Yirendai Reports Second Quarter 2019 Financial Results

Yirendai Ltd. (NYSE: YRD) (“Yirendai” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Operational HighlightsWealth Management—Yiren Wealth

• Cumulative number of investors served reached 2,185,513, representing an increase of 1% from 2,159,490 in the first quarter of 2019 and compared to 1,974,984 in the second quarter of 2018. 
• Number of active investors in the second quarter of 2019 was 671,957, representing a decrease of 13% from 768,514 in the first quarter of 2019 and compared to 928,251 in the second quarter of 2018.  
• Total assets under management (“AUM”) for Yiren Wealth was RMB 43,604.2 million (US$ 6,351.7 million) as of June 30, 2019, representing a decrease of 7% from RMB 46,663.1 million as of March 31, 2019. Average AUM per investor reached RMB 149,480 (US$ 21,774) as of June 30, 2019, representing an increase of 7% from RMB 139,473 as of March 31, 2019.  
• AUM of non-P2P products amounted to RMB 354.3 million (US$ 51.6 million) in the second quarter of 2019, representing a decrease of 23% from RMB 457.7 million in the first quarter of 2019 and compared to RMB 951.0 million in the second quarter of 2018. Non-P2P products include money market funds, mutual funds and insurance.

Consumer Credit—Yiren Credit

• Total loan originations in the second quarter of 2019 reached RMB 9.7 billion (US$1.4 billion), representing a decrease of 12% from RMB 10.9 billion in the first quarter of 2019 and compared to RMB 18.2 billion in the second quarter of 2018. 
• Cumulative number of borrowers served reached 4,491,466, representing an increase of 2% from 4,404,812 in the first quarter of 2019 and compared to 4,027,254 in the second quarter of 2018. 
• Number of borrowers in the second quarter of 2019 was 135,246, representing a decrease of 10% from 149,715 in the first quarter of 2019 and compared to 267,628 in the second quarter of 2018. 
• The percentage of loan volume generated by repeat borrowers was 35.9% in the second quarter of 2019.  
• 52.5% of loan originations were generated online in the second quarter of 2019. 
• Remaining principal of performing loans reached RMB 58,071.3 million (US$8,459.0 million) as of June 30, 2019, representing a decrease of 8% from RMB 63,213.8 million as of March 31, 2019.

“We achieved another solid quarter of operation in both credit and wealth management business, in particular we gained strong momentum in working with our bank partners to diversify our funding source,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yirendai. “We are seeing strong demand from bank and institutional partners for our stable consumer loan assets, which demonstrated our industry leadership position and strong asset sourcing capabilities leveraging our online/offline network. Our technology enabling solution further strengthen our partnership with banks, we have successfully deployed our turn-key online lending solution to the Bank of Ningxia, which marks the first milestone of our fintech solution for financial institutions. On wealth management, as part of our business transition to an asset-allocation based online wealth management platform, Yiren Wealth launched a new brand and rolled out several new products including bank savings, insurance and target risk funds on our wealth management platforms. We also released the first asset allocation guide targeted at China’s mass affluent population. In the second half of 2019, we will continue to focus on diversifying our wealth management product portfolio, acquiring key talent as well as streamlining our operations to better serve our investors. On the regulation front, we have increased our registered capital to RMB 1 billion, to prepare ourselves for the potential upcoming regulatory trial program.”

“On credit performance and risk management, we saw slight volatilities in early delinquencies this quarter as a result of industry conditions and a declining loan balance,” said Mr. Huan Chen, Board of Director and Chief Risk Officer of Yirendai. “To improve our overall risk levels, we have been actively optimizing our product portfolio to reduce risk exposure and enhancing our risk data set to lower borrowers' over-indebteness risk. Our integration with institutional bank funding could provide further risk performance improvement as we connect to PBOC credit system directly.”

“This quarter, we continue to maintain stable loan originations volume as we prioritize risk management and quality of asset growth,” said Mr. Dennis Cong, Senior V.P. of Yirendai. “Diversifying our funding source continues to be a top priority this year and we are pleased to announce that we have obtained close to RMB 30 billion line of credit from our institutional funding partners, thus we expect a significant portion of our new loan origination volume to be from institutional funding towards the end of 2019. This quarter, we maintained a healthy operating efficiency and profitability despite low business volume, our balance sheet remained strong with approximately RMB 3.1 billion of cash and short-term liquidity.”

Second Quarter 2019 Financial Results

Total amount of loans facilitated in the second quarter of 2019 was RMB 9,673.8 million (US$1,409.2 million), compared to RMB 18,180.3 million in the same period last year. As of June 30, 2019, the total outstanding principal amount of the performing loans was RMB 58.1 billion (US$8.5 billion), decreased by 8% from RMB 63.2 billion as of March 31, 2019. 

