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 2014
Commission File Number: 001-33616
E-HOUSE (CHINA) HOLDINGS LIMITED
Qiushi Building, 11/F
No.383 Guangyan Road, Zhabei District
Shanghai 200072
Peoples 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.
Form 20-F x |
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Form 40-F o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
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.
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E-House (China) Holdings Limited | ||
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By: |
/s/ Bin Laurence |
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Name: |
Bin Laurence |
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Title: |
Chief Financial Officer |
Date: August 21, 2014 |
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Exhibit 99.1
E-House Reports Second Quarter 2014 Results
SHANGHAI, China, August 20, 2014 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 June 30, 2014.
Second Quarter 2014 Financial Highlights
· Total revenues increased by 29% year-on-year to $210.1 million
· Revenues from real estate online services increased by 63% year-on-year to $117.3 million, including $68.3 million in revenues from e-commerce services, which grew by 159% year-on-year
· Revenues from primary real estate agency services increased by 1% year-on-year to $63.3 million
· Revenues from real estate information and consulting services increased by 9% year-on-year to $17.9 million
· Non-GAAP(1) income from operations increased by 41% year-on-year to $23.7 million, from $16.8 million in the same period in 2013
· Non-GAAP net income attributable to E-House shareholders increased by 34% year-on-year, from $15.3 million, or $0.11 per diluted American depositary share (ADS), to $20.6 million, or $0.14 per diluted ADS
First Half 2014 Financial Highlights
· Total revenues increased by 33% year-on-year to $373.5 million
· Revenues from real estate online services increased by 75% year-on-year to $195.8 million, including $118.0 million in revenues from e-commerce services, which grew by 188% year-on-year
· Revenues from primary real estate agency services increased by 3% year-on-year to $122.6 million
· Revenues from real estate information and consulting services increased by 27% year-on-year to $35.6 million
· Non-GAAP income from operations increased by 93% year-on-year from $17.6 million for the first half of 2013 to $33.8 million for the first half of 2014
· Non-GAAP net income attributable to E-House shareholders increased by 66% year-on-year, from $19.5 million, or $0.15 per diluted ADS, to $32.4 million, or $0.22 per diluted ADS
Xin Zhou, E-Houses co-chairman and CEO, said, We are pleased that E-House continued its overall strong growth in the second quarter despite continued softness in Chinas real estate market. In particular, our online services unit Leju continued its strong growth momentum. The real estate market in China experienced a substantial slowdown this year, which has prompted the adoption of relaxed policies by local governments of many cities, resulting in a moderate recovery in transaction volume. At the same time, many developers have shown flexibility in pricing and have increased their marketing efforts. We are hopeful that these initiatives by the government and developers will gradually improve market sentiment in the second half of this year.
(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.
Mr. Zhou added, In July, E-House officially launched multiple new products and services, including our real estate financial services platform, Fang Jin Suo, our online-to-offline (O2O) mobile community services app, Shi Hui, and our home price ratings website and related mobile app, Fangjiadp. In addition, Leju completed its mobile e-commerce platform 2.0 upgrade, and expanded its strategic alliances with secondary brokerage firms. As a result, we have now successfully set up five independent yet synergistic platforms, namely, online services, brokerage services, information and consulting services, financial services, and community value-added services. We will continue to focus on enhancing the content and features of the new products weve launched and on expanding our service coverage and user base in the second half of the year. We will also establish clear revenue models for those new services and believe they will create new value for our shareholders.
Bin Laurence, E-Houses CFO, added, As a result of our strong execution and our development of innovative products that are sought after by the market, we delivered continued revenue growth in the second quarter. In addition, we achieved strong year-on-year profit growth along with revenue increases.
Second Quarter 2014 Results
Total revenues were $210.1 million, an increase of 29% from $163.4 million for the same quarter of 2013, primarily driven by revenue increases from real estate online services.
Revenues from real estate online services were $117.3 million, an increase of 63% from $71.9 million for the same quarter of 2013, contributed by growth in e-commerce and online advertising services revenues. Revenues from e-commerce services were $68.3 million, an increase of 159% from $26.4 million for the same quarter of 2013, primarily due to a 107% increase in discount coupons redeemed (see Selected Operating Data below for more details on the discount coupons sold and redeemed). Revenues from online advertising services were $44.8 million, an increase of 11% from $40.5 million for the same quarter of 2013, primarily due to growth in the Companys new home and home furnishing channels. Revenues from listing services were $4.2 million, compared to $5.0 million for the same quarter of 2013.
