SHANGHAI, Nov. 11, 2010 /PRNewswire-Asia-FirstCall/ --
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 nine months ended September 30,
2010.
Third Quarter 2010 Financial and Operating
Highlights
- Total gross floor area ("GFA") of new properties sold decreased
by 10% year-on-year to 3.0 million square meters. Total value of
new properties sold decreased by 12% year-on-year to RMB25.9 billion ($3.9
billion)(1).
- Total revenues increased by 3% year-on-year to $88.6 million, including $19.1 million contributed by China Online Housing
Technology Corporation ("COHT"). Without the COHT contribution, the
remaining revenues decreased by 19% year-on-year to $69.5 million.
- Non-GAAP net income(2) decreased by 45% year-on-year to
$20.8 million. Non-GAAP net income
includes $4.0 million attributable to
COHT, while the remaining non-GAAP net income decreased by 55%
year-on-year to $16.8 million.
- Non-GAAP net income attributable to E-House shareholders(2)
decreased by 65% year-on-year to $13.2
million, or $0.16 per diluted
ADS.
First Nine Months of 2010 Financial and
Operating Highlights
- Total GFA of new properties sold was 7.7 million square meters
for the first nine months of 2010, an increase of 4% from the same
period of 2009. Total value of new properties sold was RMB65.6 billion ($9.7
billion) for the first nine months of 2010, an increase of
10% from the same period of 2009.
- Total revenues were $231.3
million for the first nine months of 2010, an increase of
27% from the same period of 2009, including $41.7 million contributed by COHT. Without the
COHT contribution, the remaining revenues were $189.6 million, an increase of 4% from the same
period of 2009.
- Non-GAAP net income was $65.1
million for the first nine months of 2010, a decrease of 5%
from the same period of 2009. Non-GAAP net income includes
$7.3 million attributable to COHT,
while the remaining non-GAAP net income decreased by 16% to
$57.8 million.
- Non-GAAP net income attributable to E-House shareholders was
$44.9 million, or $0.55 per diluted ADS, for the first nine months
of 2010, a decrease of 34% from the same period of 2009.
(1) 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 RMB6.7694 to
US$1.00, which is the average central parity rate announced
by the People’s Bank of China for
the third quarter of 2010.
(2) Non-GAAP net income and non-GAAP net income
attributable to E-House shareholders in this press release exclude
share-based compensation expense and amortization of intangible
assets resulting from business acquisitions. 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.
"I am pleased with E-House's performance during the third
quarter," said Mr. Gordon Zang,
E-House's acting chief executive officer. "Leveraging our strong
project pipeline and increased market share, we were able to
achieve substantially higher transaction volume for our primary
real estate agency business in the third quarter than in the second
quarter, and came close to reaching the level we achieved in the
third quarter of 2009 at the peak of a very active market. A
highlight of the third quarter was our successful launch of the
Guangzhou Asian Games Village project, a landmark residential
project jointly developed by five leading developers. This project
represents our first major project in Guangdong Province and helps establish our
presence in Southern China, a
strategically important region. With our balanced national coverage
and strong project pipeline, which has exceeded 30 million square
meters available for 2011, we are well positioned to continue
strong growth."
Mr. Xin Zhou, E-House's executive
chairman, added, "A key factor for our success in building project
pipeline is our continued effort to build strategic relationships
with China's leading real estate
developers. In addition to the strategic cooperation with Greentown
announced in September, we have recently also formed or broadened
our strategic cooperation with Guangzhou R&F, Country Garden,
Agile and KWG Properties. This will go a long way in solidifying
our leadership position and providing long-term support for our
growth."
Mr. Zhou continued, "Following the latest round of cooling-off
measures announced by the Chinese government in early October,
including quotas on new purchases and further restrictions on
mortgage loans, the sequential decrease in transaction volume in
cities that have implemented the measures has so far been much
smaller than that following the previous round of cooling-off
measures in April. We believe that overall sentiment and demand
remains solid and will continue to be supported by favorable
medium- and long-term factors. In fact, for the fourth quarter,
E-House is on track to set a new record for quarterly sales volume.
