Leju Reports Second Half and Full Year 2021 Results
Second Half 2021 Financial Highlights
- Total revenues decreased by 47% year on year to
$233.0 million .
- Revenues from e-commerce services decreased by 48% year on year to$179.7 million .
- Revenues from online advertising services decreased by 45% year on year to$53.2 million . - Loss from operations was
$116.9 million , compared to income from operations of$23.0 million for the same period of 2020. - Non-GAAP[1] loss from operations was
$111.2 million , compared to non-GAAP income from operations of$30.0 million for the same period of 2020. - Net loss attributable to
Leju Holdings Limited shareholders was$103.2 million , or$0.75 loss per diluted American depositary share ("ADS"), compared to net income attributable toLeju Holdings Limited shareholders of$17.8 million , or$0.13 per diluted ADS, for the same period of 2020. - Non-GAAP net loss attributable to
Leju Holdings Limited shareholders was$98.7 million , or$0.72 loss per diluted ADS, compared to non-GAAP net income attributable toLeju Holdings Limited shareholders of$23.5 million , or$0.17 per diluted ADS, for the same period of 2020.
[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. |
Full Year 2021 Financial Highlights
- Total revenues decreased by 26% year on year to
$534.1 million .
- Revenues from e-commerce services decreased by 25% year on year to$411.1 million .
- Revenues from online advertising services decreased by 28% year on year to$122.5 million . - Loss from operations was
$166.7 million , compared to income from operations of$24.1 million for 2020. - Non-GAAP loss from operations was
$154.5 million , compared to non-GAAP income from operations of$38.3 million for 2020. - Net loss attributable to
Leju Holdings Limited shareholders was$150.9 million , or$1.10 loss per diluted ADS, compared to net income attributable toLeju Holdings Limited shareholders of$19.3 million , or$0.14 per diluted ADS for 2020. - Non-GAAP net loss attributable to
Leju Holdings Limited shareholders was$141.4 million , or$1.03 loss per diluted ADS, compared to non-GAAP net income attributable toLeju Holdings Limited shareholders of$30.7 million , or$0.22 per diluted ADS for 2020.
"In the second half of 2021,
"Rather than being discouraged by the current market downturn and uncertainties, the Leju team is rising to the challenges. In the second half of 2021, we held a series of successful marketing campaigns on our dual Tmall and Leju platforms including our '916 Promotion', 'Double 11 Festival', 'Smile Angel Celebrity Festival', and 'The 5th China Real Estate New Time Gala' which drove business development and strengthened our influence as an industry media."
"In the second half of 2021, our parent company E-House deepened its strategic cooperation with Alibaba. E-House became the controlling shareholder of Tmall Haofang, and Tmall Haofang became the direct and controlling shareholder of Leju. Capitalizing on this opportunity, in 2022 Leju will accelerate the development and integration of the two platforms, seize the opportunities presented by the digitization of the real estate industry, and actively explore new business models and revenue growth areas while consolidating our online advertising and e-commerce services. Amidst the new market situation, Leju will take a result-oriented approach, reinforce process management and further improve operational efficiency to achieve our goals as set at the beginning of this year."
