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 November 2013
Commission File Number: 001-34862
SOUFUN HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)
F9M, Building 5, Zone E, Hanwei International Plaza, Fengmao South Road, Fengtai District
Beijing 100070, the 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 þ Form 40-F ¨
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): ¨
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): ¨
Unless we otherwise specify, when used in this Form 6-K the terms “SouFun,” “we” and “our” refer to SouFun Holdings Limited and its subsidiaries and consolidated controlled entities.
This Form 6-K contains our unaudited financial results as of and for the three months ended September 30, 2013 and a discussion of these results, which we previously publicly released on November 7, 2013.
This Form 6-K, excluding Exhibit 99.1, is hereby incorporated by reference into our Registration Statement on Form F-3 (Registration No. 333-181407).
Third Quarter 2013 Results
Revenues
SouFun reported total revenue of $185.0 million in the third quarter of 2013, representing an increase of 45.4% from the corresponding period in 2012, primarily driven by the growth in listing services and SouFun membership e-commerce services.
Revenue from marketing services was $86.5 million in the third quarter of 2013, an increase of 8.5% from $79.7 million in the corresponding period in 2012.
Revenue from e-commerce services was $49.7 million in the third quarter of 2013, a 94.2% increase from $25.6 million in the same period in 2012, primarily due to expansion of SouFun membership services in existing and new cities.
Revenue from listing services was $46.3 million in the third quarter of 2013, an increase of 128.0% from $20.3 million for the corresponding period in 2012, primarily due to increased paying agent subscribers.
Revenue from other value-added services was $2.6 million in the third quarter of 2013, an increase of 57.5% from $1.6 million in the corresponding period in 2012.
Cost of Revenue
Cost of revenue was $28.5 million in the third quarter of 2013, an increase of 37.0 % from $20.8 million in the corresponding period in 2012. The increase in cost of revenue was mainly driven by the increase in staff costs and taxes.
Gross margin was 84.6% in the third quarter of 2013, compared to 83.6% in the corresponding period in 2012.
Operating Expenses
Operating expenses were $46.2 million in the third quarter of 2013, an increase of 16.6% from $39.6 million for the corresponding period in 2012, reflecting effective cost control.
Selling expenses were $25.4 million in the third quarter of 2013, an increase of 23.1% from $20.6 million in the corresponding period in 2012, primarily due to increased staff cost.
General and administrative expenses were $20.7 million in the third quarter of 2013, an increase of 9.5% from $18.9 million in the corresponding period in 2012, primarily due to increased staff cost.
2
Operating Income
Operating income was $110.6 million in the third quarter of 2013, an increase of 65.5% from $66.8 million in the corresponding period in 2012, driven by revenue growth and effective cost control.
Income Tax Expenses
Income tax expense was $14.2 million in the third quarter of 2013, a 29.2% decrease compared to $20.0 million for the corresponding period in 2012. The decrease was primarily due to a one-time benefit of $15.1 million resulting from certain subsidiaries being now subject to a lower dividend-related withholding tax rate.
Net Income and EPS
Net income attributable to SouFun’s shareholders was $102.7 million in the third quarter of 2013, a 108.9% increase from $49.2 million in the corresponding period in 2012. Fully diluted earnings per share were $1.22 in the third quarter of 2013, doubled from $0.61 in the corresponding period in 2012.
Cash
As of September 30, 2013, SouFun had cash, cash equivalents, and short-term investments (excluding the available-for-sale security) of $320.7 million, compared to $143.6 million as of December 31, 2012. Cash flow from operating activities was $126.3 million in the third quarter of 2013, a 123.7% increase from $56.4 million in the same period in 2012.
