SouFun Holdings Limited (NYSE: SFUN) (“SouFun”), the leading
real estate and home furnishing Internet portal in China, today
announced its unaudited financial results for the third quarter
ended September 30, 2010.
Highlights for Third Quarter 2010
- Total revenues in the third quarter of
2010 were US$57.4 million, an increase of 83.4% compared to the
third quarter of 2009.
- Operating income in the third quarter
of 2010 was US$23.2 million, an increase of 104.7% compared to the
third quarter of 2009. Non-GAAP operating income in the third
quarter of 2010 was US$24.8 million, an increase of 102.5% compared
to the third quarter of 2009.
- Net income attributable to shareholders
in the third quarter of 2010 was US$18.1 million, a decrease of
14.4% compared to the third quarter of 2009 due to termination of
tax benefits realized in the prior year. Non-GAAP net income
attributable to shareholders in the third quarter of 2010 was
US$19.7 million, an increase of 95.2% compared to the third quarter
of 2009.
“As the leader in the online real estate marketing business,
SouFun has kept its strong momentum and maintained its high growth
trend in the third quarter of 2010,” said Vincent Mo, Executive
Chairman of SouFun, “We benefit from SouFun’s industry leadership
and our resilient business model. SouFun’s organic and solid
corporate infrastructure has supported and will continue to support
its growth consistently in the future.”
Financial Results for Third Quarter
2010
Revenues
In the third quarter of 2010, SouFun had total revenues of
US$57.4 million, an increase of 83.4% compared to US$31.3 million
in the same period in 2009.
Revenue from Marketing Services was US$42.8 million in the third
quarter of 2010, an increase of 72.4% compared to US$24.8 million
in the same period of 2009.
Revenue from Listing Services was US$10.6 million in the third
quarter of 2010, an increase of 129.6% compared to US$4.6 million
in the same period of 2009.
Revenue from Other Value-Added Services and Products was US$4.0
million in the third quarter of 2010, an increase of 114.7%
compared to US$1.8 million in the same period of 2009.
Cost of Revenue
Cost of revenue was US$15.0 million in the third quarter of
2010, an increase of 87.8% compared to US$8.0 million in the same
period of 2009, primarily due to the increased staff cost, business
tax and surcharges associated with our revenue growth. Non-GAAP
cost of revenue for the third quarter of 2010 was US$12.1 million,
an increase of 88.6% compared to US$6.4 million in the same period
of 2009.
Operating Expense
Operating expenses for the third quarter of 2010 were US$19.1
million, an increase of 60.2% compared to US$12.0 million in the
same period of 2009.
- Selling expenses in the third quarter
were US$10.2 million, an increase of 61.2% from US$6.4 million in
the same period of 2009, primarily due to increased staff cost and
advertising expenses.
- General and administrative expenses in
the third quarter of 2010 were US$8.9 million, an increase of 59.0%
from US$5.6 million in the same period of 2009, primarily due to
increased staff cost and IPO expenses.
Operating Income
Operating income in the third quarter was US$23.2 million, an
increase of 104.7% compared to US$11.4 million in the same period
of 2009. Non-GAAP operating income for the third quarter of 2010
was US$24.8 million, an increase of 102.5% compared to
US$12.3million for the same period in 2009.
Income Tax Expense
Income tax expense in the third quarter of 2010 was US$5.8
million, compared to income tax benefit of US$9.3 million which
included US$12.0 million one-off tax benefit in the same period of
2009.
Net Income Attributable to Shareholders
Net income attributable to shareholders in the third quarter of
2010 was US$18.1 million, a decrease of 14.4% from US$21.2 million
in the same period of 2009. The 2009 results were increased by a
US$12.0 million tax benefit. Non-GAAP net income attributable to
shareholders in the third quarter was US$19.7 million, an increase
of 95.2% compared to US$10.1 million in the same period of
2009.
Cash Flow
As of September 30, 2010, SouFun had cash, cash equivalents and
short-term investments of US$185.0 million, compared to US$120.8
million as of December 31, 2009.
