--Profitability remained flat on improved
operating efficiency--
--Net revenue down 23% Q/Q amidst regulatory
and market uncertainty--
--Significant improvements in Breakeven Volume
and Take Rate building a path toward profitability--
--Well positioned for future
growth--
SHANGHAI, Nov. 20, 2018 /PRNewswire/ -- China Rapid Finance
Limited (NYSE: XRF) ("XRF" or "the Company"), operator of one of
China's largest consumer lending
marketplaces, today reported its unaudited financial results for
the third quarter ended September 30,
2018.
Dr. Zane Wang, Founder, Chairman
and co-Chief Executive Officer of the Company, noted: "Our third
quarter results reflect both the regulatory uncertainties impacting
our industry, and the proactive approach we are taking to position
ourselves as a leader in a healthier and safer industry ahead. XRF
has taken active steps among its peers in submitting compliance
documents. We look forward to the next steps in verification
by the authorities, which are expected to be completed before year
end."
Zane added: "Funding is key in our industry, and we have seen
some incremental improvement in the sentiment of our institutional
lenders. The Company has launched new trust fund programs in the
third quarter and has more in the pipeline. We believe the
confidence and trustworthiness of the industry will be far greater
in the months ahead."
Russell Krauss, co-Chief
Executive Officer and Vice Chairman of the Company, commented:
"Loan volumes are down across the industry. While we are responding
to the current environment, we are not losing sight of our
long-term strategy. By focusing on repeat borrowers, optimizing our
cost structure and deploying new products, we are preparing for
renewed growth. Our actions resulted in a significantly lower
'Breakeven Volume', down 46% sequentially. We also continued to
improve our 'Take Rate', which tripled to 9.1% since last year.
Financial performance remained flat, despite a significant drop in
loan volume- giving us confidence we are making progress through
this challenging period for the industry."
Krauss emphasized, "We are not curtailing investments needed to
innovate products and drive our business into new areas that better
serve our customers. We also continue to recruit some of the best
talent in the industry. We are confident that XRF will emerge
from this uncertain regulatory period with an optimized business
model that offers accelerated growth and value."
Kerry Shen, Chief Financial
Officer of the Company, noted: "During this period, we remain
committed to tightly controlling our operating expenses. The
cost-cutting efforts we initiated in the first half are bearing
fruit, as you can see in our lower operating expense run rate this
quarter. Our new loyalty programs continue to serve our very
best customers, resulting in average loan size up 65% in this
quarter from the same period a year ago. This reflects a key
element of our strategy, and we are also moving beyond just loans
to acquire customers and serve their needs."
Operating Highlights
Please note that all figures refer to the third quarter of
2018, unless stated otherwise.
The Company noted the following operating highlights in the
third quarter:
- Number of loans facilitated totaled 0.8 million, down
54% sequentially. The Company focused on repeat borrowers with
excellent credit behavior, resulting in smaller number of loans.
Our repeat rate of borrowers in the third quarter remained high at
75%, same as the second quarter of 2018.
- Total loan volume of $194
million was down 52% sequentially. The consumption loan
volume was down 53% to $134.7
million, and lifestyle loan volume down 50%
quarter-on-quarter to $59.3
million.
- Average loan size for all loans was $242, up 4% quarter-on-quarter to its highest
level since the beginning of 2017, a result of loans going to more
seasoned borrowers.
- New borrowers added were 51 thousand, a sequential
decrease of 30%. The new borrower growth demonstrated the Company's
commitment to operate conservatively and proactively focus on its
most established long-term borrowers. Notably, new loan product
innovations are attracting high-quality new borrowers with
favorable credit behaviors, including high credit scores, low
default rate and healthily growing credit demand.
- Streamlined operations and lowered operating expenses
through continued cost management: The Company reduced
operating expense run rate by $4.2
million quarter-on-quarter, which resulted from continuous
cost cutting efforts, and improved efficiency through accelerating
automation of data verification process and other measures.
- Product innovations: The Company continued to invest in
product development aimed at further enhancing customer value,
improving services and customer satisfaction.
