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: 001-36396

 


 

LEJU HOLDINGS LIMITED

 

15/F Floor, Shoudong International Plaza, No. 5 Building, Guangqu Home

Dongcheng District, Beijing 100022

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.

 

Form 20-F   x

 

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.

 

 

Leju Holdings Limited

 

 

 

 

 

 

 

 

 

By

:

/s/ Min Chen

 

Name:

:

Min Chen

 

Title:

:

Chief Financial Officer

 

Date: August 25, 2014

 

2



 

Exhibit Index

 

Exhibit 99.1 — Press release

 

3


Exhibit 99.1

 

Leju Reports Second Quarter 2014 Results

 

BEIJING, August 20, 2014 — 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 June 30, 2014.

 

Second Quarter 2014 Financial Highlights

 

·                      Total revenues increased by 63% year-on-year to $117.4 million

 

·            Revenues from e-commerce services increased by 159% year-on-year to $68.3 million

·            Revenues from online advertising services increased by 11% year-on-year to $44.8 million

·            Revenues from listing services decreased by 15% year-on-year to $4.2 million

 

·                      Non-GAAP1 income from operations increased by 83% to $24.1 million in the second quarter of 2014 from $13.2 million in the same quarter of 2013

 

·                      Non-GAAP net income attributable to Leju shareholders was $20.5 million, or $0.15 per diluted American depositary share (“ADS”) in the second quarter of 2014, representing an increase of 78% compared to $11.5 million, or $0.10 per diluted ADS, in the same quarter of 2013

 

First Half 2014 Financial Highlights

 

·                      Total revenues increased by 75% year-on-year to $195.9 million

 

·            Revenues from e-commerce services increased by 188% year-on-year to $118.0 million

·            Revenues from online advertising services increased by 12% year-on-year to $69.4 million

·            Revenues from listing services increased by 1% year-on-year to $8.5 million

 

·                      Non-GAAP income from operations was $32.5 million in the first half of 2014, increasing by 208% from $10.6 million in the same period of 2013

 

·                      Non-GAAP net income attributable to Leju shareholders was $28.1 million, or $0.22 per diluted ADS in the first half of 2014, increasing by 290% from $7.2 million, or $0.06 per diluted ADS, in the same period of 2013

 

“We are pleased that Leju was able to deliver strong results in the second quarter despite various industry headwinds,” said Mr. Geoffrey He, Leju’s chief executive officer. “We have stayed focused on implementing our mobile strategy, which has allowed us to anticipate and address new market demands. Our Weixin Home Promotion launched in June received an overwhelmingly positive response, and we expect our recently launched mobile products for both e-commerce and listing services will further enhance our interaction with customers. Going forward, Leju plans to continue its emphasis on O2O services and product innovation, and we look forward to cooperating with our partners to provide comprehensive products and services for our clients.”

 

Mr. He added, “The real estate market in China experienced a substantial slowdown this year, which has led to some loosening of restrictive government policies and an indication that more loosening may be ahead. Current market conditions have also prompted a number of developers to show pricing flexibility while boosting their marketing efforts. We believe these trends will have a positive effect on the market in the second half of the year. “

 


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.

 



 

Second Quarter 2014 Results

 

Total revenues were $117.4 million, an increase of 63% from $71.9 million for the same quarter of 2013, mainly driven by the growth of revenues from e-commerce services.

 

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 redeemed2, as a result of the expansion of the Company’s e-commerce business through partnerships with additional property developers.

 

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 revenue growth in both the Company’s new home and home furnishing channels.

 

Revenues from listing services were $4.2 million, a decrease of 15% from $5.0 million for the same quarter of 2013, mainly due to the slowdown in secondary home sales.

 

Cost of revenues was $11.7 million, a decrease of 36% from $18.4 million for the same quarter of 2013, primarily due to decreased fees paid to third parties for services in connection with the Company’s listing business and decreased amortization of intangible assets as the Company’s exclusive rights with Baidu were extended to March 2015 at no additional cost and the Company’s advertising agency agreement with SINA was extended to March 2024 at no additional cost.

