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 first
quarter ended March 31, 2011.
Highlights for First Quarter
2011
- Revenues grew 54.2% to US$40.8 million
compared to the first quarter of 2010, and a 68.7% year-over-year
increase excluding the effects from prepaid card business.
- Operating income was US$5.9 million, an
increase of 100.3% compared to the first quarter of 2010. Non-GAAP
operating income was US$7.9 million, an increase of 69.8% compared
to the first quarter of 2010.
- Net income attributable to shareholders
was US$5.7 million, an increase of 142.1% compared to the first
quarter of 2010. Non-GAAP net income attributable to shareholders
was US$7.7 million, an increase of 89.7% compared to the first
quarter of 2010.
“We are happy to see our continuous growth momentum in the first
quarter of 2011,” said Vincent Mo, Executive Chairman of SouFun.
“SouFun benefits from its strong market leadership in China’s
dynamic real estate and home furnishing markets. SouFun will
continue to focus on providing internet products and services to
everything home in China and its new e-commerce initiative is
expected to bring in new revenue potentials.”
Financial Results for First Quarter
2011
Revenues
For the first quarter of 2011, SouFun had total revenues of
US$40.8 million, an increase of 54.2% compared to US$26.4 million
for the same period of 2010. After excluding the effects from
prepaid card business, total revenues for the first quarter of 2011
grow 68.7% compared to the same period of 2010.
Revenue from marketing services was US$28.2 million for the
first quarter of 2011, an increase of 57.3% compared to US$17.9
million for the same period of 2010.
Revenue from listing services was US$11.3 million for the first
quarter of 2011, an increase of 97.6% compared to US$5.7 million
for the same period of 2010.
Revenue from other value-added services and products was US$1.2
million for the first quarter of 2011, a decrease of 56.5% compared
to US$2.8 million for the same period of 2010. A year-over-year
increase of 125.6% was achieved after excluding US$2.3 million
revenue from prepaid card business.
We initiated our e-commerce business for our home furnishing and
improvement since the beginning of 2011 and revenue from this
business reached US$94,925 for the first quarter of 2011.
Leveraging from our home furnishing and improvement portal
www.jiatx.com, the e-commerce initiative is expected to generate
more revenue in the future.
Cost of Revenue
Cost of revenue was US$13.2 million for the first quarter of
2011, an increase of 60.6% compared to US$8.2 million (excluding
cost of product related to prepaid card business) for the same
period of last year. The increase is primarily due to the increased
staff cost.
Operating Expenses
Operating expenses for the first quarter of 2011 were US$21.7
million, an increase of 66.7% compared to US$13.0 million for the
same period of 2010.
- Selling expenses for the first quarter
of 2011 were US$12.2 million, an increase of 74.7% from US$7.0
million for the same period of 2010, primarily due to increased
staff cost.
- General and administrative expenses for
the first quarter of 2011 were US$9.5 million, an increase of 57.3%
from US$6.0 million for the same period of 2010, primarily due to
the increased staff cost.
Operating Income
Operating income for the first quarter of 2011 was US$5.9
million, an increase of 100.3% compared to US$3.0 million for the
same period of 2010. Non-GAAP operating income for the first
quarter of 2011 was US$7.9 million, an increase of 69.8% compared
to US$4.7 million for the same period in 2010.
Income Tax Expense
Income tax expense for the first quarter of 2011 was US$2.1
million, an increase of 39.8% compared to US$1.5 million for the
same period of 2010.
Net Income Attributable to Shareholders
Net income attributable to shareholders for the first quarter of
2011 was US$5.7 million, an increase of 142.1% from US$2.4 million
for the same period of 2010. Non-GAAP net income attributable to
shareholders for the first quarter of 2011 was US$7.7 million, an
increase of 89.7% compared to US$4.1 million for the same period of
2010.
Cash Flow
As of March 31, 2011, SouFun had cash, cash equivalents and
short-term investments of US$259.8 million, compared to US$229.7
million as of December 31, 2010.
Cash flow from operating activities was US$34.6 million for the
first quarter of 2011, compared to US$13.0 million for the same
period of 2010.
Business Outlook
SouFun adjusted up its estimate of total revenues for fiscal
year of 2011 to be between US$280.0 million and US$290.0 million,
representing a 32.3% to 37.1% year-over-year growth compared to the
total revenues (excluding the effects from prepaid card business)
for fiscal year 2010.
Conference Call
Information
SouFun’ management team will host a conference call on May 11,
2011 at 8 a.m. U.S. Eastern Time (8 p.m. Beijing/Hong Kong
time).
