Leju Reports Second Quarter and Half Year 2019 Results

文章來源:PR Newswire 美通社   發表時間:2019/08/19 瀏覽次數:759

BEIJING, Aug. 19, 2019 /PRNewswire/ -- 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 half year ended June 30, 2019.

Second Quarter 2019 Financial Highlights

  • Total revenues increased by 39% year-on-year to $170.0 million.
    • Revenues from e-commerce services increased by 51% year-on-year to $132.4 million.
    • Revenues from online advertising services increased by 8% year-on-year to $37.2 million.
  • Income from operations was $12.0 million, an increase of 20% from $10.0 million for the same quarter of 2018.
  • Non-GAAP[1] income from operations was $15.7 million, an increase of 10% from $14.3 million for the same quarter of 2018.
  • Net income attributable to Leju Holdings Limited shareholders was $9.4 million, or $0.07 per diluted American depositary share ("ADS"), compared to net loss attributable to Leju Holdings Limited shareholders of $0.9 million, or $0.01 loss per diluted ADS, for the same quarter of 2018.
  • Non-GAAP net income attributable to Leju Holdings Limited shareholders was $12.3 million, or $0.09 per diluted ADS, an increase of 388% from $2.5 million, or $0.02 per diluted ADS, for the same quarter of 2018.

First Half 2019 Financial Highlights

  • Total revenues increased by 37% year-on-year to $280.4 million.
    • Revenues from e-commerce services increased by 48% year-on-year to $209.2 million.
    • Revenues from online advertising services increased by 14% year-on-year to $70.3 million.
  • Loss from operations was $7.1 million, a decrease of 67% from loss from operations of $21.5 million for the same period of 2018.
  • Non-GAAP income from operations was $0.4 million, compared to non-GAAP loss from operations of $12.8 million for the same period of 2018.
  • Net loss attributable to Leju Holdings Limited shareholders was $4.1 million, or $0.03 loss per diluted ADS, a decrease of 81% from net loss attributable to Leju Holdings Limited shareholders of $21.7 million, or $0.16 loss per diluted ADS for the same period of 2018.
  • Non-GAAP net income attributable to Leju Holdings Limited shareholders was $1.8 million, or $0.01 per diluted ADS, compared to non-GAAP net loss attributable to Leju Holdings Limited shareholders of $14.7 million, or $0.11 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 Leju achieved solid growth in both revenue and profit in the second quarter," said Mr. Geoffrey He, Leju's chief executive officer. "Our e-commerce revenue was close to our all-time high this quarter benefiting from the implementation of our top-down strategy, and we have accumulated a strong project pipeline for the second half of 2019. Leju's new media business also made great progress this quarter as our stronger content production systems and multi-channel networking operation model helped to improve our media influence and keep our competitive advantage in the market. In addition, we further optimized our operations and management, which helped us generate positive cash inflow from operations in the second quarter. Looking ahead, market uncertainty may increase. We will continue our efforts to improve operational efficiency and profitability while maintaining healthy top-line growth."

Second Quarter 2019 Results

Total revenues were $170.0 million, an increase of 39% from $122.7 million for the same quarter of 2018, mainly due to an increase in revenues from e-commerce services and online advertising services.

Revenues from e-commerce services were $132.4 million, an increase of 51% from $87.6 million for the same quarter of 2018, primarily due to an increase in the number of discount coupons redeemed, partially offset by a decrease in the average price per discount coupon redeemed.

Revenues from online advertising services were $37.2 million, an increase of 8% from $34.4 million for the same quarter of 2018, primarily due to an increase in property developers' demand for online advertising.

Revenues from listing services were $0.4 million, a decrease of 40% from $0.7 million for the same quarter of 2018, primarily due to a decrease in secondary real estate brokers' demand.

Cost of revenues was $18.3 million, relatively flat compared to $18.4 million for the same quarter of 2018.

Selling, general and administrative expenses were $140.0 million, an increase of 48% from $94.7 million for the same quarter of 2018, primarily due to increased marketing expenses related to the Company's e-commerce business.

