BEIJING, May 20, 2015 /PRNewswire/ -- SouFun Holdings
Limited (NYSE: SFUN) ("SouFun"), the leading real estate Internet
portal in China, announced today
its unaudited financial results for the three months ended
March 31, 2015.
First Quarter 2015 Highlights
- Total Revenue increased by 1.8% year-on-year to
$123.5 million for the three months
ended March 31, 2015. Revenue
from e-commerce services increased by 75.2% year-on-year to
$51.5 million for the three months
ended March 31, 2015.
- Operating income decreased by 84.9% year-on-year to
$7.5 million for the three months
ended March 31, 2015. Non-GAAP
operating income decreased by 84.5% year-on-year to
$7.9 million for the three months
ended March 31, 2015. A description
of the adjustments from GAAP to non-GAAP operating income is set
forth below.
- Net income attributable to SouFun's
shareholders decreased by 85.3% year-on-year to $6.1 million for the three months ended
March 31, 2015.
Fully diluted earnings per ADS decreased by 90.0% year-on-year to
$0.01 for the three months ended
March 31, 2015.
- Non-GAAP net income attributable to SouFun's
shareholders decreased by 84.2% year-on-year to $7.5 million for the three months ended
March 31, 2015.
Non-GAAP fully diluted earnings per ADS decreased by 81.8%
year-on-year to $0.02 for the three
months ended March 31, 2015.
- GMV for the three months ended March 31, 2015 was $1.7
billion. Starting from the beginning of this year, the
company's e-commerce business expanded into its new home, resale
and rental, and home furnishing business lines across China's major cities. It's GMV grows rapidly
since the beginning of this year as shown below:
GMV:
January-April, 2015 (in millions of US dollars)
|
|
|
|
|
|
January
|
|
February
|
|
March
|
|
April
|
|
Total
|
New Home
*
|
340
|
|
299
|
|
642
|
|
794
|
|
2,075
|
Secondary
Home
|
22
|
|
42
|
|
320
|
|
705
|
|
1,089
|
Home
furnishing
|
1
|
|
1
|
|
2
|
|
5
|
|
9
|
Total
|
363
|
|
342
|
|
964
|
|
1,504
|
|
3,173
|
* Only
including direct sales services.
|
|
|
|
|
"SouFun is aggressively penetrating into new home, resale and
rental, and home furnishing transactions across China's major cities." said Vincent Mo, Chairman and CEO of SouFun. "We
added more than 11,000 employees with attractive incentives this
year to support our e-commerce expansions and we will continue to
expand our e-commerce staffs to keep the current momentum, even if
this in the short term will lead to rapid increases in our expenses
and sharp decreases in our net income."
First Quarter 2015 Results
Revenues
SouFun reported total revenues of $123.5
million for the three months ended March 31, 2015, representing an increase of 1.8%
from $121.2 million for the
corresponding period in 2014, primarily driven by the growth in
e-commerce services, partially offset by the decline in marketing
services and listing services.
Revenue from marketing services was $40.6
million for the three months ended March 31, 2015, a decrease of 13.5% from
$47.0 million for the corresponding
period in 2014, primarily due to the weakness of the real estate
market.
Revenue from e-commerce services was $51.5 million for the three months ended
March 31, 2015, a 75.2% increase from
$29.4 million for the same period in
2014, primarily due to the growth of the direct sales services for
new homes.
Revenue from listing services was $23.6
million for the three months ended March 31, 2015, a decrease of 43.9% from
$42.1 million for the corresponding
period in 2014, primarily due to discounts which SouFun offered to
agency clients beginning in June 2014
and the decline of the number of paying account members.
Revenue from internet financial services was $3.5 million for the three months ended
March 31, 2015. Internet
financial services was separated from other value-added services
and recorded as a new revenue segment starting from the three
months ended March 31, 2015. SouFun
began to offer internet financial services in August 2014.
Revenue from other value-added services was $4.1 million for the three months ended
March 31, 2015, an increase of 53.3%
from $2.7 million for the
corresponding period in 2014, primarily due to the rapid growth of
our research related products.
Cost of Revenue
Cost of revenue was $43.6 million
for the three months ended March 31,
2015, an increase of 75.2% from $24.9
million for the corresponding period in 2014. The increase
in cost of revenue was mainly attributable to the direct sales
services, which were launched in August
2014. In addition, increased staff cost also contributed to
the increase in cost of revenues.
Gross margin was 64.7% for the three months ended March 31, 2015, compared to 79.5% for the
corresponding period in 2014.
Operating Expenses
Operating expenses were $71.8
million for the three months ended March 31, 2015, an increase of 53.3 % from
$46.9 million for the corresponding
period in 2014.
