BEIJING, April 26, 2019 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or "we"), a leading real estate
Internet portal in China, today
announced its unaudited financial results for the fourth quarter
and fiscal year ended December 31,
2018.
Fourth Quarter 2018 Highlights
- Total revenues were $82.2
million.
- Operating income was $11.9
million. Non-GAAP operating income was
$ 13.7 million. A description of the
adjustments from GAAP to non-GAAP operating income is detailed in
the table captioned "Reconciliation of GAAP and Non-GAAP Results"
following this press release.
- Net loss attributable to Fang's shareholders was
$48.2 million, which was primarily
due to the change in fair value of equity securities of
$34.4 million, and the income tax
expense of $9.5 million related to
the effect of change in fair value of equity securities. Loss per
ADS was $0.11.
- Non-GAAP net loss attributable to Fang's shareholders
was $9.1 million. Non-GAAP fully
diluted loss per ADS were $0.02. A
description of the adjustments from GAAP net loss to non-GAAP net
loss attributable to Fang's shareholders and fully diluted income
per ADS is detailed in the table captioned "Reconciliation of GAAP
and Non-GAAP Results" following this press release.
- Adjusted EBITDA was $19.3
million. A description of the adjustments from GAAP net loss
to Adjusted EBITDA is detailed in the table captioned
"Reconciliation of GAAP and Non-GAAP Results" following this press
release.
Fiscal Year 2018 Highlights
- Total revenues were $303.0
million.
- Operating income was $39.9
million. Non-GAAP operating income was
$ 54.0 million. A description of the
adjustments from GAAP to non-GAAP operating income is detailed in
the table captioned "Reconciliation of GAAP and Non-GAAP Results"
following this press release.
- Net loss attributable to Fang's shareholders was
$117.3 million, which was primarily
due to the change in fair value of equity securities of
$168.7 million, and the income tax
benefits of $22.0 million related to
the effect of change in fair value of equity securities and the
reversal of previously recorded ASC 740 (FIN 48) income tax and
interest liability. Loss per ADS was $0.26.
- Non-GAAP net income attributable to Fang's shareholders
was $29.2 million. Non-GAAP fully
diluted benefits per ADS were $0.07.
A description of the adjustments from GAAP net loss to non-GAAP net
income attributable to Fang's shareholders and fully diluted income
per ADS is detailed in the table captioned "Reconciliation of GAAP
and Non-GAAP Results" following this press release.
- Adjusted EBITDA was $81.7
million. A description of the adjustments from GAAP net loss
to Adjusted EBITDA is detailed in the table captioned
"Reconciliation of GAAP and Non-GAAP Results" following this press
release.
"Fang is continuing its restructuring by focusing more on its
data and analytics business and internet and advertising and
listing services," commented Vincent
Mo, Chairman of Fang. "The spin-off of China Index Holdings
is underway and Fang is also exploring a separation of its core
internet advertising and listing services for an independent
listing."
Fourth Quarter 2018 Results
Revenues
Fang reported total revenues of $82.2
million in the fourth quarter of 2018, a decrease of 26.8%
from $112.2 million in the
corresponding period of 2017, mainly due to the decline in revenues
from listing and e-commerce services.
Revenue from marketing services was $41.5 million in the fourth quarter of 2018,
a decrease of 16.3% from $49.6
million in the corresponding period of 2017, primarily due to
a slowdown in the real estate market and the continued impacts of
tightening policies.
Revenue from listing services was $24.4
million in the fourth quarter of 2018, a decrease of 41.6%
from $41.8 million in the
corresponding period of 2017, caused by the decreased number of
paying members.
Revenue from value-added services was $11.1 million in the fourth quarter of 2018,
an increase of 28.5% from $8.6
million in the corresponding period of 2017, driven by the
increased demand for our database and research services.
Revenue from Financial services was $2.4 million in the fourth quarter of 2018,
a decrease of 35.3% from $3.6 million
in the corresponding period of 2017.
Revenue from e-commerce services was $2.8 million in the fourth quarter of 2018,
a decrease of 67.1% from $8.5
million in the corresponding period of 2017, primarily due to
Fang's transformation back to a technology-driven open platform
model.
