Leju Reports Third Quarter 2019 Results and Issues Notice of Annual General Meeting
Third Quarter 2019 Financial Highlights
- Total revenues increased by 39% year-on-year to
$185.4 million .
- Revenues from e-commerce services increased by 58% year-on-year to$153.4 million .
- Revenues from online advertising services decreased by 13% year-on-year to$31.5 million . - Income from operations was
$15.8 million , an increase of 40% from$11.3 million for the same quarter of 2018. - Non-GAAP[1] income from operations was
$19.5 million , an increase of 25% from$15.6 million for the same quarter of 2018. - Net income attributable to
Leju Holdings Limited shareholders was$11.2 million , or$0.08 per diluted American depositary share ("ADS"), an increase of 63% from$6.8 million , or$0.05 per diluted ADS, for the same quarter of 2018. - Non-GAAP net income attributable to
Leju Holdings Limited shareholders was$14.1 million , or$0.10 per diluted ADS, an increase of 37% from$10.3 million , or$0.08 per diluted ADS, for the same quarter of 2018.
First Nine Month 2019 Financial Highlights
- Total revenues increased by 38% year-on-year to
$465.8 million .
- Revenues from e-commerce services increased by 52% year-on-year to$362.6 million .
- Revenues from online advertising services increased by 4% year-on-year to$101.8 million . - Income from operations was
$8.7 million , compared to loss from operations of$10.2 million for the same period of 2018. - Non-GAAP income from operations was
$19.9 million , an increase of 611% from$2.8 million for the same period of 2018. - Net income attributable to
Leju Holdings Limited shareholders was$7.0 million , or$0.05 per diluted ADS, compared to net loss attributable toLeju Holdings Limited shareholders of$14.9 million , or$0.11 loss per diluted ADS for the same period of 2018. - Non-GAAP net income attributable to
Leju Holdings Limited shareholders was$15.9 million , or$0.12 per diluted ADS, compared to non-GAAP net loss attributable toLeju Holdings Limited shareholders of$4.4 million , or$0.03 loss per diluted ADS for the same period of 2018.
[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, 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. |
"We are pleased that our revenue reached a record high in the third quarter," said Mr.
Third Quarter 2019 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
Net income was
Net income attributable to
First Nine Month 2019 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
Net income was
Net income attributable to
Cash Flow
As of
Third quarter 2019 net cash provided by operating activities was
Business Outlook
The Company estimates that its total revenues for the fourth quarter of 2019 will be approximately
Holders of record of the Company's ordinary shares at the close of business on
The notice of the annual general meeting is available on the Company's website at http://ir.leju.com.
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: |
8377206 |
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 CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
(In thousands of U.S. dollars) |
||||||||||
December 31, |
September 30, |
|||||||||
2018 |
2019 |
|||||||||
ASSETS |
||||||||||
Current assets |
||||||||||
Cash and cash equivalents |
147,263 |
171,014 |
||||||||
Accounts receivable, net |
102,697 |
134,034 |
||||||||
Contract assets |
2,137 |
8,400 |
||||||||
Marketable securities |
2,467 |
3,414 |
||||||||
Prepaid expenses and other current assets |
8,621 |
7,100 |
||||||||
Customer deposits |
10,672 |
27,610 |
||||||||
Amounts due from related parties |
6,695 |
9,483 |