 

Selling, general and administrative expenses were $88.5 million, an increase of 86% from $47.6 million for the same quarter of 2013, primarily due to increased marketing expenses related to the growth of the Company’s e-commerce business, along with increased staff costs resulting from increased headcount.

 

Income from operations was $18.5 million in the second quarter of 2014, an increase of 211% from $6.0 million in the same quarter of 2013. Non-GAAP income from operations was $24.1 million, an increase of 83% from $13.2 million in the same quarter of 2013.

 

Net income was $15.6 million, an increase of 170% from $5.8 million in the same quarter of 2013. Non-GAAP net income was $20.8 million, an increase of 78% from $11.7 million in the same quarter of 2013.

 

Net income attributable to Leju shareholders was $15.4 million, or $0.12 per diluted ADS, an increase of 170% from $5.7 million, or $0.05 per diluted ADS, for the same quarter of 2013. Non-GAAP net income attributable to Leju shareholders was $20.5 million, or $0.15 per diluted ADS, an increase of 78% from $11.5 million, or $0.10 per diluted ADS, for the same quarter of 2013.

 

First Half 2014 Results

 

Total revenues were $195.9 million, an increase of 75% from $111.7 million for the same period of 2013, mainly driven by growth of revenues from e-commerce services.

 

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, as a result of the expansion of the Company’s e-commerce business through partnerships with additional property developers.

 

Revenues from online advertising services were $69.4 million, an increase of 12% from $62.2 million for the same period of 2013, primarily due to revenue growth in the Company’s new home and home furnishing channels.

 

Revenues from listing services were $8.5 million, compared to $8.4 million for the same period of 2013, primarily due to the slowdown in secondary home sales.

 


2  See “Selected Operating Data” below for more details on the discount coupons sold and redeemed.

 



 

Cost of revenues was $23.9 million, a decrease of 29% from $33.7 million for the same period of 2013, primarily due to a decrease in fees paid to third parties for services in connection with the Company’s listing business and decreased amortization of intangible assets as the Company’s exclusive rights with Baidu were extended to March 2015 at no additional cost and the Company’s advertising agency agreement with SINA was extended to March 2024 at no additional cost.

 

Selling, general and administrative expenses were $153.0 million, an increase of 87% from $81.7 million for the same period of 2013, primarily due to increased marketing expenses related to the growth of the Company’s e-commerce business, along with increased staff costs resulting from increased headcount.

 

Income from operations was $20.5 million, compared to loss from operations of $3.7 million in the same period of 2013. Non-GAAP income from operations was $32.5 million, an increase of 208% from $10.6 million in the same period of 2013.

 

Net income was $17.4 million, compared to a net loss of $4.0 million in the same period of 2013. Non-GAAP net income was $28.0 million, an increase of 276% from $7.4 million in the same period of 2013.

 

Net income attributable to Leju shareholders was $17.6 million, or $0.14 per diluted ADS, compared to net loss attributable to Leju shareholders of $4.1 million, or a loss of $0.03 per diluted ADS, for the same period of 2013. Non-GAAP net income attributable to Leju shareholders was $28.1 million, or $0.22 per diluted ADS, an increase of 290% from $7.2 million, or $0.06 per diluted ADS, for the same period of 2013.

 

Cash Flow

 

As of June 30, 2014, the Company’s cash and cash equivalents balance was $228.6 million.

 

Second quarter 2014 net cash provided by operating activities was $18.5 million, mainly attributable to non-GAAP net income of $20.8 million. Net cash used in investing activities was $7.0 million, mainly comprised of a payment of $5.7 million to Baidu related to the exclusive rights agreement. Net cash provided by financing activities was $117.8 million, mainly comprised of net proceeds of $121.1 million from the Company’s initial public offering (the “IPO”) on the New York Stock Exchange in April 2014.