Income from operations was $12.0 million, an increase of 20% from $10.0 million for the same quarter of 2018. Non-GAAP income from operations was $15.7 million, an increase of 10% from $14.3 million for the same quarter of 2018.

Net income was $9.6 million, compared to net loss of $1.0 million for the same quarter of 2018. Non-GAAP net income was $12.6 million, an increase of 420% from $2.4 million for the same quarter of 2018.

Net income attributable to Leju Holdings Limited shareholders was $9.4 million, or $0.07 per diluted ADS, compared to net loss attributable to Leju Holdings Limited shareholders of $0.9 million, or $0.01 loss per diluted ADS, for the same quarter of 2018. Non-GAAP net income attributable to Leju Holdings Limited shareholders was $12.3 million, or $0.09 per diluted ADS, an increase of 388% from $2.5 million, or $0.02 per diluted ADS, for the same quarter of 2018.

First Half 2019 Results

Total revenues were $280.4 million, an increase of 37% from $204.2 million for the same period of 2018, mainly due to an increase in revenues from e-commerce services and online advertising services.

Revenues from e-commerce services were $209.2 million, an increase of 48% from $141.0 million for the same period of 2018, primarily due to an increase in the number of discount coupons redeemed, partially offset by a decrease in the average price per discount coupon redeemed.

Revenues from online advertising services were $70.3 million, an increase of 14% from $61.5 million for the same period of 2018, primarily due to an increase in property developers' demand for online advertising.

Revenues from listing services were $0.9 million, a decrease of 49% from $1.7 million for the same period of 2018, primarily due to a decrease in secondary real estate brokers' demand.

Cost of revenues was $41.8 million, an increase of 13% from $37.1 million for the same period of 2018, primarily due to increased cost of advertising resources purchased from media platforms.

Selling, general and administrative expenses were $246.0 million, an increase of 30% from $189.9 million for the same period of 2018, primarily due to increased marketing expenses related to the Company's e-commerce business.

Loss from operations was $7.1 million, a decrease of 67% from loss from operations of $21.5 million for the same period of 2018. Non-GAAP income from operations was $0.4 million, compared to non-GAAP loss from operations of $12.8 million for the same period of 2018.

Net loss was $3.9 million, a decrease of 82% from net loss of $22.3 million for the same period of 2018. Non-GAAP net income was $2.0 million, compared to non-GAAP net loss of $15.2 million for the same period of 2018.

Net loss attributable to Leju Holdings Limited shareholders was $4.1 million, or $0.03 loss per diluted ADS, a decrease of 81% from net loss attributable to Leju Holdings Limited shareholders of $21.7 million, or $0.16 loss per diluted ADS for the same period of 2018. Non-GAAP net income attributable to Leju Holdings Limited shareholders was $1.8 million, or $0.01 per diluted ADS, compared to non-GAAP net loss attributable to Leju Holdings Limited shareholders of $14.7 million, or $0.11 loss per diluted ADS for the same period of 2018.

Cash Flow

As of June 30, 2019, the Company's cash and cash equivalents balance was $166.6 million.

Second quarter 2019 net cash provided by operating activities was $32.5 million, primarily comprised of non-GAAP net income of $12.6 million, a decrease in customer deposits of $7.1 million, an increase in accrued marketing and advertising expenses and other current liabilities of $9.7 million, an increase in amounts due to related parties of $5.9 million, an increase in advance from customer of $5.6 million, and an increase in income tax payable and other tax payable of 3.3 million, partially offset by an increase in accounts receivable and contract assets of $13.5 million.

Business Outlook

The Company estimates that its total revenues for the third quarter of 2019 will be approximately $170 million to $180 million, which would represent an increase of approximately 27% to 35% from $133.6 million in the same quarter in 2018. This forecast reflects the Company's current and preliminary view, which is subject to change.

Conference Call Information

Leju's management will host an earnings conference call on August 19, 2019 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:

+1-845-675-0437

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 "Leju earnings call".

