Exhibit 99.1
Exhibit 99.1
E-House Reports Second Quarter 2011 Results
SHANGHAI, China, August 17, 2011 — E-House (China) Holdings Limited (“E-House” or the “Company”)
(NYSE: EJ), a leading real estate services company in China, today announced its unaudited
financial results for the fiscal quarter and six months ended June 30, 2011.
Second Quarter 2011 Financial and Operating Highlights
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Total gross floor area (“GFA”) of new properties sold increased by 25% year-on-year to 2.7 million square meters. Total
value of new properties sold increased by 38% year-on-year to RMB24.6 billion ($3.8 billion)1. |
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Total revenues increased by 29% year-on-year to $91.6 million. |
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| • |
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Non-GAAP2 income from operations decreased by 53% year-on-year to $7.3 million. |
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| • |
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Non-GAAP net income attributable to E-House shareholders decreased by 83% year-on-year to $2.3 million, or $0.03 per
diluted American depositary share (“ADS”). |
First Half 2011 Financial and Operating Highlights
| • |
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Total GFA of new properties sold was 5.6 million square meters for
the first half of 2011, an increase of 20% from the same period of
2010. Total value of new properties sold was RMB52.1 billion ($8.0
billion) for the first half of 2011, an increase of 31% from the
same period of 2010. |
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| • |
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Total revenues were $174.9 million for the first half of 2011, an
increase of 23% from the same period of 2010. |
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| • |
|
Non-GAAP income from operations was $17.6 million for the first
half of 2011, a decrease of 57% from the same period of 2010. |
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| • |
|
Non-GAAP net income attributable to E-House shareholders was $9.7
million, or $0.12 per diluted ADS, for the first half of 2011, a
decrease of 69% from the same period of 2010. |
“I’m pleased that we continued to achieve growth in the scale of our primary real estate agency
business despite weak market sentiment and low overall transaction volume,” said Mr. Xin Zhou,
E-House’s executive chairman. “During the second quarter, our strong project execution led to
strong buyer interest and sales volume for many of our projects. However, as the Chinese central
bank continued its credit tightening, commercial banks in China have further slowed down approvals
of new mortgage loans. This has resulted in ongoing delays in our ability to recognize successful
sales and commission revenue for a number of projects for which a ‘successful sale’ is defined as
when the bank releases mortgage loan proceeds. This has negatively impacted our primary agency
revenue for the second quarter and may continue to negatively affect our revenue for the second
half of 2011.”
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| 1 |
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This press release contains translations of certain RMB
amounts into U.S. dollar amounts solely for the convenience of the reader. The
RMB amounts were translated into U.S. dollar amounts at a rate of RMB6.5032 to
US$1.00, which is the average central parity rate announced by the People’s
Bank of China for the second quarter of 2011. |
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| 2 |
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E-House uses in this press release the following non-GAAP
financial measures: (1) income from operations, (2) net income, (3) net income
attributable to E-House shareholders and (4) net income per diluted ADS, each
of which excludes share-based compensation expense, amortization of intangible
assets resulting from business acquisitions and gain/(loss) from the disposal
of subsidiaries. See “About Non-GAAP Financial Measures” and “Reconciliation of
GAAP and Non-GAAP Results” below for more information about the non-GAAP
financial measures included in this press release. |
Page 1
Mr. Zhou continued, “In light of the unfavorable market environment, we will continue to expand our
reach in new markets in order to diversify our geographic and client mix. We managed to
increase our secondary brokerage business revenue during tough market conditions while also
reducing costs and expenses. Meanwhile, our online business segment continues to show robust
revenue growth, taking advantage of developers’ increased efforts to market their products. As
previously announced, we have also expanded our cooperation with Baidu, which grants our subsidiary
CRIC the exclusive right to sell Baidu’s Brand Link advertising products.”