3
SouFun Holdings Limited
Condensed Consolidated Balance Sheets
(U.S. dollars in thousands, except as noted)
| Sep 30, | Dec 31, | |||||||
| 2013 | 2012 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
294,382 | 118,167 | ||||||
| Restricted cash, current |
216,623 | — | ||||||
| Short-term investments |
26,320 | 26,841 | ||||||
| Accounts receivable, net |
63,400 | 30,029 | ||||||
| Funds receivable |
55,659 | 7,600 | ||||||
| Prepayment and other current assets |
33,349 | 9,226 | ||||||
| Deferred tax assets, current |
2,977 | 2,734 | ||||||
|
|
|
|
|
|||||
| Total current assets |
692,710 | 194,597 | ||||||
|
|
|
|
|
|||||
| Non-current assets: |
||||||||
| Property and equipment, net |
221,258 | 79,564 | ||||||
| Restricted cash, non-current |
292,525 | 391,416 | ||||||
| Deferred tax assets, non-current |
5,526 | 1,723 | ||||||
| Deposit for non-current assets |
— | 8,750 | ||||||
| Prepayment for BaoAn acquisition |
— | 111,367 | ||||||
| Other non-current assets |
11,503 | 13,744 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
530,812 | 606,564 | ||||||
|
|
|
|
|
|||||
| Total assets |
1,223,522 | 801,161 | ||||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current liabilities: |
||||||||
| Short-term loans |
270,670 | 270,670 | ||||||
| Deferred revenue |
129,910 | 65,871 | ||||||
| Accrued expenses and other liabilities |
121,368 | 89,306 | ||||||
| Customers’ refundable fees |
79,288 | 18,449 | ||||||
| Income tax payable |
33,766 | 23,659 | ||||||
| Amounts due to a related party |
338 | — | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
635,340 | 467,955 | ||||||
| Non-current liabilities: |
||||||||
| Long-term loans |
180,750 | 80,750 | ||||||
| Deferred tax liabilities, non-current |
86,167 | 64,947 | ||||||
| Other non-current liabilities |
475 | — | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
267,392 | 145,697 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
902,732 | 613,652 | ||||||
|
|
|
|
|
|||||
| Equity: |
||||||||
| Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 57,196,844 shares and 56,013,735 shares issued and outstanding as at September 30, 2013 and December 31, 2012, respectively |
7,344 | 7,192 | ||||||
| Class B ordinary shares, par value HK$1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as at September 30, 2013 and December 31, 2012 , respectively |
3,124 | 3,124 | ||||||
| Additional paid-in capital |
84,748 | 69,637 | ||||||
| Accumulated other comprehensive income |
36,437 | 23,974 | ||||||
| Retained earnings |
188,423 | 82,952 | ||||||
|
|
|
|
|
|||||
| Total SouFun shareholders’ equity |
320,076 | 186,879 | ||||||
| Noncontrolling interests |
714 | 630 | ||||||
|
|
|
|
|
|||||
| Total equity |
320,790 | 187,509 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND EQUITY |
1,223,522 | 801,161 | ||||||
|
|
|
|
|
|||||
4
SouFun Holdings Limited
Condensed Consolidated Statements of Comprehensive Income
(in thousands of U.S. dollars, except share data and per share data)
| Three months ended | ||||||||
| September 30, 2013 |
September 30, 2012 |
|||||||
| Revenues: |
||||||||
| Marketing services |
86,485 | 79,717 | ||||||
| E-commerce services |
49,694 | 25,590 | ||||||
| Listing services |
46,311 | 20,312 | ||||||
| Other value-added services |
2,558 | 1,624 | ||||||
|
|
|
|
|
|||||
| Total revenues |
185,048 | 127,243 | ||||||
| Cost of revenues: |
||||||||
| Cost of services |
(28,532 | ) | (20,819 | ) | ||||
|
|
|
|
|
|||||
| Total cost of revenues |
(28,532 | ) | (20,819 | ) | ||||
|
|
|
|
|
|||||
| Gross Profit |
156,516 | 106,424 | ||||||
| Operating expenses and income: |
||||||||
| Selling expenses |
(25,415 | ) | (20,647 | ) | ||||
| General and administrative expenses |
(20,739 | ) | (18,938 | ) | ||||
| Other income |
274 | — | ||||||
| Operating Income |
110,636 | 66,839 | ||||||
| Foreign exchange gain |
— | 23 | ||||||
| Interest income |
7,532 | 4,995 | ||||||
| Interest expense |
(3,632 | ) | (2,826 | ) | ||||
| Government grants |
2,391 | 181 | ||||||
|
|
|
|
|
|||||
| Income before income taxes and noncontrolling interests |
116,927 | 69,212 | ||||||
|
|
|
|
|
|||||
| Income tax expenses |
||||||||
| Income tax expenses |
(14,186 | ) | (20,042 | ) | ||||
|
|
|
|
|
|||||
| Net income |
102,741 | 49,170 | ||||||
| Net income attributable to noncontrolling interests |
1 | — | ||||||
| Net income attributable to SouFun Holdings Limited’s shareholders |
102,740 | 49,170 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income, net of tax |
||||||||
| Foreign currency translation |
3,524 | (842 | ) | |||||
| Unrealized gain on available-for-sale security |
— | 200 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income, net of tax |
3,524 | (642 | ) | |||||
|
|
|
|
|
|||||
| Comprehensive income |
106,265 | 48,528 | ||||||
|
|
|
|
|
|||||
| Comprehensive income attributable to noncontrolling interests |
1 | — | ||||||
| Comprehensive income attributable to SouFun Holdings Limited’s shareholders |
106,264 | 48,528 | ||||||
|
|
|
|
|
|||||
| Basic |
1.31 | 0.64 | ||||||
| Diluted |
1.22 | 0.61 | ||||||
| Weighted average number of Class A and Class B ordinary shares outstanding: |
||||||||
| Basic |
78,217,258 | 76,906,873 | ||||||
| Diluted |
84,240,621 | 80,532,484 | ||||||
5
SIGNATURES
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.
