BEIJING, Feb. 10, 2015 /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 of 2014. In addition, SouFun declared a cash
dividend of $1.00 per ordinary share
to its shareholders (one ordinary share equals five ADSs).
Fourth Quarter 2014 Highlights
- Total Revenue increased by 2.7% year-on-year to
$223.0 million.
- Revenue from e-commerce services increased by 47.2%
year-on-year to $98.7 million.
- Revenue from marketing services decreased by 5.0% year-on-year
to $92.2 million.
- Operating income decreased by 15.1% year-on-year to
$107.6 million. Non-GAAP operating
income decreased by 16.1% year-on-year to $107.8 million. A description of the adjustments
from GAAP to non-GAAP operating income is described below.
- Net income attributable to SouFun's
shareholders decreased by 26.4% year-on-year to $82.5 million.
Fully diluted earnings per ADS decreased by 24.0% year-on-year to
$0.19.
- Non-GAAP net income attributable to SouFun's
shareholders decreased by 24.5% year-on-year to $95.2 million.
Non-GAAP fully diluted earnings per ADS decreased by 25.0%
year-on-year to $0.21.
Fiscal Year 2014 Highlights
- Total Revenue increased by 10.3% year-on-year to
$702.9 million.
- Operating income decreased by 11.7% year-on-year to
$309.5 million. Non-GAAP operating
income decreased by 12.1% year-on-year to $314.2 million.
- Net income attributable to SouFun's
shareholders decreased by 15.2% year-on-year to
$253.2 million.
Fully diluted earnings per ADS decreased by 19.7% year-on-year to
$0.57.
- Non-GAAP net income attributable to SouFun's
shareholders decreased by 10.5% year-on-year
to $284.8 million.
Non-GAAP fully diluted earnings per ADS decreased by 14.7%
year-on-year to $0.64.
"We tried very hard to maintain a double digit growth for the
whole year 2014 with our revenue but still saw net income
decreasing for the first time in the past five years," said Vincent
Mo, Chairman and CEO of SouFun. "The transformation and
expansion from a media platform to media, transaction and financial
platforms is getting material and we hope to see contribution from
these new business initiatives in the second half of this
year."
Fourth Quarter 2014 Results
Revenues
SouFun reported total revenues of $223.0
million for the fourth quarter of 2014, representing an
increase of 2.7% from $217.2 million
for the corresponding period in 2013, primarily driven by the
growth in e-commerce services.
Revenue from marketing services was $92.2
million for the fourth quarter of 2014, a decrease of 5.0%
from $97.1 million for the
corresponding period in 2013, primarily due to difficult real
estate market conditions.
Revenue from e-commerce services was $98.7 million for the fourth quarter of 2014, a
47.2% increase from $67.1 million for
the same period in 2013, primarily due to the fast growth of our
new e-commerce business.
Revenue from listing services was $25.2
million for the fourth quarter of 2014, a decrease of 49.7%
from $50.0 million for the
corresponding period in 2013, primarily due to discounts which the
Company has offered to the agency clients since the end of
June 2014.
Revenue from other value-added services was $6.8 million for the fourth quarter of 2014, an
increase of 126.8% from $3.0 million
for the corresponding period in 2013, primarily due to the rapid
growth of our financial services and research related products. We
began offering financial services on our financial platform since
September in 2014, which primarily include loans to developers and
home buyers.
Cost of Revenue
Cost of revenue was $42.7 million
for the fourth quarter of 2014, an increase of 53.6% from
$27.8 million for the corresponding
period in 2013. The increase in cost of revenue was mainly driven
by our new e-commerce model, increased staff cost, as well as an
increase in VAT taxes and surcharges.
Gross margin was 80.8% for the fourth quarter of 2014, compared
to 87.2% for the corresponding period in 2013.
Operating Expenses
Operating expenses were $72.8
million for the fourth quarter of 2014, an increase of 15.6
% from $63.0 million for the
corresponding period in 2013.
Selling expenses were $47.6
million for the fourth quarter of 2014, an increase of 36.6%
from $34.8 million for the
corresponding period in 2013, primarily due to the new e-commerce
model, and increased advertising and promotional expenses.
General and administrative expenses were $25.2 million for the fourth quarter of 2014, a
decrease of 10.4% from $28.2 million
for the corresponding period in 2013 primarily due to our cost
control efforts.
