BEIJING, Aug. 8, 2013 /PRNewswire/ -- SouFun Holdings
Limited (NYSE: SFUN) ("SouFun"), the leading real estate
Internet portal in China,
announced today its unaudited financial results for the second
quarter of 2013.
Second Quarter 2013 Highlights
- Revenue in the second quarter of 2013 was $144.1 million, a 48.6% increase from the
corresponding period in 2012.
- Operating income in the second quarter of 2013 was
$75.8 million, a 59.6% increase from
the corresponding period in 2012. Non-GAAP operating income
in the second quarter of 2013 was $77.6
million, a 59.2% increase from the corresponding period in
2012.
- Net income attributable to SouFun's
shareholders was $55.4
million, or $0.67 per fully
diluted share, representing a year-over-year increase of 67.5%.
Non-GAAP net income attributable to SouFun's shareholders
was $62.5 million, or $0.75 per fully diluted share, representing a
year-over-year increase of 56.3%.
First Half 2013 Highlights
- Revenue in the first half of 2013 was $235.2 million, a 51.3% increase from the
corresponding period in 2012.
- Operating income in the first half of 2013 was
$113.0 million, an 83.1% increase
from the corresponding period in 2012. Non-GAAP operating
income in the first half of 2013 was $116.5 million, an 81.6% increase from the
corresponding period in 2012.
- Net income attributable to SouFun's
shareholders was $83.8
million, or $1.01 per fully
diluted share, representing a year-over-year increase of 74.1%.
Non-GAAP net income attributable to SouFun's
shareholders was $95.7
million, or $1.15 per fully
diluted share, representing a year-over-year increase of
76.9%.
"We are proud of delivering another solid quarter and our 12th
straight growth quarter above our guidance since SouFun's IPO,"
said Vincent Mo, Executive Chairman
of SouFun. "We will continue to focus on products and services and
invest in new technologies that will enhance SouFun's websites and
mobile applications for SouFun's future growth and create long-term
value for our shareholders."
Second Quarter 2013 Results
Revenues
SouFun reported total revenues of $144.1 million for the second quarter of 2013,
representing an increase of 48.6% from the corresponding period in
2012, primarily driven by the growth in listing service and SouFun
membership service.
Revenue from marketing
services was $58.9
million for the second quarter of 2013, an increase of 5.9%
from $55.7 million for the
corresponding period in 2012.
Revenue from e-commerce services was $45.0 million for the second quarter of 2013, an
84.2% increase from $24.4 million for
the same period in 2012, primarily due to the expansion of SouFun
membership services in Beijing,
Shanghai and other cities,
including Chengdu and Chongqing.
Revenue from listing services was $38.4 million for the second quarter of 2013, an
increase of 147.3% from $15.5 million
for the corresponding period in 2012, primarily due to the
substantial growth in agency subscribers.
Revenue from other value-added services was
$1.8 million for the second quarter
of 2013, an increase of 30.8% from $1.4
million for the corresponding period in 2012.
Cost of Revenue
Cost of revenue was $26.1
million for the second quarter of 2013, an increase of 43.5
% from $18.2 million for the
corresponding period in 2012. The increase in cost of revenue was
mainly driven by the increase in staff costs and taxes.
Gross margin was 81.9% for the second quarter of 2013,
compared to 81.2% for the corresponding period in 2012.
Operating Expenses and Income
Operating expenses were $42.4
million for the second quarter of 2013, an increase of 35.5
% from $31.3 million for the
corresponding period in 2012.
Selling expenses were $23.0
million for the second quarter of 2013, an increase of 34.0%
from $17.1 million for the
corresponding period in 2012, primarily due to increased staff
cost.
General and administrative expenses were $19.4 million for the second quarter of 2013, an
increase of 37.4% from $14.1 million
for the corresponding period in 2012, primarily due to increased
staff cost.
