SHANGHAI, Nov. 18, 2015 /PRNewswire-FirstCall/ -- E-House
(China) Holdings Limited
("E-House" or the "Company") (NYSE: EJ), a leading real estate
services company in China, today
announced its unaudited financial results for the fiscal quarter
ended September 30, 2015.
Third Quarter 2015 Highlights
- Total revenues increased by 18% year-on-year to $258.7 million
- Revenues from real estate online services increased by 18%
year-on-year to $151.2 million,
including $106.4 million in revenues
from e-commerce services, which grew by 26% year-on-year
- Revenues from primary real estate agency services increased by
48% year-on-year to $83.2
million
- Non-GAAP1 net income attributable to E-House
shareholders was $18.7 million, or
$0.13 per diluted American depositary
share ("ADS"), an increase of 48% from $12.6
million, or $0.09 per diluted
ADS, for the same quarter of 2014
First Nine Months 2015 Financial Highlights
- Total revenues increased by 18% year-on-year to $698.4 million
- Revenues from real estate online services increased by 24%
year-on-year to $402.4 million,
including $290.9 million in revenues
from e-commerce services, which grew by 44% year-on-year
- Revenues from primary real estate agency services increased by
26% year-on-year to $225.1
million
- Non-GAAP net income attributable to E-House shareholders was
$15.6 million, or $0.10 per diluted ADS, compared to $45.0 million, or $0.30 per diluted ADS, for the same period of
2014
Mr. Xin Zhou, E-House's
co-chairman and CEO, said, "During the third quarter, we continued
to grow our overall business and deliver solid execution in driving
our total revenues. Under a relatively stable and healthy real
estate market environment, our real estate brokerage services led
the year-on-year top-line growth. Our online services continued to
deliver solid growth as well, driven by revenue growth in
e-commerce and secondary listings. We merged our real estate fund
management business into Jupai Holdings Limited ("Jupai", NYSE: JP)
in the third quarter in exchange for additional stakes in Jupai,
which closed concurrent with Jupai's IPO in the U.S. The realized
gains from the disposition of our real estate fund management
business helped drive our profits higher during the quarter."
1 E-House
uses in this press release the following non-GAAP financial
measures: (1) income (loss) from operations, (2) net income (loss),
(3) net income (loss) attributable to E-House shareholders, (4) net
income (loss) attributable to E-House shareholders per basic ADS,
and (5) net income (loss) attributable to E-House shareholders per
diluted ADS, each of which excludes share-based compensation
expense and amortization of intangible assets resulting from
business acquisitions. See "About Non-GAAP Financial Measures" and
"Unaudited Reconciliation of GAAP and Non-GAAP Results" below for
more information about the non-GAAP financial measures included in
this press release.
|
Third Quarter 2015 Results
Total revenues were $258.7
million, an increase of 18% from $218.7 million for the same quarter of 2014,
primarily driven by growth of revenues from real estate online
services and real estate brokerage services.
Revenues from real estate online services were
$151.2 million, an increase of 18%
from $128.2 million for the same
quarter of 2014, mainly contributed by growth of revenues from
e-commerce services. Revenues from e-commerce
services were $106.4 million,
an increase of 26% from $84.2 million
for the same quarter of 2014, primarily due to an increase in the
average price per discount coupon redeemed. Revenues from
online advertising services were $39.4 million, a decrease of 6% from $41.8 million for the same quarter of 2014,
primarily due to decreased online advertising demand from property
developers. Revenues from listing services were
$5.4 million, an increase of 139%
from $2.2 million for the same
quarter of 2014, primarily due to growth in secondary home
transactions.