Operating Income
Operating income was $107.6
million for the fourth quarter of 2014, a decrease of 15.1%
from $126.7 million for the
corresponding period in 2013.
Income Tax Expenses
Income tax expenses were $23.6
million for the fourth quarter of 2014, a 22.6% increase
compared to $19.2 million for the
corresponding period in 2013. Our effective tax rate was 22.2% for
the fourth quarter of 2014 as compared to 14.6% for the same period
in 2013. The increase in the effective tax rate was primarily due
to the Fin48 effect of releasing our deferred tax liabilities in
the fourth quarter of 2013, which drove down our effective tax rate
in that earlier period.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$82.5 million for the fourth quarter
of 2014, a 26.4% decrease from $112.1
million for the corresponding period in 2013. Fully diluted
earnings per ADS was $0.19 for the
fourth quarter of 2014, a 24.0% decrease from $0.25 for the corresponding period in 2013.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before
income taxes, interest expenses, interest income, depreciation and
amortization, was $112.2 million for
the fourth quarter of 2014, a decrease of 15.0% as compared to
$132.0 million for the corresponding
period in 2013.
Cash
As of December 31, 2014, SouFun
had cash, cash equivalents, and short-term investments of
$809.9 million, compared to
$896.9 million as of September 30, 2014. Cash flow used in operating
activities was $5.0 million for the
fourth quarter of 2014, compared to cash flow generated from
operating activities of $142.4
million for the same period in 2013, which was mainly due to
micro loans of approximately $45.3
million provided to developers and home buyers under our
financial services platform, customer deposits of approximately
$47.3 million paid to real estate
developers in the fourth quarter of 2014.
Fiscal Year 2014 Results
Revenues
SouFun reported total revenues of $702.9
million for 2014, representing an increase of 10.3% from
$637.4 million for 2013, primarily
driven by the growth in marketing services and e-commerce
services.
Revenue from marketing services was $294.5 million for 2014, an increase of 5.8% from
$278.3 million for 2013.
Revenue from e-commerce services was $244.3 million for 2014, a 29.9% increase from
$188.1 million for 2013. The growth
was primarily driven by the fast growth of our new e-commerce
business.
Revenue from listing services was $145.7
million for 2014, a decrease of 9.8% from $161.5 million for 2013. This decrease was
primarily due to the slowdown in secondary home sales and our
reduction in listing service fees.
Revenue from other value-added services was $18.4 million for 2014, an increase of 95.7% from
$9.4 million for 2013, primarily due
to the rapid growth of our financial services and research related
products.
Cost of Revenue
Cost of revenue was $145.7 million
for 2014, an increase of 42.2% from $102.5
million 2013. The increase in cost of revenue was mainly
driven by our new e-commerce model, increased staff costs, as well
as an increase in VAT taxes and surcharges.
Gross margin was 79.3% for 2014, compared to 83.9% for the
corresponding period in 2013.
Operating Expenses
Operating expenses were $248.4
million for 2014, an increase of 34.1% from $185.3 million for 2013.
Selling expenses were $147.9
million for 2014, an increase of 45.1% from $101.9 million for 2013, primarily due to the new
e-commerce model, increased advertising and promotional expenses
and staff cost.
General and administrative expenses were $100.6 million for 2014, an increase of 20.6%
from $83.4 million for 2013,
primarily due to increased staff costs.
Operating Income
Operating income was $309.5
million for 2014, a decrease of 11.7% from $350.4 million for 2013.
Income Tax Expenses
Income tax expenses were $81.6
million for 2014, a 17.0% increase compared to $69.8 million for the corresponding period in
2013. The effective tax rate was 24.4% for 2014, compared to 18.9%
for the corresponding period in 2013. The increase in the effective
tax rate was primarily due to the release of deferred tax assets
under Fin48 in 2013, which was not repeated in 2014.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$253.2 million for 2014, a decrease
of 15.2% from $298.6 million for the
corresponding period in 2013. Fully diluted earnings per ADS was
$0.57 for 2014, a 19.7% decrease from
$0.71 for 2013.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before
income taxes, interest expenses, interest income, depreciation and
amortization, was $333.0 million for
2014, a decrease of 10.3% as compared to $371.1 million for 2013.
