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 fourth
quarter and fiscal year ended December 31, 2010.
Highlights for Fourth Quarter 2010
- Total revenues in the fourth quarter of
2010 were US$98.9 million, an increase of 68.2% compared to the
fourth quarter of 2009.
- Operating income in the fourth quarter
of 2010 was US$43.1 million, an increase of 43.3% compared to the
fourth quarter of 2009. Non-GAAP operating income in the fourth
quarter of 2010 was US$45.7 million, an increase of 45.9% compared
to the fourth quarter of 2009.
- Net income attributable to shareholders
in the fourth quarter of 2010 was US$39.7 million, an increase of
43.1% compared to the fourth quarter of 2009. Non-GAAP net income
attributable to shareholders in the fourth quarter of 2010 was
US$42.2 million, an increase of 45.9% compared to the fourth
quarter of 2009.
Highlights for Fiscal Year 2010
- Total revenues in fiscal year 2010 were
US$224.5 million, an increase of 76.7% compared to fiscal year
2009.
- Operating income in fiscal year 2010
was US$78.4 million, an increase of 62.2% compared to fiscal year
2009. Non-GAAP operating income in fiscal year 2010 was US$86.3
million, an increase of 64.4% compared to fiscal year 2009.
- Net income attributable to shareholders
in fiscal year 2010 was US$63.1 million, an increase of 19.9%
compared to fiscal year 2009. Non-GAAP net income attributable to
shareholders in fiscal year 2010 was US$74.4 million, an increase
of 57.4% compared to fiscal year 2009.
“SouFun’s strong fourth quarter and full year 2010 financial
results testified its long- term sustainable growth strategy and
its emphasis on its organic growth as well as its resilient
business model,” said Vincent Mo, Executive Chairman of SouFun,
“Sustainable growth at a relatively high rate for a long period of
time is what SouFun looks for. We have been continuingly
emphasizing on internal staff development and expanding to more
markets (cities) for the company’s future growth. We hired more
than 2,000 new employees in the past year and expanded our coverage
from 102 cities in 2009 to 310 cities by the end of January 2011.
We are confident that these efforts will provide strong support to
SouFun’s future growth.”
Financial Results for Fourth Quarter
2010
Revenues
In the fourth quarter of 2010, SouFun had total revenues of
US$98.9 million, an increase of 68.2% compared to US$58.8 million
in the same period in 2009.
Revenue from Marketing Services was US$79.3 million in the
fourth quarter of 2010, an increase of 65.1% compared to US$48.0
million in the same period of 2009.
Revenue from Listing Services was US$15.7 million in the fourth
quarter of 2010, an increase of 108.7% compared to US$7.5 million
in the same period of 2009.
Revenue from Other Value-Added Services and Products was US$3.9
million in the fourth quarter of 2010, an increase of 20.0%
compared to US$3.2 million in the same period of 2009.
Cost of Revenues
Cost of revenues was US$21.9 million in the fourth quarter of
2010, an increase of 73.3% compared to US$12.7 million in the same
period of 2009, primarily due to increased staff cost, business tax
and surcharges associated with our revenue growth.
Operating Expense
Operating expenses for the fourth quarter of 2010 were US$33.8
million, an increase of 111.0% compared to US$16.0 million in the
same period of 2009.
- Selling expenses in the fourth quarter
were US$15.5 million, an increase of 75.6% from US$8.8 million in
the same period of 2009, primarily due to increased staff cost and
advertising expenses.
- General and administrative expenses in
the fourth quarter of 2010 were US$18.3 million, an increase of
154.4% from US$7.2 million in the same period of 2009, primarily
due to increased staff cost.
Operating Income
Operating income in the fourth quarter was US$43.1 million, an
increase of 43.3% compared to US$30.1 million in the same period of
2009. Non-GAAP operating income for the fourth quarter of 2010 was
US$45.7 million, an increase of 45.9% compared to US$31.3 million
for the same period in 2009.
Income Tax Expense
Income tax expense in the fourth quarter of 2010 was US$4.5
million, an increase of 51.9% compared to US$2.9 million in the
same period of 2009.
Net Income Attributable to Shareholders
Net income attributable to shareholders in the fourth quarter of
2010 was US$39.7 million, an increase of 43.1% from US$27.7 million
in the same period of 2009. Non-GAAP net income attributable to
shareholders in the fourth quarter was US$42.2 million, an increase
of 45.9% compared to US$29.0 million in the same period of
2009.
Cash Flow
As of December 31, 2010, SouFun had cash, cash equivalents and
short-term investments of US$229.7 million, compared to US$120.8
million as of December 31, 2009.
