BEIJING, Aug. 7, 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
June 30, 2015.
Second Quarter 2015 Highlights
- Total Revenue increased by 25.4% year-on-year to
$210.9 million. Revenue from
e-commerce services increased by 119.7% year-on-year to
$106.8 million.
- Operating income decreased by 72.7% year-on-year to
$22.3 million. Non-GAAP operating
income decreased by 71.3% year-on-year to $23.9 million. 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 76.3% year-on-year to $16.2 million. Fully
diluted earnings per ADS decreased by 73.3% year-on-year to
$0.04.
- Non-GAAP net income attributable to SouFun's
shareholders decreased by 72.8% year-on-year to $19.6 million.
Non-GAAP fully diluted earnings per ADS decreased by 75%
year-on-year to $0.04.
- GMV increased by 306.7% from $1.7 billion in the first quarter of 2015 to
$6.8 billion in the second quarter.
The following table shows GMV by month for the first six months of
2015.
GMV: January-June,
2015 (in millions of US dollars)
|
|
|
|
|
|
|
|
|
January
|
February
|
March
|
April
|
May
|
June
|
New Home
*
|
340
|
299
|
642
|
794
|
1,131
|
1,516
|
Secondary
Home
|
22
|
41
|
321
|
705
|
1,138
|
1,478
|
Secondary
home
|
20
|
36
|
282
|
637
|
1,002
|
1,324
|
Rental
|
2
|
5
|
39
|
68
|
136
|
154
|
Home
furnishing
|
1
|
1
|
2
|
5
|
9
|
9
|
Total
|
363
|
341
|
965
|
1,504
|
2,278
|
3,003
|
Continued from previous table,
|
2015Q1
|
2015Q2
|
Variance
|
|
|
|
amount
|
%
|
New Home
*
|
1,281
|
3,441
|
2,160
|
169%
|
Secondary
Home
|
384
|
3,321
|
2,937
|
765%
|
secondary
home
|
338
|
2,963
|
2,625
|
777%
|
rental
|
46
|
358
|
312
|
678%
|
Home
furnishing
|
4
|
23
|
19
|
475%
|
Total
|
1,669
|
6,785
|
5,116
|
307%
|
* Only including direct sales services.
First Half 2015
Highlights
- Total Revenue increased by 15.5% year-on-year to
$334.3 million. Revenue from
e-commerce services increased by 103.0% year-on-year to
$158.4 million.
- Operating income decreased by 77.3% year-on-year to
$29.8 million. Non-GAAP operating
income decreased by 76.3% year-on-year to $31.8 million.
- Net income attributable to SouFun's
shareholders decreased by 79.7% year-on-year to
$22.3 million. Fully diluted earnings
per ADS decreased by 80.0% year-on-year to $0.05.
- Non-GAAP net income attributable to SouFun's
shareholders decreased by 77.4% year-on-year
to $27.1 million. Non-GAAP fully diluted earnings per ADS
decreased by 76.9% year-on-year to $0.06.
New Development: Private Placement with IDG and
Carlyle
The company today entered into memorandums of understanding
("MOUs") with IDG China Capital Fund III LLP ("IDG") and Carlyle
Group (Carlyle) in which IDG, Carlyle, and the management (mainly
founder and CEO Vincent Mo) will
invest a total amount no more than US$1
billion (of which 50% will be convertible notes) to purchase
the company's new Class A ordinary shares and convertible notes.
Under the MOUs, The subscription price of
the new Class A ordinary shares is US$7.45 per current ADS (i.e.
US$37.25 per Class A ordinary share),
which represents a 3% premium to the volume-weighted
average trading price of the ADS for
the 20 trading days preceding August 6, 2015 (inclusive, which was US$7.24 per ADS). Holders of the convertible
notes will have the right to convert the Notes into Shares at
the price per share equal to 122.5% of
the per share purchase price of the new
Class A ordinary shares in 7 years after the issuance of the
Notes. The Notes shall bear an annual interest of 1.5%.