Looking ahead at 2011, we will continue our strategy of building
project pipeline and increasing our market share for our primary
agency business. Meanwhile, we expect that our information and
consulting services will continue its solid growth. For our online
business, we have laid a solid foundation this year and are well
positioned for rapid expansion next year."
Financial Results for the Third Quarter and
First Nine Months of 2010
Revenues
Third quarter total revenues were $88.6
million, an increase of 3% from $86.2
million for the same quarter of 2009. For the first nine
months of 2010, total revenues were $231.3
million, an increase of 27% from $182.4 million for the same period of 2009.
Primary Real Estate Agency Services
Third quarter revenues from primary real estate agency services
were $39.2 million, a decrease of 34%
from $59.4 million for the same
quarter of 2009. This decrease was mainly due to a 10% decrease in
total GFA of new properties sold, contributing to a 12% decrease in
total transaction value of new properties sold, and an average
commission rate of 1.0% in the third quarter of 2010, compared to
1.4% for the same quarter in 2009. (See "Selected Operating Data"
below for more details on total GFA and total transaction value of
new properties sold.) The GFA and transaction value of new
properties sold represented a small decrease from the third quarter
of 2009, a period of very active real estate transactions, but
increased substantially from the second quarter of 2010 as the
market rebounded from the low transaction volume following
government cooling-off measures announced in April. For the first
nine months of 2010, revenues from primary real estate agency
services were $113.5 million, a
decrease of 4% from $118.0 million
for the same period of 2009. This decrease was mainly due to the
decrease of the average commission rate from 1.4% for the first
nine months of 2009 to 1.2% for the same period of 2010.
Secondary Real Estate Brokerage Services
Third quarter revenues from secondary real estate brokerage
services were $4.9 million, a
decrease of 19% from $6.1 million for
the same quarter of 2009. This decrease was mainly due to lower
total secondary real estate transaction volume following the
announcements of cooling-off measures by the government in
April 2010. For the first nine months
of 2010, revenues from secondary real estate brokerage services
were $14.1 million, a decrease of 5%
from $14.8 million for the same
period of 2009. As of September 30,
2010, E-House had a total of 133 secondary real estate
brokerage stores in eight cities in China, compared to 112 stores as of
September 30, 2009 and 131 as of
June 30, 2010.
Revenues from China Real Estate Information
Corporation ("CRIC")
CRIC, a subsidiary of E-House, provides real estate information,
consulting and online services in China. Third quarter revenues from CRIC were
$43.7 million, an increase of 113%
from $20.5 million for the same
quarter of 2009. Total revenues for the third quarter of 2010
included $19.1 million attributable
to COHT, while the remaining revenues were $24.6 million, an increase of 20% from
$20.5 million for the same quarter in
2009. For the first nine months of 2010, revenues from CRIC were
$101.8 million, an increase of 108%
from $49.0 million for the same
period of 2009. Total revenues for the first nine months of 2010
included $41.7 million attributable
to COHT, while the remaining revenues were $60.1 million, an increase of 23% from
$49.0 million for the same period of
2009.
The year-on-year increase in revenues from CRIC was attributable
to increases in revenues from CRIC's real estate information and
consulting services and the acquisition of COHT. The year-on-year
increase in revenues from real estate information and consulting
services was primarily due to an increased number of subscribers to
the CRIC database and more demand for CRIC's customized real estate
reports. CRIC completed its acquisition of COHT concurrently with
its initial public offering ("IPO") in October 2009 and started reporting COHT's
business as a new line of business in the fourth quarter of 2009.
COHT generates online advertising revenues through operating a real
estate Internet business in China.
Cost of Revenues
Third quarter cost of revenues was $26.7
million, an increase of 43% from $18.7 million for the same quarter of 2009. Third
quarter cost of revenues included $7.3
million attributable to COHT, while the remaining cost of
revenues was $19.4 million, an
increase of 4% from $18.7 million for
the same quarter of 2009.