| SOUFUN HOLDINGS LIMITED | ||
| By: | /s/ Vincent Tianquan Mo | |
| Name: | Vincent Tianquan Mo | |
| Title: | Executive Chairman | |
Date: November 22, 2013
Exhibit Index
Exhibit 99.1 — Press Release
Exhibit 99.1
SouFun Announces Third Quarter 2013 Results
BEIJING, China, November 7, 2013 – SouFun Holdings Limited (NYSE: SFUN) (“SouFun”), the leading real estate Internet portal in China, announced today its unaudited financial results for the third quarter of 2013.
Third Quarter 2013 Highlights
| • | Revenue in the third quarter of 2013 was $185.0 million, a 45.4% increase from the corresponding period in 2012. |
| • | Operating income in the third quarter of 2013 was $110.6 million, a 65.5% increase from the corresponding period in 2012. Non-GAAP operating income in the third quarter of 2013 was $112.3 million, a 64.3% increase from the corresponding period in 2012. |
| • | Net income attributable to SouFun’s shareholders was $102.7 million, representing a year-over-year increase of 108.9%. Fully diluted earnings per share were $1.22, increased 100% from the corresponding period in 2012. |
| • | Non-GAAP net income attributable to SouFun’s shareholders was $96.6 million, representing a year-over-year increase of 72.0%. Non-GAAP fully diluted earnings per share were $1.15, increased 64.3% from the corresponding period in 2012. |
“We are proud of delivering another solid quarter and our 13th straight growth and above guidance quarter since SouFun’s IPO.” said Vincent Mo, Executive Chairman of SouFun. “Wireless and other new products and services are starting to bring extra income to the company while our leading internet businesses are still in their strong growth seasons and far from reaching maturity. We will continue to explore new lines of businesses by investing in technologies and product development and working with strategic partners for SouFun’s future growth and our shareholders’ long-term value.”
Third Quarter 2013 Results
Revenues
SouFun reported total revenue of $185.0 million in the third quarter of 2013, representing an increase of 45.4% from the corresponding period in 2012, primarily driven by the growth in listing services and SouFun membership e-commerce services.
Revenue from marketing services was $86.5 million in the third quarter of 2013, an increase of 8.5% from $79.7 million in the corresponding period in 2012.
Revenue from e-commerce services was $49.7 million in the third quarter of 2013, a 94.2% increase from $25.6 million in the same period in 2012, primarily due to expansion of SouFun membership services in existing and new cities.
Revenue from listing services was $46.3 million in the third quarter of 2013, an increase of 128.0% from $20.3 million for the corresponding period in 2012, primarily due to increased paying agent subscribers.
Revenue from other value-added services was $2.6 million in the third quarter of 2013, an increase of 57.5% from $1.6 million in the corresponding period in 2012.
Cost of Revenue
Cost of revenue was $28.5 million in the third quarter of 2013, an increase of 37.0 % from $20.8 million in the corresponding period in 2012. The increase in cost of revenue was mainly driven by the increase in staff costs and taxes.
Gross margin was 84.6% in the third quarter of 2013, compared to 83.6% in the corresponding period in 2012.
Operating Expenses
Operating expenses were $46.2 million in the third quarter of 2013, an increase of 16.6% from $39.6 million for the corresponding period in 2012, reflecting effective cost control.
Selling expenses were $25.4 million in the third quarter of 2013, an increase of 23.1% from $20.6 million in the corresponding period in 2012, primarily due to increased staff cost.
General and administrative expenses were $20.7 million in the third quarter of 2013, an increase of 9.5% from $18.9 million in the corresponding period in 2012, primarily due to increased staff cost.
