Leju Reports Second Quarter and Half Year 2018 Results
Second Quarter 2018 Financial Highlights
- Total revenues increased by 32% year-on-year to
$122.7 million .
- Revenues from e-commerce services increased by 37% year-on-year to$87.6 million .
- Revenues from online advertising services increased by 39% year-on-year to$34.4 million . - Income from operations was
$10.0 million , compared to loss from operations of$83.0 million for the same quarter of 2017. Non-GAAP[1] income from operations was$14.3 million , compared to non-GAAP loss from operations of$37.4 million for the same quarter of 2017. - Net loss attributable to
Leju Holdings Limited shareholders was$0.9 million , or$0.01 loss per diluted American depositary share ("ADS"), a decrease of 99% from$87.3 million , or$0.64 loss per diluted ADS, for the same quarter of 2017. Non-GAAP net income attributable toLeju Holdings Limited shareholders was$2.5 million , or$0.02 per diluted ADS, compared to non-GAAP net loss attributable toLeju Holdings Limited shareholders of$42.3 million , or$0.31 loss per diluted ADS, for the same quarter of 2017.
First Half 2018 Financial Highlights
- Total revenues increased by 27% year-on-year to
$204.2 million .
- Revenues from e-commerce services increased by 39% year-on-year to$141.0 million .
- Revenues from online advertising services increased by 22% year-on-year to$61.5 million . - Loss from operations was
$21.5 million , a decrease of 83% from$129.2 million for the same period of 2017. Non-GAAP loss from operations was$12.8 million , a decrease of 84% from$79.2 million for the same period of 2017. - Net loss attributable to
Leju Holdings Limited shareholders was$21.7 million , or$0.16 loss per diluted ADS, a decrease of 81% from$115.5 million , or$0.85 loss per diluted ADS for the same period of 2017. Non-GAAP net loss attributable toLeju Holdings Limited shareholders was$14.7 million , or$0.11 loss per diluted ADS, a decrease of 78% from$66.5 million , or$0.49 loss per diluted ADS for the same period of 2017.
"Our online advertising and e-commerce businesses both continued their growth momentum in the second quarter of 2018," said Mr.
[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 goodwill impairment. 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 2018 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
Income from operations was
Other loss, net was
Net loss was
Net loss attributable to
First Half 2018 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
Other loss, net was
Net loss was
Net loss attributable to
Cash Flow
As of
Second quarter 2018 net cash provided by operating activities was
Business Outlook
The Company estimates that its total revenues for the third quarter of 2018 will be approximately
Conference Call Information
Dial-in details for the earnings conference call are as follows:
U.S./International: |
+1-845-675-0437 |
Hong Kong: |
+852-3018-6771 |
Mainland China: |
400-620-8038 |
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "
A replay of the conference call may be accessed by phone at the following number until
U.S./International: |
+1-855-452-5696 |
Hong Kong: |
800-963-117 |
Mainland China: |
400-632-2162 |
Passcode: |
1686109 |
Additionally, a live and archived webcast will be available at http://ir.leju.com.
About
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.
About Non-GAAP Financial Measures
To supplement
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
LEJU HOLDINGS LIMITED |
|||
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|||
(In thousands of U.S. dollars) |
|||
December 31, |
June 30, |
||
2017 |
2018 |
||
ASSETS |
|||
Current assets |
|||
Cash and cash equivalents |
150,968 |
174,318 |
|
Restricted cash |
337 |
332 |
|
Accounts receivable, net |
79,196 |
81,986 |
|
Contract assets |
1,410 |
2,366 |
|
Marketable securities |
3,077 |
2,521 |
|
Prepaid expenses and other current assets |
9,945 |
8,529 |
|
Customer deposits |
35,823 |
9,406 |
|
Amounts due from related parties |
4,077 |
3,352 |
|
Total current assets |
284,833 |
282,810 |
|
Property and equipment, net |
14,240 |
13,690 |
|
Intangible assets, net |
70,631 |
63,899 |
|
Investment in affiliates |
146 |
94 |
|
Deferred tax assets |
67,084 |
66,248 |
|
Other non-current assets |
2,010 |
1,608 |
|
Total assets |
438,944 |
428,349 |
|
LIABILITIES AND EQUITY |
|||
Current liabilities |
|||
Accounts payable |
2,950 |
1,476 |
|
Accrued payroll and welfare expenses |
37,082 |
27,699 |
|
Income tax payable |
63,380 |
58,380 |
|
Other tax payable |
11,654 |
12,639 |
|
Amounts due to related parties |
3,093 |
6,900 |
|
Advance from customers and deferred revenue |
10,565 |
34,221 |
|
Accrued marketing and advertising expenses |
18,852 |
18,712 |
|
Other current liabilities |
16,315 |
14,501 |
|
Total current liabilities |
163,891 |
174,528 |
|
Deferred tax liabilities |