Cost of Revenue
Cost of revenue was $12.4 million
in the fourth quarter of 2018, a decrease of 58.1% from
$29.7 million in the corresponding
period of 2017, primarily due to optimization in our cost
structure.
Operating Expenses
Operating expenses were $57.9
million in the fourth quarter of 2018, an increase of 24.4%
from $46.5 million in the
corresponding period of 2017.
Selling expenses were $13.8
million in the fourth quarter of 2018, a decrease of
50.2% from $27.8 million for the
corresponding period of 2017, primarily driven by a decrease in
advertising and promotional expenses and deduction of staff
cost.
General and administrative expenses were $43.8 million in the fourth quarter of 2018, an
increase of 131.5% from $18.9
million for the corresponding period of 2017, primarily due to
an increase in bad debts.
Operating Income
Operating income was $11.9 million
in the fourth quarter of 2018, compared to $36.0 million in the corresponding
period of 2017, caused by the decline in revenue from listing and
e-commerce services and increase in bad debts.
Investment Income
Change in fair value of securities included in investment income
for the fourth quarter of 2018 was a loss of $34.4 million. The amount represents changes in
fair value of securities in accordance with FASB ASU 2016-01, which
became effective on January 1,
2018.
Income Tax Expenses
Income tax expenses were $27.5
million in the fourth quarter of 2018, compared to income tax
expenses of $13.1 million in the
corresponding period of 2017.
Net Income/Loss and EPS
Net loss attributable to Fang's shareholders was $48.2 million in the fourth quarter of 2018,
compared to net income of $20.6
million in the corresponding period of 2017. Loss per ordinary
share and ADS were $0.54 and
$0.11 in the fourth quarter of
2018, compared to net income per fully-diluted ordinary share and
ADS of $0.23 and $0.04, respectively, in the corresponding
period of 2017.
Adjusted EBITDA
Adjusted EBITDA, defined as GAAP net income before share-based
compensation, investment income, change in fair value of
securities, income taxes, interest expenses, interest income and
depreciation, was $19.3
million in the fourth quarter of 2018, compared to the
$41.0 million in the
corresponding period of 2017.
Cash
As of December 31, 2018, Fang had
cash and cash equivalents, restricted cash (current and
non-current) and short-term investments of $463.6 million, compared to $547.1 million as of December 31, 2017.
Fiscal Year 2018 Results
Revenues
Fang reported total revenues of $303.0
million for 2018, representing a decrease of 31.8% from
$444.3 million for 2017, mainly due
to the decline in revenues from e-commerce and listing
services.
Revenue from marketing services was $119.7 million for 2018, a decrease of 19.8% from
$149.3 million for 2017, primarily
due to slowdown in the real estate market and the continued impacts
of tightening policies.
Revenue from listing services was $113.5
million for 2018, a decrease of 31.3% from $165.4 million for 2017, caused by a decreased
number of paying members.
Revenue from other value-added services was $36.4 million for 2018, an increase of 22.0% from
$29.8 million for 2017, primarily
driven by the increase demand for our database and research
services.
Revenue from financial services was $18.1
million for 2018, an increase of 49.8% from $12.1 million for 2017, driven by increased
average balance of loans receivable.
Revenue from e-commerce services was $15.4 million for 2018, a decrease of 82.5% from
$87.8 million for 2017, primarily due
to Fang's transformation back to a technology-driven open platform
model.
Cost of Revenue
Cost of revenue was $58.6 million
for 2018, a decrease of 66.5% from $174.6
million for 2017, primarily driven by the closing of the
self-owned brokerage stores, deduction of e-commerce staff and cost
optimization under the technology-driven open platform model.
Operating Expenses
Operating expenses were $204.5
million for 2018, a decrease of 10.1% from $227.5 million for 2017.
Selling expenses were $69.5
million for 2018, a decrease of 23.8% from $91.3 million for 2017, primarily due to the
decrease of advertising and promotion fee and deduction of staff
cost.
General and administrative expenses were $138.2 million for 2018, an increase of 1.9% from
$135.7 million for 2017.
Operating Income
Operating income was $39.9 million
for 2018, compared with operating income of $42.2 million for 2017.
Investment Income
Change in fair value of securities included in investment income
for the fiscal year was a loss of $168.7
million. The amount represents changes in fair value of
securities in accordance with FASB ASU 2016-01, which became
effective on January 1, 2018.
