0001104659-15-061787.txt : 20150826 0001104659-15-061787.hdr.sgml : 20150826 20150826060531 ACCESSION NUMBER: 0001104659-15-061787 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150831 FILED AS OF DATE: 20150826 DATE AS OF CHANGE: 20150826 FILER: COMPANY DATA: COMPANY CONFORMED NAME: E-HOUSE (CHINA) HOLDINGS LTD CENTRAL INDEX KEY: 0001405658 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33616 FILM NUMBER: 151074598 BUSINESS ADDRESS: STREET 1: QIUSHI BUILDING, 11/F STREET 2: NO. 383 GUANGYAN ROAD, ZHABEI DISTRICT CITY: SHANGHAI STATE: F4 ZIP: 200072 BUSINESS PHONE: (86-21) 5298 0808 MAIL ADDRESS: STREET 1: QIUSHI BUILDING, 11/F STREET 2: NO. 383 GUANGYAN ROAD, ZHABEI DISTRICT CITY: SHANGHAI STATE: F4 ZIP: 200072 6-K 1 a15-18541_16k.htm 6-K

 

 

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 August 2015

 


 

Commission File Number: 001-33616

 


 

E-HOUSE (CHINA) HOLDINGS LIMITED

 

Qiushi Building, 11/F

No.383 Guangyan Road, Zhabei District

Shanghai 200072

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   x    Form 40-F   o

 

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): o

 

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): o

 

 

 



 

SIGNATURE

 

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.

 

 

 

E-House (China) Holdings Limited

 

 

 

 

 

By

:

/s/ Bin Laurence

 

Name:

:

Bin Laurence

 

Title:

:

Chief Financial Officer

 

 

Date: August 26, 2015

 

2



 

Exhibit Index

 

Exhibit 99.1 — Press release

 

3


EX-99.1 2 a15-18541_1ex99d1.htm EX-99.1

Exhibit 99.1

 

E-House Reports Second Quarter 2015 Results

 

SHANGHAI, China, August 25, 2015 — 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 ended June 30, 2015.

 

Second Quarter 2015 Highlights

 

·                  Total revenues increased by 29% year-on-year to $270.5 million

 

·                  Revenues from real estate online services increased by 34% year-on-year to $157.8 million, including $117.4 million in revenues from e-commerce services, which grew by 72% year-on-year

 

·                  Revenues from primary real estate agency services increased by 35% year-on-year to $85.2 million

 

·                  Non-GAAP(1) net income attributable to E-House shareholders was $15.1 million, or $0.10 per diluted American depositary share (“ADS”), compared to $20.6 million or $0.14 per diluted ADS, for the same quarter of 2014

 

First Half 2015 Financial Highlights

 

·                  Total revenues increased by 18% year-on-year to $439.7 million

 

·                  Revenues from real estate online services increased by 28% year-on-year to $251.2 million, including $184.4 million in revenues from e-commerce services, which grew by 56% year-on-year

 

·                  Revenues from primary real estate agency services increased by 16% year-on-year to $141.9 million

 

·                  Non-GAAP net loss attributable to E-House shareholders was $3.1 million, or $0.02 loss per diluted ADS, compared to non-GAAP net income of $32.4 million, or $0.22 per diluted ADS, for the same period of 2014

 

Xin Zhou, E-House’s co-chairman and CEO, said, “As we expected, the overall Chinese property market started to warm up since the end of March, driven in part by the government’s loosened credit policies and purchasing restrictions in certain cities. Despite the recent Chinese stock market volatility, the real estate sector has stayed relatively stable so far. As a result, we are on track to achieve our overall revenue target set at the beginning of the year.”

 

Mr. Zhou continued, “We are also solidly executing our previously announced strategies for new business lines. Community value-added service app Shi Hui has now been launched in 40 cities, with a total user base of more than 6.8 million. Last month, Jupai Holdings Limited (“Jupai”, NYSE: JP), a leading third-party wealth management services provider in China in which E-House holds approximately 31% stake, was successfully listed in the U.S. The listing of Jupai further strengthens our growing financial services platform.”

