SouFun Announces Second Quarter 2015 Results

Aug 07, 2015, 07:41 ET from SouFun Holdings Limited

BEIJING, Aug. 7, 2015 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) ("SouFun"), the leading real estate Internet portal in China, announced today its unaudited financial results for the three months ended June 30, 2015.

Second Quarter 2015 Highlights

  • Total Revenue increased by 25.4% year-on-year to $210.9 million.  Revenue from e-commerce services increased by 119.7% year-on-year to $106.8 million.
  • Operating income decreased by 72.7% year-on-year to $22.3 million. Non-GAAP operating income decreased by 71.3% year-on-year to $23.9 million. A description of the adjustments from GAAP to non-GAAP operating income is set forth below.
  • Net income attributable to SouFun's shareholders decreased by 76.3% year-on-year to $16.2 million. Fully diluted earnings per ADS decreased by 73.3% year-on-year to $0.04.
  • Non-GAAP net income attributable to SouFun's shareholders decreased by 72.8% year-on-year to $19.6 million. Non-GAAP fully diluted earnings per ADS decreased by 75% year-on-year to $0.04.
  • GMV increased by 306.7% from $1.7 billion in the first quarter of 2015 to $6.8 billion in the second quarter. The following table shows GMV by month for the first six months of 2015.

GMV: January-June, 2015 (in millions of US dollars)

January

February

March

April

May

June

New Home *

340

299

642

794

1,131

1,516

Secondary Home

22

41

321

705

1,138

1,478

Secondary home

20

36

282

637

1,002

1,324

Rental

2

5

39

68

136

154

Home furnishing

1

1

2

5

9

9

Total

363

341

965

1,504

2,278

3,003

Continued from previous table,

2015Q1

2015Q2

Variance

 amount

%

New Home *

1,281

3,441

2,160

169%

Secondary Home

384

3,321

2,937

765%

secondary home

338

2,963

2,625

777%

rental

46

358

312

678%

Home furnishing

4

23

19

475%

Total

1,669

6,785

5,116

307%

* Only including direct sales services.

First Half 2015 Highlights

  • Total Revenue increased by 15.5% year-on-year to $334.3 million. Revenue from e-commerce services increased by 103.0% year-on-year to $158.4 million.
  • Operating income decreased by 77.3% year-on-year to $29.8 million. Non-GAAP operating income decreased by 76.3% year-on-year to $31.8 million.
  • Net income attributable to SouFun's shareholders decreased by 79.7% year-on-year to $22.3 million. Fully diluted earnings per ADS decreased by 80.0% year-on-year to $0.05.
  • Non-GAAP net income attributable to SouFun's shareholders decreased by 77.4% year-on-year to $27.1 million. Non-GAAP fully diluted earnings per ADS decreased by 76.9% year-on-year to $0.06.

New Development: Private Placement with IDG and Carlyle

The company today entered into memorandums of understanding ("MOUs") with IDG China Capital Fund III LLP ("IDG") and Carlyle Group (Carlyle) in which IDG, Carlyle, and the management (mainly founder and CEO Vincent Mo) will invest a total amount no more than US$1 billion (of which 50% will be convertible notes) to purchase the company's new Class A ordinary shares and convertible notes. Under the MOUs, The subscription price of the new Class A ordinary shares is US$7.45 per current ADS (i.e. US$37.25 per Class A ordinary share), which represents a 3% premium to the volume-weighted average trading price of the ADS for the 20 trading days preceding August 6, 2015 (inclusive, which was US$7.24 per ADS). Holders of the convertible notes will have the right to convert the Notes into Shares at the price per share equal to 122.5% of the per share purchase price of the new Class A ordinary shares in 7 years after the issuance of the Notes. The Notes shall bear an annual interest of 1.5%.

