Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH),
the leading independent service provider focusing on distributing
wealth management products to the high net worth population in
China, today announced its unaudited financial results for the
first quarter 2011.
FIRST QUARTER 2011 FINANCIAL HIGHLIGHTS
- Net revenues in the first
quarter of 2011 were US$15.1 million, a 158.2% increase from the
corresponding period in 2010.
- Income from operations in the
first quarter of 2011 was US$6.6 million, a 128.2% increase from
the corresponding period in 2010.
- Net income attributable to Noah
shareholders in the first quarter of 2011 was US$5.8 million, a
158.3% increase from the corresponding period in 2010.
Non-GAAP1 net income attributable to Noah
shareholders in the first quarter of 2011 was US$6.1 million, a
162.1% increase from the corresponding period in 2010.
- Net income per basic and diluted
ADS in the first quarter of 2011 were both US$0.10. Non-GAAP
net income per diluted ADS in the first quarter of 2011 was
US$0.11.
FIRST QUARTER 2011 OPERATIONAL HIGHLIGHTS
- As of March 31, 2011, the Company’s
total number of registered clients increased by 76.4%
year-over-year to 18,521; this figure includes 17,971 registered
individual clients, 499 registered enterprise clients and 51
wholesale clients that have entered into cooperation agreements
with the Company.
- The Company had 659 active
clients2 during the first quarter of 2011, a 30.2%
increase from the corresponding period in 2010.
- The aggregate value of wealth
management products distributed by the Company during the first
quarter of 2011 was RMB5.0 billion (approximately US$764.8
million)3, a 257.0% increase from the corresponding period in 2010.
Of this aggregate value, fixed income products accounted for 33.7%,
private equity fund products accounted for 50.1%, and securities
investment funds and investment-linked insurance products accounted
for 16.2%. The increase in securities investment funds and
investment-linked insurance products was primarily due to a new
securities investment fund launched in the quarter.
- The average transaction value per
client4 in the first quarter of 2011 was RMB7.6 million
(approximately US$1.2 million), a 173.8% increase from the
corresponding period in 2010.
- As of March 31, 2011, Noah’s
coverage network included 39 branches, up from 20 branches
as of March 31, 2010. The number of relationship managers
increased to 364 as of March 31, 2011, up 64.0%
year-over-year.
Ms. Jingbo Wang, Co-founder, Chairwoman of the board of
directors and Chief Executive Officer, commented, “We had a strong
start in 2011; our innovative, high-quality and diversified product
mix resonated well with our client base. We remain focused on our
initiatives to expand our client base and build our market share
among the high net worth population in China.”
Mr. Tom Wu, Chief Financial Officer, said, “Consistent with our
strategy to deliver profitable and sustainable growth, we delivered
strong top line and bottom line results in the first quarter. We
remain confident that the encouraging industry fundamentals that
have powered our growth thus far will continue throughout
2011.”
EXTENSION OF IPO LOCK-UP ARRANGEMENTS
Pursuant to the lock-up arrangement between the Company and the
underwriters of the Company’s initial public offering (“IPO”) in
November 2010 and the terms of the lockup agreements signed by each
of the Company’s directors, executive officers, and pre-IPO
shareholders, the lockup period will be extended through May 16,
2011 (Beijing Time) due to the timing of the release of the
Company’s 2011 first quarter financial results.
FIRST QUARTER 2011 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2011 were US$15.1
million, a 158.2% increase from the corresponding period in 2010.
The year-over-year increase was attributable to an increase of
US$6.5 million in one-time commissions and an increase of US$2.7
million in recurring service fees.
Net revenues from one-time commissions for the first
quarter of 2011 were US$11.3 million, a 136.5% increase from the
corresponding period in 2010. The year-over-year increase was
primarily driven by increases in both the number of active clients
and the average transaction value per client.
Net revenues from recurring service fees for the first
quarter of 2011 were US$3.8 million, a 253.0% increase from the
corresponding period in 2010. The year-over-year increase was
mainly due to an increase in the transaction value of private
equity fund products distributed.
Operating Margin
Operating margin for the first quarter of 2011 was 43.6%,
as compared to 49.4% for the corresponding period in 2010.
Operating margin decreased year-over-year because the Company’s
operating cost increase outpaced its revenues increase, which was
in turn primarily due to the Company’s network expansion.
Operating cost and expenses for the first quarter of
2011, including cost of revenues, selling expenses, G&A
expenses and other operating income, were US$8.5 million, a 187.4%
increase from the corresponding period in 2010.
