BEIJING, Dec. 3, 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 September 30, 2018.
Throughout the release, each ADS represents one ordinary share. Fiscal year refers to the 12 months ended March 31.
Second Quarter of Fiscal Year 2019 Operational Highlights
(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. |
Second Quarter of Fiscal Year 2019 Unaudited Financial Highlights
(6) Adjusted net loss (Non-GAAP), which excluded share-based compensation expenses. |
(7) Adjusted EBIT (Non-GAAP), which excluded interest income, income tax and share-based compensation. |
Six Months Ended September 30, 2018 Operational Data
Loan volume facilitated
Total loan volume facilitated during the six months ended September 30, 2018 was US$481.2 million (RMB3.2 billion), an increase of 2.2% from US$458.7 million (RMB3.1 billion) during the same period of fiscal year 2018.
Number of borrowers
Number of borrowers was 31,162 during the six months ended September 30, 2018, a decrease of 12.1% from the same period of fiscal year 2018.
Number of investors
Number of investors was 106,432 during the six months ended September 30, 2018, an increase of 33.4% from the same period of fiscal year 2018.
Total loan volume facilitated through Hexindai's platform was approximately US$3.0 billion (RMB19.9 billion) from the inception of its business in March 2014 through September 30, 2018.
Mr. Xinming Zhou, Chief Executive Officer of Hexindai, commented, "This quarter was certainly challenging for us and the entire P2P sector as the overall market environment shifts around us. The industry is gradually weeding out firms who are financially weaker, fraudulent or unable to maintain compliance standards leaving only the best run remaining. One of the strategic pre-emptive steps we took during the quarter to stay one step ahead of the industry was to protect our existing investors as liquidity in the market tightened and demand for loan transfer products increased. In response, we reduced new loan offerings on our platform and placed a priority on promoting loan transfer products to increase their liquidity and meet the growing demand. While our top line decreased significantly as a result, these steps helped strengthen confidence in our platform and the loyalty of existing investors."
"We nevertheless outperformed the industry average across a number of metrics. Loan balance for the entire sector decreased 25% year-over-year and 17% sequentially during the quarter. This compares to the 88% year-over-year increase we saw and 11% sequential decrease we had during the same period. I believe this speaks to the strength of our platform, strict compliance standards, advanced risk management, product competitiveness, and the trust investors have in us."
"In the long run, regulatory changes will have a positive impact on the industry. We recently completed the submission of our P2P Compliance Self-Inspection Report as the first step and are nearing completion of step two out of the three for full compliance which involves under-going an onsite inspection of our operations by Beijing Internet Finance Association. Increased regulation will raise the barriers to entry and will create a healthier market environment across the sector. This will allow us to leverage our strong cash position and improved risk management, operational efficiency, and marketing capabilities to consolidate the market. Our ability to maintain stringent standards and prioritize our investors has increased our confidence in Hexindai's future and strengthened our ability to lead the P2P industry through this challenging time."
Second Quarter of Fiscal Year 2019 Unaudited Financial Results
Net revenue
Net revenue during the second quarter of fiscal year 2019 was US$3.6 million, a decrease of 82.9% from US$21.2 million during the same quarter of fiscal year 2018. The decrease was primarily due to the significant decrease in the volume of credit loans facilitated through Hexindai's marketplace, which decreased from US$265.6 million (RMB1.8 billion) in the second quarter of fiscal year 2018 to US$33.8 million (RMB0.2 billion) in the same quarter of fiscal year 2019. The decrease in the volume of credit loans facilitated through Hexindai's marketplace was driven by a decrease in the number of credit loan borrowers from 20,675 in the second quarter of fiscal year 2018 to 2,183 in the same quarter of fiscal year 2019.
Operating expenses
Total operating expenses during the second quarter of fiscal year 2019 were US$21.1 million, an increase of 222.1% from US$6.5 million in the same quarter of last fiscal year. The significant increase was primarily due to an increase in sales and marketing expenses, general and administrative expenses and share-based compensation.