Revenues from real estate brokerage services were $65.5 million, compared to $65.6 million for the same quarter of 2013. Real estate brokerage services include primary real estate agency services and secondary real estate brokerage services. Revenues from primary real estate agency services were $63.3 million, an increase of 1% from $62.6 million for the same quarter of 2013. Total GFA of new properties sold increased by 4% while total transaction value of new properties sold increased by 2% compared to the same quarter of 2013. (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 $2.2 million, compared to $3.0 million for the same quarter of 2013. The decrease was mainly due to the year-over-year reduction in the number of physical brokerage stores as the Company has shifted its secondary real estate focus from offline to online.
Revenues from real estate information and consulting services were $17.9 million, an increase of 9% compared to $16.4 million for the same quarter of 2013, due to increased revenues in both information and consulting services.
Revenues from other services were $9.4 million, compared to $9.6 million for the same quarter of 2013. Other services include offline real estate advertising services, promotional events services and real estate fund management services.
Cost of revenues was $72.7 million, an increase of 4% from $69.7 million for the same quarter of 2013 primarily due to increased staff costs from primary real estate agency services, partially offset by decreased fees paid to third parties for services in connection with the Companys online listing business, and decreased amortization of intangible assets due to the Companys extension of its exclusive rights agreement with Baidu in October 2013 for an additional six months through
March 2015 at no additional cost, and the extension of its advertising agency agreement with SINA in March 2014 for an additional five years through March 2024 at no additional cost.
Selling, general and administrative expenses were $126.3 million, an increase of 43% from $88.5 million for the same quarter of 2013, primarily due to higher marketing and promotion expenses and higher staff-related costs for real estate online services.
Income from operations was $15.0 million, an increase of 136% from $6.3 million for the same quarter of 2013. Non-GAAP income from operations was $23.7 million, an increase of 41% from $16.8 million for the same quarter of 2013.
Net income was $16.4 million, an increase of 144% from $6.7 million for the same quarter of 2013. Non-GAAP net income was $24.7 million, an increase of 56% from $15.8 million for the same quarter of 2013.
Net income attributable to E-House shareholders was $13.4 million, or $0.09 per diluted ADS, an increase of 110% from $6.4 million, or $0.05 per diluted ADS, for the same quarter of 2013. Non-GAAP net income attributable to E-House shareholders was $20.6 million, or $0.14 per diluted ADS, an increase of 34% from $15.3 million, or $0.11 per diluted ADS, for the same quarter of 2013.
First Half 2014 Results
Total revenues were $373.5 million, an increase of 33% from $280.0 million for the same period of 2013, primarily driven by E-Houses real estate online services and real estate information and consulting services.
Revenues from real estate online services were $195.8 million, an increase of 75% from $111.7 million for the same period of 2013, contributed by growth in e-commerce and online advertising services revenues. Revenues from e-commerce services were $118.0 million, an increase of 188% from $41.1 million for the same period of 2013, primarily due to a 127% increase in discount coupons redeemed (see Selected Operating Data below for more details on the discount coupons sold and redeemed). Revenues from online advertising services were $69.4 million, an increase of 12% from $62.2 million for the same period of 2013. Revenues from listing services were $8.4 million, compared to $8.4 million for the same period of 2013.
Revenues from real estate brokerage services were $126.6 million, a slight increase from $124.9 million for the same period of 2013. Real estate brokerage services include primary real estate agency services and secondary real estate brokerage services. Revenues from primary real estate agency services were $122.6 million, an increase of 3% from $119.0 million for the same period of 2013, driven by a 3% increase in the total GFA of new properties sold and a 4% increase in the total transaction value of new properties sold. (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 $4.0 million, a decrease from $5.9 million for the same period of 2013 due to the year-over-year reduction in the number of physical brokerage stores as the Company has shifted its secondary real estate focus from offline to online.
Revenues from real estate information and consulting services were $35.6 million, an increase of 27% compared to $28.0 million for the same period of 2013, due to revenue increases from both information and consulting services.
Revenues from other services were $15.5 million, compared to $15.4 million for the same period of 2013.
Cost of revenues was $131.7 million, an increase of 8% from $121.7 million for the same period of 2013, mostly due to increased staff costs from primary real estate agency services, partially offset by decreased fees paid to third parties for services in connection with the Companys online listing business, and decreased amortization of intangible assets due to the Companys extension
of its exclusive rights agreement with Baidu in October 2013 for an additional six months through March 2015 at no additional cost, and the extension of its advertising agency agreement with SINA in March 2014 for an additional five years through March 2024 at no additional cost.
Selling, general and administrative expenses were $231.2 million, an increase of 41% from $163.5 million for the same period of 2013, primarily due to higher marketing and promotion expenses and higher staff-related costs for real estate online services.