Mr. Li-Lan Cheng, E-House’s chief financial officer, added, “During the second quarter, we
continued to operate in challenging market conditions. The expansion of our primary agency business
has led to increases in our staff headcount and related expenses, while rising inflation and wage
levels have resulted in higher salaries for our employees. We also experienced a slower
sell-through rate for the majority of our projects and a year-on-year decrease in the average
commission rate, which has stabilized at about 0.9% this year. These factors have resulted in
relatively flat revenue growth for our primary agency business and have negatively impacted our
margins. Although we expect the challenging macro environment will continue to pressure our profit
margins in the near term, we firmly believe the continued expansion of our business will deliver
long-term benefits to the Company and our shareholders.”
Financial Results for the Second Quarter and First Half 2011
Revenues
Second quarter total revenues were $91.6 million, an increase of 29% from $71.2 million for the
same quarter of 2010. For the first half of 2011, total revenues were $174.9 million, an increase
of 23% from $142.7 million for the same period of 2010.
Primary Real Estate Agency Services
Second quarter revenues from primary real estate agency services were $33.2 million, an increase of
4% from $31.9 million for the same quarter of 2010. This increase was mainly due to a 25% increase
in total GFA of new properties sold and a 38% increase in total transaction value of new properties
sold, partially offset by a decrease in the average commission rate from 1.2% for the second
quarter of 2010 to 0.9% for the same quarter of 2011. (See “Selected Operating Data” below for more
details on total GFA and transaction value of new properties sold.)
For the first half of 2011, revenues from primary real estate agency services were $72.5 million, a
decrease of 2% from $74.3 million for the same period of 2010. This decrease was mainly due to a
decrease in the average commission rate from 1.3% for the first half of 2010 to 0.9% for the same
period of 2011, partially offset by a 31% increase in the total transaction value of new properties
sold.
Secondary Real Estate Brokerage Services
Second quarter revenues from secondary real estate brokerage services were $5.3 million, an
increase of 10% from $4.8 million for the same quarter of 2010. This increase was mainly due to
increases in the average unit selling price and total transaction value of secondary real estate
sold.
For the first half of 2011, revenues from secondary real estate brokerage services were $10.4
million, an increase of 14% from $9.2 million for the same period of 2010. This increase was mainly
due to the combined effect of an increase in rental transaction volume as well as increases in the
average unit selling price and total transaction value of secondary real estate sold.
As of June 30, 2011, E-House had a total of 112 secondary real estate brokerage stores in eight
cities in China, compared to 131 stores as of June 30, 2010 and 133 as of December 31, 2010. The
Company closed a number of stores in Shanghai during the first half of 2011 in order to reduce cost
and optimize its store network by strengthening its presence in certain districts while closing
unprofitable stores in others.
Page 2
Revenues from China Real Estate Information Corporation (“CRIC”)
CRIC, a subsidiary of E-House, provides real estate information, consulting, online and other
services in China. Second quarter revenues from CRIC were $52.8 million, an increase of 56% from
$33.8 million for the same quarter of 2010. This was mainly attributable to a 116% year-on-year
increase from $14.3 million to $30.9 million in revenues from CRIC’s online segment as a result of
both growth in real estate online advertising and gains in CRIC’s market share.
For the first half of 2011, revenues from CRIC were $90.8 million, an increase of 57% from $58.0
million for the same period of 2010. This was mainly attributable to a 128% year-on-year increase
from $22.6 million to $51.5 million in revenues from CRIC’s online segment as a result of both
growth in real estate online advertising and gains in CRIC’s market share.
Cost of Revenues
Second quarter cost of revenues was $34.6 million, an increase of 49% from $23.2 million for the
same quarter of 2010, primarily due to higher salary expenses for additional sales staff in the
primary real estate agency service segment, additional costs associated with CRIC’s Baidu, Inc.
(“Baidu”) channels for its online business and real estate promotional event business.
For the first half of 2011, cost of revenues was $62.1 million, an increase of 45% from $42.9
million for the same period of 2010, primarily due to higher salary expenses for additional sales
staff in the primary real estate agency service segment, the addition of real estate promotional
event business starting from the second quarter of 2010 and the addition of Baidu real estate
channels starting from the third quarter of 2010.
