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 March 2015

 


 

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: March 19, 2015

 

2



 

Exhibit Index

 

Exhibit 99.1 — Press release

 

3


Exhibit 99.1

 

Leju Reports Fourth Quarter and Full Year 2014 Results and Declares Cash Dividend

 

BEIJING, March 18, 2015 — 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 and full year ended December 31, 2014.

 

Fourth Quarter 2014 Financial Highlights

 

·                  Total revenues increased by 36% year-on-year to $171.8 million

·                  Revenues from e-commerce services increased by 61% year-on-year to $124.5 million

·                  Revenues from online advertising services increased by 1% year-on-year to $43.8 million

·                  Non-GAAP1 income from operations increased by 8% year-on-year to $36.8 million

·                  Non-GAAP net income attributable to Leju shareholders increased by 12% year-on-year to $31.3 million, or $0.23 per diluted American depositary share (“ADS”)

 

Full Year 2014 Financial Highlights

 

·                  Total revenues increased by 48% year-on-year to $496.0 million

·                  Revenues from e-commerce services increased by 92% year-on-year to $326.7 million

·                  Revenues from online advertising services increased by 7% year-on-year to $155.1 million

·                  Non-GAAP income from operations increased by 44% year-on-year to $107.0 million

·                  Non-GAAP net income attributable to Leju shareholders increased by 44% year-on-year to $90.7 million, or $0.68 per diluted ADS

 

“We are pleased to report strong results for our first year as a public company,” said Mr. Geoffrey He, Leju’s chief executive officer. “During 2014, Leju further strengthened its O2O platform for real estate services across the primary, secondary and home furnishing markets through continuous product innovation and with a strong focus on execution. We also successfully incorporated mobile marketing into our service portfolio through our cooperation with leading social media platforms Weibo and Weixin. In a softer primary real estate market, our new mobile platform and various product launches allow us to offer differentiated advantages and deliver positive results for our clients as they turn to us for support in marketing and promoting their projects.”

 

“Looking ahead, we expect that China’s real estate market will continue to experience a period of change, and we remain committed to executing on our business strategies in 2015,” Mr. He continued. “We believe the e-commerce market offers unique opportunities and we plan to further grow this business through the use of mobile solutions. We will stay focused on building a transparent informational platform in the secondary listing business through the promotion of reliable home data using our verified listing model along with our brokerage partners. Furthermore, we also plan to expand our home furnishing business in 2015 through a new platform that brings together customers with individual contractors, who serve a pivotal role in home furnishing projects. We believe that our service-oriented business model and strong online and offline execution make us well-positioned to address our clients’ marketing needs and generate and capture further growth.”

 

“We are reporting strong top-line growth, with our e-commerce business in particular delivering another year of high revenue growth,” said Ms. Min Chen, Leju’s chief financial officer. “We generated strong operating cash flows for the year which will support the company’s operations and strategic investments in 2015.”

 


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.

 

1



 

Fourth Quarter 2014 Results

 

Total revenues were $171.8 million, an increase of 36% from $126.4 million for the same quarter of 2013, mainly driven by growth of revenues from e-commerce services.

 

Revenues from e-commerce services were $124.5 million, an increase of 61% from $77.5 million for the same quarter of 2013, primarily due to a 28% increase in discount coupons redeemed,2 as a result of the expansion of the Company’s e-commerce business through partnerships with property developers.

 

Revenues from online advertising services were $43.8 million, a slight increase from $43.2 million for the same quarter of 2013, primarily due to revenue growth in the Company’s new home channels.

 

Revenues from listing services were $3.5 million, a decrease of 38% from $5.6 million for the same quarter of 2013, primarily due to the slowdown in secondary home sales.

 

Cost of revenues was $14.3 million, an increase of 2% from $14.1 million for the same quarter of 2013, primarily due to increased editorial department headcount which was partially offset by decreased fees paid to third parties for services in connection with the Company’s listing business and decreased amortization expenses of intangible assets.