Income Tax Expenses
Income tax benefits were $11.9
million for 2018, compared to Income tax expenses of
$21.4 million for the corresponding
period in 2017, primarily due to the reversal of previously
recorded ASC 740 (FIN 48) tax and interest liability.
Net Loss/Income and EPS
Net loss attributable to Fang's shareholders was $117.3 million for 2018, compared to net income
of $21.7 million for 2017. Loss per
fully-diluted ordinary share and ADS were $1.31 and $0.26 in
2018, compared to net income per fully-diluted ordinary share and
ADS of $0.24 and $0.05 in 2017, respectively.
Adjusted EBITDA
Adjusted EBITDA, defined as GAAP net income before share-based
compensation, investment income, change in fair value of
securities, income taxes, interest expenses, interest income and
depreciation, was $81.7
million for 2018, compared to $68.9
million for 2017.
Cash
As of December 31, 2018, Fang had
cash and cash equivalents, restricted cash (current and
non-current) and short-term investments of $463.6 million, compared to $547.1 million as of December 31, 2017.
Business Outlook
Based on current operations and market conditions, Fang's
non-GAAP net income is expected to be profitable for the fiscal
year ending December 31, 2019. These
estimates represent management's current and preliminary view,
which are subject to change.
About Non-GAAP Financial Measures
To supplement Fang's consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Fang 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
(loss)/income, (2) non-GAAP net (loss)/income, (3) non-GAAP basic
and diluted (loss)/earnings per ordinary share and per ADS, 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.
Fang believes that these non-GAAP measures help identify
underlying trends in Fang's business that could otherwise be
distorted by the effect of the change in fair value of equity
securities, and the expenses and gains that Fang includes in income
from operations and net income. Fang believes that these non-GAAP
measures provide useful information about its operating results,
enhance the overall understanding of its past performance and
future prospects and allow for greater visibility with respect to
key metrics used by Fang's management in its financial and
operational decision-making. A limitation of using these non-GAAP
financial measures is that share-based compensation, investment
income, interest income and expenses, income tax expenses, and
depreciation expenses have been and will continue to be a
significant recurring item that will continue to exist in Fang'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.
New accounting pronouncements
The new revenue recognition standard (ASU No. 2014-09 'Revenue
from Contracts with Customers') was released in 2014 and becomes
effective for Fang with effect from January
1, 2018. Fang has elected to adopt the new standard (ASC 606
- 'Revenue from Contracts with Customers') using cumulative effect
method for all contracts that are not completed contracts at the
date of initial application. Under this transition method, the new
standard is applied from January 1,
2018 without restatement of comparative period amounts. The
cumulative effect of initially applying the new standard is
reflected as an adjustment to opening retained earnings as of
January 1, 2018 in the amount of
$2.9 million.
In January 2016, the FASB issued
ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial
Liabilities, which is an amendment which addresses certain aspects
of recognition, measurement, presentation, and disclosure of
financial instruments. This guidance includes the requirement that
equity investments that do not result in consolidation and are not
accounted for under the equity method be measured at fair value
with changes in the fair value recognized in net income. An entity
may choose to measure equity investments that do not have readily
determinable fair values at cost minus impairment, if any, plus or
minus changes resulting from observable price changes in orderly
transactions for the identical or a similar investment. Fang
adopted this standard from the quarter beginning January 1, 2018, and Fang recognized a
cumulative-effect adjustment to retained earnings of $163.8 million as of January 1, 2018 for the after-tax unrealized
gains of available-for-sale equity securities previously recognized
in accumulated other comprehensive income.
Conference Call Information
Fang's management team will host a conference call on the same
day at 7:30 AM U.S. EST (7:30 PM Beijing/Hong
Kong time). The dial-in details for the live conference call
are:
International
Toll:
|
+65
67135090
|
Toll-Free/Local
Toll:
|
|
United
States
|
+1 866-519-4004 / +1
845-675-0437
|
Hong Kong
|
+852 800-906-601 /
+852 3018-6771
|
Mainland
China
|
+86 800-819-0121 /
+86 400-620-8038
|
Passcode:
|
SFUN
|
A telephone replay of the call will be available after the
conclusion of the conference call from 10:30
ET on April 26, 2019 through
9:59 ET May 3,
2019. The dial-in details for the telephone replay are:
International
Toll:
|
+61
2-8199-0299
|
Toll-Free/Local
Toll:
|
|
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:
|
8999638
|
A live and archived webcast of the conference call will be
available on Fang's website at http://ir.fang.com.