Operating income was $75.8
million for the second quarter of 2013, an increase of 59.6%
from $47.5 million for the
corresponding period in 2012, driven by revenue growth and
effective cost control.
Income tax expense was $24.7
million for the second quarter of 2013, a 40.2% increase
compared to $17.6 million for the
corresponding period in 2012, mainly driven by profit growth.
Net income attributable to SouFun's
shareholders was $55.4 million
for the second quarter of 2013, a 71.2% increase from $32.3 million for the corresponding period in
2012. Fully diluted earnings per share were $0.67 for the second quarter of 2013, a 67.5%
increase from $0.40 for the
corresponding period in 2012.
Adjusted EBITDA, defined as non-GAAP net income
before income taxes, interest expenses, interest income,
depreciation and amortization, was $80.7
million for the second quarter of 2013, an increase of 58.7%
as compared to $50.8 million for the
corresponding period in 2012.
As of June 30, 2013, SouFun had
cash, cash equivalents, and short-term investments (excluding
the available-for-sale security) of $273.4 million, compared to $143.6 million as of December 31, 2012. Cash flow from operating
activities was $79.6 million for
the second quarter of 2013, a 79.7% increase from $44.3 million for the same period in 2012.
First Half 2013 Results
Revenues
SouFun reported total revenues of $235.2 million for the first half of 2013,
representing an increase of 51.3% from the corresponding period in
2012, primarily driven by the growth in listing services and SouFun
membership services.
Revenue from marketing
services was $94.8
million for the first half of 2013, an increase of 5.4% from
$89.9 million for the corresponding
period in 2012.
Revenue from e-commerce services was $71.3 million for the first half of 2013, a 95.6%
increase from $36.5 million for the
same period in 2012, primarily due to the expansion of SouFun
membership services in Beijing,
Shanghai and other cities,
including Chengdu and Chongqing.
Revenue from listing services was $65.3 million for the first half of 2013, an
increase of 146.5% from $26.5 million
for the corresponding period in 2012, primarily due to the
substantial growth in agency subscribers.
Revenue from other value-added services was
$3.8 million for the first half of
2013, an increase of 45.1% from $2.6
million for the corresponding period in 2012.
Cost of Revenue
Cost of revenue was $46.2
million for the first half of 2013, an increase of 32.9 %
from $34.7 million for the
corresponding period in 2012. The increase in cost of revenue
was primarily due to the increase in staff costs and business
taxes.
Gross margin was 80.4% for the first half of 2013,
improved from 77.7% for the corresponding period in 2012 as a
result of effective cost control and revenue growth.
Operating Expenses and Income
Operating expenses were $76.2
million for the first half of 2013, an increase of 29.1 %
from $59.0 million for the
corresponding period in 2012.
Selling expenses were $41.7
million for the first half of 2013, an increase of 32.0%
from $31.6 million for the
corresponding period in 2012, primarily due to increased staff
cost.
General and administrative expenses were $34.5 million for the first half of 2013, an
increase of 25.7% from $27.4 million
for the corresponding period in 2012, primarily due to increased
staff cost.
Operating income was $113.0
million for the first half of 2013, an increase of 83.1%
from $61.7 million for the
corresponding period in 2012, driven by revenue growth and
effective cost control.
Income tax expense was $36.4
million for the first half of 2013, an 86.1% increase
compared to $19.6 million for the
corresponding period in 2012. The increase was primarily due to a
$15.2 million incremental tax expense
driven by profit growth and a $1.6
million one-time tax benefit in the first half of 2012.
Net income attributable to SouFun's
shareholders was $83.8 million
for the first half of 2013, an increase of 78.7% from $46.9 million for the corresponding period in
2012. Fully diluted earnings per share were $1.01 for the first half of 2013, a 74.1%
increase from $0.58 for the
corresponding period in 2012.
Adjusted EBITDA, defined as non-GAAP net income
before income taxes, interest expenses, interest income,
depreciation and amortization, was $121.6
million for the first half of 2013, an increase of 78.0% as
compared to $68.3 million for the
corresponding period in 2012.