Income from operations was $15.0 million, compared to loss from operations of $4.0 million for the same period of 2013. Non-GAAP income from operations was $33.8 million, an increase of 93% from $17.6 million for the same period of 2013.
Net income was $17.7 million, up from $0.6 million for the same period of 2013. Non-GAAP net income was $34.9 million, an increase of 81% from $19.3 million for the same period of 2013.
Net income attributable to E-House shareholders was $16.3 million, or $0.11 per diluted ADS, up from $1.0 million, or $0.01 per diluted ADS, for the same period of 2013. Non-GAAP net income attributable to E-House shareholders was $32.4 million, or $0.22 per diluted ADS, an increase of 66% from $19.5 million, or $0.15 per diluted ADS, for the same period of 2013.
Cash Flow
As of June 30, 2014, the Companys cash and cash equivalents balance was $607.9 million.
Second quarter 2014 net cash used in operating activities was $1.6 million. Non-GAAP net income of $24.7 million, as well as increases in other tax payables and income tax payables of $6.4 million, an increase in other current liabilities of $6.4 million, and an increase in accrued payroll and welfare of $5.1 million was offset by an increase in accounts receivable of $45.1 million. Net cash used in investing activities was $25.4 million, mainly comprised of a $15.6 million purchase of preferred shares of a private third-party wealth management company during the second quarter, a $5.7 million payment related to the exclusive rights agreement with Baidu and $5.7 million in capital expenditures. Net cash provided by financing activities was $89.0 million, mainly comprised of $121.1 million in net proceeds from the April 2014 initial public offering (the IPO) on the New York Stock Exchange of the Companys subsidiary, Leju Holdings Limited, partially offset by $27.6 million in dividends paid to shareholders during the second quarter and $3.3 million paid for the acquisition of the remaining non-controlling interests in the Companys online listing business.
Business Outlook
The Company maintains its previous fiscal year 2014 revenue guidance of $910 million to $930 million, representing an increase of approximately 24% to 27% from $731.1 million in 2013. This forecast reflects the Companys current and preliminary view, which is subject to change.
Conference Call Information
E-Houses management will host an earnings conference call on August 20, 2014 at 8:15 a.m. U.S. Eastern Time (8:15 p.m. Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S./International: |
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+1-845-675-0437 |
Hong Kong: |
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+852-2475-0994 |
Mainland China: |
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+86-10-800-819-0121 |
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 August 28, 2014:
International: +1-646-254-3697
Passcode: 84809773
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 Chinas leading real estate services company with a nationwide network covering more than 250 cities. E-House offers a wide range of services to the real estate industry, including real estate online services, primary sales agency, secondary brokerage, information and consulting, offline advertising and promotion and real estate investment management services. E-House has received numerous awards for its innovative and high-quality services, including Chinas 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-Houses 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-Houses 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-Houses susceptibility to fluctuations in the real estate market of China, government measures aimed at Chinas 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-Houses brand or image, E-Houses inability to successfully execute its strategy of expanding into new geographical markets in China, E-Houses failure to manage its growth effectively and efficiently, E-Houses failure to successfully execute the business plans for its strategic alliances and other new business initiatives, E-Houses loss of its competitive advantage if it fails to maintain and improve its proprietary CRIC system or to prevent disruptions or failure in the systems performance, E-Houses failure to compete successfully, fluctuations in E-Houses results of operations and cash flows, E-Houses reliance on a concentrated number of real estate developers, natural disasters or outbreaks of health epidemics and other risks outlined in E-Houses 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-Houses 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-Houses operating performance. These non-GAAP financial measures also facilitate managements internal comparisons to E-Houses 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-Houses 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:
In China:
Ms. Michelle Yuan
Director of Investor Relations
E-House (China) Holdings Limited
Phone: +86 (21) 6133-0754
E-mail: michelleyuan@ehousechina.com
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-3073
E-mail: ej@ogilvy.com
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
Phone: +1 (616) 551-9714
E-mail: ej@ogilvy.com
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEET
(In thousands of U.S. dollars)
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December 31, |
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June30, |
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2013 |
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2014 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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413,319 |
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607,875 |
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Restricted cash |
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2,310 |
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1,548 |
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Customer deposits, net |
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67,602 |
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67,659 |
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Accounts receivable, net |
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357,442 |
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379,616 |
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Advance payment for properties, current |
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60,076 |
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47,650 |
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Properties held for sale |
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15,305 |
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27,496 |
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Marketable securities |
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2,441 |
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Short-term investment |