 

Second Quarter 2015 Results

 

Total revenues were $270.5 million, an increase of 29% from $210.1 million for the same quarter of 2014, primarily driven by growth of revenues from real estate online services and real estate brokerage services.

 

Revenues from real estate online services were $157.8 million, an increase of 34% from $117.3 million for the same quarter of 2014, mainly contributed by growth of revenues from e-commerce services. Revenues from e-commerce services were $117.4 million, an increase of 72% from $68.3 million for the same quarter of 2014, primarily due to increases in both the number of

 


(1) E-House uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to E-House shareholders, (4) net income (loss) attributable to E-House shareholders per basic ADS, and (5) net income (loss) attributable to E-House shareholders per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. See “About Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” below for more information about the non-GAAP financial measures included in this press release.

 

1



 

discount coupons redeemed and in the average price per discount coupon redeemed. Revenues from online advertising services were $35.2 million, a decrease of 21% from $44.8 million for the same quarter of 2014, primarily due to decreased online advertising demand from property developers. Revenues from listing services were $5.2 million, compared to $4.2 million for the same quarter of 2014, primarily due to growth in secondary home transactions.

 

Revenues from real estate brokerage services were $88.4 million, an increase of 35% from $65.5 million for the same quarter of 2014. Real estate brokerage services include primary real estate agency services and secondary real estate brokerage services. Revenues from primary real estate agency services were $85.2 million, an increase of 35% from $63.3 million for the same quarter of 2014. The increase was caused by increases in total gross floor area (“GFA”) of new properties sold and total transaction value of new properties sold compared to the same quarter of 2014. (See “Selected Operating Data” below for more details on the total GFA and transaction value of new properties sold.) Revenues from secondary real estate brokerage services were $3.2 million, an increase of 43% from $2.2 million for the same quarter of 2014, primarily due to an increase in the number of sale transactions in secondary properties.

 

Revenues from real estate information and consulting services were $17.1 million, a slight decrease compared to $17.9 million for the same quarter of 2014, mainly due to decreased average price of consulting contracts during the period.

 

Revenues from other services were $7.0 million, a decrease of 25% from $9.4 million for the same quarter of 2014. Other services include offline real estate advertising services, promotional events services, real estate fund management services and real estate financial services. The decrease in revenues from other services in the second quarter was primarily attributable to the decreased revenues in offline promotional events services.

 

No material revenue was generated from community value-added services in the second quarter.

 

Cost of revenues was $83.4 million, an increase of 15% from $72.7 million for the same quarter of 2014, primarily due to increased commission fees for primary real estate agency services in line with increased revenues, and increased staff costs of editorial department and increased amortization expenses of intangible assets for the exclusive rights in connection with real estate online services.

 

Selling, general and administrative (“SG&A”) expenses were $179.4 million, an increase of 42% from $126.3 million for the same quarter of 2014, primarily due to higher marketing expenses for real estate online services, as well as $11.1 million in expenses related to community value-added services and $1.6 million in expenses related to real estate financial services, both of which commenced in the third quarter of 2014.

 

Income from operations was $9.4 million, a decrease of 37% from $15.0 million for the same quarter of 2014. Non-GAAP income from operations was $18.2 million, a decrease of 23% from $23.7 million for the same quarter of 2014, mostly due to increased spending related to community value-added services and real estate financial services.

 

Net income was $8.1 million, a decrease of 51% from $16.4 million for the same quarter of 2014. Non-GAAP net income was $16.1 million, a decrease of 35% from $24.7 million for the same quarter of 2014.

 

Net income attributable to E-House shareholders was $8.8 million, or $0.06 per diluted ADS, a decrease of 35% from $13.4 million, or $0.09 per diluted ADS, for the same quarter of 2014. Non-GAAP net income attributable to E-House shareholders was $15.1 million, or $0.10 per diluted ADS, a decrease of 27% from $20.6 million, or $0.14 per diluted ADS, for the same quarter of 2014.

