SouFun Holdings Limited (NYSE: SFUN) (“SouFun” or the
“Company”), the leading real estate and home furnishing
Internet portal in China, today announced its unaudited financial
results for the fourth quarter and fiscal year 2011.
Fourth Quarter 2011
Highlights
- Revenues grew 15.1% to US$113.9 million
compared to the fourth quarter of 2010, and up 18.8% year-over-year
excluding the effect from prepaid card business.
- Operating income was US$45.6 million,
an increase of 5.7% compared to the fourth quarter of 2010.
Non-GAAP operating income was US$47.4 million, an increase of 3.9%
compared to the fourth quarter of 2010.
- Net income attributable to shareholders
was US$30.1 million, a decrease of 24.2% compared to the fourth
quarter of 2010. Non-GAAP net income attributable to shareholders
was US$39.4 million, a decrease of 6.7% compared to the fourth
quarter of 2010.
Fiscal year 2011
Highlights
- Revenues grew 53.2% to US$343.8 million
compared to the fiscal year 2010, and up 62.5% year-over-year
excluding the effect from prepaid card business.
- Operating income was US$139.2 million,
an increase of 77.5% compared to the fiscal year 2010. Non-GAAP
operating income was US$146.3 million, an increase of 69.6%
compared to the fiscal year 2010.
- Net income attributable to shareholders
was US$101.6 million, an increase of 61.0% compared to the fiscal
year 2010. Non-GAAP net income attributable to shareholders was
US$123.9 million, an increase of 66.6% compared to the fiscal year
2010.
“I am happy that SouFun had another great quarter and the
company was way above its original 2011 guidance” said Vincent Mo,
Executive Chairman of SouFun. “SouFun’s leadship in the market and
its sound fundamental and overall experiences made its great
performance happen in China’s tough real estate market in 2011. The
current market situation won’t get better very soon but I’m
confident that SouFun will continue to grow in 2012.”
Financial Results for Fourth Quarter
2011
Revenues
For the fourth quarter of 2011, SouFun had total revenues of
US$113.9 million, an increase of 15.1% compared to US$98.9 million
for the same period of 2010. After excluding the effect from
prepaid card business, total revenues for the fourth quarter of
2011 grew 18.8% compared to the same period of 2010.
Revenue from marketing services was US$79.4 million for the
fourth quarter of 2011, an increase of 0.2% compared to US$79.3
million for the same period of 2010.
Revenue from listing services was US$21.8 million for the fourth
quarter of 2011, an increase of 38.5% compared to US$15.7 million
for the same period of 2010.
Revenue from other value-added services and products was US$12.2
million for the fourth quarter of 2011, an increase of 214.8%
compared to US$3.9 million for the same period of 2010.
Cost of Revenues
Cost of revenues was US$17.0 million for the fourth quarter of
2011 representing a decrease of 22.6% compared to US$21.9 million
for the same period of 2010.
Operating Expenses
Operating expenses for the fourth quarter of 2011 were US$51.3
million, an increase of 51.7% compared to US$33.8 million for the
same period of 2010.
- Selling expenses for the fourth quarter
of 2011 were US$20.8 million, an increase of 33.8% from US$15.5
million for the same period of 2010, primarily due to the increased
staff cost.
- General and administrative expenses for
the fourth quarter of 2011 were US$30.6 million, an increase of
66.9% from US$18.3 million for the same period of 2010, primarily
due to allowance for doubtful accounts and the increased staff
cost.
Operating Income
Operating income for the fourth quarter of 2011 was US$45.6
million, an increase of 5.7% compared to US$43.1 million for the
same period of 2010. Non-GAAP operating income for the fourth
quarter of 2011 was US$47.4 million, an increase of 3.9% compared
to US$45.7 million for the same period in 2010.
Income Tax Expense
Income tax expense for the fourth quarter of 2011 was US$13.4
million, an increase of 201.1% compared to US$4.5 million for the
same period of 2010, primarily due to the withholding tax of the
distributable profits US$10.8 million.
Net Income Attributable to Shareholders
Net income attributable to shareholders for the fourth quarter
of 2011 was US$30.1 million, a decrease of 24.2% from US$39.7
million for the same period of 2010. Non-GAAP net income
attributable to shareholders for the fourth quarter of 2011 was
US$39.4 million, a decrease of 6.7% compared to US$42.2 million for
the same period of 2010, primarily due to the change of accounting
policy.
Cash Flow
As of December 31, 2011, SouFun had cash, cash equivalents and
short-term investments (excluding the effect from available for
sales) of US$.158.3 million, compared to US$229.7 million as of
December 31, 2010.