Second 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
Full year 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
Second half 2021 net cash used in operating activities was
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: 2294606
A replay of the conference call may be accessed by phone at the following number until
|
+1-855-452-5696 |
International: |
+61-2-9003-4211 |
|
+800-963-117 |
Mainland |
800-988-0601 |
Passcode: |
2294606 |
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 |
250,314 |
||
Restricted cash |
1,217 |
2,082 |
||
Accounts receivable, net |
202,702 |
36,071 |
||
Contract assets, net |
1,884 |
1,415 |
||
Marketable securities |
4,304 |
1,186 |
||
Prepaid expenses and other current assets |
7,484 |
25,110 |
||
Customer deposits |
11,551 |
784 |
||
Amounts due from related parties |
9,076 |
3,913 |
||
Total current assets |
522,707 |
320,875 |
||
Property and equipment, net |
17,002 |
16,667 |
||
Intangible assets, net |
34,213 |
23,298 |
||
Right-of-use assets |
25,666 |
23,409 |
||
Investment in affiliates |
31 |
18 |
||
Deferred tax assets, net |
40,905 |
51,605 |
||
Other non-current assets |
1,437 |
1,376 |
||
Total assets |
641,961 |
437,248 |
||
LIABILITIES AND EQUITY |
||||
Current liabilities |
||||
Short-term borrowings |
— |
784 |
||
Accounts payable |
2,834 |
1,631 |
||
Accrued payroll and welfare expenses |
29,222 |
21,517 |
||
Income tax payable |
63,041 |
60,952 |
||
Other tax payable |
21,204 |
18,046 |
||
Amounts due to related parties |
7,106 |
7,632 |
||
Advances from customers |
95,340 |
82,788 |
||
Lease liabilities, current |
5,461 |
5,582 |
||
Accrued marketing and advertising expenses |
70,086 |
43,272 |
||
Other current liabilities |
22,596 |
18,504 |
||
Total current liabilities |
316,890 |
260,708 |
||
Lease liabilities, non-current |
21,727 |
19,438 |
||
Deferred tax liabilities |
8,559 |
6,043 |
||
Total liabilities |
347,176 |
286,189 |
||
Shareholders' Equity |
||||
Ordinary shares ( |
136 |
137 |
||
Additional paid-in capital |
799,537 |
801,477 |
||
Accumulated deficit |
(498,001) |
(648,935) |
||
Subscription receivables |
(50) |
— |
||
Accumulated other comprehensive loss |
(5,695) |
(1,424) |
||
|
295,927 |
151,255 |
||
Non-controlling interests |
(1,142) |
(196) |
||
Total equity |
294,785 |
151,059 |
||
TOTAL LIABILITIES AND EQUITY |
641,961 |
437,248 |
|
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(In thousands of |
|||||||
Six months ended |
Year ended |
||||||
|
|
||||||
2020 |
2021 |
2020 |
2021 |
||||
Revenues |
|||||||
E-commerce |
342,447 |
179,696 |
547,895 |
411,097 |
|||
Online advertising |
96,854 |
53,232 |
170,783 |
122,522 |
|||
Listing |
509 |
97 |
848 |
498 |
|||
Total net revenues |
439,810 |
233,025 |
719,526 |
534,117 |
|||
Cost of revenues |
(32,624) |
(24,130) |
(73,762) |
(55,801) |
|||
Selling, general and administrative expenses |
(384,356) |
(326,151) |
(622,026) |
(645,623) |
|||
Other operating income, net |
136 |
361 |
381 |
560 |
|||
Income (loss) from operations |
22,966 |
(116,895) |
24,119 |
(166,747) |
|||
Interest income, net |
6,569 |
1,555 |
7,268 |
3,130 |
|||
Other income (loss), net |
(413) |
(1,919) |
300 |
209 |
|||
Income (loss) before taxes and income from |
29,122 |
(117,259) |
31,687 |
(163,408) |
|||
Income tax benefits (expenses) |
(10,047) |
14,228 |
(10,665) |
13,498 |
|||
Income (loss) before loss from equity in |
19,075 |
(103,031) |
21,022 |
(149,910) |
|||
Loss from equity in affiliates, net of tax of nil |
(2) |
(6) |
(24) |
(14) |
|||
Net income (loss) |
19,073 |
(103,037) |
20,998 |
(149,924) |
|||
Less: net income attributable to non-controlling |
1,263 |
125 |
1,696 |
1,010 |
|||