Operating Income
Operating income was $110.6 million in the third quarter of 2013, an increase of 65.5% from $66.8 million in the corresponding period in 2012, driven by revenue growth and effective cost control.
Income Tax Expenses
Income tax expense was $14.2 million in the third quarter of 2013, a 29.2% decrease compared to $20.0 million for the corresponding period in 2012. The decrease was primarily due to a one-time benefit of $15.1 million resulting from certain subsidiaries being now subject to a lower dividend-related withholding tax rate.
Net Income and EPS
Net income attributable to SouFun’s shareholders was $102.7 million in the third quarter of 2013, a 108.9% increase from $49.2 million in the corresponding period in 2012. Fully diluted earnings per share were $1.22 in the third quarter of 2013, doubled from $0.61 in the corresponding period in 2012.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income taxes, interest expenses, interest income, depreciation and amortization, was $117.6 million in the third quarter of 2013, an increase of 67.4% as compared to $70.2 million in the corresponding period in 2012.
Cash
As of September 30, 2013, SouFun had cash, cash equivalents, and short-term investments (excluding the available-for-sale security) of $320.7 million, compared to $143.6 million as of December 31, 2012. Cash flow from operating activities was $126.3 million in the third quarter of 2013, a 123.7% increase from $56.4 million in the same period in 2012.
Business Outlook
SouFun raises its total revenue guidance for 2013 from between $538.0 million and $548.0 million to between $605.0 million and $615.0 million, or from a year-over-year increase of between 25.0% and 27.5% to between 40.6% and 42.9%. This forecast reflects SouFun’s current and preliminary view, which is subject to change.
Conference Call Information
SouFun’s management team will host a conference call on November 7, 2013 at 8 a.m. U.S. Eastern Daylight Time (9 p.m. Beijing/Hong Kong time).
The dial-in details for the live conference call are:
| International Toll: | +65 6723 9381 | |
| International Toll-Free: | ||
| Hong Kong | 800 930 346 | |
| United States | +1 866 519 4004 | |
| Toll Dial-In: | ||
| Mainland China | +86-400-620-8038 / +86-800-819-0121 | |
| Conference ID: 89920619 | ||
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 11:00 a.m. U.S. Eastern Daylight Time on November 7 through November 14, 2013. The dial-in details for the telephone replay are:
| International Toll: | +61-2-8199-0299 | |
| Toll-Free: | ||
| Mainland China | 400-632-2162/ 800-870-0206 | |
| Hong Kong | 800-963-117 | |
| United States | 1-855-452-5696 | |
| Conference ID: 89920619 | ||
A live and archived webcast of the conference call will be available on SouFun’s website at http://ir.soufun.com.
About SouFun
SouFun operates the leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through our websites, we provide marketing, e-commerce, listing and other value-added services for China’s fast-growing real estate and home furnishing and improvement sectors. Our user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home-related sectors in China. SouFun currently maintains about 100 offices to focus on local market needs and its website and database contains real estate related content covering more than 320 cities in China. For more information about SouFun, please visit http://ir.soufun.com.
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. Statements that are not historical facts, including statements about SouFun’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, SouFun’s limited operating history, the current global financial and credit markets crisis and its potential impact on the Chinese economy, measures taken or to be taken by the Chinese government to control real estate growth and prices and other events which could recur in the future.
Further information regarding these and other risks and uncertainties is included in SouFun’s annual report on form 20-F and other documents filed with the U.S. Securities and Exchange Commission. SouFun does not assume any obligation to update any forward-looking statements in this release and elsewhere, which apply only as of the date of this press release.
About Non-GAAP Financial Measures
To supplement SouFun’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), SouFun uses in this press release the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) operating income, (2) net income and (3) basic and diluted earnings per ordinary share. The presentation of the non-GAAP financial information 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 “Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.
SouFun believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expenses and the related tax effects, as well as realized gain on available-for-sale security for the three months ended June 30, 2013, which (1) may not be indicative of SouFun’s recurring core business operating results or (2) are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to SouFun’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 has been and will continue to be a significant recurring expense that will continue to exist in SouFun’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 have more details on the reconciliation between non-GAAP financial measures and their most directly comparable GAAP financial measures.
