Stunning new Q figures:
BEIJING, Sept. 25, 2018 /PRNewswire/ -- Hexindai Inc. (NASDAQ :HX ) ("Hexindai" or the "Company"), a fast-growing consumer lending marketplace in China, today announced its unaudited financial results for the quarter ended June 30, 2018.
Throughout the release, each ADS represents one ordinary share. Fiscal year refers to the 12 months ended March 31.
First Quarter of Fiscal Year 2019 Operational Highlights
Total loan volume facilitated [1] was US$461.1 million (RMB2.9 billion) during the first quarter of fiscal year 2019, an increase of 130.1% from the first quarter of fiscal year 2018.
Gross billing amount (net of VAT)[2] was US$54.1 million during the first quarter of fiscal year 2019, an increase of 205.2% from the first quarter of fiscal year 2018.
Gross billing ratio (net of VAT)[3] for credit loans was 11.7% during the first quarter of fiscal year 2019, an increase from 8.9% during the first quarter of fiscal year 2018.
Number of borrowers [4] was 28,979 during the first quarter of fiscal year 2019, an increase of 96.7% from the first quarter of fiscal year 2018.
Number of investors [5] was 67,607 during the first quarter of fiscal year 2019, an increase of 82.6% from the first quarter of fiscal year 2018.
First Quarter of Fiscal Year 2019 Unaudited Financial Highlights
Net revenue was US$51.7 million during the first quarter of fiscal year 2019, an increase of 241.8% from the first quarter of fiscal year 2018.
Operating expenses were US$15.6 million during the first quarter of fiscal year 2019, an increase of 224.2% from the first quarter of fiscal year 2018.
Net income was US$29.7 million during the first quarter of fiscal year 2019, an increase of 233.7% from the first quarter of fiscal year 2018.
Basic EPS in the first quarter of fiscal year 2019 was US$0.62 compared to US$0.21 in first quarter of fiscal year 2018.
Diluted EPS in the first quarter of fiscal year 2019 was US$0.56 compared to US$0.21 in first quarter of fiscal year 2018.
Adjusted net income (Non-GAAP) in the first quarter of fiscal year 2019 was US$29.9 million, increased by 236.1% from US$8.9 million in the first quarter of fiscal year 2018.
Adjusted EBIT (Non-GAAP) in the first quarter of fiscal year 2019 was US$36.6 million, increased by 250.9% from US$10.4 million in the first quarter of fiscal year 2018.
Through Hexindai's platform, the total loan volume facilitated was approximately US$3.0 billion (RMB19.6 billion) from the inception of its business in March 2014 through June 30, 2018.
"We delivered another solid quarter of growth despite a challenging market which I believe demonstrates our corporate flexibility, ability to rapidly adapt, and commitment to maintaining compliance in a rapidly evolving regulatory environment," commented Mr. Xinming Zhou, Chief Executive Officer of Hexindai. "Net revenue and net income during the quarter both increased at a triple-digit pace to US$51.7 million and US$29.7 million, respectively. We maintained our corporate flexibility in the midst of a difficult market environment and have been working in close cooperation with relevant regulatory authorities to complete the self-examination and correction measures. We believe the inspection process is a positive development for us and the entire sector. Increased regulation will raise the barriers to entry and will create a healthier long-term market environment which allow us to leverage our strong cash position, operational efficiency, and solid risk management and marketing capabilities to consolidate the market. We strategically focus on medium-sized loans targeting borrowers with stable employment and income. Our strategic foresight, high-quality user base, and ability to closely manage risk on our platform have strengthened our confidence and ability to navigate this challenging period for the industry and maintain user trust, which is critical during this period."
"We made our first cross-border investment during the quarter by buying 20% equity stake for US$1.6 million in Musketeer Group Inc. ("Musketeer"), an Indonesian online lending platform that offers consumption installment loans. This marks the first step in our larger strategy to explore overseas opportunities by leveraging our extensive experience and expertise in new high-growth markets. Growing confidence in our future growth prospects and strong cash position allowed us to return value to shareholders in the form of an annual dividend policy. We will continue to invest in strengthening our risk management systems and developing new market opportunities to ensure we are able to quickly take advantage of opportunities that emerge as the market consolidates. We will also focus on growing our business to scale by improving operational efficiency and enhancing investor and borrower acquisition. I am confident that these initiatives will help us solidify our competitive advantage in China's rapidly growing consumer lending marketplace and generate long-term sustainable value for our shareholders."
https://www.prnewswire.com/news-releases/hexindai-reports-unaudited-first-quarter-of-fiscal-year-2019-financial-results-300718308.html?tc=eml_cleartime
https://seekingalpha.com/article/4208093-hexindai-inc-2019-q1-results-earnings-call-slides
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