SouFun Announces Fourth Quarter and Fiscal Year 2012 Results
Revenue in the fourth quarter of 2012 was
Operating income in the fourth quarter of 2012 was
Net income attributable to shareholders recorded a year-over-year increase of 85.3% to
Fiscal Year 2012 Highlights
Revenue in 2012 was
Operating income in 2012 was
Net income attributable to shareholders recorded a year-over-year increase of 49.4% to
"Again we delivered strong results for the fourth quarter and the whole year, despite tough market conditions we experienced in the first half of the year," said
Revenue from marketing services was
Revenue from e-commerce services was
Revenue from listing services was
Revenue from other value-added services was
Cost of revenue was
Gross margin was 82.8% for the fourth quarter of 2012, a slight decrease from 85.1% for the corresponding period in 2011. The slight decrease was primarily due to the expanded implementation of the value-added tax system during 2012.
Operating expenses were
Selling expenses were
General and administrative expenses were
Operating income was
Income tax expense was
Net income attributable to shareholders was
As of
Fiscal Year 2012 Results
Revenue from marketing services was
Revenue from e-commerce services was
Revenue from listing services was
Revenue from other value-added services was
Cost of revenue was
Gross margin was 81.2% for 2012, slightly improved from 80.6% in 2011.
Operating expenses totaled
Selling expenses totaled
General and administrative expenses totaled
Operating income was
Income tax expense was
Net income attributable to shareholders was
Cash flow from operating activities was
Business Outlook
Notes regarding Unaudited Financial Information
The unaudited financial information disclosed in this press release is preliminary. The audit of the financial statements and related notes to be included in the Company's annual report on Form 20-F for the year ended
Conference Call Information
The dial-in details for the live conference call are:
US: |
+1 718 354 1231/ 1 866 519 4004 |
International: |
+65 6723 9381 |
Hong Kong: |
+852 2475 0994 /800 930 346 |
Mainland China: |
800 819 0121 / 400 620 8038 |
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
International: |
+61 2 8199 0299 |
US Toll Free: |
1855 452 5696 |
US Toll: |
+1 646 254 3697 |
Conference ID #: |
94996321 |
A live and archived webcast of the conference call will be available on
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 2013 and comments by management in this release about
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
For investor and media inquiries, please contact:
Dr. Hua Lei
IR Director
Tel: +86 (10) 5631 8661
E-mail: Leihua@soufun.com
IR Manager
Tel: +86 (10) 5631 8660
E-mail: Bj.wangjing@soufun.com
SouFun Holdings Limited |
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Condensed Consolidated Balance Sheet |
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( in U.S. dollars in thousands ) |
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ASSETS |
December 31, |
December 31, |
|||||
2012 |
2011 |
||||||
(Unaudited) |
(Audited) |
||||||
Current assets: |
|||||||
Cash and cash equivalents |
118,167 |
150,414 |
|||||
Restricted cash, current |
- |
35,814 |
|||||
Short-term investments |
26,841 |
8,592 |
|||||
Accounts receivable, net |
30,029 |
27,697 |
|||||
Funds receivable |
7,600 |
- |
|||||
Prepayment and other current assets |
9,226 |
9,695 |
|||||
Loans receivable |
- |
26,143 |
|||||