- Annualized loss rate of consumption loans as of
September 30, 2018 was 4.8%.
|
|
For the Three
Months Ended
|
|
|
September 30,
2017
|
June 30,
2018
|
September 30,
2018
|
QoQ
|
Number of loans
facilitated
('000)
|
|
|
|
|
Consumption
loans
|
7,014
|
1,731
|
793
|
-54%
|
Lifestyle
loans
|
11
|
11
|
7
|
-38%
|
Total
|
7,025
|
1,742
|
800
|
-54%
|
Number of new
borrowers
('000)
|
|
|
|
|
Consumption
loan
|
921
|
64
|
45
|
-30%
|
Lifestyle
loans
|
10
|
9
|
6
|
-33%
|
Total
|
931
|
73
|
51
|
-30%
|
|
|
|
|
|
Repeat borrower
rate[1]
|
75%
|
75%
|
75%
|
-
|
|
|
|
|
|
Loan volume (in US$
millions)
|
|
|
|
|
Consumption
loans
|
908.0
|
289.2
|
134.7
|
-53%
|
Lifestyle
loans
|
122.3
|
118.3
|
59.3
|
-50%
|
Total
|
1030.3
|
407.5
|
194.0
|
-52%
|
|
|
|
|
|
|
Financial Highlights
Please note that all figures refer to the third quarter of
2018, unless stated otherwise.
Gross Billings and Revenue
- Total gross billings on transaction and service
fees[2] were $17.6 million, down 50% from $35.1 million in the second quarter of 2018.
Gross billings from Consumption
loans were $3.6 million, down 62%
from $9.4 million in the second
quarter of 2018 mainly because of a 53% decrease in consumption
loan volume.
Gross billings from Lifestyle
loans were $14.1 million, down 45%
from $25.7 million in the second
quarter of 2018, mainly because of a 50% decrease in lifestyle loan
volume.
- Other revenue was $5.4
million, up $5.0 million
sequentially. This is mainly attributable to the new product
design by partnering with e-commerce platforms where we can share a
percentage of product margin or receive referral fees.
- Net revenue was $17.6
million, down 23% quarter-on-quarter, mainly due to a
decrease in total loan volume by 52%. Net revenue decreased slower
than total loan volume, demonstrating the effectiveness of the
Company's strategy in serving high quality customers by providing
credit and value-added services they need.
Net revenue take rate (net
revenue as a percentage of total loan volume) more than tripled to
9.1% in this quarter from 2.6% a year ago and increased from 5.6%
sequentially. This is mainly contributed by our value-added
services to borrowers, which have significantly lowered our
breakeven loan volume and paved a solid path toward
profitability.
[1] Repeat borrower rate is defined
as the total number of customers who borrowed more than once
divided by the total number of borrowers on our marketplace.
Both numbers are calculated since inception.
|
[2] Gross billings on transaction and
service fees is defined as transaction and service fees billed to
customers and value-added service fees, inclusive of related
value-added taxes, before deduction of customer acquisition
incentives ("CAI").
|
Operating Expenses
The Company reduced operating expense run rate by $4.2 million from the rate reported for the
second quarter of 2018.
- Servicing expenses were $2.2
million, down 23% quarter-on-quarter from $2.9 million in the second quarter of 2018,
mainly due to improved efficiency in customer and loan collection
services.
- Sales and marketing expenses were $7.8 million, down 22% from $10.0 million in the second quarter of 2018. This
was primarily due to lower new borrower acquisition.
- General and administrative expenses were $14.9 million, down 10% from $16.5 million in the second quarter of 2018. The
decrease was primarily due to the expansion of automation and
various improvements in our operating structure and was partly
offset by increased expenses associated with regulatory
activities.
- Product development
expenses[3] were $4.6 million, up 7% from $4.2 million in the second quarter of 2018. The
increase was driven by investment in new product technology and
improvement in loan matching as well as our servicing
platform.
[3] Product development expenses
include expenses incurred to facilitate the loan matching business,
to gather historical data and borrowing behaviors, as well as to
maintain, monitor and manage our transaction and service platform.
We recognize website, software and mobile applications development
costs in accordance with ASC 350-50 "Website development costs" and
ASC 350-40 "Software — internal use software,"
respectively.
|
Net Income
- GAAP net loss was $11.0
million, up from $10.6 million
in the second quarter of 2018. The widened net loss was mainly due
to lower loan volume that resulted in decrease of gross billings
and net revenue, significantly offset by improved operating
efficiency.