 

Business Outlook

 

The Company maintains its previous fiscal year 2014 total revenue guidance of approximately $500 million to $520 million, which would represent an increase of approximately 49% to 55% from $335.4 million in 2013. 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 August 20, 2014 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:

+1-631-514-2526

Hong Kong:

+852-5808-3202

Mainland China:

+86-10-4001-200-539

 

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 August 27, 2014:

 



 

International:

+1-866-846-0868

Passcode:

2892533

 

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 250 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 leading internet companies such as SINA Corporation and Baidu Inc., 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:

 

In China:

 

Ms. Melody Liu

Leju Holdings Limited

Phone: +86 (10) 5895-1062

E-mail: ir@leju.com

 

Mr. Derek Mitchell

Ogilvy Financial, Beijing

Phone: +86 (10) 8520-3073

E-mail: leju@ogilvy.com

 

In the United States:

 

Mr. Justin Knapp

Ogilvy Financial, U.S.

Phone: +1 (616) 551-9714

E-mail: leju@ogilvy.com

 



 

LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEET

(In thousands of U.S. dollars)

 

 

 

December 31,

 

June 30,

 

 

 

2013

 

2014

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

98,730

 

228,551

 

Accounts receivable, net

 

87,316

 

113,246

 

Deferred tax assets, net

 

27,714

 

27,462

 

Prepaid expenses and other current assets

 

5,556

 

8,592

 

Amounts due from related parties

 

3,472

 

12

 

Total current assets

 

222,788

 

377,863

 

Property and equipment, net

 

7,028

 

6,882

 

Intangible assets, net

 

128,530

 

116,173

 

Investment in affiliates

 

251

 

136

 

Goodwill

 

40,611

 

40,491

 

Other non-current assets

 

3,730

 

3,737

 

Total assets

 

402,938

 

545,282

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

 

1,423

 

477

 

Accrued payroll and welfare expenses

 

30,504

 

33,789

 

Income tax payable

 

41,437

 

43,867

 

Other tax payable

 

18,514

 

20,922

 

Amounts due to related parties

 

4,501

 

4,733

 

Advance from customers and deferred revenue

 

7,163

 

7,579

 

Liability for exclusive rights, current

 

8,968

 

3,251

 

Other current liabilities

 

11,074

 

27,200

 

Total current liabilities

 

123,584

 

141,818

 

Deferred tax liabilities

 

27,564

 

27,559

 

Total liabilities

 

151,148

 

169,377

 

Equity

 

 

 

 

 

Ordinary shares ($0.001 par value): 500,000,000 and 500,000,000 shares authorized, 120,000,000 and 133,529,420 shares issued and outstanding, as of December 31, 2013 and June 30, 2014, respectively

 

120

 

134

 

Additional paid-in capital

 

686,378

 

795,322

 

Accumulated deficit

 

(443,294

)

(426,232

)

Subscription receivables

 

(120

)

 

Accumulated other comprehensive income

 

5,622

 

5,083

 

Total Leju equity

 

248,706

 

374,307

 

Non-controlling interests

 

3,084

 

1,598

 

Total equity

 

251,790

 

375,905

 

TOTAL LIABILITIES AND EQUITY

 

402,938

 

545,282

 

 



 

LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share data and per share data)

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

E-commerce

 

26,365

 

68,311

 

41,055

 

118,032

 

Online advertising services

 

40,486

 

44,814

 

62,220

 

69,416

 

Listing services

 

5,001

 

4,238

 

8,401

 

8,456

 

Total revenues

 

71,852

 

117,363

 

111,676

 

195,904

 

Cost of revenues

 

(18,398

)

(11,726

)

(33,742

)

(23,862

)

Selling, general and administrative expenses

 

(47,636

)

(88,485

)

(81,725

)

(152,952

)

Other operating income

 

141

 

1,356

 

141

 

1,378

 

Income (loss) from operations

 

5,959

 

18,508

 

(3,650

)

20,468

 

Interest income

 

238

 

216

 

434

 

429

 

