Leju Reports First Half Year 2021 Results
First Half 2021 Financial Highlights
- Total revenues increased by 8% year on year to
$301.1 million .
- Revenues from e-commerce services increased by 13% year on year to$231.4 million .
- Revenues from online advertising services decreased by 6% year on year to$69.3 million . - Loss from operations was
$49.9 million , compared to income from operations of$1.2 million for the same period of 2020, primarily due to bad debt provision which was increased by$48.9 million compared to the same period of 2020. - Non-GAAP[1] loss from operations was
$43.4 million , compared to non-GAAP income from operations of$8.3 million for the same period of 2020. - Net loss attributable to
Leju Holdings Limited shareholders was$47.8 million , or$0.35 loss per diluted American depositary share ("ADS"), compared to net income attributable toLeju Holdings Limited shareholders of$1.5 million , or$0.01 per diluted ADS, for the same period of 2020. - Non-GAAP net loss attributable to
Leju Holdings Limited shareholders was$42.6 million , or$0.31 loss per diluted ADS, compared to non-GAAP net income attributable toLeju Holdings Limited shareholders of$7.2 million , or$0.05 per diluted ADS, for the same period of 2020.
"In the first half of 2021, amid tightening regulations in
"With the support of the strategic cooperation between our controlling shareholder E-House (
[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. |
"In the second half of the year, Leju will firmly seize the opportunities created by the digitalization of real estate marketing and deepen cooperation with developers as we strive to expand our advertising business and develop new e-commerce business models. At the same time, we will continue to focus on platform construction and content creation and make efforts to improve user growth, optimize user experience and stickiness and further consolidate Leju's influence among industry media. We will also continue to strengthen our team, further optimize our organizational structure and improve operational efficiency in order to lay a solid foundation for Leju's future development."
First Half 2021 Results
Total revenues were
Revenues from e-commerce services were
Revenues from online advertising services were
Revenues from listing services were
Cost of revenues was
Selling, general and administrative expenses were
Loss from operations was
Net loss was
Net loss attributable to
Cash Flow
As of
First half 2021 net cash provided by operating activities was
Business Outlook
Given the current macroeconomic situation and Leju's prudent operating model, the Company estimates that its total revenues for the second half of 2021 will be approximately
Board of Directors Changes
The Company also announced that Ms.
Mr.
"We would like to express our sincere gratitude to Ms.
Conference Call Information
Leju's management will host an earnings conference call on
Please register in advance of the conference using the link provided below and dial in 10 minutes prior to the call, using participant dial-in numbers, Direct Event passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.
CONFERENCE ID: 9888419
A replay of the conference call may be accessed by phone at the following number until
|
+1-855-452-5696 |
|
800-963-117 |
Mainland |
400-632-2162 |
Passcode: |
9888419 |
Additionally, a live and archived webcast will be available at http://ir.leju.com.
About Leju
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
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.
For investor and media inquiries please contact:
Ms.
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com
Phone: +86 135-0116-6560
E-mail: phil@thefootegroup.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of |
|||||||||||
|
|
||||||||||
2020 |
2021 |
||||||||||
ASSETS |
|||||||||||
Current assets |
|||||||||||
Cash and cash equivalents |
284,489 |
315,383 |
|||||||||
Restricted cash |
1,217 |
12,619 |
|||||||||
Accounts receivable, net |
202,702 |
103,282 |
|||||||||
Contract assets, net |
1,884 |
2,178 |
|||||||||
Marketable securities |
4,304 |
6,497 |
|||||||||
Prepaid expenses and other current assets |
7,484 |
21,872 |
|||||||||
Customer deposits |
11,551 |
12,004 |
|||||||||
Amounts due from related parties |
9,076 |
5,609 |
|||||||||
Total current assets |
522,707 |
479,444 |
|||||||||
Property and equipment, net |
17,002 |
16,763 |
|||||||||
Intangible assets, net |
34,213 |
28,726 |
|||||||||
Right-of-use assets |
25,666 |
24,812 |
|||||||||
Investment in affiliates |
31 |
23 |
|||||||||
Deferred tax assets, net |
40,905 |
41,315 |
|||||||||
Other non-current assets |
1,437 |
1,415 |
|||||||||
Total assets |
641,961 |
592,498 |
|||||||||
LIABILITIES AND EQUITY |
|||||||||||
Current liabilities |
|||||||||||
Accounts payable |
2,834 |
2,107 |
|||||||||
Accrued payroll and welfare expenses |
29,222 |
26,678 |
|||||||||
Income tax payable |
63,041 |
63,049 |
|||||||||
Other tax payable |
21,204 |
21,357 |
|||||||||
