0001104659-15-080096.txt : 20151119 0001104659-15-080096.hdr.sgml : 20151119 20151119085048 ACCESSION NUMBER: 0001104659-15-080096 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20151130 FILED AS OF DATE: 20151119 DATE AS OF CHANGE: 20151119 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: 151242693 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 a15-23680_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 November 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: November 19, 2015

 

2



 

Exhibit Index

 

Exhibit 99.1 — Press Release

 

3


EX-99.1 2 a15-23680_1ex99d1.htm EX-99.1

Exhibit 99.1

 

E-House Reports Third Quarter 2015 Results

 

SHANGHAI, China, November 18, 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 September 30, 2015.

 

Third Quarter 2015 Highlights

 

·                  Total revenues increased by 18% year-on-year to $258.7 million

 

·                  Revenues from real estate online services increased by 18% year-on-year to $151.2 million, including $106.4 million in revenues from e-commerce services, which grew by 26% year-on-year

·                  Revenues from primary real estate agency services increased by 48% year-on-year to $83.2 million

 

·                  Non-GAAP1 net income attributable to E-House shareholders was $18.7 million, or $0.13 per diluted American depositary share (“ADS”), an increase of 48% from $12.6 million, or $0.09 per diluted ADS, for the same quarter of 2014

 

First Nine Months 2015 Financial Highlights

 

·                  Total revenues increased by 18% year-on-year to $698.4 million

 

·                  Revenues from real estate online services increased by 24% year-on-year to $402.4 million, including $290.9 million in revenues from e-commerce services, which grew by 44% year-on-year

·                  Revenues from primary real estate agency services increased by 26% year-on-year to $225.1 million

 

·                  Non-GAAP net income attributable to E-House shareholders was $15.6 million, or $0.10 per diluted ADS, compared to $45.0 million, or $0.30 per diluted ADS, for the same period of 2014

 

Mr. Xin Zhou, E-House’s co-chairman and CEO, said, “During the third quarter, we continued to grow our overall business and deliver solid execution in driving our total revenues. Under a relatively stable and healthy real estate market environment, our real estate brokerage services led the year-on-year top-line growth. Our online services continued to deliver solid growth as well, driven by revenue growth in e-commerce and secondary listings. We merged our real estate fund management business into Jupai Holdings Limited (“Jupai”, NYSE: JP) in the third quarter in exchange for additional stakes in Jupai, which closed concurrent with Jupai’s IPO in the U.S. The realized gains from the disposition of our real estate fund management business helped drive our profits higher during the quarter.”

 

Third Quarter 2015 Results

 

Total revenues were $258.7 million, an increase of 18% from $218.7 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 $151.2 million, an increase of 18% from $128.2 million for the same quarter of 2014, mainly contributed by growth of revenues from e-commerce services. Revenues from e-commerce services were $106.4 million, an increase of 26% from $84.2 million for the same quarter of 2014, primarily due to an increase in the average price per discount coupon redeemed. Revenues from online advertising services were $39.4 million, a decrease of 6% from $41.8 million for the same quarter of 2014, primarily due to decreased online advertising demand from property developers. Revenues from listing services were $5.4 million, an increase of 139% from $2.2 million for the same quarter of 2014, primarily due to growth in secondary home transactions.

 


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



 

Revenues from real estate brokerage services were $86.5 million, an increase of 47% from $59.0 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 $83.2 million, an increase of 48% from $56.3 million for the same quarter of 2014. The increase was caused by increases in both 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 $3.3 million, an increase of 24% from $2.7 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 $13.2 million, a decrease of 14% from $15.4 million for the same quarter of 2014, mainly due to decreased demand for customized data reports due to lower real estate investment levels and decreased average price of consulting contracts during the period.

 

Revenues from other services were $7.6 million, a decrease of 53% from $16.1 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 third quarter was primarily due to a decrease in revenues from offline promotional events services, and the disposition of real estate fund management services business at the beginning of the third quarter of 2015. Revenue from real estate fund management services was nil in the third quarter of 2015, compared to $7.0 million for the same quarter of 2014.

 

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

 

Cost of revenues was $82.7 million, an increase of 6% from $77.9 million for the same quarter of 2014, primarily due to increased commission fees and project consulting fees for primary real estate agency services in line with increased revenues.

 

Selling, general and administrative (“SG&A”) expenses were $172.3 million, an increase of 34% from $128.3 million for the same quarter of 2014, primarily due to higher marketing expenses for real estate online services, as well as increased salary and welfare expenses related to community value-added services. Expenses related to community value-added services were $12.2 million, compared to $4.6 million for the same quarter of 2014.