18,016 |
17,792 |
|
Total liabilities |
181,907 |
192,320 |
|
Shareholders' Equity |
|||
Ordinary shares ($0.001 par value): 1,000,000,000 shares |
136 |
136 |
|
Additional paid-in capital |
788,589 |
790,650 |
|
Accumulated deficit |
(515,344) |
(537,133) |
|
Accumulated other comprehensive loss |
(13,078) |
(13,895) |
|
Total Leju Holdings Limited shareholders' equity |
260,303 |
239,758 |
|
Non-controlling interests |
(3,266) |
(3,729) |
|
Total equity |
257,037 |
236,029 |
|
TOTAL LIABILITIES AND EQUITY |
438,944 |
428,349 |
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, |
||||||
2017 |
2018 |
2017 |
2018 |
||||
Revenues |
|||||||
E-commerce |
63,719 |
87,571 |
101,810 |
141,041 |
|||
Online advertising services |
24,760 |
34,361 |
50,553 |
61,491 |
|||
Listing services |
4,210 |
744 |
8,634 |
1,667 |
|||
Total revenues |
92,689 |
122,676 |
160,997 |
204,199 |
|||
Cost of revenues |
(19,163) |
(18,405) |
(33,293) |
(37,080) |
|||
Selling, general and administrative expenses |
(117,931) |
(94,749) |
(218,452) |
(189,927) |
|||
Goodwill impairment |
(41,223) |
- |
(41,223) |
- |
|||
Other operating income |
2,671 |
478 |
2,742 |
1,308 |
|||
Income (loss) from operations |
(82,957) |
10,000 |
(129,229) |
(21,500) |
|||
Interest income |
294 |
272 |
577 |
559 |
|||
Other loss, net |
(435) |
(5,209) |
(307) |
(2,372) |
|||
Income (loss) before taxes and loss from equity |
(83,098) |
5,063 |
(128,959) |
(23,313) |
|||
Income tax benefits/(expenses) |
(4,368) |
(6,024) |
12,925 |
1,093 |
|||
Loss before loss from equity in affiliates |
(87,466) |
(961) |
(116,034) |
(22,220) |
|||
Loss from equity in affiliates |
(56) |
(32) |
(132) |
(51) |
|||
Net loss |
(87,522) |
(993) |
(116,166) |
(22,271) |
|||
Less: net loss attributable to non-controlling |
(219) |
(109) |
(690) |
(525) |
|||
Loss attributable to Leju Holdings Limited |
(87,303) |
(884) |
(115,476) |
(21,746) |
|||
Loss per ADS: |
|||||||
Basic/ Diluted |
(0.64) |
(0.01) |
(0.85) |
(0.16) |
|||
Shares used in computation of loss per ADS: |
|||||||
Basic/ Diluted |
135,763,962 |
135,763,962 |
135,652,738 |
135,763,962 |
|||
Note 1 |
The conversion of functional currency Renminbi ("RMB") amounts into reporting |
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, |
||||||
2017 |
2018 |
2017 |
2018 |
||||
Net loss |
(87,522) |
(993) |
(116,166) |
(22,271) |
|||
Other comprehensive income (loss), net of tax of nil |
|||||||
Foreign currency translation adjustment |
3,025 |
(2,982) |
4,268 |
(773) |
|||
Comprehensive loss |
(84,497) |
(3,975) |
(111,898) |
(23,044) |
|||
Less: Comprehensive income (loss) attributable to |
(251) |
38 |
(729) |
(480) |
|||
Comprehensive loss attributable to Leju Holdings |
(84,246) |
(4,013) |
(111,169) |
(22,564) |
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, |
||||||
2017 |
2018 |
2017 |
2018 |
||||
GAAP income (loss) from operations |
(82,957) |
10,000 |
(129,229) |
(21,500) |
|||
Share-based compensation expense |
976 |
1,056 |
2,398 |
2,035 |
|||
Amortization of intangible assets resulting from business |
3,332 |
3,205 |
6,363 |
6,655 |
|||
Goodwill impairment |
41,223 |
- |
41,223 |
- |
|||
Non-GAAP income (loss) from operations |
(37,426) |
14,261 |
(79,245) |
(12,810) |
|||
GAAP net loss |
(87,522) |
(993) |
(116,166) |
(22,271) |
|||
Share-based compensation expense (net of tax) |
976 |
1,056 |
2,398 |
2,035 |
|||
Amortization of intangible assets resulting from |
|||||||
business acquisitions (net of tax) |
2,797 |
2,358 |
5,367 |
4,991 |
|||
Goodwill impairment (net of tax) |
41,223 |
- |
41,223 |
- |
|||
Non-GAAP net income (loss) |
(42,526) |
2,421 |
(67,178) |
(15,245) |
|||
Net loss attributable to Leju Holdings Limited |
(87,303) |
(884) |
(115,476) |
(21,746) |
|||
Share-based compensation expense |
|||||||
(net of tax and non-controlling interests) |
968 |
1,048 |
2,382 |
2,019 |
|||
Amortization of intangible assets resulting from business |
2,797 |
2,358 |
5,367 |
4,991 |
|||
Goodwill impairment (net of tax and non-controlling |
41,223 |
- |
41,223 |
- |
|||
Non-GAAP net income (loss) attributable to Leju |
(42,315) |
2,522 |
(66,504) |
(14,736) |
|||
GAAP net loss per ADS - basic/diluted |
(0.64) |
(0.01) |
(0.85) |
(0.16) |
|||
Non-GAAP net income (loss) per ADS - basic/diluted |
(0.31) |
0.02 |
(0.49) |
(0.11) |
|||
Shares used in calculating basic GAAP/non-GAAP net |
135,763,962 |
135,763,962 |
135,652,738 |
135,763,962 |
LEJU HOLDINGS LIMITED |
||||||||
SELECTED OPERATING DATA |
||||||||
Three months ended |
Six months ended |
|||||||
June 30, |
June 30, |
|||||||
2017 |
2018 |
2017 |
2018 |
|||||
Operating data for e-commerce services |
||||||||
Number of discount coupons issued to |
97,282 |
58,252 |
140,731 |
77,930 |
||||
Number of discount coupons redeemed (number |
32,670 |
20,888 |
51,657 |
34,687 |
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