- GAAP EPS was ($0.17) per
share, as compared to ($0.16) per
share in the second quarter of 2018.
Balance Sheet and Cash Flow
As of September 30, 2018, the
Company had cash and cash equivalents of $39.2 million and restricted cash of $2.5 million. The Company had other current
assets of US$13.8 million and
shareholders' equity of US$14.7
million.
Net cash used in operating activities in the third quarter was
$15.1 million, which compares to
$12.3 million in the second quarter
of 2018. The decrease was mainly due to the net loss of
US$11 million.
The Company regularly monitors its current and expected
liquidity requirements to ensure that it maintains sufficient cash
balances and accessible credit to meet its liquidity requirements
in the short and long term.
Outlook
This outlook is based on information available as of the date
of this press release, and is subject to change. The outlook
depends in part on a stable regulatory environment and continued
access to funding.
Consistent with the trend of improved operating efficiencies and
increased contributions from new products and services, the Company
will continue to operate prudently through the regulatory
transition and monitor our risk and growth policies carefully.
Conference Call:
The Company will hold a conference call on November 20, 2018 at 8:00
p.m. U.S. Eastern Time (November 21,
2018 at 9:00 a.m. China
Standard Time) to discuss its financial results.
Participants may access the call by dialing the following
numbers:
International:
|
+1 (412)
902-4272
|
United States Toll
Free:
|
+1 (888)
346-8982
|
China Toll
Free:
|
+86
4001-201203
|
Hong Kong Local
Toll:
|
+852
301-84992
|
Conference
ID:
|
China Rapid
Finance call
|
A replay will be accessible through November 27, 2018 by dialing the following
numbers:
United
States:
|
+1 (877)
344-7529
|
International:
|
+1 (412)
317-0088
|
Replay Access
Code:
|
10126485
|
A live and archived webcast of the conference call will be
available through the Company's investor relations website at
http://ir.crfchina.com.
About China Rapid Finance
China Rapid Finance operates a leading online consumer finance
marketplace in China, facilitating
millions of loans annually. The Company deploys machine learning
and proprietary decisioning technology to facilitate affordable
digital credit for one of the world's largest untapped consumer
credit markets: China's 500
million emerging middle-class mobile active consumers. The Company
utilizes its proprietary, mobile-first technology to efficiently
select creditworthy consumers for its platform. China Rapid Finance
facilitates smaller, shorter-term initial loans to these qualified
consumers and then enables larger, longer-term loans for repeat
borrowers who demonstrate positive credit behavior. This
differentiated strategy positions the platform to attract and
retain high quality consumers who generate significant customer
lifetime value. China Rapid Finance was founded by Dr. Zane Wang, who has decades of consumer credit
experience in the U.S. and China,
and is governed by a global board of directors. For more
information, please visit http://ir.crfchina.com.
Use of Non-GAAP Financial Measures
We use non-GAAP adjusted profit/(loss) before income tax
expense, a non-GAAP financial measure, in evaluating our operating
results and for financial and operational decision-making purposes.
We believe that this measurement helps identify underlying trends
in our business by excluding the impact of share-based compensation
expenses and discretionary payments. We believe that it also
provides useful information about our operating results, enhances
the overall understanding of our past performance and future
prospects and allows for greater visibility with respect to key
metrics used by our management in its financial and operational
decision-making.
Non-GAAP adjusted profit/(loss) before income tax expense is not
defined under U.S. GAAP and is not presented in accordance with
U.S. GAAP. This non-GAAP financial measure has limitations as an
analytical tool, and when assessing our operating performance, cash
flows or our liquidity, investors should not consider it in
isolation, or as a substitute for net profit/(loss) or other
consolidated statements of comprehensive profit/(loss) prepared in
accordance with U.S. GAAP. The Company encourages investors and
others to review our financial information in its entirety and not
rely on a single financial measure.
For more information on this non-GAAP financial measure, please
see the table captioned "Unaudited Reconciliation of GAAP and
Non-GAAP Results" set forth at the end of this announcement.
Statement Regarding Unaudited Condensed Financial
Information
The unaudited financial information set forth below 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 condensed financial information.