"The Q2 numbers showed that the company is quite on track in its
transformation from a pure internet information platform to a more
transaction oriented platform across new, resale, rental homes and
home furnishing plus financial services among China's major cities." said Vincent Mo, Chairman and CEO of Fang.com. "We
will continue our efforts in building up transaction teams, adding
transaction model to more cities, and speeding up development of
our technology platforms and tools to support the transformation. I
am confident that with our expected funding from IDG and Carlyle,
the company will move more aggressively and make its transformation
successful."
Second Quarter 2015 Results
Revenues
SouFun reported total revenues of $210.9
million for the three months ended June 30, 2015, representing an increase of 25.4%
from $168.2 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 $60.6
million for the three months ended June 30, 2015, a decrease of 18.4% from
$74.3 million for the corresponding
period in 2014, primarily due to less customers in the market.
Revenue from e-commerce services was $106.8 million for the three months ended
June 30, 2015, a 119.7% increase from
$48.6 million for the same period in
2014, primarily due to the growth of the direct sales services for
new homes and the growth of the real estate brokerage services, as
well as rapid growth of the home decorating services.
Revenue from listing services was $34.6
million for the three months ended June 30, 2015, a decrease of 16.9% from
$41.7 million for the corresponding
period in 2014, primarily due to our reduction of unit price per
paying subscriber, given that the number of paying subscribers has
reached a record high as of Jun 30,
2015.
Revenue from internet financial services was $4.0 million for the three months ended
June 30, 2015. SouFun began to offer
internet financial services in August
2014.
Revenue from other value-added services was $4.8 million for the three months ended
June 30, 2015, an increase of 35.6%
from $3.6 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 $104.9 million
for the three months ended June 30,
2015, an increase of 258.2% from $29.3 million for the corresponding period in
2014. The increase in cost of revenue was mainly attributable to
increased staff. In addition, increased e-commerce cost related to
the direct sales services and increased decorating cost related to
the home decorating services also contributed to the increase in
cost of revenues.
Gross margin was 50.2% for the three months ended June 30, 2015, compared to 82.6% for the
corresponding period in 2014.
Operating Expenses
Operating expenses were $83.5
million for the three months ended June 30, 2015, an increase of 45.0 % from
$57.6 million for the corresponding
period in 2014.
Selling expenses were $54.5
million for the three months ended June 30, 2015, an increase of 71.5% from
$31.7 million for the corresponding
period in 2014, primarily due to increased staff, increased
expenses paid to our marketing agents for our SouFun membership
services, and increased advertising and promotional expenses.
General and administrative expenses were $29.0 million for the three months ended
June 30, 2015, an increase of 12.3%
from $25.9 million for the
corresponding period in 2014, primarily due to increased staff
cost.
Operating Income
Operating income was $22.3 million
for the three months ended June 30,
2015, a decrease of 72.7% from $81.7
million for the corresponding period in 2014.
Income Tax Expenses
Income tax expense was $10.2
million for the three months ended June 30, 2015, a 57.4% decrease compared to
$23.9 million for the corresponding
period in 2014. SouFun's effective tax rate was 38.6% for the three
months ended June 30, 2015, as
compared to 26.0% for the same period in 2014. The increase in the
effective tax rate was primarily due to the increased penalty and
interest accrued for the difference between the income tax for 2014
accrued in 2014 and the amounts actually paid in May 2015 per the tax return.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$16.2 million for the three months
ended June 30, 2015, a 76.3% decrease
from $68.2 million for the
corresponding period in 2014. Fully diluted earnings per ordinary
share and per ADS was $0.18 and
$0.04, respectively, for the three
months ended June 30, 2015, 76.6% and
73.3% decrease from $0.77 and
$0.15 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 $28.4 million for
the three months ended June 30, 2015,
a decrease of 67.6% as compared to $87.7
million for the corresponding period in 2014.
Cash
As of June 30, 2015, SouFun had
cash, cash equivalents, and short-term investments of $533.6 million, compared to $667.7 million as of March
31, 2015. Cash flow generated from operating activities was
$4.1 million for the three months
ended June 30, 2015, an 89.8%
decrease from $40.1 million for the
same period in 2014. The decline in cash flows from operating
activities was primarily due to a $52.0
million decrease of net income as compared to the second
quarter of 2014.