Sales and marketing expenses
Sales and marketing expenses during the second quarter of fiscal year 2019 were US$11.7 million, an increase of 218.3% from US$3.7 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 second quarter of fiscal year 2019 were US$2.2 million, an increase of 14.5% from US$1.9 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 second quarter of fiscal year 2019 were US$2.2 million, an increase of 135.5% 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 second quarter of fiscal year 2019 was US$4.9 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 loss(income)
As a result of the foregoing, the net loss was US$17.4 million during the second quarter of fiscal year 2019, compared to net income of US$12.7 million in second quarter of fiscal year 2018.
Net loss (income) attributable to Hexindai Inc.'s shareholders and EPS
Net loss attributable to the Company's shareholders was US$17.4 million during the second quarter of fiscal year 2019, compared to net income attributable to the Company's shareholders of US$12.7 million in the same period of fiscal year 2018. Accordingly, basic loss per common share in the second quarter of fiscal year 2019 was US$0.36, compared to basic EPS of US$0.30 in the same period of fiscal year 2018.Diluted loss per common share in the second quarter of fiscal year 2019 was US$0.36, compared to diluted EPS of US$0.30 in the same period of fiscal year 2018.
Adjusted net loss (income) attributable to Hexindai Inc.'s shareholders and adjusted EPS
Adjusted net loss attributable to the Company's shareholders, which excluded share-based compensation expenses, was US$12.5 million in the second quarter of fiscal year 2019, compared to adjusted net income attributable to the Company's shareholders of US$12.7 million in the same period of fiscal year 2018. Accordingly, the adjusted basic loss per common share was US$0.26 in the second quarter of fiscal year 2018, compared to the adjusted basic EPS of US$0.30 in the same period of fiscal year 2018. The adjusted diluted loss per common share was US$0.26 in the second quarter of fiscal year 2018, compared to the adjusted diluted EPS of US$0.30 in the same period of fiscal year 2018.
Six Months Ended September 30, 2018 Unaudited Financial Results
Net revenue
Net revenue during the six months ended September 30, 2018 was US$55.3 million, an increase of 52.1% from US$36.3 million during the same period of last fiscal year. The increase was primarily due to the significant increase in the volume of credit loans facilitated through Hexindai's marketplace, which increased from US$0.4 billion (RMB3.0 billion) in the six months ended September 30, 2017 to US$0.5 billion (RMB3.2 billion) in the six months ended September 30, 2018. The increase in net revenue was due to the increase in gross billing ratio (net of VAT) for credit loans from 8.9% in the six months ended September 30, 2017 to 11.9% in the six months ended September 30, 2018.
Operating expenses
Total operating expenses during the six months ended September 30, 2018 were US$36.6 million, an increase of 223.0% from US$11.3 million in six months ended September 30, 2017. The increase was primarily due to increase in sales and marketing expenses, general and administrative expenses and share-based compensation.
Sales and marketing expenses
Sales and marketing expense during the six months ended September 30, 2018 were US$23.4 million, an increase of 274.0% from US$6.3 million from the same period of last fiscal year. The increase was primarily due to an increase in employee expenses, advertising expenses, and a series of marketing and promotional campaigns.
Service and development expenses
Service and development expenses during the six months ended September 30, 2018 were US$3.5 million, an increase of 9.4% from US$3.2 million during the same period 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 six months ended September 30, 2018 were US$4.6 million, an increase of 146.7% from US$1.8 million during last year. The increase was primarily attributable to an increase in employee expenses and professional service fees.
Share-based compensation
Share-based compensation during the six months ended September 30, 2018 was US$5.1 million, increased from 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
As a result of the foregoing, a decrease of 43.1% in our net income, which decreased from US$21.6 million during the six months ended September 30, 2017 to US$12.3 million during the six months ended September 30, 2018
Net income attributable to Hexindai Inc.'s shareholders and EPS
Net income attributable to the Company's shareholders decreased by 43.1% to US$12.3 million in six months ended September 30, 2018 from US$21.6 million during the same period of last fiscal year. Accordingly, the basic EPS decreased to US$0.25 in six months ended September 30, 2018 from US$0.50 during the same period of last fiscal year and diluted EPS decreased to US$0.23 in six months ended September 30, 2018 from US$0.50 during the same period of last fiscal year.
