||
Secured loan transactions (3) | - | - | - | - | - | - | 76 | 76 | ||||||||||||||||
Credit and secured loan transactions | 1,307 | 1,307 | 9,808 | 9,808 | 11,483 | 11,483 | 20,858 | 20,858 | ||||||||||||||||
Total | 20,894 | 20,894 | 62,039 | 62,039 | 118,247 | 118,247 | 137,950 | 137,950 | -66.3 | % | -14.3 | % |
(1) Number of transactions facilitated is defined as the total number of loans facilitated on our marketplace or recommended to third-parties 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, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
US$ | US$ | US$ | US$ | |||||||||
Revenue (1) | ||||||||||||
Loan facilitation service | 5,349,487 | 30,929,552 | 66,782,312 | 117,984,295 | ||||||||
Loan management service | - | 104,002 | - | 508,948 | ||||||||
Post-origination service | 1,240,473 | 1,819,683 | 11,418,182 | 4,213,862 | ||||||||
Loan recommendation service | 858,796 | - | 858,796 | - | ||||||||
Interest income | 1,067,138 | 590,122 | 3,552,983 | 590,122 | ||||||||
Others | (678 | ) | (483 | ) | 1,491 | 21,434 | ||||||
Business tax | (104,536 | ) | (377,792 | ) | (773,382 | ) | (890,414 | ) | ||||
Cash incentives | (4,264,060 | ) | (5,451,226 | ) | (20,509,878 | ) | (15,170,406 | ) | ||||
Net Revenue | 4,146,620 | 27,613,858 | 61,330,504 | 107,257,841 |
(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 | % | |||
March 31, 2019 | 0.257 | % | 0.337 | % | 0.367 | % |
(1) Loans that are delinquent for more than 89 days are counted towards the M3+ Net Charge-off Rates. See ‘‘—M3+ Net Charge-off Rates’’ .
The following table provides the amount of credit loans generated through our marketplace or recommended to other third-parties 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 during the period | Accumulated M3+Net Charge-off as of March 31, 2019 | Total M3+Net Charge-Off Rate as of March 31, 2019 | |||||||||
(RMB) | (USD) | (RMB) | (USD) | Percentage | ||||||||
(in thousands) | (in thousands) | |||||||||||
Since inception to March 31, 2016 | 678,849 | 107,466 | 40,693 | 6,337 | 5.99 | % | ||||||
From April 1, 2016 to March 31, 2017 | 2,264,421 | 336,727 | 111,774 | 16,239 | 4.94 | % | ||||||
From April 1, 2017 to March 31, 2018 | 8,268,844 | 1,248,033 | 162,931 | 25,975 | 1.97 | % | ||||||
From April 1, 2018 to March 31, 2019 | 3,788,185 | 564,895 | 24,020 | 3,579 | 0.63 | % |
M3+ Net Charge-off Rates | |||||||||||
Loan issued period | Amount of loans facilitated during the period | Accumulated M3+Net Charge-off as of December 31, 2018 | Total M3+Net Charge-Off Rate as of December 31, 2018 | ||||||||
(RMB) | (USD) | (RMB) | (USD) | Percentage | |||||||
(in thousands) | (in thousands) | ||||||||||
Since inception to March 31, 2016 | 678,849 | 107,466 | 39,445 | 6,143 | 5.81 | % | |||||
From April 1, 2016 to March 31, 2017 | 2,264,421 | 336,727 | 103,275 | 15,004 | 4.56 | % | |||||
From April 1, 2017 to March 31, 2018 | 8,268,844 | 1,248,033 | 111,535 | 17,781 | 1.35 | % | |||||
From April 1, 2018 to December 31, 2018 | 3,371,882 | 503,732 | 8,172 | 1,189 | 0.24 | % |
Source: Hexindai Inc.