BEIJING, Feb. 10, 2014 /PRNewswire/ -- SouFun
Holdings Limited (NYSE: SFUN) ("SouFun"), the leading real
estate Internet portal in China,
announced today its unaudited financial results for the fourth
quarter and fiscal year ended December 31,
2013.
Fourth Quarter 2013 Highlights
- Revenue in the fourth quarter of 2013 was $217.2 million, a 47.2% increase from the
corresponding period in 2012.
- Operating income in the fourth quarter of 2013 was
$126.7 million, an 81.0% increase
from the corresponding period in 2012. Non-GAAP operating
income in the fourth quarter of 2013 was $128.5 million, a 75.7% increase from the
corresponding period in 2012.
- Net income attributable to SouFun's
shareholders was $112.1
million, representing a year-over-year increase of 101.0%.
Fully diluted earnings per share were $1.27, increased 86.8% from the corresponding
period in 2012.
- Non-GAAP net income attributable to SouFun's
shareholders was $126.0 million,
representing a year-over-year increase of 93.5%. Non-GAAP fully
diluted earnings per share were $1.42, increased 79.7% from the corresponding
period in 2012.
Fiscal Year 2013 Highlights
- Revenue in 2013 was $637.4
million, a 48.1% increase from 2012.
- Operating income in 2013 was $350.4 million, a 76.4% increase from 2012.
Non-GAAP operating income in 2013 was $357.4 million, a 73.7% increase from 2012.
- Net income attributable to SouFun's
shareholders was $298.6
million, representing a year-over-year increase of 96.7%.
Fully diluted earnings per share were $3.41, increased 84.3% from the corresponding
period in 2012.
- Non-GAAP net income attributable to SouFun's
shareholders was $318.2 million,
representing a year-over-year increase of 82.7%. Non-GAAP fully
diluted earnings per share were $3.63, increased 70.4% from the corresponding
period in 2012.
"We are excited to report another strong quarter and full year
results, marking the 4th consecutive annual results
way above our guidance since our IPO, and our leading internet
businesses continued their fast growth stories in 2013," said
Vincent Mo, Executive Chairman of
SouFun. "In 2014, we are confident that SouFun will continue its
growth momentum and enhance long-term value for our shareholders by
expanding new lines of businesses, investing in technologies and
product development plus national brand promotions."
Fourth Quarter 2013 Results
Revenues
SouFun reported total revenue of $217.2
million in the fourth quarter of 2013, representing an
increase of 47.2% from the corresponding period in 2012, primarily
driven by the growth in listing services, SouFun membership
services and marketing services.
Revenue from marketing services was $97.1
million in the fourth quarter of 2013, an increase of 21.0%
from $80.2 million in the
corresponding period in 2012, primarily due to more overall
advertising spending by developers during the quarter.
Revenue from e-commerce services was $67.1 million in the fourth quarter of 2013, a
67.2% increase from $40.1 million in
the same period in 2012, primarily due to expansion of SouFun
membership services in existing and new cities.
Revenue from listing services was $50.0
million in the fourth quarter of 2013, an increase of 91.5%
from $26.1 million for the
corresponding period in 2012, primarily due to increased paying
agent subscribers.
Revenue from other value-added services was $3.0 million in the fourth quarter of 2013, an
increase of 174.5% from $1.1 million
in the corresponding period in 2012.
Cost of Revenue
Cost of revenue was $27.8 million
in the fourth quarter of 2013, an increase of 9.8% from
$25.3 million in the corresponding
period in 2012. The increase in cost of revenue was mainly driven
by the increase in business and value-added taxes, partially offset
by a reversal of previously accrued tax related items in the
quarter.
Gross margin was 87.2% in the fourth quarter of 2013, compared
to 82.8% in the corresponding period in 2012.
Operating Expenses
Operating expenses were $63.0
million in the fourth quarter of 2013, an increase of 20.6%
from $52.2 million for the
corresponding period in 2012, reflecting effective cost
control.
Selling expenses were $34.8
million in the fourth quarter of 2013, an increase of 25.2%
from $27.8 million in the
corresponding period in 2012, primarily due to increased staff
cost.
General and administrative expenses were $28.2 million in the fourth quarter of 2013, an
increase of 15.4% from $24.4 million
in the corresponding period in 2012, primarily due to increased
staff cost.