Cash flow from operating activities was US$44.5 million for the
fourth quarter 2011, compared to US$58.6 million for the same
period of 2010.
Financial Results for Fiscal Year
2011
Revenues
For the fiscal year 2011, SouFun had total revenues of US$343.8
million, an increase of 53.2% compared to US$224.5 million for the
same period of 2010. After excluding the effect from prepaid card
business, total revenues for the fiscal year 2011 grow 62.5%
compared to the same period of 2010.
Revenue from marketing services was US$246.6 million for the
fiscal year 2011, an increase of 47.1% compared to US$167.7 million
for the same period of 2010.
Revenue from listing services was US$67.1 million for the fiscal
year 2011, an increase of 66.3% compared to US$40.4 million for the
same period of 2010.
Revenue from other value-added services and products was US$28.4
million for the fiscal year 2011, an increase of 73.0% compared to
US$16.4 million for the same period of 2010.
Cost of Revenues
Cost of revenues was US$66.6 million for the fiscal year 2011
representing an increase of 7.4% compared to US$62.0 million for
the same period of 2010, and an increase of 35.5% compared to
US$49.1 million (excluding cost of product related to prepaid card
business) for the fiscal year 2010. The increase is primarily due
to the increased business tax and staff cost.
Operating Expenses
Operating expenses for the fiscal year 2011 were US$138.1
million, an increase of 64.3% compared to US$84.1 million for the
same period of 2010.
- Selling expenses for the fiscal year
2011 were US$67.2 million, an increase of 58.1% from US$42.5
million for the same period of 2010, primarily due to the increased
staff cost.
- General and administrative expenses for
the fiscal year 2011 were US$70.9 million, an increase of 70.6%
from US$41.5 million for the same period of 2010, primarily due to
allowance for doubtful accounts and the increased staff cost.
Operating Income
Operating income for the fiscal year 2011 was US$139.2 million,
an increase of 77.5% compared to US$78.4 million for the same
period of 2010. Non-GAAP operating income for fiscal year 2011 was
US$146.3 million, an increase of 69.6% compared to US$86.3 million
for the same period in 2010.
Income Tax Expense
Income tax expense for the fiscal year 2011 was US$42.6 million,
an increase of 133.9% compared to US$18.2 million for the same
period of 2010, primarily due to the withholding tax of the
distributable profits US$18.4 million.
Net Income Attributable to Shareholders
Net income attributable to shareholders for the fiscal year 2011
was US$101.6 million, an increase of 61.0% from US$63.1 million for
the same period of 2010. Non-GAAP net income attributable to
shareholders for the fiscal year 2011 was US$123.9 million, an
increase of 66.6% compared to US$74.4 million for the same period
of 2010.
Cash Flow
Cash flow from operating activities was US$154.2 million for the
fiscal year 2011, compared to US$106.5 million for the same period
of 2010.
Business Outlook
SouFun estimates its total revenues for fiscal year of 2012 to
be between US$380.0 million and US$400.0 million, representing a
10.5% to 16.3% growth compared to the total revenues of fiscal year
of 2011.
Conference Call
Information
SouFun’s management team will host a conference call on February
15, 2012 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 Toll/Toll Free: +1 718 354 1231/1866 519 4004 International: +65
6723 9381 Hong Kong: +852 2475 0994/800 930 346 Mainland China: 800
819 0121/400 620 8038 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 February 15 through Feburary 22, 2012. The dial-in details for
the telephone replay are:
US Toll Free: 1866 214 5335US Toll: +1 718 354 1232Conference ID
# 48714044
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 103 offices to focus
on local market needs and its website and database contains real
estate-related content coverage of 314 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 2012 and comments by management in the press 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 SEC, 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 SEC. 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
SEC: (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 December 31,
December 31, 2011 2010 Current assets:
Cash and cash equivalents 150,414 171,520 Restricted cash, current