For investor and media inquiries, please contact:
Mr. Hong Zhao
Vice President of Finance
SouFun Holdings Limited
Phone: +86-10-5631-8707
Email: hongzhao@soufun.com
Or
Ms. Yiwen Zhang
Investor Relations Manager
SouFun Holdings Limited
Phone: +86-10-5631 8659
E-mail: zhangyiwen@soufun.com
SouFun Holdings Limited
Condensed Consolidated Balance Sheets
(U.S. dollars in thousands, except as noted)
| Sep 30, | Dec 31, | |||||||
| 2013 | 2012 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
294,382 | 118,167 | ||||||
| Restricted cash, current |
216,623 | — | ||||||
| Short-term investments |
26,320 | 26,841 | ||||||
| Accounts receivable, net |
63,400 | 30,029 | ||||||
| Funds receivable |
55,659 | 7,600 | ||||||
| Prepayment and other current assets |
33,349 | 9,226 | ||||||
| Deferred tax assets, current |
2,977 | 2,734 | ||||||
|
|
|
|
|
|||||
| Total current assets |
692,710 | 194,597 | ||||||
|
|
|
|
|
|||||
| Non-current assets: |
||||||||
| Property and equipment, net |
221,258 | 79,564 | ||||||
| Restricted cash, non-current |
292,525 | 391,416 | ||||||
| Deferred tax assets, non-current |
5,526 | 1,723 | ||||||
| Deposit for non-current assets |
— | 8,750 | ||||||
| Prepayment for BaoAn acquisition |
— | 111,367 | ||||||
| Other non-current assets |
11,503 | 13,744 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
530,812 | 606,564 | ||||||
|
|
|
|
|
|||||
| Total assets |
1,223,522 | 801,161 | ||||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| Current liabilities: |
||||||||
| Short-term loans |
270,670 | 270,670 | ||||||
| Deferred revenue |
129,910 | 65,871 | ||||||
| Accrued expenses and other liabilities |
121,368 | 89,306 | ||||||
| Customers’ refundable fees |
79,288 | 18,449 | ||||||
| Income tax payable |
33,766 | 23,659 | ||||||
| Amounts due to a related party |
338 | — | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
635,340 | 467,955 | ||||||
| Non-current liabilities: |
||||||||
| Long-term loans |
180,750 | 80,750 | ||||||
| Deferred tax liabilities, non-current |
86,167 | 64,947 | ||||||
| Other non-current liabilities |
475 | — | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
267,392 | 145,697 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
902,732 | 613,652 | ||||||
|
|
|
|
|
|||||
| Equity: |
||||||||
| Class A ordinary shares, par value Hong Kong Dollar (“HK$”) 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 57,196,844 shares and 56,013,735 shares issued and outstanding as at September 30, 2013 and December 31, 2012, respectively |
7,344 | 7,192 | ||||||
| Class B ordinary shares, par value HK$1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as at September 30, 2013 and December 31, 2012 , respectively |
3,124 | 3,124 | ||||||
| Additional paid-in capital |
84,748 | 69,637 | ||||||
| Accumulated other comprehensive income |
36,437 | 23,974 | ||||||
| Retained earnings |
188,423 | 82,952 | ||||||
|
|
|
|
|
|||||
| Total SouFun shareholders’ equity |
320,076 | 186,879 | ||||||
| Noncontrolling interests |
714 | 630 | ||||||
|
|
|
|
|
|||||
| Total equity |
320,790 | 187,509 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND EQUITY |
1,223,522 | 801,161 | ||||||
|
|
|
|
|
|||||
SouFun Holdings Limited
Condensed Consolidated Statements of Comprehensive Income
(in thousands of U.S. dollars, except share data and per share data)
| Three months ended | ||||||||
| September 30, 2013 |
September 30, 2012 |
|||||||
| Revenues: |
||||||||
| Marketing services |
86,485 | 79,717 | ||||||
| E-commerce services |
49,694 | 25,590 | ||||||
| Listing services |
46,311 | 20,312 | ||||||
| Other value-added services |
2,558 | 1,624 | ||||||
|
|
|
|
|
|||||
| Total revenues |
185,048 | 127,243 | ||||||
| Cost of revenues: |
||||||||
| Cost of services |
(28,532 | ) | (20,819 | ) | ||||
|
