BEIJING, May 16, 2016 /PRNewswire/ -- Leju Holdings Limited
("Leju" or the "Company") (NYSE: LEJU), a leading online-to-offline ("O2O") real estate services provider in China, today announced its unaudited financial results for the fiscal quarter ended March 31, 2016.
First Quarter 2016 Financial Highlights
- Total revenues increased by 21% year-on-year to $113.0 million
- Revenues from e-commerce services increased by 28% year-on-year to $86.1 million
- Revenues from online advertising services decreased by 3% year-on-year to $21.8
million
- Revenues from listing services increased by 34% year-on-year to $5.1 million
- Non-GAAP[1] loss from operations was $7.4 million
- Non-GAAP net loss attributable to Leju shareholders was $5.3 million, or $0.04 loss per diluted American depositary share ("ADS")
[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
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.
|
"We are pleased that Leju continued its steady growth for this quarter," said Mr. Geoffrey He,
Leju's chief executive officer. "We maintained our leading position in media marketing and e-commerce services in the primary
market and further expanded our listing services business. We introduced a number of innovative products in the primary
market and expanded our partnership with other leading mobile platforms to enhance our media influence and users' home hunting
experience. Our listings services business now covers 53 cities with 36 new local websites launched to provide more comprehensive
secondary housing information for home buyers across the country."
"Our home furnishing advertising business also continued its market leadership position while our contractor platform Qiang
Gong Zhang (7gz.com) achieved positive growth momentum," Mr. He continued. "7gz.com is an efficient online platform that
connects home furnishing contractors directly with consumers, and through a series of marketing and branding activities we have
been able to attract a lot of new users to this platform. We will continue to invest in 7gz.com and build it into a sustainable
and profitable business."
First Quarter 2016 Results
Total revenues were $113.0 million, an increase of 21% from $93.4 million for the same quarter of 2015, mainly driven by the growth of revenues from e-commerce services
and listing services, partially offset by the decrease in the revenues from online advertising services.
Revenues from e-commerce services were $86.1 million, an increase of 28% from
$67.1 million for the same quarter of 2015, primarily due to increases in both the number of
discount coupons redeemed and in the average price per discount coupon redeemed.
Revenues from online advertising services were $21.8 million, a decrease of 3%
from $22.5 million for the same quarter of 2015, primarily due to a decrease in property
developers' online advertising demand.
Revenues from listing services were $5.1 million, an increase of 34% from
$3.8 million for the same quarter of 2015, primarily due to growth in secondary home sales.
Cost of revenues was $13.6 million, a decrease of 9% from $14.9 million for the same quarter of 2015, primarily due to decreased editorial department headcount and
decreased amortization of intangible assets consisting of exclusive rights that expired in December
2015.
Selling, general and administrative expenses were $113.3 million, an increase
of 31% from $86.3 million for the same quarter of 2015, primarily due to the growth of the
Company's e-commerce business as a result of its efforts to maintain its market share in the increasingly competitive market as
well as increased marketing expenses related to the promotion of the Company's listing business and home furnishing business.
Loss from operations was $13.8 million, compared to $7.5 million for the same quarter of 2015. Non-GAAP loss from operations was $7.4 million, compared to $0.4 million for the same quarter of 2015.
Net loss was $11.1 million, compared to $5.5
million for the same quarter of 2015. Non-GAAP net loss was $5.4 million,
compared to non-GAAP net income of $0.9 million for the same quarter of 2015.
Net loss attributable to Leju shareholders was $11.0
million, or $0.08 loss per diluted ADS, compared to $5.3
million, or $0.04 loss per diluted ADS, for the same quarter of 2015. Non-GAAP
net loss attributable to Leju shareholders was $5.3 million, or $0.04 loss per diluted ADS, compared to non-GAAP net income attributable to Leju shareholders of $1.0 million, or $0.01 per diluted ADS, for the same quarter of 2015.
Cash Flow
As of March 31, 2016, the Company's cash and cash equivalents balance was
$258.5 million.
First quarter 2016 net cash provided by operating activities was $1.3 million,
mainly attributable to a decrease in unbilled accounts receivable of $6.3 million, a decrease in
customer deposits of $9.4 million, an increase in other current
liabilities of $6.5 million, and a decrease in prepaid expenses and other current assets of
$2.7 million, which were partially offset by non-GAAP net loss of $5.4
million, a decrease in income tax payable of $8.8 million and a decrease in accrued payable
and welfare expenses of $9.5 million. Net cash used in investing activities was
$0.5 million, mainly comprised of a payment of $0.3 million for
property, plant and equipment. Net cash used in financing activities was $3.2
million, mainly comprised of a payment of $3.4 million to acquire non-controlling interests,
which were made in 2014.
Business Outlook
The Company maintains its fiscal 2016 total revenue guidance of approximately $660 million to $690
million, which would represent an increase of approximately 15% to 20% from $575.8 million
in 2015. This forecast reflects the Company's current and preliminary view, which is subject to change.
Conference Call Information
Leju's management will host an earnings conference call on May 16, 2016 at 7 a.m. U.S. Eastern Time (7 p.m. Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S./International:
|
+1-855-298-3404
|
Hong Kong:
|
+852-5808-3202
|
Mainland China:
|
+400-120-0539
|
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is
"Leju earnings call."