Cash flow from operating activities was $139.4 million for the first half of 2013, a
97.4% increase from $70.7 million for
the same period in 2012.
Business Outlook
SouFun raises its total revenue guidance for 2013 from between
$527.0 million and $538.0 million to
between $538.0 million and $548.0
million, or from a year-over-year increase of between 22.5%
and 25.0% to between 25.0% and 27.5%, despite uncertainties in
China's property market for the
second half of 2013. This forecast reflects SouFun's current and
preliminary view, which is subject to change.
Conference Call Information
SouFun's management team will host a conference call on
August 8, 2013 at 8 a.m. U.S. Eastern Daylight Time (8 p.m. Beijing/Hong
Kong time).
The dial-in details for the live conference call are:
International Toll
Dial-In Number:
|
+65 6723
9381
|
International Toll
Free Dial-In Number(s):
|
Hong Kong
|
800 930
346
|
United
States
|
+1 866 519
4004
|
Local Dial-In
Number(s):
|
|
Mainland
China
|
400 620 8038 / 800
819 0121
|
Hong Kong
|
+852 2475
0994
|
United States, New
York
|
+845 675
0437
|
Passcode:
|
SFUN
|
Conference ID #
21467448
|
|
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 10:00
a.m. U.S. Eastern Daylight Time on August 8 through August 15, 2013. The dial-in
details for the telephone replay are:
International:
|
+61 2 8199
0299
|
Toll Free:
|
|
Mainland
China
|
400 120 0931 / 400
120 0932 / 800 870 0205
|
Hong Kong
|
800 963
117
|
United
States
|
+1 855 452
5696
|
Local
Toll:
|
|
Hong Kong
|
+852 3051
2780
|
United States, New
York
|
+646 254
3697
|
Conference ID #
21467448
|
|
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 in
China in terms of the number of
page views and visitors to our websites in 2012. Through
SouFun's websites, it provides marketing, e-commerce, listing, and
other value-added services for China's fast-growing real estate and
home-related sectors. SouFun's Internet portal is highly focused on
user experience, and supports SouFun's users in seeking information
on the real estate and home-related sectors in China. SouFun currently maintains about 100
offices to focus on local market needs and its website and database
contains real estate related content covering more than 320 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," "is expected to,"
"anticipates," "aim," "future," "intends," "plans," "believes,"
"are likely to," "estimates," "may," "should" and similar
expressions. Such forward-looking statements include, without
limitation, statements regarding the revenue outlook for 2013 and
statements regarding SouFun's strategic and operational plans and
focus, current and future market positions the impact of government
policies and China's real estate
and home furnishings market. 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, current global economic conditions and
their 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 occur in the future,
challenges in China's real estate
market, the impact of competitive market conditions for our
services and our ability to maintain and increase our leadership in
China's home related internet
sector, the uncertain regulatory landscape in China, fluctuations in our quarterly operating
results, our continued ability to execute business strategies
including our SouFun membership services and SouFun Online Shop,
our ability to continue to expand in local markets, our reliance on
online advertising sales and listing services for our revenues, any
failure to successfully develop and expand our content, service
offerings and features, including the success of new features to
meet evolving market needs, and the technologies that support them,
and, should we in the future make acquisitions, any failure to
successfully integrate acquired businesses.
Further information regarding these and other risks and
uncertainties is included in our annual report on form 20-F and
other documents we have filed 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
expenses and the related tax effects, as well as realized gain on
available-for-sale security for the three months ended June 30, 2013, 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.