 

Selling, general and administrative expenses were $128.8 million, an increase of 52% from $84.8 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 and bonuses resulting from increased headcount and improved profit.

 

Income from operations was $29.1 million in the fourth quarter of 2014, an increase of 5% from $27.6 million for the same quarter of 2013. Non-GAAP income from operations was $36.8 million, an increase of 8% from $34.2 million for the same quarter of 2013.

 

Net income was $22.9 million, a decrease of 7% from $24.6 million for the same quarter of 2013. Non-GAAP net income was $31.0 million, an increase of 12% from $27.8 million for the same quarter of 2013.

 

Net income attributable to Leju shareholders was $23.2 million, or $0.17 per diluted ADS, a decrease of 6% from $24.7 million, or $0.21 per diluted ADS, for the same quarter of 2013. Non-GAAP net income attributable to Leju shareholders was $31.3 million, or $0.23 per diluted ADS, an increase of 12% from $27.8 million, or $0.23 per diluted ADS, for the same quarter of 2013.

 

Full Year 2014 Results

 

Total revenues were $496.0 million, an increase of 48% from $335.4 million for 2013, mainly driven by the growth of revenues from e-commerce services.

 

Revenues from e-commerce services were $326.7 million, an increase of 92% from $170.2 million for 2013, primarily due to a 61% increase in discount coupons redeemed,2 as a result of the expansion of the Company’s e-commerce business through partnerships with property developers.

 

Revenues from online advertising services were $155.1 million, an increase of 7% from $145.4 million for 2013, primarily due to revenue growth in both the Company’s new home and home furnishing channels.

 

Revenues from listing services were $14.3 million, a decrease of 28% from $19.8 million for 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.

 

2



 

Cost of revenues was $51.1 million, a decrease of 20% from $64.0 million for 2013, primarily due to decreased fees paid to third parties for services in connection with the Company’s listing business and decreased amortization expenses of intangible assets.

 

Selling, general and administrative expenses were $366.3 million, an increase of 62% from $226.1 million for 2013, primarily due to increased marketing expenses related to the growth of the Company’s e-commerce business, along with increased staff costs and bonuses resulting from increased headcount and improved profit.

 

Income from operations was $81.1 million, an increase of 77% from $45.9 million for 2013. Non-GAAP income from operations was $107.0 million, an increase of 44% from $74.2 million for 2013.

 

Net income was $66.7 million, an increase of 56% from $42.7 million for 2013. Non-GAAP net income was $90.9 million, an increase of 43% from $63.4 million for 2013.

 

Net income attributable to Leju shareholders was $66.5 million, or $0.50 per diluted ADS, an increase of 56% from $42.5 million, or $0.35 per diluted ADS, for 2013. Non-GAAP net income attributable to Leju shareholders was $90.7 million, or $0.68 per diluted ADS, an increase of 44% from $63.0 million, or $0.53 per diluted ADS, for 2013.

 

Cash Flow

 

As of December 31, 2014, the Company’s cash and cash equivalents balance was $317.8 million.

 

Fourth quarter 2014 net cash provided by operating activities was $59.7 million, mainly attributable to non-GAAP net income of $31.0 million, an increase in accrued payroll and welfare of $9.0 million, an increase in income tax payables and other tax payables of $9.5 million, and an increase in other current liabilities of $7.2 million. Net cash used in investing activities was $4.0 million, mainly comprised of a payment of $3.3 million to Baidu related to the Company’s exclusive right to sell Baidu’s real estate-related Brand-Link product and to build and operate the Baidu real estate and home furnishing channels. Net cash used in financing activities was $1.6 million, and mainly comprised of a payment of $2.2 million to acquire non-controlling interests.

 

Declaration of Cash Dividend

 

Leju also announced today that its board of directors has authorized and approved the Company’s payment of a cash dividend of $0.20 per ordinary share ($0.20 per ADS). The cash dividend will be payable on or about May 15, 2015 to shareholders of record as of the close of business on April 10, 2015. Dividends to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

 

Business Outlook

 

The Company estimates that its fiscal 2015 total revenues will be approximately $600 million to $620 million, which would represent an increase of approximately 21% to 25% from $496.0 million in 2014. This forecast reflects the Company’s current and preliminary view, which is subject to change.