 

2



 

First Half 2015 Results

 

Total revenues were $439.7 million, an increase of 18% from $373.5 million for the same period of 2014, primarily driven by growth of revenues from real estate online services and real estate brokerage services.

 

Revenues from real estate online services were $251.2 million, an increase of 28% from $195.8 million for the same period of 2014, contributed by growth of revenues from e-commerce services. Revenues from e-commerce services were $184.4 million, an increase of 56% from $118.0 million for the same period of 2014, primarily due to an increase in the average price per discount coupon redeemed. Revenues from online advertising services were $57.8 million, a decrease of 17% from $69.4 million for the same period of 2014, primarily due to decreased online advertising demand from property developers. Revenues from listing services were $9.0 million, an increase of 8% from $8.4 million for the same period of 2014, primarily due to volume growth in secondary home sales.

 

Revenues from real estate brokerage services were $147.2 million, an increase of 16% from $126.6 million for the same period of 2014. Revenues from primary real estate agency services were $141.9 million, an increase of 16% from $122.6 million for the same period of 2014, due to increases in total GFA and transaction value of new properties sold during the first half of 2015. Revenues from secondary real estate brokerage services were $5.3 million, an increase of 31% from $4.0 million for the same period of 2014, due to an increase in the number of sale transactions in secondary properties.

 

Revenues from real estate information and consulting services were $30.2 million, a decrease of 15% from $35.6 million for the same period of 2014, mostly due to a decreased number of customized data reports due to lower real estate investment levels, and a decreased average price of consulting contracts.

 

Revenues from other services were $10.8 million, a decrease of 30% from $15.5 million for the same period of 2014, primarily due to a decrease in revenues from offline promotional events services.

 

No material revenue was generated from community value-added services in the first half of 2015.

 

Cost of revenues was $149.6 million, an increase of 14% from $131.7 million for the same period of 2014, due to increased staff costs associated with primary real estate agency services and real estate online services, increased commission fees and project consulting fees for primary real estate agency services in line with increased revenues, and increased amortization expenses of intangible assets for the exclusive rights in connection with real estate online services.

 

SG&A expenses were $319.2 million, an increase of 38% from $231.2 million for the same period of 2014, primarily due to an increase in marketing expenses for real estate online services, as well as $18.9 million in expenses related to community value-added services and $2.2 million in expenses related to real estate financial services, both of which commenced in the third quarter of 2014.

 

Loss from operations was $27.2 million, compared to income from operations of $15.0 million for the same period of 2014. Non-GAAP loss from operations was $8.7 million, compared to non-GAAP income from operations of $33.8 million for the same period of 2014.

 

Net loss was $22.3 million, compared to net income of $17.7 million for the same period of 2014. Non-GAAP net loss was $5.5 million, compared to non-GAAP net income of $34.9 million for the same period of 2014.

 

Net loss attributable to E-House shareholders was $16.4 million, or $0.11 loss per diluted ADS, compared to net income attributable to E-House shareholders of $16.3 million, or $0.11 per diluted ADS, for the same period of 2014. Non-GAAP net loss attributable to E-House shareholders was $3.1 million, or $0.02 loss per diluted ADS, compared to non-GAAP net income attributable to E-House shareholders of $32.4 million, or $0.22 per diluted ADS, for the same period of 2014.

 

3



 

Cash Flow

 

As of June 30, 2015, the Company’s cash and cash equivalents balance was $438.5 million.