Operating Income
Operating income was $126.7
million in the fourth quarter of 2013, an increase of 81.0%
from $70.0 million in the
corresponding period in 2012, driven by revenue growth and
effective cost control.
Income Tax Expenses
Income tax expense was $19.2
million in the fourth quarter of 2013, a 17.8% increase
compared to $16.3 million for the
corresponding period in 2012 due to increase in income before
taxes, partially offset by effective tax strategy in 2013.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$112.1 million in the fourth quarter
of 2013, a 101.0% increase from $55.8
million in the corresponding period in 2012. Fully diluted
earnings per share were $1.27 in the
fourth quarter of 2013, an increase of 86.8% from $0.68 in the corresponding period in 2012.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income
taxes, interest expenses, interest income, depreciation and
amortization, was $132.0 million in
the fourth quarter of 2013, an increase of 76.1% as compared to
$75.0 million in the corresponding
period in 2012.
Cash
As of December 31, 2013, SouFun
had cash, cash equivalents, and short-term investments (excluding
the available-for-sale securities) of $591.1
million, compared to $143.6
million as of December 31,
2012. Included in cash, cash equivalents and short-term
investments are the net proceeds of $341.6
million from the Company's private placement of convertible
notes in December, 2014. The Company received an additional
$48.9 million in net proceeds from
the convertible note over allotment option closing in early
January 2014. Cash flow from
operating activities was $142.3
million in the fourth quarter of 2013, a 54.3% increase from
$92.2 million in the same period in
2012.
Fiscal Year 2013 Results
Revenues
SouFun reported total revenue of $637.4
million in 2013, representing an increase of 48.1% from
2012, primarily driven by the growth in listing services and SouFun
membership services.
Revenue from marketing services was $278.3 million in 2013, an increase of 11.4% from
$249.9 million in 2012.
Revenue from e-commerce services was $188.1 million in 2013, an 84.1% increase from
$102.2 million in 2012, primarily due
to expansion of SouFun membership services in existing and new
cities.
Revenue from listing services was $161.5
million in 2013, an increase of 121.7% from $72.9 million in 2012, primarily due to increased
paying agent subscribers.
Revenue from other value-added services was $9.4 million in 2013, an increase of 75.4% from
$5.4 million in 2012, primarily due
to database service.
Cost of Revenue
Cost of revenue was $102.5 million
in 2013, an increase of 26.7% from $80.9
million in 2012. The increase in cost of revenue was mainly
driven by the increase in staff costs and business and value-added
taxes.
Gross margin was 83.9% in 2013, compared to 81.2% in 2012.
Operating Expenses
Operating expenses were $185.3
million in 2013, an increase of 22.9% from $150.8 million in 2012.
Selling expenses were $101.9
million in 2013, an increase of 27.3% from $80.1 million in 2012, primarily due to increased
staff cost.
General and administrative expenses were $83.4 million in 2013, an increase of 17.8% from
$70.8 million in 2012, primarily due
to increased staff cost.
Operating Income
Operating income was $350.4
million in 2013, an increase of 76.4% from $198.6 million in 2012, driven by revenue growth
and effective cost control.
Income Tax Expenses
Income tax expense was $69.8
million in 2013, a 24.8% increase compared to $55.9 million in 2012. The increase was primarily
due to an increase in pre-tax income, partially offset by a
one-time benefit of $15.1 million
resulting from certain subsidiaries being now subject to lower
dividend-related withholding tax rates and to a lesser extent,
effective tax strategy in 2013.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$298.6 million in 2013, a 96.7%
increase from $151.8 million in 2012.
Fully diluted earnings per share were $3.41 in 2013, an increase of 84.3% from
$1.85 in 2012.
Adjusted EBITDA
Adjusted EBITDA was $371.1 million
in 2013, an increase of 73.8% as compared to $213.5 million in 2012.