"The Q2 numbers showed that the company is quite on track in its transformation from a pure internet information platform to a more transaction oriented platform across new, resale, rental homes and home furnishing plus financial services among China's major cities." said Vincent Mo, Chairman and CEO of Fang.com. "We will continue our efforts in building up transaction teams, adding transaction model to more cities, and speeding up development of our technology platforms and tools to support the transformation. I am confident that with our expected funding from IDG and Carlyle, the company will move more aggressively and make its transformation successful."

Second Quarter 2015 Results

Revenues

SouFun reported total revenues of $210.9 million for the three months ended June 30, 2015, representing an increase of 25.4% from $168.2 million for the corresponding period in 2014, primarily driven by the growth in e-commerce services, partially offset by the decline in marketing services and listing services.

Revenue from marketing services was $60.6 million for the three months ended June 30, 2015, a decrease of 18.4% from $74.3 million for the corresponding period in 2014, primarily due to less customers in the market.

Revenue from e-commerce services was $106.8 million for the three months ended June 30, 2015, a 119.7% increase from $48.6 million for the same period in 2014, primarily due to the growth of the direct sales services for new homes and the growth of the real estate brokerage services, as well as rapid growth of the home decorating services.

Revenue from listing services was $34.6 million for the three months ended June 30, 2015, a decrease of 16.9% from $41.7 million for the corresponding period in 2014, primarily due to our reduction of unit price per paying subscriber, given that the number of paying subscribers has reached a record high as of Jun 30, 2015.

Revenue from internet financial services was $4.0 million for the three months ended June 30, 2015. SouFun began to offer internet financial services in August 2014.

Revenue from other value-added services was $4.8 million for the three months ended June 30, 2015, an increase of 35.6% from $3.6 million for the corresponding period in 2014, primarily due to the rapid growth of our research related products.

Cost of Revenue

Cost of revenue was $104.9 million for the three months ended June 30, 2015, an increase of 258.2% from $29.3 million for the corresponding period in 2014. The increase in cost of revenue was mainly attributable to increased staff. In addition, increased e-commerce cost related to the direct sales services and increased decorating cost related to the home decorating services also contributed to the increase in cost of revenues.

Gross margin was 50.2% for the three months ended June 30, 2015, compared to 82.6% for the corresponding period in 2014.

Operating Expenses 

Operating expenses were $83.5 million for the three months ended June 30, 2015, an increase of 45.0 % from $57.6 million for the corresponding period in 2014.

Selling expenses were $54.5 million for the three months ended June 30, 2015, an increase of 71.5% from $31.7 million for the corresponding period in 2014, primarily due to increased staff, increased expenses paid to our marketing agents for our SouFun membership services, and increased advertising and promotional expenses.

General and administrative expenses were $29.0 million for the three months ended June 30, 2015, an increase of 12.3% from $25.9 million for the corresponding period in 2014, primarily due to increased staff cost.

Operating Income

Operating income was $22.3 million for the three months ended June 30, 2015, a decrease of 72.7% from $81.7 million for the corresponding period in 2014.

Income Tax Expenses

Income tax expense was $10.2 million for the three months ended June 30, 2015, a 57.4% decrease compared to $23.9 million for the corresponding period in 2014. SouFun's effective tax rate was 38.6% for the three months ended June 30, 2015, as compared to 26.0% for the same period in 2014. The increase in the effective tax rate was primarily due to the increased penalty and interest accrued for the difference between the income tax for 2014 accrued in 2014 and the amounts actually paid in May 2015 per the tax return.

Net Income and EPS

Net income attributable to SouFun's shareholders was $16.2 million for the three months ended June 30, 2015, a 76.3% decrease from $68.2 million for the corresponding period in 2014. Fully diluted earnings per ordinary share and per ADS was $0.18 and $0.04, respectively, for the three months ended June 30, 2015, 76.6% and 73.3% decrease from $0.77 and $0.15 for the corresponding period in 2014.

