SHENZHEN, China, May 20, 2019 /PRNewswire/ -- X Financial (NYSE:
XYF) (the "Company" or "we"), a leading technology-driven personal
finance company in China, today
announced its unaudited financial results for the first quarter
ended March 31, 2019.
First Quarter 2019 Financial Highlights
- Net income attributable to X Financial shareholders in the
first quarter of 2019 increased by 50.2% to RMB213.6 million (US$31.8
million) from RMB142.2 million
in the same period of 2018.
- Non-GAAP[1] net
income attributable to X Financial shareholders in the first
quarter of 2019 increased by 39.4% to RMB255.8 million (US$38.1
million) from RMB183.5 million
in the same period of 2018.
- Net revenue in the first quarter of 2019 decreased by 1.6% to
RMB776.4 million (US$115.7 million) from RMB788.7 million in the same period of 2018.
- Income from operations in the first quarter of 2019 increased
by 11.7% to RMB279.1 million
(US$41.6 million) from RMB249.8 million in the same period of 2018.
- Basic and diluted earnings per American depositary share
("ADS")[2] in the first
quarter of 2019 were RMB1.40
(US$0.21) and RMB1.32 (US$0.20),
respectively, compared with RMB1.02
and RMB0.94, respectively, in the
same period of 2018.
- Non-GAAP net income per basic and diluted ADS in the first
quarter of 2019 were RMB1.68
(US$0.25) and RMB1.58 (US$0.24),
respectively, compared with RMB1.30
and RMB1.22, respectively, in the
same period of 2018.
First Quarter 2019 Operational Highlights
- Total loan facilitation amount[3] in the first quarter of 2019 was
RMB 9,629 million, representing an
increase of 10.8% from RMB8,692
million in the same period of 2018 and an increase of 1.6%
from RMB9,474 million in the fourth
quarter of 2018.
- The loan facilitation of Xiaoying
Credit Loan[4] in
the first quarter of 2019 was RMB7,932
million, representing a decrease of 3.7% from RMB8,239 million in the same period of 2018 and
an increase of 4.1% from RMB7,620
million in the fourth quarter of 2018. Xiaoying Credit Loan accounted for 82.4% of the
Company's total loan facilitation amount, compared with 94.8% in
the same period of 2018.
- Total outstanding loan balance[5] as of March
31, 2019 was RMB20,187
million, compared with RMB20,033
million as of March 31, 2018
and RMB20,849 million as of
December 31, 2018.
- Total number of loans facilitated[6] in the first quarter of 2019 was
1,468,270, representing an increase of 103.6% from 721,051 in the
same period of 2018 and an increase of 13.3% from 1,295,541 for the
fourth quarter of 2018.
- Average loan amount per transaction[7] in the first quarter of 2019 was
RMB6,558, representing a decrease of
45.6% from RMB12,055 in the same
period of 2018 and a decrease of 10.3% from RMB7,312 for the fourth quarter of 2018.
- The delinquency rates for all outstanding loans that are past
due for 31-90 days and 91–180 days as of March 31, 2019 were 3.56% and 5.21%,
respectively, compared with 3.54% and 5.28%, respectively, as of
December 31, 2018, and 2.61% and
2.59%, respectively, as of March 31,
2018.
- Number of active borrowers in the first quarter of 2019 was
745,056, representing an increase of 25.8% from 592,358 in the same
period of 2018 and a decrease of 13.7% from 863,067 in the fourth
quarter of 2018.
- The amount of cumulative borrowers each of whom made at least
one transaction on our platform as of March
31, 2019 was 4,580,576.
- Total cumulative registered users reached 25,797,200 as of
March 31, 2019.
- Number of active individual investors[8] in the first quarter of 2019 was
96,686, representing a decrease of 28.6% from 135,358 in the same
period of 2018 and a decrease of 12.9% from 110,973 in the fourth
quarter of 2018.
- The cumulative number of active individual investors as of
March 31, 2019 was 477,489, compared
with 332,674 as of March 31, 2018,
and 454,117 as of December 31,
2018.
Mr. Justin Tang, the Founder,
Chief Executive Officer and Chairman of the Company, commented,
"I'm pleased to report a strong start to the year with a total of
RMB9,629 million in loans facilitated
during the quarter, RMB776.4 million
in net revenue, and non-GAAP net income attributable to X Financial
shareholders increasing 39.4% year-over-year to RMB255.8 million. With the worst behind us,
investor sentiment is gradually improving as the market recovers
and new regulations take hold and force financially weaker and
fraudulent firms to shut down."