For investor and media inquiries, please contact:
Mr. Hong Zhao
Vice President of Finance
SouFun Holdings Limited
Phone: +86-10-5631-8707
Email: hongzhao@soufun.com
Or
Ms. Yiwen Zhang
Investor Relations Manager
SouFun Holdings Limited
Phone: +86-10-5631 8659
E-mail: zhangyiwen@soufun.com
SouFun Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(in U.S. dollars
in thousands, except as noted)
|
|
ASSETS
|
|
June
30,
|
|
Dec
31,
|
|
2013
|
2012
|
Current
assets:
|
|
(Unaudited)
|
|
(Audited)
|
|
Cash and cash
equivalents
|
|
255,557
|
|
118,167
|
|
Short-term
investments
|
|
17,803
|
|
26,841
|
|
Accounts receivable,
net
|
|
43,282
|
|
30,029
|
|
Funds
receivable
|
|
17,635
|
|
7,600
|
|
Prepayment and other
current assets
|
|
7,763
|
|
9,226
|
|
Deferred tax assets,
current
|
|
2,875
|
|
2,734
|
Total current
assets
|
|
344,915
|
|
194,597
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
|
221,212
|
|
79,564
|
|
Restricted cash,
non-current
|
|
398,181
|
|
391,416
|
|
Deferred tax assets,
non-current
|
|
2,084
|
|
1,723
|
|
Deposit for
non-current assets
|
|
9,065
|
|
8,750
|
|
Prepayment for BaoAn
acquisition
|
|
-
|
|
111,367
|
|
Other non-current
assets
|
|
19,234
|
|
13,744
|
Total non-current
assets
|
|
649,776
|
|
606,564
|
Total
assets
|
|
994,691
|
|
801,161
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
loans
|
|
270,670
|
|
270,670
|
|
Deferred
revenue
|
|
113,700
|
|
65,871
|
|
Accrued expenses and
other liabilities
|
|
100,766
|
|
89,306
|
|
Customers' refundable
fees
|
|
30,187
|
|
18,449
|
|
Income tax
payable
|
|
16,851
|
|
23,659
|
|
Amounts due to a
related party
|
|
175
|
|
-
|
Total current
liabilities
|
|
532,349
|
|
467,955
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
loans
|
|
80,750
|
|
80,750
|
|
Deferred tax
liabilities, non-current
|
|
93,714
|
|
64,947
|
|
Other non-current
liabilities
|
|
473
|
|
-
|
Total non-current
liabilities
|
|
174,937
|
|
145,697
|
Total
Liabilities
|
|
707,286
|
|
613,652
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Class A ordinary
shares, par value Hong Kong Dollar ("HK$") 1
per share, 600,000,000 shares authorized for Class A
and
Class B in aggregate, and 56,532,480 shares and
56,013,735
shares issued and outstanding as at June 30, 2013 and
December
31, 2012, respectively
|
|
7,259
|
|
7,192
|
|
Class B ordinary
shares, par value HK$1 per share, 600,000,000
shares authorized for Class A and Class B in aggregate,
and
24,336,650 shares and 24,336,650 shares issued and
outstanding
as at June 30, 2013 and December 31, 2012 ,
respectively
|
|
3,124
|
|
3,124
|
|
Additional paid-in
capital
|
|
76,671
|
|
69,637
|
|
Accumulated other
comprehensive income
|
|
32,913
|
|
23,974
|
|
Retained
earnings
|
|
166,729
|
|
82,952
|
Total SouFun
shareholders' equity
|
|
286,696
|
|
186,879
|
|
Noncontrolling
interests
|
|
709
|
|
630
|
Total
equity
|
|
287,405
|
|
187,509
|
TOTAL LIABILITIES
AND EQUITY
|
|
994,691
|
|
801,161
|
SouFun Holdings
Limited
|
Condensed
Consolidated Statements of Comprehensive Income
|
(in U.S. dollars
