UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-36396
LEJU HOLDINGS LIMITED
Level G, Building G, No.8 Dongfeng South Road,
Chaoyang District, Beijing 100016
The People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Exhibit Index
Exhibit 99.1 – Press Release – Leju Reports First Half Year 2023 Results
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Leju Holdings Limited |
| |
|
| |
|
|
|
| |
By |
: |
/s/ Li Yuan |
| |
Name |
: |
Li Yuan |
| |
Title |
: |
Chief Financial Officer |
Date: August 31, 2023
Exhibit 99.1
Page 1
Leju Reports First Half Year 2023 Results
BEIJING, Aug. 31, 2023 /PRNewswire/ –
Leju Holdings Limited (“Leju” or the “Company”) (NYSE: LEJU), a leading e-commerce and online media platform for
real estate and home furnishing industries in China, today announced its unaudited financial results for the six months ended June 30,
2023.
First Half
2023 Financial Highlights
| · | Total revenues decreased by 6% year on year to $158.5 million. |
| · | Revenues from e-commerce services slightly decreased by 1% year on year to $131.2 million. |
| · | Revenues from online advertising services decreased by 26% year on year to $27.3 million. |
| · | Loss from operations was $23.5 million, compared to loss from operations of $64.8 million for the same
period of 2022. |
| · | Non-GAAP1
loss from operations was $17.3 million, compared to Non-GAAP loss from operations of $58.6 million for the same period of 2022. |
| · | Net loss attributable to Leju Holdings Limited shareholders was $19.4 million, or $1.42 loss per diluted
American depositary share (“ADS”), compared to net loss attributable to Leju Holdings Limited shareholders of $52.9 million,
or $3.86 loss per diluted ADS, for the same period of 2022. |
| · | Non-GAAP net loss attributable to Leju Holdings Limited shareholders was $14.6 million, or $1.06 loss
per diluted ADS, compared to non-GAAP net loss attributable to Leju Holdings Limited shareholders of $48.0 million, or $3.50 loss per
diluted ADS, for the same period of 2022. |
“China's real estate industry remained sluggish
during the first half of 2023, seeing a slight first-quarter rebound but then returning to a downward trend during the second quarter.
Combined with the ongoing difficulties experienced by China’s real estate developers, these factors have created significant challenges
for Leju's advertising and e-commerce operations,” said Mr. Geoffrey He, Leju’s Chief Executive Officer.
“Faced with these unprecedented market
difficulties, we have adjusted our product structure and business direction to ensure the stability of our business and
have been exploring new business opportunities. Responding to the significant changes in the supply and demand relationship of China’s
real estate market, starting from the second quarter, local governments in multiple regions across the country have introduced measures
to further optimize the real estate regulatory measures. Leju will take this opportunity to further consolidate our foundation and strive
for new development opportunities while ensuring healthy operations.”
First Half 2023 Results
Total revenues were $158.5 million,
a decrease of 6% from $169.4 million for the same period of 2022 mainly due to devaluation of the RMB. Total revenues demonstrated
in RMB were RMB1,124.4 million, an increase of 3% from RMB1,091.6 million for the same period of 2022.
1
Leju 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 Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS,
and (5) net income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense,
amortization of intangible assets resulting from business acquisitions, and income tax impact on the share-based compensation expense
and amortization of intangible assets resulting from business combinations. 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.
Page 2
Revenues from e-commerce services
were $131.2 million, a slight decrease of 1% from $132.7 million for the same period of 2022, primarily due to devaluation of the RMB.
Revenues from e-commerce services denominated in RMB were RMB931.0 million, an increase of 9% from RMB854.6 million for
the same period of 2022. The E-commerce revenue of discount coupons decreased to $20.3 million from $132.7 million for the same period
of 2022. The E-commerce revenue from the commission coupon business from the real estate developers was $110.9 million for the first half
2023 which commenced from the second half of 2022.
Revenues from online advertising services
were $27.3 million, a decrease of 26% from $36.8 million for the same period of 2022. Revenues from online advertising services
denominated in RMB were RMB193.4 million, a decrease of 18% from RMB237.0 million for the same period of 2022, primarily due to a decrease
in property developers’ demand for online advertising.
Cost of revenues was $10.9 million,
a decrease of 25% from $14.5 million for the same period of 2022, primarily due to decreased cost of advertising resources purchased from
media platforms, and decreased editorial personnel related costs.
Selling, general and administrative expenses
were $171.1 million, a decrease of 22% from $219.8 million for the same period of 2022, primarily due to the decreased bad debt provision
and marketing expenses.