"Regulators issued the Opinion on Classified Disposal and Risk
Prevention of Online Credit Institutions, also referred to as
Document No. 175, earlier this year which has forced out many
market participants leaving only the strongest and most compliant
standing. A well-regulated industry will provide significant future
growth opportunities and generate strong borrower demand for these
remaining platforms. The implementation of these new measures
across our business remains on track and will significantly
strengthen our overall risk controls and ability to identify prime
customers and provide best-in-class personal financing
solutions."
"We continue to invest in the research and development of new
products that will allow us to take advantage of the enormous
future growth opportunities in China's personal finance industry. Our
recently launched revolving credit product, Xiaoying Wallet,
and newly launched platform Xiaoying Online Mall that allows
individuals to purchase goods online through loan installments, are
performing well and expanding our user base and target market."
"The progress we have made this quarter is strengthening our
reputation in the market and improving our ability to attract more
institutional investors with high-quality loans on our platform. We
will continue to develop deep relationships with institutional
investors to fortify our position in the market as a leading
fin-tech player in China."
Mr. Simon Cheng, President of the
Company, added, "Our compliant operations and strong risk
management infrastructure are allowing us to increasingly benefit
from market consolidation and the enormous opportunities present in
China's personal finance industry.
We will continue to work closely with relevant regulatory
authorities to ensure we are fully compliant with all new
regulations."
"We are pleased to see the quality of the loans facilitated on
our platform improve which reflects our strong risk management
capabilities and continued investment in risk control
infrastructure, including fraud detection, big data analysis,
artificial intelligence, and financial modeling technologies. We
are also expanding investor acquisition channels to strengthen
our funding cost advantage and diversification of funding
sources."
"We remain confident in our strategy and the solid foundation we
have built to drive sustainable future growth. We will continue to
grow our market share and strengthen our position as a leading
fin-tech player in China."
Mr. Kevin Zhang, Chief Financial
Officer of the Company, commented, "We delivered solid financial
results for the first quarter of 2019, with non-GAAP net income
attributable to X Financial shareholders increasing by 39.4%
year-over-year."
"Xiaoying Wallet grew
significantly during the quarter, with transaction volumes of
around RMB200 million and number of
transactions exceeding 640,000, the majority of which took place in
March 2019. Xiaoying Wallet continues to gain strong growth
momentum and is expected to increasingly contribute more
meaningfully to revenue and net income growth going forward."
"We further expanded our sources of institutional funding and
cooperative relationships with banks and trust companies during the
quarter. For the three months ended March
31, 2019, funding from non-individual investors (mainly from
financial institutions) accounts for 10.4% of total loan
facilitated in the period. During April
2019, around 25% of our total new funding came from
non-individual investors (mainly from financial institutions). As
of April 30, 2019, the credit line
for loan transactions facilitated by X Financial granted by
financial institution partners was RMB10.8
billion. We expect this line of credit will grow to
RMB26.3 billion during the second and
third quarters of 2019 as we deepen our cooperation. We are
confident in our ability to continue attracting and diversifying
our low-cost funding sources with the insured high-quality loans on
our platform which will support our long-term growth."
"We made significant progress in diversifying our insurance
models we deploy for our loan products. The proportion of loan
products guaranteed by ZhongAn decreased to 82.7% in the first
quarter from 90% in 2018 and 95% in 2017. Diversifying our
insurance structures allow us to better serve and reward investors
as we reduce our reliance on a single insurance provider.
"In conclusion, we are pleased with our performance this quarter
in building a strong and sustainable business and will continue to
improve operational efficiency to create long-term sustainable
value for our shareholders."
First Quarter 2019 Financial Results
Net revenues in the first quarter of 2019 decreased by
1.6% to RMB776.4 million
(US$115.7 million) from RMB788.7 million in the same period of 2018,
primarily due to a change in product mix resulting from a decrease
in revenue generated by certain loans under Xiaoying Credit Loan in this quarter, which had
carried a high service fee rate in the same period of 2018.
Loan facilitation service fees under the direct model in
the first quarter of 2019 decreased by 2.0% to RMB626.4 million (US$93.3
million) from RMB639.5 million
in the same period of 2018, primarily due to a change in product
mix resulting from a decrease in revenue generated by certain loans
under Xiaoying Credit Loan in this
quarter.