Selling, General and Administrative (“SG&A”) Expenses
Second quarter SG&A expenses were $63.2 million, an increase of 42% from $44.4 million for the same
quarter of 2010, primarily due to increases in (1) salary, bonus, rental, consulting and travel
expenses for the Company’s primary real estate agency service segment, (2) salary, commission and
bonus expenses associated with additional sales and administrative staff and marketing expenses
paid to Baidu for CRIC’s online business and (3) share-based compensation expenses as a result of
restricted shares and stock options granted in the fourth quarter of 2010 and the first quarter of
2011.
For the first half of 2011, SG&A expenses were $121.3 million, an increase of 47% from $82.4
million for the same period of 2010. This increase was primarily due to increases in (1) salary,
rental and travel expenses for the Company’s primary real estate agency service segment, (2)
salary, commission and bonus expenses associated with additional sales and administrative staff and
expenses paid to Baidu for CRIC’s online business and (3) share-based compensation expenses.
Income (Loss) from Operations
Second quarter loss from operations was $6.2 million, compared to income from operations of $3.6
million for the same quarter of 2010. Second quarter non-GAAP income from operations was $7.3
million, a decrease of 53% from $15.6 million for the same quarter of 2010.
For the first half of 2011, loss from operations was $8.5 million, compared to income from
operations of $17.4 million for the same period of 2010. For the first half of 2011, non-GAAP
income from operations was $17.6 million, a decrease of 57% from $41.2 million in the same period
of 2010.
Page 3
Net Income (Loss)
Second quarter net loss was $6.0 million, compared to net income of $10.1 million for the same
quarter of 2010. Second quarter non-GAAP net income was $7.8 million, a decrease of 63% from
$21.3 million for the same quarter of 2010. In addition to the decrease in non-GAAP income from
operations, the decrease in non-GAAP net income was also attributable to an unrealized loss from
short-term investments of $1.6 million, the timing of government subsidies, $1.7 million of which
was received in the second quarter of 2010 while the same subsidy was received in the third quarter
of 2011, and a tax refund of $4.2 million in the second quarter of 2010.
For the first half of 2011, net loss was $7.5 million, compared to net income of $21.8 million for
the same period of 2010. Non-GAAP net income for the first half of 2011 was $18.3 million, a
decrease of 59% from $44.2 million in the same period of 2010. In addition to the decrease in
non-GAAP income from operations, the decrease in non-GAAP net income for the first half of 2011 was
also attributable to an unrealized loss from short-term investments of $2.8 million and a tax
refund in the second quarter of 2010.
Net Income (Loss) Attributable to E-House Shareholders
Second quarter net loss attributable to E-House shareholders was $6.7 million, or $0.08 loss per
diluted ADS, compared to net income attributable to E-House shareholders of $6.7 million, or $0.08
per diluted ADS, for the same quarter of 2010. Second quarter non-GAAP net income attributable to
E-House shareholders was $2.3 million, or $0.03 per diluted ADS, a decrease of 83% from $13.9
million, or $0.17 per diluted ADS, for the same quarter of 2010.
For the first half of 2011, net loss attributable to E-House shareholders was $7.2 million, or
$0.09 loss per diluted ADS, compared to net income attributable to E-House shareholders of $17.3
million, or $0.21 per diluted ADS, for the same period of 2010. Non-GAAP net income attributable to
E-House shareholders for the first half of 2011 was $9.7 million, or $0.12 per diluted ADS, a
decrease of 69% from $31.7 million, or $0.39 per diluted ADS, for the same period of 2010.
Cash Flow
As of June 30, 2011, the Company had a cash balance of $396.0 million.
Second quarter net cash used in operating activities was $12.8 million. This amount was mainly
attributable to increases in accounts receivable by $27.0 million and other receivables by $5.5
million, partially offset by non-GAAP net income of $7.8 million, a decrease in restricted cash by
$2.5 million, a decrease in prepaid expenses by $2.6 million, an increase in accrued payroll and
welfare expenses by $5.8 million and an increase in deferred revenue by $3.9 million.