Loss from operations was $23.5 million,
compared to loss from operation of $64.8 million for the same period of 2022. Non-GAAP loss from operations was $17.3 million,
compared to non-GAAP loss from operations of $58.6 million for the same period of 2022.
Net loss was $19.5 million, compared
to net loss of $52.8 million for the same period of 2022. Non-GAAP net loss was $14.6 million, compared to non-GAAP net
loss of $47.9 million for the same period of 2022.
Net loss attributable to Leju Holdings Limited
shareholders was $19.4 million, or $1.42 loss per diluted ADS, compared to net loss attributable to Leju Holdings Limited shareholders
of $52.9 million, or $3.86 loss per diluted ADS, for the same period of 2022. Non-GAAP net loss attributable to Leju Holdings Limited
shareholders was $14.6 million, or $1.06 loss per diluted ADS, compared to non-GAAP net loss attributable to Leju Holdings Limited
shareholders of $48.0 million, or $3.50 loss per diluted ADS, for the same period of 2022.
Cash Flow
As of June 30, 2023, the Company's cash
and cash equivalents and restricted cash balance was $106.2 million.
First half 2023 net cash used in operating
activities was $17.2 million, primarily comprised of non-GAAP net loss of $14.6 million, an increase in amounts due from related
parties of $2.2 million, a decrease in amounts due to related parties of $3.4 million, and a decrease in accrued payroll and welfare expenses
of $5.3 million, partially offset by an increase in other current liabilities and accrued expenses of $7.7 million.
About Leju
Leju Holdings Limited ("Leju") (NYSE:
LEJU) is a leading e-commerce and online media platform for real estate and home furnishing industries in China, offering real estate
e-commerce, online advertising and online listing services. Leju's integrated online platform comprises various mobile applications along
with local websites covering more than 380 cities, enhanced by complementary offline services to facilitate residential property transactions.
In addition to the Company's own websites, Leju operates the real estate and home furnishing websites of SINA Corporation, and maintains
a strategic partnership with Tencent Holdings Limited. For more information about Leju, please visit http://ir.leju.com.
Page 3
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Leju may also make written or oral forward-looking statements in
its reports filed or furnished with the U.S. Securities and Exchange Commission, 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 Leju's beliefs and expectations, are forward-looking statements that 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. Such factors include, but are not limited to, fluctuations in China's real estate
market; the highly regulated nature of, and government measures affecting, the real estate and internet industries in China; Leju's ability
to compete successfully against current and future competitors; its ability to continue to develop and expand its content, service offerings
and features, and to develop or incorporate the technologies that support them; its reliance on SINA and others with which it has developed,
or may develop in the future, strategic partnerships; substantial revenue contribution from a limited number of real estate markets; and
relevant government policies and regulations relating to the corporate structure, business and industry of Leju. Further information regarding
these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release is current as of the date of the press release, and the Company 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
applicable law.
About Non-GAAP Financial Measures
To supplement Leju’s consolidated financial
results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Leju 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 Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net
income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense, amortization
of intangible assets resulting from business acquisitions, and income tax impact on the share-based compensation expense and amortization
of intangible assets resulting from business combinations. 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.
Leju 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 Leju’s operating performance.
These non-GAAP financial measures also facilitate management’s internal comparisons to Leju’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 may continue to exist in Leju’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 provide more details on the reconciliation between non-GAAP financial measures and
their most comparable GAAP financial measures.