Amounts due to related parties |
7,106 |
6,512 |
|||||||||
Advances from customers |
95,340 |
100,574 |
|||||||||
Lease liabilities, current |
5,461 |
5,632 |
|||||||||
Accrued marketing and advertising expenses |
70,086 |
54,209 |
|||||||||
Other current liabilities |
22,596 |
31,347 |
|||||||||
Total current liabilities |
316,890 |
311,465 |
|||||||||
Lease liabilities, non-current |
21,727 |
20,677 |
|||||||||
Deferred tax liabilities |
8,559 |
8,644 |
|||||||||
Total liabilities |
347,176 |
340,786 |
|||||||||
Shareholders' Equity |
|||||||||||
Ordinary shares ( |
136 |
137 |
|||||||||
Additional paid-in capital |
799,537 |
800,900 |
|||||||||
Accumulated deficit |
(498,001) |
(545,773) |
|||||||||
Subscription receivables |
(50) |
— |
|||||||||
Accumulated other comprehensive loss |
(5,695) |
(3,302) |
|||||||||
|
295,927 |
251,962 |
|||||||||
Non-controlling interests |
(1,142) |
(250) |
|||||||||
Total equity |
294,785 |
251,712 |
|||||||||
TOTAL LIABILITIES AND EQUITY |
641,961 |
592,498 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of |
|||||||||
Six months ended |
|||||||||
|
|||||||||
2020 |
2021 |
||||||||
Revenues |
|||||||||
E-commerce |
205,448 |
231,401 |
|||||||
Online advertising |
73,929 |
69,290 |
|||||||
Listing |
339 |
401 |
|||||||
Total net revenues |
279,716 |
301,092 |
|||||||
Cost of revenues |
(41,138) |
(31,671) |
|||||||
Selling, general and administrative expenses |
(237,670) |
(319,472) |
|||||||
Other operating income, net |
245 |
199 |
|||||||
Income (loss) from operations |
1,153 |
(49,852) |
|||||||
Interest income, net |
699 |
1,575 |
|||||||
Other income, net |
713 |
2,128 |
|||||||
Income (loss) before taxes and loss from equity |
2,565 |
(46,149) |
|||||||
Income tax expenses |
(618) |
(730) |
|||||||
Income (loss) before loss from equity in affiliates |
1,947 |
(46,879) |
|||||||
Loss from equity in affiliates |
(22) |
(8) |
|||||||
Net income (loss) |
1,925 |
(46,887) |
|||||||
Less: net income attributable to non-controlling interests |
433 |
885 |
|||||||
Net income (loss) attributable to |
1,492 |
(47,772) |
|||||||
Earnings (loss) per ADS: |
|||||||||
Basic |
0.01 |
(0.35) |
|||||||
Diluted |
0.01 |
(0.35) |
|||||||
Shares used in computation of earnings (loss) per ADS: |
|||||||||
Basic |
135,891,617 |
136,485,339 |
|||||||
Diluted |
136,039,569 |
136,485,339 |
|||||||
The conversion of Renminbi ("RMB") amounts into reporting currency USD amounts is based on the rate of |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (In thousands of |
|||||||||
Six months ended |
|||||||||
|
|||||||||
2020 |
2021 |
||||||||
Net income (loss) |
1,925 |
(46,887) |
|||||||
Other comprehensive income (loss), net of tax of nil |
|||||||||
Foreign currency translation adjustment |
(3,279) |
2,400 |
|||||||
Comprehensive loss |
(1,354) |
(44,487) |
|||||||
Less: Comprehensive income attributable to non-controlling |
464 |
892 |
|||||||
Comprehensive loss attributable to |
(1,818) |
(45,379) |
|||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands of |
||||||||
Six months ended |
||||||||
|
||||||||
2020 |
2021 |
|||||||
GAAP income (loss) from operations |
1,153 |
(49,852) |
||||||
Share-based compensation expense |
1,236 |
1,194 |
||||||
Amortization of intangible assets resulting from business |
5,901 |
5,279 |
||||||
Non-GAAP income (loss) from operations |
8,290 |
(43,379) |
||||||
GAAP net income (loss) |
1,925 |
(46,887) |
||||||
Share-based compensation expense |
1,236 |
1,194 |
||||||
Amortization of intangible assets resulting from business |
5,901 |
5,279 |
||||||
Income tax benefit: |
||||||||
Current |
— |
— |
||||||
Deferred [2] |
(1,476) |
(1,320) |
||||||
Non-GAAP net income (loss) |
7,586 |
(41,734) |
||||||
Net income (loss) attributable to |
1,492 |
(47,772) |
||||||
Share-based compensation expense (net of non-controlling |
1,236 |
1,194 |
||||||
Amortization of intangible assets resulting from business |
5,901 |
5,279 |
||||||
Income tax benefit: |
||||||||
Current |
— |
— |
||||||
Deferred |
(1,476) |
(1,320) |
||||||
|
7,153 |
(42,619) |
||||||
GAAP net income (loss) per ADS — basic |
0.01 |
(0.35) |
||||||
GAAP net income (loss) per ADS —diluted |
0.01 |
(0.35) |
||||||
Non-GAAP net income (loss) per ADS —basic |
0.05 |
(0.31) |
||||||
Non-GAAP net income (loss) per ADS —diluted |
0.05 |
(0.31) |
||||||
Shares used in calculating basic GAAP/non-GAAP net income |
135,891,617 |
136,485,339 |
||||||
Shares used in calculating diluted GAAP/non-GAAP net |
136,039,569 |
136,485,339 |
||||||
[2] Amount represents the realization of deferred tax liabilities recognized for the temporary difference between the tax |
SELECTED OPERATING DATA |
||||||||
Six months ended |
||||||||
|
||||||||
2020 |
2021 |
|||||||
Operating data for e-commerce services |
||||||||
Number of discount coupons issued to prospective purchasers |
94,215 |
92,058 |
||||||
Number of discount coupons redeemed (number of transactions) |
67,268 |
77,378 |
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