Revenues from real estate brokerage services were
$86.5 million, an increase of 47%
from $59.0 million for the same
quarter of 2014. Real estate brokerage services include primary
real estate agency services and secondary real estate brokerage
services. Revenues from primary real estate agency
services were $83.2 million,
an increase of 48% from $56.3 million
for the same quarter of 2014. The increase was caused by increases
in both total gross floor area ("GFA") of new properties sold and
total transaction value of new properties sold compared to the same
quarter of 2014. (See "Selected Operating Data" below for more
details on the total GFA and transaction value of new properties
sold.) Revenues from secondary real estate brokerage
services were $3.3 million,
an increase of 24% from $2.7 million
for the same quarter of 2014, primarily due to an increase in the
number of sale transactions in secondary properties.
Revenues from real estate information and consulting
services were $13.2 million,
a decrease of 14% from $15.4 million
for the same quarter of 2014, mainly due to decreased demand for
customized data reports due to lower real estate investment levels
and decreased average price of consulting contracts during the
period.
Revenues from other services were $7.6 million, a decrease of 53% from $16.1 million for the same quarter of 2014. Other
services include offline real estate advertising services,
promotional events services, real estate fund management services
and real estate financial services. The decrease in revenues from
other services in the third quarter was primarily due to a decrease
in revenues from offline promotional events services, and the
disposition of real estate fund management services business at the
beginning of the third quarter of 2015. Revenue from real estate
fund management services was nil in the third quarter of 2015,
compared to $7.0 million for the same
quarter of 2014.
No material revenue was generated from community value-added
services in the third quarter.
Cost of revenues was $82.7
million, an increase of 6% from $77.9
million for the same quarter of 2014, primarily due to
increased commission fees and project consulting fees for primary
real estate agency services in line with increased revenues.
Selling, general and administrative ("SG&A")
expenses were $172.3
million, an increase of 34% from $128.3 million for the same quarter of 2014,
primarily due to higher marketing expenses for real estate online
services, as well as increased salary and welfare expenses related
to community value-added services. Expenses related to community
value-added services were $12.2
million, compared to $4.6
million for the same quarter of 2014.
Income from operations was $7.6 million, a decrease of 53% from $16.2 million for the same quarter of 2014.
Non-GAAP income from operations was $16.2 million, a decrease of 37% from
$25.5 million for the same quarter of
2014, mostly due to increased spending related to community
value-added services and real estate financial services.
Investment income was $23.1
million, comprised of a gain from the disposition of the
real estate fund management services to Jupai.
Net income was $12.2
million, compared to $13.1
million for the same quarter of 2014. Non-GAAP net
income was $20.0 million,
compared to $21.9 million for the
same quarter of 2014.
Net income attributable to E-House shareholders
was $12.5 million, or $0.09 per diluted ADS, an increase of 146% from
$5.1 million, or $0.03 per diluted ADS, for the same quarter of
2014. Non-GAAP net income attributable to E-House
shareholders was $18.7
million, or $0.13 per diluted
ADS, an increase of 48% from $12.6
million, or $0.09 per diluted
ADS, for the same quarter of 2014.
First Nine Months 2015 Results
Total revenues were $698.4
million, an increase of 18% from $592.2 million for the same period of 2014,
primarily driven by growth of revenues from real estate online
services and real estate brokerage services.
Revenues from real estate online services were
$402.4 million, an increase of 24%
from $324.1 million for the same
period of 2014, contributed by growth of revenues from e-commerce
services and listing services. Revenues from e-commerce
services were $290.9 million,
an increase of 44% from $202.2
million for the same period of 2014, primarily due to an
increase in the average price per discount coupon redeemed.
Revenues from online advertising services were
$97.2 million, a decrease of 13% from
$111.2 million for the same period of
2014, primarily due to decreased online advertising demand from
property developers. Revenues from listing services
were $14.4 million, an increase of
35% from $10.7 million for the same
period of 2014, primarily due to the growth in secondary home
sales.
Revenues from real estate brokerage services were
$233.7 million, an increase of 26%
from $185.6 million for the same
period of 2014. Revenues from primary real estate agency
services were $225.1 million,
an increase of 26% from $178.9
million for the same period of 2014, due to increases in
both total GFA and transaction value of new properties sold during
the first nine months of 2015. Revenues from secondary real
estate brokerage services were $8.6
million, an increase of 28% from $6.7
million for the same period of 2014, due to an increase in
the number of sale transactions in secondary properties.