Adjusted EBITDA

Adjusted EBITDA, defined as non-GAAP net income before income taxes, interest expenses, interest income, depreciation and amortization, was $28.4 million for the three months ended June 30, 2015, a decrease of 67.6% as compared to $87.7 million for the corresponding period in 2014.

Cash

As of June 30, 2015, SouFun had cash, cash equivalents, and short-term investments of $533.6 million, compared to $667.7 million as of March 31, 2015. Cash flow generated from operating activities was $4.1 million for the three months ended June 30, 2015, an 89.8% decrease from $40.1 million for the same period in 2014. The decline in cash flows from operating activities was primarily due to a $52.0 million decrease of net income as compared to the second quarter of 2014.

First Half 2015 Results

Revenues

SouFun reported total revenues of $334.3 million for the first half of 2015, representing an increase of 15.5% from $289.4 million for the corresponding period in 2014, primarily driven by the growth in E-commerce services, partially offset by the decline in marketing services and listing services.

Revenue from marketing services was $101.2 million for the first half of 2015, a decrease of 16.5% from $121.3 million for the corresponding period in 2014.

Revenue from e-commerce services was $158.4 million for the first half of 2015, a 103.0% increase from $78.0 million for the same period in 2014. The growth was primarily a result of the company's effort in e-commerce expansions in direct sales services, real estate brokerage services and decoration services.   

Revenue from listing services was $58.3 million for the first half of 2015, a decrease of 30.5% from $83.8 million for the corresponding period in 2014, primarily due to our reduction of unit price per paying subscriber.

Revenue from internet financial services was $7.6 million for the first half of 2015. SouFun began to offer internet financial services in August 2014.

Revenue from other value-added services was $8.9 million for the first half of 2015, an increase of 43.2% from $6.2 million for the corresponding period in 2014, due primarily to an increase in real estate data related services.

Cost of Revenue

Cost of revenue was $148.6 million for the first half of 2015, an increase of 174.1 % from $54.2 million for the corresponding period in 2014.  The increase in cost of revenue was primarily due to the increase in staff costs and increased e-commerce cost related to the direct sales services.

Gross margin was 55.6% for the first half of 2015, compared to 81.3% for the corresponding period in 2014.

Operating Expenses 

Operating expenses were $155.3 million for the first half of 2015, an increase of 48.7 % from $104.5 million for the corresponding period in 2014.

Selling expenses were $102.5 million for the first half of 2015, an increase of 72.9% from $59.3 million for the corresponding period in 2014, primarily due to increased staff, increased expenses paid to our marketing agents for our SouFun membership services, and increased advertising and promotional expenses.

General and administrative expenses were $52.8 million for the first half of 2015, an increase of 17.0% from $45.2 million for the corresponding period in 2014, primarily due to increased staff costs.

Operating Income

Operating income was $29.8 million for the first half of 2015, a decrease of 77.3% from $131.3 million for the corresponding period in 2014.

Income Tax Expenses

Income tax expense was $15.8 million for the first half of 2015, a 59.6% decrease compared to $39.1 million for the corresponding period in 2014. The effective tax rate was 41.5% for the first half of 2015, compared to 26.3% for the corresponding period in 2014. The increase in the effective tax rate was primarily due to the increased penalty and interest accrued for the difference between the income tax for 2014 accrued in 2014 and the amounts actually paid in May 2015 per the tax return.

Net Income and EPS

Net income attributable to SouFun's shareholders was $22.3 million for the first half of 2015, a decrease of 79.7% from $109.7 million for the corresponding period in 2014. Fully diluted earnings per ADS was $0.05 for the first half of 2015, a 80.0% decrease from $0.25 for the corresponding period in 2014.

Adjusted EBITDA

Adjusted EBITDA, defined as non-GAAP net income before income taxes, interest expenses, interest income, depreciation and amortization, was $39.7 million for the first half of 2015, a decrease of 72.1% as compared to $142.5 million for the corresponding period in 2014.

