Leju Reports First Quarter 2018 Results
First Quarter 2018 Financial Highlights
- Total revenues increased by 19% year-on-year to
$81.5 million
- Revenues from e-commerce services increased by 40% year-on-year to$53.5 million
- Revenues from online advertising services increased by 5% year-on-year to$27.1 million
- Loss from operations was
$31.5 million , a decrease of 32% from$46.3 million for the same quarter of 2017. Non-GAAP[1] loss from operations was$27.1 million , a decrease of 35% from$41.8 million for the same quarter of 2017 - Net loss attributable to
Leju Holdings Limited shareholders was$20.9 million , or$0.15 loss per diluted American depositary share ("ADS"), a decrease of 26% from$28.2 million , or$0.21 loss per diluted ADS, for the same quarter of 2017. Non-GAAP net loss attributable toLeju Holdings Limited shareholders was$17.3 million , or$0.13 loss per diluted ADS, a decrease of 29% from$24.2 million , or$0.18 loss per diluted ADS, for the same quarter of 2017
[1] Leju 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 Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju 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. |
"I'm pleased that our businesses returned to a growth trajectory in the first quarter of 2018 despite the overall market environment not showing signs of major improvement," said Mr.
First Quarter 2018 Results
Total revenues were
Revenues from e-commerce services were
Revenues from online advertising services were
Revenues from listing services were
Cost of revenues was
Selling, general and administrative expenses were
Loss from operations was
Net loss was
Net loss attributable to
Cash Flow
As of
First quarter 2018 net cash provided by operating activities was
Business Outlook
The Company estimates that its total revenues for the second quarter of 2018 will be approximately $106 million to $111 million, which would represent an increase of approximately 15% to 20% from
Conference Call Information
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: |
+400-620-8038 |
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "
A replay of the conference call may be accessed by phone at the following number until
U.S./International: |
+1-855-452-5696 |
Hong Kong: |
+800-963-117 |
Mainland China: |
+400-632-2162 |
Passcode: |
4696567 |
Additionally, a live and archived webcast will be available at http://ir.leju.com.
About
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements.
About Non-GAAP Financial Measures
To supplement
For investor and media inquiries please contact:
Ms.
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com
Phone: +86 135-0116-6560
E-mail: phil@thefootegroup.com
LEJU HOLDINGS LIMITED |
||||
UNAUDITED CONSOLIDATED BALANCE SHEETS |
||||
(In thousands of U.S. dollars) |
||||
December 31, |
March 31, |
|||
2017 |
2018 |
|||
ASSETS |
||||
Current assets |
||||
Cash and cash equivalents |
150,968 |
157,159 |
||
Restricted cash |
337 |
350 |
||
Accounts receivable, net |
79,196 |
77,504 |
||
Contract assets |
1,410 |
1,571 |
||
Marketable securities |
3,077 |
3,115 |
||
Prepaid expenses and other current assets |
9,945 |
9,104 |
||
Customer deposits |
35,823 |
16,066 |
||
Amounts due from related parties |
4,077 |
1,248 |
||
Total current assets |
284,833 |
266,117 |
||
Property and equipment, net |
14,240 |
14,176 |
||
Intangible assets, net |
70,631 |
67,149 |
||
Investment in affiliates |
146 |
132 |
||
Deferred tax assets |
67,084 |
69,709 |
||
Other non-current assets |
2,010 |
1,692 |
||
Total assets |
438,944 |
418,975 |
||
LIABILITIES AND EQUITY |
||||
Current liabilities |
||||
Accounts payable |
2,950 |
1,968 |
||
Accrued payroll and welfare expenses |
37,082 |
27,794 |
||
Income tax payable |
63,380 |
56,428 |
||
Other tax payable |
11,654 |
11,337 |
||
Amounts due to related parties |
3,093 |
10,045 |
||
Advance from customers and deferred revenue |
10,565 |
12,878 |
||
Accrued marketing and advertising expenses |
18,852 |
22,617 |
||
Other current liabilities |
16,315 |
18,239 |
||
Total current liabilities |