|
|
|
|
|||||
| Total cost of revenues |
(28,532 | ) | (20,819 | ) | ||||
|
|
|
|
|
|||||
| Gross Profit |
156,516 | 106,424 | ||||||
| Operating expenses and income: |
||||||||
| Selling expenses |
(25,415 | ) | (20,647 | ) | ||||
| General and administrative expenses |
(20,739 | ) | (18,938 | ) | ||||
| Other income |
274 | — | ||||||
| Operating Income |
110,636 | 66,839 | ||||||
| Foreign exchange gain |
— | 23 | ||||||
| Interest income |
7,532 | 4,995 | ||||||
| Interest expense |
(3,632 | ) | (2,826 | ) | ||||
| Government grants |
2,391 | 181 | ||||||
|
|
|
|
|
|||||
| Income before income taxes and noncontrolling interests |
116,927 | 69,212 | ||||||
|
|
|
|
|
|||||
| Income tax expenses |
||||||||
| Income tax expenses |
(14,186 | ) | (20,042 | ) | ||||
|
|
|
|
|
|||||
| Net income |
102,741 | 49,170 | ||||||
| Net income attributable to noncontrolling interests |
1 | — | ||||||
| Net income attributable to SouFun Holdings Limited’s shareholders |
102,740 | 49,170 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income, net of tax |
||||||||
| Foreign currency translation |
3,524 | (842 | ) | |||||
| Unrealized gain on available-for-sale security |
— | 200 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income, net of tax |
3,524 | (642 | ) | |||||
|
|
|
|
|
|||||
| Comprehensive income |
106,265 | 48,528 | ||||||
|
|
|
|
|
|||||
| Comprehensive income attributable to noncontrolling interests |
1 | — | ||||||
| Comprehensive income attributable to SouFun Holdings Limited’s shareholders |
106,264 | 48,528 | ||||||
|
|
|
|
|
|||||
| Basic |
1.31 | 0.64 | ||||||
| Diluted |
1.22 | 0.61 | ||||||
| Weighted average number of Class A and Class B ordinary shares outstanding: |
||||||||
| Basic |
78,217,258 | 76,906,873 | ||||||
| Diluted |
84,240,621 | 80,532,484 | ||||||
SouFun Holdings Limited
Reconciliation of GAAP and Non-GAAP Results
(in thousands of U.S. dollars, except share data and per share data)
| Three months ended | ||||||||
| Sep. 30, 2013 | Sep. 30, 2012 | |||||||
| GAAP income from operations |
110,636 | 66,839 | ||||||
| Share-based compensation expense |
1,711 | 1,531 | ||||||
| Non-GAAP income from operations |
112,347 | 68,370 | ||||||
| GAAP net income |
102,741 | 49,170 | ||||||
| One-off tax benefit |
(15,101 | ) | — | |||||
| Withholding tax related to dividends |
7,224 | 5,463 | ||||||
| Share-based compensation expense |
1,711 | 1,531 | ||||||
| Non-GAAP net income |
96,575 | 56,164 | ||||||
| Net Income attributable to SouFun Holdings Limited shareholders |
102,740 | 49,170 | ||||||
| One-off tax benefit |
(15,101 | ) | — | |||||
| Withholding tax related to dividends |
7,224 | 5,463 | ||||||
| Share-based compensation expense |
1,711 | 1,531 | ||||||
| Non-GAAP net Income attributable to SouFun Holdings Limited shareholders |
96,574 | 56,164 | ||||||
| GAAP earnings per share for Class A and Class B ordinary shares: |
||||||||
| Basic |
1.31 | 0.64 | ||||||
| Diluted |
1.22 | 0.61 | ||||||
| Non-GAAP earnings per share for Class A and Class B ordinary shares: |
||||||||
| Basic |
1.23 | 0.73 | ||||||
| Diluted |
1.15 | 0.70 | ||||||
| Weighted average number of Class A and Class B ordinary shares outstanding: |
||||||||
| Basic |
78,217,258 | 76,906,873 | ||||||
| Diluted |
84,240,621 | 80,532,484 | ||||||
SouFun Holdings Limited
Reconciliation of Non-GAAP and Adjusted EBITDA
(U.S. dollars in thousands)
| Three months ended | ||||||||
| Sep. 30, 2013 | Sep. 30, 2012 | |||||||
| Non-GAAP Net income |
96,575 | 56,164 | ||||||
| Add back: |
||||||||
| Interest expense |
3,632 | 2,826 | ||||||
| Income tax expenses |
22,063 | 14,579 | ||||||
| Depreciation expenses |
2,817 | 1,659 | ||||||
| Subtract: |
||||||||
| Interest income |
(7,532 | ) | (4,995 | ) | ||||
| Adjusted EBITDA |
117,555 | 70,233 | ||||||