For the first nine months of 2010, cost of revenues was
$69.6 million, an increase of 66%
from $41.9 million for the same
period of 2009. Cost of revenues for the first nine months of 2010
included $18.1 million attributable
to COHT, while the remaining cost of revenues was $51.5 million, an increase of 23% from
$41.9 million for the same period of
2009.
Selling, General and Administrative ("SG&A")
Expenses
Third quarter SG&A expenses were $50.6 million, an increase of 87% from
$27.0 million for the same quarter of
2009. Third quarter SG&A expenses included $15.0 million attributable to COHT, while the
remaining SG&A expenses were $35.6
million, an increase of 32% from $27.0 million for the same quarter of 2009. For
the first nine months of 2010, SG&A expenses were $133.0 million, an increase of 82% from
$73.0 million for the same period of
2009. SG&A expenses for the first nine months of 2010 included
$37.3 million attributable to COHT,
while the remaining SG&A expenses were $95.7 million, an increase of 31% from
$73.0 million for the same period of
2009. Other than expenses attributable to COHT, the year-on-year
increase in SG&A expenses was primarily due to higher salaries
associated with the increased number of staff, higher marketing and
travel expenses as well as higher share-based compensation expense
as a result of share options and restricted shares granted in
2009.
Income from Operations
Third quarter income from operations was $11.3 million, a decrease of 72% from
$40.4 million for the same quarter of
2009. For the first nine months of 2010, income from operations was
$28.7 million, a decrease of 58% from
$67.6 million for the same period of
2009. Third quarter non-GAAP income from operations, which excluded
share-based compensation expense and amortization of intangible
assets resulting from business acquisitions, was $23.2 million, a decrease of 46% from
$43.0 million for the same quarter of
2009. Third quarter non-GAAP income from operations included
$4.0 million attributable to COHT,
while the remaining non-GAAP income from operations was
$19.2 million, a decrease of 55% from
$43.0 million for the same quarter of
2009. For the first nine months of 2010, non-GAAP income from
operations was $64.4 million, a
decrease of 13% from $74.5 million
for the same period of 2009. For the first nine months of 2010,
non-GAAP income from operations included $7.8 million attributable to COHT, while the
remaining non-GAAP income from operations was $56.6 million, a decrease of 24% from
$74.5 million for the same period of
2009.
Other Income
Third quarter other income of $1.4
million primarily included cash subsidies received by the
Company's subsidiaries from local governments as incentives for
investing in certain local districts.
Net Income
Third quarter net income was $9.6
million, a decrease of 73% from $35.3
million for the same quarter of 2009. Third quarter non-GAAP
net income was $20.8 million, a
decrease of 45% from $37.8 million
for the same quarter of 2009. Third-quarter non-GAAP net income
included $4.0 million attributable to
COHT, while the remaining non-GAAP net income was $16.8 million, a decrease of 55% from
$37.8 million for the third quarter
of 2009. For the first nine months of 2010, net income was
$31.4 million, a decrease of 49% from
$62.0 million for the same period of
2009. Non-GAAP net income for the first nine months of 2010 was
$65.1 million, a decrease of 5% from
$68.6 million for the same period of
2009. Non-GAAP net income for the first nine months of 2010
included $7.3 million attributable to
COHT, while the remaining non-GAAP net income was $57.8 million, a decrease of 16% from
$68.6 million for the same period of
2009.
Net Income Attributable to Non-controlling
Interests
In October 2009, CRIC completed
the acquisition of SINA Corporation's ("SINA") (NASDAQ: SINA) 66%
equity interest in COHT, increasing its interest in COHT from 34%
to 100%, in exchange for issuing 47,666,667 ordinary shares to SINA
upon CRIC's IPO. Following the IPO and the acquisition of COHT,
E-House remained the majority shareholder of CRIC. As of
September 30, 2010, E-House held a
52.67% equity interest in CRIC. As a result, net income
attributable to non-controlling interests in the third quarter of
2010 was $3.7 million, a significant
increase from the same quarter of 2009. Net income attributable to
non-controlling interests was $8.2
million for the first nine months of 2010.
