Press Releases
Leju Reports Fourth Quarter and Full Year 2017 Results
Fourth Quarter 2017 Financial Highlights
- Total revenues increased by 1% year-on-year to
$106.4 million .
- Revenues from e-commerce services was
- Revenues from online advertising services increased by 16% year-on-year to
- Revenues from listing services decreased by 58% year-on-year to
- Loss from operations was
$25.4 million , a 34% decrease from$38.2 million for the same quarter of 2016. Non-GAAP[1] loss from operations was$21.7 million , a 35% decrease from$33.7 million for the same quarter of 2016. - Net loss attributable to
Leju shareholders was$22.3 million , or$0.16 per diluted American depositary share ("ADS"), a decrease of 12% from$25.5 million , or$0.19 per diluted ADS, for the same quarter of 2016. Non-GAAP net loss attributable toLeju shareholders was$19.2 million , or$0.14 per diluted ADS, a decrease of 16% from$22.9 million , or$0.17 per diluted ADS, for the same quarter of 2016.
[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, amortization of intangible assets resulting from business acquisitions and goodwill impairment . 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. |
Full Year 2017 Financial Highlights
- Total revenues decreased by 35% year-on-year to
$362.5 million .
- Revenues from e-commerce services decreased by 44% year-on-year to
- Revenues from online advertising services decreased by 4% year-on-year to
- Revenues from listing services decreased by 36% year-on-year to
- Loss from operations was
$183.9 million , including goodwill impairment charge of$41.2 million , compared to$15.2 million for 2016. Non-GAAP loss from operations was$125.9 million , compared to non-GAAP income from operations of$9.0 million for 2016. - Net loss attributable to
Leju shareholders was$160.9 million , including goodwill impairment charge of$41.2 million , or$1.19 per diluted American depositary share ("ADS"), compared to$9.8 million , or$0.07 per diluted ADS for 2016. Non-GAAP net loss attributable toLeju shareholders was$105.0 million , or$0.77 per diluted ADS, compared to non-GAAP net income attributable toLeju shareholders of$10.1 million , or$0.07 per diluted ADS for 2016.
"In the fourth quarter, the overall operating environment did not improve under the continued tightening policies imposed by the government," said Mr.
"Looking forward to 2018, we believe that the restrictive measures will persist. Against this backdrop, we have formulated our new strategy of 'New Media, New Ecosystem, and New E-commerce', aiming to further enhance our media influence and content productivity, and provide accurate and targeted advertising services by leveraging our big data capability. Meanwhile, we have extended our existing e-commerce model by offering coupon services related to a developer's brand rather than a single project, thus expanding the scope of our e-commerce services. In addition, we will continue streamlining our cost structure to improve our bottom line."
Fourth Quarter 2017 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
Full Year 2017 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
Goodwill impairment charge was
Loss from operations was
Net loss was
Net loss attributable to
Cash Flow
As of
Fourth quarter 2017 net cash used in operating activities was
Business Outlook
The Company estimates that its total revenues for the first quarter of 2018 will be approximately
Management Changes
The Company also announced that Ms.
"Ms. Zuo brings us rich experiences in online technology, operations and cost control," said Mr.