Cost of revenues for the first quarter of 2011 totaled
US$2.6 million, a 218.5% increase from the corresponding period in
2010. The year-over-year increase was primarily due to an increase
in compensation expenses paid to relationship managers primarily as
a result of the expansion of the Company’s relationship
managers.
Selling expenses for the first quarter of 2011 were
US$3.4 million, a 267.2% increase from the corresponding period in
2010. The year-over-year increase was primarily due to increases in
personnel expenses, client service expenses and rental expenses as
a result of the Company’s network expansion. Selling expenses as a
percentage of net revenues for the quarter were 22.6%, as compared
to 15.9% for the corresponding period in 2010.
G&A expenses for the first quarter of 2011 were
US$2.5 million, a 103.6% increase from the corresponding period in
2010. The year-over-year increase was primarily due to increases in
employee compensation expenses attributable to G&A expenses and
rental expenses as a result of the expansion of the Company, and to
a lesser extent, attributable to an increase in audit fees. G&A
expenses as a percentage of net revenues for the quarter were
16.6%, as compared to 21.1% for the corresponding period in
2010.
Gain (Loss) on Change in Fair Value of Derivative
Liabilities
In the first quarter of 2011, the Company did not record any
charge on change in fair value of derivative liabilities as it did
for the corresponding period in 2010. The series A preferred shares
that had triggered the accounting treatment of derivative
liabilities were converted into ordinary share upon the Company’s
initial public offering, so there would be no such charge after the
Company’s initial public offering. In the first quarter of 2010, a
gain of US$0.1 million was recorded.
Income Tax Expenses
Income tax expenses for the first quarter of 2011 were
US$2.1 million, a 134.8% increase from the corresponding period in
2010. The year-over-year increase was primarily due to an increase
in taxable income.
Net Income
Net income attributable to Noah shareholders for the
first quarter of 2011 was US$5.8 million, a 158.3% increase from
the corresponding period in 2010. Net margin for the first
quarter of 2011 was 38.0%, in line with the corresponding period in
2010. Income per basic and diluted ADS for the first quarter
of 2011 were both US$0.10.
Non-GAAP net income attributable to Noah shareholders for
the first quarter of 2011 was US$6.1 million, a 162.1% increase
from the corresponding period in 2010. Non-GAAP net margin
for the first quarter of 2011 was 40.6%, as compared to 40.0% for
the corresponding period in 2010. Non-GAAP income per diluted
ADS for the first quarter of 2011 was US$0.11.
Balance Sheet and Cash Flow
As of March 31, 2011, the total balance of cash and cash
equivalents, fixed-term deposits5 and short-term investments in
held-to-maturity securities (collectively, “cash”) was US$135.2
million, a decrease of US$0.3 million from December 31, 2010. In
the first quarter of 2011, the Company (i) used US$0.1 million in
its operating activities, primarily due to increases in accounts
receivable as the Company completed several projects and recorded
the corresponding receivables later in the quarter because of
Chinese New Year, which were mostly collected in April 2011, (ii)
invested US$2.7 million in fixed income products and (iii) used
US$0.5 million to acquire property and equipment.
2011 FORECAST
The Company estimates that non-GAAP net income attributable to
Noah shareholders for the year 2011 is expected to be in the range
of US$21.0 million and US$25.0 million, representing a
year-over-year increase in the range of 56.7% and 86.6%. This
estimate reflects management’s current business outlook and is
subject to change.
CONFERENCE CALL
Senior management will host a conference call on April 28, 2011
at 8:00 PM (Eastern) / 5:00 PM (Pacific) / 8:00 AM (Hong Kong on
Friday, April 29) to discuss its first quarter 2011 financial
results and recent business activity. The conference call may be
accessed by calling the following numbers:
Toll Free Toll
• United States
1-866-700-6293 1-617-213-8835
• China
10-800-130-0399
• South China
China Telecom
10-800-120-2655/
10-800-152-1490
• North China
China Netcom
10-800-852-1490/
10-800-712-2655
• Hong Kong
800 96 3844
• United Kingdom
080-8234-7616 Participant Passcode "NOAH"
A telephone replay will be available the morning following the
call until May 6, 2011 at (US Toll Free) +1-888-286-8010 or
(International) +1-617-801-6888. Passcode: 91771526.