First Half 2015 Results
Revenues
SouFun reported total revenues of $334.3
million for the first half of 2015, representing an increase
of 15.5% from $289.4 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 $101.2 million for the first half of 2015, a
decrease of 16.5% from $121.3 million
for the corresponding period in 2014.
Revenue from e-commerce services was $158.4 million for the first half of 2015, a
103.0% increase from $78.0 million
for the same period in 2014. The growth was primarily a result of
the company's effort in e-commerce expansions in direct sales
services, real estate brokerage services and decoration
services.
Revenue from listing services was $58.3
million for the first half of 2015, a decrease of 30.5% from
$83.8 million for the corresponding
period in 2014, primarily due to our reduction of unit price per
paying subscriber.
Revenue from internet financial services was $7.6 million for the first half of 2015. SouFun
began to offer internet financial services in August 2014.
Revenue from other value-added services was $8.9 million for the first half of 2015, an
increase of 43.2% from $6.2 million
for the corresponding period in 2014, due primarily to an increase
in real estate data related services.
Cost of Revenue
Cost of revenue was $148.6 million
for the first half of 2015, an increase of 174.1 % from
$54.2 million for the corresponding
period in 2014. The increase in cost of revenue was primarily
due to the increase in staff costs and increased e-commerce cost
related to the direct sales services.
Gross margin was 55.6% for the first half of 2015, compared to
81.3% for the corresponding period in 2014.
Operating Expenses
Operating expenses were $155.3
million for the first half of 2015, an increase of 48.7 %
from $104.5 million for the
corresponding period in 2014.
Selling expenses were $102.5
million for the first half of 2015, an increase of 72.9%
from $59.3 million for the
corresponding period in 2014, primarily due to increased staff,
increased expenses paid to our marketing agents for our SouFun
membership services, and increased advertising and promotional
expenses.
General and administrative expenses were $52.8 million for the first half of 2015, an
increase of 17.0% from $45.2 million
for the corresponding period in 2014, primarily due to increased
staff costs.
Operating Income
Operating income was $29.8 million
for the first half of 2015, a decrease of 77.3% from $131.3 million for the corresponding period in
2014.
Income Tax Expenses
Income tax expense was $15.8
million for the first half of 2015, a 59.6% decrease
compared to $39.1 million for the
corresponding period in 2014. The effective tax rate was 41.5% for
the first half of 2015, compared to 26.3% for the corresponding
period in 2014. The increase in the effective tax rate was
primarily due to the increased penalty and interest accrued for the
difference between the income tax for 2014 accrued in 2014 and the
amounts actually paid in May 2015 per
the tax return.
Net Income and EPS
Net income attributable to SouFun's shareholders was
$22.3 million for the first half of
2015, a decrease of 79.7% from $109.7
million for the corresponding period in 2014. Fully diluted
earnings per ADS was $0.05 for the
first half of 2015, a 80.0% decrease from $0.25 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 $39.7 million for
the first half of 2015, a decrease of 72.1% as compared to
$142.5 million for the corresponding
period in 2014.
Cash
Net cash used in operating activities was $50.7 million for the first half of 2015, as
compared to net cash generated from operating activities of
$166.3 million for the same period in
2014.