Cash

Net cash used in operating activities was $50.7 million for the first half of 2015, as compared to net cash generated from operating activities of $166.3 million for the same period in 2014.

Business Outlook

SouFun adjusts its revenue guidance for 2015 from $808.3 million, representing a year-on-year increase of 15%, to $843.4 million, representing a year-on-year increase of 20%. 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 August 7, 2015 at 8:00 AM U.S. EST (8:00 PM Beijing / Hong Kong time). The dial-in details for the live conference call are:

The dial-in details for the live conference call are:

International Toll:

+65 6713-5090

Local Toll:

United States

+1 845-675-0437/+1 866-519-4004

Hong Kong

+852 3018-6771/800-906-601

Mainland China

+86 400-620-8038 / +86 800-819-0121

Passcode:

SFUN

A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM EST on August 7 through 11:59 PM EST August 15, 2015. The dial-in details for the telephone replay are:

International Toll:

+61 2-8199-0299

Toll-Free:

United States

+1 855-452-5696 / +1 646-254-3697

Hong Kong

+852 800-963-117 / +852 3051-2780

Mainland China

+86 400-602-2065 / +86 800-870-0205

Conference ID number:

2387062

A live and archived webcast of the conference call will be available on SouFun's website at http://ir.fang.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 and mobile apps in 2014.  Through its websites and mobile apps, SouFun provides marketing, e-commerce, listing, finance and other value-added services for China's real estate and home-related sectors. SouFun's Internet portal and mobile apps are highly focused on user experience, and support SouFun's users in seeking information on the real estate and home-related sectors in China. SouFun currently maintains about 100 offices to focus on local market needs and its websites, mobile apps and database contain real estate related content covering more than 370 cities in China. For more information about SouFun, please visit http://ir.fang.com.

Safe Harbor Statements

This press release 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 revenue outlook for 2015, the success of various business strategies in the short and long-term, conditions in the PRC real estate market and the success of SouFun's strategic and operational plans and focus, continued growth of the transactions and ecommerce businesses, the impact of increased expenses, the impact of government policies and China's real estate and home furnishings market. 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, the impact of the slowdown in the PRC real estate market on SouFun and the impact on revenues of our existing and new service fees reductions, the ability of SouFun to retain real estate listing agencies as customers during challenging economic periods, the success of SouFun's new business initiatives, the ability of SouFun to manage its operating expenses,  the impact of, measures taken or to be taken by the Chinese government to control real estate growth and prices and other events which could occur in the future, economic challenges in China's real estate market, the impact of competitive market conditions for our services, our ability to maintain and increase our leadership in China's home related internet sector, the uncertain regulatory landscape in China, fluctuations in our quarterly operating results, our continued ability to execute business strategies including our SouFun membership services and SouFun Online Shop, our ability to continue to expand in local markets, our reliance on online advertising sales and listing services and transactions for our revenues, any failure to successfully develop and expand our content, service offerings and features, including the success of new features to meet evolving market needs, and the technologies that support them, the quality of the loans we originate and resell and the performance of those loans in the future, our ability to successfully service and process customer loans for our own benefit and for the purchasers of those loans and, should we in the future make acquisitions, any failure to successfully integrate acquired businesses. 

Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents we have 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) non-GAAP operating income, (2) non-GAAP net income and (3) non-GAAP basic and diluted earnings per ordinary share and (4) adjusted EBITDA. 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, realized gain on available-for-sale security, interest income and expenses, income tax expenses, and depreciation expense for the three months ended June 30, 2015, 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, interest income and expenses, income tax expenses, and depreciation expenses have 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:

Dr. Hua Lei Deputy CFO Phone: +86-10-5631-8661 Email: leihua@soufun.com

 

SouFun Holdings Limited

Condensed Consolidated Balance Sheets

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

ASSETS

June 30,

December 31,

2015

2014

Current assets:

(Unaudited)

(Audited)

Cash and cash equivalents

384,277

354,760

Restricted cash, current

98,075

97,988

Short-term investments

149,336

455,184

Accounts receivable, net

89,963

49,691

Funds receivable

47,877

62,163

Prepayment and other current assets

38,015

30,161

Customer deposits

33,618

47,312

Loan receivable, current

189,719

79,641

Amount due from related parties

18

-

Deferred tax assets, current

4,050

2,991

Total current assets 

1,034,948

1,179,891

Non-current assets:

Property and equipment, net

217,802

217,105

Prepaid land lease payments

830

-

Loan receivable, non-current

16,321

2,009

Restricted cash, non-current

109,592

109,495

Deferred tax assets, non-current

2,042

1,570

Deposit for non-current assets

103,681

86,515

Long-term investments

257,156

121,292

Prepayment for business acquisition

9,806

9,806

Other non-current assets

18,316

16,556

Total non-current assets

735,546

564,348

Total assets

1,770,494

1,744,239

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term loans

80,750

80,750

Deferred revenue

109,569

119,042

Accrued expenses and other liabilities

285,895

221,901

Income tax payable

10,262

35,394

Customers' refundable fees

77,841

42,392

Amounts due to a related party

-

660

Total current liabilities 

564,317

500,139

Non-current liabilities:

Long-term loans

100,000

100,000

Convertible senior notes

400,000

400,000

Deferred tax liabilities, non-current

114,070

111,026

Other non-current liabilities

133

385

Total non-current liabilities

614,203

611,411

Total Liabilities   

1,178,520

1,111,550

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        58,598,173 shares and 58,364,924 shares issued and     outstanding as at June 30, 2015 and December 31,     2014, respectively

7,525

7,495

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 June      30, 2015 and December 31, 2014 , respectively

 

 

 

3,124

 

 

 

3,124

Additional paid-in capital

105,715

101,072

Accumulated other comprehensive income

63,966

49,566

Retained earnings

410,874

471,352

Total SouFun Holdings Limited shareholders' equity

591,204

632,609

Noncontrolling interests

770

80

Total equity

591,974

632,689

TOTAL LIABILITIES AND  EQUITY

1,770,494

1,744,239

 

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

Six months ended

June 30,

June 30,

June 30,

June 30,

2015

2014

2015

2014

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenues:

  Marketing services

60,600

74,303

101,223

121,286

  E-commerce services

106,831

48,618

158,373

78,033

  Listing services

34,612

41,674

58,255

83,819

  Financial services

4,018

-

7,558

-

  Other value-added services

4,826

3,560

8,932

6,238

Total revenues

210,887

168,155

334,341

289,376

Cost of Revenues:

  Cost of services

(104,927)

(29,291)

(148,560)

(54,196)

Total Cost of Revenues

(104,927)

(29,291)

(148,560)

(54,196)

Gross Profit

105,960

138,864

185,781

235,180

Operating expenses and income:

  Selling expenses

(54,463)

(31,748)

(102,478)

(59,282)

  General and administrative expenses

(29,041)

(25,852)

(52,847)

(45,168)

  Other income

(144)

472

(668)

525

Operating Income

22,312

81,736

29,788

131,255

 

  Foreign exchange gain (loss)

85

(1)

71

(13)

  Interest income

6,664

12,836

14,708

24,180

  Interest expense

(4,123)

(4,085)

(8,224)

(9,179)

Investment income

315

-

315

-

Government grants

1,079

1,616

1,381

2,582

Income before income taxes and noncontrolling interests

26,332

92,102

38,039

148,825

Income tax expenses

  Income tax expenses

(10,172)

(23,901)

(15,794)

(39,102)

Net income

16,160

68,201

22,245

109,723

  Net income attributable

    to noncontrolling

    interests

(6)

-

(28)