 

Second quarter 2015 net cash used in operating activities was $16.1 million, mainly attributable to an increase in accounts receivable of $43.2 million and an increase in customer deposits of $2.5 million, partially offset by non-GAAP net income of $16.1 million, as well as an increase in accrued payroll and welfare of $13.8 million. Net cash used in investing activities was $20.0 million, mainly due to a $14.3 million addition to property and equipment related to new office spaces as well as intangible assets, and a $6.2 million payment for a business acquisition. Net cash provided by financing activities was $14.4 million, mainly comprised of $29.5 million capital contribution from non-controlling interest shareholders of community value-added services and $16.3 million cash received from a short-term borrowing, partially offset by $21.4 million in dividends paid to shareholders, $8.1 million in dividends paid to non-E-House shareholders of the Company’s subsidiary, Leju Holdings Limited (NYSE: LEJU), and $2.9 million remaining payment for the 2014 acquisition of non-controlling interests in the Company’s online business.

 

Business Outlook

 

The Company maintains its fiscal year 2015 total revenues guidance of approximately $1.05 billion to $1.10 billion, which would represent an increase of approximately 16% to 22% from $904.5 million in 2014. This forecast reflects the Company’s current and preliminary view, which is subject to change.

 

Conference Call Information

 

E-House’s management will host an earnings conference call on August 25, 2015 at 8:15 a.m. U.S. Eastern Time (8:15 p.m. Beijing/Hong Kong time).

 

Dial-in details for the earnings conference call are as follows:

 

U.S./International:

+1-845-675-0437

Hong Kong:

+852-3018-6771

Mainland China:

+86-800-819-0121

 

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 September 2, 2015:

 

U.S./International: +1-646-254-3697

Hong Kong: +852-3051-2780

Mainland China: +86-800-870-0205

Passcode:                       9704345

 

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 260 cities. E-House offers a wide range of services to the real estate industry, including real estate online services through our 70%-owned subsidiary, Leju Holdings Limited (NYSE: LEJU), primary sales agency, secondary brokerage, information and consulting, offline advertising and promotion, real estate investment management and financial services, and mobile community value-added services. 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

 

4



 

“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 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.

 

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 (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to E-House shareholders, (4) net income (loss) attributable to E-House shareholders per basic ADS, and (5) net income (loss) attributable to E-House shareholders per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. 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 “Unaudited 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 and amortization of intangible assets resulting from business acquisitions, , 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 that may continue to exist in E-House’s business for the foreseeable future. Management compensates for these limitations by providing specific

 

5



 

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:

 

Investor Relations Department

E-House (China) Holdings Limited

Phone: +86 (21) 6133-0809

E-mail: ir@ehousechina.com

 

Mr. Derek Mitchell

Ogilvy Financial

In the U.S.: +1 (646) 867-1888

In China: +86 (10) 8520-6139

E-mail: ej@ogilvy.com

 

6



 

E-HOUSE (CHINA) HOLDINGS LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

 

 

 

December 31,

 

June 30,

 

 

 

2014

 

2015

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

630,617

 

438,544

 

Restricted cash

 

40,402

 

42,321

 

Customer deposits, net

 

92,797

 

118,953

 

Accounts receivable, net

 

415,150

 

446,520

 

Advance payment for properties, current

 

51,983

 

14,689

 

Properties held for sale

 

34,842

 

31,958

 

Deferred tax assets, net

 

64,805

 

64,863

 

Prepaid expenses and other current assets

 

39,339

 

53,693

 

Amounts due from related parties

 

6,094

 

1,945

 

Total current assets

 

1,376,029

 

1,213,486

 

Property and equipment, net

 

49,109

 

124,759

 

Intangible assets, net

 

120,381

 

124,761

 

Investment in affiliates

 

51,681

 

54,669

 

Goodwill

 

51,540

 

64,259

 

Customer deposits, non-current, net

 

797

 

618

 

Investment in preferred shares of a private entity

 

39,485

 

64,592

 

Restricted cash, non-current

 

 

34,186

 

Other non-current assets

 

87,902

 

113,083

 

Total assets

 

1,776,924

 

1,794,413

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Short-term borrowings

 

35,954

 

52,342

 

Accounts payable

 

8,261

 

4,603

 

Accrued payroll and welfare expenses

 

116,577

 