Cash flow from operating activities was US$58.6 million in the
fourth quarter 2010, compared to US$25.3 million in the same period
of 2009.
Financial Results for Fiscal Year
2010
Revenues
In fiscal year 2010, SouFun had total revenues of US$224.5
million, an increase of 76.7% compared to US$127.0 million in the
same period in 2009.
Revenue from Marketing Services was US$167.7 million in fiscal
year 2010, an increase of 63.8% compared to US$102.4 million in the
same period of 2009.
Revenue from Listing Services was US$40.4 million in fiscal year
2010, an increase of 129.8% compared to US$17.6 million in the same
period of 2009.
Revenue from Other Value-Added Services and Products was US$16.4
million in fiscal year 2010, an increase of 130.6% compared to
US$7.1 million in the same period of 2009.
Cost of Revenues
Cost of revenues was US$62.0 million in fiscal year 2010, an
increase of 97.8% compared to US$31.3 million in the same period of
2009, primarily due to the increased staff cost, business tax and
surcharges associated with our revenue growth.
Operating Expense
Operating expenses for fiscal year 2010 were US$84.1 million, an
increase of 77.5% compared to US$47.4 million in the same period of
2009.
- Selling expenses in fiscal year were
US$42.5 million, an increase of 68.8% from US$25.2 million in the
same period of 2009, primarily due to increased staff cost and
advertising expenses.
- General and administrative expenses in
fiscal year 2010 were US$41.5 million, an increase of 87.4% from
US$22.2 million in the same period of 2009, primarily due to
increased staff cost and IPO expenses.
Operating Income
Operating income in fiscal year 2010 was US$78.4 million, an
increase of 62.2% compared to US$48.3 million in the same period of
2009. Non-GAAP operating income for fiscal year 2010 was US$86.3
million, an increase of 64.4% compared to US$52.5 million for the
same period in 2009.
Income Tax Expense
Income tax expense in fiscal year 2010 was US$18.2 million which
included a US$3.4 million one-off tax expense, compared to an
income tax benefit of US$2.2 million, which included a US$9.5
million one-off tax credit, in the same period of 2009.
Net Income Attributable to Shareholders
Net income attributable to shareholders in fiscal year 2010 was
US$63.1 million, an increase of 19.9% from US$52.7 million in the
same period of 2009. The 2009 results benefited from a one time
US$9.5 million tax credit. Non-GAAP net income attributable to
shareholders in fiscal year 2010 was US$74.4 million, an increase
of 57.4% compared to US$47.3 million in the same period of
2009.
Cash Flow
Cash flow from operating activities was US$107.6 million in
fiscal year 2010, compared to US$66.0 million in the same period of
2009.
Business Outlook for Fiscal Year 2011
SouFun estimates its total revenues for fiscal year of 2011 to
be between US$270.0 million and US$280.0 million, representing a
27.6% to 32.3% growth compared to the total revenues (excluding
those from prepaid card business) for fiscal year 2010.
Conference Call Information
SouFun’ management team will host a conference call on February
18, 2011 at 8 a.m. U.S. Eastern Time (9 p.m. Beijing/Hong Kong
time).
The dial-in details for the live conference call are:
US: 1 866 356 4441 International: 1 617 597 5396 Hong Kong: 800 96
3844 Mainland China: 10 800 130 0399/ 10 800 152 1490 Passcode:
SFUN
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
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 2010. SouFun had a
58.9% market share of the online real estate advertising market in
China in Q4 2010 by estimated revenues. 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 74 offices to focus
on local market needs and its website and database contains real
estate-related content coverage of 310 cities in China. For more
information about SouFun, please visit http://ir.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 Dec 31, Dec 31,
2010 2009 Current assets:
Cash and cash equivalents 171,520 92,239 Short-term investments
58,133 28,558 Accounts receivable 22,353 13,985 Prepayment and
other current assets 21,113 1,952 Amounts due from related parties
- 7,629 Available for sales 4,279 - Deferred tax assets, current
2,129 471 Inventories - 4,390
Total current
assets 279,527 149,224 Property and
equipment, net 7,549 4,220 Deposit for PPE 4,600 -