About Fang
Fang operates a leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites, Fang
provides primarily marketing, listing, financial and other
value-added services for China's
fast-growing real estate and home furnishing and improvement
sectors. Its 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 furnishing and
improvement sectors in China. Fang
currently maintains 65 offices to focus on local market needs and
its website and database contains real estate related content
covering 657 cities in China. For
more information about Fang, 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, and include, without limitation, statements regarding
Fang's future financial performance, revenue guidance, growth and
growth rates, market position and continued business
transformation. Such statements are based upon management's current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond Fang's control, which may cause its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the impact of Fang's
transformation back to a technology-driven Internet platform and
the impact of current and future government policies affecting
China's real estate market.
Further information regarding these and other risks, uncertainties
or factors is included in Fang's filings with the U.S. Securities
and Exchange Commission. Fang does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
law.
For investor and media inquiries, please contact:
Mr. Zijin Li
Acting CFO
Phone: +86-10-5631 8805
Email: lizijin.bj@fang.com
Ms. Jessie Yang
Investor Relations Director
Phone: +86-10-5631 8805
Email: jessieyang@fang.com
Fang Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(in thousands of
U.S. dollars, except share data and per share data)
|
ASSETS
|
December
31,
|
December
31,
|
|
|
2018
|
2017
|
Current
assets:
|
(Unaudited)
|
(Audited)
|
|
Cash and cash
equivalents
|
195,108
|
228,276
|
|
Restricted cash,
current
|
245,474
|
223,002
|
|
Short-term
investments
|
16,043
|
55,801
|
|
Accounts receivable,
net
|
60,950
|
66,884
|
|
Funds
receivable
|
5,474
|
6,264
|
|
Prepayment and other
current assets
|
25,378
|
32,704
|
|
Commitment
deposits
|
191
|
5,876
|
|
Loan receivable,
current
|
117,602
|
129,438
|
|
Amount due from
related parties
|
138
|
167
|
Total current
assets
|
666,358
|
748,412
|
Non-current
assets:
|
|
|
|
Property and
equipment, net
|
730,774
|
622,145
|
|
Prepaid land lease
payments
|
33,153
|
35,728
|
|
Loan receivable,
non-current
|
6,249
|
14,674
|
|
Deferred tax assets,
non-current
|
2,339
|
7,602
|
|
Deposit for
non-current assets
|
902
|
58,722
|
|
Restricted cash,
non-current portion
|
6,990
|
39,982
|
|
Long-term
investments
|
373,233
|
470,964
|
|
Other non-current
assets
|
4,558
|
2,026
|
Total non-current
assets
|
1,158,198
|
1,251,843
|
Total
assets
|
1,824,556
|
2,000,255
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
Short-term
loans
|
297,811
|
236,985
|
|
Deferred revenue and
other current liabilities
|
294,359
|
327,683
|
|
Customers' refundable
fees
|
3,976
|
7,070
|
|
Income tax
payable
|
4,493
|
4,374
|
|
Due to a related
party
|
19
|
-
|
|
Convertible senior
notes
|
-
|
5,700
|
Total current
liabilities
|
600,658
|
581,812
|
Non-current
liabilities:
|
|