Selling expenses were $48.0
million for the three months ended March 31, 2015, an increase of 74.4% from
$27.5 million for the corresponding
period in 2014, primarily due to the direct sales services, which
were launched in August 2014,
increased staff cost, and increased advertising and promotional
expenses.
General and administrative expenses were $23.8 million for the three months ended
March 31, 2015, an increase of 23.2%
from $19.3 million for the
corresponding period in 2014, primarily due to increased staff
cost.
Operating Income
Operating income was $7.5 million
for the three months ended March 31,
2015, a decrease of 84.9% from $49.5
million for the corresponding period in 2014.
Income Tax Expenses
Income tax expense was $5.6
million for the three months ended March 31, 2015, a 63.0% decrease compared to
$15.2 million for the corresponding
period in 2014. SouFun's effective tax rate was 48.0% for the three
months ended March 31, 2015, as
compared to 26.8% for the same period in 2014. The increase in the
effective tax rate was primarily because the interest expenses for
our convertible senior notes due 2018 and certain costs and
expenses of our subsidiaries outside of China for the three months ended March 31, 2015 were not deductible for income tax
purposes.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$6.1 million for the three months
ended March 31, 2015, an 85.3%
decrease from $41.5 million for the
corresponding period in 2014. Fully diluted earnings per ordinary
share and per ADS was $0.07 and
$0.01, respectively, for the three
months ended March 31, 2015, a 90.0%
decrease from $0.48 and $0.10 for the corresponding period in 2014.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before
income taxes, interest expenses, interest income, depreciation and
amortization, was $11.3 million for
the three months ended March 31,
2015, a decrease of 79.4% as compared to $54.8 million for the corresponding period in
2014.
Cash
As of March 31, 2015, SouFun had
cash, cash equivalents, and short-term investments of $667.7 million, compared to $809.9 million as of December 31, 2014. Cash flow used in operating
activities was $54.7 million for the
three months ended March 31, 2015,
compared to cash flow generated from operating activities of
$126.2 million for the same period in
2014. The decline in cash flows from operating activities was
primarily due to a $35.4 million
decrease of net income as compared to the first quarter of 2014, an
approximately $28.6 million decrease
in cash flows due to a decrease of deferred revenue, and a net cash
outflow of $25.5 million in loans
provided to home buyers under our internet financial services
program.
Business Outlook
SouFun adjusts its revenue guidance for 2015 from $773.2 million, representing a year-on-year
increase of 10%, to $808.3 million,
representing a year-on-year increase of 15%. 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
May 20, 2015 at 8:00 AM U.S. EST
(8:00 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
|
Local
Toll:
|
United
States
|
+1 845-675-0437/+1
866-519-4004
|
Hong Kong
|
+852
3018-6771/800-906-601
|
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 EST on May 20 through
11:59 PM EST May 28, 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 /
+86 800-870-0205
|
Conference ID
number:
|
42214652
|
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 portal in
China in terms of the number of
page views and visitors to its websites and mobile apps in
2014. Through its websites and mobile apps, SouFun provides
marketing, e-commerce, listing, finance and other value-added
services for China's real estate
and home-related sectors. SouFun's Internet portal and mobile apps
are highly focused on user experience, and support 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
websites, mobile apps and database contain real estate related
content covering more than 370 cities in China. For more information about SouFun,
please visit http://ir.fang.com.