Revenues from real estate information and consulting
services were $43.5 million,
a decrease of 15% from $51.0 million
for the same period of 2014, mostly due to decreased demand for
customized data reports due to lower real estate investment levels,
and a decreased average price of consulting contracts.
Revenues from other services were $18.3 million, a decrease of 42% from
$31.5 million for the same period of
2014, primarily due to a decrease in revenues from offline
promotional events services, and the disposition of real estate
fund management services business at the beginning of the third
quarter of 2015.
No material revenue was generated from community value-added
services in the first nine months of 2015.
Cost of revenues was $232.3
million, an increase of 11% from $209.6 million for the same period of 2014, due
to increased commission fees and project consulting fees for
primary real estate agency services in line with increased
revenues, increased staff costs and increased amortization expenses
of intangible assets for the exclusive rights in connection with
real estate online services.
SG&A expenses were $491.6 million, an increase of 37% from
$359.5 million for the same period of
2014, primarily due to an increase in marketing expenses for real
estate online services, as well as increases of $23.3 million in expenses related to community
value-added services and $3.1 million
in expenses related to real estate financial services, both of
which commenced in the third quarter of 2014.
Loss from operations was $19.7 million,compared to income from operations
of $31.2 million for the same period
of 2014. Non-GAAP income from operations was
$7.4 million, a decrease of 87% from
$59.4 million for the same period of
2014.
Investment income was $23.1
million, comprised of a gain from the disposition of the
real estate fund management services to Jupai.
Net loss was $10.1
million, compared to $30.7
million net income for the same period of 2014.
Non-GAAP net income was $14.5
million, compared to $56.8
million for the same period of 2014.
Net loss attributable to E-House shareholders was
$3.8 million, or $0.03 loss per diluted ADS, compared to net
income attributable to E-House shareholders of $21.4 million, or $0.14 per diluted ADS, for the same period of
2014. Non-GAAP net income attributable to E-House
shareholders was $15.6
million, or $0.10 per diluted
ADS, compared to $45.0 million, or
$0.30 per diluted ADS, for the same
period of 2014.
Cash Flow
As of September 30, 2015, the
Company's cash and cash equivalents balance was
$481.7 million.
Third quarter 2015 net cash provided
by operating activities was $12.4 million, mainly attributable to non-GAAP
net income of $20.0 million, as well
as a $14.4 million decrease in
customer deposits, partially offset by a $23.1 million non-cash gain from the disposition
of the real estate fund management services. Net cash used in
investing activities was $37.1
million, mainly comprised of a $12.6
million payment for investments in affiliate, a $9.2 million payment for a business acquisition
deposit, a $7.9 million payment for
the exclusive rights with Baidu, and a $6.0
million cash decrease associated with the disposition of
real estate fund management services. Net cash
provided by financing activities was
$79.3 million, mainly comprised of a
$71.3 million bank loan, and a
$25.6 million loan from a related
party, partially offset by $9.6
million paid for the repurchase of the convertible bond, and
a $6.6 million payment for the 2014
acquisition of non-controlling interests in the Company's online
business.
Business Outlook
The Company maintains its fiscal year 2015 total revenues
guidance of approximately $1.05 billion to
$1.10 billion, which would represent an increase of
approximately 16% to 22% from $904.5
million in 2014. This forecast reflects the Company's
current and preliminary view, which is subject to change.
Conference Call Information
E-House's management will host an earnings conference call on
November 18, 2015 at 8:15 a.m. U.S. Eastern Time (9:15 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-845-675-0437
|
Hong Kong:
|
+852-3018-6771
|
Mainland
China:
|
+86-800-819-0121
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is "E-House
earnings call."