Second quarter 2011 net cash used in investing activities was $8.9 million. This amount was mainly
attributable to a $6.2 million investment in affiliates and $3.4 million purchase of property and
equipment as well as intangible assets.
Second quarter 2011 net cash used in financing activities was $36.7 million. This amount was mainly
due to the dividend payment of $20.2 million by the Company to its shareholders and the payment of
$16.6 million for share repurchases by the Company and CRIC.
Business Outlook
The Company estimates that its revenues for the third quarter of 2011 will be in the range of $108
million to $110 million, an increase of 22% to 24% from $88.6 million in the same quarter in 2010.
This forecast reflects the Company’s current and preliminary view, which is subject to change.
Page 4
Conference Call Information
E-House’s management will host an earnings conference call on August 17, 2011 at 8:30 a.m. U.S.
Eastern Time (8:30 p.m. Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
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U.S./International:
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+1-857-350-1601 |
Hong Kong:
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+852-3002-1672 |
Mainland China:
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+86-10-800-130-0399 |
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join
the call. The passcode is “E-House earnings call.”
A replay of the conference call may be accessed by phone at the following number until August 24,
2011:
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International:
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+1-617-801-6888 |
Passcode:
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72555508 |
Additionally, a live and archived webcast will be available at http://ir.ehousechina.com.
About E-House
E-House (China) Holdings Limited (“E-House”) (NYSE: EJ) is China’s leading real estate services
company with a nationwide network covering more than 160 cities. E-House offers a wide range of
services to the real estate industry, including primary sales agency, secondary brokerage,
information and consulting, online, advertising, promotional events and investment management
services. The real estate information and consulting, online, advertising and promotional events
services are offered through E-House’s majority owned subsidiary, China Real Estate Information
Corporation (NASDAQ: CRIC). E-House has received numerous awards for its innovative and
high-quality services, including “China’s Best Company” from the National Association of Real
Estate Brokerage and Appraisal Companies and “China Enterprises with the Best Potential” from
Forbes. For more information about E-House, please visit http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe
harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “may,” “intend,” “confident,”
“is currently reviewing,” “it is possible,” “subject to” and similar statements. Among other
things, the Business Outlook section and quotations from management in this press release, as well
as E-House’s strategic and operational plans, contain forward-looking statements. E-House may also
make written or oral forward-looking statements in its reports filed or furnished with the U.S.
Securities and Exchange Commission, including on Forms 20-F and 6-K, 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 E-House’s beliefs and expectations, are forward-looking statements and
are subject to change. Forward-looking statements 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 in this press release.
Potential risks and uncertainties include, but are not limited to, a severe or prolonged downturn
in the global economy, E-House’s susceptibility to fluctuations in the real estate market of China,
government measures aimed at China’s real estate industry, failure of the real estate services
industry in China to develop or mature as quickly as expected, diminution of the value of E-House’s
brand or image, E-House’s inability to successfully execute its strategy of expanding into new
geographical markets in China, E-House’s failure to manage its growth effectively and efficiently,
E-House’s failure to successfully execute the business plans for its strategic alliances and other
new business initiatives, E-House’s loss of its competitive advantage if it fails to maintain and
improve its proprietary CRIC system or to prevent disruptions or failure in the system’s
performance, E-House’s failure to compete successfully, fluctuations in E-House’s results of
operations and cash flows, E-House’s reliance on a concentrated number of real estate developers,
natural disasters or outbreaks of health epidemics and other risks outlined in E-House’s filings with the
U.S. Securities and Exchange Commission. All information provided in this press release is current
as of the date of this press release, and E-House does not undertake any obligation to update any
such information, except as required under applicable law.