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 "may," "will," "expects," "anticipates," "aims," "future,"
"intends," "plans," "believes," "estimates," "likely to" and
similar statements. Among other things, quotations from management
in this announcement, China Rapid Finance's financial outlook as
well as China Rapid Finance's strategic and operational plans
contain forward-looking statements. China Rapid Finance may also
make written or oral forward-looking statements in its reports
filed with, or furnished to, the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Rapid Finance's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: unexpected
difficulties in China Rapid
Finance's pursuit of its goals and strategies; the unexpected
developments, including slow growth, in the consumer lending
market; reduced demand for, and market acceptance of, China Rapid
Finance's products and services; difficulties keeping and
strengthening relationships with borrowers or investors;
difficulties of expanding data and channel partnerships,
potentially costly servicing activities; competition in the
consumer lending market; PRC governmental regulations and policies;
and general economic and business conditions in the regions where
China Rapid Finance provides products and services. Further
information regarding these and other risks is included in
China Rapid Finance's reports
filed with, or furnished to, the Securities and Exchange
Commission. All information provided in this announcement and in
the attachments is as of the date of this announcement, and China
Rapid Finance undertakes no duty to update such information except
as required under applicable law.
Investor Relations Contacts:
In China:
China Rapid Finance
Marlene Pan
Tel: +86 (21) 6032-5999
Email: IR@crfchina.com
Or
The Blueshirt Group
Gary T. Dvorchak, CFA
Tel: +86 (138) 1079-1480
Email: gary@blueshirtgroup.com
In the US:
The Blueshirt Group
Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE
LOSS
|
(US$ in thousands,
except share data and per share data, or otherwise
noted)
|
|
|
For the Three
Months Ended
|
For the Nine
Months Ended
|
|
September 30,
2017
|
June 30,
2018
|
September 30,
2018
|
September 30,
2017
|
September 30,
2018
|
|
USD
|
USD
|
USD
|
USD
|
USD
|
Revenue:
|
|
|
|
|
|
Transaction and
service fees (net of customer acquisition
incentive)
|
26,818
|
22,728
|
12,272
|
51,925
|
51,329
|
Other revenue and tax
related surcharges
|
368
|
347
|
5,365
|
863
|
6,060
|
|
|
|
|
|
|
|
27,186
|
23,075
|
17,637
|
52,788
|
57,389
|
Net interest
income/(expense) and loan provision losses
|
(2)
|
(115)
|
(70)
|
9
|
(177)
|
Discretionary
payments
|
-
|
-
|
-
|
-
|
(9,052)
|
|
|
|
|
|
|
Net
Revenue
|
27,184
|
22,960
|
17,567
|
52,797
|
48,160
|
|
|
|
|
|
|
Operating
expense:
|
|
|
|
|
|
Servicing
expenses
|
(3,437)
|
(2,856)
|
(2,190)
|
(10,227)
|
(8,239)
|
Sales and marketing
expenses
|
(11,863)
|
(10,015)
|
(7,767)
|
(31,601)
|
(28,273)
|
General and
administrative expenses
|
(14,019)
|
(16,484)
|
(14,862)
|
(36,744)
|
(51,242)
|
Product development
expenses
|
(2,319)
|
(4,239)
|
(4,555)
|
(7,148)
|
(12,982)
|
|
|
|
|
|
|
Total operating
expenses
|
(31,638)
|
(33,594)
|
(29,374)
|
(85,720)
|
(100,736)
|
Other income
(expense):
|
|
|
|
|
|
Other income
(expense), net
|
135
|
116
|
816
|
261
|
1,223
|
|
|
|
|
|
|
Loss before income
tax expense
|
(4,319)
|
(10,518)
|
(10,991)
|
(32,662)
|
(51,353)
|
Income tax
expense
|
(41)
|
(34)
|
(36)
|
(69)
|
(415)
|
|
|
|
|
|
|
Net
loss
|
(4,360)
|
(10,552)
|
(11,027)
|
(32,731)
|
(51,768)
|
Accretion on Series A
convertible redeemable preferred
shares to redemption value.......