A replay of the conference call may be accessed by phone at the
following number until November 26, 2015:
U.S./International:
|
+1-646-254-3697
|
Hong Kong:
|
+852-3051-2780
|
Mainland
China:
|
+86-800-870-0205
|
Passcode:
|
75256378
|
Additionally, a live and archived webcast will be available at
http://ir.ehousechina.com.
About E-House
E-House (China) Holdings
Limited ("E-House") (NYSE: EJ) is China's leading real estate services company
with a nationwide network covering more than 260 cities. E-House
offers a wide range of services to the real estate industry,
including real estate online services through our 70%-owned
subsidiary, Leju Holdings Limited (NYSE: LEJU), primary sales
agency, secondary brokerage, information and consulting, offline
advertising and promotion, real estate investment management and
financial services, and mobile community value-added services.
E-House has received numerous awards for its innovative and
high-quality services, including "China's Best Company" from the National
Association of Real Estate Brokerage and Appraisal Companies and
"China Enterprises with the Best Potential" from Forbes. For more
information about E-House, please visit
http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "may," "intend," "confident," "is
currently reviewing," "it is possible," "subject to" and similar
statements. Among other things, the Business Outlook section and
quotations from management in this press release, as well as
E-House's strategic and operational plans, contain forward-looking
statements. E-House may also make written or oral forward-looking
statements in its reports filed or furnished with the U.S.
Securities and Exchange Commission, including Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about E-House's beliefs and
expectations, are forward-looking statements and are subject to
change. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this
press release. Potential risks and uncertainties include, but are
not limited to, a severe or prolonged downturn in the global
economy, E-House's susceptibility to fluctuations in the real
estate market of China, government
measures aimed at China's real
estate industry, failure of the real estate services industry in
China to develop or mature as
quickly as expected, diminution of the value of E-House's brand or
image, E-House's inability to successfully execute its strategy of
expanding into new geographical markets in China, E-House's failure to manage its growth
effectively and efficiently, E-House's failure to successfully
execute the business plans for its strategic alliances and other
new business initiatives, E-House's loss of its competitive
advantage if it fails to maintain and improve its proprietary CRIC
system or to prevent disruptions or failure in the system's
performance, E-House's failure to compete successfully,
fluctuations in E-House's results of operations and cash flows,
E-House's reliance on a concentrated number of real estate
developers, natural disasters or outbreaks of health epidemics and
other risks outlined in E-House's filings with the U.S. Securities
and Exchange Commission. All information provided in this press
release is current as of the date of this press release, and
E-House does not undertake any obligation to update any such
information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement E-House's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), E-House uses in this press release the
following non-GAAP financial measures: (1) income (loss) from
operations, (2) net income (loss), (3) net income (loss)
attributable to E-House shareholders, (4) net income (loss)
attributable to E-House shareholders per basic ADS, and (5) net
income (loss) attributable to E-House shareholders per diluted ADS,
each of which excludes share-based compensation expense and
amortization of intangible assets resulting from business
acquisitions. The presentation of these non-GAAP financial measures
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 "Unaudited Reconciliation
of GAAP and Non-GAAP Results" set forth at the end of this press
release.
E-House believes that these non-GAAP financial measures provide
meaningful supplemental information to investors regarding its
operating performance by excluding share-based compensation expense
and amortization of intangible assets resulting from business
acquisitions, which may not be indicative of E-House's operating
performance. These non-GAAP financial measures also facilitate
management's internal comparisons to E-House'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 expense and amortization of
intangible assets resulting from business acquisitions that may
continue to exist in E-House'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
comparable GAAP financial measures.