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1,279 |
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1,268 |
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Deferred tax assets, net |
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66,332 |
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65,720 |
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Prepaid expenses and other current assets |
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44,235 |
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39,578 |
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Amounts due from related parties |
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1,263 |
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2,015 |
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Total current assets |
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1,029,163 |
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1,242,866 |
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Property and equipment, net |
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50,077 |
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47,938 |
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Intangible assets, net |
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141,232 |
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128,224 |
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Investment in affiliates |
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39,052 |
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44,964 |
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Goodwill |
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51,600 |
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51,448 |
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Customer deposits, non-current, net |
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652 |
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2,597 |
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Investment in preferred shares of a private entity |
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15,603 |
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Other non-current assets |
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43,744 |
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75,937 |
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Total assets |
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1,355,520 |
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1,609,577 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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Accounts payable |
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11,265 |
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7,286 |
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Accrued payroll and welfare expenses |
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102,632 |
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85,397 |
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Income tax payable |
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98,686 |
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95,282 |
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Other tax payable |
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40,001 |
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41,114 |
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Amounts due to related parties |
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5,536 |
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10,786 |
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Advance from property buyers |
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2,453 |
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1,698 |
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Advance from customers and deferred revenue |
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24,617 |
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22,047 |
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Liability for exclusive rights, current |
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8,968 |
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3,251 |
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Other current liabilities |
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62,467 |
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64,962 |
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Total current liabilities |
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356,625 |
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331,823 |
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Deferred tax liabilities |
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29,901 |
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29,895 |
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Convertible senior notes |
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131,651 |
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132,205 |
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Other non-current liabilities |
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1,472 |
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851 |
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Total liabilities |
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519,649 |
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494,774 |
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Equity |
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Ordinary shares ($0.001 par value): 1,000,000,000 and 1,000,000,000 shares authorized, 137,816,482 and138,580,905 shares issued and outstanding, as of December 31, 2013 and June 30, 2014, respectively |
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138 |
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139 |
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Additional paid-in capital |
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859,468 |
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1,057,941 |
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Subscription receivables |
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(2,148 |
) |
(181 |
) |
Accumulated deficit |
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(107,705 |
) |
(91,390 |
) |
Accumulated other comprehensive income |
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72,185 |
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66,741 |
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Total E-House equity |
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821,938 |
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1,033,250 |
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Non-controlling interests |
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13,933 |
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81,553 |
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Total equity |