A live webcast of the conference call and replay will be
available in the investor relations section of the Company's
website at: http://ir.noahwm.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES:
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company’s earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation and loss or gain on change in fair
value of derivative liabilities. The non-GAAP financial measures
used by management and disclosed by the Company exclude the income
statement effects of all forms of share-based compensation and loss
or gain on change in fair value of derivative liabilities. The
reconciliation of these non-GAAP financial measures to the nearest
GAAP measures is set forth in the table captioned “Reconciliation
of GAAP to Non-GAAP Results” below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used
by other companies.
When evaluating the Company’s operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation and change in fair value of derivative liabilities to
supplement U.S. GAAP financial data. As such, the Company believes
that the presentation of the non-GAAP net income (loss), non-GAAP
income (loss) per diluted ADS and non-GAAP net margin provides
important supplemental information to investors regarding financial
and business trends relating to the Company’s financial condition
and results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and of
loss (gain) on change in fair value of derivative liabilities in
the periods presented. As the series A preferred shares that had
triggered the accounting treatment of derivative liabilities were
converted into ordinary share upon the Company’s initial public
offering in November 2010, the Company does not expect to incur
similar expenses in the future. To make financial results
comparable period by period, the Company utilized the non-GAAP
financial results to better understand its historical business
operations.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited is the leading service provider focusing
on distributing wealth management products to the high net worth
population in China. Noah distributes over-the-counter wealth
management products that are originated in China, including
primarily fixed income products, private equity funds and
securities investment funds. With 364 relationship managers in 39
branch offices, Noah’s total coverage network encompasses China’s
most economically developed regions where the high net worth
population is concentrated. Through this extensive coverage
network, product sophistication, and client knowledge, the Company
caters to the wealth management needs of China’s high net worth
population. For more information please visit the Company’s website
at http://www.noahwm.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of 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,” “confident” and similar statements. Among
other things, the outlook for the year 2011 and quotations from
management in this announcement, as well as Noah’s strategic and
operational plans, contain forward-looking statements. Noah may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, 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. Statements that are not
historical facts, including statements about Noah’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: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the wealth management market in
China and internationally; our expectations regarding demand for
and market acceptance of the products we distribute; our
expectations regarding keeping and strengthening our relationships
with key clients; relevant government policies and regulations
relating to our industry; our ability to attract and retain quality
employees; our ability to stay abreast of market trends and
technological advances; our plans to invest in research and
development to enhance our product choices and service offerings;
competition in our industry in China and internationally; general
economic and business conditions in China; and our ability to
effectively protect our intellectual property rights and not
infringe on the intellectual property rights of others. Further
information regarding these and other risks is included in Noah’s
filings with the Securities and Exchange Commission, including its
registration statement on Form F-1, as amended. Noah 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. All information provided in this
press release and in the attachments is as of the date of this
press release, and Noah undertakes no duty to update such
information, except as required under applicable law.
1 Noah’s Non-GAAP financial measures are its corresponding
GAAP financial measures as adjusted by excluding the effects of all
forms of share-based compensation and gain (loss) on change in fair
value of derivative liabilities. 2 “Active clients” refers to those
registered clients who purchased wealth management products
distributed by Noah during any given period. 3 The amount in RMB
was translated into U.S. dollars using the average rate for the
period as set forth in the H.10 statistical release of the Federal
Reserve Board. 4 “Average transaction value per client” refers to
the average value of wealth management products distributed by Noah