Net Income Attributable to E-House
Shareholders
Third quarter net income attributable to E-House shareholders
was $5.9 million, or $0.07 per diluted ADS, compared to $34.9 million for the same quarter of 2009. Third
quarter non-GAAP net income attributable to E-House shareholders
was $13.2 million, or $0.16 per diluted ADS, compared to $37.4 million for the same quarter of 2009. For
the first nine months of 2010, net income attributable to E-House
shareholders was $23.2 million, or
$0.28 per diluted ADS, compared to
$61.3 million for the same period of
2009. Non-GAAP net income attributable to E-House shareholders for
the first nine months of 2010 was $44.9
million, or $0.55 per diluted
ADS, a decrease of 34% from $68.0
million, or $0.85 per diluted
ADS, for the same period of 2009.
Cash Flow
As of September 30, 2010, the
Company had a cash balance of $485.4
million. Third quarter net cash provided by operating
activities was $30.1 million. This
amount was mainly attributable to non-GAAP net income of
$20.8 million and a decrease in
customer deposits by $32.6 million,
partially offset by an increase in accounts receivable by
$20.3 million.
Business Outlook
The Company estimates that its revenues for the fourth quarter
of 2010 will be in the range of $115 million
to $117 million, compared to $117.1
million in the same quarter in 2009. 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 11, 2010 at 8 a.m. U.S. Eastern Standard Time (9 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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+1-617-213-8067
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Hong Kong:
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+852-3002-1672
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Mainland China:
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+86-10-800-130-0399
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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 18,
2010:
International:
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+1-617-801-6888
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Passcode:
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17845704
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Additionally, a live and archived webcast of the conference call
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 100 cities. E-House
offers a wide range of services to the real estate industry,
including primary sales agency, secondary brokerage, information,
consulting, online and investment management services. The real
estate information, consulting and online 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.
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) net income attributable
to E-House shareholders, (2) net income, (3) income from operations
and (4) net income 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 "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 from a cash perspective. 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. As a result of the acquisition of COHT
in the fourth quarter of 2009, E-House has computed its non-GAAP
financial measures in this press release by excluding items that
previously did not exist or were not material. 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 expenses 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:
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In China
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Michelle Yuan
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Manager, Investor
Relations
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E-House (China) Holdings
Limited
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Phone: +86 (21)
6133-0770
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E-mail:
liyuan@ehousechina.com
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Derek Mitchell
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Ogilvy Financial,
Beijing
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Phone: +86 (10)
8520-6284
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E-mail:
derek.mitchell@ogilvy.com
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In the U.S.
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Jessica Barist Cohen
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Ogilvy Financial, New
York
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Phone: +1 (646)
460-9989
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E-mail:
jessica.cohen@ogilvypr.com
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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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September
30,
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2009
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2010
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ASSETS
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Current assets
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Cash and cash
equivalents
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548,062
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485,412
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Restricted cash
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8,057
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5,441
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Customer deposits
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38,958
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|
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94,906
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Unbilled accounts receivable,
net
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120,020
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|
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148,023
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Accounts receivable,
net
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|
|
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33,452
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|
|
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21,780