||||||||
Total current assets |
280,552 |
361,055 |
||||||||
Property and equipment, net |
14,058 |
17,968 |
||||||||
Intangible assets, net |
57,401 |
48,503 |
||||||||
Right-of-use assets[2] |
— |
27,624 |
||||||||
Investment in affiliates |
63 |
51 |
||||||||
Deferred tax assets |
62,356 |
60,507 |
||||||||
Other non-current assets |
2,297 |
2,051 |
||||||||
Total assets |
416,727 |
517,759 |
||||||||
LIABILITIES AND EQUITY |
||||||||||
Current liabilities |
||||||||||
Accounts payable |
803 |
1,715 |
||||||||
Accrued payroll and welfare expenses |
30,628 |
31,943 |
||||||||
Income tax payable |
58,030 |
58,329 |
||||||||
Other tax payable |
12,675 |
18,000 |
||||||||
Amounts due to related parties |
3,477 |
11,399 |
||||||||
Advance from customers |
26,873 |
40,710 |
||||||||
Lease liabilities, current[2] |
— |
5,238 |
||||||||
Customer deposit payable |
— |
7,069 |
||||||||
Accrued marketing and advertising expenses |
14,896 |
29,861 |
||||||||
Other current liabilities |
12,999 |
31,465 |
||||||||
Total current liabilities |
160,381 |
235,729 |
||||||||
Lease liabilities, non-current[2] |
— |
22,725 |
||||||||
Deferred tax liabilities |
14,780 |
14,342 |
||||||||
Total liabilities |
175,161 |
272,796 |
||||||||
Shareholders' Equity |
||||||||||
Ordinary shares ($0.001 par value): 1,000,000,000 shares |
136 |
136 |
||||||||
Additional paid-in capital |
792,626 |
794,344 |
||||||||
Accumulated deficit |
(528,825) |
(521,804) |
||||||||
Accumulated other comprehensive loss |
(19,848) |
(25,629) |
||||||||
Total Leju Holdings Limited shareholders' equity |
244,089 |
247,047 |
||||||||
Non-controlling interests |
(2,523) |
(2,084) |
||||||||
Total equity |
241,566 |
244,963 |
||||||||
TOTAL LIABILITIES AND EQUITY |
416,727 |
517,759 |
||||||||
[2] In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a |
LEJU HOLDINGS LIMITED |
||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands of U.S. dollars, except share data and per share data) |
||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2018 |
2019 |
2018 |
2019 |
|||||||||||||
Revenues |
||||||||||||||||
E-commerce |
96,853 |
153,428 |
237,894 |
362,642 |
||||||||||||
Online advertising services |
35,968 |
31,466 |
97,459 |
101,798 |
||||||||||||
Listing services |
767 |
505 |
2,434 |
1,357 |
||||||||||||
Total revenues |
133,588 |
185,399 |
337,787 |
465,797 |
||||||||||||
Cost of revenues |
(16,935) |
(13,237) |
(54,015) |
(55,068) |
||||||||||||
Selling, general and administrative expenses |
(106,195) |
(156,977) |
(296,122) |
(402,994) |
||||||||||||
Other operating income |
850 |
590 |
2,158 |
958 |
||||||||||||
Income (loss) from operations |
11,308 |
15,775 |
(10,192) |
8,693 |
||||||||||||
Interest income |
286 |
315 |
845 |
900 |
||||||||||||
Interest expenses |
— |
(858) |
— |
(858) |
||||||||||||
Other income (loss), net |
(3,897) |
(191) |
(6,269) |
1,102 |
||||||||||||
Income (loss) before taxes and loss from equity |
7,697 |
15,041 |
(15,616) |
9,837 |
||||||||||||
Income tax benefits/(expenses) |
(361) |
(3,776) |
732 |
(2,469) |
||||||||||||
Income (loss) before loss from equity in |
7,336 |
11,265 |
(14,884) |
7,368 |
||||||||||||
Income (loss) from equity in affiliates |
(19) |
15 |
(70) |
(11) |
||||||||||||
Net income (loss) |
7,317 |
11,280 |
(14,954) |
7,357 |
||||||||||||
Less: net income (loss) attributable to |
473 |
121 |
(52) |
337 |
||||||||||||
Income (loss) attributable to Leju Holdings |
6,844 |
11,159 |
(14,902) |
7,020 |
||||||||||||
Earnings (loss) per ADS: |
||||||||||||||||
Basic |
0.05 |
0.08 |
(0.11) |
0.05 |
||||||||||||
Diluted |
0.05 |
0.08 |
