SouFun Announces Unaudited First Quarter 2012 Results
Revenues up 43.4% year-over-year to
Operating income up 131.3% year-over-year to
Net income attributable to shareholders up 152.9%
year-over-year to
First Quarter 2012 Highlights
Revenues grew 43.4% to
Operating income was
Net income attributable to shareholders was
“We are happy to deliver the 6th consecutive better than
guidance results after IPO,” said
Financial Results for First Quarter 2012
Revenues
For the first quarter of 2012,
Revenue from marketing services was
Revenue from listing services was
Revenue from e-commerce services was
Since 2012 we have changed the classification of revenue in our
consolidated statements of income by reclassifying revenue from
Revenue from other value-added services and products was
Cost of Revenue
Cost of revenue was
Operating Expenses
Operating expenses for the first quarter of 2012 were
Selling expenses for the first quarter of 2012 were
General and administrative expenses for the first quarter of 2012 were
Operating Income
Operating income for the first quarter of 2012 was
Income Tax Expense
Income tax expense for the first quarter of 2012 was
Net Income Attributable to Shareholders
Net income attributable to shareholders for the first quarter of 2012
was
Cash Flow
As of
Cash flow from operating activities was
Business Outlook
We maintain and are confident in our revenue guidance for fiscal year of
2012 to be between
Conference Call Information
SouFun’ management team will host a conference call on
The dial-in details for the live conference call are:
US: +1 718 354 1231/ 1 866 519 4004
International: +65 6723 9381
Mainland
Passcode: SFUN
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.
A telephone replay of the call will be available after the conclusion of
the conference call at
US Toll Free: 1866 214 5335
US Toll: +1 718 354 1232
Conference
ID # 79535282
A live and archived webcast of the conference call will be available on SouFun’s website at http://ir.soufun.com.
About
Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such
as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,”
“intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,”
“should” and similar expressions. Such forward-looking statements
include, without limitation, statements regarding the outlook for the
fiscal year of 2012 and comments by management in this release about
SouFun’s strategic and operational plans and focus, internal controls,
current and future market positions, growth momentum, and e-commerce
initiatives and card membership services, and about China’s real estate
and home furnishings market.
Further information regarding these and other risks and uncertainties is
included in our annual report on form 20-F and other documents filed
with the
About Non-GAAP Financial Measures
To supplement
SouFun Holdings Limited Unaudited Condensed Consolidated Balance Sheets ( in U.S. dollars in thousands ) |
|||||||
ASSETS | March 31, | December 31, | |||||
2012 | 2011 | ||||||
Current assets: | |||||||
Cash and cash equivalents | 114,934 | 150,414 | |||||
Restricted cash, current | 35,851 | 35,814 | |||||
Short-term investments | 26,063 | 8,592 | |||||
Accounts receivable, net | 29,359 | 27,697 | |||||
Prepayment and other current assets | 11,782 | 9,695 | |||||
Loan receivable | 12,691 | 26,143 | |||||
Amounts due from related parties | 1,397 | 1,595 | |||||
Deferred tax assets, current | 1,334 | 1,602 | |||||
Total current assets | 233,411 | 261,552 | |||||
Non-current assets: | |||||||
Property and equipment, net | 67,322 | 68,064 | |||||
Restricted cash, non-current portion | 263,199 | 247,631 | |||||
Deferred tax assets, non current | 1,251 | 1,407 | |||||
Deposit for non-current assets | 13,107 | - | |||||
Other non-current assets | 1,687 | 1,717 | |||||
Total non-current assets | 346,566 | 318,819 | |||||
Total assets | 579,977 | 580,371 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term loans | 270,570 | 255,570 | |||||
Deferred revenue | 83,000 | 73,620 | |||||
Accrued expenses and other liabilities | 61,047 | 52,490 | |||||
Dividend payable | 1,780 | 51,969 | |||||
Income tax payable | 13,810 | 16,158 | |||||
Total current liabilities | 430,207 | 449,807 | |||||
Non-current liabilities: | |||||||
Deferred tax liabilities, non-current | 38,602 | 38,581 | |||||
Total non-current liabilities | 38,602 | 38,581 | |||||