A replay of the conference call may be accessed by phone at the following number until May 23,
2016:
U.S./International:
|
+1-866-846-0868
|
Hong Kong:
|
+800-966-697
|
Mainland China:
|
+400-1842-240
|
Passcode:
|
9444319
|
Additionally, a live and archived webcast will be available at http://ir.leju.com.
About Leju
Leju Holdings Limited("Leju") (NYSE: LEJU) is a leading online-to-offline, or O2O, real estate services provider
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 260 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.
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 limited operating history and lack of experience
as a stand-alone public company, given its recent carve-out from E-House and prior reliance on E-House for various corporate
services; its reliance on SINA, Baidu 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; complexities resulting from its
ongoing relationships with E-House, due to E-House's controlling interest in Leju; 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 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.
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.
For investor and media inquiries please contact:
Ms. Melody Liu
Leju Holdings Limited
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com
Ms. Annie Huang
Leju Holdings Limited
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com
LEJU HOLDINGS LIMITED
|
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
(In thousands of U.S. dollars)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
March 31,
|
|
|
|
|
2015
|
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
260,296
|
|
|
|
258,475
|
|
Accounts receivable, net
|
|
|
|
113,991
|
|
|
|
103,388
|
|
Deferred tax assets, net
|
|
|
|
31,074
|
|
|
|
31,230
|
|
Prepaid expenses and other current assets
|
|
|
|
20,881
|
|
|
|
18,293
|
|
Customer deposits
|
|
|
|
58,833
|
|
|
|
49,402
|
|
Amounts due from related parties
|
|
|
|
9
|
|
|
|
23
|
|
Total current assets
|
|
|
|
485,084
|
|
|
|
460,811
|
|
Property and equipment, net
|
|
|
|
6,801
|
|
|
|
6,443
|
|
Intangible assets, net
|
|
|
|
90,737
|
|
|
|
87,644
|
|
Investment in affiliates
|
|
|
|
669
|
|
|
|
612
|
|
Goodwill
|
|
|
|
39,807
|
|
|
|
39,869
|
|
Other non-current assets
|
|
|
|
3,740
|
|
|
|
3,650
|
|
Total assets
|
|
|
|
626,838
|
|
|
|
599,029
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
327
|
|
|
|
1,563
|
|
Accrued payroll and welfare expenses
|
|
|
|
45,692
|
|
|
|
36,086
|
|
Income tax payable
|
|
|
|
66,815
|
|
|
|
57,988
|
|
Other tax payable
|
|
|
|
31,930
|
|
|
|
29,132
|
|
Amounts due to related parties
|
|
|
|
10,214
|
|
|
|
6,379
|
|
Advance from customers and deferred revenue
|
|
|
|
5,703
|
|
|
|
6,284
|
|
Accrued marketing and advertising expenses
|
|
|
|
3,915
|
|
|
|
9,871
|
|
Consideration payable of acquiring non-controlling
interest
|
|
|
|
7,339
|
|
|
|
3,971
|
|
Other current liabilities
|
|
|
|
7,672
|
|
|
|
8,206
|
|
Total current liabilities
|
|
|
|
179,607
|
|
|
|
159,480
|
|
Deferred tax liabilities
|
|
|
|
22,998
|
|
|
|
23,113
|
|
Total liabilities
|
|
|
|
202,605
|
|
|
|
182,593
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Ordinary shares ($0.001 par value): 500,000,000
shares authorized, 134,930,870 and 135,245,866
shares issued and outstanding, as of December
31, 2015 and March 31, 2016, respectively
|
|
|
|
135
|
|
|
|
135
|
|
Additional paid-in capital
|
|
|
|
773,766
|
|
|
|
776,687
|
|
Accumulated deficit
|
|
|
|
(343,658)
|
|
|
|
(354,898)
|
|
Subscription receivables
|
|
|
|
(9)
|
|
|
|
-
|
|
Accumulated other comprehensive income
|
|
|
|
(5,522)
|
|
|
|
(4,730)
|
|
Total Leju equity
|
|
|
|
424,712
|
|
|
|
417,194
|
|
Non-controlling interests
|
|
|
|
(479)
|
|
|
|
(758)
|
|
Total equity
|
|
|
|
424,233
|
|
|
|
416,436
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
626,838
|
|
|
|
599,029
|
|
|
|
|
|
|
|
|
|
|
|
LEJU HOLDINGS LIMITED
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands of U.S. dollars, except share data and per share
data)
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
|
|
2015
|
|
|
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
|
E-commerce
|
|
|
67,056
|
|
|
|
86,088
|
|
Online advertising
|
|
|
22,542
|
|
|
|
21,781
|
|
Listing
|
|
|
3,833
|
|
|
|
5,119
|
|
Total revenues
|
|
|
93,431
|
|
|
|
112,988
|
|
Cost of revenues
|
|
|
(14,864)
|
|
|
|
(13,597)
|
|
Selling, general and administrative expenses