Total net revenue in the second quarter of 2019 was RMB 2,216.6 million (US$322.9 million), compared to RMB 2,987.3 million in the same period last year. Revenue from Yiren Credit reached RMB 1,624.3 million (US$236.6 million), representing a decrease of 34% from RMB 2,455.7 million in the second quarter of 2018. Revenue from Yiren Wealth reached RMB 592.4 million (US$86.3 million), representing an increase of 11% from RMB 531.6 million in the second quarter of 2018.

Sales and marketing expenses in the second quarter of 2019 were RMB 1,208.6 million (US$176.1 million), compared to RMB 1,816.0 million in the same period last year. Sales and marketing expenses in the second quarter of 2019 accounted for 12.5% of the total amount of loans facilitated, as compared to 10.0% in the same period last year mainly due to a decrease in the amount of loans facilitated.  

Origination and servicing costs in the second quarter of 2019 were RMB 162.9 million (US$23.7 million), compared to RMB 307.5 million in the same period last year. Origination and servicing costs in the second quarter of 2019 accounted for 1.7% of the total amount of loans facilitated, compared to 1.7% in the same period last year.

General and administrative expenses in the second quarter of 2019 were RMB 175.5 million (US$25.6 million), compared to RMB 504.2 million in the same period last year. General and administrative expenses in the second quarter of 2019 accounted for 7.9% of the total net revenue, compared to 16.9% in the same period last year mainly due to an expense of RMB 200.0 million related to the quality assurance program in the second quarter of 2018.

Allowance for contract assets and receivables in the second quarter of 2019 were RMB 500.9 million (US$73.0 million), compared to RMB 275.7 million in the same period last year. The increase was mainly attributable to changes in future collectability estimates.

Income tax expense in the second quarter of 2019 was RMB 61.9 million (US$9.0 million).

Net income in the second quarter of 2019 was RMB 154.5 million (US$22.5 million), compared to RMB 193.8 million in the same period last year. 

Adjusted EBITDA (non-GAAP) in the second quarter of 2019 was RMB 239.9 million (US$35.0 million), compared to RMB 272.3 million in the same period last year. Adjusted EBITDA margin1 (non-GAAP) in the second quarter of 2019 was 10.8%, compared to 9.1% in the same period last year.

Basic income per ADS in the second quarter of 2019 was RMB 1.67 (US$0.24), compared to RMB 2.11 in the same period last year.

Diluted income per ADS in the second quarter of 2019 was RMB 1.66 (US$0.24), compared to RMB 2.09 in the same period last year.

Net cash used in operating activities in the second quarter of 2019 was RMB 331.8 million (US$48.3 million), compared to net cash used of RMB 1,905.3 million in the same period last year.

As of June 30, 2019, cash and cash equivalents was RMB 2,706.5 million (US$394.3 million), compared to RMB 2,519.4 million as of March 31, 2019. As of June 30, 2019, the balance of held-to-maturity investments was RMB 9.5 million (US$1.4 million), compared to RMB 312.8 million as of March 31, 2019. As of June 30, 2019, the balance of available-for-sale investments was RMB 387.5 million (US$56.4 million), compared to RMB 1,187.6 million as of March 31, 2019.

Delinquency rates. As of June 30, 2019, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.1%, 1.8%, and 1.9%, respectively compared to 0.9%, 1.9%, and 1.7% as of March 31, 2019. The overall increase in delinquency rates was mainly due to the slower growth in loan volumes and volatile credit performance of the loans.

Cumulative M3+ net charge-off rates. As of June 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2016 was 9.2%, compared to 9.0% as of March 31, 2019. As of June 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2017 was 14.0%, compared to 12.7% as of March 31, 2019. As of June 30, 2019, the cumulative M3+ net charge-off rate for loans originated in 2018 was 8.7%, compared to 5.9% as of March 31, 2019. 

Management ChangeEffective September 4, 2019, Mr. Dennis Cong, Co-CFO of Yirendai, will assume the role of Senior Vice President of Corporate Business Development and continue his responsibilities of new business development, capital markets and strategic planning. Ms. Jia Liu, Co-CFO of Yirendai will become the sole CFO of the Company.

Non-GAAP Financial MeasuresIn 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 ConversionThis 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 6.865 to US$1.00, the effective noon buying rate on June 28, 2019, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference CallYirendai's management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on September 3, 2019, (or 8:00 a.m. Beijing/Hong Kong Time on September 4, 2019).