Page 4
For investor and media inquiries please contact:
Ms. Christina Wu
Leju Holdings Limited
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com
Page 5
LEJU HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
| | |
December 31, | | |
June 30, | |
| | |
2022 | | |
2023 | |
| ASSETS | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 123,378 | | |
| 100,689 | |
| Restricted cash | |
| 4,271 | | |
| 5,530 | |
| Accounts receivable, net | |
| 3,408 | | |
| 2,909 | |
| Prepaid expenses and other current assets | |
| 6,111 | | |
| 7,663 | |
| Customer deposits | |
| 3,860 | | |
| — | |
| Amounts due from related parties | |
| 2,476 | | |
| 4,648 | |
| Total current assets | |
| 143,504 | | |
| 121,439 | |
| Property and equipment, net | |
| 14,204 | | |
| 12,698 | |
| Intangible assets, net | |
| 12,458 | | |
| 7,136 | |
| Right-of-use assets | |
| 18,943 | | |
| 11,010 | |
| Deferred tax assets, net | |
| 25,457 | | |
| 24,537 | |
| Other non-current assets | |
| 1,545 | | |
| 1,149 | |
| Total assets | |
| 216,111 | | |
| 177,969 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Short-term borrowings | |
| 718 | | |
| — | |
| Accounts payable | |
| 654 | | |
| 325 | |
| Accrued payroll and welfare expenses | |
| 12,728 | | |
| 6,917 | |
| Income tax payable | |
| 25,203 | | |
| 21,729 | |
| Other tax payable | |
| 9,695 | | |
| 8,321 | |
| Amounts due to related parties | |
| 4,805 | | |
| 1,441 | |
| Advances from customers | |
| 43,100 | | |
| 47,965 | |
| Lease liabilities, current | |
| 5,038 | | |
| 2,833 | |
| Accrued marketing and advertising expenses | |
| 29,988 | | |
| 34,589 | |
| Other current liabilities | |
| 12,265 | | |
| 9,538 | |
| Total current liabilities | |
| 144,194 | | |
| 133,658 | |
| Lease liabilities, non-current | |
| 15,439 | | |
| 9,188 | |
| Deferred tax liabilities | |
| 3,518 | | |
| 2,182 | |
| Total liabilities | |
| 163,151 | | |
| 145,028 | |
| Shareholders’ Equity | |
| | | |
| | |
| Ordinary shares ($0.001 par value): 1,000,000,000 shares authorized 137,172,601 and 137,839,249 shares issued and outstanding, as of December 31, 2022 and June 30, 2023, respectively | |
| 137 | | |
| 138 | |
| Additional paid-in capital | |
| 803,301 | | |
| 804,235 | |
| Accumulated deficit | |
| (738,602 | ) | |
| (758,038 | ) |
| Accumulated other comprehensive loss | |
| (11,601 | ) | |
| (13,046 | ) |
| Total Leju Holdings Limited shareholders’ equity | |
| 53,235 | | |
| 33,289 | |
| Non-controlling interests | |
| (275 | ) | |
| (348 | ) |
| Total equity | |
| 52,960 | | |
| 32,941 | |
| TOTAL LIABILITIES AND EQUITY | |
| 216,111 | | |
| 177,969 | |
Page 6
LEJU HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(In thousands of U.S. dollars, except share
data and per share data)
| |
|
Six months ended |
|
| |
|
June 30, |
|
| |
|
2022 |
|
|
2023 |
|
| Revenues |
|
|
|
|
|
|
| E-commerce |
|
|
132,654 |
|
|
|
131,260 |
|
| Online advertising |
|
|
36,783 |
|
|
|
27,272 |
|
| Listing |
|
|
11 |
|
|
|
— |
|
| Total net revenues |
|
|
169,448 |
|
|
|
158,532 |
|
| Cost of revenues |
|
|
(14,474 |
) |
|
|
(10,913 |
) |
| Selling, general and administrative expenses |
|
|
(219,762 |
) |
|
|
(171,122 |
) |
| Other operating income, net |
|
|
25 |
|
|
|
5 |
|
| Loss from operations |
|
|
(64,763 |
) |
|
|
(23,498 |
) |
| Interest income, net |
|
|
1,515 |
|
|
|
545 |
|
| Other income, net |
|
|
801 |
|
|
|
23 |
|
| Loss before taxes and loss from equity in affiliates |
|
|
(62,447 |
) |
|
|
(22,930 |
) |
| Income tax benefits |
|
|
9,642 |
|
|
|
3,439 |
|
| Loss before loss from equity in affiliates |
|
|
(52,805 |
) |
|
|
(19,491 |
) |
| Loss from equity in affiliates |
|
|
— |
|
|
|
— |
|
| Net loss |
|
|
(52,805 |
) |
|
|
(19,491 |
) |
| Less: net income attributable to non-controlling interests |
|
|
47 |
|
|
|
(56 |
) |
| Net loss attributable to Leju Holdings Limited shareholders |
|
|
(52,852 |
) |
|
|
(19,435 |
) |
| |
|
|
|
|
|
|
|
|
| Loss per ADS: |
|
|
|
|
|
|
|
|
| Basic |
|
|
(3.86 |
) |
|
|
(1.42 |
) |
| Diluted |
|
|
(3.86 |
) |
|
|
(1.42 |
) |
| ADS used in computation of loss per ADS: |
|
|
|
|
|
|
|
|
| Basic |
|
|
13,691,216 |
|