Other income (expenses), net

 

(421

)

77

 

(801

)

63

 

Income (loss) before taxes and equity in affiliates

 

5,776

 

18,801

 

(4,017

)

20,960

 

Income tax benefit (expense)

 

8

 

(3,102

)

(5

)

(3,458

)

Income (loss) before equity in affiliates

 

5,784

 

15,699

 

(4,022

)

17,502

 

Loss from equity in affiliates

 

 

(68

)

 

(114

)

Net income (loss)

 

5,784

 

15,631

 

(4,022

)

17,388

 

Less: net income (loss) attributable to non-controlling interests

 

89

 

260

 

96

 

(225

)

Net income (loss) attributable to Leju shareholders

 

5,695

 

15,371

 

(4,118

)

17,613

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

0.05

 

0.12

 

(0.03

)

0.14

 

Diluted

 

0.05

 

0.12

 

(0.03

)

0.14

 

Shares used in computation:

 

 

 

 

 

 

 

 

 

Basic

 

120,000,000

 

130,126,703

 

120,000,000

 

125,063,352

 

Diluted

 

120,000,000

 

133,029,471

 

120,000,000

 

127,453,210

 

 

Note 1

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

 



 

LEJU 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 (loss)

 

5,784

 

15,631

 

(4,022

)

17,388

 

Other comprehensive income (loss), net of tax of nil:

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

1,018

 

161

 

1,594

 

(654

)

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

6,802

 

15,792

 

(2,428

)

16,734

 

 

 

 

 

 

 

 

 

 

 

Less: Comprehensive income (loss) attributable to non-controlling interest

 

128

 

249

 

157

 

(335

)

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to Leju shareholders

 

6,674

 

15,543

 

(2,585

)

17,069

 

 



 

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

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

GAAP income (loss) from operations

 

5,959

 

18,508

 

(3,650

)

20,468

 

Share-based compensation expense

 

1,751

 

2,361

 

3,210

 

4,038

 

Amortization of intangible assets resulting from business acquisitions

 

5,503

 

3,272

 

11,006

 

8,021

 

Non-GAAP income from operations

 

13,213

 

24,141

 

10,566

 

32,527

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

5,784

 

15,631

 

(4,022

)

17,388

 

Share-based compensation expense (net of tax)

 

1,751

 

2,361

 

3,210

 

4,038

 

Amortization of intangible assets resulting from business acquisitions (net of tax)

 

4,127

 

2,762

 

8,254

 

6,550

 

Non-GAAP net income

 

11,662

 

20,754

 

7,442

 

27,976

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Leju Shareholders

 

5,695

 

15,371

 

(4,118

)

17,613

 

Share-based compensation expense (net of tax and non-controlling interests)

 

1,751

 

2,361

 

3,210

 

4,038

 

Amortization of intangible assets resulting from business acquisitions (net of tax and non-controlling interests)

 

4,057

 

2,732

 

8,112

 

6,464

 

Non-GAAP net income attributable to Leju shareholders

 

11,503

 

20,464

 

7,204

 

28,115

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per ADS — basic

 

0.05

 

0.12

 

(0.03

)

0.14

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) per ADS — diluted

 

0.05

 

0.12

 

(0.03

)

0.14

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per ADS — basic

 

0.10

 

0.16

 

0.06

 

0.22

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per ADS — diluted

 

0.10

 

0.15

 

0.06

 

0.22

 

 

 

 

 

 

 

 

 

 

 

Shares used in calculating basic GAAP / non-GAAP net income (loss) attributable to shareholders per ADS

 

120,000,000

 

130,126,703

 

120,000,000

 

125,063,352

 

 

 

 

 

 

 

 

 

 

 

Shares used in calculating diluted GAAP / non-GAAP net income (loss) attributable to shareholders per ADS

 

120,000,000

 

133,029,471

 

120,000,000

 

127,453,210

 

 



 

LEJU HOLDINGS LIMITED

SELECTED OPERATING DATA

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

Operating data for 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