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Yirendai Reports First Quarter 2019 Financial Results and Announces the Successful Closing of Business Realignment Transactions with CreditEase

/EIN News/ -- BEIJING, July 10, 2019 (GLOBE NEWSWIRE) -- Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the first quarter ended March 31, 2019 and the successful closing of the business realignment transactions with CreditEase Holdings (Cayman) Limited, or CreditEase.

The business realignment transactions with CreditEase were successfully closed on July 10, 2019 EST.  The entry into definitive agreements relating to the business realignment was previously announced on March 25, 2019. Pursuant to an amendment to the share subscription agreement between Yirendai and CreditEase, the consideration for the business realignment transactions was adjusted to a combination of 61,981,412 ordinary shares of Yirendai and a total of RMB2,889.0 million cash. At the closing, Yirendai issued 61,981,412 ordinary shares and paid RMB230.0 million cash to CreditEase, with the remainder of the cash consideration to be paid by installments in an 18-month period after closing with each payment contingent upon the acquired business achieving certain pre-agreed performance targets. Mr. Ning Tang, the executive chairman of Yirendai and the founder, chairman and Chief Executive Officer of CreditEase, has assumed the Chief Executive Officer role of Yirendai upon the closing of the transactions.

“Today, we are very pleased to announce the successful closing of our business realignment between Yirendai and CreditEase, and I have assumed the CEO role of the combined businesses and working along with our new management team to lead the business forward,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yirendai. “The businesses Yirendai assumed from CreditEase dovetail nicely with our existing operation and provided a strong foundation as we start our new strategic business transformation. The combined credit business will become one of the largest creditech platforms in China that provide a full suite of online/offline multichannel lending products and services. In addition, leveraging our large base of affluent investors, we believe we are well-positioned to build our Yiren Wealth Management business – a one-stop asset allocation-based digital wealth management solution for affluent investors. Along with our new and experienced management team, we look forward to building a leading tech-enabled integrated financial services platform that provides both wealth management and consumer credit services. We believe we are well positioned to capture the significant synergies presented by this business realignment and deliver long-term operating performance and shareholder value as we grow our business. In addition, as part of our strategic expansion, I am also excited to announce that we have signed a preliminary Memorandum of Understanding for the acquisition of a leading supply chain financing platform, DaoKouDai Technology Ltd based in Beijing, which will bring a strong team of experts to help us better serve small and medium enterprises. As part of our business realignment and strategic transformation, we will be operating under a new brand of Yiren Digital. Lastly, I would like to provide my sincere appreciation for the efforts and achievement Yihan Fang has contributed to the Company, and we wish her success in all future endeavors.”

Upon the consummation of the business realignment with CreditEase, the Company will be operating under a new brand of Yiren Digital and will have two main business––Yiren Credit and Yiren Wealth. In addition, the Company’s interim financial statements and operating data for the quarter ended March 31, 2019 reflect the businesses Yirendai assumed from CreditEase. Prior period financials have also been recasted to reflect the acquisition under common control. The valuation of the contingent consideration is preliminary and is subject to change.

First Quarter 2019 Operational Highlights
Wealth Management—Yiren Wealth

  • Cumulative number of investors served reached 2,159,490 as of March 31, 2019, representing an increase of 16% from 1,865,675 March 31, 2018.
     
  • Number of active investors in the first quarter of 2019 was 768,514, representing a decrease of 17% from 931,346 in the first quarter of 2018.
     
  • Total AUM for Yiren Wealth was RMB 47,257.2 million (US$7,041.5 million) as of March 31, 2019, representing a decrease of 4% from RMB 49,212.9 million as of March 31, 2018. Average AUM per investor reached RMB 141,406 (US$20,070) as of March 31, 2019, representing an increase of 12% from RMB 126,526 as of March 31, 2018.
     
  • AUM of non-P2P products amounted to RMB 457.7 million (US$68.2 million) in the first quarter of 2019, representing an increase of 8% from RMB 423.2 million in the first quarter of 2018. Non-p2p products include money market funds, mutual funds and insurance.

Consumer Credit—Yiren Credit

  • Total loan originations in the first quarter of 2019 reached RMB 10.9 billion (US$1.6 billion), representing a decrease of 45% from RMB 19.8 billion in the first quarter of 2018.
     