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: 4688545
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 |
||||||||||||
December 31, |
December 31, |
|||||||||||
2016 |
2017 |
|||||||||||
ASSETS |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
274,338 |
150,968 |
||||||||||
Restricted cash |
— |
337 |
||||||||||
Accounts receivable, net |
71,390 |
80,606 |
||||||||||
Marketable securities |
2,181 |
3,077 |
||||||||||
Prepaid expenses and other current assets |
12,756 |
9,945 |
||||||||||
Customer deposits |
39,702 |
35,823 |
||||||||||
Amounts due from related parties |
6,019 |
4,077 |
||||||||||
Total current assets |
406,386 |
284,833 |
||||||||||
Property and equipment, net |
7,923 |
14,240 |
||||||||||
Intangible assets, net |
78,374 |
70,631 |
||||||||||
Investment in affiliates |
409 |
146 |
||||||||||
Goodwill |
39,018 |
— |
||||||||||
Deferred tax assets |
41,698 |
67,084 |
||||||||||
Other non-current assets |
2,059 |
2,010 |
||||||||||
Total assets |
575,867 |
438,944 |
||||||||||
LIABILITIES AND EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable |
1,574 |
2,950 |
||||||||||
Accrued payroll and welfare expenses |
41,728 |
37,082 |
||||||||||
Income tax payable |
66,148 |
63,380 |
||||||||||
Other tax payable |
16,678 |
11,654 |
||||||||||
Amounts due to related parties |
1,581 |
3,093 |
||||||||||
Advance from customers and deferred revenue |
5,058 |
10,565 |
||||||||||
Accrued marketing and advertising expenses |
9,355 |
18,852 |
||||||||||
Other current liabilities |
8,516 |
16,315 |
||||||||||
Total current liabilities |
150,638 |
163,891 |
||||||||||
Deferred tax liabilities |
18,869 |
18,016 |
||||||||||
Total liabilities |
169,507 |
181,907 |
||||||||||
Equity |
||||||||||||
Ordinary shares ($0.001 par value): 1,000,000,000 shares |
136 |
136 |
||||||||||
Additional paid-in capital |
785,019 |
788,589 |
||||||||||
Accumulated deficit |
(354,365)) |
(515,344) |
||||||||||
Accumulated other comprehensive income |
(22,321) |
(13,078) |
||||||||||
Total Leju equity |
408,469 |
260,303 |
||||||||||
Non-controlling interests |
(2,109) |
(3,266) |
||||||||||
Total equity |
406,360 |
257,037 |
||||||||||
TOTAL LIABILITIES AND EQUITY |
575,867 |
438,944 |
||||||||||
LEJU HOLDINGS LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share data and per share data) |
||||||||||||||||
Three months ended |
Year ended |
|||||||||||||||
December 31, |
December 31, |
|||||||||||||||
2016 |
2017 |
2016 |
2017 |
|||||||||||||
Revenues |
||||||||||||||||
E-commerce |
70,872 |
71,217 |
419,024 |
234,836 |
||||||||||||
Online advertising services |
28,180 |
32,719 |
117,949 |
113,235 |
||||||||||||
Listing services |
5,846 |
2,432 |
22,538 |
14,461 |
||||||||||||
Total revenues |
104,898 |
106,368 |
559,511 |
362,532 |
||||||||||||
Cost of revenues |
(14,027) |
(19,617) |
(57,492) |
(74,054) |
||||||||||||
Selling, general and administrative expenses |
(131,418) |
(112,293) |
(521,797) |
(434,276) |
||||||||||||
Goodwill impairment charge |
— |
— |
— |
(41,223) |
||||||||||||
Other operating income |
2,313 |
171 |
4,587 |
3,072 |
||||||||||||
Loss from operations |
(38,234) |
(25,371) |
(15,191) |
(183,949) |
||||||||||||
Investment income (loss) |
3 |
— |
(186) |
— |
||||||||||||
Interest income |
388 |
326 |
1,313 |
1,314 |
||||||||||||
Other income, net |
57 |
1,103 |
620 |
480 |
||||||||||||
Loss before taxes and equity in affiliates |
(37,786) |
(23,942) |
(13,444) |
(182,155) |
||||||||||||
Income tax benefits |
11,410 |
1,510 |
2,068 |
20,328 |
||||||||||||
Loss before equity in affiliates |
(26,376) |
(22,432) |
(11,376) |
(161,827) |
||||||||||||
Loss from equity in affiliates |
(9) |
(28) |
(225) |
(216) |
||||||||||||
Net loss |
(26,385) |
(22,460) |
(11,601) |
(162,043) |
||||||||||||
Less: net loss attributable to non-controlling |
(933) |
(158) |
(1,812) |
(1,142) |
||||||||||||
Net loss attributable to Leju shareholders |