-

Net income attributable to SouFun Holdings Limited shareholders

16,166

68,201

22,273

109,723

Other comprehensive income, net of tax

Foreign currency

  Translation

4,548

(6)

(71)

(7,840)

Unrealized gain on available-for-sale security

11,858

2,091

14,471

2,091

Total other comprehensive income, net of tax

16,406

2,085

14,400

(5,749)

Comprehensive income

32,566

70,286

36,645

103,974

Earnings per share for Class A and Class B ordinary shares

Basic

0.20

0.83

0.27

1.34

Diluted

0.18

0.77

0.25

1.24

Earnings per ADS

Basic

0.04

0.17

0.05

0.27

Diluted

0.04

0.15

0.05

0.25

Weighted average number of Class A and Class B ordinary shares outstanding:

Basic

82,861,457

81,917,870

82,796,866

81,885,231

Diluted

88,230,507

92,506,249

87,866,887

92,927,800

Weighted average number of ADSs outstanding:

Basic

414,307,285

409,589,351

413,984,330

409,426,156

Diluted

441,152,535

462,531,244

439,334,435

464,639,001

 

 

 

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

Six months ended

June 30,

June 30,

June 30,

June 30,

2015

2014

2015

2014

GAAP income from operations

22,312

81,736

29,788

131,255

Share-based compensation expense

1,593

1,496

2,027

3,020

Non-GAAP income from operations

23,905

83,232

31,815

134,275

GAAP net income

16,160

68,201

22,245

109,723

One-off tax benefit

-

(4,657)

-

(4,657)

Withholding tax related to dividends

2,135

7,047

3,140

11,839

Investment income

(315)

-

(315)

-

Share-based compensation expense

1,593

1,496

2,027

3,020

Non-GAAP net income

19,573

72,087

27,097

119,925

Net Income attributable to    SouFun shareholders               

16,166

68,201

22,273

109,723

One-off tax benefit

-

(4,657)

-

(4,657)

Withholding tax related to dividends

2,135

7,047

3,140

11,839

Investment income

(315)

-

(315)

-

Share-based compensation expense

1,593

1,496

2,027

3,020

Non-GAAP net Income attributable    to SouFun Holdings Limited    shareholders

19,579

72,087

27,125

119,925

GAAP earnings per share for Class    A and Class B ordinary shares:

Basic

0.20

0.83

0.27

1.34

Diluted

0.18

0.77

0.25

1.24

GAAP earnings per ADS:

Basic

0.04

0.17

0.05

0.27

Diluted

0.04

0.15

0.05

0.25

Non-GAAP earnings per share for    Class A and Class B ordinary    shares:

Basic

0.24

0.88

0.33

1.46

Diluted

0.22

0.78

0.31

1.29

Non-GAAP earnings per ADS:

Basic

0.05

0.18

0.07

0.29

Diluted

0.04

0.16

0.06

0.26

Weighted average number of Class    A and Class B ordinary shares    outstanding:

Basic

82,861,457

81,917,870

82,796,866

81,885,231

Diluted

88,230,507

92,506,249

87,866,887

92,927,800

Weighted average number of ADSs   outstanding:

Basic

414,307,285

409,589,351

413,984,330

409,426,156

Diluted

441,152,535

462,531,244

439,334,435

464,639,001

 

 

SouFun Holdings Limited 

Reconciliation of Non-GAAP and Adjusted EBITDA

(in thousands of U.S. dollars)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2015

2014

2015

2014

Non-GAAP Net  income

19,573

72,087

27,097

119,925

Add back:

Interest expense

4,123

4,085

8,224

9,179

Income tax expenses

8,037

21,511

12,654

31,920

Depreciation    expenses

3,356

2,859

6,429

5,678

Subtract:

Interest income 

(6,664)

(12,836)

(14,708)

(24,180)

Adjusted EBITDA

28,425

87,706

39,696

142,522

 

SOURCE SouFun Holdings Limited



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