Cash
Cash flow from operating activities was $214.4 million for 2014, a 47.5% decrease from
$408.1 million for 2013, which was
mainly due to entrust loans and micro loans of approximately
$81.8 million provided to developers
and home buyers under our financial services platform, customer
deposits of approximately $47.3
million paid to real estate developers in 2014.
Business Outlook
SouFun estimates its total revenue for 2015 will be between
$773 million and $780 million,
representing a year-on-year increase of 10.0% to 11.0%. This
forecast reflects SouFun's current and preliminary view, which is
subject to change.
Cash Dividend to Shareholders
In addition, SouFun declared a cash dividend
of US$1.00 per share on SouFun's ordinary shares.
Five SouFun's American depositary shares ("ADS")
represent one ordinary share.
The cash dividend will be paid by March 31, 2015 to
shareholders of record as of the close of business on March
13, 2015. Dividends will be paid to SouFun's ADS holders
through the depositary bank, JPMorgan Chase Bank, N.A.,
subject to the terms of the deposit agreement, including the fees
and expenses payable there under.
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:
International
Toll:
|
+65
6723-9381
|
Local
Toll:
|
United
States
|
+1 866-519-4004/+1
845-675-0437
|
Hong Kong
|
+852 800-906-601/
3018-6771
|
Mainland
China
|
+86 400-620-8038 /
+86 800-819-0121
|
Passcode:
|
SFUN
|
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 11:59 PM February 18, 2015. The dial-in details for the
telephone replay are:
International
Toll:
|
+61
2-8199-0299
|
Toll-Free:
|
|
United
States
|
+1 855-452-5696 /
+1 646-254-3697
|
Hong
Kong
|
+852 800-963-117 /
+852 3051-2780
|
Mainland
China
|
+86 400-602-2065 /
+86 800-870-0206
|
Conference ID
number:
|
75472858
|
A live and archived webcast of the conference call will be
available on SouFun's website at http://ir.fang.com.
About SouFun
SouFun operates the leading real estate Internet and mobile
portal in China in terms of the
number of page views and visitors to our websites and Apps in 2014.
Through SouFun's websites and Apps, we provide marketing,
e-commerce, listing and other value-added services for China's real estate and home furnishing and
improvement sectors. Our user-friendly websites and Apps 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, Apps and database contains real
estate related content covering more than 330 cities in
China. For more information about
SouFun, please visit http://ir.fang.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 2015,
SouFun's strategic and operational plans to transform its business,
expand transaction related products and financial services and
invest in technology, products and people. 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, the impact
of the slowdown in the PRC real estate market on SouFun and the
impact on revenues of our existing and new service fees reductions,
the ability of SouFun to retain real estate listing agencies as
customers during challenging economic periods, the success of
SouFun's new business initiatives, the ability of SouFun to manage
its operating expenses, the impact of, 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, economic
challenges in China's real estate
market, the impact of competitive market conditions for our
services, 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 transaction and financial platforms, 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,
the impact on our results of any micro or other loans or other new
products we launch, and, should we in the future make acquisitions,
any failure to successfully integrate acquired businesses. In
addition, our actual results are subject to completion of our audit
for 2014 by our independent auditors and could differ, and such
differences could be material, from the unaudited 2014 results
reported herein.