|
|
Long-term
loans
|
123,215
|
114,109
|
|
Convertible senior
notes
|
254,435
|
291,365
|
|
Deferred tax
liabilities, non-current
|
100,214
|
126,641
|
|
Other non-current
liabilities
|
152,800
|
146,053
|
Total non-current
liabilities
|
630,664
|
678,168
|
Total
Liabilities
|
1,231,322
|
1,259,980
|
|
|
|
|
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,
issued
shares as of December 31, 2018 and 2017: 72,069,645 and
71,425,120;
outstanding shares as of December 31, 2018 and 2017: 65,004,587
and
64,360,062
|
9,286
|
9,204
|
|
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,
2018 and
December 31, 2017, respectively
|
3,124
|
3,124
|
|
Treasure
stock
|
(136,615)
|
(136,615)
|
|
Additional paid-in
capital
|
517,802
|
500,666
|
|
Accumulated other
comprehensive income
|
(73,426)
|
137,630
|
|
Retained
earnings
|
272,370
|
225,574
|
Total Fang
Holdings Limited shareholders' equity
|
592,541
|
739,583
|
|
Non-controlling
interests
|
693
|
692
|
Total
equity
|
593,234
|
740,275
|
TOTAL LIABILITIES
AND EQUITY
|
1,824,556
|
2,000,255
|
Fang 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,
|
|
|
2018
|
|
2017
|
2018
|
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
Revenues:
|
|
|
|
|
|
|
Marketing
services
|
41,524
|
|
49,632
|
119,680
|
149,267
|
|
Listing
services
|
24,400
|
|
41,813
|
113,534
|
165,374
|
|
Value-added
services
|
11,110
|
|
8,647
|
36,358
|
29,791
|
|
Financial
services
|
2,357
|
|
3,645
|
18,060
|
12,055
|
|
E-commerce
services
|
2,787
|
|
8,480
|
15,384
|
87,809
|
Total
revenues
|
82,178
|
|
112,217
|
303,016
|
444,296
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
Cost of
services
|
(12,436)
|
|
(29,702)
|
(58,570)
|
(174,599)
|
Total Cost of
Revenues
|
(12,436)
|
|
(29,702)
|
(58,570)
|
(174,599)
|
|
|
|
|
|
|
|
Gross
Profit
|
69,742
|
|
82,515
|
244,446
|
269,697
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
Selling
expenses
|
(13,845)
|
|
(27,819)
|
(69,532)
|
(91,250)
|
|
General and
administrative expenses
|
(43,815)
|
|
(18,923)
|
(138,249)
|
(135,688)
|
|
Other income
(loss)
|
(202)
|
|
238
|
3,275
|
(567)
|
|
|
|
|
|
|
|
Operating
Income
|
11,880
|
|
36,011
|
39,940
|
42,192
|
|
Foreign
exchange gain (loss)
|
(606)
|
|
(198)
|
(598)
|
15
|
|
Interest
income
|
554
|
|
2,688
|
10,302
|
11,322
|
|
Interest
expense
|
(4,264)
|
|
(3,374)
|
(21,174)
|
(16,153)
|
|
Investment
income
|
(28,858)
|
|
2,104
|
(159,093)
|
9,946
|
|
Government
grants
|
614
|
|
975
|
1,435
|
3,154
|
|
Other
non-operating loss
|
(7)
|
|
(4,562)
|
(30)
|
(4,562)
|
|
Other-than-temporary
impairment on
available-for-sale
securities
|
-
|
|
-
|
-
|
(2,768)
|
(Loss) income
before income taxes and noncontrolling interests
|
(20,687)
|
|
33,644
|
(129,218)
|
43,146
|
Income tax
expenses
|
|
|
|
|
|
|
Income tax
(expenses) benefits
|
(27,475)
|
|
(13,062)
|
11,892
|
(21,442)
|
Net (loss)
income
|
(48,162)
|
|
20,582
|
(117,326)
|
21,704
|
|
Net loss
attributable to noncontrolling interests
|
-
|
|
(2)
|
(2)
|
(3)
|
Net (loss) income
attributable to Fang Holdings Limited shareholders
|
(48,160)
|
|
20,584
|
(117,324)
|
21,707
|
Total other
comprehensive (loss) income, net of tax
|
(2,593)
|
|
(4,392)
|
(47,271)
|
218,979
|
Comprehensive
(loss) income
|