Amounts due from a related party |
- |
1,595 |
|||||
Deferred tax assets, current |
2,734 |
1,602 |
|||||
Total current assets |
194,597 |
261,552 |
|||||
Non-current assets: |
|||||||
Property and equipment, net |
79,564 |
68,064 |
|||||
Restricted cash, non-current |
391,416 |
247,631 |
|||||
Deferred tax assets, non current |
1,723 |
1,407 |
|||||
Deposit for non-current assets |
8,750 |
- |
|||||
Prepayment for business acquisition |
111,367 |
- |
|||||
Other non-current assets |
13,744 |
1,717 |
|||||
Total non-current assets |
606,564 |
318,819 |
|||||
Total assets |
801,161 |
580,371 |
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Short-term loans |
270,670 |
255,570 |
|||||
Deferred revenue |
65,871 |
61,208 |
|||||
Accrued expenses and other liabilities |
89,306 |
52,490 |
|||||
Dividend payable |
- |
51,969 |
|||||
Income tax payable |
23,659 |
16,158 |
|||||
Customers' refundable fees |
18,449 |
12,412 |
|||||
Total current liabilities |
467,955 |
449,807 |
|||||
Non-current liabilities: |
|||||||
Long-term loans |
80,750 |
- |
|||||
Deferred tax liabilities, non-current |
64,947 |
38,581 |
|||||
Total non-current liabilities |
145,697 |
38,581 |
|||||
Total Liabilities |
613,652 |
488,388 |
|||||
Shareholders' equity: |
|||||||
Class A and Class B Ordinary shares (par value of |
10,316 |
10,032 |
|||||
Additional paid-in capital |
69,637 |
49,838 |
|||||
Accumulated other comprehensive income |
23,974 |
21,853 |
|||||
Retained earnings |
82,952 |
10,185 |
|||||
Total SouFun Holdings Limited shareholders' equity |
186,879 |
91,908 |
|||||
Noncontrolling interests |
630 |
75 |
|||||
Total shareholders' equity |
187,509 |
91,983 |
|||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
801,161 |
580,371 |
SouFun Holdings Limited |
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Condensed Consolidated Statements of Comprehensive Income |
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( in U.S. dollars in thousands, except share data and per ADS data ) |
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Three months ended |
Twelve months ended |
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December 31, |
December 31, |
December 31, |
December 31, |
|||||||||
2012 |
2011 |
2012 |
2011 |
|||||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||||||
Revenues: |
||||||||||||
Marketing services |
80,234 |
79,433 |
249,861 |
246,634 |
||||||||
E-commerce services |
40,111 |
10,030 |
102,162 |
24,170 |
||||||||
Listing services |
26,092 |
21,778 |
72,874 |
67,125 |
||||||||
Other value-added services |
1,100 |
2,624 |
5,361 |
5,897 |
||||||||
Total revenues |
147,537 |
113,865 |
430,258 |
343,826 |
||||||||
Cost of Revenues: |
||||||||||||
Cost of services |
(25,314) |
(16,959) |
(80,863) |
(66,571) |
||||||||
Total Cost of Revenues |
(25,314) |
(16,959) |
(80,863) |
(66,571) |
||||||||
Gross Profit |
122,223 |
96,906 |
349,395 |
277,255 |
||||||||
Operating expenses: |
||||||||||||
Selling expenses |
(27,815) |
(20,770) |
(80,056) |
(67,207) |
||||||||
General and administrative expenses |
(22,800) |
(29,286) |
(70,780) |
(69,611) |
||||||||
Total Operating Expenses |
(50,615) |
(50,056) |
(150,836) |
(136,818) |
||||||||
Operating Income |
71,608 |
46,850 |
198,559 |
140,437 |
||||||||
Foreign exchange gain (loss) |
12 |
(1) |
90 |
1 |
||||||||
Interest income |
5,455 |
3,609 |
19,406 |
10,483 |
||||||||
Interest expense |
(5,199) |
(2,912) |
(11,630) |
(4,026) |
||||||||
Realized gain-trading securities |
- |
11 |