A replay of the conference call may be accessed by phone at the following number until August 27, 2019:

U.S./International:

+1-855-452-5696

Hong Kong:  

800-963-117

Mainland China:  

400-632-2162

Passcode: 

4069729



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 370 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 SINA Corporation, 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 carve-out from E-House and prior reliance on E-House for various corporate services; its reliance on SINA 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 status as a principal shareholder of 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.

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. Christina Wu
Leju Holdings Limited
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com

Philip Lisio
Foote Group
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,

June 30,


ASSETS



2018



2019



Current assets









Cash and cash equivalents



147,263



166,613



Accounts receivable, net



102,697



122,804



Contract assets



2,137



1,303



Marketable securities



2,467



3,327



Prepaid expenses and other current assets



8,621



8,871



Customer deposits



10,672



2,195



Amounts due from related parties



6,695



7,573



Total current assets



280,552



312,686



Property and equipment, net



14,058



17,865



Intangible assets, net



57,401



51,177



Right-of-use assets[2]





33,795



Investment in affiliates



63



37



Deferred tax assets



62,356



62,252



Other non-current assets



2,297



1,390



Total assets



416,727



479,202












LIABILITIES AND EQUITY









Current liabilities









Accounts payable



803



2,062



Accrued payroll and welfare expenses



30,628



30,637



Income tax payable



58,030



56,230



Other tax payable



12,675



15,422



Amounts due to related parties



3,477



14,626



Advance from customers



26,873



34,899



Lease liabilities, current[2]





6,478



Accrued marketing and advertising expenses



14,896



18,149



Other current liabilities



12,999



20,030



Total current liabilities



160,381



198,533



Lease liabilities, non-current[2]





27,570



Deferred tax liabilities



14,780



14,755



Total liabilities



175,161



240,858



Shareholders' Equity                                                                









Ordinary shares ($0.001 par value): 1,000,000,000 shares
  authorized, 135,763,962 and 135,763,962 shares issued
  and outstanding, as of December 31, 2018 and June 30, 2019,
  respectively



136



136



Additional paid-in capital



792,626



793,798



Accumulated deficit



(528,825))



(532,964)



Accumulated other comprehensive loss



(19,848)



(20,319)



Total Leju Holdings Limited shareholders' equity



244,089



240,651



Non-controlling interests



(2,523)



(2,307)



Total equity



241,566



238,344



TOTAL LIABILITIES AND EQUITY



416,727



479,202













[2] In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability on their balance sheet for all leases with a term of more than 12 months. The Group adopted this ASU on January 1, 2019 using the modified retrospective approach and the financial statements for the comparative period has not been restated.

 

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


Six months ended



June 30,


June 30,



2018


2019


2018


2019


















Revenues

















E-commerce



87,571




132,365




141,041




209,214


Online advertising services



34,361




37,153




61,491




70,332


Listing services



744




447




1,667




852


Total revenues



122,676




169,965




204,199




280,398


Cost of revenues



(18,405)




(18,293)




(37,080)




(41,831)


Selling, general and administrative expenses



(94,749)




(140,040)




(189,927)




(246,017)


Other operating income



478




346




1,308




368


Income (loss) from operations



10,000




11,978




(21,500)




(7,082)


Interest income



272




202




559




585


Other income (loss), net



(5,209)




696




(2,372)




1,293


Income (loss) before taxes and loss from equity
   in affiliates



5,063




12,876




(23,313)




(5,204)


Income tax benefits/(expenses)



(6,024)




(3,232)




1,093




1,307


Income (loss) before loss from equity in affiliates



(961)




9,644




(22,220)




(3,897)


Loss from equity in affiliates



(32)




(14)




(51)




(26)


Net income (loss)



(993            (993))

 




9,630




(22,271)




(3,923)


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



(109)




278




(525)




216


Income (loss) attributable to Leju Holdings
    Limited shareholders



(884)




9,352




(21,746)




(4,139)



















Earnings (loss) per ADS:

















Basic



(0.01)




0.07




(0.16)




(0.03)


Diluted



(0.01)




0.07




(0.16)




(0.03)


Shares used in computation of earnings (loss) per ADS:

















Basic



135,763,962




135,763,962




135,763,962




135,763,962


Diluted



135,763,962




135,769,776




135,763,962




135,763,962



















The conversion of functional currency Renminbi ("RMB") amounts into reporting currency USD amounts is based on the rate of USD1 = RMB6.8747 on June 30, 2019 and USD1 = RMB6.8005 for the six months ended June 30, 2019.