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 19.3% to US$17.4 million during the six months ended September 30, 2018 from US$21.6 million in the six months ended September 30 2017. Accordingly, the adjusted basic EPS decreased to US$0.36 during the six months ended September 30, 2018 from US$0.50 during the same period of last fiscal year. Adjusted diluted EPS decreased to US$0.32 during the six months ended September 30, 2018 from US$0.50 during the same period of last fiscal year.
Cash and Cash Flow
As of September 30, 2018, the Company had cash and cash equivalents of US$53.1 million. Net cash used in operating activities for the six months ended September 30, 2018 was US$5.9 million, compared to net cash provided by operating activities of US$25.6 million during the same period of last fiscal year. Net cash used in investing activities for the six months ended September 30, 2018 was US$51.2 million, compared to US$0.1 million during the same period of last fiscal year. Net cash used in financing activities for six months ended September 30, 2018 was US$15.8 million, compared to net cash provided by financing activities of US$8.8 million in the same period of last fiscal year.
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 December 31, 2018
Fiscal Year Ending March 31, 2019
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 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
In December 2018, Hexindai began sharing credit data with Baihang Credit, the first credit-reporting platform for the online lending sector that is backed by China's central bank. Hexindai and other partner companies will make regular transfers of data to Baihang Credit, which will then integrate and process the data collected and transmit individual credit information back to its partner companies. The data shared on the platform will help Hexindai assess its customers' creditworthiness, speed up credit assessment processing and potentially reduce the cost of risk management.
In October 2018, Hexindai completed the submission of its P2P Compliance Self-Inspection Report to the Beijing Municipal Bureau of Financial Work, and are nearing completion of step 2 with an on-site inspection of the Beijing Internet Finance Association. The completion of these mark the first two of three key steps for compliance with industry reforms issued by the National P2P Rectification Office. Hexindai is now focusing on the final third step in the process, including verification of inspection results by the Beijing Municipal Bureau of Financial Work with a field inspection and potentially a final check by higher-level government organizations. Hexindai is actively supporting and participating in this compliance process, which aims to foster the stable growth of the P2P lending industry in China.
In October 2018, Hexindai established an agreement with Shell Energy (China) Limited, a subsidiary of Royal Dutch Shell, to provide price hedging for a substantial volume of National Carbon Allowances (NCA) and support liquidity and market developments of China's National Emissions Trading Scheme (ETS). The agreement is set for three years and will commence when the cement sector is enrolled in China's national emissions trading scheme (ETS) and the Chinese carbon offsets, such as Chinese Certified Emission Reduction (CCER), can be used for compliance purposes. China has already announced plans for a nationwide emission trading scheme in late 2017. The scheme will cover the power industry with plans to expand over seven sectors including petrochemicals, chemicals, cement, and other building materials. The agreement demonstrates Hexindai's commitment to preserving the environment and promoting environmental protection throughout its business.