in thousands, except share data and per ADS data)
|
|
|
|
Three months
ended
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
Marketing services
|
|
58,947
|
|
55,658
|
|
94,760
|
|
89,910
|
E-commerce services
|
|
44,972
|
|
24,417
|
|
71,335
|
|
36,462
|
Listing services
|
|
38,423
|
|
15,535
|
|
65,257
|
|
26,469
|
Other value-added services
|
|
1,802
|
|
1,378
|
|
3,826
|
|
2,637
|
Total
revenues
|
|
144,144
|
|
96,988
|
|
235,178
|
|
155,478
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
|
Cost of services
|
|
(26,124)
|
|
(18,208)
|
|
(46,154)
|
|
(34,730)
|
Total Cost of
Revenues
|
|
(26,124)
|
|
(18,208)
|
|
(46,154)
|
|
(34,730)
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
118,020
|
|
78,780
|
|
189,024
|
|
120,748
|
|
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
(22,965)
|
|
(17,136)
|
|
(41,697)
|
|
(31,594)
|
General and
administrative expenses
|
|
(19,424)
|
|
(14,138)
|
|
(34,484)
|
|
(27,437)
|
Other income
|
|
167
|
|
-
|
|
167
|
|
-
|
Operating
Income
|
|
75,798
|
|
47,506
|
|
113,010
|
|
61,717
|
Foreign exchange
gain
|
|
2
|
|
57
|
|
2
|
|
55
|
Interest income
|
|
6,315
|
|
4,529
|
|
11,993
|
|
8,956
|
Interest expense
|
|
(3,218)
|
|
(2,593)
|
|
(6,555)
|
|
(5,210)
|
Government
grants
|
|
432
|
|
486
|
|
854
|
|
923
|
Other-than-temporary
impairment on available-
for-sale security
|
|
-
|
|
-
|
|
-
|
|
(14)
|
Realized gain on
available-for-sale security
(includes $821 accumulated other
comprehensive income reclassifications
for
unrealized net gains on
available-for-sale
security)
|
|
821
|
|
-
|
|
821
|
|
-
|
Gain on
bargain purchase
|
|
-
|
|
-
|
|
102
|
|
-
|
Income before
income taxes and
noncontrolling interests
|
|
80,150
|
|
49,985
|
|
120,227
|
|
66,427
|
Income tax
expenses
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
(24,747)
|
|
(17,645)
|
|
(36,380)
|
|
(19,553)
|
Net
income
|
|
55,403
|
|
32,340
|
|
83,847
|
|
46,874
|
Net income attributable to
noncontrolling interests
|
|
35
|
|
-
|
|
70
|
|
-
|
Net income
attributable to SouFun
shareholders
|
|
55,368
|
|
32,340
|
|
83,777
|
|
46,874
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
Foreign currency
Translation
|
|
8,323
|
|
(1,742)
|
|
9,691
|
|
(1,603)
|
Realized gain on
available-for-sale security
|
|
(821)
|
|
-
|
|
(821)
|
|
-
|
Unrealized gain on
available-for-sale security
|
|
-
|
|
500
|
|
78
|
|
500
|
Total other
comprehensive income, net of tax
|
|
7,502
|
|
(1,242)
|
|
8,948
|
|
(1,103)
|
Comprehensive
income
|
|
62,905
|
|
31,098
|
|
92,795
|
|
45,771
|
Earnings per share
for Class A and Class B
ordinary shares
|
|
|
|
|
|
|
|
|
Basic
|
|
0.71
|
|
0.42
|
|
1.07
|
|
0.61
|
Diluted
|
|
0.67
|
|
0.40
|
|
1.01
|
|
0.58
|
Weighted average
number of Class A and
Class B ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
77,923,911
|
|
76,878,518
|
|
77,962,391
|
|
77,241,192
|
Diluted
|
|
83,124,647
|
|
81,392,881
|
|
83,266,708
|
|
81,328,134
|
SouFun Holdings
Limited
|
Reconciliation of
GAAP and Non-GAAP Results
|
(in U.S. dollars
in thousands, except share data and per share data)
|
|
|
|
Three months