The dial-in details for the live conference call are:
US Toll Free: 1 866 277 1182
US Toll/ International: 1 617 597 5359
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 telephone replay of the call will be available after the
conclusion of the conference call at 11:00 a.m. U.S. Eastern Time
on May 11 through May 17, 2011. The dial-in details for the
telephone replay are:
US Toll Free: 1 888 286 8010
US Toll/ International: 1 617 801 6888
Passcode: 41490314
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 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 80 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 2011 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
and IPO expense, 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 March 31,
Dec 31, 2011 2010 Current
assets: Cash and cash equivalents 155,207
171,520 Short-term investments 104,554 58,133 Accounts receivable,
net 24,012 22,353 Prepayment and other current assets 14,821 21,113
Available-for-sales securities 4,479 4,279 Deferred tax assets,
current 2,151 2,129
Total current assets 305,224
279,527 Non-current assets: Property and equipment,
net 7,918 7,549 Deposit for non-current assets 4,600 4,600
Restricted cash, non-current portion 47,282 - Deferred tax assets,
non current 536 619 Other non-current assets 1,311 1,472
Total non-current assets 61,647 14,240
Total assets 366,871 293,767
LIABILITIES AND SHAREHOLDERS’ EQUITY Current
liabilities: Short-term loans - 3,600 Deferred revenue 81,276
56,968 Accrued expenses and other liabilities 42,661 46,349
Dividend payable 39,177 39,635 Income tax payable 15,353
14,329
Total current liabilities 178,467
160,881 Non-current liabilities:
Long-term bank borrowings, non-current 45,000 - Deferred tax
liability, non-current 10,691 10,219
Total non-current
liabilities 55,691 10,219 Total
Liabilities 234,158 171,100
Shareholders' equity: Ordinary shares 9,764 9,764 Additional
paid-in capital 41,390 39,399 Accumulated other comprehensive
income 12,606 10,293 Retained earnings 68,855 63,108
Total
SouFun Holdings Limited shareholders' equity 132,615
122,564 Noncontrolling interests 98 103
Total
shareholders’ equity 132,713 122,667
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY
366,871 293,767 SouFun Holdings Limited
Unaudited Condensed Consolidated Statements of Operations
( in U.S. dollars in thousands, except share data )
For the three months ended March 31,
2011 March 31, 2010
Revenues: Marketing services 28,190 17,925
Listing services 11,277 5,706 Other value-added services and
products 1,227 2,818 E-commerce services 95
-
Total revenues 40,789 26,449 Cost of
revenues: Cost of services (13,218 ) (8,228 ) Cost of other
value-added services and products - (2,274 )
Total cost
of revenues (13,218 ) (10,502 )
Gross Profit 27,571 15,947
Operating expenses: Selling expenses (12,187 ) (6,974 )
General and administrative expenses (9,466 ) (6,019 )
Total
operating expenses (21,653 ) (12,993
) Income from operations 5,918
2,954 Foreign exchange gain (loss) 26 (24 ) Interest income
1,377 630 Interest expenses (42 ) - Realized gain—trading
securities 55 113 Government grants 499 191
Income
before income tax 7,833 3,864 Income tax
expenses Income tax expense (2,091 ) (1,496 )
Net income
5,742 2,368 Net loss attributable to noncontrolling
interests 5 6
Net income attributable to SouFun
Holdings Limited
shareholders
5,747 2,374 Net income per
ADS: Basic 0.08 0.03 Diluted 0.07 0.03
Weighted average
number of shares outstanding: Basic 76,065,755 73,932,217
Diluted 82,768,286 77,588,645
SouFun Holdings Limited
Reconciliation of GAAP and Non-GAAP Results ( in U.S.
dollars in thousands, except share data ) For
the three months ended March 31, 2011
March 31, 2010 GAAP income from operations 5,918
2,954 Share-based compensation 1,991 1,104 IPO expense - 600
Non-GAAP income from operations 7,909 4,658 GAAP net income
5,742 2,368 Share-based compensation 1,991 1,104 IPO expense - 600
Non-GAAP net income 7,733 4,072 Net Income attributable
toSouFun Holdings Limited shareholders 5,747 2,374 Share-based
compensation expense 1,991 1,104 IPO expense - 600 Non-GAAP net
Income attributable toSouFun Holdings Limited shareholders 7,738
4,078
GAAP net income per ADS: Basic 0.08 0.03
Diluted 0.07 0.03
Non-GAAP net income per ADS: Basic 0.10
0.06 Diluted 0.09 0.05
Weighted average number of shares
outstanding: Basic 76,065,755 73,932,217 Diluted 82,768,286
77,588,645
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