- |
263 |
||||||||
Government grants |
194 |
308 |
1,298 |
1,399 |
||||||||
Other-than-temporary impairment on available-for-sale securities |
- |
(4,343) |
(14) |
(4,343) |
||||||||
Income before income |
72,070 |
43,522 |
207,709 |
144,214 |
||||||||
Income tax expenses |
||||||||||||
Income tax expense |
(16,310) |
(13,430) |
(55,905) |
(42,617) |
||||||||
Net income |
55,760 |
30,092 |
151,804 |
101,597 |
||||||||
Net (loss) attributable to noncontrolling interests |
(6) |
(8) |
(6) |
(28) |
||||||||
Net income attributable |
55,766 |
30,100 |
151,810 |
101,625 |
||||||||
Other comprehensive |
||||||||||||
Foreign currency translation |
3,823 |
1,599 |
1,378 |
10,839 |
||||||||
Reclassification adjustment for |
- |
3,506 |
- |
721 |
||||||||
Unrealized losses on |
43 |
- |
743 |
- |
||||||||
Total other comprehensive income, |
3,866 |
5,105 |
2,121 |
11,560 |
||||||||
Comprehensive income |
59,626 |
35,198 |
153,925 |
113,157 |
||||||||
Earnings per share for Class A and Class B ordinary shares |
||||||||||||
Basic |
0.72 |
0.39 |
1.96 |
1.33 |
||||||||
Diluted |
0.68 |
0.37 |
1.85 |
1.24 |
||||||||
Weighted average number of Class A and Class B ordinary shares outstanding: |
||||||||||||
Basic |
77,555,412 |
76,854,946 |
77,365,156 |
76,492,272 |
||||||||
Diluted |
82,433,256 |
81,105,017 |
81,924,565 |
82,215,832 |
SouFun Holdings Limited |
||||||||||||
Reconciliation of GAAP and Non-GAAP Results |
||||||||||||
( in U.S. dollars in thousands, except share data and per share data) |
||||||||||||
Three months ended |
Twelve months ended |
|||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
|||||||||
2012 |
2011 |
2012 |
2011 |
|||||||||
GAAP income from operations |
71,608 |
46,850 |
198,559 |
140,437 |
||||||||
Share-based compensation |
3,153 |
1,869 |
7,149 |
7,170 |
||||||||
Non-GAAP income from operations |
74,761 |
48,719 |
205,708 |
147,607 |
||||||||
GAAP net income |
55,760 |
30,092 |
151,804 |
101,597 |
||||||||
One-off tax benefit |
- |
(7,645) |
(1,631) |
(7,645) |
||||||||
Withholding tax related to dividends |
6,196 |
10,557 |
16,867 |
18,414 |
||||||||
Other-than-temporary impairment on available-for-sale securities |
- |
4,343 |
14 |
4,343 |
||||||||
Share-based compensation |
3,153 |
1,869 |
7,149 |
7,170 |
||||||||
Non-GAAP net income |
65,109 |
39,216 |
174,203 |
123,879 |
||||||||
Net Income attributable to |
55,766 |
30,100 |
151,810 |
101,625 |
||||||||
One-off tax benefit |
- |
(7,645) |
(1,631) |
(7,645) |
||||||||
Withholding tax related to dividends |
6,196 |
10,557 |
16,867 |
18,414 |
||||||||
Other-than-temporary impairment on available-for-sale securities |
- |
4,343 |
14 |
4,343 |
||||||||
Share-based compensation expense |
3,153 |
1,869 |
7,149 |
7,170 |
||||||||
Non-GAAP net Income attributable to SouFun Holdings Limited shareholders |
65,115 |
39,224 |
174,209 |
123,907 |
||||||||
GAAP earnings per share for Class A and Class B ordinary shares: |
||||||||||||
Basic |
0.72 |
0.39 |
1.96 |
1.33 |
||||||||
Diluted |
0.68 |
0.37 |
1.85 |
1.24 |
||||||||
Non-GAAP earnings per share for Class A and Class B ordinary shares: |
||||||||||||
Basic |
0.84 |
0.51 |
2.25 |
1.62 |
||||||||
Diluted |
0.79 |
0.49 |
2.13 |
1.51 |
||||||||
Weighted average number of Class A and Class B ordinary shares outstanding: |
||||||||||||
Basic |
77,555,412 |
76,854,946 |
77,365,156 |
76,492,272 |
||||||||
Diluted |
82,433,256 |
81,105,017 |
81,924,565 |
82,215,832 |
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SOURCE