Safe Harbor Statements
This press release 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, the
success of various business strategies in the short and long-term,
conditions in the PRC real estate market and the success of
SouFun's strategic and operational plans and focus, 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, 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 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,
the quality of the loans we originate and resell and the
performance of those loans in the future, our ability to
successfully service and process customer loans for our own benefit
and for the purchasers of those loans 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) 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
March 31, 2015, 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 share data and per share data )
|
ASSETS
|
|
March
31,
|
|
December
31,
|
|
2015
|
2014
|
Current
assets:
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
Cash and cash
equivalents
|
|
|
463,852
|
|
|
354,760
|
|
Restricted cash,
current
|
|
|
97,618
|
|
|
97,988
|
|
Short-term
investments
|
|
|
203,867
|
|
|
455,184
|
|
Accounts receivable,
net
|
|
|
52,274
|
|
|
49,691
|
|
Funds
receivable
|
|
|
89,628
|
|
|
62,163
|
|
Prepayment and other
current assets
|
|
|
30,260
|
|
|
30,161
|
|
Customer
deposits
|
|
|
50,300
|
|
|
47,312
|
|
Loan receivable,
current
|
|
|
104,010
|
|
|
79,641
|
|
Amount due from
related parties
|
|
|
122
|
|
|
-
|
|
Deferred tax assets,
current
|
|
|
3,477
|
|
|
2,991
|
Total current
assets
|
|
|
1,095,408
|
|
|
1,179,891
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
215,298
|
|
|
217,105
|
|
Intangible
Assets
|
|
|
790
|
|
|
-
|
|
Loan receivable,
non-current
|
|
|
2,806
|
|
|
2,009
|
|
Restricted cash,
non-current
|
|
|
109,081
|
|
|
109,495
|
|
Deferred tax assets,
non-current
|
|
|
1,225
|
|
|
1,570
|
|
Deposit for
non-current assets
|
|
|
86,882
|
|
|
86,515
|
|
Long-term
investments
|
|
|
123,905
|
|
|
121,292
|
|
Prepayment for
business acquisition
|
|
|
9,806
|
|
|
9,806
|
|
Other non-current
assets
|
|
|
17,039
|
|
|
16,556
|
Total non-current
assets
|
|
|
566,832
|
|
|
564,348
|
Total
assets
|
|
|
1,662,240
|
|
|
1,744,239
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
loans
|
|
|
80,750
|
|
|
80,750
|
|
Deferred
revenue
|
|
|
114,715
|
|
|
119,042
|
|
Accrued expenses and
other liabilities
|
|
|
209,724
|
|
|
221,901
|
|
Income tax
payable
|
|
|
38,244
|
|
|
35,394
|
|
Customers' refundable
fees
|
|
|
50,551
|
|
|
42,392
|
|
Amounts due to a
related party
|
|
|
-
|
|
|
660
|
Total current
liabilities
|
|
|
493,984
|
|
|
500,139
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
loans
|
|
|
100,000
|
|
|
100,000
|
|
Convertible senior
notes
|
|
|
400,000
|
|
|
400,000
|
|
Deferred tax
liabilities, non-current
|
|
|
111,532
|
|
|
111,026
|
|
Other non-current
liabilities
|
|
|
273
|
|
|
385
|
Total non-current
liabilities
|
|
|
611,805
|
|
|
611,411
|
Total
Liabilities
|
|
|
1,105,789
|
|
|
1,111,550
|
|
|
|
|
|
|
|
|
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
58,477,084 shares and
58,364,924 shares issued and
outstanding as at
March 31, 2015 and December 31,
2014,
respectively
|
|
|
7,509
|
|
|
7,495
|
|
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 March
31, 2015 and December
31, 2014 , respectively
|
|
|
3,124
|
|
|
3,124
|
|
Additional paid-in
capital
|
|
|
102,774
|
|
|
101,072
|
|
Accumulated other
comprehensive income
|
|
|
47,560
|
|
|
49,566
|
|
Retained
earnings
|
|
|
394,708
|
|
|
471,352
|
Total SouFun
Holdings Limited shareholders' equity
|
|
|
555,675
|
|
|
632,609
|
|
Noncontrolling
interests
|
|
|
776
|
|
|
80
|
Total
equity
|
|
|
556,451
|
|
|
632,689
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
1,662,240
|
|
|
1,744,239
|
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
|
|
|
March 31,
|
|
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
Marketing
services
|
|
40,623
|
|
|
46,983
|
|
E-commerce
services
|
|
51,542
|
|
|
29,415
|
|
Listing
services
|
|
23,643
|
|
|
42,145
|
|
Internet financial
services
|
|
3,540
|
|
|
-
|
|
Other
value-added services
|
|
4,106
|
|
|
2,678
|
|
Total
revenues
|
|
123,454
|
|
|
121,221