Page 5
About Non-GAAP Financial Measures
To supplement E-House’s consolidated financial results presented in accordance with United States
Generally Accepted Accounting Principles (“GAAP”), E-House uses in this press release the following
non-GAAP financial measures: (1) income from operations, (2) net income, (3) net income
attributable to E-House shareholders and (4) net income per diluted ADS, each of which excludes
share-based compensation expense, amortization of intangible assets resulting from business
acquisitions and gain/(loss) from the disposal of subsidiaries. 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 “Reconciliation of GAAP and Non-GAAP
Results” set forth at the end of this press release.
E-House believes that these non-GAAP financial measures provide meaningful supplemental information
to investors regarding its operating performance by excluding share-based compensation expense,
amortization of intangible assets resulting from business acquisitions and gain/(loss) from the
disposal of subsidiaries, which may not be indicative of E-House’s operating performance. These
non-GAAP financial measures also facilitate management’s internal comparisons to E-House’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 are recurring items that will continue to
exist in E-House’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 comparable GAAP financial measures.
For investor and media inquiries please contact:
In China
Kelly Qian
Manager, Investor Relations
E-House (China) Holdings Limited
Phone: +86 (21) 6133-0730
E-mail: ir@ehousechina.com
Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-6284
E-mail: ej@ogilvy.com
In the U.S.
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1 (646) 460-9989
E-mail: ej@ogilvy.com
Page 6
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEET
(In thousands of U.S. dollars)
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December 31, |
|
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June 30, |
|
| |
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2010 |
|
|
2011 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
543,818 |
|
|
|
396,006 |
|
Restricted cash |
|
|
6,985 |
|
|
|
2,649 |
|
Marketable securities |
|
|
16,564 |
|
|
|
13,796 |
|
Customer deposits |
|
|
90,617 |
|
|
|
152,862 |
|
Unbilled accounts receivable, net |
|
|
138,013 |
|
|
|
157,812 |
|
Accounts receivable, net |
|
|
36,101 |
|
|
|
50,429 |
|
Properties held for sale |
|
|
4,458 |
|
|
|
2,571 |
|
Deferred tax assets |
|
|
17,285 |
|
|
|
16,668 |
|
Prepaid expenses and other current assets |
|
|
22,052 |
|
|
|
27,072 |
|
Amounts due from related parties |
|
|
19 |
|
|
|
1,448 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
875,912 |
|
|
|
821,313 |
|
Property and equipment, net |
|
|
21,303 |
|
|
|
22,445 |
|
Intangible assets, net |
|
|
183,912 |
|
|
|
179,932 |
|
Investment in affiliates |
|
|
10,161 |
|
|
|
20,468 |
|
Goodwill |
|
|
453,140 |
|
|
|
454,383 |
|
Other non-current assets |
|
|
13,838 |
|
|
|
19,747 |
|
|
|
|
|
|
|
|
Total assets |
|
|
1,558,266 |
|
|
|
1,518,288 |
|
|
|
|
|
|
|
|
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|
|
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|
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|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
|
|
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Accounts payable |
|
|
8,149 |
|
|
|
7,431 |
|
Accrued payroll and welfare expenses |
|
|
37,853 |
|
|
|
38,805 |
|
Income tax payable |
|
|
42,276 |
|
|
|
28,943 |
|
Other tax payable |
|
|
14,765 |
|
|
|
14,125 |
|
Amounts due to related parties |
|
|
5,155 |
|
|
|
970 |
|
Advance from property buyers |