For investor and media inquiries please contact:
Investor Relations Department
E-House (China) Holdings
Limited
Phone: +86 (21) 6133-0809
E-mail: ir@ehousechina.com
Mr. Derek Mitchell
Ogilvy Financial
In the U.S.: +1 (646) 867-1888
In China: +86 (10) 8520-6139
E-mail: ej@ogilvy.com
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of
U.S. dollars)
|
|
December
31,
|
|
September
30,
|
|
2014
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
630,617
|
|
|
|
481,706
|
Restricted
cash
|
|
40,402
|
|
|
|
40,067
|
Customer deposits,
net
|
|
92,797
|
|
|
|
102,804
|
Accounts receivable,
net
|
|
415,150
|
|
|
|
447,396
|
Advance payment for
properties, current
|
|
51,983
|
|
|
|
14,255
|
Properties held for
sale
|
|
34,842
|
|
|
|
30,665
|
Deferred tax assets,
net
|
|
64,805
|
|
|
|
61,937
|
Prepaid expenses and
other current assets
|
|
39,339
|
|
|
|
45,265
|
Amounts due from
related parties
|
|
6,094
|
|
|
|
1,888
|
Total current
assets
|
|
1,376,029
|
|
|
|
1,225,983
|
Property and
equipment, net
|
|
49,109
|
|
|
|
125,400
|
Intangible assets,
net
|
|
120,381
|
|
|
|
116,312
|
Investment in
affiliates
|
|
51,681
|
|
|
|
114,560
|
Goodwill
|
|
51,540
|
|
|
|
63,101
|
Customer deposits,
non-current, net
|
|
797
|
|
|
|
1,380
|
Investment in
preferred shares of a private entity
|
|
39,485
|
|
|
|
-
|
Restricted cash,
non-current
|
|
-
|
|
|
|
32,855
|
Other non-current
assets
|
|
87,902
|
|
|
|
118,417
|
Total
assets
|
|
1,776,924
|
|
|
|
1,798,008
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term
borrowings
|
|
35,954
|
|
|
|
75,456
|
Accounts
payable
|
|
8,261
|
|
|
|
5,640
|
Accrued payroll and
welfare expenses
|
|
116,577
|
|
|
|
95,071
|
Income tax
payable
|
|
117,594
|
|
|
|
102,312
|
Other tax
payable
|
|
49,390
|
|
|
|
50,541
|
Amounts due to
related parties
|
|
7,356
|
|
|
|
31,760
|
Advance from property
buyers
|
|
2,261
|
|
|
|
8,101
|
Dividend
payables
|
|
12,902
|
|
|
|
-
|
Advance from
customers and deferred revenue
|
|
19,013
|
|
|
|
19,166
|
Other current
liabilities
|
|
85,837
|
|
|
|
61,865
|
Total current
liabilities
|
|
455,145
|
|
|
|
449,912
|
Deferred tax
liabilities
|
|
28,203
|
|
|
|
28,548
|
Convertible senior
notes
|
|
132,752
|
|
|
|
123,697
|
Other non-current
liabilities
|
|
658
|
|
|
|
74,867
|
Total
liabilities
|
|
616,758
|
|
|
|
677,024
|
Equity
|
|
|
|
|
|
|
Ordinary shares
($0.001 par value): 1,000,000,000 and
1,000,000,000 shares authorized,
142,123,368 and
142,620,205 shares issued and outstanding,
as of December
31, 2014 and September 30, 2015,
respectively
|
|
142
|
|
|
|
143
|
Additional paid-in
capital
|
|
991,646
|
|
|
|
979,648
|
Subscription
receivables
|
|
(196)
|
|
|
|
(61)
|
Accumulated
deficit
|
|
(67,703)
|
|
|
|
(71,523)
|
Accumulated other
comprehensive income
|
|
83,901
|
|
|
|
45,148
|
Total E-House
equity
|
|
1,007,790
|
|
|
|
953,355
|
Non-controlling
interests
|
|
152,376
|
|
|
|
167,629
|
Total
equity
|
|
1,160,166
|
|
|
|
1,120,984
|
TOTAL LIABILITIES
AND EQUITY
|
|
1,776,924
|
|
|
|
1,798,008
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands of
U.S. dollars, except share data and per share data)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
218,718
|
|
|
|
258,691
|
|
|
|
592,174
|
|
|
|
698,374
|
Cost of
revenues
|
|
|