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) non-GAAP
operating income, (2) non-GAAP net income and (3) non-GAAP 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, realized gain on
available-for-sale security, interest income and expenses, income
tax expenses, and depreciation expense for the three months ended
Dec 31, 2014 and the year of 2014,
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, interest income and expenses, income
tax expenses, and depreciation expenses have 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:
Dr. Hua Lei
Deputy CFO
Phone: +86-10-5631-8661
Email: leihua@soufun.com
SouFun Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(in thousands of
U.S. dollars, except as noted)
|
|
ASSETS
|
|
December
31,
|
|
December
31,
|
|
2014
|
2013
|
Current
assets:
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
Cash and cash
equivalents
|
|
|
354,760
|
|
|
581,010
|
|
Restricted cash,
current
|
|
|
97,988
|
|
|
255,917
|
|
Short-term
investments
|
|
|
455,184
|
|
|
10,138
|
|
Accounts receivable,
net
|
|
|
49,691
|
|
|
44,541
|
|
Funds
receivable
|
|
|
62,163
|
|
|
37,124
|
|
Prepayment and other
current assets
|
|
|
30,161
|
|
|
31,758
|
|
Customer
deposits
|
|
|
47,312
|
|
|
-
|
|
Loan receivable,
current
|
|
|
79,641
|
|
|
-
|
|
Deferred tax assets,
current
|
|
|
2,991
|
|
|
3,165
|
Total current
assets
|
|
|
1,179,891
|
|
|
963,653
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
217,105
|
|
|
221,442
|
|
Loan receivable,
non-current
|
|
|
2,009
|
|
|
-
|
|
Restricted cash,
non-current
|
|
|
109,495
|
|
|
257,499
|
|
Deferred tax assets,
non-current
|
|
|
1,570
|
|
|
1,728
|
|
Deposit for
non-current assets
|
|
|
86,515
|
|
|
38,140
|
|
Long-term
investments
|
|
|
121,292
|
|
|
-
|
|
Prepayment for
business acquisition
|
|
|
9,806
|
|
|
-
|
|
Other non-current
assets
|
|
|
16,556
|
|
|
22,627
|
Total non-current
assets
|
|
|
564,348
|
|
|
541,436
|
Total
assets
|
|
|
1,744,239
|
|
|
1,505,089
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
loans
|
|
|
80,750
|
|
|
90,000
|
|
Deferred
revenue
|
|
|
119,042
|
|
|
115,043
|
|
Accrued expenses and
other liabilities
|
|
|
221,901
|
|
|
143,292
|
|
Income tax
payable
|
|
|
35,394
|
|
|
43,688
|
|
Customers' refundable
fees
|
|
|
42,392
|
|
|
53,066
|
|
Amounts due to a
related party
|
|
|
660
|
|
|
537
|
Total current
liabilities
|
|
|
500,139
|
|
|
445,626
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
loans
|
|
|
100,000
|
|
|
180,750
|
|
Convertible senior
notes
|
|
|
400,000
|
|
|
350,000
|
|
Deferred tax
liabilities, non-current
|
|
|
111,026
|
|
|
84,767
|
|
Other non-current
liabilities
|
|
|
385
|
|
|
479
|
Total non-current
liabilities
|
|
|
611,411
|
|
|
615,996
|
Total
Liabilities
|
|
|
1,111,550
|
|
|
1,061,622
|
|
|
|
|
|
|
|
|
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
58,364,924 shares and 57,440,895 shares issued and outstanding as
at December 31, 2014 and December 31, 2013, respectively
|
|
|
7,495
|
|
|
7,376
|
|
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, 2014
and December 31, 2013 , respectively
|
|
|
3,124
|
|
|
3,124
|
|
Additional paid-in
capital
|
|
|
101,072
|
|
|
89,071
|
|
Accumulated other
comprehensive income
|
|
|
49,566
|
|
|
43,381
|
|
Retained
earnings
|
|
|
471,352
|
|
|
300,515
|
Total SouFun
Holdings Limited shareholders' equity
|
|
|
632,609
|
|
|
443,467
|
|
Noncontrolling
interests
|
|
|
80
|
|
|
-
|
Total
equity
|
|
|
632,689
|
|
|
443,467
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
1,744,239
|
|
|
1,505,089
|
SouFun Holdings
Limited
|
Condensed
Consolidated Statements of Comprehensive Income
|
(in thousands of
U.S. dollars, except share data and per share data)