Cash flow from operating activities was US$30.9 million for the
third quarter in 2010, compared to US$16.7 million in the same
period of 2009.
Business Outlook
SouFun estimates its total revenues for fiscal year of 2010 to
be between US$200.0 million and US$205.0 million, representing a
57.4% to 61.4% year-over-year growth.
Conference Call Information
SouFun’ management team will host a conference call on November
10, 2010 at 7 a.m. U.S. Eastern Time (8 p.m. Beijing/Hong Kong
time).
The dial-in details for the live conference call are:
US/International: +1 631 5142 526 Hong Kong: +852 2598 7556
Mainland China: 10800 6400 091/ 10800 2640 090 Passcode: SFUN
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following number after the conclusion of the conference call at 10
a.m. U.S. Eastern Time on November 10, 2010 and until November 16,
2010:
International: +852 3018 0000 Passcode: 6318229
A live and archived webcast of the conference call will be
available on SouFun’s website at http://ir.soufun.com.
About SouFun
SouFun operates the leading real estate Internet portal and home
furnishing and improvement website in China in terms of the number
of page views and visitors to its website in 2009. SouFun obtained
advertisements from 60.0% of online real estate advertisers among
real estate information services websites in China in 2009. SouFun
has built a large and active community of users who are attracted
by the comprehensive real estate and home furnishing and
improvement content available on its portal that forms the
foundation of its service offerings. SouFun currently maintains 65
offices to focus on local market needs and its website and database
contains real estate-related content coverage of 106 cities in
China. For more information about SouFun, please visit
http://www.soufun.com.
Safe Harbor Statements
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking 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,” “may,” “should” and
similar expressions. Such forward-looking statements include,
without limitation, statements regarding the outlook for the fiscal
year of 2010 and comments by management in this release and
SouFun’s strategic and operational plans and future market
positions. SouFun may also make 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 SouFun’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, SouFun’s
limited operating history, the current global financial and credit
markets crisis and its potential impact on the Chinese economy,
measures taken or to be taken by the Chinese government to control
real estate growth and prices and other events which could recur in
the future, the uncertain regulatory landscape in China,
fluctuations in SouFun’s quarterly operating results, its reliance
on online advertising sales and listing services for its revenues,
any failure to successfully develop and expand its content, service
offerings and features, and the technologies that support them, and
any failure to successfully integrate acquired businesses.
Further information regarding these and other risks and
uncertainties is included in SouFun’s prospectus dated September
16, 2010 and its other filings with the U.S. Securities and
Exchange Commission. SouFun does not assume any obligation to
update any forward-looking statements in this release and
elsewhere, which apply only as of the date of this press
release.
About Non-GAAP Financial Measures
To supplement SouFun's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), SouFun uses in this press release the
following measures defined as non-GAAP financial measures by the
United States Securities and Exchange Commission: (1) operating
income, (2) net income and (3) basic and diluted earnings per
ordinary share. The presentation of the non-GAAP financial
information is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliation
of GAAP and non-GAAP Results" set forth at the end of this press
release.
SouFun believes that these non-GAAP financial measures provide
meaningful supplemental information to investors regarding its
operating performance by excluding share-based compensation
expense, IPO expense, and one-off income tax benefit, which (1) may
not be indicative of SouFun’s recurring core business operating
results or (2) are not expected to result in future cash payments.
These non-GAAP financial measures also facilitate management's
internal comparisons to SouFun’'s historical performance and assist
its financial and operational decision making. A limitation of
using these non-GAAP financial measures is that share-based
compensation has been and will continue to be a significant
recurring expense that will continue to exist in SouFun’s business
for the foreseeable future. Management compensates for these
limitations by providing specific information regarding the GAAP
amounts excluded from each non-GAAP measure. The accompanying
tables have more details on the reconciliation between non-GAAP
financial measures and their most directly comparable GAAP
financial measures.