|
|
13,726,961 |
|
| Diluted |
|
|
13,691,216 |
|
|
|
13,726,961 |
|
The conversion of Renminbi ("RMB") amounts into reporting currency USD amounts is based on the rate of USD1 = RMB7.2258 on June 30, 2023 and USD1 = RMB7.0928 for the six months ended June 30, 2023
Page 7
LEJU HOLDINGS LIMITED
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(In thousands of U.S. dollars)
| | |
Six months ended | |
| | |
June 30, | |
| | |
2022 | | |
2023 | |
| Net loss | |
| (52,805 | ) | |
| (19,491 | ) |
| Other comprehensive loss, net of tax of nil | |
| | | |
| | |
| Foreign currency translation adjustment | |
| (5,341 | ) | |
| (1,463 | ) |
| | |
| | | |
| | |
| Comprehensive loss | |
| (58,146 | ) | |
| (20,954 | ) |
| | |
| | | |
| | |
| Less: Comprehensive income (loss) attributable to non-controlling interest | |
| 8 | | |
| (73 | ) |
| | |
| | | |
| | |
| Comprehensive loss attributable to Leju Holdings Limited shareholders | |
| (58,154 | ) | |
| (20,881 | ) |
Page 8
LEJU HOLDINGS LIMITED
Unaudited Reconciliation of GAAP and Non-GAAP
Results
(In thousands of U.S. dollars, except share
data and per ADS data)
| | |
Six months ended | |
| | |
June 30, | |
| | |
2022 | | |
2023 | |
| GAAP loss from operations | |
| (64,763 | ) | |
| (23,498 | ) |
| Share-based compensation expense | |
| 929 | | |
| 895 | |
| Amortization of intangible assets resulting from business acquisitions | |
| 5,279 | | |
| 5,279 | |
| Non-GAAP loss from operations | |
| (58,555 | ) | |
| (17,324 | ) |
| | |
| | | |
| | |
| GAAP net loss | |
| (52,805 | ) | |
| (19,491 | ) |
| Share-based compensation expense | |
| 929 | | |
| 895 | |
| Amortization of intangible assets resulting from business acquisitions | |
| 5,279 | | |
| 5,279 | |
| Income tax benefit: | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Deferred2 | |
| (1,320 | ) | |
| (1,320 | ) |
| Non-GAAP net loss | |
| (47,917 | ) | |
| (14,637 | ) |
| | |
| | | |
| | |
| Net loss attributable to Leju Holdings Limited shareholders | |
| (52,852 | ) | |
| (19,435 | ) |
| Share-based compensation expense (net of non-controlling interests) | |
| 929 | | |
| 895 | |
| Amortization of intangible assets resulting from business acquisitions (net of non-controlling interests) | |
| 5,279 | | |
| 5,279 | |
| Income tax benefit: | |
| | | |
| | |
| Current | |
| — | | |
| — | |
| Deferred | |
| (1,320 | ) | |
| (1,320 | ) |
| Non-GAAP net loss attributable to Leju Holdings Limited shareholders | |
| (47,964 | ) | |
| (14,581 | ) |
| | |
| | | |
| | |
| GAAP net loss per ADS — basic | |
| (3.86 | ) | |
| (1.42 | ) |
| | |
| | | |
| | |
| GAAP net loss per ADS —diluted | |
| (3.86 | ) | |
| (1.42 | ) |
| | |
| | | |
| | |
| Non-GAAP net loss per ADS —basic | |
| (3.50 | ) | |
| (1.06 | ) |
| | |
| | | |
| | |
| Non-GAAP net loss per ADS —diluted | |
| (3.50 | ) | |
| (1.06 | ) |
| | |
| | | |
| | |
| ADS used in calculating basic GAAP/non-GAAP net loss attributable to Leju Holdings Limited shareholders per ADS | |
| 13,691,216 | | |
| 13,726,961 | |
| | |
| | | |
| | |
| ADS used in calculating diluted GAAP/non-GAAP net loss attributable to Leju Holdings Limited shareholders per ADS | |
| 13,691,216 | | |
| 13,726,961 | |
2 Amount represents the realization of deferred tax liabilities
recognized for the temporary difference between the tax basis of intangible assets recognized from acquisitions and their reported amounts
in the financial statements. The income tax impact on the share-based compensation expense is nil.
Page 9
LEJU HOLDINGS LIMITED
SELECTED OPERATING DATA
| | |
Six months ended | |
| | |
June 30, | |
| | |
2022 | | |
2023 | |
| Operating data for e-commerce services | |
| | | |
| | |
| Number of discount coupons issued to prospective purchasers (number of transactions) | |
| 31,456 | | |
| 12,973 | |
| Number of discount coupons redeemed (number of transactions) | |
| 35,262 | | |
| 12,438 | |
| Number of commission coupons issued to prospective purchasers (number of transactions) | |
| — | | |
| 17,010 | |
| Number of commission coupons redeemed (number of transactions) | |
| — | | |
| 17,010 | |
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