Total Liabilities | 468,809 | 488,388 | |||||
Shareholders' equity: |
|||||||
Class A and Class B Ordinary shares (par value of HK$1 per share: 600,000,000 shares authorized; 78,150,568 (Class A-53,813,918 and Class B-24,336,650 ) with par value of US$10,032 (Class A-US$6,908 and Class B-US$3,124) and 78,840,890 (Class A-54,504,240 and Class B 24,336,650 ) with par value of US$10,121 (Class A-US$6,997 and Class B-US$3,124) shares issued and outstanding as of December 31, 2011 and March 31, 2012) |
10,121 |
10,032 |
|||||
Additional paid-in capital | 54,336 | 49,838 | |||||
Accumulated other comprehensive income | 21,992 | 21,853 | |||||
Retained earnings | 24,719 | 10,185 | |||||
Total SouFun Holdings Limited shareholders' equity | 111,168 |
|
91,908 | ||||
Noncontrolling interests | - | 75 | |||||
Total shareholders’ equity | 111,168 | 91,983 | |||||
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | 579,977 | 580,371 |
SouFun Holdings Limited Unaudited Condensed Consolidated Statements of Operations ( in U.S. dollars in thousands, except share data ) |
||||||
For the three months ended | ||||||
March 31, 2012 |
March 31, 2011 |
|||||
Revenues: | ||||||
Marketing services | 34,252 | 28,190 | ||||
Listing services | 10,934 | 11,277 | ||||
E-commerce services |
12,045 | 95 | ||||
Other value-added services | 1,259 | 1,227 | ||||
Total revenues | 58,490 | 40,789 | ||||
Cost of revenues: | ||||||
Cost of services |
(16,522) | (13,218) | ||||
Total cost of revenues | (16,522) | (13,218) | ||||
Gross Profit | 41,968 | 27,571 | ||||
Operating expenses: | ||||||
Selling expenses | (14,458) | (12,187) | ||||
General and administrative expenses | (13,823) | (9,466) | ||||
Total operating expenses | (28,281) | (21,653) | ||||
Operating Income | 13,687 | 5,918 | ||||
Foreign exchange (loss) gain | (2) | 26 | ||||
Interest income | 4,427 | 1,377 | ||||
Interest expenses | (2,093) | (42) | ||||
Realized gain—trading securities | - | 55 | ||||
Government grants | 437 | 499 | ||||
Other-than-temporary impairment on available-for-sale securities | (14) | - | ||||
Income before income taxes and noncontrolling interests | 16,442 | 7,833 | ||||
Income tax expenses | ||||||
Income tax expense | (1,908) | (2,091) | ||||
Net income | 14,534 | 5,742 | ||||
Net loss attributable to noncontrolling interests | - | 5 | ||||
Net income attributable to SouFun Holdings Limited shareholders |
|
14,534 | 5,747 | |||
Other comprehensive income, net of tax |
||||||
Foreign currency translation | 139 | 2,313 | ||||
Total other comprehensive income, net of tax | 139 | 2,313 | ||||
Comprehensive income | 14,673 | 8,055 | ||||
Earnings per share for Class A and Class B ordinary shares: | ||||||
Basic | 0.19 | 0.08 | ||||
Diluted | 0.18 | 0.07 | ||||
Weighted average number of Class A and Class B ordinary shares outstanding: | ||||||
Basic | 76,805,249 | 76,065,755 | ||||
Diluted | 81,068,135 | 82,768,286 |
SouFun Holdings Limited Reconciliation of GAAP and Non-GAAP Results ( in U.S. dollars in thousands, except share data ) |
|||||||
For the three months ended | |||||||
March 31, 2012 | March 31, 2011 | ||||||
GAAP income from operations | 13,687 | 5,918 | |||||
Share-based compensation | 1,263 | 1,991 | |||||
Non-GAAP income from operations | 14,950 | 7,909 | |||||
GAAP net income | 14,534 | 5,742 | |||||
One-off tax benefit | (1,631) | - | |||||
Other-than-temporary impairment on available-for-sale securities | 14 | - | |||||
Share-based compensation | 1,263 | 1,991 | |||||
Non-GAAP net income | 14,180 | 7,733 | |||||
Net Income attributable to SouFun Holdings Limited shareholders |
14,534 | 5,747 | |||||
One-off tax benefit | (1,631) | - | |||||
Other-than-temporary impairment on available-for-sale securities | 14 | - | |||||
Share-based compensation expense | 1,263 | 1,991 | |||||
Non-GAAP net Income attributable to SouFun Holdings Limited shareholders | 14,180 | 7,738 | |||||
GAAP earnings per share for Class A and Class B ordinary shares: | |||||||
Basic | 0.19 | 0.08 | |||||
Diluted | 0.18 | 0.07 | |||||
Non-GAAP earnings per share for Class A and Class B ordinary shares: | |||||||
Basic | 0.18 | 0.10 | |||||
Diluted | 0.17 | 0.09 | |||||
Weighted average number of Class A and Class B ordinary shares outstanding: | |||||||
Basic | 76,805,249 | 76,065,755 | |||||
Diluted | 81,068,135 | 82,768,286 |
Source:
SouFun Holdings Limited
Dr. Hua Lei, +86 (10) 5930 6425
ir@soufun.com