SouFun Holdings Limited Unaudited Condensed
Consolidated Balance Sheets ( in U.S. dollars in thousands
) ASSETS Sep 30, 2010
Dec 31, 2009 Current assets: Cash and
cash equivalents
134,984
92,239
Short-term investments 49,992 28,558 Accounts receivable 21,051
13,985 Prepayment and other current assets 4,666 1,952 Amounts due
from related parties 7,289 7,629 Deferred tax assets, current 476
471 Inventories 5,746 4,390
Total
current assets 224,204
149,224 Property and equipment, net 7,977 4,220
Deferred tax assets, non current 611 507 Other non-current assets
875 543
Total assets
233,667 154,494
LIABILITIES AND SHAREHOLDERS’ EQUITY Current
liabilities: Deferred revenue 65,570 28,795 Accrued expenses
and other liabilities 31,882 37,342 Dividend payable 40,166 43,906
Share based compensation liability - 11,129 Income tax payable
6,411 3,134
Total current
liabilities 144,029 124,306
Deferred tax liability, non-current 11,096
5,687
Total Liabilities 155,125
129,993 Shareholders'
equity: Ordinary shares 9,743 9,489 Additional paid-in capital
36,929 9,279 Accumulated other comprehensive income 8,404 5,670
Accumulated deficits 23,418 -
Total
SouFun Holdings Limited shareholders' equity 78,494
24,438 Noncontrolling interest 48 63
Total shareholders’ equity 78,542
24,501 TOTAL LIABILITIES AND
SHAREHOLDER'S EQUITY 233,667
154,494 SouFun Holdings Limited
Unaudited Condensed Consolidated Statements of Operations
( in U.S. dollars in thousands, except share data )
For the three months ended Sep 30, 2010
Sep 30, 2009 Revenues: Marketing
services
42,816
24,832 Listing services 10,627 4,629 Other value-added services and
products 3,968 1,848
Total
revenues 57,411 31,309 Cost of
Revenues: Cost of services (12,094 ) (6,413 ) Cost of other
value-added services and products (2,944 ) (1,593 )
Total Cost of Revenues (15,038 ) (8,006
) Gross Profit 42,373 23,303
Operating expenses: Selling expenses (10,243 ) (6,355
) General and administrative expenses (8,902 ) (5,598
)
Total Operating Expenses (19,145 )
(11,953 )
Income from operations 23,228 11,350 Foreign
exchange gain (loss) 4 (19 ) Interest income 504 265 Realized
gain—trading securities 59 110 Government grants 107
126
Income before income tax 23,902
11,832 Income tax benefits / (expenses) Income tax
(expense) benefit (5,796 ) 9,325
Net
income 18,106 21,157 Net loss attributable to
non-controlling interests (4 ) (10 )
Net Income
attributable to SouFun Holdings Limited shareholders
18,110 21,167 Net income per
share: Basic 0.24 0.29 Diluted
0.22 0.27
Net income per ADS:
Basic 0.97 1.14 Diluted 0.90
1.09
Weighted average number of shares
outstanding: Basic 74,768,788 73,986,129
Diluted 80,702,495 77,549,406
SouFun Holdings Limited Reconciliation of
GAAP and Non-GAAP Results ( in U.S. dollars in thousands,
except share data ) For the three months
ended Sep 30, 2010 Sep 30, 2009
GAAP income from operations
23,228
11,350 Share-based compensation 785 915 IPO expense 819 -
Non-GAAP income from operations 24,832 12,265 GAAP
net income 18,106 21,157 One-off tax benefit - (11,985 )
Share-based compensation 785 915 IPO expense 819 -
Non-GAAP net income 19,710 10,087 Net Income attributable
toSouFun Holdings Limited shareholders 18,110 21,167 One-off tax
benefit - (11,985 ) Share-based compensation expense 785 915 IPO
expense 819 - Non-GAAP net Income attributable
toSouFun Holdings Limited shareholders 19,714 10,097
GAAP net income per share: Basic 0.24
0.29 Diluted 0.22 0.27
Non-GAAP net income per share: Basic 0.26
0.14 Diluted 0.24 0.13
Non-GAAP net income per ADS: Basic 1.05
0.55 Diluted 0.98 0.52
Weighted average number of shares outstanding: Basic
74,768,788 73,986,129 Diluted
80,702,495 77,549,406
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