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835,871 |
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1,114,803 |
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TOTAL LIABILITIES AND EQUITY |
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1,355,520 |
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1,609,577 |
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E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data and per share data)
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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|
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2013 |
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2014 |
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2013 |
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2014 |
|
|
|
|
|
|
|
|
|
|
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Revenues |
|
163,415 |
|
210,145 |
|
280,022 |
|
373,456 |
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Cost of revenues |
|
(69,738 |
) |
(72,705 |
) |
(121,726 |
) |
(131,728 |
) |
Selling, general and administrative expenses |
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(88,472 |
) |
(126,264 |
) |
(163,509 |
) |
(231,185 |
) |
Other operating income |
|
1,143 |
|
3,789 |
|
1,237 |
|
4,460 |
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Income (loss) from operations |
|
6,348 |
|
14,965 |
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(3,976 |
) |
15,003 |
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
|
|
|
(1,319 |
) |
|
|
(2,665 |
) |
Interest income |
|
502 |
|
640 |
|
925 |
|
1,375 |
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Other income (expenses), net |
|
(512 |
) |
2,938 |
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(626 |
) |
3,063 |
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Income (loss) before taxes and equity in affiliates |
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6,338 |
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17,224 |
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(3,677 |
) |
16,776 |
|
Income tax benefit (expense) |
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(1,605 |
) |
(2,340 |
) |
552 |
|
(2,247 |
) |
Income (loss) before equity in affiliates |
|
4,733 |
|
14,884 |
|
(3,125 |
) |
14,529 |
|
Income from equity in affiliates |
|
2,008 |
|
1,554 |
|
3,687 |
|
3,129 |
|
Net income |
|
6,741 |
|
16,438 |
|
562 |
|
17,658 |
|
|
|
|
|
|
|
|
|
|
|
Less: net income (loss) attributable to non-controlling interests |
|
346 |
|
3,024 |
|
(409 |
) |
1,342 |
|
Net income attributable to E-House shareholders |
|
6,395 |
|
13,414 |
|
971 |
|
16,316 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
0.05 |
|
0.10 |
|
0.01 |
|
0.12 |
|
Diluted |
|
0.05 |
|
0.09 |
|
0.01 |
|
0.11 |
|
Shares used in computation: |
|
|
|
|
|
|
|
|
|
Basic |
|
133,025,887 |
|
138,163,946 |
|
125,739,695 |
|
138,021,900 |
|
Diluted |
|
136,168,538 |
|
145,613,580 |
|
128,766,511 |
|
146,539,322 |
|
Note 1 |
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The conversion of Renminbi (RMB) amounts into USD amounts is based on the rate of USD1 = RMB6.1528 on June 30, 2014 and USD1 = RMB6.1581 for the three months ended June 30, 2014 |
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars)
|
|
Three months ended |
|
Six months ended |
| ||||
|
|
June 30, |
|
June 30, |
| ||||
|
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
6,741 |
|
16,438 |
|
562 |
|
17,658 |
|
Other comprehensive income (loss), net of tax of nil: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
7,766 |
|
(44 |
) |
9,296 |
|
(5,741 |
) |
Comprehensive income |
|
14,507 |
|
16,394 |
|
9,858 |
|
11,917 |
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive income (loss) attributable to non-controlling interests |
|
366 |
|
3,051 |
|
(292 |
) |
1,049 |
|
Comprehensive income attributable to E-House shareholders |
|
14,141 |
|
13,343 |
|
10,150 |
|
10,868 |
|
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 |
|
Six months ended |
| ||||
|
|
June 30, |
|
June 30, |
| ||||
|
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations |
|
6,348 |
|
14,965 |
|
(3,976 |
) |
15,003 |
|
Share-based compensation expense |
|
4,809 |
|
5,335 |
|
10,270 |
|
10,450 |
|
Amortization of intangible assets resulting from business acquisitions |
|
5,640 |
|
3,448 |
|
11,274 |
|
8,371 |
|
Non-GAAP income from operations |
|
16,797 |
|
23,748 |
|
17,568 |
|
33,824 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
6,741 |
|
16,438 |
|
562 |
|
17,658 |
|
Share-based compensation expense (net of tax) |
|
4,809 |
|
5,335 |
|
10,270 |
|
10,450 |
|
Amortization of intangible assets resulting from business acquisitions (net of tax) |
|
4,229 |
|
2,894 |
|
8,455 |
|
6,813 |
|
Non-GAAP net income |
|
15,779 |
|
24,667 |
|
19,287 |
|
34,921 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to E-House Shareholders |
|
6,395 |
|
13,414 |
|
971 |
|
16,316 |
|
Share-based compensation expense (net of tax and non-controlling interests) |
|
4,809 |
|
4,923 |
|
10,270 |
|
10,038 |
|
Amortization of intangible assets resulting from business acquisitions (net of tax and non-controlling interests) |
|
4,143 |
|
2,237 |
|
8,279 |
|
6,084 |
|
Non-GAAP net income attributable to E-House shareholders |
|
15,347 |
|
20,574 |
|
19,520 |
|
32,438 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per ADS basic |
|
0.05 |
|
0.10 |
|
0.01 |
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per ADS diluted |
|
0.05 |
|
0.09 |
|
0.01 |
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS basic |
|
0.12 |
|
0.15 |
|
0.16 |
|
0.24 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS diluted |
|
0.11 |
|
0.14 |
|
0.15 |
|
0.22 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating basic GAAP / non-GAAP net income attributable to shareholders per ADS |
|
133,025,887 |
|
138,163,946 |
|
125,739,695 |
|
138,021,900 |
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating diluted GAAP /non-GAAP net income attributable to shareholders per ADS |
|
136,168,538 |
|
145,613,580 |
|
128,766,511 |
|
146,539,322 |
|
CONFIDENTIAL DRAFT
E-HOUSE (CHINA) HOLDINGS LIMITED
SELECTED OPERATING DATA
|
|
Three months ended |
|
Six months ended |
| ||||
|
|
June 30, |
|
June 30, |
| ||||
|
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
Primary real estate agency services |
|
|
|
|
|
|
|
|
|
Total Gross Floor Area (GFA) of new properties sold (thousands of square meters) |
|
5,151 |
|
5,361 |
|
9,521 |
|
9,833 |
|
Total value of new properties sold (millions of RMB) |
|
45,953 |
|
46,755 |
|
85,019 |
|
88,629 |
|
Total value of new properties sold (millions of $) |
|
7,420 |
|
7,628 |
|
13,643 |
|
14,471 |
|
|
|
|
|
|
|
|
|
|
|
E-commerce services |
|
|
|
|
|
|
|
|
|
Number of discount coupons issued to prospective purchasers (number of transactions) |
|
40,274 |
|
89,524 |
|
63,399 |
|
137,964 |
|
Number of discount coupons redeemed (number of transactions) |
|
24,072 |
|
49,724 |
|
36,768 |
|
83,596 |
|