Loan facilitation service fees under the intermediary
model in the first quarter of 2019 decreased by 52.0% to
RMB35.2 million (US$5.2 million) from RMB73.3 million in the same period of 2018,
primarily due to a decrease in the total volume of products offered
under the intermediary model as the Company shifted its strategy to
focus on loan facilitation services through the direct
model.
Post-origination service fees in the first
quarter of 2019 increased by 408.3% to RMB73.0 million (US$10.9
million) from RMB14.4 million
in the same period of 2018, primarily due to a significant increase
in transaction volumes of Xiaoying Credit Loan in the
last twelve months for loans with a weighted average contractual
terms of 10~12 months. Revenues from post-origination services
are recognized on a straight-line basis over the term of the
underlying loans as the services are being provided.
Financing income in the first quarter of 2019
decreased by 31.8% to RMB17.8 million
(US$2.7 million) from RMB26.1 million in the same period of 2018,
primarily due to the expiration of certain trusts in 2018,
partially offset by newly established trusts in this quarter.
Other revenue in the first quarter of 2019 decreased by
32.1% to RMB24.1 million
(US$3.6 million) from RMB35.5 million in the same period of 2018,
primarily due to a decrease in guarantee revenue associated with
loans facilitated under the Old ZhongAn model[9], which are no longer offered to
our customers from September 15,
2017.
Origination and servicing expenses in the first quarter
of 2019 increased by 16.7% to RMB336.5
million (US$50.1 million) from
RMB288.3 million in the same period
of 2018, primarily due to an increase in collection expenses
resulting from the increase in loan transactions.
General and administrative expenses in the first quarter
of 2019 increased by 41.6% to RMB56.3
million (US$8.4 million) from
RMB39.7 million in the same period of
2018, primarily due to an increase in share-based compensation
expenses and professional service fees.
Sales and marketing expenses in the first quarter of 2019
decreased by 39.2% to RMB30.7 million
(US$4.6 million) from RMB50.5 million in the same period of 2018,
primarily due to a reduction in promotion and advertisement.
Provision for contingent guarantee liabilities in
the first quarter of 2019 was nil, compared with RMB99.2 million in the same period of 2018,
primarily because there have been no deteriorations in
estimated default rates of the loans subject to guarantee
liabilities facilitated in prior periods.
Provision for accounts receivable and contract
assets in the first quarter of 2019 increased by 8.5% to
RMB66.4 million (US$9.9 million) from RMB61.2 million in the same period of 2018,
primarily due to the increase in revenue of loan facilitation
service and post origination service in this quarter compared with
same period of 2018.
Income from operations in the first quarter of 2019
increased by 11.7% to RMB279.1
million (US$41.6 million)
from RMB249.8 million in the same period of 2018.
Income before income taxes and gain from equity in
affiliates in the first quarter of 2019 was RMB259.4 million (US$38.7
million), compared with RMB206.9
million in the same period of 2018.
Income tax expense in the first quarter of 2019 decreased
by 23.8% to RMB49.4 million (US$7.4
million) from RMB64.9 million
in the same period of 2018, primarily because the corporate income
tax rate applicable to three major subsidiaries of the Company was
adjusted down to 15% as these subsidiaries qualified as high tech
enterprises after the second quarter of 2018.
Net income attributable to X Financial
shareholders in the first quarter of 2019 was RMB213.6 million (US$31.8
million), compared with RMB142.2
million in the same period of 2018.
Non-GAAP net income attributable to X Financial
shareholders in the first quarter of 2019 was RMB255.8 million (US$38.1
million), compared with RMB183.5
million in the same period of 2018.
Basic and diluted earnings per ADS in the first quarter
of 2019 were RMB1.40 (US$0.21) and RMB1.32 (US$0.20),
respectively, compared with RMB1.02
and RMB0.94, respectively, in the
same period of 2018.
Non-GAAP net income per basic and diluted ADS in the
first quarter of 2019 were RMB1.68
(US$0.25) and RMB1.58 (US$0.24),
respectively, compared with RMB1.30
and RMB1.22, respectively, in the
same period of 2018.
Cash and cash equivalents was RMB1, 555.4 million (US$231.8 million) as of March 31, 2019, compared with RMB1,069.4 million as of December 31, 2018.
Business Outlook
X Financial currently expects the total loan facilitation for
the second quarter of 2019 to be approximately RMB9,500 million. This forecast reflects the
Company's current and preliminary views, which are subject to
changes.