that are purchased by active clients during a given period. 5
Fixed-term deposits consist of deposits which are unrestricted as
to withdrawal and use, and which have original maturities of over
three months and less than twelve months when purchased
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW
--
Noah Holdings Limited Condensed
Consolidated Balance Sheets (In U.S. dollars)
(unaudited) As of
December
31,2010
March
31,2011
$ $ Assets Current assets: Cash and cash
equivalents 133,269,694 125,518,608 Restricted cash 75,758 76,356
Fixed-term deposits - 4,734,053 Short-term investments 2,272,727
4,963,120
Accounts receivable, net of allowancefor
doubtful accounts of nil at December31,2010 and March 31, 2011
1,098,327 10,160,640 Other current assets 2,178,369 1,866,738
Deferred tax assets 1,262,092 1,271,451 Amounts due from related
parties 1,017,434 180,760 Total current assets 141,174,401
148,771,726 Long-term investments 4,445,455 4,497,350
Investment in affiliates 859,982 1,022,723 Property and equipment,
net 1,406,247 1,883,090 Other non-current assets 480,564 833,465
Non-current deferred tax assets 319,197 300,208
Total Assets
148,685,846 157,308,562
Liabilities and Equity
Current liabilities: Accrued payroll and welfare expenses 4,621,787
3,432,329 Income tax payable 6,277,598 7,772,233 Other current
liabilities 3,799,946 5,503,075 Deferred tax liabilities 32,295
32,549 Total current liabilities 14,731,626 16,740,186
Uncertain tax position liabilities 1,364,122 1,415,767 Other
non-current liabilities 961,277 899,481
Total Liabilities
17,057,025 19,055,434
Equity 131,628,821 138,253,128
Total Liabilities and Equity 148,685,846 157,308,562
Noah Holdings Limited Condensed Consolidated
Income Statements (In U.S. dollars, except for share data
and percentages) (unaudited) Three
months ended March 31, March 31, Change 2010 2011
Revenues: $ $ Third-party revenues 5,688,242
14,047,759 147.0% Related party revenues 539,117 1,997,650 270.5%
Total revenues 6,227,359 16,045,409 157.7% Less: business taxes and
related surcharges (360,691) (897,115) 148.7%
Net revenues
5,866,668 15,148,294 158.2% Operating cost and expenses: Cost of
revenues (819,409) (2,610,173) 218.5% Selling expenses (931,819)
(3,421,605) 267.2% General and administrative expenses (1,237,919)
(2,520,014) 103.6% Other operating income 18,577 13,132 (29.3%)
Total operating cost and expenses (2,970,570) (8,538,660) 187.4%
Income from operations 2,896,098 6,609,634 128.2% Other
income(expenses): Interest income 18,080 410,105 2168.3% Investment
income 107,198 225,780 110.6% Other income(expense) (24,330)
597,071 2554.1% Gain on change in fair value of derivative
liabilities 118,000 - (100.0%) Total other income (expenses)
218,948 1,232,956 463.1% Income before taxes and loss from equity
in affiliates 3,115,046 7,842,590 151.8% Income tax expense
(883,765) (2,075,150) 134.8% Loss from equity in affiliates -
(4,375) -
Net income attributable to Noah Shareholders
2,231,281 5,763,065 158.3% Deemed dividend on Series A convertible
redeemable preferred shares (53,875)
- (100.0%) Net
income attributable to ordinary shareholders 2,177,406 5,763,065
164.7% Income per ADS, basic 0.06 0.10 66.7% Income
per ADS, diluted 0.04 0.10 150.0% Margin analysis: Operating margin
49.4% 43.6% Net margin 38.0% 38.0% Weighted average ADS equivalent:
[1] Basic 25,605,000 55,676,667 Diluted 34,033,562 57,126,675 ADS
equivalent outstanding at end of period 24,750,000 55,735,000
[1] Assumes all outstanding ordinary shares
are represented by ADSs. Each ordinary share represents two
ADSs
Noah Holdings Limited Supplemental
Information (unaudited) As
of Change
March 31,2010
March 31,2011
Number of registered clients 10,497 18,521 76.4%
Number of relationship managers 222 364 64.0% Number of branch
offices 20 39 95.0% Three months ended Change
March 31,2010
March 31,2011
(in millions of RMB, except percentages) Active clients 506
659 30.2% Transaction value: Fixed income products 1,354 1,695
25.2% Private equity fund products 39 2,523 6369.2%
Securities investment funds and
investment-linked insurance products
17 815 4694.1% Total transaction value 1,410 5,033 257.0% Average
transaction value per client 2.79 7.64 173.8%
Noah
Holdings Limited Reconciliation of GAAP to Non-GAAP
Results (In U.S. dollars, except for share data and
percentages) (unaudited) Three months
ended March 31, March 31, 2010 2011 $ $ Net income
attributable to Noah Shareholders 2,231,281 5,763,065 Adjustment
for share-based compensation related to: Share options 38,812
384,061 Restricted shares 193,068 -
Adjustment for loss(gain) on change in
fair value ofderivative liabilities
(118,000) - Adjusted net income
attributable to Noah Shareholders (non-GAAP)* 2,345,161 6,147,126
Net income per ADS, diluted 0.04 0.10
Adjustment for share-based
compensation
0.01 0.01
Adjustment for loss(gain) on change in
fair value ofderivative liabilities
- - Adjusted net income per ADS, diluted
(non-GAAP)* 0.05 0.11 Net margin 38.0% 38.0% Adjusted net
margin (non-GAAP)* 40.0% 40.6%
*The non-GAAP adjustments do not take into consideration the
impact of taxes on such adjustments.
Noah (NYSE:NOAH)
過去 株価チャート
から 6 2024 まで 7 2024
Noah (NYSE:NOAH)
過去 株価チャート
から 7 2023 まで 7 2024