  • Cumulative number of borrowers served reached 4,404,812, representing an increase of 15% from 3,824,341 in the first quarter of 2018.
     
  • Number of borrowers in the first quarter of 2019 was 149,715, representing a decrease of 48% from 287,166 in the first quarter of 2018.
     
  • The percentage of loan volume generated by repeat borrowers was 38.8% in the first quarter of 2019.
     
  • Total outstanding principal balance of loans reached RMB 63,213.8 million (US$9,419.2 million) as of March 31, 2019, representing a decrease of 16% from RMB 75,271.5 million March 31, 2018.

“Last quarter we accomplished a milestone to prepare Yirendai for the next growth phase and strategic transformation,” said Mr. Dennis Cong, Chief Financial Officer of Yirendai. “With a more diverse and scalable mix of credit and wealth management service platforms as a result of our business realignment with CreditEase, and a more streamlined internal operation and organization, we are starting the rest of 2019 in a stronger position to serve the needs of our customers and drive our future growth. The first quarter of 2019 was a quarter of integration, adjustment, and investment for the company. To ensure better risk management of our platforms, we have taken a more conservative business growth strategy while made strong efforts to optimize our internal resources and operational efficiencies by integrating and consolidating various business functions that will help us to grow our business more effectively in the future. Building on that and with a more constructive regulatory environment of China’s P2P lending industry, we are getting ready to start our new growth phase for our consumer credit business and strategic transformation of our online wealth management businesses going forward. To support our business growth, we have entered into two strategic transactions in the second quarter of 2019 including first, a JV with ZBO Fintech as well as an acquisition of a Hong-Kong based private company that holds Type 1(Dealing in Securities) and Type 2(Dealing in Futures Contract) Licenses under regulations of Hong Kong Securities and Futures Commission to provide better service to our customers.”

First Quarter 2019 Financial Results

Total amount of loans facilitated in the first quarter of 2019 was RMB 10,934.9 million (US$1,629.4 million), compared to RMB 19,771 million in the same period last year. As of March 31, 2019, the total outstanding principal amount of the performing loans was RMB 63.2 billion (US$9.4 billion), decreased by 8% from RMB 68.3 billion as of December 31, 2018. 

Total net revenue in the first quarter of 2019 was RMB 1,980.4 million (US$295.1 million), compared to RMB 3,764.7 million in the same period last year. Revenue from Yiren Credit reached RMB 1,459.0 million (US$217.4 million), representing a decrease of 56% from RMB 3,341.7 million in the first quarter of 2018. Revenue from Yiren Wealth reached RMB 521.4 million (US$77.7 million), representing an increase of 23% from RMB 423.0 million in the first quarter of 2018.

Sales and marketing expenses in the first quarter of 2019 were RMB 1,127.9 million (US$168.1 million), compared to RMB 2,156.0 million in the same period last year. Sales and marketing expenses in the first quarter of 2019 accounted for 10.3% of the total amount of loans facilitated, as compared to 10.9% in the same period last year due to increased marketing efficiencies.

Origination and servicing costs in the first quarter of 2019 were RMB 172.1 million (US$25.6 million), compared to RMB 264.6 million in the same period last year. Origination and servicing costs in the first quarter of 2019 accounted for 1.6% of the total amount of loans facilitated, compared to 1.3% in the same period last year mainly due to increased collection efforts and a decline in loan origination volume.

General and administrative expenses in the first quarter of 2019 were RMB 257.7 million (US$38.4 million), compared to RMB 522.1 million in the same period last year. General and administrative expenses in the first quarter of 2019 accounted for 13.0% of the total net revenue, compared to 13.9% in the same period last year mainly due to a decline in loan originations.

Allowance for contract assets in the first quarter of 2019 were RMB 191.1 million (US$28.5 million), compared to RMB 235.0 million in the same period last year. The decrease was mainly attributable to changes in future collectability estimates as well as decreased loan origination volume.

Income tax expense in the first quarter of 2019 was RMB 76.5 million (US$11.4 million).

Net income in the first quarter of 2019 was RMB 369.1 million (US$55.0 million), compared to RMB 535.9 million in the same period last year. 