Conference Call
X Financial's management team will host an earnings conference
call at 8:00 AM U.S. Eastern Time on
Wednesday, May 21, 2019 (8:00 PM Beijing / Hong Kong Time on the same
day).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-888-346-8982
|
Hong Kong:
|
852-301-84992
|
China:
|
4001-201203
|
International:
|
1-412-902-4272
|
Passcode:
|
X
Financial
|
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until May 22,
2019:
United
States:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Passcode:
|
10131224
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.xiaoyinggroup.com.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading
technology-driven personal finance company
in China focused on meeting the huge demand for credit
from individuals and small-to-medium-sized enterprise owners. The
Company's proprietary big data-driven risk control system, WinSAFE,
builds risk profiles of prospective borrowers using a
variety data-driven credit assessment methodology to
accurately evaluate a borrower's value, payment capability, payment
attitude and overall creditworthiness. X Financial has established
a strategic partnership with ZhongAn Online P&C Insurance Co.,
Ltd. in multiple areas of its business operations to directly
complement its cutting-edge risk management and credit assessment
capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides
credit insurance on X Financial's investment products
which significantly enhances investor confidence and allows the
Company to attract a diversified and low-cost funding base from
individuals, enterprises and financial institutions to support its
growth. X Financial leverages financial technology to provide
convenient, efficient, and secure investment services to a wide
range of high-quality borrowers and mass affluent investors which
complements traditional financial institutions and helps to promote
the development of inclusive finance in China.
For more information, please visit:
http://ir.xiaoyinggroup.com.
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use non-GAAP
measures as supplemental measures to review and assess our
operating performance. We present the non-GAAP financial measures
because they are used by our management to evaluate our operating
performance and formulate business plans. We also believe that the
use of the non-GAAP financial measures facilitates investors'
assessment of our operating performance.
We use in this press release the following non-GAAP financial
measures: (1) net income (loss), (2) net income (loss) attributable
to X Financial shareholders, (3) net income (loss) per basic ADS,
and (4) net income (loss) per diluted ADS, each of which excludes
share-based compensation expense. These non-GAAP financial
measures are not defined under U.S. GAAP and are not presented
in accordance with U.S. GAAP. These Non-GAAP financial measures
have limitations as analytical tools, and when assessing our
operating performance, investors should not consider them in
isolation, or as a substitute for the financial information
prepared and presented in accordance with U.S. GAAP.
We mitigate these limitations by reconciling the non-GAAP
financial measures to the most directly comparable U.S. GAAP
financial measures, which should be considered when evaluating our
performance. We encourage you to review our financial information
in its entirety and not rely on a single financial measure.
For more information on these Non-GAAP financial measures,
please see the table captioned "Reconciliations of GAAP and
Non-GAAP results" set forth at the end of this press release.
New Accounting Pronouncements
On February 25, 2016, the FASB
issued Accounting Standard Update ("ASU") No. 2016-02, Leases,
which requires lessees to record lease liabilities and right-of-use
assets as of the date of adoption and was incorporated into
GAAP as Accounting Standards Codification ("ASC") Topic
842. The Company adopted the new standard
prospectively effective January 1,
2019, using a modified retrospective basis method under
which prior comparative periods are not restated. As of
January 1, 2019, the Company had some
operating leases for its offices with the
remaining contractual terms of 16~46 months. Under
the terms of the lease, the Company will pay base annual rent
(subject to an annual fixed percentage increase), plus fixed
property management fees. The ROU assets were recorded as "Other
non-current assets", and the current and non-current portions of
the lease liabilities were recorded as "Accrued expenses and other
current liabilities" and "Other non-current liabilities" in the
Condensed Consolidated Balance Sheets. There was no cumulative
adjustment to our retained earnings.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.7112 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of March 29,
2019.
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 contact:
X Financial
Ms. Jennifer Zhang
E-mail: ir@xiaoying.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
[1] The
company uses in this press release the following non-GAAP financial
measures: (1) net income (loss), (2) net income (loss) attributable
to X Financial shareholders, (3) net income (loss) per basic ADS,
and (4) net income (loss) per diluted ADS, each of which excludes
share-based compensation expense. For more information on non-GAAP
financial measure, please see the section of "Use of Non-GAAP
Financial Measures Statement" and the table captioned
"Reconciliations of GAAP and Non-GAAP Results" set forth at the end
of this press release.
|
[2] Each
American depositary share ("ADS"), represents two Class A
ordinary shares.
|
[3]
Represents the total amount of loans X Financial facilitated during
the relevant period.
|
[4] X
Financial integrated Xiaoying Card Loan and Xiaoying Preferred Loan
into one general product category, Xiaoying Credit Loan in
2018.