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

International:	[phone]
U.S. Toll Free:	[phone]
Hong Kong Toll Free:	800-906-601
China Toll Free:	400-620-8038
Conference ID:	4045996

A replay of the conference call may be accessed by phone at the following numbers until September 10, 2019:

International:	[phone]
U.S. Toll Free:	[phone]
Replay Access Code:	4045996

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

Safe Harbor StatementThis 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: YirendaiInvestor RelationsEmail: [e-mail]

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

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 Six Months Ended
	June 30, 2018			March 31, 2019		June 30, 2019			June 30, 2019				June 30, 2018			June 30, 2019			June 30, 2019
	RMB (Recast*)			RMB (Recast*)			RMB			USD				RMB (Recast*)			RMB			USD
Net revenue:
Loan facilitation services	2,054,278			1,055,046			1,237,718			180,295				5,051,741			2,292,764			333,979
Post-origination services	303,757			296,279			241,321			35,152				584,875			537,600			78,310
Account management services	431,803			488,340			549,024			79,974				793,545			1,037,364			151,109
Others	197,445			140,743			188,577			27,469				321,794			329,320			47,971
Total net revenue	2,987,283			1,980,408			2,216,640			322,890				6,751,955			4,197,048			611,369
Operating costs and expenses:
Sales and marketing	1,816,005			1,127,945			1,208,647			176,059				3,971,967			2,336,592			340,363
Origination and servicing	307,524			172,123			162,945			23,736				572,137			335,068			48,808
General and administrative	504,175			257,707			175,534			25,569				1,026,279			433,241			63,109
Allowance for contract assets and receivables	275,706			191,104			500,861			72,959				510,707			691,965			100,796
Total operating costs and expenses	2,903,410			1,748,879			2,047,987			298,323				6,081,090			3,796,866			553,076
Other income/(expenses):
Interest income, net	21,314			23,875			25,213			3,673				49,648			49,088			7,150
Fair value adjustments related to Consolidated ABFE	140,549			34,998			5,787			843				147,620			40,785			5,941
Others, net	(6,347	)		160,223			17,480			2,546				(6,923	)		177,703			25,886
Total other income	155,516			219,096			48,480			7,062				190,345			267,576			38,977
Income before provision for income taxes	239,389			450,625			217,133			31,629				861,210			667,758			97,270
Share of results of equity investees	(2,705	)		(4,957	)		(816	)		(119	)			(5,029	)		(5,773	)		(841	)
Income tax expense	42,916			76,534			61,856			9,010				126,495			138,390			20,159
Net income	193,768			369,134			154,461			22,500				729,686			523,595			76,270
Weighted average number of ordinary shares outstanding, basic	183,410,702			185,126,457			184,608,337			184,608,337				183,378,858			184,865,964			184,865,964
Basic income per share	1.0565			1.9940			0.8367			0.1219				3.9791			2.8323			0.4126
Basic income per ADS	2.1130			3.9880			1.6734			0.2438				7.9582			5.6646			0.8252
Weighted average number of ordinary shares outstanding, diluted	185,638,122			186,578,885			186,667,233			186,667,233				185,695,053			186,621,626			186,621,626
Diluted income per share	1.0438			1.9784			0.8275			0.1205				3.9295			2.8057			0.4087
Diluted income per ADS	2.0876			3.9568			1.6550			0.2410				7.8590			5.6114			0.8174
Unaudited Condensed Consolidated Cash Flow Data
Net cash used in operating activities	(1,905,334	)		(658,435	)		(331,829	)		(48,336	)			(2,722,370	)		(990,264	)		(144,248	)
Net cash provided by/ (used in) investing activities	469,124			(249,931	)		609,077			88,722				206,564			359,146			52,316
Net cash (used in)/provided by financing activities	(201,584	)		493,389			(73,385	)		(10,690	)			34,990			420,004			61,180
Effect of foreign exchange rate changes	8,117			(2,196	)		1,532			223				(2,859	)		(664	)		(97	)
Net (decrease)/ increase in cash, cash equivalents and restricted cash	(1,629,677	)		(417,173	)		205,395			29,919				(2,483,675	)		(211,778	)		(30,849	)
Cash, cash equivalents and restricted cash, beginning of period	3,626,324			3,034,484			2,617,311			381,254				4,480,322			3,034,484			442,022
Cash, cash equivalents and restricted cash, end of period	1,996,647			2,617,311			2,822,706			411,173				1,996,647			2,822,706			411,173

 