Cash
Cash flow from operating activities was $408.0 million in 2013, an 86.0% increase from
$219.3 million in 2012
Business Outlook
SouFun estimates its total revenue for 2014 will be between
$780.0 million and $796.0 million,
representing a year-on-year increase of 22.5% to 25%. 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 the same
day at 8:00 AM U.S. EST (9:00 PM Beijing / Hong
Kong time). The dial-in details for the live conference call
are:
The dial-in details for the live conference call are:
International
Toll:
|
+65
6723-9381
|
International
Toll-Free:
|
Hong Kong
|
+852
800-930-346
|
United
States
|
+1
866-519-4004
|
Toll
Dial-In:
|
|
Mainland
China
|
+86 400-620-8038 /
+86 800-819-0121
|
Password:
|
SFUN
|
Conference ID
number:
|
4399
6209
|
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 from 11:00
AM U.S. EST on February 10 through
February 17, 2014. The dial-in details for the telephone
replay are:
International
Toll:
|
+61
2-8199-0299
|
Toll-Free:
|
|
Mainland
China
|
+86 400-602-2065 /
+86 800-870-0206
|
Hong Kong
|
+852 800-963-117 /
+852 3051-2780
|
United
States
|
+1 855-452-5696 / +1
646-254-3697
|
Conference ID
number:
|
4399
6209
|
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 its websites in 2013, according to
reports issued by DCCI, an independent market research institution
commissioned by us. Through our websites, we provide marketing,
e-commerce, listing and other value-added services for China's fast-growing real estate and home
furnishing and improvement sectors. Our user-friendly websites
support active online communities and networks of users seeking
information on, and other value-added services for, 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 330 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. Statements that are not historical facts, including
statements about SouFun's beliefs and expectations, including but
not limited to revenue guidance, growth prospects and the
introduction and success of new products and services and new lines
of business, 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 timing and success of new products
and services and any new lines of business, regulatory requirements
over the real estate sector in China and for existing and new products and
services and any new lines of business, changes in and growth rates
for the Chinese and global economies, 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 and impact the
Company's business.
Further information regarding these and other risks and
uncertainties is included in SouFun's annual report on form 20-F
and other documents 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, (3) basic and diluted earnings per ordinary
share and (4) adjusted EBITDA. 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 - 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 Sheet
|
( in U.S.
dollars in thousands )
|
|
ASSETS
|
|
December
31,
|
|
December
31,
|
|
2013
|
|
2012
|
|
|
(Unaudited)
|
|
(Audited)
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
581,010
|
|
118,167
|
|
Restricted cash,
current
|
|
255,917
|
|
-
|
|
Short-term
investments
|
|
10,138
|
|
26,841
|
|
Accounts receivable,
net
|
|
44,541
|
|
30,029
|
|
Funds
receivable
|
|
37,124
|
|
7,600
|
|
Prepayment and other
current assets
|
|
31,758
|
|
9,226
|
|
Deferred tax assets,
current
|
|
3,165
|
|
2,734
|
Total current
assets
|
|
963,653
|
|
194,597
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
|
221,442
|
|
79,564
|
|
Restricted cash,
non-current
|
|
257,499
|
|
391,416
|
|
Deferred tax assets,
non current
|
|
1,728
|
|
1,723
|
|
Deposit for
non-current assets
|
|
38,140
|
|
8,750
|
|
Prepayment for BaoAn
acquisition
|
|
-
|
|
111,367
|
|
Other non-current
assets
|
|
22,627
|
|
13,744
|
Total non-current
assets
|
|
541,436
|
|
606,564
|
Total
assets
|
|
1,505,089
|
|
801,161