|
[5]
Represents the total amount of loans outstanding for loans X
Financial facilitated at the end of the relevant period. Loans that
are delinquent for more than 180 days are charged-off and are
excluded in the calculation of delinquency rate by balance, except
for Xiaoying Housing Loan. Xiaoying Housing Loan is a secured loan
product and the Company is entitled to payment by exercising its
rights to the collateral. X Financial does not charge off the loans
delinquent for more 180 days and such loans are included in the
calculation of delinquency rate by balance.
|
[6]
Represents the total number of transactions of loan facilitation
during the relevant period.
|
[7]
Calculated by dividing the total loan facilitation amount by the
number of loans facilitated during the relevant period.
|
[8] Refers
to individual investors who made at least one transaction during
that period on our platform.
|
[9] Refers
to the arrangement with ZhongAn prior to September 2017, under
which ZhongAn initially reimbursed the loan principal and interest
to the investor upon the borrower's default, where we at our own
discretion compensated ZhongAn for substantially all the loan
principal and interest default but have not been subsequently
collected.
|
X
Financial
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
(In thousands,
except for share and per share data)
|
As of December 31,
2018
|
|
As of March 31,
2019
|
|
RMB
|
|
RMB
|
USD
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
1,069,361
|
|
1,555,395
|
231,761
|
Restricted
cash
|
208,346
|
|
600,611
|
89,494
|
Accounts
receivable and contract assets, net of
allowance for doubtful accounts
|
1,379,293
|
|
1,247,067
|
185,819
|
Loans held for
sale
|
632,717
|
|
152,270
|
22,689
|
Loans at fair
value
|
33,417
|
|
512,880
|
76,422
|
Prepaid
expenses and other current assets
|
115,193
|
|
228,122
|
33,991
|
Financial
guarantee derivative
|
358,250
|
|
555,562
|
82,781
|
Amounts due
from related party
|
20,000
|
|
20,000
|
2,980
|
Deferred tax
assets, net
|
346,648
|
|
346,648
|
51,652
|
Long term
investments
|
287,223
|
|
291,019
|
43,363
|
Property and
equipment, net
|
23,215
|
|
22,511
|
3,354
|
Intangible
assets, net
|
28,400
|
|
29,990
|
4,469
|
Loan receivable
from Xiaoying Housing Loans, net
|
128,101
|
|
123,953
|
18,470
|
Other
non-current assets
|
6,806
|
|
66,328
|
9,883
|
TOTAL
ASSETS
|
4,636,970
|
|
5,752,356
|
857,128
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Payable to
investors at fair value of the Consolidated
Trusts
|
-
|
|
642,685
|
95,763
|
Guarantee
liabilities
|
20,898
|
|
17,900
|
2,667
|
Short-term
borrowings
|
198,000
|
|
401,000
|
59,751
|
Accrued payroll
and welfare
|
93,464
|
|
60,658
|
9,038
|
Other tax
payable
|
134,129
|
|
96,664
|
14,403
|
Income tax
payable
|
312,238
|
|
305,901
|
45,581
|
Deposit payable
to channel cooperators
|
134,042
|
|
155,371
|
23,151
|
Dividend
payable
|
-
|
|
103,197
|
15,377
|
Accrued
expenses and other current liabilities
|
178,701
|
|
225,203
|
33,557
|
Deferred tax
liabilities
|
47,428
|
|
47,428
|
7,067
|
Other
non-current liabilities
|
-
|
|
43,381
|
6,464
|
TOTAL
LIABILITIES
|
1,118,900
|
|
2,099,388
|
312,819
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
Equity:
|
|
|
|
|
Common shares (US$0.0001 par value; 1,000,000,000
shares authorized, 303,614,298 and
310,614,298 shares issued and outstanding as of
December 31, 2018 and March 31, 2019
respectively)
|
190
|
|
194
|
29
|
Additional
paid-in capital
|
2,824,223
|
|
2,867,397
|
427,255
|
Retained
earnings
|
640,115
|
|
750,519
|
111,831
|
Other
comprehensive income
|
52,495
|
|
33,612
|
5,008
|
Total X
Financial shareholders' equity
|
3,517,023
|
|
3,651,722
|
544,123
|
Non-controlling
interests
|
1,047
|
|
1,246
|
186
|
TOTAL
EQUITY
|
3,518,070
|
|
3,652,968
|