163,891 |
161,306 |
||
Deferred tax liabilities |
18,016 |
18,721 |
||
Total liabilities |
181,907 |
180,027 |
||
Shareholders' Equity |
||||
Ordinary shares ($0.001 par value): |
136 |
136 |
||
Additional paid-in capital |
788,589 |
789,579 |
||
Accumulated deficit |
(515,344) |
(536,226) |
||
Accumulated other comprehensive loss |
(13,078) |
(10,766) |
||
Total Leju Holdings Limited shareholders' equity |
260,303 |
242,723 |
||
Non-controlling interests |
(3,266) |
(3,775) |
||
Total equity |
257,037 |
238,948 |
||
TOTAL LIABILITIES AND EQUITY |
438,944 |
418,975 |
LEJU HOLDINGS LIMITED |
||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
(In thousands of U.S. dollars, except share data and per share data) |
||||
Three months ended |
||||
March 31, |
||||
2017 |
2018 |
|||
Revenues |
||||
E-commerce |
38,091 |
53,470 |
||
Online advertising |
25,793 |
27,130 |
||
Listing |
4,424 |
923 |
||
Total revenues |
68,308 |
81,523 |
||
Cost of revenues |
(14,130) |
(18,675) |
||
Selling, general and administrative expenses |
(100,521) |
(95,178) |
||
Other operating income |
71 |
830 |
||
Loss from operations |
(46,272) |
(31,500) |
||
Interest income |
283 |
287 |
||
Other income, net |
128 |
2,837 |
||
Loss before taxes and loss from equity in affiliates |
(45,861) |
(28,376) |
||
Income tax benefit |
17,293 |
7,117 |
||
Loss before loss from equity in affiliates |
(28,568) |
(21,259) |
||
Loss from equity in affiliates |
(76) |
(19) |
||
Net Loss |
(28,644) |
(21,278) |
||
Less: net loss attributable to non-controlling interests |
(471) |
(416) |
||
Loss attributable to Leju Holdings Limited shareholders |
(28,173) |
(20,862) |
||
Loss per share: |
||||
Basic/ Diluted |
(0.21) |
(0.15) |
||
Shares used in computation of loss per share: |
||||
Basic/ Diluted |
135,541,514 |
135,763,962 |
||
Note 1 The conversion of functional currency Renminbi ("RMB") amounts into reporting currency USD |
LEJU HOLDINGS LIMITED |
||||
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
||||
(In thousands of U.S. dollars) |
||||
Three months ended |
||||
March 31, |
||||
2017 |
2018 |
|||
Net loss |
(28,644) |
(21,278) |
||
Other comprehensive loss, net of tax of nil |
||||
Foreign currency translation adjustment |
1,243 |
2,209 |
||
Comprehensive loss |
(27,401) |
(19,069) |
||
Less: Comprehensive loss attributable to non-controlling |
(478) |
(518) |
||
Comprehensive loss attributable to Leju Holdings Limited |
(26,923) |
(18,551) |
LEJU 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 |
||||
March 31, |
||||
2017 |
2018 |
|||
GAAP loss from operations |
(46,272) |
(31,500) |
||
Share-based compensation expense |
1,422 |
979 |
||
Amortization of intangible assets resulting from business |
3,031 |
3,450 |
||
Non-GAAP loss from operations |
(41,819) |
(27,071) |
||
GAAP net loss |
(28,644) |
(21,278) |
||
Share-based compensation expense (net of tax) |
1,422 |
979 |
||
Amortization of intangible assets resulting from |
2,570 |
2,633 |
||
Non-GAAP net loss |
(24,652) |
(17,666) |
||
Net loss attributable to Leju Holdings Limited shareholders |
(28,173) |
(20,862) |
||
Share-based compensation expense (net of tax and non- |
1,414 |
971 |
||
Amortization of intangible assets resulting from business |
2,570 |
2,633 |
||
Non-GAAP net loss attributable to Leju Holdings Limited |
(24,189) |
(17,258) |
||
GAAP net loss per ADS -- basic/ diluted |
(0.21) |
(0.15) |
||
Non-GAAP net loss per ADS -- basic/ diluted |
(0.18) |
(0.13) |
||
Shares used in calculating basic GAAP / non-GAAP net loss |
135,541,514 |
135,763,962 |
||
Shares used in calculating diluted GAAP / non-GAAP net loss |
135,541,514 |
135,763,962 |
LEJU HOLDINGS LIMITED |
||||
SELECTED OPERATING DATA |
||||
Three months ended |
||||
March 31, |
||||
2017 |
2018 |
|||
Operating data for e-commerce services |
||||
Number of discount coupons issued to prospective purchasers |
43,449 |
19,678 |
||
Number of discount coupons redeemed (number of transactions) |
18,987 |
13,799 |
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