|
|
7,619 |
|
|
|
2,862 |
|
Deferred revenue |
|
|
7,973 |
|
|
|
11,411 |
|
Other current liabilities |
|
|
16,309 |
|
|
|
14,487 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
140,099 |
|
|
|
119,034 |
|
Deferred tax liabilities |
|
|
40,152 |
|
|
|
41,640 |
|
Other non-current liabilities |
|
|
1,375 |
|
|
|
1,501 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
181,626 |
|
|
|
162,175 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Ordinary shares ($0.001 par value): 1,000,000,000
and 1,000,000,000 shares
authorized, 80,752,526 and 80,417,287
shares issued and outstanding, as of
December 31, 2010 and June 30, 2011,
respectively |
|
|
81 |
|
|
|
80 |
|
Additional paid-in capital |
|
|
672,621 |
|
|
|
681,869 |
|
Subscription receivables |
|
|
(65 |
) |
|
|
— |
|
Retained earnings |
|
|
200,823 |
|
|
|
170,936 |
|
Accumulated other comprehensive income |
|
|
27,640 |
|
|
|
36,172 |
|
|
|
|
|
|
|
|
Total E-House equity |
|
|
901,100 |
|
|
|
889,057 |
|
Non-controlling interests |
|
|
475,540 |
|
|
|
467,056 |
|
|
|
|
|
|
|
|
Total equity |
|
|
1,376,640 |
|
|
|
1,356,113 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
|
1,558,266 |
|
|
|
1,518,288 |
|
|
|
|
|
|
|
|
Page 7
E-HOUSE (CHINA) HOLDINGS LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data and per share data)
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Three months ended |
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Six months ended |
|
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June 30, |
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June 30, |
|
| |
|
2010 |
|
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2011 |
|
|
2010 |
|
|
2011 |
|
Revenues |
|
|
71,238 |
|
|
|
91,645 |
|
|
|
142,672 |
|
|
|
174,925 |
|
Cost of revenues |
|
|
(23,217 |
) |
|
|
(34,644 |
) |
|
|
(42,871 |
) |
|
|
(62,141 |
) |
Selling, general and administrative expenses |
|
|
(44,385 |
) |
|
|
(63,196 |
) |
|
|
(82,428 |
) |
|
|
(121,282 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
3,636 |
|
|
|
(6,195 |
) |
|
|
17,373 |
|
|
|
(8,498 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
855 |
|
|
|
663 |
|
|
|
1,386 |
|
|
|
1,312 |
|
Other income, net |
|
|
3,099 |
|
|
|
(2,529 |
) |
|
|
4,679 |
|
|
|
(2,501 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes and equity in affiliates |
|
|
7,590 |
|
|
|
(8,061 |
) |
|
|
23,438 |
|
|
|
(9,687 |
) |
Income tax (expense) benefits |
|
|
2,505 |
|
|
|
2,266 |
|
|
|
(1,575 |
) |
|
|
2,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before equity in affiliates |
|
|
10,095 |
|
|
|
(5,795 |
) |
|
|
21,863 |
|
|
|
(7,028 |
) |
Loss from equity in affiliates |
|
|
(10 |
) |
|
|
(216 |
) |
|
|
(78 |
) |
|
|
(470 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
10,085 |
|
|
|
(6,011 |
) |
|
|
21,785 |
|
|
|
(7,498 |
) |
Less: net income (loss) attributable to non-controlling
interests |
|
|
3,410 |
|
|
|
687 |
|
|
|
4,503 |
|
|
|
(287 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to E-House
shareholders |
|
|
6,675 |
|
|
|
(6,698 |
) |
|
|
17,282 |
|
|
|
(7,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.08 |
|
|
|
(0.08 |
) |
|
|
0.22 |
|
|
|
(0.09 |
) |
Diluted |
|
|
0.08 |
|
|
|
(0.08 |
) |
|
|
0.21 |
|
|
|
(0.09 |
) |
Shares used in computation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
80,237,210 |
|
|
|
80,787,002 |
|
|
|
80,194,493 |
|
|
|
80,772,660 |
|
Diluted |
|
|
81,089,343 |
|
|
|
80,787,002 |
|
|
|
81,095,260 |
|
|
|
80,772,660 |
|
Note
The conversion of Renminbi (“RMB”) amounts into USD amounts is based on the
rate of USD1 = RMB6.4716 on June 30, 2011 and USD1 = RMB6.5032 for the three
months ended June 30, 2011.