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Properties held for
sale
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3,065
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6,683
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Advance payment for
properties
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8,108
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—
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Deferred tax assets
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13,337
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|
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13,445
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Prepaid expenses and other
current assets
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18,698
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33,906
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Amounts due from related
parties
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1,042
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1,555
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Total current
assets
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792,799
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|
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811,151
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Property and equipment,
net
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16,219
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19,876
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Intangible assets,
net
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202,695
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189,096
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Investment in
affiliates
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398
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9,748
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Goodwill
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452,660
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453,107
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Deferred tax assets,
non-current
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1,847
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|
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1,862
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Customer deposits,
non-current
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|
|
981
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|
|
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1,059
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Other non-current
assets
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4,526
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|
|
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5,984
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|
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Total assets
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1,472,125
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1,491,883
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|
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LIABILITIES AND
EQUITY
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Current
liabilities
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|
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Accounts payable
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9,865
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6,685
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Accrued payroll and welfare
expenses
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31,420
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|
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25,561
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Income tax payable
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38,226
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|
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29,218
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Other tax payable
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12,072
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|
|
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10,960
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Amounts due to related
parties
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1,050
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|
|
|
863
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Advance from property
buyers
|
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6,587
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5,444
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Other current
liabilities
|
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|
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15,928
|
|
|
|
22,575
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Total current
liabilities
|
|
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115,148
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|
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101,306
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Deferred tax
liabilities
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|
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|
42,327
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|
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|
42,836
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Other non-current
liabilities
|
|
|
|
1,331
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|
|
|
1,228
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|
Total liabilities
|
|
|
|
158,806
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|
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145,370
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|
|
Commitments and
contingencies
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|
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|