(0.11) |
0.05 |
||||||||||||
Shares used in computation of earnings (loss) per |
||||||||||||||||
Basic |
135,763,962 |
135,765,158 |
135,763,962 |
135,764,361 |
||||||||||||
Diluted |
135,763,962 |
135,769,998 |
135,763,962 |
135,767,912 |
||||||||||||
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 U.S. dollars) |
||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2018 |
2019 |
2018 |
2019 |
|||||||||||||
Net income (loss) |
7,317 |
11,280 |
(14,954) |
7,357 |
||||||||||||
Other comprehensive loss, net of tax of nil |
||||||||||||||||
Foreign currency translation adjustment |
(3,243) |
(5,310) |
(4,016) |
(5,781) |
||||||||||||
Comprehensive income (loss) |
4,074 |
5,970 |
(18,970) |
1,576 |
||||||||||||
Less: Comprehensive income attributable to |
551 |
161 |
71 |
377 |
||||||||||||
Comprehensive income (loss) attributable to Leju |
3,523 |
5,809 |
(19,041) |
1,199 |
||||||||||||
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 |
Nine months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2018 |
2019 |
2018 |
2019 |
|||||||||||||
GAAP income (loss) from operations |
11,308 |
15,775 |
(10,192) |
8,693 |
||||||||||||
Share-based compensation expense |
1,098 |
599 |
3,133 |
1,770 |
||||||||||||
Amortization of intangible assets resulting from business |
3,204 |
3,153 |
9,859 |
9,459 |
||||||||||||
Non-GAAP income from operations |
15,610 |
19,527 |
2,800 |
19,922 |
||||||||||||
GAAP net income (loss) |
7,317 |
11,280 |
(14,954) |
7,357 |
||||||||||||
Share-based compensation expense |
1,098 |
599 |
3,133 |
1,770 |
||||||||||||
Amortization of intangible assets resulting from |
3,204 |
3,153 |
9,859 |
9,459 |
||||||||||||
Income tax benefit: |
||||||||||||||||
Current |
— |
— |
— |
— |
||||||||||||
Deferred[3] |
(801) |
(788) |
(2,465) |
(2,364) |
||||||||||||
Non-GAAP net income (loss) |
10,818 |
14,244 |
(4,427) |
16,222 |
||||||||||||
Net income (loss) attributable to Leju Holdings Limited shareholder |
6,844 |
11,159 |
(14,902) |
7,020 |
||||||||||||
Share-based compensation expense |
1,094 |
599 |
3,113 |
1,770 |
||||||||||||
Amortization of intangible assets resulting from business |
3,204 |
3,153 |
9,859 |
9,459 |
||||||||||||
Income tax benefit: |
||||||||||||||||
Current |
— |
— |
— |
— |
||||||||||||
Deferred |
(801) |
(788) |
(2,465) |
(2,364) |
||||||||||||
Non-GAAP net income (loss) attributable to Leju |
10,341 |
14,123 |
(4,395) |
15,885 |
||||||||||||
GAAP net income (loss) per ADS — basic |
0.05 |
0.08 |
(0.11) |
0.05 |
||||||||||||
GAAP net income (loss) per ADS — diluted |
0.05 |
0.08 |
(0.11) |
0.05 |
||||||||||||
Non-GAAP net income (loss) per ADS — basic |
0.08 |
0.10 |
(0.03) |
0.12 |
||||||||||||
Non-GAAP net income (loss) per ADS — diluted |
0.08 |
0.10 |
(0.03) |
0.12 |
||||||||||||
Shares used in calculating basic GAAP / non-GAAP net |
135,763,962 |
135,765,158 |
135,763,962 |
135,764,361 |
||||||||||||
Shares used in calculating diluted GAAP / non-GAAP net |
135,763,962 |
135,769,998 |
135,763,962 |
135,767,912 |
||||||||||||
[3] Amount represents the realization of deferred tax liabilities recognized for the temporary difference between the tax |
LEJU HOLDINGS LIMITED |
||||||||||||||||
SELECTED OPERATING DATA |
||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2018 |
2019 |
2018 |
2019 |
|||||||||||||
Operating data for e-commerce services |
||||||||||||||||
Number of discount coupons issued to |
31,554 |
73,259 |
109,484 |
167,628 |
||||||||||||
Number of discount coupons redeemed (number of |
30,807 |
51,400 |
65,494 |
107,194 |
||||||||||||
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