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
Cost of
services
|
|
(43,633)
|
|
|
(24,905)
|
|
Total Cost of
Revenues
|
|
(43,633)
|
|
|
(24,905)
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
79,821
|
|
|
96,316
|
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
|
Selling
expenses
|
|
(48,015)
|
|
|
(27,534)
|
|
General and
administrative expenses
|
|
(23,806)
|
|
|
(19,316)
|
|
Other
income
|
|
(524)
|
|
|
53
|
|
Operating
Income
|
|
7,476
|
|
|
49,519
|
|
Foreign
exchange gain (loss)
|
|
(14)
|
|
|
(12)
|
|
Interest
income
|
|
8,044
|
|
|
11,344
|
|
Interest
expense
|
|
(4,101)
|
|
|
(5,094)
|
|
Government
grants
|
|
302
|
|
|
966
|
|
Income before
income taxes and noncontrolling interests
|
|
11,707
|
|
|
56,723
|
|
Income tax
expenses
|
|
|
|
|
|
|
Income tax
expenses
|
|
(5,622)
|
|
|
(15,201)
|
|
Net
income
|
|
6,085
|
|
|
41,522
|
|
Net income
attributable to noncontrolling
interests
|
|
(22)
|
|
|
-
|
|
Net income
attributable to SouFun Holdings
Limited
shareholders
|
|
6,107
|
|
|
41,522
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
Foreign currency
Translation
|
|
(4,619)
|
|
|
(7,834)
|
|
Unrealized gain on
available-for-sale security
|
|
2,613
|
|
|
-
|
|
Total other
comprehensive income, net of tax
|
|
(2,006)
|
|
|
(7,834)
|
|
Comprehensive
income
|
|
4,079
|
|
|
33,688
|
|
Earnings per share
for Class A and Class B
ordinary
shares
|
|
|
|
|
|
|
Basic
|
|
0.07
|
|
|
0.51
|
|
Diluted
|
|
0.07
|
|
|
0.48
|
|
Earnings per
ADS
|
|
|
|
|
|
|
Basic
|
|
0.01
|
|
|
0.10
|
|
Diluted
|
|
0.01
|
|
|
0.10
|
|
Weighted average
number of Class A and Class
B ordinary shares
outstanding:
|
|
|
|
|
|
|
Basic
|
|
82,731,556
|
|
|
81,852,230
|
|
Diluted
|
|
89,924,291
|
|
|
92,606,216
|
|
Weighted average
number of ADSs
outstanding:
|
|
|
|
|
|
|
Basic
|
|
413,657,780
|
|
|
409,261,150
|
|
Diluted
|
|
449,621,455
|
|
|
463,031,080
|
|
|
|
|
|
|
|
|
|
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
|
|
|
March 31,
|
|
March 31,
|
|
2015
|
|
2014
|
GAAP income from
operations
|
|
|
7,476
|
|
|
49,519
|
Share-based
compensation expense
|
|
|
434
|
|
|
1,524
|
Non-GAAP income from
operations
|
|
|
7,910
|
|
|
51,043
|
|
|
|
|
|
|
|
GAAP net
income
|
|
|
6,085
|
|
|
41,522
|
Withholding tax
related to dividends
|
|
|
1,005
|
|
|
4,792
|
Share-based
compensation expense
|
|
|
434
|
|
|
1,524
|
Non-GAAP net
income
|
|
|
7,524
|
|
|
47,838
|
|
|
|
|
|
|
|
Net Income
attributable to
SouFun
shareholders
|
|
|
6,107
|
|
|
41,522
|
Withholding tax
related to dividends
|
|
|
1,005
|
|
|
4,792
|
Share-based
compensation expense
|
|
|
434
|
|
|
1,524
|
Non-GAAP net Income
attributable to SouFun
Holdings
Limited shareholders
|
|
|
7,546
|
|
|
47,838
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class A and Class B
ordinary
shares:
|
|
|
|
|
|
|
Basic
|
|
|
0.07
|
|
|
0.51
|
Diluted
|
|
|
0.07
|
|
|
0.48
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
Basic
|
|
|
0.01
|
|
|
0.10
|
Diluted
|
|
|
0.01
|
|
|
0.10
|
Non-GAAP earnings
per share for Class A and
Class B ordinary
shares:
|
|
|
|
|
|
|
Basic
|
|
|
0.09
|
|
|
0.58
|
Diluted
|
|
|
0.08
|
|
|
0.55
|
Non-GAAP earnings
per ADS:
|
|
|
|
|
|
|
Basic
|
|
|
0.02
|
|
|
0.12
|
Diluted
|
|
|
0.02
|
|
|
0.11
|
Weighted average
number of Class A and Class B
ordinary shares
outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
82,731,556
|
|
|
81,852,230
|
Diluted
|
|
|
89,924,291
|
|
|
92,606,216
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
413,657,780
|
|
|
409,261,150
|
Diluted
|
|
|
449,621,455
|
|
|
463,031,080
|
|
|
|
|
|
|
|
|
SouFun Holdings
Limited
Reconciliation of
Non-GAAP and Adjusted EBITDA
(in thousands of
U.S. dollars)
|
|
|
Three months
ended
|
|
|
March 31,
|
|
March 31,
|
|
2015
|
|
2014
|
Non-GAAP Net
income
|
|
|
7,524
|
|
|
47,838
|
|
Add back:
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
4,101
|
|
|
5,094
|
|
Income tax
expenses
|
|
|
4,617
|
|
|
10,409
|
|
Depreciation
expenses
|
|
|
3,073
|
|
|
2,819
|
|
Subtract:
|
|
|
|
|
|
|
|
Interest
income
|
|
|
(8,044)
|
|
|
(11,344)
|
|
Adjusted
EBITDA
|
|
|
11,271
|
|
|
54,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/soufun-announces-first-quarter-2015-results-300086395.html
SOURCE SouFun Holdings Limited