Deferred tax assets, non current
619 507 Other non-current assets 1,472 543
Total
assets 293,767 154,494
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities: Short-term loans 3,600 - Deferred
revenue 56,968 28,795 Accrued expenses and other liabilities 46,349
37,342 Dividend payable 39,635 43,906 Share based compensation
liability - 11,129 Income tax payable 14,329 3,134
Total current liabilities
160,881 124,306 Deferred tax liability,
non-current 10,219 5,687
Total Liabilities
171,100 129,993 Shareholders'
equity: Ordinary shares 9,743 9,489 Additional paid-in capital
39,402 9,279 Accumulated other comprehensive income 10,311 5,670
Accumulated deficits 63,108 -
Total SouFun
Holdings Limited shareholders' equity 122,564
24,438 Noncontrolling interest 103 63
Total
shareholders’ equity 122,667 24,501
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY
293,767
154,494
SouFun Holdings Limited Unaudited Condensed
Consolidated Statements of Operations ( in U.S. dollars in
thousands, except share data and per ADS data )
Three months ended
Twelve months ended
December 31, December 31, December 31, December 31,
2010 2009 2010 2009
Revenues: Marketing
services $ 79,309 $ 48,032 $ 167,711 $ 102,367 Listing services
15,722 7,532 40,355 17,559 Other value-added services and products
3,863 3,219 16,424
7,123
Total revenues 98,894 58,783
224,490 127,049 Cost of Revenues: Cost
of services (18,862 ) (10,565 ) (49,120 ) (26,484 ) Cost of other
value-added services and products (3,060 ) (2,085 )
(12,891 ) (4,863 )
Total Cost of Revenues
(21,922 ) (12,650 ) (62,011
) (31,347 ) Gross Profit
76,972 46,133 162,479 95,702
Operating expenses: Selling expenses (15,527 ) (8,843 )
(42,512 ) (25,186 ) General and administrative expenses
(18,315 ) (7,199 ) (41,547 ) (22,176 )
Total Operating Expenses (33,842 )
(16,042 ) (84,059 ) (47,362
)
Income from operations 43,130 30,091
78,420 48,340 Foreign exchange gain (loss) 16
(23 ) (461 ) (59 ) Interest income 724 327 2,390 1,205 Realized
gain—trading securities 59 - 282 195 Government grants 277
268 740 730
Income before income tax 44,206 30,663
81,371 50,411 Income tax benefits / (expenses)
Income tax (expense) benefit (4,461 ) (2,936 )
(18,222 ) 2,199
Net income 39,745
27,727 63,149 52,610 Net income(loss)
attributable to non-controlling interests (56 )
12
(41
)
42
Net Income attributable to SouFun Holdings Limited
shareholders
$
39,689
$
27,739
$
63,108
$
52,652
Net income per
ADS*:
Basic $ 0.52 0.37 0.85
0.71 Diluted $ 0.48 0.36 0.79
0.68
Weighted average number of
shares outstanding: Basic 76,065,755
73,932,217 74,683,593 73,986,129
Diluted 82,238,298 77,650,287
80,220,633 77,418,960
* Starting from February 18, 2011,
the ratio of SouFun’s American Depositary Receipts representing
Class A ordinary shares will be changed from one for four to one
for one.
SouFun Holdings Limited Reconciliation of GAAP and
Non-GAAP Results ( in U.S. dollars in thousands, except
share data and per ADS data) Three months
ended Twelve months ended December 31, December
31, December 31, December 31, 2010 2009
2010 2009 GAAP income from operations 43,130 30,091
78,420 48,340 Share-based compensation 2,477 1,212 5,105 4,140 IPO
expense 72 - 2,760 - Non-GAAP income from operations 45,679 31,303
86,285 52,480 GAAP net income 39,745 27,727 63,149 52,610
One-off tax expense (benefit) - - 3,406 (9,525 ) Share-based
compensation 2,477 1,212 5,105 4,140 IPO expense 72 - 2,760 -
Non-GAAP net income 42,294 28,939 74,420 47,225 Net Income
attributable toSouFun Holdings Limited shareholders 39,689 27,739
63,108 52,652 One-off tax benefit - - 3,406 (9,525 ) Share-based
compensation expense 2,477 1,212 5,105 4,140 IPO expense 72 - 2,760
- Non-GAAP net Income attributable to SouFun Holdings Limited
shareholders 42,238 28,951 74,379 47,267
GAAP net income per
ADS*:
Basic 0.52 0.37 0.85 0.71 Diluted 0.48 0.36 0.79 0.68
Non-GAAP
net income per ADS*: Basic 0.56 0.39 1.00 0.64
Diluted 0.51 0.37 0.93 0.61
Weighted average number of
shares outstanding: Basic 76,065,755 73,932,217 74,683,593
73,986,129 Diluted 82,238,298 77,650,287 80,220,633 77,418,960
*Starting from February 18, 2011, the
ratio of SouFun’s American Depositary Receipts representing Class A
ordinary shares will be changed from one for four to one for
one.
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