Business Outlook
SouFun adjusts its revenue guidance for 2015 from $808.3 million, representing a year-on-year
increase of 15%, to $843.4 million,
representing a year-on-year increase of 20%. 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 7, 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
6713-5090
|
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 August 7 through
11:59 PM EST August 15, 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:
|
2387062
|
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, continued
growth of the transactions and ecommerce businesses, the impact of
increased expenses, 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 and transactions 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
June 30, 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
|
|
June
30,
|
|
December
31,
|
|
2015
|
2014
|
Current
assets:
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
Cash and cash
equivalents
|
|
|
384,277
|
|
|
354,760
|
|
Restricted cash,
current
|
|
|
98,075
|
|
|
97,988
|
|
Short-term
investments
|
|
|
149,336
|
|
|
455,184
|
|
Accounts receivable,
net
|
|
|
89,963
|
|
|
49,691
|
|
Funds
receivable
|
|
|
47,877
|
|
|
62,163
|
|
Prepayment and other
current assets
|
|
|
38,015
|
|
|
30,161
|
|
Customer
deposits
|
|
|
33,618
|
|
|
47,312
|
|
Loan receivable,
current
|
|
|
189,719
|
|
|
79,641
|
|
Amount due from
related parties
|
|
|
18
|
|
|
-
|
|
Deferred tax assets,
current
|
|
|
4,050
|
|
|
2,991
|
Total current
assets
|
|
|
1,034,948
|
|
|
1,179,891
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
217,802
|
|
|
217,105
|
|
Prepaid land lease
payments
|
|
|
830
|
|
|
-
|
|
Loan receivable,
non-current
|
|
|
16,321
|
|
|
2,009
|
|
Restricted cash,
non-current
|
|
|
109,592
|
|
|
109,495
|
|
Deferred tax assets,
non-current
|
|
|
2,042
|
|
|
1,570
|
|
Deposit for
non-current assets
|
|
|
103,681
|
|
|
86,515
|
|
Long-term
investments
|
|
|
257,156
|
|
|
121,292
|
|
Prepayment for
business acquisition
|
|
|
9,806
|
|
|
9,806
|
|
Other non-current
assets
|
|
|
18,316
|
|
|
16,556
|
Total non-current
assets
|
|
|
735,546
|
|
|
564,348
|
Total
assets
|
|
|
1,770,494
|
|
|
1,744,239
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
loans
|
|
|
80,750
|
|
|
80,750
|
|
Deferred
revenue
|
|
|
109,569
|
|
|
119,042
|
|
Accrued expenses and
other liabilities
|
|
|
285,895
|
|
|
221,901
|
|
Income tax
payable
|
|
|
10,262
|
|
|
35,394
|
|
Customers' refundable
fees
|
|
|
77,841
|
|
|
42,392
|
|
Amounts due to a
related party
|
|
|
-
|
|
|
660
|
Total current
liabilities
|
|
|
564,317
|
|
|
500,139
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
loans
|
|
|
100,000
|
|
|
100,000
|
|
Convertible senior
notes
|
|
|
400,000
|
|
|
400,000
|
|
Deferred tax
liabilities, non-current
|
|
|
114,070
|
|
|
111,026
|
|
Other non-current
liabilities
|
|
|
133
|
|
|
385
|
Total non-current
liabilities
|
|
|
614,203
|
|
|
611,411
|
Total Liabilities
|
|
|
1,178,520
|
|
|
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
58,598,173 shares and 58,364,924 shares issued
and
outstanding as at June 30, 2015 and December
31,
2014, respectively
|
|
|
7,525
|
|
|
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
June
30, 2015 and December 31, 2014 ,
respectively
|
|
|
3,124
|
|
|
3,124
|
|
Additional paid-in
capital
|
|
|
105,715
|
|
|
101,072
|
|
Accumulated other