Adjusted EBITDA (non-GAAP) in the first quarter of 2019 was RMB 397.3 million (US$59.2 million), compared to RMB 648.9 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the first quarter of 2019 was 20.1%, compared to 17.2% in the same period last year.

__________________
1 Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total net revenue.

Basic income per ADS in the first quarter of 2019 was RMB 3.99 (US$0.59), compared to RMB 5.85 in the same period last year. During 2019 the target business of Ocean was transferred to Yirendai in an internal reorganization under common control. Contemporaneously with this transaction, 30,990,706 shares were issued by Yirendai to affiliate entities. For purposes of calculating earnings per share, weighted average shares prior to the reorganization have been retroactively adjusted to give effect to the reorganization for all historical periods presented in the successor financial statements.

Diluted income per ADS in the first quarter of 2019 was RMB 3.96 (US$0.59), compared to RMB 5.77 in the same period last year.

Net cash used in operating activities in the first quarter of 2019 was RMB 658.3 million (US$98.1 million), compared to net cash used in operating activities of RMB 817.0 million in the same period last year.

As of March 31, 2019, cash and cash equivalents was RMB 2,519.0 million (US$375.3 million), compared to RMB 2,605.9 million as of December 31, 2018. As of March 31, 2019, the balance of held-to-maturity investments was RMB 312.8 million (US$46.6 million), compared to RMB329.6 million as of December 31, 2018. As of March 31, 2019, the balance of available-for-sale investments was RMB 1,187.6 million (US$177.0 million), compared to RMB835.6 million as of December 31, 2018.

Delinquency rates. As of March 31, 2019, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 0.9%, 1.9%, and 1.7%, compared to 1.0%, 1.8% and 1.7% as of December 31, 2018. The increase in delinquency rates was partially due to the slower growth in loan volumes and volatile credit performance of the loans.

Cumulative M3+ net charge-off rates. As of March 31, 2019, the cumulative M3+ net charge-off rate for loans originated in 2016 was 9.0%. As of March 31, 2019, the cumulative M3+ net charge-off rate for loans originated in 2017 was 12.7%. As of March 31, 2019, the cumulative M3+ net charge-off rate for loans originated in 2018 was 5.9%.

Recent Developments
Strategic Transactions
In July 2019, Yirendai signed a preliminary Memorandum of Understanding for the acquisition of a leading supply chain financing platform, DaoKouDai Technology Ltd which is based in Beijing.

In May 2019, Yirendai and ZBO Fintech established a joint venture to provide creditech solutions to ZBO Fintech as well as various financial institutions. ZBO Fintech is a B2B2C auto financing company incubated by PICC Financial Services Company Ltd. Yirendai and CreditEase Fintech Investment Fund are both shareholders of ZBO Fintech.

In July 2019, Yirendai signed a definitive agreement to acquire a private company incorporated in Hong Kong. The target company has a license to engage in Type 1 and Type 2 regulated activities under the rules and regulations of the Hong Kong Securities and Futures Commission.

Institutional Funding Update
As of July 10, 2019, the Company had secured funding in a total amount of RMB19 billion from four commercial banks in China.

Increase in Registered Capital
In preparation for the upcoming P2P registration and to lay a solid foundation for the future growth, the Company is in the process of increasing its registered capital by RMB500 million effective July 2019.

Management Change
Mr. Ning Tang has assumed the position of the Chief Executive Officer of the Company, while he will continue to serve as the chairman of the board of directors and the Chief Executive Officer of CreditEase.

Ms. Yihan Fang has resigned from her position as Chief Executive Officer of the Company and Yiren Wealth, a business division of the Company, for personal reasons.

Dr. Yichuan Pei has resigned from his position as Chief Risk Officer of the Company for personal reasons.

Mr. Huan Chen, our Board of Director, will assume the position of Chief Risk Officer of the Company, while he will continue to serve as Chief Strategy Officer at CreditEase.

Ms. Wei Wang will assume the role of Chief Executive Officer of Yiren Credit.

Ms. Xiao Shang will assume the role of Chief Executive Officer of Yiren Wealth, while she will continue to serve as a senior vice president at CreditEase Wealth Management.  

Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.

Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 6.7112 to US$1.00, the effective noon buying rate on March 29, 2019, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call
Yirendai's management will host an earnings conference call at 8:00 p.m. Eastern Time on July 10, 2019, (or 8:00 a.m. Beijing/Hong Kong Time on July 11, 2019).

Dial-in details for the earnings conference call are as follows:

International: +65 6713-5091
U.S. Toll-Free: +1 866-519-4004
Hong Kong Toll-Free: 800-906-601
China Toll-Free: 400-620-8038
Conference ID: 4659887

A replay of the conference call may be accessed by phone at the following numbers until July 18, 2019:

International: +61 2-8199-0299
U.S. Toll-Free: +1 646-254-3697
Replay Access Code: 5810

Additionally, a live and archived webcast of the conference call will be available at ir.Yirendai.com.

Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yirendai’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yirendai’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yirendai’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yirendai’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yirendai does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading fintech company in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai’s marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit ir.Yirendai.com.

For investor and media inquiries, please contact:
Yirendai
Investor Relations
Email: ir@Yirendai.com


                       
  Unaudited Condensed Consolidated Statements of Operations    
   (in thousands, except for share, per share and per ADS data, and percentages)    
    For the Three Months Ended      For the Year
Ended
 
   
    March 31,
2018
  March 31,
2019
  March 31,
2019
    December 31,
2018
   
    RMB   RMB   USD     RMB    
  Net revenue:                    
  Loan facilitation services 2,997,463     1,055,046     157,207       7,309,403      
  Post-origination services 281,118     296,279     44,147       1,601,424      
  Account management services 361,742     488,340     72,765       1,806,732      
  Others 124,348     140,743     20,971       526,560      
  Total net revenue 3,764,671     1,980,408     295,090       11,244,119      
  Operating costs and expenses:                    
  Sales and marketing 2,155,962     1,127,945     168,069       6,658,270      
  Origination and servicing 264,613     172,123     25,647       1,061,289      
  General and administrative 522,091     257,705     38,399       1,755,655      
  Allowance for contract assets 235,014     191,105     28,476       992,592      
  Total operating costs and expenses 3,177,680     1,748,878     260,591       10,467,806      
  Gain on disposal of loan receivable and other beneficial rights -     84,511     12,592       655,884      
  Interest income, net 28,269     95,569     14,240       81,899      
  Fair value adjustments related to Consolidated ABFE 7,071     34,998     5,215       243,122      
  Non-operating (expenses)/ income, net (576 )   4,614     688       26,323      
  Income before provision for income taxes 621,755     451,222     67,234       1,783,541      
  Share of results of equity investees (2,324 )   (5,603 )   (835 )     (9,295 )    
  Income tax expense 83,578     76,534     11,404       194,287      
  Net income 535,853     369,085     54,995       1,579,959      
                       
  Weighted average number of ordinary shares outstanding, basic 183,349,505     185,126,457     185,126,457       184,225,643      
  Basic income per share 2.9226     1.9937     0.2971       8.5762      
  Basic income per ADS 5.8452     3.9874     0.5942       17.1524      
                       
  Weighted average number of ordinary shares outstanding, diluted 185,754,475     186,578,885     186,578,885       186,270,515      
  Diluted income per share 2.8847     1.9782     0.2948       8.4821      
  Diluted income per ADS 5.7694     3.9564     0.5896       16.9642      
                       
  Unaudited Condensed Consolidated Cash Flow Data                    
  Net cash used in operating activities (817,030 )   (658,306 )   (98,090 )     (3,959,107 )    
  Net cash (used in)/ provided by investing activities (262,560 )   (225,931 )   (33,665 )     3,302,148      
  Net cash provided by/ (used in) financing activities 236,574     469,889     70,016       (793,472 )    
  Effect of foreign exchange rate changes (10,976 )   (2,196 )   (327 )     3,631      
  Net decrease in cash, cash equivalents and restricted cash (853,992 )   (416,544 )   (62,066 )     (1,446,800 )    
  Cash, cash equivalents and restricted cash, beginning of period 4,480,272     3,033,472     452,001       4,480,272      
  Cash, cash equivalents and restricted cash, end of period 3,626,280     2,616,928     389,935       3,033,472      
                       

 