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
services
|
|
92,227
|
|
|
97,077
|
|
|
294,484
|
|
|
278,322
|
E-commerce
services
|
|
98,744
|
|
|
67,078
|
|
|
244,344
|
|
|
188,107
|
Listing
services
|
|
25,157
|
|
|
49,979
|
|
|
145,654
|
|
|
161,547
|
Other
value-added services
|
|
6,846
|
|
|
3,019
|
|
|
18,400
|
|
|
9,403
|
Total
revenues
|
|
222,974
|
|
|
217,153
|
|
|
702,882
|
|
|
637,379
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
(42,712)
|
|
|
(27,802)
|
|
|
(145,739)
|
|
|
(102,488)
|
Total Cost of
Revenues
|
|
(42,712)
|
|
|
(27,802)
|
|
|
(145,739)
|
|
|
(102,488)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
180,262
|
|
|
189,351
|
|
|
557,143
|
|
|
534,891
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(47,571)
|
|
|
(34,823)
|
|
|
(147,874)
|
|
|
(101,935)
|
General and
administrative expenses
|
|
(25,228)
|
|
|
(28,161)
|
|
|
(100,571)
|
|
|
(83,384)
|
Other
income
|
|
130
|
|
|
345
|
|
|
835
|
|
|
786
|
Operating
Income
|
|
107,593
|
|
|
126,712
|
|
|
309,533
|
|
|
350,358
|
Foreign exchange gain
(loss)
|
|
(34)
|
|
|
1
|
|
|
(44)
|
|
|
3
|
Interest
income
|
|
9,606
|
|
|
8,278
|
|
|
43,857
|
|
|
27,803
|
Interest
expense
|
|
(4,069)
|
|
|
(4,488)
|
|
|
(17,308)
|
|
|
(14,675)
|
Government
grants
|
|
1,389
|
|
|
786
|
|
|
7,205
|
|
|
4,031
|
Other-than-temporary impairment on
available -for-sale securities
|
|
(8,417)
|
|
|
|
|
|
(8,417)
|
|
|
|
Realized gain
on available-for-sale security (includes $821 accumulated
other comprehensive income reclassifications for unrealized net
gains on available-for-sale security)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
821
|
Gain on bargain
purchase
|
|
-
|
|
|
-
|
|
|
-
|
|
|
102
|
Income before
income taxes and noncontrolling interests
|
|
106,068
|
|
|
131,289
|
|
|
334,826
|
|
|
368,443
|
Income tax
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
(23,566)
|
|
|
(19,215)
|
|
|
(81,609)
|
|
|
(69,781)
|
Net
income
|
|
82,502
|
|
|
112,074
|
|
|
253,217
|
|
|
298,662
|
Net income
attributable to
noncontrolling
interests
|
|
-
|
|
|
(18)
|
|
|
-
|
|
|
53
|
Net income
attributable to SouFun Holdings Limited shareholders
|
|
82,502
|
|
|
112,092
|
|
|
253,217
|
|
|
298,609
|
Other comprehensive income, net
of tax
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency
Translation
|
|
5,908
|
|
|
6,941
|
|
|
(4,323)
|
|
|
20,150
|
Realized gain on
available-for-sale security
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(821)
|
Unrealized gain on
available-for-sale security
|
|
(4,145)
|
|
|
-
|
|
|
10,508
|
|
|
78
|
Total other
comprehensive income, net of tax
|
|
1,763
|
|
|
6,941
|
|
|
6,185
|
|
|
19,407
|
Comprehensive
income
|
|
84,265
|
|
|
119,015
|
|
|
259,402
|
|
|
318,069
|
Earnings per share
for Class A and Class B ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1.01
|
|
|
1.43
|
|
|
3.08
|
|
|
3.82
|
Diluted
|
|
0.94
|
|
|
1.27
|
|
|
2.87
|
|
|
3.54
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.20
|
|
|
0.29
|
|
|
0.62
|
|
|
0.76
|
Diluted
|
|
0.19
|
|
|
0.25
|
|
|
0.57
|
|
|
0.71
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
81,965,501
|
|
|
78,346,884
|
|
|
82,163,135
|
|
|
78,101,205
|
Diluted
|
|
91,186,744
|
|
|
88,469,234
|
|
|
92,208,620
|
|
|
84,602,678
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
409,827,505
|
|
|
391,734,420
|
|
|
410,815,675
|
|
|
390,506,025
|
Diluted
|
|
455,933,720
|
|
|
442,346,170
|
|
|
461,043,100
|
|
|
423,013,390
|
|
|
SouFun Holdings
Limited
|
Reconciliation of
GAAP and Non-GAAP Results
|
(in thousands of
U.S. dollars, except share data and per share data)
|
|
|
|
Three months
ended
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