comprehensive income
|
|
|
63,966
|
|
|
49,566
|
|
Retained
earnings
|
|
|
410,874
|
|
|
471,352
|
Total SouFun
Holdings Limited shareholders' equity
|
|
|
591,204
|
|
|
632,609
|
|
Noncontrolling
interests
|
|
|
770
|
|
|
80
|
Total
equity
|
|
|
591,974
|
|
|
632,689
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
1,770,494
|
|
|
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
|
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
Marketing
services
|
|
60,600
|
|
74,303
|
|
101,223
|
|
121,286
|
E-commerce
services
|
|
106,831
|
|
48,618
|
|
158,373
|
|
78,033
|
Listing
services
|
|
34,612
|
|
41,674
|
|
58,255
|
|
83,819
|
Financial
services
|
|
4,018
|
|
-
|
|
7,558
|
|
-
|
Other
value-added services
|
|
4,826
|
|
3,560
|
|
8,932
|
|
6,238
|
Total
revenues
|
|
210,887
|
|
168,155
|
|
334,341
|
|
289,376
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
(104,927)
|
|
(29,291)
|
|
(148,560)
|
|
(54,196)
|
Total Cost of
Revenues
|
|
(104,927)
|
|
(29,291)
|
|
(148,560)
|
|
(54,196)
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
105,960
|
|
138,864
|
|
185,781
|
|
235,180
|
|
|
|
|
|
|
|
|
|
Operating expenses
and
income:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(54,463)
|
|
(31,748)
|
|
(102,478)
|
|
(59,282)
|
General and
administrative expenses
|
|
(29,041)
|
|
(25,852)
|
|
(52,847)
|
|
(45,168)
|
Other
income
|
|
(144)
|
|
472
|
|
(668)
|
|
525
|
Operating
Income
|
|
22,312
|
|
81,736
|
|
29,788
|
|
131,255
|
Foreign
exchange gain (loss)
|
|
85
|
|
(1)
|
|
71
|
|
(13)
|
Interest
income
|
|
6,664
|
|
12,836
|
|
14,708
|
|
24,180
|
Interest
expense
|
|
(4,123)
|
|
(4,085)
|
|
(8,224)
|
|
(9,179)
|
Investment
income
|
|
315
|
|
-
|
|
315
|
|
-
|
Government
grants
|
|
1,079
|
|
1,616
|
|
1,381
|
|
2,582
|
Income before income taxes
and noncontrolling interests
|
|
26,332
|
|
92,102
|
|
38,039
|
|
148,825
|
Income tax
expenses
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
(10,172)
|
|
(23,901)
|
|
(15,794)
|
|
(39,102)
|
Net
income
|
|
16,160
|
|
68,201
|
|
22,245
|
|
109,723
|
Net income
attributable
to
noncontrolling
interests
|
|
(6)
|
|
-
|
|
(28)
|
|
-
|
Net income
attributable to SouFun Holdings Limited shareholders
|
|
16,166
|
|
68,201
|
|
22,273
|
|
109,723
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
Foreign
currency
Translation
|
|
4,548
|
|
(6)
|
|
(71)
|
|
(7,840)
|
Unrealized gain on
available-for-sale security
|
|
11,858
|
|
2,091
|
|
14,471
|
|
2,091
|
Total other
comprehensive income, net of tax
|
|
16,406
|
|
2,085
|
|
14,400
|
|
(5,749)
|
Comprehensive
income
|
|
32,566
|
|
70,286
|
|
36,645
|
|
103,974
|
Earnings per share
for Class A and Class B ordinary shares
|
|
|
|
|
|
|
|
|
Basic
|
|
0.20
|
|
0.83
|
|
0.27
|
|
1.34
|
Diluted
|
|
0.18
|
|
0.77
|
|
0.25
|
|
1.24
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
Basic
|
|
0.04
|
|
0.17
|
|
0.05
|
|
0.27
|
Diluted
|
|
0.04
|
|
0.15
|
|
0.05
|
|
0.25
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
82,861,457
|
|
81,917,870
|
|
82,796,866
|
|
81,885,231
|
Diluted
|
|
88,230,507
|
|
92,506,249
|
|
87,866,887
|
|
92,927,800
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
414,307,285
|
|
409,589,351
|
|
413,984,330
|
|
409,426,156
|
Diluted
|
|
441,152,535
|
|
462,531,244
|
|
439,334,435
|
|
464,639,001
|
|
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