  Unaudited Condensed Consolidated Balance Sheets  
   (in thousands)  
    As of  
    December 31,
 2018
  March 31,
2019
  March 31,
2019
 
    RMB   RMB   USD  
               
  Cash and cash equivalents 2,605,926     2,519,040     375,349    
  Restricted cash 427,546     97,888     14,586    
  Accounts receivable 40,310     70,281     10,472    
  Contract assets, net 3,909,263     3,431,014     511,237    
  Contract cost 145,460     143,323     21,356    
  Prepaid expenses and other assets 2,552,319     1,192,574     177,699    
  Loans at fair value 1,375,221     851,406     126,863    
  Amounts due from related parties 1,357,305     270,626     40,325    
  Held-to-maturity investments 329,597     312,768     46,604    
  Available-for-sale investments 835,565     1,187,588     176,956    
  Long term investments 194,121     143,864     21,436    
  Property, equipment and software, net 266,002     239,822     35,735    
  Deferred tax assets 184,136     156,322     23,293    
  Right-of-use assets     389,299     58,007    
Total assets 14,222,771     11,005,815     1,639,918    
  Accounts payable 307,046     53,667     7,997    
  Amounts due to related parties 8,246,300     258,038     38,449    
  Liabilities from quality assurance program and guarantee 9,950     8,384     1,249    
  Deferred revenue 569,469     459,806     68,513    
  Payable to investors at fair value 626,207     7,386     1,101    
  Accrued expenses and other liabilities 2,193,575     2,154,914     321,092    
  Refund liability 2,145,748     2,137,835     318,546    
  Deferred tax liabilities 486,773     417,629     62,229    
  Lease liabilities     348,176     51,880    
  Contingent consideration     2,626,734     391,396    
Total liabilities 14,585,068     8,472,569     1,262,452    
  Ordinary shares 77     77     11    
  Shares to be issued     2,754,444     410,425    
  Additional paid-in capital 1,293,968     1,080,395     160,984    
  Treasury stock (254 )   (5,694 )   (848 )  
  Accumulated other comprehensive income 16,390     13,160     1,961    
  Accumulated deficit (1,672,478 )   (1,309,136 )   (195,067 )  
Total (deficit)/ equity (362,297 )   2,533,246     377,466    
Total liabilities and equity 14,222,771     11,005,815     1,639,918    
               

 

                     
  Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures  
  (in thousands, except for number of  borrowers, number of investors and percentages)  
    For the Three Months Ended      For the Year
Ended
 
    March 31,
2018
  March 31,
2019
  March 31,
2019
    December 31,
 2018
 
    RMB   RMB   USD     RMB  
  Operating Highlights                  
  Amount of investment 18,027,655     11,435,588     1,703,956       70,667,346    
  AUM of investment 72,733,920     67,251,285     10,020,754       71,091,980    
  Number of investors 331,519     200,780     200,780       745,799    
  Amount of loans facilitated 19,771,068     10,934,923     1,629,354       63,303,236    
  Number of borrowers 287,166     149,715     149,715       922,593    
  Remaining principal of performing loans 75,271,466     63,213,843     9,419,156       68,345,361    
                     
  Segment Information                  
  Wealth management:                  
  Revenue 422,990     521,434     77,696       2,021,747    
  Sales and marketing expenses 698,933     143,904     21,442       1,242,439    
                     
  Consumer credit:                  
  Revenue 3,341,681     1,458,974     217,394       9,222,372    
  Sales and marketing expenses 1,457,029     984,041     146,627       5,415,831    
                     
  Reconciliation of EBITDA                  
  Net income 535,853     369,085     54,995       1,579,959    
  Interest income, net (28,269 )   (95,569 )   (14,240 )     (81,899 )  
  Income tax expense 83,578     76,534     11,404       194,287    
  Depreciation and amortization 38,253     32,502     4,843       147,992    
  Share-based compensation 19,533     14,699     2,190       119,998    
  Adjusted EBITDA 648,948     397,251     59,192       1,960,337    
  Adjusted EBITDA margin 17.2 %   20.1 %   20.1 %     17.4 %  

 