Conference Call
The Company will host a conference call to discuss the earnings at 8:00 a.m. Eastern Time on Monday, December 3, 2018 (9:00 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 8:59 p.m. Beijing/Hong Kong Time, December 11, 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: 7955019 |
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
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) |
||||||
September 30, |
March 31, |
|||||
2018 |
2018 |
|||||
US$ |
US$ |
|||||
ASSETS |
||||||
Current assets |
||||||
Cash |
53,069,188 |
132,622,467 |
||||
Receivables, prepayments and other assets |
20,320,402 |
1,248,562 |
||||
Loans receivable-current |
56,756,803 |
28,696,234 |
||||
Interest receivable |
913,803 |
555,502 |
||||
Total current assets |
131,060,196 |
163,122,765 |
||||
Non-current assets |
||||||
Loans receivable-non current |
16,328,520 |
- |
||||
Long term investment |
1,600,000 |
- |
||||
Property and equipment, net |
1,224,173 |
767,087 |
||||
TOTAL ASSETS |
150,212,889 |
163,889,852 |
||||
LIABILITIES |
||||||
Current liabilities |
||||||
Accrued expenses and other current liabilities |
5,420,978 |
3,786,955 |
||||
Income taxes payable |
16,613,715 |
20,059,828 |
||||
Total current liabilities |
22,034,693 |
23,846,783 |
||||
TOTAL LIABILITIES |
22,034,693 |
23,846,783 |
||||
SHAREHOLDERS' EQUITY |
||||||
Ordinary shares, $0.0001 par value, 500,000,000 shares |
4,891 |
4,796 |
||||
Additional paid-in capital |
64,067,727 |
58,417,971 |
||||
Retained earnings |
70,249,407 |
77,241,073 |
||||
Accumulated other comprehensive (loss) income |
(6,143,829) |
4,379,229 |
||||
TOTAL SHAREHOLDERS' EQUITY |
128,178,196 |
140,043,069 |
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
150,212,889 |
163,889,852 |
||||
HEXINDAI INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||
(UNAUDITED) |
||||||||
For Three Months Ended |
For Six Months Ended September 30, |
|||||||
2018 |
2017 |
2018 |
2017 |
|||||
US$ |
US$ |
US$ |
US$ |
|||||
NET REVENUE |
||||||||
Loan facilitation, post-origination and other |
3,644,694 |
21,374,343 |
55,841,699 |
36,504,933 |
||||
Business and sales related taxes |
(23,532) |
(155,441) |
(569,040) |
(173,110) |
||||
NET REVENUE |
3,621,162 |
21,218,902 |
55,272,659 |
36,331,823 |
||||
OPERATING EXPENSES |
||||||||
Sales and marketing |
11,749,563 |
3,691,570 |
23,414,667 |
6,260,114 |
||||
Service and development |
2,177,233 |
1,901,117 |
3,541,801 |
3,236,102 |
||||
General and administrative |
2,236,523 |
949,803 |
4,550,316 |
1,844,550 |
||||
Share-based compensation |
4,910,415 |
- |
5,124,693 |
- |
||||
Total operating expenses |
21,073,734 |
6,542,490 |
36,631,477 |
11,340,766 |
||||
INCOME FROM OPERATIONS |
(17,452,572) |
14,676,412 |
18,641,182 |
24,991,057 |
||||
OTHER INCOME (EXPENSE) |
||||||||
Other income |
608,187 |
99,401 |
1,093,164 |
259,123 |
||||
Other expense |
(2,949) |
(1,775) |
(22,858) |
(5,634) |
||||
Total other income, net |
605,238 |
97,626 |
1,070,306 |
253,489 |
||||
INCOME BEFORE INCOME TAXES |
(16,847,334) |
14,774,038 |