|
|
Six months
ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
GAAP income from
operations
|
|
|
22,312
|
|
|
81,736
|
|
|
29,788
|
|
|
131,255
|
Share-based
compensation expense
|
|
|
1,593
|
|
|
1,496
|
|
|
2,027
|
|
|
3,020
|
Non-GAAP income from
operations
|
|
|
23,905
|
|
|
83,232
|
|
|
31,815
|
|
|
134,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
|
16,160
|
|
|
68,201
|
|
|
22,245
|
|
|
109,723
|
One-off tax
benefit
|
|
|
-
|
|
|
(4,657)
|
|
|
-
|
|
|
(4,657)
|
Withholding tax
related to dividends
|
|
|
2,135
|
|
|
7,047
|
|
|
3,140
|
|
|
11,839
|
Investment
income
|
|
|
(315)
|
|
|
-
|
|
|
(315)
|
|
|
-
|
Share-based
compensation expense
|
|
|
1,593
|
|
|
1,496
|
|
|
2,027
|
|
|
3,020
|
Non-GAAP net
income
|
|
|
19,573
|
|
|
72,087
|
|
|
27,097
|
|
|
119,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to
SouFun
shareholders
|
|
|
16,166
|
|
|
68,201
|
|
|
22,273
|
|
|
109,723
|
One-off tax
benefit
|
|
|
-
|
|
|
(4,657)
|
|
|
-
|
|
|
(4,657)
|
Withholding tax
related to dividends
|
|
|
2,135
|
|
|
7,047
|
|
|
3,140
|
|
|
11,839
|
Investment
income
|
|
|
(315)
|
|
|
-
|
|
|
(315)
|
|
|
-
|
Share-based
compensation expense
|
|
|
1,593
|
|
|
1,496
|
|
|
2,027
|
|
|
3,020
|
Non-GAAP net Income
attributable
to SouFun Holdings Limited
shareholders
|
|
|
19,579
|
|
|
72,087
|
|
|
27,125
|
|
|
119,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class
A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.20
|
|
|
0.83
|
|
|
0.27
|
|
|
1.34
|
Diluted
|
|
|
0.18
|
|
|
0.77
|
|
|
0.25
|
|
|
1.24
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.04
|
|
|
0.17
|
|
|
0.05
|
|
|
0.27
|
Diluted
|
|
|
0.04
|
|
|
0.15
|
|
|
0.05
|
|
|
0.25
|
Non-GAAP earnings
per share for
Class A and Class B ordinary
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.24
|
|
|
0.88
|
|
|
0.33
|
|
|
1.46
|
Diluted
|
|
|
0.22
|
|
|
0.78
|
|
|
0.31
|
|
|
1.29
|
Non-GAAP earnings
per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.05
|
|
|
0.18
|
|
|
0.07
|
|
|
0.29
|
Diluted
|
|
|
0.04
|
|
|
0.16
|
|
|
0.06
|
|
|
0.26
|
Weighted average
number of Class
A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
82,861,457
|
|
|
81,917,870
|
|
|
82,796,866
|
|
|
81,885,231
|
Diluted
|
|
|
88,230,507
|
|
|
92,506,249
|
|
|
87,866,887
|
|
|
92,927,800
|
Weighted average
number of ADSs
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
414,307,285
|
|
|
409,589,351
|
|
|
413,984,330
|
|
|
409,426,156
|
Diluted
|
|
|
441,152,535
|
|
|
462,531,244
|
|
|
439,334,435
|
|
|
464,639,001
|
|
SouFun Holdings
Limited
|
Reconciliation of
Non-GAAP and Adjusted EBITDA
|
(in thousands of
U.S. dollars)
|
|
|
Three months
ended
|
Six months
ended
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Non-GAAP Net income
|
|
|
19,573
|
|
|
72,087
|
|
|
27,097
|
|
|
119,925
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
4,123
|
|
|
4,085
|
|
|
8,224
|
|
|
9,179
|
Income tax
expenses
|
|
|
8,037
|
|
|
21,511
|
|
|
12,654
|
|
|
31,920
|
Depreciation
expenses
|
|
|
3,356
|
|
|
2,859
|
|
|
6,429
|
|
|
5,678
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
(6,664)
|
|
|
(12,836)
|
|
|
(14,708)
|
|
|
(24,180)
|
Adjusted
EBITDA
|
|
|
28,425
|
|
|
87,706
|
|
|
39,696
|
|
|
142,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/soufun-announces-second-quarter-2015-results-300125481.html
SOURCE SouFun Holdings Limited