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
loans
|
|
90,000
|
|
270,670
|
|
Deferred
revenue
|
|
115,043
|
|
65,871
|
|
Accrued expenses and
other liabilities
|
|
143,292
|
|
89,306
|
|
Income tax
payable
|
|
43,688
|
|
23,659
|
|
Customers' refundable
fees
|
|
53,066
|
|
18,449
|
|
Amounts due to a
related party
|
|
537
|
|
-
|
Total current
liabilities
|
|
445,626
|
|
467,955
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term
loans
|
|
180,750
|
|
80,750
|
Convertible
notes
|
|
350,000
|
|
-
|
Deferred tax
liabilities, non-current
|
|
84,767
|
|
64,947
|
|
Other non-current
liabilities
|
|
479
|
|
-
|
Total non-current
liabilities
|
|
615,996
|
|
145,697
|
Total
Liabilities
|
|
1,061,622
|
|
613,652
|
|
|
|
|
|
|
Shareholders'
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 57,440,895
shares and 56,013,735
shares issued and outstanding as
at December 31, 2013
and December 31, 2012,
respectively
|
|
7,376
|
|
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 December 31, 2013
and December 31,
2012, respectively
|
|
3,124
|
|
3,124
|
|
Additional paid-in
capital
|
|
89,071
|
|
69,637
|
|
Accumulated other
comprehensive income
|
|
43,381
|
|
23,974
|
|
Retained
earnings
|
|
300,515
|
|
82,952
|
Total SouFun
Holdings Limited shareholders' equity
|
|
443,467
|
|
186,879
|
|
Noncontrolling
interests
|
|
-
|
|
630
|
Total
shareholders' equity
|
|
443,467
|
|
187,509
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY
|
|
1,505,089
|
|
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
|
|
Year
ended
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
Marketing
services
|
|
97,077
|
|
80,234
|
|
278,322
|
|
249,861
|
E-commerce
services
|
|
67,078
|
|
40,111
|
|
188,107
|
|
102,162
|
Listing
services
|
|
49,979
|
|
26,092
|
|
161,547
|
|
72,874
|
Other
value-added services
|
|
3,019
|
|
1,100
|
|
9,403
|
|
5,361
|
Total
revenues
|
|
217,153
|
|
147,537
|
|
637,379
|
|
430,258
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
(27,802)
|
|
(25,314)
|
|
(102,488)
|
|
(80,863)
|
Total Cost of
Revenues
|
|
(27,802)
|
|
(25,314)
|
|
(102,488)
|
|
(80,863)
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
189,351
|
|
122,223
|
|
534,891
|
|
349,395
|
|
|
|
|
|
|
|
|
|
Operating expenses
and
income:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(34,823)
|
|
(27,815)
|
|
(101,935)
|
|
(80,056)
|
General
and administrative
expenses
|
|
(28,161)
|
|
(24,404)
|
|
(83,384)
|
|
(70,780)
|
Other income
|
|
345
|
|
-
|
|
786
|
|
-
|
Operating
Income
|
|
126,712
|
|
70,004
|
|
350,358
|
|
198,559
|
|
|
|
|
|
|
|
|
|
Foreign exchange
gain
|
|
1
|
|
12
|
|
3
|
|
90
|
Interest
income
|
|
8,278
|
|
5,455
|
|
27,803
|
|
19,406
|
Interest
expense
|
|
(4,488)
|
|
(3,595)
|
|
(14,675)
|
|
(11,630)
|
Realized gain
on available-for-sale
security
(including accumulated
other comprehensive
income
reclassifications for unrealized net gains
on available-for-sale security for nil
and US$821 for the
twelve months ended
December 31, 2012 and
2013, respectively)
|
|
-
|
|
-
|
|
821
|
|
-
|
Government
grants
|
|
786
|
|
194
|
|
4,031
|
|
1,298
|
Other-than-temporary
impairment on
available-for-sale securities
|
|
-
|
|
-
|
|
-
|
|
(14)
|
Gain on bargain
purchase
|
|
-
|
|
-
|
|
102
|
|
-
|
Income before
income taxes and
noncontrolling
interests
|
|
131,289
|
|
72,070
|
|
368,443
|
|
207,709
|
Income tax
expenses
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(19,215)
|
|
(16,310)
|
|
(69,781)
|
|
(55,905)
|
Net
income
|
|
112,074
|
|
55,760
|
|
298,662
|
|
151,804
|
Net income (loss)
attributable to
noncontrolling
interests
|
|
(18)
|
|
(6)
|
|
53
|
|
(6)
|
Net income
attributable to SouFun Holdings
Limited
shareholders
|
|
112,092
|
|
55,766
|
|
298,609
|
|
151,810
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
Foreign
currency translation
|
|
6,941
|
|
3,823
|
|
20,150
|
|
1,378
|