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|
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|
Equity
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares ($0.001
par value): 1,000,000,000 and 1,000,000,000
shares authorized,
80,145,869 and 80,358,872
shares issued and
outstanding, as of
December 31, 2009 and September 30,
2010,
respectively
|
|
|
|
80
|
|
|
|
80
|
|
|
Additional paid-in
capital
|
|
|
|
656,593
|
|
|
|
667,674
|
|
|
Retained
earnings
|
|
|
|
184,749
|
|
|
|
187,899
|
|
|
Accumulated other
comprehensive income
|
|
|
|
16,344
|
|
|
|
22,791
|
|
|
Total E-House
equity
|
|
|
|
857,766
|
|
|
|
878,444
|
|
|
Non-controlling
interests
|
|
|
|
455,553
|
|
|
|
468,069
|
|
|
Total equity
|
|
|
|
1,313,319
|
|
|
|
1,346,513
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
|
|
1,472,125
|
|
|
|
1,491,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
86,159
|
|
|
|
88,634
|
|
|
|
182,449
|
|
|
|
231,307
|
|
|
Cost of revenues
|
|
|
(18,687)
|
|
|
|
(26,710)
|
|
|
|
(41,867)
|
|
|
|
(69,581)
|
|
|
Selling, general and
administrative expenses
|
|
|
(27,024)
|
|
|
|
(50,609)
|
|
|
|
(72,972)
|
|
|
|
(133,037)
|
|
|
Income from
operations
|
|
|
40,448
|
|
|
|
11,315
|
|
|
|
67,610
|
|
|
|
28,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(216)
|
|
|
|
—
|
|
|
Interest income
|
|
|
155
|
|
|
|
738
|
|
|
|
574
|
|
|
|
2,123
|
|
|
Other income, net
|
|
|
3,172
|
|
|
|
1,358
|
|
|
|
8,307
|
|
|
|
6,037
|
|
|
Income before taxes, equity in
affiliates
|
|
|
43,775
|
|
|
|
13,411
|
|
|
|
76,275
|
|
|
|
36,849
|
|
|
Income tax expense
|
|
|
(8,589)
|
|
|
|
(3,749)
|
|
|
|
(14,756)
|
|
|
|
(5,324)
|
|
|
Income before equity in
affiliates
|
|
|
35,186
|
|
|
|
9,662
|
|
|
|
61,519
|
|
|
|
31,525
|
|
|
Income/(loss) from equity in
affiliates
|
|
|
90
|
|
|
|
(45)
|
|
|
|
475
|
|
|
|
(123)
|
|
|
Net income
|
|
|
35,276
|
|
|
|
9,617
|
|
|
|
61,994
|
|
|
|
31,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to
non-controlling interests
|
|
|
362
|
|
|
|
3,669
|
|
|
|
668
|
|
|
|
8,172
|
|
|
Net income attributable to
E-House shareholders
|
|
|
34,914
|
|
|
|
5,948
|
|
|
|
61,326
|
|
|
|
23,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.44
|
|
|
|
0.07
|
|
|
|
0.77
|
|
|
|
0.29
|
|
|
Diluted
|
|
|
0.43
|
|
|
|
0.07
|
|
|
|
0.76
|
|
|
|
0.28
|
|
|
Shares used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
79,652,486
|
|
|
|
80,283,790
|
|
|
|
79,577,590
|
|
|
|
80,224,258
|
|
|
Diluted
|
|
|
80,863,947
|
|
|
|
81,290,540
|
|
|
|
80,244,593
|
|
|
|
81,160,354
|
|
|
Notes
|
|
Note 1 The conversion of
Renminbi ("RMB") amounts into USD amounts is based on the rate of
USD1 = RMB6.7011 on
September 30, 2010 and
USD1 = RMB6.7694 for the
three months ended September 30,
2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations
|
|
|
40,448
|
|
|
|
11,315
|
|
|
|
67,610
|
|
|
|
28,689
|
|
|
Share-based compensation
expense
|
|
|
2,255
|
|
|
|
6,667
|
|
|
|
5,998
|
|
|
|
20,057
|
|
|
Amortization of intangible
assets resulting from business acquisitions
|
|
|
297
|
|
|
|
5,237
|
|
|
|
842
|
|
|
|
15,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from
operations(3)
|
|
|
43,000
|
|
|
|
23,219
|
|
|
|
74,450
|
|
|
|
64,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
|
35,276
|
|
|
|
9,617
|
|
|
|
61,994
|
|
|
|
31,402
|
|
|
Share-based compensation expense
(net of tax)
|
|
|
2,255
|
|
|
|
6,667
|
|
|
|
5,998
|
|
|
|
20,057
|
|
|
Amortization of intangible
assets resulting from business acquisitions (net of tax)
|
|
|
223
|
|
|
|
4,550
|
|
|
|
631
|
|
|
|
13,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income(4)
|
|
|
37,754
|
|
|
|
20,834
|
|
|
|
68,623
|
|
|
|
65,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
E-House shareholders
|
|
|
34,914
|
|
|
|
5,948
|
|
|
|
61,326
|
|
|
|
23,230
|
|
|
Share-based compensation expense
(net of tax and non-controlling interests)
|
|
|
2,255
|
|
|
|
4,800
|
|
|
|
5,998
|
|
|
|
14,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets resulting from business acquisitions (net of tax and
non-controlling interests)
|
|
|
223
|
|
|
|
2,413
|
|
|
|
631
|
|
|
|
7,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable
to E-House shareholders
|
|
|
37,392
|
|
|
|
13,161
|
|
|
|
67,955
|
|
|
|
44,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per ADS —
basic
|
|
|
0.44
|
|
|
|
0.07
|
|
|
|
0.77
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per ADS —
diluted
|
|
|
0.43
|
|
|
|
0.07
|
|
|
|
0.76
|
|
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS —
basic
|
|
|
0.47
|
|
|
|
0.16
|
|
|
|
0.85
|
|
|
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS —
diluted
|
|
|
0.46
|
|
|
|
0.16
|
|
|
|
0.85
|
|
|
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating basic
GAAP /Non-GAAP net income
attributable to shareholders per ADS
|
|
|
79,652,486
|
|
|
|
80,283,790
|
|
|
|
79,577,590
|
|
|
|
80,224,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating
diluted GAAP / Non-GAAP net income
attributable to shareholders per ADS
|
|
|
80,863,947
|
|
|
|
81,290,540
|
|
|
|
80,244,593
|
|
|
|
81,160,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Non-GAAP income from
operations includes $4,035 and $7,849 attributable to COHT for the
third quarter and the first nine months of 2010,
respectively.
(4) Non-GAAP net income
includes $4,018 and $7,256 attributable to COHT for the third
quarter and the first nine months of 2010, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-HOUSE (CHINA) HOLDINGS
LIMITED
SELECTED
OPERATING DATA
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
Primary real estate agency
service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Floor Area ("GFA")
of new properties sold (thousands of square meters)
|
|
|
3,339
|
|
|
|
3,005
|
|
|
|
7,417
|
|
|
|
7,714
|
|
|
Total value of new properties
sold (millions of RMB)
|
|
|
29,456
|
|
|
|
25,906
|
|
|
|
59,802
|
|
|
|
65,612
|
|
|
Total value of new properties
sold (millions of $)
|
|
|
4,312
|
|
|
|
3,869
|
|
|
|
8,753
|
|
|
|
9,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE E-House (China) Holdings
Limited