544,309
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
4,636,970
|
|
5,752,356
|
857,128
|
X
Financial
|
|
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except for share and per share data)
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
Net
revenues
|
|
|
|
Loan
facilitation service-Direct Model
|
639,451
|
626,382
|
93,334
|
Loan
facilitation service- Intermediary Model
|
73,301
|
35,162
|
5,239
|
Post
origination service
|
14,363
|
73,007
|
10,878
|
Financing
income
|
26,112
|
17,801
|
2,652
|
Other
revenue
|
35,463
|
24,067
|
3,586
|
Total net
revenue
|
788,690
|
776,419
|
115,689
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
Origination and
servicing
|
288,288
|
336,539
|
50,146
|
General and
administrative
|
39,726
|
56,268
|
8,384
|
Sales and
marketing
|
50,484
|
30,685
|
4,572
|
Provision for
contingent guarantee liabilities
|
99,183
|
-
|
-
|
Provision for
accounts receivable and contract assets
|
61,221
|
66,404
|
9,895
|
Provision for
loan receivable from Xiaoying Housing
Loans
|
-
|
7,460
|
1,112
|
Total
operating costs and expenses
|
538,902
|
497,356
|
74,109
|
|
|
|
|
Income from
operation
|
249,788
|
279,063
|
41,580
|
Interest income
(expense), net
|
2,577
|
763
|
114
|
Foreign
exchange loss
|
(8)
|
(873)
|
(130)
|
Change in fair
value of financial guarantee derivative
|
(46,114)
|
(52,991)
|
(7,896)
|
Fair value
adjustments related to Consolidated Trusts
|
689
|
33,008
|
4,918
|
Other income
(loss), net
|
6
|
456
|
68
|
|
|
|
|
Income
before income taxes and gain from equity in
affiliates
|
206,938
|
259,426
|
38,654
|
|
|
|
|
Income tax
expense
|
64,884
|
49,421
|
7,364
|
Gain from
equity in affiliates
|
140
|
3,796
|
566
|
Net
income
|
142,194
|
213,801
|
31,856
|
Less: net
income (loss) attributable to non-controlling
interests
|
(44)
|
200
|
30
|
Net income
attributable to X Financial shareholders
|
142,238
|
213,601
|
31,826
|
|
|
|
|
Net
income
|
142,194
|
213,801
|
31,856
|
Other
comprehensive income, net of tax of nil:
|
|
|
|
Foreign currency
translation adjustments
|
14,707
|
(18,883)
|
(2,814)
|
Comprehensive
income
|
156,901
|
194,918
|
29,042
|
Less: comprehensive
income (loss) attributable to non controlling interests
|
(44)
|
200
|
30
|
Comprehensive
income attributable to X Financial shareholders
|
156,945
|
194,718
|
29,012
|
|
|
|
|
Net income per
ADS—basic
|
1.02
|
1.40
|
0.21
|
Net income per
ADS—diluted
|
0.94
|
1.32
|
0.20
|
|
|
|
|
Weighted
average number of ordinary shares
outstanding—basic
|
280,087,342
|
306,025,409
|
306,025,409
|
Weighted
average number of ordinary shares
outstanding—diluted
|
301,827,674
|
322,662,503
|
322,662,503
|
X
Financial
|
|
|
|
Unaudited
Reconciliations of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except for share and per share data)
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
GAAP net
income
|
142,194
|
213,801
|
31,856
|
Add: Share-based
compensation expenses (net of tax of nil)
|
41,212
|
42,199
|
6,288
|
Non-GAAP net
income
|
183,406
|
256,000
|
38,144
|
|
|
|
|
Net income
attributable to X Financial shareholders
|
142,238
|
213,601
|
31,826
|
Add: Share-based
compensation expenses (net of tax of nil)
|
41,212
|
42,199
|
6,288
|
Non-GAAP net
income attributable to X Financial shareholders
|
183,450
|
255,800
|
38,114
|
|
|
|
|
Non-GAAP net
income per ADS—basic
|
1.30
|
1.68
|
0.25
|
Non-GAAP net
income per ADS—diluted
|
1.22
|
1.58
|
0.24
|
|
|
|
|
Weighted
average number of ordinary shares
outstanding—basic
|
280,087,342
|
306,025,409
|
306,025,409
|
Weighted
average number of ordinary shares
outstanding—diluted
|
301,827,674
|
322,662,503
|
322,662,503
|
View original
content:http://www.prnewswire.com/news-releases/x-financial-reports-first-quarter-2019-unaudited-financial-results-300853178.html
SOURCE X Financial