 

Income from operations was $7.6 million, a decrease of 53% from $16.2 million for the same quarter of 2014. Non-GAAP income from operations was $16.2 million, a decrease of 37% from $25.5 million for the same quarter of 2014, mostly due to increased spending related to community value-added services and real estate financial services.

 

Investment income was $23.1 million, comprised of a gain from the disposition of the real estate fund management services to Jupai.

 

Net income was $12.2 million, compared to $13.1 million for the same quarter of 2014. Non-GAAP net income was $20.0 million, compared to $21.9 million for the same quarter of 2014.

 

Net income attributable to E-House shareholders was $12.5 million, or $0.09 per diluted ADS, an increase of 146% from $5.1 million, or $0.03 per diluted ADS, for the same quarter of 2014. Non-GAAP net income attributable to E-House shareholders was $18.7 million, or $0.13 per diluted ADS, an increase of 48% from $12.6 million, or $0.09 per diluted ADS, for the same quarter of 2014.

 

2



 

First Nine Months 2015 Results

 

Total revenues were $698.4 million, an increase of 18% from $592.2 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 $402.4 million, an increase of 24% from $324.1 million for the same period of 2014, contributed by growth of revenues from e-commerce services and listing services. Revenues from e-commerce services were $290.9 million, an increase of 44% from $202.2 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 $97.2 million, a decrease of 13% from $111.2 million for the same period of 2014, primarily due to decreased online advertising demand from property developers. Revenues from listing services were $14.4 million, an increase of 35% from $10.7 million for the same period of 2014, primarily due to the growth in secondary home sales.

 

Revenues from real estate brokerage services were $233.7 million, an increase of 26% from $185.6 million for the same period of 2014. Revenues from primary real estate agency services were $225.1 million, an increase of 26% from $178.9 million for the same period of 2014, due to increases in both total GFA and transaction value of new properties sold during the first nine months of 2015. Revenues from secondary real estate brokerage services were $8.6 million, an increase of 28% from $6.7 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 $43.5 million, a decrease of 15% from $51.0 million for the same period of 2014, mostly due to decreased demand for customized data reports due to lower real estate investment levels, and a decreased average price of consulting contracts.

 

Revenues from other services were $18.3 million, a decrease of 42% from $31.5 million for the same period of 2014, primarily due to a decrease in revenues from offline promotional events services, and the disposition of real estate fund management services business at the beginning of the third quarter of 2015.

 

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

 

Cost of revenues was $232.3 million, an increase of 11% from $209.6 million for the same period of 2014, due to increased commission fees and project consulting fees for primary real estate agency services in line with increased revenues, increased staff costs and increased amortization expenses of intangible assets for the exclusive rights in connection with real estate online services.

 

SG&A expenses were $491.6 million, an increase of 37% from $359.5 million for the same period of 2014, primarily due to an increase in marketing expenses for real estate online services, as well as increases of $23.3 million in expenses related to community value-added services and $3.1 million in expenses related to real estate financial services, both of which commenced in the third quarter of 2014.

 

Loss from operations was $19.7 million, compared to income from operations of $31.2 million for the same period of 2014. Non-GAAP income from operations was $7.4 million, a decrease of 87% from $59.4 million for the same period of 2014.

 

Investment income was $23.1 million, comprised of a gain from the disposition of the real estate fund management services to Jupai.

 

Net loss was $10.1 million, compared to $30.7 million net income for the same period of 2014. Non-GAAP net income was $14.5 million, compared to $56.8 million for the same period of 2014.

 

3



 

Net loss attributable to E-House shareholders was $3.8 million, or $0.03 loss per diluted ADS, compared to net income attributable to E-House shareholders of $21.4 million, or $0.14 per diluted ADS, for the same period of 2014. Non-GAAP net income attributable to E-House shareholders was $15.6 million, or $0.10 per diluted ADS, compared to $45.0 million, or $0.30 per diluted ADS, for the same period of 2014.

 

Cash Flow

 

As of September 30, 2015, the Company’s cash and cash equivalents balance was $481.7 million.

 

Third quarter 2015 net cash provided by operating activities was $12.4 million, mainly attributable to non-GAAP net income of $20.0 million, as well as a $14.4 million decrease in customer deposits, partially offset by a $23.1 million non-cash gain from the disposition of the real estate fund management services. Net cash used in investing activities was $37.1 million, mainly comprised of a $12.6 million payment for investments in affiliate, a $9.2 million payment for a business acquisition deposit, a $7.9 million payment for the exclusive rights with Baidu, and a $6.0 million cash decrease associated with the disposition of real estate fund management services. Net cash provided by financing activities was $79.3 million, mainly comprised of a $71.3 million bank loan, and a $25.6 million loan from a related party, partially offset by $9.6 million paid for the repurchase of the convertible bond, and a $6.6 million 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 November 18, 2015 at 8:15 a.m. U.S. Eastern Time (9:15 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 November 26, 2015:

 

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

Hong Kong: +852-3051-2780

Mainland China: +86-800-870-0205

Passcode:        75256378

 

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 “China Enterprises with the Best Potential” from Forbes. For more information about E-House, please visit http://www.ehousechina.com.