Unaudited Condensed Consolidated Balance Sheets
(in thousands)
		As of
		December 31,  2018			March 31, 2019			June 30, 2019			June 30, 2019
		RMB (Recast*)			RMB (Recast*)			RMB			USD
Cash and cash equivalents		2,606,939			2,519,423			2,706,530			394,250
Restricted cash		427,546			97,888			116,176			16,923
Accounts receivable		40,326			70,297			27,212			3,963
Contract assets, net		3,909,263			3,431,014			2,958,476			430,951
Contract cost		145,460			143,323			141,480			20,609
Prepaid expenses and other assets		2,552,319			1,221,074			1,142,757			166,460
Loans at fair value		1,375,221			851,406			677,354			98,668
Financing receivables		-			-			25,175			3,667
Amounts due from related parties		1,361,805			270,626			1,791,515			260,964
Held-to-maturity investments		329,597			312,768			9,542			1,390
Available-for-sale investments		835,565			1,187,588			387,519			56,449
Long term investments		217,636			167,428			143,047			20,837
Property, equipment and software, net		266,002			239,822			230,078			33,515
Deferred tax assets		184,136			156,322			149,269			21,744
Right-of-use assets		-			389,299			398,154			57,998
Total assets		14,251,815			11,058,278			10,904,284			1,588,388
Accounts payable		307,046			53,667			54,158			7,889
Amounts due to related parties		8,276,459			310,592			169,189			24,646
Liabilities from quality assurance program and guarantee		9,950			8,384			6,539			953
Deferred revenue		569,469			459,806			390,621			56,900
Payable to investors at fair value		626,207			7,386			-			-
Accrued expenses and other liabilities		2,193,576			2,154,786			2,265,288			329,976
Refund liability		2,145,748			2,137,835			2,039,998			297,159
Deferred tax liabilities		486,773			417,629			329,347			47,975
Lease liabilities		-			348,176			341,364			49,725
Contingent consideration		-			2,626,734			2,626,734			382,627
Total liabilities		14,615,228			8,524,995			8,223,238			1,197,850
Ordinary shares		77			77			77			11
Shares to be issued		-			2,754,444			2,754,444			401,230
Additional paid-in capital		1,293,968			1,081,499			1,106,153			161,129
Treasury stock		(254	)		(5,694	)		(37,097	)		(5,404	)
Accumulated other comprehensive income		16,390			13,160			18,367			2,676
Accumulated deficit		(1,673,594	)		(1,310,203	)		(1,160,898	)		(169,104	)
Total (deficit)/ equity		(363,413	)		2,533,283			2,681,046			390,538
Total liabilities and equity		14,251,815			11,058,278			10,904,284			1,588,388

 

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 Six Months Ended
		June 30, 2018			March 31, 2019			June 30, 2019			June 30, 2019				June 30, 2018			June 30, 2019			June 30, 2019
		RMB (Recast*)			RMB (Recast*)			RMB			USD				RMB (Recast*)			RMB			USD
Operating Highlights
Amount of investment		17,627,499			11,435,588			11,939,582			1,739,196				35,655,154			23,375,170			3,404,977
AUM of investment		74,296,263			67,251,285			64,476,635			9,392,081				74,296,263			64,476,635			9,392,081
Number of investors		314,507			200,780			157,973			157,973				529,962			320,054			320,054
Amount of loans facilitated		18,180,272			10,934,923			9,673,818			1,409,150				37,951,340			20,608,740			3,002,002
Number of borrowers		267,628			149,715			135,246			135,246				553,938			280,634			280,634
Remaining principal of performing loans		76,479,235			63,213,843			58,071,303			8,459,039				76,479,235			58,071,303			8,459,039
Segment Information
Wealth management:
Revenue		531,611			521,434			592,378			86,290				954,601			1,113,812			162,245
Sales and marketing expenses		249,748			143,904			213,168			31,051				948,681			357,072			52,013
Consumer credit:
Revenue		2,455,672			1,458,974			1,624,262			236,600				5,797,354			3,083,236			449,124
Sales and marketing expenses		1,566,257			984,041			995,479			145,008				3,023,286			1,979,520			288,350
Reconciliation of Adjusted EBITDA
Net income		193,768			369,134			154,461			22,500				729,686			523,595			76,270
Interest income, net		(21,314	)		(23,875	)		(25,213	)		(3,673	)			(49,648	)		(49,088	)		(7,150	)
Income tax expense		42,916			76,534			61,856			9,010				126,495			138,390			20,159
Depreciation and amortization		37,144			32,502			31,112			4,532				75,397			63,614			9,266
Share-based compensation		19,766			14,699			17,732			2,583				39,299			32,431			4,724
Adjusted EBITDA		272,280			468,994			239,948			34,952				921,229			708,942			103,269
Adjusted EBITDA margin		9.1	%		23.7	%		10.8	%		10.8	%			13.6	%		16.9	%		16.9	%
* Prior period financials have been recasted to reflect the acquisition from Creditease under common control.