|
-
|
-
|
-
|
(96)
|
-
|
Accretion on Series B
convertible redeemable preferred
shares to redemption value
|
-
|
-
|
-
|
(540)
|
-
|
Accretion on Series C
convertible redeemable preferred
shares to redemption value
|
-
|
-
|
-
|
(2,232)
|
-
|
Deemed dividend to
Series C convertible redeemable
preferred shareholders upon initial public
offering
|
-
|
-
|
-
|
(82,034)
|
-
|
Net loss
attributable to ordinary shareholders
|
(4,360)
|
(10,552)
|
(11,027)
|
(117,633)
|
(51,768)
|
|
|
|
|
|
|
Net
loss
|
(4,360)
|
(10,552)
|
(11,027)
|
(32,731)
|
(51,768)
|
Foreign currency
translation adjustment, net of nil tax
|
142
|
(39)
|
(303)
|
(7)
|
(54)
|
|
|
|
|
|
|
Comprehensive
loss
|
(4,218)
|
(10,591)
|
(11,330)
|
(32,738)
|
(51,822)
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing net loss per share
|
|
|
|
|
|
Basic
|
64,696,840
|
65,356,887
|
65,354,900
|
44,008,941
|
65,281,771
|
Diluted
|
64,696,840
|
65,356,887
|
65,354,900
|
44,008,941
|
65,281,771
|
Loss per share
attributable to ordinary shareholders
|
|
|
|
|
|
Basic
|
(0.07)
|
(0.16)
|
(0.17)
|
(2.67)
|
(0.79)
|
Diluted
|
(0.07)
|
(0.16)
|
(0.17)
|
(2.67)
|
(0.79)
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(US$ in
thousands, except share data and per share data, or otherwise
noted)
|
|
|
|
As
of
|
|
September
30,
2017
|
June 30,
2018
|
September
30,
2018
|
|
USD
|
USD
|
USD
|
Assets
|
|
|
|
Cash and cash
equivalents
|
81,442
|
58,809
|
39,217
|
Restricted
cash
|
14,145
|
2,708
|
2,501
|
Short-term
investments
|
-
|
-
|
797
|
Loans receivable, net
of allowance for loan losses US$103 thousand, US$206
housand and US$612 thousand as of September 30,
2017, June 30, 2018 and
September 30, 2018, respectively
|
450
|
1,917
|
10,816
|
Safeguard Program
receivable
|
5,489
|
13,841
|
10,959
|
Receivables,
prepayments and other assets
|
12,852
|
20,978
|
21,738
|
Property equipment and
software, net
|
5,377
|
5,551
|
5,077
|
|
|
|
|
Total
assets
|
119,755
|
103,804
|
91,105
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Safeguard Program
payable
|
17,536
|
14,057
|
11,099
|
Accrued
liabilities
|
36,722
|
54,464
|
58,759
|
Income tax
payable
|
1,976
|
1,981
|
1,906
|
Deferred
revenue
|
1,175
|
8,220
|
4,673
|
|
|
-
|
|
Total
liabilities
|
57,409
|
78,722
|
76,437
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
Ordinary shares
(US$0.0001 par value, 500,000,000 shares authorized; 64,699,757
shares issued and outstanding as of September 30, 2017; 65,436,297
shares issued,
and 65,398,387 shares outstanding as of June 30, 2018; 65,759,210
shares issued,
and 65,341,296 shares outstanding as of September 30,
2018)
|
6
|
6
|
6
|
Additional paid-in
capital
|
281,038
|
282,833
|
283,749
|
Accumulated other
comprehensive income
|
(920)
|
(494)
|
(797)
|
Accumulated
deficit
|
(217,778)
|
(257,263)
|
(268,290)
|
Less: Treasury stock
(nil as of September 30, 2017; 37,910 as of June 30, 2018;
417,914 shares as of September 30, 2018)
|
-
|
-
|
-
|
|
|
|
|
Total
shareholders' equity
|
62,346
|
25,082
|
14,668
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders' equity
|
119,755
|
103,804
|
91,105
|
|
|
|
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED CASH FLOW DATA
|
(US$ in thousands,
except share data and per share data, or otherwise
noted)
|
|
|
|
|
For the Three
Months Ended
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
September 30,
2017
|
June 30,
2018
|
September 30,
2018
|
September 30,
2017
|
September 30,
2018
|
|
USD
|
USD
|
USD
|
USD
|
USD
|
Net cash used in