19,711,488 |
25,244,546 |
||||
PROVISION FOR INCOME TAXES |
553,241 |
2,108,997 |
7,433,448 |
3,684,941 |
||||
NET (LOSS) INCOME |
(17,400,575) |
12,665,041 |
12,278,040 |
21,559,605 |
||||
Less: net loss attributable to non-controlling |
- |
(2,254) |
- |
(2,254) |
||||
NET (LOSS) INCOME ATTRIBUTABLE TO |
(17,400,575) |
12,667,295 |
12,278,040 |
21,561,859 |
||||
OTHER COMPREHENSIVE (LOSS) INCOME |
||||||||
Foreign currency translation adjustment |
(4,518,279) |
614,635 |
(10,523,057) |
1,048,231 |
||||
COMPREHENSIVE (LOSS) INCOME |
(21,918,854) |
13,279,676 |
1,754,983 |
22,607,836 |
||||
Less: comprehensive loss attributable to non-controlling interest |
- |
(423) |
- |
(423) |
||||
COMPREHENSIVE (LOSS) INCOME |
(21,918,854) |
13,280,099 |
1,754,983 |
22,608,259 |
||||
Basic (loss) earnings per common share |
(0.36) |
0.30 |
0.25 |
0.50 |
||||
Diluted (loss) earnings per common share |
(0.36) |
0.30 |
0.23 |
0.50 |
||||
Weighted average number of shares outstanding - basic |
48,728,095 |
42,921,600 |
48,365,343 |
42,921,600 |
||||
Weighted average number of shares outstanding - diluted |
48,728,095 |
42,921,600 |
53,766,719 |
42,921,600 |
||||
HEXINDAI INC. |
||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
||||||||
(UNAUDITED) |
||||||||
For Three Months Ended September 30, |
For Six Months Ended |
|||||||
2018 |
2017 |
2018 |
2017 |
|||||
US$ |
US$ |
US$ |
US$ |
|||||
Net (loss) income attributable to Hexindai Inc's |
(17,400,575) |
12,667,295 |
12,278,040 |
21,561,859 |
||||
Add: Share-based compensation expenses* |
4,910,415 |
- |
5,124,693 |
- |
||||
Adjusted net (loss) income attributable to Hexindai |
(12,490,160) |
12,667,295 |
17,402,733 |
21,561,859 |
||||
Weighted average number of shares outstanding - basic |
48,728,095 |
42,921,600 |
48,365,343 |
42,921,600 |
||||
Weighted average number of shares outstanding |
48,728,095 |
42,921,600 |
53,766,719 |
42,921,600 |
||||
Basic (loss) earnings per common share |
(0.36) |
0.30 |
0.25 |
0.50 |
||||
Adjusted basic (loss) earnings per common share |
(0.26) |
0.30 |
0.36 |
0.50 |
||||
Diluted (loss) earnings per common share |
(0.36) |
0.30 |
0.23 |
0.50 |
||||
Adjusted diluted (loss) earnings per common share |
(0.26) |
0.30 |
0.32 |
0.50 |
||||
Net (loss) income attributable to Hexindai Inc's |
(17,400,575) |
12,667,295 |
12,278,040 |
21,561,859 |
||||
Less: Interest income |
(35,681) |
(99,401) |
(239,194) |
(149,232) |
||||
Add: Income tax expense** |
553,241 |
2,108,997 |
7,433,448 |
3,684,941 |
||||
Share-based compensation expenses* |
4,910,415 |
- |
5,124,693 |
- |
||||
Adjusted EBIT |
(11,972,600) |
14,676,891 |
24,596,987 |
25,097,568 |
||||
* Share-based compensation expenses are not tax deductible under relevant tax laws and regulations in our tax jurisdiction. |
||||||||
** Income tax expenses include US$5,352, US$14,910, US$35,879 and US$22,385 related to the current tax expenses on |
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The following table presents our summary operating data for three months ended September 30, 2017 and 2018.