 

3



 

Conference Call Information

 

Leju’s management will host an earnings conference call on March 18, 2015 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 March 25, 2015:

 

International:

+1-866-846-0868

Passcode:

6617697

 

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.

 

4



 

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:

 

Ms. Melody Liu

Leju Holdings Limited

Phone: +86 (10) 5895-1062

E-mail: ir@leju.com

 

Mr. Derek Mitchell

Ogilvy Financial

In the U.S.: +1 (646) 867-1888

In China: +86 (10) 8520-6139

E-mail: leju@ogilvy.com

 

5



 

LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEET

(In thousands of U.S. dollars)

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2014

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

98,730

 

317,811

 

Accounts receivable, net

 

87,316

 

119,742

 

Deferred tax assets, net

 

27,714

 

29,858

 

Prepaid expenses and other current assets

 

5,556

 

13,355

 

Amounts due from related parties

 

3,472

 

1

 

Total current assets

 

222,788

 

480,767

 

Property and equipment, net

 

7,028

 

7,159

 

Intangible assets, net

 

128,530

 

105,419

 

Investment in affiliates

 

251

 

273

 

Goodwill

 

40,611

 

40,563

 

Other non-current assets

 

3,730

 

4,085

 

Total assets

 

402,938

 

638,266

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

 

1,423

 

371

 

Accrued payroll and welfare expenses

 

30,504

 

48,007

 

Income tax payable

 

41,437

 

57,246

 

Other tax payable

 

18,514

 

27,805

 

Amounts due to related parties

 

4,501

 

5,289

 

Advance from customers and deferred revenue

 

7,163

 

5,054

 

Liability for exclusive rights, current

 

8,968

 

 

Other current liabilities

 

11,074

 

53,528

 

Total current liabilities

 

123,584

 

197,300

 

Deferred tax liabilities

 

27,564

 

26,042

 

Total liabilities

 

151,148

 

223,342

 

Equity

 

 

 

 

 

Ordinary shares ($0.001 par value): 500,000,000 shares authorized, 120,000,000 and 134,015,621 shares issued and outstanding, as of December 31, 2013 and December 31, 2014, respectively

 

120

 

134

 

Additional paid-in capital

 

686,378

 

788,247

 

Accumulated deficit

 

(443,294

)

(377,876

)

Subscription receivables

 

(120

)

(689

)

Accumulated other comprehensive income

 

5,622

 

5,030

 

Total Leju equity

 

248,706

 

414,846

 

Non-controlling interests

 

3,084

 

78

 

Total equity

 

251,790

 

414,924

 

TOTAL LIABILITIES AND EQUITY

 

402,938

 

638,266

 

 

6



 

LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

 

 

Three months ended

 

Year ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

E-commerce

 

77,486

 

124,489

 

170,205

 

326,680

 

Online advertising services

 

43,222

 

43,832

 

145,445

 

155,050

 

Listing services

 

5,644

 

3,524

 

19,772

 

14,293

 

Total revenues

 

126,352

 

171,845

 

335,422

 

496,023

 

Cost of revenues

 

(14,102

)

(14,339

)

(63,991

)

(51,130

)

Selling, general and administrative expenses

 

(84,844

)

(128,828

)

(226,143

)

(366,342

)

Other operating income

 

186

 

387

 

600

 

2,526

 

Income from operations

 

27,592

 

29,065

 

45,888

 

81,077

 

Interest income

 

283

 

510

 

1,082

 

1,316

 

Other income (expenses), net

 

(149

)

(7

)

(1,185

)

36

 

Income before taxes and equity in affiliates

 

27,726

 

29,568

 

45,785

 

82,429

 

Income tax expense

 

(3,091

)

(6,586

)

(3,066

)

(15,546

)