 

4



 

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 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

 

5



 

E-HOUSE (CHINA) HOLDINGS LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

 

 

 

December 31,

 

September 30,

 

 

 

2014

 

2015

 

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

630,617

 

481,706

 

Restricted cash

 

40,402

 

40,067

 

Customer deposits, net

 

92,797

 

102,804

 

Accounts receivable, net

 

415,150

 

447,396

 

Advance payment for properties, current

 

51,983

 

14,255

 

Properties held for sale

 

34,842

 

30,665

 

Deferred tax assets, net

 

64,805

 

61,937

 

Prepaid expenses and other current assets

 

39,339

 

45,265

 

Amounts due from related parties

 

6,094

 

1,888

 

Total current assets

 

1,376,029

 

1,225,983

 

Property and equipment, net

 

49,109

 

125,400

 

Intangible assets, net

 

120,381

 

116,312

 

Investment in affiliates

 

51,681

 

114,560

 

Goodwill

 

51,540

 

63,101

 

Customer deposits, non-current, net

 

797

 

1,380

 

Investment in preferred shares of a private entity

 

39,485

 

 

Restricted cash, non-current

 

 

32,855

 

Other non-current assets

 

87,902

 

118,417

 

Total assets

 

1,776,924

 

1,798,008

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current liabilities

 

 

 

 

 

Short-term borrowings

 

35,954

 

75,456

 

Accounts payable

 

8,261

 

5,640

 

Accrued payroll and welfare expenses

 

116,577

 

95,071

 

Income tax payable

 

117,594

 

102,312

 

Other tax payable

 

49,390

 

50,541

 

Amounts due to related parties

 

7,356

 

31,760

 

Advance from property buyers

 

2,261

 

8,101

 

Dividend payables

 

12,902

 

 

Advance from customers and deferred revenue

 

19,013

 

19,166

 

Other current liabilities

 

85,837

 

61,865

 

Total current liabilities

 

455,145

 

449,912

 

Deferred tax liabilities

 

28,203

 

28,548

 

Convertible senior notes

 

132,752

 

123,697

 

Other non-current liabilities

 

658

 

74,867

 

Total liabilities

 

616,758

 

677,024

 

Equity

 

 

 

 

 

Ordinary shares ($0.001 par value): 1,000,000,000 and 1,000,000,000 shares authorized, 142,123,368 and 142,620,205 shares issued and outstanding, as of December 31, 2014 and September 30, 2015, respectively

 

142

 

143

 

Additional paid-in capital

 

991,646

 

979,648

 

Subscription receivables

 

(196

)

(61

)

Accumulated deficit

 

(67,703

)

(71,523

)

Accumulated other comprehensive income

 

83,901

 

45,148

 

Total E-House equity

 

1,007,790

 

953,355

 

Non-controlling interests

 

152,376

 

167,629

 

Total equity

 

1,160,166

 

1,120,984

 

TOTAL LIABILITIES AND EQUITY

 

1,776,924

 

1,798,008

 

 

6



 

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

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

218,718

 

258,691

 

592,174

 

698,374

 

Cost of revenues

 

(77,890

)

(82,745

)

(209,618

)

(232,341

)

Selling, general and administrative expenses

 

(128,332

)

(172,323

)

(359,517

)

(491,563

)

Other operating income

 

3,674

 

3,939

 

8,134

 

5,870

 

Income (loss) from operations

 

16,170

 

7,562

 

31,173

 

(19,660

)

 

 

 

 

 

 

 

 

 

 

Interest expenses

 

(1,326

)

(2,797

)

(3,991

)

(7,589

)

Interest income

 

805

 

1,211

 

2,180

 

3,637

 

Other income (loss), net

 

117

 

(2,215

)

3,180

 

(1,128

)

Investment Income

 

 

23,104

 

 

23,104

 

Income (loss) before taxes and equity in affiliates

 

15,766

 

26,865

 

32,542

 

(1,636

)

Income tax expense

 

(3,132

)

(15,221

)

(5,379

)

(10,383

)

Income (loss) before equity in affiliates

 

12,634

 