For Three Months Ended September 30, |
For Six Months Ended September 30, |
Growth Rates (4) |
||||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||||
(RMB) |
(US$) |
(RMB) |
(US$) |
(RMB) |
(US$) |
(RMB) |
(US$) |
Three months September 30, |
Six months |
|||||||
Loan volume facilitated |
(in thousands, except percentages and numbers (5)) |
(in thousands, except percentages and numbers (5)) |
||||||||||||||
Credit loan principal |
230,038 |
33,803 |
1,771,255 |
265,619 |
3,170,710 |
481,176 |
3,039,551 |
449,355 |
-87.0% |
4.3% |
||||||
Secured loan principal |
- |
- |
53,320 |
7,996 |
- |
- |
63,220 |
9,346 |
-100.0% |
-100.0% |
||||||
Total |
230,038 |
33,803 |
1,824,575 |
273,615 |
3,170,710 |
481,176 |
3,102,771 |
458,701 |
-87.4% |
2.2% |
||||||
Number of transactions |
||||||||||||||||
Credit loan transactions |
2,183 |
2,183 |
20,731 |
20,731 |
31,175 |
31,175 |
35,454 |
35,454 |
||||||||
Secured loan transactions |
- |
- |
36 |
36 |
- |
- |
49 |
49 |
||||||||
Total |
2,183 |
2,183 |
20,767 |
20,767 |
31,175 |
4,731 |
35,503 |
35,503 |
||||||||
Average individual |
||||||||||||||||
Credit loan transactions |
105 |
15 |
85 |
13 |
102 |
15 |
86 |
13 |
||||||||
Secured loan transactions |
- |
- |
1,481 |
222 |
- |
- |
1,290 |
191 |
||||||||
Overall average |
105 |
15 |
88 |
13 |
102 |
15 |
87 |
13 |
||||||||
Gross billing amount (net of |
||||||||||||||||
Credit loan |
33,138 |
4,869 |
159,067 |
23,854 |
377,833 |
57,339 |
271,865 |
40,191 |
-79.2% |
39.0% |
||||||
Secured loan |
- |
- |
1,326 |
199 |
- |
- |
1,458 |
215 |
-100.0% |
-100.0% |
||||||
Total |
33,138 |
4,869 |
160,393 |
24,053 |
377,833 |
57,339 |
273,323 |
40,406 |
-79.3% |
38.2% |
||||||
Gross billing ratio (net of |
- |
|||||||||||||||
Credit loan |
14.4% |
14.4% |
9.0% |
9.0% |
11.9% |
11.9% |
8.9% |
8.9% |
||||||||
Secured loan |
- |
- |
2.5% |
2.5% |
- |
- |
2.3% |
2.3% |
||||||||
Total |
14.4% |
14.4% |
8.8% |
8.8% |
11.9% |
11.9% |
8.8% |
8.8% |
||||||||
Number of borrowers |
- |
|||||||||||||||
Credit loan transactions |
2,183 |
2,183 |
20,675 |
20,675 |
31,162 |
31,162 |
35,398 |
35,398 |
||||||||
Secured loan transactions |
- |
- |
22 |
22 |
- |
- |
35 |
35 |
||||||||
Total |
2,183 |
2,183 |
20,697 |
20,697 |
31,162 |
31,162 |
35,433 |
35,433 |
-89.5% |
-12.1% |
||||||
Number of investors |
||||||||||||||||
Credit loan transactions (2) |
33,370 |
33,370 |
28,000 |
28,000 |
91,966 |
91,966 |
52,900 |
52,900 |
||||||||
Secured loan transactions (3) |
- |
- |
91 |
91 |
- |
- |
118 |
118 |
||||||||
Credit and secured loan |
5,455 |
5,455 |
14,680 |
14,680 |
14,466 |
14,466 |
26,786 |
26,786 |
||||||||
Total |
38,825 |
38,825 |
42,771 |
42,771 |
106,432 |
106,432 |
79,804 |
79,804 |
-9.2% |
33.4% |
||||||
(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 |
For Six Months Ended |
|||||||
2018 |
2017 |
2018 |
2017 |
|||||
Revenue(1) |
US$ |
US$ |
US$ |
US$ |
||||
Loan facilitation service |
4,870,258 |
23,979,371 |
58,922,136 |
40,425,548 |
||||
Loan management service |
- |
707 |
- |
168,338 |
||||
Post-origination service |
4,328,279 |
748,900 |
6,693,158 |
1,077,828 |
||||
Interest income on loans |
681,599 |
- |
1,431,326 |
- |
||||
Others |
- |
3,193 |
- |
9,618 |
||||
Business tax |
(23,532) |
(155,441) |
(569,040) |
(173,110) |
||||
Cash incentives |
(6,235,442) |
(3,357,828) |
(11,204,921) |
(5,176,399) |
||||
Net Revenue |
3,621,162 |
21,218,902 |
55,272,659 |
36,331,823 |
||||
(1) Represents amounts net of VAT |
||||||||
View original content:http://www.prnewswire.com/news-releases/hexindai-reports-unaudited-second-quarter-of-fiscal-year-2019-financial-results-300758867.html