(77,890)
|
|
|
|
(82,745)
|
|
|
|
(209,618)
|
|
|
|
(232,341)
|
Selling, general and
administrative expenses
|
|
|
(128,332)
|
|
|
|
(172,323)
|
|
|
|
(359,517)
|
|
|
|
(491,563)
|
Other operating
income
|
|
|
3,674
|
|
|
|
3,939
|
|
|
|
8,134
|
|
|
|
5,870
|
Income (loss) from
operations
|
|
|
16,170
|
|
|
|
7,562
|
|
|
|
31,173
|
|
|
|
(19,660)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expenses
|
|
|
(1,326)
|
|
|
|
(2,797)
|
|
|
|
(3,991)
|
|
|
|
(7,589)
|
Interest
income
|
|
|
805
|
|
|
|
1,211
|
|
|
|
2,180
|
|
|
|
3,637
|
Other income (loss),
net
|
|
|
117
|
|
|
|
(2,215)
|
|
|
|
3,180
|
|
|
|
(1,128)
|
Investment
Income
|
|
|
-
|
|
|
|
23,104
|
|
|
|
-
|
|
|
|
23,104
|
Income (loss)
before taxes and equity in affiliates
|
|
|
15,766
|
|
|
|
26,865
|
|
|
|
32,542
|
|
|
|
(1,636)
|
Income tax
expense
|
|
|
(3,132)
|
|
|
|
(15,221)
|
|
|
|
(5,379)
|
|
|
|
(10,383)
|
Income (loss)
before equity in affiliates
|
|
|
12,634
|
|
|
|
11,644
|
|
|
|
27,163
|
|
|
|
(12,019)
|
Income from equity in
affiliates
|
|
|
424
|
|
|
|
594
|
|
|
|
3,553
|
|
|
|
1,919
|
Net income
(loss)
|
|
|
13,058
|
|
|
|
12,238
|
|
|
|
30,716
|
|
|
|
(10,100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income
(loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
|
|
7,968
|
|
|
|
(307)
|
|
|
|
9,310
|
|
|
|
(6,279)
|
Net income (loss)
attributable to E-House
shareholders
|
|
|
5,090
|
|
|
|
12,545
|
|
|
|
21,406
|
|
|
|
(3,821)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.04
|
|
|
|
0.09
|
|
|
|
0.15
|
|
|
|
(0.03)
|
Diluted
|
|
|
0.03
|
|
|
|
0.09
|
|
|
|
0.14
|
|
|
|
(0.03)
|
Shares used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
139,374,967
|
|
|
|
142,604,949
|
|
|
|
138,472,922
|
|
|
|
142,464,061
|
Diluted
|
|
|
146,962,092
|
|
|
|
145,253,119
|
|
|
|
146,680,245
|
|
|
|
142,464,061
|
|
Note 1
|
The conversion of
Renminbi ("RMB") amounts into USD amounts is based on the rate
of USD1 = RMB6.3613 on September 30, 2015 and USD1 = RMB6.2378 for
the nine
months ended September 30, 2015
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(In thousands of
U.S. dollars)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
13,058
|
|
12,238
|
|
30,716
|
|
(10,100)
|
|
Other comprehensive
income (loss), net of tax of nil:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
300
|
|
(28,057)
|
|
(5,441)
|
|
(27,311)
|
|
Unrealized holding
gains (loss) for investment in preferred shares of a private
entity
|
|
4,629
|
|
(38,872)
|
|
4,629
|
|
(13,765)
|
|
Comprehensive
income (loss)
|
|
17,987
|
|
(54,691)
|
|
29,904
|
|
(51,176)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive
income (loss) attributable to non-controlling interests
|
|
7,931
|
|
(2,990)
|
|
8,980
|
|
(8,904)
|
|
Comprehensive
income (loss) attributable to E-House shareholders
|
|
10,056
|
|
(51,701)
|
|
20,924
|
|
(42,272)
|
|
|
|
|
|
|
|
|
|
|
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
Unaudited
Reconciliation of GAAP and Non-GAAP Results
|
(In thousands of
U.S. dollars, except share data and per ADS data)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss)
from operations
|
|
|
16,170
|
|
|
7,562
|
|
|
31,173
|
|
(19,660)
|
Share-based
compensation expense
|
|
|
5,919
|
|
|
5,162
|
|
|
16,369
|
|
16,926