Page 8
E-HOUSE (CHINA) HOLDINGS LIMITED
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, |
|
| |
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
| |
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
GAAP income (loss) from operations |
|
|
3,636 |
|
|
|
(6,195 |
) |
|
|
17,373 |
|
|
|
(8,498 |
) |
Share-based compensation expense |
|
|
6,673 |
|
|
|
8,161 |
|
|
|
13,390 |
|
|
|
15,535 |
|
Amortization of intangible assets resulting
from business acquisitions |
|
|
5,260 |
|
|
|
5,319 |
|
|
|
10,435 |
|
|
|
10,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations |
|
|
15,569 |
|
|
|
7,285 |
|
|
|
41,198 |
|
|
|
17,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
10,085 |
|
|
|
(6,011 |
) |
|
|
21,785 |
|
|
|
(7,498 |
) |
Share-based compensation expense (net of tax) |
|
|
6,673 |
|
|
|
8,161 |
|
|
|
13,390 |
|
|
|
15,535 |
|
Amortization of intangible assets resulting from
business acquisitions (net of tax) |
|
|
4,568 |
|
|
|
4,645 |
|
|
|
9,072 |
|
|
|
9,222 |
|
Loss from the disposal of subsidiaries |
|
|
— |
|
|
|
1,054 |
|
|
|
— |
|
|
|
1,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
21,326 |
|
|
|
7,849 |
|
|
|
44,247 |
|
|
|
18,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to E-House |
|
|
6,675 |
|
|
|
(6,698 |
) |
|
|
17,282 |
|
|
|
(7,211 |
) |
Share-based compensation expense
(net of tax and non-controlling interests) |
|
|
4,794 |
|
|
|
5,980 |
|
|
|
9,629 |
|
|
|
11,522 |
|
Amortization of intangible assets resulting
from business acquisitions (net of tax and
non-controlling interests) |
|
|
2,392 |
|
|
|
2,441 |
|
|
|
4,781 |
|
|
|
4,870 |
|
Loss from disposal of subsidiaries |
|
|
— |
|
|
|
565 |
|
|
|
— |
|
|
|
565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to E-House
shareholders |
|
|
13,861 |
|
|
|
2,288 |
|
|
|
31,692 |
|
|
|
9,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per ADS — basic |
|
|
0.08 |
|
|
|
(0.08 |
) |
|
|
0.22 |
|
|
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per ADS — diluted |
|
|
0.08 |
|
|
|
(0.08 |
) |
|
|
0.21 |
|
|
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS — basic |
|
|
0.17 |
|
|
|
0.03 |
|
|
|
0.39 |
|
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS — diluted |
|
|
0.17 |
|
|
|
0.03 |
|
|
|
0.39 |
|
|
|
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating basic GAAP /
non-GAAP net income (loss) attributable to
shareholders per ADS |
|
|
80,237,210 |
|
|
|
80,787,002 |
|
|
|
80,194,493 |
|
|
|
80,772,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating diluted GAAP net
income (loss) attributable to shareholders per
ADS |
|
|
81,089,343 |
|
|
|
80,787,002 |
|
|
|
81,095,260 |
|
|
|
80,772,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating diluted non-GAAP net
income attributable to shareholders per ADS |
|
|
81,089,343 |
|
|
|
81,387,873 |
|
|
|
81,095,260 |
|
|
|
81,488,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
E-HOUSE (CHINA) HOLDINGS LIMITED
SELECTED OPERATING DATA
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended |
|
|
Six months ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
Primary real estate agency service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Floor Area (“GFA”) of new properties sold
(thousands of square meters) |
|
|
2,165 |
|
|
|
2,706 |
|
|
|
4,709 |
|
|
|
5,640 |
|
Total value of new properties sold (millions of RMB) |
|
|
17,780 |
|
|
|
24,560 |
|
|
|
39,706 |
|
|
|
52,103 |
|
Total value of new properties sold (millions of $) |
|
|
2,619 |
|
|
|
3,777 |
|
|
|
5,831 |
|
|
|
7,959 |
|
Page 10