|
|
|
(86,279)
|
|
|
|
(113,312)
|
|
Other operating income
|
|
|
224
|
|
|
|
102
|
|
Loss from operations
|
|
|
(7,488)
|
|
|
|
(13,819)
|
|
Interest income
|
|
|
389
|
|
|
|
222
|
|
Other income (loss), net
|
|
|
179
|
|
|
|
(15)
|
|
Investment loss
|
|
|
-
|
|
|
|
(193)
|
|
Loss before taxes and equity in affiliates
|
|
|
(6,920)
|
|
|
|
(13,805)
|
|
Income tax expense
|
|
|
1,541
|
|
|
|
2,804
|
|
Loss before equity in affiliates
|
|
|
(5,379)
|
|
|
|
(11,001)
|
|
Loss from equity in affiliates
|
|
|
(78)
|
|
|
|
(60)
|
|
Net Loss
|
|
|
(5,457)
|
|
|
|
(11,061)
|
|
Less: net loss attributable to non-controlling interests
|
|
|
(134)
|
|
|
|
(97)
|
|
Loss attributable to Leju shareholders
|
|
|
(5,323)
|
|
|
|
(10,964)
|
|
|
|
|
|
|
|
|
|
|
Loss per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.04)
|
|
|
|
(0.08)
|
|
Diluted
|
|
|
(0.04)
|
|
|
|
(0.08)
|
|
Shares used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
134,108,003
|
|
|
|
134,976,346
|
|
Diluted
|
|
|
134,108,003
|
|
|
|
134,976,346
|
|
|
|
|
|
|
|
|
|
|
Note 1 The conversion of Renminbi ("RMB") amounts into
USD amounts is based on the rate
of USD1 = RMB6.4612 on March 31, 2016
and USD1 = RMB6.5129 for the three
months ended March 31, 2016
|
LEJU HOLDINGS LIMITED
|
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
(In thousands of U.S. dollars)
|
|
|
|
Three months ended
|
|
March 31,
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(5,457)
|
|
|
|
(11,061)
|
|
Other comprehensive income (loss), net of tax of nil
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
(477)
|
|
|
|
790
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
|
|
(5,934)
|
|
|
|
(10,271)
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive loss attributable to non-controlling
interest
|
|
(137)
|
|
|
|
(98)
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to Leju shareholders
|
|
(5,797)
|
|
|
|
(10,173)
|
|
LEJU 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
|
|
|
|
|
March 31,
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
(7,488)
|
|
|
|
(13,819)
|
|
Share-based compensation expense
|
|
|
|
3,955
|
|
|
|
3,363
|
|
Amortization of intangible assets resulting from
business acquisitions
|
|
|
|
3,175
|
|
|
|
3,084
|
|
Non-GAAP loss from operations
|
|
|
|
(358)
|
|
|
|
(7,372)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
(5,457)
|
|
|
|
(11,061)
|
|
Share-based compensation expense (net of tax)
|
|
|
|
3,955
|
|
|
|
3,363
|
|
Amortization of intangible assets resulting from
business acquisitions (net of tax)
|
|
|
|
2,381
|
|
|
|
2,313
|
|
Non-GAAP net income (loss)
|
|
|
|
879
|
|
|
|
(5,385)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Leju shareholders
|
|
|
|
(5,323)
|
|
|
|
(10,964)
|
|
Share-based compensation expense (net of tax and
non-controlling interests)
|
|
|
|
3,955
|
|
|
|
3,355
|
|
Amortization of intangible assets resulting from
business acquisitions (net of tax and
non-controlling interests)
|
|
|
|
2,381
|
|
|
|
2,313
|
|
Non-GAAP net income (loss) attributable to Leju
shareholders
|
|
|
|
1,013
|
|
|
|
(5,296)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per ADS — basic
|
|
|
|
(0.04)
|
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per ADS — diluted
|
|
|
|
(0.04)
|
|
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per ADS — basic
|
|
|
|
0.01
|
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per ADS — diluted
|
|
|
|
0.01
|
|
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating basic GAAP / non-GAAP
net loss attributable to Leju shareholders per ADS
|
|
|
|
134,108,003
|
|
|
|
134,976,346
|
|
Shares used in calculating diluted GAAP net loss
attributable to Leju shareholders per ADS
|
|
|
|
134,108,003
|
|
|
|
134,976,346
|
|
Shares used in calculating diluted non-GAAP net
income (loss) attributable to Leju shareholders per
ADS
|
|
|
|
136,887,974
|
|
|
|
134,976,346
|
|
|
|
|
|
|
|
|
|
|
|
LEJU HOLDINGS LIMITED
|
SELECTED OPERATING DATA
|
|
|
|
|
|
Three months ended
|
|
|
March 31,
|
|
|
2015
|
|
2016
|
Operating data for e-commerce services
|
|
|
|
|
|
|
|
|
Number of discount coupons issued to prospective
purchasers (number of transactions)
|
|
|
40,765
|
|
|
|
59,302
|
|
Number of discount coupons redeemed (number of
transactions)
|
|
|
32,111
|
|
|
|
34,243
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/leju-reports-first-quarter-2016-results-300268891.html
SOURCE Leju Holdings Limited