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
|
3,448
|
|
|
3,456
|
|
|
11,819
|
|
10,180
|
Non-GAAP income
from operations
|
|
|
25,537
|
|
|
16,180
|
|
|
59,361
|
|
7,446
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
|
|
13,058
|
|
|
12,238
|
|
|
30,716
|
|
(10,100)
|
Share-based
compensation expense (net of tax)
|
|
|
5,919
|
|
|
5,162
|
|
|
16,369
|
|
16,926
|
Amortization of
intangible assets resulting from
business
acquisitions (net of tax)
|
|
|
2,894
|
|
|
2,592
|
|
|
9,707
|
|
7,635
|
Non-GAAP net
income
|
|
|
21,871
|
|
|
19,992
|
|
|
56,792
|
|
14,461
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to E-House shareholders
|
|
|
5,090
|
|
|
12,545
|
|
|
21,406
|
|
(3,821)
|
Share-based
compensation expense
(net of
tax and non-controlling interests)
|
|
|
5,329
|
|
|
4,328
|
|
|
15,367
|
|
14,004
|
Amortization of
intangible assets resulting from business
acquisitions (net of tax and
non-controlling interests)
|
|
|
2,179
|
|
|
1,816
|
|
|
8,263
|
|
5,377
|
Non-GAAP net
income attributable to E-House
shareholders
|
|
|
12,598
|
|
|
18,689
|
|
|
45,036
|
|
15,560
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings (loss)
per ADS -- basic
|
|
|
0.04
|
|
|
0.09
|
|
|
0.15
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings (loss)
per ADS -- diluted
|
|
|
0.03
|
|
|
0.09
|
|
|
0.14
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
ADS -- basic
|
|
|
0.09
|
|
|
0.13
|
|
|
0.33
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
ADS -- diluted
|
|
|
0.09
|
|
|
0.13
|
|
|
0.30
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating basic GAAP / non-GAAP net
income attributable to shareholders per
ADS
|
|
|
139,374,967
|
|
|
142,604,949
|
|
|
138,472,922
|
|
142,464,061
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating diluted GAAP net income (loss)
attributable to shareholders per
ADS
|
|
|
146,962,092
|
|
|
145,253,119
|
|
|
146,680,245
|
|
142,464,061
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating diluted non-GAAP net income
attributable to shareholders per
ADS
|
|
|
146,962,092
|
|
|
153,999,177
|
|
|
146,680,245
|
|
145,489,652
|
|
|
|
|
|
|
|
|
|
|
|
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
SELECTED OPERATING
DATA
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primary real
estate agency services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Floor
Area ("GFA") of new
properties sold (thousands of square
meters)
|
|
|
4,991
|
|
|
|
6,411
|
|
|
|
14,824
|
|
|
|
17,460
|
Total value of new
properties sold (millions of
RMB)
|
|
|
42,986
|
|
|
|
66,700
|
|
|
|
131,615
|
|
|
|
170,995
|
Total value of new
properties sold (millions of $)
|
|
|
7,019
|
|
|
|
10,361
|
|
|
|
21,490
|
|
|
|
27,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-commerce
services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of discount
coupons issued to
prospective purchasers (number of
transactions)
|
|
|
85,843
|
|
|
|
70,641
|
|
|
|
223,807
|
|
|
|
205,895
|
Number of discount
coupons redeemed (number
of transactions)
|
|
|
59,811
|
|
|
|
57,303
|
|
|
|
143,407
|
|
|
|
141,827
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/e-house-reports-third-quarter-2015-results-300180911.html
SOURCE E-House (China) Holdings
Limited