 

LEJU HOLDINGS LIMITED 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

 (In thousands of U.S. dollars)

 









Three months ended



Six months ended



June 30,



June 30,



2018


2019


2018



2019



















Net income (loss)



(993)




9,630




(22,271)





(3,923)


Other comprehensive loss, net of tax of nil


















Foreign currency translation adjustment



(2,982)




(3,805)




(773)





(471)




















Comprehensive income (loss)



(3,975)




5,825)




(23,044)





(4,394)




















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



38




311




(480)





216




















Comprehensive income (loss) attributable to Leju

Holdings Limited shareholders



(4,013)




5,514




(22,564)





(4,610)




















 

 

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,



2018


2019


2018


2019
















GAAP income (loss) from operations



10,000




11,978



(21,500)



(7,082)


Share-based compensation expense

 

 

 



1,056




596



2,035



1,171


Amortization of intangible assets resulting from business

    acquisitions



3,205




3,153



6,655



6,306


Non-GAAP income (loss) from operations



14,261




15,727



(12,810)



395

















GAAP net income (loss)



(993)




9,630



(22,271)



(3,923)


Share-based compensation expense



1,056




596



2,035



1,171


Amortization of intangible assets resulting from 
   
business acquisitions



3,205




3,153



6,655



6,306


Income tax benefit:















   Current











   Deferred[3]



(847)




(788)



(1,664)



(1,576)


Non-GAAP net income (loss)



2,421




12,591



(15,245)



1,978

















Net income (loss) attributable to Leju Holdings Limited
   
shareholder



(884)




9,352



(21,746)



(4,139)


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



1,048




596



2,019



1,171


Amortization of intangible assets resulting from business

    acquisitions (net of non-controlling interests)



3,205




3,153



6,655



6,306


Income tax benefit:















   Current











   Deferred



(847)




(788)



(1,664)



(1,576)


Non-GAAP net income (loss) attributable to Leju

    Holdings Limited shareholders

 



2,522




12,313



(14,736)



1,762

















GAAP net income (loss) per ADS — basic



(0.01)




0.07



(0.16)



(0.03)

















GAAP net income (loss) per ADS — diluted



(0.01)




0.07



(0.16)



(0.03)

















Non-GAAP net income (loss) per ADS — basic



0.02




0.09



(0.11)



0.01

















Non-GAAP net income (loss) per ADS — diluted



0.02




0.09



(0.11)



0.01

















Shares used in calculating basic GAAP / non-GAAP net

    income (loss) attributable to shareholders per ADS



135,763,962




135,763,962



135,763,962



135,763,962

















Shares used in calculating diluted GAAP net income (loss)

    attributable to shareholders per ADS



 

135,763,962




135,769,776



135,763,962



135,763,962

















Shares used in calculating diluted non-GAAP net income
    (loss) attributable to shareholders per ADS



 

135,763,962




135,769,776



135,763,962



135,766,869

















[3]  Amount represents the realization of deferred tax liabilities recognized for the temporary difference between the tax basis of intangible assets recognized from acquisitions and their reported amounts in the financial statements. The income tax impact on the share-based compensation expense is nil.

 

LEJU HOLDINGS LIMITED

SELECTED OPERATING DATA




Three months ended


Six months ended



June 30,


June 30,



2018


2019


2018


2019


















Operating data for e-commerce services

















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



58,252




64,820




77,930




94,369


Number of discount coupons redeemed (number
    of transactions)



20,888




36,235




34,687




55,794



















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