Realized gain on
available-for-sale security
|
|
-
|
|
-
|
|
(821)
|
|
-
|
Unrealized gain on
available-for-sale security
|
|
-
|
|
43
|
|
78
|
|
743
|
Total other
comprehensive income, net of tax
|
|
6,941
|
|
3,866
|
|
19,407
|
|
2,121
|
Comprehensive
income
|
|
119,015
|
|
59,626
|
|
318,069
|
|
153,925
|
Earnings per share
for Class A and Class B
ordinary
shares
|
|
|
|
|
|
|
|
|
Basic
|
|
1.43
|
|
0.72
|
|
3.82
|
|
1.96
|
Diluted
|
|
1.27
|
|
0.68
|
|
3.41
|
|
1.85
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
78,346,884
|
|
77,555,412
|
|
78,101,205
|
|
77,365,156
|
Diluted
|
|
88,469,234
|
|
82,433,256
|
|
87,787,753
|
|
81,924,565
|
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
|
|
Year
ended
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
GAAP income from
operations
|
|
126,712
|
|
70,004
|
|
350,358
|
|
198,559
|
Share-based
compensation expense
|
|
1,793
|
|
3,153
|
|
7,028
|
|
7,149
|
Non-GAAP income from
operations
|
|
128,505
|
|
73,157
|
|
357,386
|
|
205,708
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
112,074
|
|
55,760
|
|
298,662
|
|
151,804
|
One-off tax
benefit
|
|
-
|
|
-
|
|
(15,101)
|
|
(1,631)
|
Withholding tax
related to dividends
|
|
12,103
|
|
6,196
|
|
28,632
|
|
16,867
|
Realized gain on
available-for-sale security
(includes $821
accumulated other
comprehensive
income reclassifications for unrealized net
gains
on available-for-sale
security)
|
|
-
|
|
-
|
|
(821)
|
|
-
|
Other-than-temporary
impairment on
available-for-sale
securities
|
|
-
|
|
-
|
|
-
|
|
14
|
Share-based
compensation expense
|
|
1,793
|
|
3,153
|
|
7,028
|
|
7,149
|
Gain on bargain
purchase
|
|
-
|
|
-
|
|
(102)
|
|
-
|
Non-GAAP net
income
|
|
125,970
|
|
65,109
|
|
318,298
|
|
174,203
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to SouFun Holdings
Limited
shareholders
|
|
112,092
|
|
55,766
|
|
298,609
|
|
151,810
|
One-off tax
benefit
|
|
-
|
|
-
|
|
(15,101)
|
|
(1,631)
|
Withholding tax
related to dividends
|
|
12,103
|
|
6,196
|
|
28,632
|
|
16,867
|
Realized gain on
available-for-sale security
(includes $821
accumulated other
comprehensive
income
reclassifications for unrealized net gains
on available-for-sale
security)
|
|
-
|
|
-
|
|
(821)
|
|
-
|
Other-than-temporary
impairment on
available-for-sale
securities
|
|
-
|
|
-
|
|
-
|
|
14
|
Share-based
compensation expense
|
|
1,793
|
|
3,153
|
|
7,028
|
|
7,149
|
Gain on bargain
purchase
|
|
-
|
|
-
|
|
(102)
|
|
-
|
Non-GAAP net Income
attributable to SouFun Holdings
Limited
shareholders
|
|
125,988
|
|
65,115
|
|
318,245
|
|
174,209
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class A and
Class B ordinary
shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
1.43
|
|
0.72
|
|
3.82
|
|
1.96
|
Diluted
|
|
1.27
|
|
0.68
|
|
3.41
|
|
1.85
|
Non-GAAP earnings
per share for Class A and
Class B ordinary
shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
1.61
|
|
0.84
|
|
4.07
|
|
2.25
|
Diluted
|
|
1.42
|
|
0.79
|
|
3.63
|
|
2.13
|
Weighted average
number of Class A and
Class B ordinary
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
78,346,884
|
|
77,555,412
|
|
78,101,205
|
|
77,365,156
|
Diluted
|
|
88,469,234
|
|
82,433,256
|
|
87,787,753
|
|
81,924,565
|
SouFun Holdings
Limited
|
Reconciliation of
Non-GAAP and Adjusted EBITDA
|
(U.S. dollars in
thousands)
|
|
|
Three months
ended
|
Year
ended
|
|
December 31,
2013
|
December 31,
2012
|
December 31,
2013
|
December 31,
2012
|
|
|
|
|
|
Non-GAAP
Net
income
|
125,970
|
65,109
|
318,298
|
174,203
|
Add back:
|
|
|
|
|
Interest
expense
|
4,488
|
3,595
|
14,675
|
11,630
|
Income tax
expenses
|
7,112
|
10,114
|
56,250
|
40,669
|
Depreciation
expenses
|
2,722
|
1,607
|
9,701
|
6,376
|
Subtract:
|
|
|
|
|
Interest
income
|
(8,278)
|
(5,455)
|
(27,803)
|
(19,406)
|
Adjusted
EBITDA
|
132,014
|
74,970
|
371,121
|
213,472
|
SOURCE SouFun Holdings Ltd.