(25,452) |
(22,302) |
(9,789) |
(160,901) |
||||||||||||
Loss per share: |
||||||||||||||||
Basic |
(0.19) |
(0.16) |
(0.07) |
(1.19) |
||||||||||||
Diluted |
(0.19) |
(0.16) |
(0.07) |
(1.19) |
||||||||||||
Shares used in computation: |
||||||||||||||||
Basic |
135,367,001 |
135,763,962 |
135,220,210 |
135,708,350 |
||||||||||||
Diluted |
135,367,001 |
135,763,962 |
135,220,210 |
135,708,350 |
||||||||||||
Note 1 |
The conversion of Renminbi ("RMB") amounts into USD amounts is based on the rate |
LEJU HOLDINGS LIMITED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (In thousands of U.S. dollars) |
|||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||
December 31, |
December 31, |
||||||||||||||||
2016 |
2017 |
2016 |
2017 |
||||||||||||||
Net loss |
(26,385) |
(22,460) |
(11,601) |
(162,043) |
|||||||||||||
Other comprehensive income (loss), net of tax |
|||||||||||||||||
Foreign currency translation adjustment |
(11,234) |
3,516 |
(16,761) |
9,137 |
|||||||||||||
Comprehensive loss |
(37,619) |
(18,944) |
(28,362) |
(152,906) |
|||||||||||||
Less: Comprehensive loss attributable to |
(896) |
(187) |
(1,771) |
(1,249) |
|||||||||||||
Comprehensive loss attributable to |
(36,723) |
(18,757) |
(26,591) |
(151,657) |
|||||||||||||
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 |
Year ended |
|||||||||||||||
December 31, |
December 31, |
|||||||||||||||
2016 |
2017 |
2016 |
2017 |
|||||||||||||
GAAP loss from operations |
(38,234) |
(25,371) |
(15,191) |
(183,949) |
||||||||||||
Share-based compensation expense |
1,483 |
151 |
11,910 |
3,525 |
||||||||||||
Amortization of intangible assets resulting from business |
3,079 |
3,485 |
12,329 |
13,333 |
||||||||||||
Goodwill impairment |
— |
— |
— |
41,223 |
||||||||||||
Non-GAAP income (loss) from operations |
(33,672) |
(21,735) |
9,048 |
(125,868) |
||||||||||||
GAAP net loss |
(26,385) |
(22,460) |
(11,601) |
(162,043) |
||||||||||||
Share-based compensation expense (net of tax) |
1,483 |
151 |
11,910 |
3,525 |
||||||||||||
Amortization of intangible assets resulting from |
1,120 |
2,911 |
8,057 |
11,189 |
||||||||||||
Goodwill impairment (net of tax) |
— |
— |
— |
41,223 |
||||||||||||
Non-GAAP net income (loss) |
(23,782) |
(19,398) |
8,366 |
(106,106) |
||||||||||||
Net loss attributable to Leju Shareholder |
(25,452) |
(22,302) |
(9,789) |
(160,901) |
||||||||||||
Share-based compensation expense |
1,475 |
142 |
11,877 |
3,491 |
||||||||||||
Amortization of intangible assets resulting from business |
1,120 |
2,911 |
8,057 |
11,189 |
||||||||||||
Goodwill impairment (net of tax and non-controlling interests) |
— |
— |
— |
41,223 |
||||||||||||
Non-GAAP net income (loss) attributable to Leju |
(22,857) |
(19,249) |
10,145 |
(104,998) |
||||||||||||
GAAP net loss per ADS — basic/diluted |
(0.19) |
(0.16) |
(0.07) |
(1.19) |
||||||||||||
Non-GAAP net income (loss) per ADS — basic |
(0.17) |
(0.14) |
0.08 |
(0.77) |
||||||||||||
Non-GAAP net income (loss) per ADS — diluted |
(0.17) |
(0.14) |
0.07 |
(0.77) |
||||||||||||
Shares used in calculating basic GAAP/non-GAAP net |
135,367,001 |
135,763,962 |
135,220,210 |
135,708,350 |
||||||||||||
Shares used in calculating diluted GAAP net loss |
135,367,001 |
135,763,962 |
135,220,210 |
135,708,350 |
||||||||||||
Shares used in calculating diluted non-GAAP net income |
135,367,001 |
135,763,962 |
135,349,212 |
135,708,350 |
||||||||||||
LEJU HOLDINGS LIMITED SELECTED OPERATING DATA |
||||||||||||||||
Three months ended |
Year ended |
|||||||||||||||
December 31, |
December 31, |
|||||||||||||||
2016 |
2017 |
2016 |
2017 |
|||||||||||||
Operating data for e-commerce services |
||||||||||||||||
Number of discount coupons issued to |
59,047 |
47,419 |
326,874 |
246,318 |
||||||||||||
Number of discount coupons redeemed |
37,678 |
31,046 |
175,505 |
113,420 |
||||||||||||
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