11,644

 

27,163

 

(12,019

)

Income from equity in affiliates

 

424

 

594

 

3,553

 

1,919

 

Net income (loss)

 

13,058

 

12,238

 

30,716

 

(10,100

)

 

 

 

 

 

 

 

 

 

 

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

 

7,968

 

(307

)

9,310

 

(6,279

)

Net income (loss) attributable to E-House shareholders

 

5,090

 

12,545

 

21,406

 

(3,821

)

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

0.04

 

0.09

 

0.15

 

(0.03

)

Diluted

 

0.03

 

0.09

 

0.14

 

(0.03

)

Shares used in computation:

 

 

 

 

 

 

 

 

 

Basic

 

139,374,967

 

142,604,949

 

138,472,922

 

142,464,061

 

Diluted

 

146,962,092

 

145,253,119

 

146,680,245

 

142,464,061

 

 

Note 1

The conversion of Renminbi (“RMB”) amounts into USD amounts is based on the rate of USD1 = RMB6.3613 on September 30, 2015 and USD1 = RMB6.2378 for the nine months ended September 30, 2015

 

7



 

E-HOUSE (CHINA) HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars)

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

13,058

 

12,238

 

30,716

 

(10,100

)

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

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

300

 

(28,057

)

(5,441

)

(27,311

)

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

 

4,629

 

(38,872

)

4,629

 

(13,765

)

Comprehensive income (loss)

 

17,987

 

(54,691

)

29,904

 

(51,176

)

 

 

 

 

 

 

 

 

 

 

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

 

7,931

 

(2,990

)

8,980

 

(8,904

)

Comprehensive income (loss) attributable to E-House shareholders

 

10,056

 

(51,701

)

20,924

 

(42,272

)

 

8



 

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

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

16,170

 

7,562

 

31,173

 

(19,660

)

Share-based compensation expense

 

5,919

 

5,162

 

16,369

 

16,926

 

Amortization of intangible assets resulting from business acquisitions

 

3,448

 

3,456

 

11,819

 

10,180

 

Non-GAAP income from operations

 

25,537

 

16,180

 

59,361

 

7,446

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

13,058

 

12,238

 

30,716

 

(10,100

)

Share-based compensation expense (net of tax)

 

5,919

 

5,162

 

16,369

 

16,926

 

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

 

2,894

 

2,592

 

9,707

 

7,635

 

Non-GAAP net income

 

21,871

 

19,992

 

56,792

 

14,461

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to E-House shareholders

 

5,090

 

12,545

 

21,406

 

(3,821

)

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

 

5,329

 

4,328

 

15,367

 

14,004

 

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

 

2,179

 

1,816

 

8,263

 

5,377

 

Non-GAAP net income attributable to E-House shareholders

 

12,598

 

18,689

 

45,036

 

15,560

 

 

 

 

 

 

 

 

 

 

 

GAAP earnings (loss) per ADS — basic

 

0.04

 

0.09

 

0.15

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

GAAP earnings (loss) per ADS — diluted

 

0.03

 

0.09

 

0.14

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings per ADS — basic

 

0.09

 

0.13

 

0.33

 

0.11

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP earnings per ADS — diluted

 

0.09

 

0.13

 

0.30

 

0.10

 

 

 

 

 

 

 

 

 

 

 

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

 

139,374,967

 

142,604,949

 

138,472,922

 

142,464,061

 

 

 

 

 

 

 

 

 

 

 

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

 

146,962,092

 

145,253,119

 

146,680,245

 

142,464,061

 

 

 

 

 

 

 

 

 

 

 

Shares used in calculating diluted non-GAAP net income attributable to shareholders per ADS

 

146,962,092

 

153,999,177

 

146,680,245

 

145,489,652

 

 

9



 

E-HOUSE (CHINA) HOLDINGS LIMITED

SELECTED OPERATING DATA

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

2014

 

2015

 

2014

 

2015

 

 

 

 

 

 

 

 

 

 

 

Primary real estate agency services

 

 

 

 

 

 

 

 

 

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

 

4,991

 

6,411

 

14,824

 

17,460

 

Total value of new properties sold (millions of RMB)

 

42,986

 

66,700

 

131,615

 

170,995

 

Total value of new properties sold (millions of $)

 

7,019

 

10,361

 

21,490

 

27,413

 

 

 

 

 

 

 

 

 

 

 

E-commerce services

 

 

 

 

 

 

 

 

 

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

 

85,843

 

70,641

 

223,807

 

205,895

 

Number of discount coupons redeemed (number of transactions)

 

59,811

 

57,303

 

143,407

 

141,827

 

 

10