Net income (loss) attributable to Leju |
17,810 |
(103,162) |
19,302 |
(150,934) |
|||
Earnings (loss) per ADS: |
|||||||
Basic |
0.13 |
(0.75) |
0.14 |
(1.10) |
|||
Diluted |
0.13 |
(0.75) |
0.14 |
(1.10) |
|||
Shares used in computation of earnings (loss) per |
|||||||
Basic |
136,249,954 |
136,818,984 |
136,070,785 |
136,652,162 |
|||
Diluted |
138,342,674 |
136,818,984 |
137,564,567 |
136,652,162 |
|||
The conversion of functional currency Renminbi ("RMB") amounts into reporting currency USD amounts |
LEJU HOLDINGS LIMITED |
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) |
|||||||
(In thousands of |
|||||||
Six months ended |
Year ended |
||||||
|
|
||||||
2020 |
2021 |
2020 |
2021 |
||||
Net income (loss) |
19,073 |
(103,037) |
20,998 |
(149,924) |
|||
Other comprehensive income, net of tax of nil |
|||||||
Foreign currency translation adjustments |
21,217 |
1,882 |
17,938 |
4,282 |
|||
Comprehensive income (loss) |
40,290 |
(101,155) |
38,936 |
(145,642) |
|||
Less: Comprehensive income attributable to |
1,239 |
129 |
1,703 |
1,021 |
|||
Comprehensive income (loss) attributable to |
39,051 |
(101,284) |
37,233 |
(146,663) |
|
|||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results |
|||||||||
(In thousands of |
|||||||||
Six months ended |
Year ended |
||||||||
|
|
||||||||
2020 |
2021 |
2020 |
2021 |
||||||
GAAP income (loss) from operations |
22,966 |
(116,895) |
24,119 |
(166,747) |
|||||
Share-based compensation expense |
1,742 |
463 |
2,978 |
1,657 |
|||||
Amortization of intangible assets resulting from business |
5,279 |
5,279 |
11,180 |
10,558 |
|||||
Non-GAAP income (loss) from operations |
29,987 |
(111,153) |
38,277 |
(154,532) |
|||||
GAAP net income (loss) |
19,073 |
(103,037) |
20,998 |
(149,924) |
|||||
Share-based compensation expense |
1,742 |
463 |
2,978 |
1,657 |
|||||
Amortization of intangible assets resulting from |
5,279 |
5,279 |
11,180 |
10,558 |
|||||
Income tax benefits: |
|||||||||
Current |
— |
— |
— |
— |
|||||
Deferred[2] |
(1,319) |
(1,320) |
(2,795) |
(2,640) |
|||||
Non-GAAP net income (loss) |
24,775 |
(98,615) |
32,361 |
(140,349) |
|||||
Net income (loss) attributable to |
17,810 |
(103,162) |
19,302 |
(150,934) |
|||||
Share-based compensation expense |
1,742 |
463 |
2,978 |
1,657 |
|||||
Amortization of intangible assets resulting from business |
5,279 |
5,279 |
11,180 |
10,558 |
|||||
Income tax benefits: |
|||||||||
Current |
— |
— |
— |
— |
|||||
Deferred |
(1,319) |
(1,320) |
(2,795) |
(2,640) |
|||||
Non-GAAP net income (loss) attributable to Leju
|
23,512 |
(98,740) |
30,665 |
(141,359) |
|||||
GAAP net income (loss) per ADS — basic |
0.13 |
(0.75) |
0.14 |
(1.10) |
|||||
GAAP net income (loss) per ADS — diluted |
0.13 |
(0.75) |
0.14 |
(1.10) |
|||||
Non-GAAP net income (loss) per ADS — basic |
0.17 |
(0.72) |
0.23 |
(1.03) |
|||||
Non-GAAP net income (loss) per ADS — diluted |
0.17 |
(0.72) |
0.22 |
(1.03) |
|||||
Shares used in calculating basic GAAP / non-GAAP net |
136,249,954 |
136,818,984 |
136,070,785 |
136,652,162 |
|||||
Shares used in calculating diluted GAAP / non-GAAP net |
138,342,674 |
136,818,984 |
137,564,567 |
136,652,162 |
|||||
[2] Amount represents the realization of deferred tax liabilities recognized for the temporary difference between the tax |
|
|||||||
SELECTED OPERATING DATA |
|||||||
Six months ended |
Year ended |
||||||
|
|
||||||
2020 |
2021 |
2020 |
2021 |
||||
Operating data for e-commerce services |
|||||||
Number of discount coupons issued to |
149,621 |
70,138 |
243,836 |
162,196 |
|||
Number of discount coupons redeemed (number |
125,448 |
60,852 |
192,716 |
138,230 |
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