(50,755)
|
|
16,190
|
(164,597)
|
240,683
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
|
Basic
|
(0.54)
|
|
0.23
|
(1.31)
|
0.25
|
|
Diluted
|
(0.54)
|
|
0.23
|
(1.31)
|
0.24
|
Earnings per
ADS:
|
|
|
|
|
|
|
Basic
|
(0.11)
|
|
0.05
|
(0.26)
|
0.05
|
|
Diluted
|
(0.11)
|
|
0.04
|
(0.26)
|
0.05
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
Basic
|
89,512,488
|
|
89,060,615
|
89,384,955
|
88,475,665
|
|
Diluted
|
89,512,488
|
|
95,347,781
|
89,384,955
|
91,585,677
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
Basic
|
447,562,440
|
|
445,303,077
|
446,924,775
|
442,378,324
|
|
Diluted
|
447,562,440
|
|
476,738,907
|
446,924,775
|
464,319,935
|
Fang 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,
|
|
|
2018
|
|
2017
|
2018
|
2017
|
|
GAAP income from
operations
|
11,880
|
|
36,011
|
39,940
|
42,192
|
|
Share-based
compensation expense
|
1,844
|
|
2,056
|
14,082
|
7,218
|
|
Non-GAAP income
from operations
|
13,724
|
|
38,067
|
54,022
|
49,410
|
|
|
|
|
|
|
|
|
GAAP net
income
|
(48,162)
|
|
20,582
|
(117,326)
|
21,704
|
|
Reconciliation
items:
|
|
|
|
|
|
|
Share-based
compensation
|
1,844
|
|
2,056
|
14,082
|
7,218
|
|
Investment
income
|
(28,858)
|
|
2,104
|
(159,093)
|
9,946
|
|
Impairment on
investments
|
-
|
|
-
|
-
|
2,768
|
|
Subtotal
|
(17,460)
|
|
20,534
|
55,849
|
21,744
|
|
|
|
|
|
|
|
|
Tax impact of
reconciliation items
|
8,383
|
|
(388)
|
(26,688)
|
(1,062)
|
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
(9,077)
|
|
20,146
|
29,161
|
20,682
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
Basic
|
(0.54)
|
|
0.23
|
(1.31)
|
0.25
|
|
Diluted
|
(0.54)
|
|
0.23
|
(1.31)
|
0.24
|
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
Basic
|
(0.11)
|
|
0.05
|
(0.26)
|
0.05
|
|
Diluted
|
(0.11)
|
|
0.04
|
(0.26)
|
0.05
|
|
Non-GAAP earnings
per share for Class A and Class
B ordinary shares:
|
|
|
|
|
|
|
Basic
|
(0.10)
|
|
0.28
|
0.33
|
0.30
|
|
Diluted
|
(0.10)
|
|
0.26
|
0.33
|
0.29
|
|
Non-GAAP earnings
per ADS
|
|
|
|
|
|
|
Basic
|
(0.02)
|
|
0.06
|
0.07
|
0.06
|
|
Diluted
|
(0.02)
|
|
0.05
|
0.07
|
0.06
|
|
Weighted average
number of Class A and Class B
ordinary shares outstanding:
|
|
|
|
|
|
|
Basic
|
89,512,488
|
|
89,060,615
|
89,384,955
|
88,475,665
|
|
Diluted
|
89,512,488
|
|
95,347,781
|
89,384,955
|
91,585,677
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
Basic
|
447,562,440
|
|
445,303,077
|
446,924,775
|
442,378,324
|
|
Diluted
|
447,562,440
|
|
476,738,907
|
446,924,775
|
464,319,935
|
|
|
|
|
|
|
|
GAAP net
income
|
(48,162)
|
|
20,582
|
(117,326)
|
21,704
|
Add
back:
|
|
|
|
|
|
|
Share-based
compensation expense
|
1,844
|
|
2,056
|
14,082
|
7,218
|
|
Investment
income
|
(28,858)
|
|
2,104
|
(159,093)
|
9,946
|
|
Interest
expense
|
4,264
|
|
3,374
|
21,174
|
16,153
|
|
Income tax expenses
(benefits)
|
27,475
|
|
13,062
|
(11,892)
|
21,442
|
|
Depreciation
expenses
|
5,619
|
|
6,763
|
26,856
|
23,737
|
Subtract:
|
|
|
|
|
|
|
Interest
income
|
(554)
|
|
(2,688)
|
(10,302)
|
(11,322)
|
Adjusted
EBITDA
|
19,344
|
|
41,045
|
81,685
|
68,986
|
View original
content:http://www.prnewswire.com/news-releases/fang-announces-fourth-quarter-and-fiscal-year-2018-results-300838975.html
SOURCE Fang Holdings Limited