Income before equity in affiliates

 

24,635

 

22,982

 

42,719

 

66,883

 

Loss from equity in affiliates

 

(56

)

(64

)

(69

)

(224

)

Net income

 

24,579

 

22,918

 

42,650

 

66,659

 

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

 

(144

)

(307

)

125

 

138

 

Net income attributable to Leju shareholders

 

24,723

 

23,225

 

42,525

 

66,521

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

0.21

 

0.17

 

0.35

 

0.51

 

Diluted

 

0.21

 

0.17

 

0.35

 

0.50

 

Shares used in computation:

 

 

 

 

 

 

 

 

 

Basic

 

120,000,000

 

133,626,542

 

120,000,000

 

129,320,666

 

Diluted

 

120,000,000

 

137,505,730

 

120,000,000

 

132,502,100

 

 

Note 1

 

The conversion of Renminbi (“RMB”) amounts into USD amounts is based on the rate of USD1 = RMB6.1190 on December 31, 2014 and USD1 = RMB 6.1380 for the three months ended December 31, 2014

 

7



 

LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars)

 

 

 

Three months ended

 

Year ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

Net income

 

24,579

 

22,918

 

42,650

 

66,659

 

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

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

530

 

236

 

2,712

 

(605

)

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

25,109

 

23,154

 

45,362

 

66,054

 

 

 

 

 

 

 

 

 

 

 

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

 

(72

)

(282

)

280

 

130

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Leju shareholders

 

25,181

 

23,436

 

45,082

 

65,924

 

 

8



 

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

 

Year ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

GAAP income from operations

 

27,592

 

29,065

 

45,888

 

81,077

 

Share-based compensation expense

 

1,074

 

4,429

 

6,311

 

11,311

 

Amortization of intangible assets resulting from business acquisitions

 

5,509

 

3,275

 

22,017

 

14,569

 

Non-GAAP income from operations

 

34,175

 

36,769

 

74,216

 

106,957

 

 

 

 

 

 

 

 

 

 

 

GAAP net income

 

24,579

 

22,918

 

42,650

 

66,659

 

Share-based compensation expense (net of tax)

 

1,074

 

4,429

 

6,311

 

11,311

 

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

 

2,101

 

3,644

 

14,482

 

12,957

 

Non-GAAP net income

 

27,754

 

30,991

 

63,443

 

90,927

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Leju shareholders

 

24,723

 

23,225

 

42,525

 

66,521

 

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

 

1,074

 

4,429

 

6,311

 

11,311

 

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

 

2,029

 

3,644

 

14,197

 

12,842

 

Non-GAAP net income attributable to Leju shareholders

 

27,826

 

31,298

 

63,033

 

90,674

 

 

 

 

 

 

 

 

 

 

 

GAAP earnings per ADS — basic

 

0.21

 

0.17

 

0.35

 

0.51

 

 

 

 

 

 

 

 

 

 

 

GAAP earnings per ADS — diluted

 

0.21

 

0.17

 

0.35

 

0.50

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings per ADS — basic

 

0.23

 

0.23

 

0.53

 

0.70

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings per ADS — diluted

 

0.23

 

0.23

 

0.53

 

0.68

 

 

 

 

 

 

 

 

 

 

 

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

 

120,000,000

 

133,626,542

 

120,000,000

 

129,320,666

 

 

 

 

 

 

 

 

 

 

 

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

 

120,000,000

 

137,505,730

 

120,000,000

 

132,502,100

 

 

9



 

LEJU HOLDINGS LIMITED

SELECTED OPERATING DATA

 

 

 

Three months ended

 

Year ended

 

 

 

December 31,

 

December 31,

 

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

Operating data for e-commerce services

 

 

 

 

 

 

 

 

 

Number of discount coupons issued to prospective purchasers (number of transactions)

 

92,527

 

99,688

 

231,008

 

323,495

 

Number of discount coupons redeemed (number of transactions)

 

59,684

 

76,150

 

136,106

 

219,557

 

 

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