 

Delinquency Rates
		Delinquent for
		15-29 days		30-59 days		60-89 days
All Loans
December 31, 2015		0.7%		1.2%		0.9%
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%
June 30, 2019		1.1%		1.8%		1.9%
Online Channels
December 31, 2015		0.5%		0.8%		0.6%
December 31, 2016		0.5%		0.9%		0.8%
December 31, 2017		1.1%		1.1%		0.9%
December 31, 2018		1.2%		2.3%		2.2%
March 31, 2019		1.2%		2.6%		2.4%
June 30, 2019		1.4%		2.2%		2.6%
Offline Channels
December 31, 2015		0.7%		1.2%		1.0%
December 31, 2016		0.6%		0.9%		0.8%
December 31, 2017		0.6%		0.9%		0.7%
December 31, 2018		0.9%		1.6%		1.5%
March 31, 2019		0.8%		1.6%		1.5%
June 30, 2019		1.0%		1.6%		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 June 30, 2019		Total Net Charge-Off Rate as of June 30, 2019
				(in RMB thousands)		(in RMB thousands)
2015		I		4,894,936		204,257		4.2	%
		II		17,502,449		490,328		2.8	%
		III		11,272,838		715,240		6.3	%
		IV		11,283,656		1,362,071		12.1	%
		V		11,199,563		1,725,698		15.4	%
		Total		56,153,444		4,497,593		8.0	%
2016		I		5,858,473		229,407		3.9	%
		II		12,781,372		516,174		4.0	%
		III		9,951,614		734,157		7.4	%
		IV		8,652,543		911,659		10.5	%
		V		16,981,990		2,582,818		15.2	%
		Total		54,225,993		4,974,216		9.2	%
2017		I		11,223,886		626,827		5.6	%
		II		12,270,230		1,369,026		11.2	%
		III		13,837,922		2,015,072		14.6	%
		IV		13,663,558		2,186,320		16.0	%
		V		19,680,365		3,720,647		18.9	%
		Total		70,675,961		9,917,892		14.0	%
2018		I		9,604,220		361,355		3.8	%
		II		14,656,703		961,532		6.6	%
		III		13,903,094		1,190,224		8.6	%
		IV		13,812,989		1,511,587		10.9	%
		V		11,326,230		1,513,789		13.4	%
		Total		63,303,236		5,538,487		8.7	%
2019Q1		I		1,834,364		3,213		0.2	%
		II		3,309,340		11,289		0.3	%
		III		2,617,979		11,815		0.5	%
		IV		1,866,640		8,316		0.4	%
		V		1,306,600		6,983		0.5	%
		Total		10,934,923		41,617		0.4	%

 

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%		2.0%		3.5%		4.7%		5.8%		6.5%		7.1%		7.5%		7.7%		7.8%		7.8%
2015Q2		0.8%		2.3%		3.8%		5.2%		6.4%		7.3%		8.0%		8.3%		8.5%		8.7%		8.8%
2015Q3		0.4%		1.6%		3.1%		4.4%		5.6%		6.5%		7.2%		7.6%		7.9%		8.2%		8.4%
2015Q4		0.4%		1.6%		3.1%		4.4%		5.5%		6.3%		6.9%		7.4%		7.9%		8.3%		8.6%
2016Q1		0.3%		1.2%		2.5%		3.6%		4.5%		5.2%		5.8%		6.5%		7.0%		7.4%		7.6%
2016Q2		0.4%		1.6%		3.1%		4.3%		5.2%		6.0%		6.8%		7.6%		8.1%		8.4%		8.7%
2016Q3		0.3%		1.6%		3.1%		4.3%		5.4%		6.6%		7.8%		8.6%		9.2%		9.5%
2016Q4		0.2%		1.5%		2.9%		4.4%		5.9%		7.4%		8.4%		9.3%		10.0%
2017Q1		0.3%		1.5%		3.2%		5.1%		7.1%		8.6%		9.8%		10.8%
2017Q2		1.1%		2.9%		5.6%		8.4%		10.4%		12.1%		13.5%
2017Q3		0.3%		2.9%		6.3%		9.1%		11.6%		13.6%
2017Q4		0.5%		3.8%		7.2%		10.5%		13.2%
2018Q1		0.4%		3.0%		6.6%		10.1%
2018Q2		0.5%		3.6%		7.4%
2018Q3		0.3%		2.9%
2018Q4		0.3%