operating activities
|
7,090
|
(12,263)
|
(15,087)
|
(21,446)
|
(62,244)
|
Net cash used in
investing activities
|
(751)
|
(333)
|
(12,126)
|
(1,240)
|
(12,791)
|
Net cash provided by
financing activities
|
-
|
-
|
7,724
|
85,278
|
7,724
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
586
|
(461)
|
(310)
|
(133)
|
(525)
|
Net
(decrease)/increase in cash, cash equivalents, and restricted
cash
|
6,925
|
(13,057)
|
(19,799)
|
62,459
|
(67,836)
|
Cash, cash
equivalents, and restricted cash at beginning of period
|
74,517
|
74,574
|
61,517
|
18,983
|
109,554
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
81,442
|
61,517
|
41,718
|
81,442
|
41,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
(US$ in thousands,
except share data and per share data, or as otherwise
noted)
|
|
|
|
For the Three
Months Ended
|
|
September 30,
2017
|
June 30,
2018
|
September 30,
2018
|
|
USD
|
USD
|
USD
|
Loss before income
tax expense
|
(4,319)
|
(10,518)
|
(10,991)
|
|
|
|
|
Add: share-based
compensation expense
|
425
|
398
|
917
|
Add: provision for
discretionary payments
|
-
|
-
|
-
|
Add: impact from new
revenue standard
|
-
|
-
|
-
|
Add: organization
restructuring costs
|
-
|
1,386
|
-
|
Non-GAAP adjusted
loss before income tax
expense
|
(3,894)
|
(8,734)
|
(10,074)
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA RAPID
FINANCE LIMITED
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE
LOSS
|
(US$ in thousands,
except share data and per share data, or otherwise
noted)
|
|
|
|
For the Six Months
Ended
|
|
June 30,
2017
|
June 30,
2018
|
|
USD
|
USD
|
Revenue:
|
|
|
Transaction and
service fees (net of customer acquisition incentive)
|
25,107
|
39,057
|
Other revenue and tax
related surcharges
|
501
|
695
|
|
|
|
|
25,608
|
39,752
|
Net interest
income/(expense) and loan provision losses
|
11
|
(107)
|
Discretionary
payments
|
-
|
(9,052)
|
|
|
|
Net
Revenue
|
25,613
|
30,593
|
|
|
|
Operating
expense:
|
|
|
Servicing
expenses
|
(6,790)
|
(6,049)
|
Sales and marketing
expenses
|
(19,738)
|
(20,506)
|
General and
administrative expenses
|
(22,704)
|
(36,380)
|
Product development
expenses
|
(4,850)
|
(8,427)
|
|
|
|
Total operating
expenses
|
(54,082)
|
(71,362)
|
|
|
|
Other income
(expense):
|
|
|
Other income
(expense), net
|
126
|
407
|
|
|
|
Loss before income
tax expense
|
(28,343)
|
(40,362)
|
Income tax
expense
|
(28)
|
(379)
|
|
|
|
Net
loss
|
(28,371)
|
(40,741)
|
Accretion on Series A
convertible redeemable preferred shares to redemption
value
|
(96)
|
-
|
Accretion on Series B
convertible redeemable preferred shares to redemption
value
|
(540)
|
-
|
Accretion on Series C
convertible redeemable preferred shares to redemption
value
|
(2,232)
|
-
|
Deemed dividend to
Series C convertible redeemable preferred shareholders
upon initial public offering
|
(82,034)
|
-
|
Net loss
attributable to ordinary shareholders
|
(113,273)
|
(40,741)
|
|
|
|
Net
loss
|
(28,371)
|
(40,741)
|
Foreign currency
translation adjustment, net of nil tax
|
(149)
|
249
|
|
|
|
Comprehensive
loss
|
(28,520)
|
(40,492)
|
|
|
|
Weighted average
number of ordinary shares used in computing net loss per
share
|
|
|
Basic
|
33,501,833
|
65,244,600
|
Diluted
|
33,501,833
|
65,244,600
|
Loss per share
attributable to ordinary shareholders
|
|
|
Basic
|
(3.38)
|
(0.62)
|
Diluted
|
(3.38)
|
(0.62)
|
View original
content:http://www.prnewswire.com/news-releases/china-rapid-finance-reports-third-quarter-2018-unaudited-financial-results-300754049.html
SOURCE China Rapid Finance