35,814 - Short-term investments 8,592 62,412 Accounts receivable,
net 27,697 22,353 Prepayments and other current assets 12,076
10,543 Loan receivable 23,762 10,570 Amounts due from related
parties 1,595 - Deferred tax assets, current 1,602 2,129
Total current assets 261,552 279,527
Non-current assets: Property and equipment, net
68,064 7,549 Deposit for non-current assets - 4,600 Restricted
cash, non-current 247,631 - Deferred tax assets, non current 1,407
619 Other non-current assets 1,717 1,472
Total
non-current assets 318,819 14,240
Total assets 580,371 293,767
LIABILITIES AND SHAREHOLDERS’ EQUITY Current
liabilities: Short-term loan - 3,600 Short-term bank borrowings
255,570 - Deferred revenue 73,620 56,968 Accrued expenses and other
liabilities 52,490 46,349 Dividend payable 51,969 39,635 Income tax
payable 16,158 14,329
Total current liabilities
449,807 160,881 Deferred tax liability,
non-current 38,581 10,219
Total Liabilities
488,388 171,100 Shareholders'
equity: Ordinary shares 10,032 9,764 Additional paid-in capital
49,838 39,399 Accumulated other comprehensive income 21,853 10,293
Retained earnings 10,185 63,108
Total SouFun Holdings
Limited shareholders' equity 91,908 122,564
Non-controlling interest 75 103
Total shareholders’
equity 91,983 122,667 TOTAL
LIABILITIES AND SHAREHOLDER'S EQUITY
580,371
293,767
SouFun Holdings LimitedUnaudited 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, 2011 2010
2011
2010
Revenues: Marketing services $ 79,433 $ 79,309 $
246,634 $ 167,711 Listing services 21,778 15,722 67,125 40,355
E-commerce services 494 - 1,657 - Other value-added services and
products 12,160 3,863 28,410
16,424
Total revenues 113,865
98,894 343,826 224,490 Cost of
Revenues: Cost of services (16,959 ) (18,862 ) (66,571 )
(49,120 ) Cost of other value-added services and products -
(3,060 ) - (12,891 )
Total
Cost of Revenues (16,959 ) (21,922
) (66,571 ) (62,011 )
Gross Profit 96,906 76,972 277,255
162,479 Operating expenses: Selling expenses
(20,770 ) (15,527 ) (67,207 ) (42,512 ) General and administrative
expenses (30,566 ) (18,315 ) (70,891 )
(41,547 )
Total Operating Expenses (51,336 )
(33,842 ) (138,098 ) (84,059
)
Operating Income 45,570 43,130 139,157
78,420 Foreign exchange gain (loss) (1 ) 16 1 (462 )
Interest income 3,609 724 10,483 2,390 Interest expense (1,632 ) -
(2,746 ) - Unrealized loss on investments (4,343 ) - (4,343 ) -
Realized gain 11 59 263 282 Government grants 308
277 1,399 740
Income
before income taxes 43,522 44,206 144,214
81,370 Income tax expenses Income tax expense
(13,430 ) (4,461 ) (42,618 ) (18,222 )
Net
income 30,092 39,745 101,596 63,148
Net income(loss) attributable to non controlling interest (8
) 56 (29 ) 40
Net Income attributable to SouFun
Holdings Limited shareholders
$
30,100
$
39,689
$
101,625
63,108
Net income per ADS
*:
Basic $ 0.39 0.52 1.33
0.85 Diluted $ 0.37 0.48 1.24
0.79
Weighted average number of
shares outstanding: Basic 76,854,946
76,065,755 76,492,272 74,683,593
Diluted 81,105,017 82,238,298
82,215,832 80,220,633
SouFun
Holdings LimitedReconciliation 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, 2011 2010 2011 2010 GAAP operating income
45,570 43,130 139,157 78,420 Share-based compensation 1,869
2,477 7,170 5,105 IPO expense - 72 - 2,760 Non-GAAP income from
operations 47,439 45,679 146,327 86,285 GAAP net income
30,092 39,745 101,596 63,148 One-off tax (benefit)/expense (7,645)
- (7,645) 3,406 Withholding Tax expense 10,765 - 18,414 -
Unrealized loss on investments 4,343 - 4,343 - Share-based
compensation 1,869 2,477 7,170 5,105 IPO expense - 72 - 2,760
Non-GAAP net income 39,415 42,294 123,869 74,419
Net Income attributable to SouFun Holdings
Limited shareholders
30,100 39,689 101,625 63,108 One-off tax (benefit)/expense (7,645)
- (7,645) 3,406 Withholding Tax expense 10,765 - 18,414 -
Unrealized loss on investments 4,343 - 4,343 - Share-based
compensation expense 1,869 2,477 7,170 5,105 IPO expense - 72 -
2,760 Non-GAAP net Income attributable to SouFun Holdings Limited
shareholders 39,423 42,238 121,923 74,379
GAAP net income per
ADS*:
Basic 0.39 0.52 1.33 0.85 Diluted 0.37 0.48 1.24 0.79
Non-GAAP
net income per ADS*: Basic 0.51 0.56 1.62 1.00
Diluted 0.49 0.51 1.51 0.93
Weighted average number of shares
outstanding: Basic 76,854,946 76,065,755 76,492,272 74,683,593
Diluted 81,105,017 82,238,298 82,215,832 80,220,633
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