105,842

 

Income tax payable

 

117,594

 

103,358

 

Other tax payable

 

49,390

 

49,860

 

Amounts due to related parties

 

7,356

 

7,755

 

Advance from property buyers

 

2,261

 

7,641

 

Dividend payables

 

12,902

 

 

Advance from customers and deferred revenue

 

19,013

 

19,599

 

Liability for exclusive rights, current

 

 

8,179

 

Other current liabilities

 

85,837

 

65,392

 

Total current liabilities

 

455,145

 

424,571

 

Deferred tax liabilities

 

28,203

 

29,605

 

Convertible senior notes

 

132,752

 

133,309

 

Other non-current liabilities

 

658

 

30,537

 

Total liabilities

 

616,758

 

618,022

 

Equity

 

 

 

 

 

Ordinary shares ($0.001 par value): 1,000,000,000 and 1,000,000,000 shares authorized, 142,123,368 and 142,598,380 shares issued and outstanding, as of December 31, 2014 and June 30, 2015, respectively

 

142

 

143

 

Additional paid-in capital

 

991,646

 

975,343

 

Subscription receivables

 

(196

)

 

Accumulated deficit

 

(67,703

)

(84,070

)

Accumulated other comprehensive income

 

83,901

 

109,396

 

Total E-House equity

 

1,007,790

 

1,000,812

 

Non-controlling interests

 

152,376

 

175,579

 

Total equity

 

1,160,166

 

1,176,391

 

TOTAL LIABILITIES AND EQUITY

 

1,776,924

 

1,794,413

 

 

7



 

E-HOUSE (CHINA) HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

210,145

 

270,538

 

373,456

 

439,683

 

Cost of revenues

 

(72,705

)

(83,396

)

(131,728

)

(149,596

)

Selling, general and administrative expenses

 

(126,264

)

(179,387

)

(231,185

)

(319,240

)

Other operating income

 

3,789

 

1,631

 

4,460

 

1,931

 

Income (loss) from operations

 

14,965

 

9,386

 

15,003

 

(27,222

)

 

 

 

 

 

 

 

 

 

 

Interest expenses

 

(1,319

)

(2,486

)

(2,665

)

(4,792

)

Interest income

 

640

 

1,160

 

1,375

 

2,426

 

Other income, net

 

2,938

 

371

 

3,063

 

1,087

 

Income (loss) before taxes and equity in affiliates

 

17,224

 

8,431

 

16,776

 

(28,501

)

Income tax benefit (expense)

 

(2,340

)

(2,005

)

(2,247

)

4,838

 

Income (loss) before equity in affiliates

 

14,884

 

6,426

 

14,529

 

(23,663

)

Income from equity in affiliates

 

1,554

 

1,661

 

3,129

 

1,325

 

Net income (loss)

 

16,438

 

8,087

 

17,658

 

(22,338

)

 

 

 

 

 

 

 

 

 

 

Less: net income (loss) attributable to non-controlling interests

 

3,024

 

(684

)

1,342

 

(5,972

)

Net income (loss) attributable to E-House shareholders

 

13,414

 

8,771

 

16,316

 

(16,366

)

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

0.10

 

0.06

 

0.12

 

(0.11

)

Diluted

 

0.09

 

0.06

 

0.11

 

(0.11

)

Shares used in computation:

 

 

 

 

 

 

 

 

 

Basic

 

138,163,946

 

142,567,653

 

138,021,900

 

142,393,616

 

Diluted

 

145,613,580

 

145,587,148

 

146,539,322

 

142,393,616

 

 

Note 1

 

The conversion of Renminbi (“RMB”) amounts into USD amounts is based on the rate of USD1 = RMB6.1136 on June 30, 2015 and USD1 = RMB6.1223 for the three months ended June 30, 2015

 

8



 

E-HOUSE (CHINA) HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars)

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

16,438

 

8,087

 

17,658

 

(22,338

)

Other comprehensive income (loss), net of tax of nil:

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

(44

)

3,537

 

(5,741

)

746

 

Unrealized holding gains for investment in preferred shares of a private entity

 

 

23,411

 

 

25,107

 

Comprehensive income

 

16,394

 

35,035

 

11,917

 

3,515

 

 

 

 

 

 

 

 

 

 

 

Less: Comprehensive income (loss) attributable to non-controlling interests

 

3,051

 

(390

)

1,049

 

(5,914

)

Comprehensive income attributable to E-House shareholders

 

13,343

 

35,425

 

10,868

 

9,429

 

 

9



 

E-HOUSE (CHINA) HOLDINGS LIMITED

Unaudited 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,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

14,965

 

9,386

 

15,003

 

(27,222

)

Share-based compensation expense

 

5,335

 

5,432

 

10,450

 

11,764

 

Amortization of intangible assets resulting from business acquisitions

 

3,448

 

3,374

 

8,371

 

6,724

 

Non-GAAP income (loss) from operations

 

23,748

 

18,192

 

33,824

 

(8,734

)

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

16,438

 

8,087

 

17,658

 

(22,338

)

Share-based compensation expense (net of tax)

 

5,335

 

5,432

 

10,450

 

11,764

 

Amortization of intangible assets resulting from business acquisitions (net of tax)

 

2,894

 

2,531

 

6,813

 

5,043

 

Non-GAAP net income (loss)

 

24,667

 

16,050

 

34,921

 

(5,531

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to E-House shareholders

 

13,414

 

8,771

 

16,316

 

(16,366

)

Share-based compensation expense (net of tax and non-controlling interests)

 

4,923

 

4,543

 

10,038

 

9,676

 

Amortization of intangible assets resulting from business acquisitions (net of tax and non-controlling interests)

 

2,237

 

1,782

 

6,084

 

3,561

 

Non-GAAP net income (loss) attributable to E-House shareholders

 

20,574

 

15,096

 

32,438

 

(3,129

)

 

 

 

 

 

 

 

 

 

 

GAAP earnings (loss) per ADS — basic

 

0.10

 

0.06

 

0.12

 

(0.11

)

 

 

 

 

 

 

 

 

 

 

GAAP earnings (loss) per ADS — diluted

 

0.09

 

0.06

 

0.11

 

(0.11

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings (loss) per ADS — basic

 

0.15

 

0.11

 

0.24

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings (loss) per ADS — diluted

 

0.14

 

0.10

 

0.22

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

Shares used in calculating basic GAAP / non-GAAP net income (loss) attributable to shareholders per ADS

 

138,163,946

 

142,567,653

 

138,021,900

 

142,393,616

 

 

 

 

 

 

 

 

 

 

 

Shares used in calculating diluted GAAP / non-GAAP net income (loss) attributable to shareholders per ADS

 

145,613,580

 

145,587,148

 

146,539,322

 

142,393,616

 

 

10



 

E-HOUSE (CHINA) HOLDINGS LIMITED

SELECTED OPERATING DATA

 

 

 

Three months ended

 

Six months ended

 

 

 

June 30,

 

June 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

 

 

 

 

 

 

 

 

Primary real estate agency services

 

 

 

 

 

 

 

 

 

Total Gross Floor Area (“GFA”) of new properties sold (thousands of square meters)

 

5,361

 

6,630

 

9,833

 

11,049

 

Total value of new properties sold (millions of RMB)

 

46,755

 

66,447

 

88,629

 

104,295

 

Total value of new properties sold (millions of $)

 

7,628

 

10,884

 

14,471

 

17,052

 

 

 

 

 

 

 

 

 

 

 

E-commerce services

 

 

 

 

 

 

 

 

 

Number of discount coupons issued to prospective purchasers (number of transactions)

 

89,524

 

94,489

 

137,964

 

135,254

 

Number of discount coupons redeemed (number of transactions)

 

49,724

 

52,413

 

83,596

 

84,524