Delinquency Rates  
    Delinquent for  
    15-29 days   30-59 days   60-89 days  
All Loans              
December 31, 2014              
December 31, 2015   0.7 %   1.2 %   1.0 %  
December 31, 2016   0.6 %   0.9 %   0.8 %  
December 31, 2017   0.8 %   1.0 %   0.8 %  
December 31, 2018   1.0 %   1.8 %   1.7 %  
March 31, 2019   0.9 %   1.9 %   1.7 %  

 

  Net Charge-Off Rate for Upgraded Risk Grid  
  Loan
issued
period
  Customer
grade
  Amount of loans
facilitated

during the period
  Accumulated M3+ Net
Charge-Off

as of March 31, 2019
  Total Net Charge-Off
Rate

as of March 31, 2019
 
          (in RMB thousands)   (in RMB thousands)      
  2015   I   4,894,936   204,034   4.2 %  
      II   17,502,449   779,071   4.5 %  
      III   11,272,838   716,717   6.4 %  
      IV   11,283,656   1,365,938   12.1 %  
      V   11,199,563   1,734,289   15.5 %  
      Total   56,153,444   4,800,049   8.5 %  
  2016   I   5,858,473   229,860   3.9 %  
      II   12,781,372   514,171   4.0 %  
      III   9,951,614   711,424   7.1 %  
      IV   8,652,543   891,251   10.3 %  
      V   16,981,990   2,539,120   15.0 %  
      Total   54,225,993   4,885,827   9.0 %  
  2017   I   11,223,886   604,798   5.4 %  
      II   12,270,230   1,201,390   9.8 %  
      III   13,837,922   1,804,614   13.0 %  
      IV   13,663,558   1,975,100   14.5 %  
      V   19,680,365   3,400,179   17.3 %  
      Total   70,675,961   8,986,081   12.7 %  
  2018   I   9,604,220   251,825   2.6 %  
      II   14,656,703   610,073   4.2 %  
      III   13,903,094   756,058   5.4 %  
      IV   13,812,989   1,021,518   7.4 %  
      V   11,326,230   1,085,458   9.6 %  
      Total   63,303,236   3,724,932   5.9 %  
                     

 

  M3+ Net Charge-Off Rate  
  Loan
issued
period
  Month on Book  
      4   7   10   13   16   19   22   25   28   31   34    
  2015Q1   0.8 % 2.2 % 3.7 % 5.1 % 6.2 % 7.0 % 7.5 % 7.9 % 8.1 % 8.1 % 8.2 %  
  2015Q2   0.8 % 2.4 % 4.0 % 5.4 % 6.6 % 7.5 % 8.2 % 8.5 % 8.7 % 8.8 % 8.9 %  
  2015Q3   0.4 % 1.6 % 3.2 % 4.5 % 5.6 % 6.5 % 7.1 % 7.5 % 7.8 % 8.1 % 8.3 %  
  2015Q4   0.4 % 1.6 % 3.1 % 4.4 % 5.5 % 6.3 % 6.9 % 7.4 % 7.8 % 8.2 % 8.5 %  
  2016Q1   0.3 % 1.3 % 2.5 % 3.6 % 4.5 % 5.2 % 5.8 % 6.4 % 7.0 % 7.3 % 7.6 %  
  2016Q2   0.4 % 1.7 % 3.1 % 4.3 % 5.2 % 6.0 % 6.8 % 7.6 % 8.1 % 8.4 %    
  2016Q3   0.3 % 1.6 % 3.0 % 4.2 % 5.4 % 6.6 % 7.8 % 8.6 % 9.1 %      
  2016Q4   0.2 % 1.5 % 2.9 % 4.3 % 5.9 % 7.4 % 8.4 % 9.2 %        
  2017Q1   0.3 % 1.5 % 3.2 % 5.1 % 7.1 % 8.5 % 9.7 %          
  2017Q2   1.1 % 2.9 % 5.6 % 8.3 % 10.2 % 11.9 %            
  2017Q3   0.3 % 2.9 % 6.3 % 9.0 % 11.4 %              
  2017Q4   0.5 % 3.8 % 7.2 % 10.4 %                
  2018Q1   0.4 % 3.0 % 6.5 %                  
  2018Q2   0.5 % 3.6 %                    
  2018Q3   0.3 %                      
                             



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