ended
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
GAAP income from
operations
|
|
75,798
|
|
47,506
|
|
113,010
|
|
61,717
|
Share-based
compensation expense
|
|
1,761
|
|
1,202
|
|
3,524
|
|
2,464
|
Non-GAAP income from
operations
|
|
77,559
|
|
48,708
|
|
116,534
|
|
64,181
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
55,403
|
|
32,340
|
|
83,847
|
|
46,874
|
One-off tax
benefit
|
|
-
|
|
-
|
|
-
|
|
(1,631)
|
Withholding tax
related to dividends
|
|
6,156
|
|
5,208
|
|
9,305
|
|
5,208
|
Other-than-temporary
impairment on
available-for-sale security
|
|
-
|
|
-
|
|
-
|
|
14
|
Realized gain on
available-for-sale
security (includes $821 accumulated
other comprehensive income
reclassifications for unrealized net
gains on available-for-sale security)
|
|
(821)
|
|
-
|
|
(821)
|
|
-
|
Share-based
compensation expense
|
|
1,761
|
|
1,202
|
|
3,524
|
|
2,464
|
Gain on bargain
purchase
|
|
-
|
|
-
|
|
(102)
|
|
-
|
Non-GAAP net
income
|
|
62,499
|
|
38,750
|
|
95,753
|
|
52,929
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to
SouFun shareholders
|
|
55,368
|
|
32,340
|
|
83,777
|
|
46,874
|
One-off tax
benefit
|
|
-
|
|
-
|
|
-
|
|
(1,631)
|
Withholding tax
related to dividends
|
|
6,156
|
|
5,208
|
|
9,305
|
|
5,208
|
Other-than-temporary
impairment on
available-for-sale security
|
|
-
|
|
-
|
|
-
|
|
14
|
Realized gain on
available-for-sale
security (includes $821 accumulated
other comprehensive income
reclassifications for unrealized net
gains on available-for-sale security)
|
|
(821)
|
|
-
|
|
(821)
|
|
-
|
Share-based
compensation expense
|
|
1,761
|
|
1,202
|
|
3,524
|
|
2,464
|
Gain on bargain
purchase
|
|
-
|
|
-
|
|
(102)
|
|
-
|
Non-GAAP net Income
attributable to
SouFun Holdings Limited shareholders
|
|
62,464
|
|
38,750
|
|
95,683
|
|
52,929
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class
A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.71
|
|
0.42
|
|
1.07
|
|
0.61
|
Diluted
|
|
0.67
|
|
0.40
|
|
1.01
|
|
0.58
|
Non-GAAP earnings
per share for
Class A and Class B ordinary
shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.80
|
|
0.50
|
|
1.23
|
|
0.69
|
Diluted
|
|
0.75
|
|
0.48
|
|
1.15
|
|
0.65
|
Weighted average
number of Class
A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
77,923,911
|
|
76,878,518
|
|
77,962,391
|
|
77,241,192
|
Diluted
|
|
83,124,647
|
|
81,392,881
|
|
83,266,708
|
|
81,328,134
|
SouFun Holdings
Limited
|
Reconciliation of
Non-GAAP and Adjusted EBITDA
|
(in U.S. dollars
in thousands)
|
|
|
|
Three months
ended
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Net
income
|
|
62,499
|
|
38,750
|
|
95,753
|
|
52,929
|
Add back:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
3,218
|
|
2,593
|
|
6,555
|
|
5,210
|
Income tax
expenses
|
|
18,591
|
|
12,437
|
|
27,075
|
|
15,976
|
Depreciation
expenses
|
|
2,663
|
|
1,573
|
|
4,162
|
|
3,110
|
Subtract:
|
|
|
|
|
|
|
|
|
Interest
income
|
|
(6,315)
|
|
(4,529)
|
|
(11,993)
|
|
(8,956)
|
Adjusted
EBITDA
|
|
80,656
|
|
50,824
|
|
121,552
|
|
68,269
|
SOURCE SouFun Holdings Limited