GAAP income from
operations
|
|
|
107,593
|
|
|
126,712
|
|
|
309,533
|
|
|
350,358
|
Share-based
compensation expense
|
|
|
184
|
|
|
1,793
|
|
|
4,682
|
|
|
7,028
|
Non-GAAP income from
operations
|
|
|
107,777
|
|
|
128,505
|
|
|
314,215
|
|
|
357,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
|
82,502
|
|
|
112,074
|
|
|
253,217
|
|
|
298,662
|
One-off tax
benefit
|
|
|
-
|
|
|
-
|
|
|
(4,657)
|
|
|
(15,101)
|
Withholding tax
related to dividends
|
|
|
4,075
|
|
|
12,103
|
|
|
23,164
|
|
|
28,632
|
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
|
|
|
8,417
|
|
|
-
|
|
|
8,417
|
|
|
-
|
Share-based
compensation expense
|
|
|
184
|
|
|
1,793
|
|
|
4,682
|
|
|
7,028
|
Gain on bargain
purchase
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(102)
|
Non-GAAP net
income
|
|
|
95,178
|
|
|
125,970
|
|
|
284,823
|
|
|
318,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to
SouFun shareholders
|
|
|
82,502
|
|
|
112,092
|
|
|
253,217
|
|
|
298,609
|
One-off tax
benefit
|
|
|
-
|
|
|
-
|
|
|
(4,657)
|
|
|
(15,101)
|
Withholding tax
related to dividends
|
|
|
4,075
|
|
|
12,103
|
|
|
23,164
|
|
|
28,632
|
Realized gain on
available-for-sale security(includes $821 accumulated other
comprehensive income reclassifications for unrealized net gains on
available-for-salesecurity)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(821)
|
Other-than-temporary
impairment on available-for-sale securities
|
|
|
8,417
|
|
|
-
|
|
|
8,417
|
|
|
-
|
Share-based
compensation expense
|
|
|
184
|
|
|
1,793
|
|
|
4,682
|
|
|
7,028
|
Gain on bargain
purchase
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(102)
|
Non-GAAP net Income
attributable to SouFun Holdings Limited shareholders
|
|
|
95,178
|
|
|
125,988
|
|
|
284,823
|
|
|
318,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1.01
|
|
|
1.43
|
|
|
3.08
|
|
|
3.82
|
Diluted
|
|
|
0.94
|
|
|
1.27
|
|
|
2.87
|
|
|
3.54
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.20
|
|
|
0.29
|
|
|
0.62
|
|
|
0.76
|
Diluted
|
|
|
0.19
|
|
|
0.25
|
|
|
0.57
|
|
|
0.71
|
Non-GAAP earnings
per share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1.16
|
|
|
1.61
|
|
|
3.47
|
|
|
4.07
|
Diluted
|
|
|
1.07
|
|
|
1.42
|
|
|
3.21
|
|
|
3.76
|
Non-GAAP earnings
per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.23
|
|
|
0.32
|
|
|
0.69
|
|
|
0.81
|
Diluted
|
|
|
0.21
|
|
|
0.28
|
|
|
0.64
|
|
|
0.75
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
81,965,501
|
|
|
78,346,884
|
|
|
82,163,135
|
|
|
78,101,205
|
Diluted
|
|
|
91,186,744
|
|
|
88,469,234
|
|
|
92,208,620
|
|
|
84,602,678
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
409,827,505
|
|
|
391,734,420
|
|
|
410,815,675
|
|
|
390,506,025
|
Diluted
|
|
|
455,933,720
|
|
|
442,346,170
|
|
|
461,043,100
|
|
|
423,013,390
|
|
SouFun Holdings
Limited
|
Reconciliation of
Non-GAAP and Adjusted EBITDA
|
(in thousands of
U.S. dollars)
|
|
|
Three months
ended
|
Six months
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Net
income
|
|
|
95,178
|
|
|
125,970
|
|
|
284,823
|
|
|
318,298
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
4,069
|
|
|
4,488
|
|
|
17,308
|
|
|
14,675
|
Income tax
expenses
|
|
|
19,491
|
|
|
7,112
|
|
|
63,102
|
|
|
56,250
|
Depreciation
expenses
|
|
|
3,065
|
|
|
2,722
|
|
|
11,624
|
|
|
9,701
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
(9,606)
|
|
|
(8,278)
|
|
|
(43,857)
|
|
|
(27,803)
|
Adjusted
EBITDA
|
|
|
112,197
|
|
|
132,014
|
|
|
333,000
|
|
|
371,121
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/soufun-announces-fourth-quarter-2014-results-and-declares-cash-dividend-to-shareholders-300033577.html
SOURCE SouFun Holdings Limited