BEIJING, Aug. 7, 2015 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) ("SouFun"), the leading real estate Internet portal in China, announced today its unaudited financial results for the three months ended June 30, 2015.
Second Quarter 2015 Highlights
-- Total Revenue increased by 25.4% year-on-year to $210.9 million. Revenue from e-commerce services increased by 119.7% year-on-year to $106.8 million. -- Operating income decreased by 72.7% year-on-year to $22.3 million. Non-GAAP operating income decreased by 71.3% year-on-year to $23.9 million. A description of the adjustments from GAAP to non-GAAP operating income is set forth below. -- Net income attributable to SouFun's shareholders decreased by 76.3% year-on-year to $16.2 million. Fully diluted earnings per ADS decreased by 73.3% year-on-year to $0.04. -- Non-GAAP net income attributable to SouFun's shareholders decreased by 72.8% year-on-year to $19.6 million. Non-GAAP fully diluted earnings per ADS decreased by 75% year-on-year to $0.04. -- GMV increased by 306.7% from $1.7 billion in the first quarter of 2015 to $6.8 billion in the second quarter. The following table shows GMV by month for the first six months of 2015.
GMV: January-June, 2015 (in millions of US dollars) January February March April May June New Home * 340 299 642 794 1,131 1,516 Secondary Home 22 41 321 705 1,138 1,478 Secondary home 20 36 282 637 1,002 1,324 Rental 2 5 39 68 136 154 Home furnishing 1 1 2 5 9 9 Total 363 341 965 1,504 2,278 3,003
Continued from previous table,
2015Q1 2015Q2 Variance amount % New Home * 1,281 3,441 2,160 169% Secondary Home 384 3,321 2,937 765% secondary home 338 2,963 2,625 777% rental 46 358 312 678% Home furnishing 4 23 19 475% --- --- --- --- Total 1,669 6,785 5,116 307% ===== ===== ===== ===
* Only including direct sales services.
First Half 2015 Highlights
-- Total Revenue increased by 15.5% year-on-year to $334.3 million. Revenue from e-commerce services increased by 103.0% year-on-year to $158.4 million. -- Operating income decreased by 77.3% year-on-year to $29.8 million. Non-GAAP operating income decreased by 76.3% year-on-year to $31.8 million. -- Net income attributable to SouFun's shareholders decreased by 79.7% year-on-year to $22.3 million. Fully diluted earnings per ADS decreased by 80.0% year-on-year to $0.05. -- Non-GAAP net income attributable to SouFun's shareholders decreased by 77.4% year-on-year to $27.1 million. Non-GAAP fully diluted earnings per ADS decreased by 76.9% year-on-year to $0.06.
New Development: Private Placement with IDG and Carlyle
The company today entered into memorandums of understanding ("MOUs") with IDG China Capital Fund III LLP ("IDG") and Carlyle Group (Carlyle) in which IDG, Carlyle, and the management (mainly founder and CEO Vincent Mo) will invest a total amount no more than US$1 billion (of which 50% will be convertible notes) to purchase the company's new Class A ordinary shares and convertible notes. Under the MOUs, The subscription price of the new Class A ordinary shares is US$7.45 per current ADS (i.e. US$37.25 per Class A ordinary share), which represents a 3% premium to the volume-weighted average trading price of the ADS for the 20 trading days preceding August 6, 2015 (inclusive, which was US$7.24 per ADS). Holders of the convertible notes will have the right to convert the Notes into Shares at the price per share equal to 122.5% of the per share purchase price of the new Class A ordinary shares in 7 years after the issuance of the Notes. The Notes shall bear an annual interest of 1.5%.
"The Q2 numbers showed that the company is quite on track in its transformation from a pure internet information platform to a more transaction oriented platform across new, resale, rental homes and home furnishing plus financial services among China's major cities." said Vincent Mo, Chairman and CEO of Fang.com. "We will continue our efforts in building up transaction teams, adding transaction model to more cities, and speeding up development of our technology platforms and tools to support the transformation. I am confident that with our expected funding from IDG and Carlyle, the company will move more aggressively and make its transformation successful."
Second Quarter 2015 Results
Revenues
SouFun reported total revenues of $210.9 million for the three months ended June 30, 2015, representing an increase of 25.4% from $168.2 million for the corresponding period in 2014, primarily driven by the growth in e-commerce services, partially offset by the decline in marketing services and listing services.
Revenue from marketing services was $60.6 million for the three months ended June 30, 2015, a decrease of 18.4% from $74.3 million for the corresponding period in 2014, primarily due to less customers in the market.
Revenue from e-commerce services was $106.8 million for the three months ended June 30, 2015, a 119.7% increase from $48.6 million for the same period in 2014, primarily due to the growth of the direct sales services for new homes and the growth of the real estate brokerage services, as well as rapid growth of the home decorating services.
Revenue from listing services was $34.6 million for the three months ended June 30, 2015, a decrease of 16.9% from $41.7 million for the corresponding period in 2014, primarily due to our reduction of unit price per paying subscriber, given that the number of paying subscribers has reached a record high as of Jun 30, 2015.
Revenue from internet financial services was $4.0 million for the three months ended June 30, 2015. SouFun began to offer internet financial services in August 2014.
Revenue from other value-added services was $4.8 million for the three months ended June 30, 2015, an increase of 35.6% from $3.6 million for the corresponding period in 2014, primarily due to the rapid growth of our research related products.
Cost of Revenue
Cost of revenue was $104.9 million for the three months ended June 30, 2015, an increase of 258.2% from $29.3 million for the corresponding period in 2014. The increase in cost of revenue was mainly attributable to increased staff. In addition, increased e-commerce cost related to the direct sales services and increased decorating cost related to the home decorating services also contributed to the increase in cost of revenues.
Gross margin was 50.2% for the three months ended June 30, 2015, compared to 82.6% for the corresponding period in 2014.
Operating Expenses
Operating expenses were $83.5 million for the three months ended June 30, 2015, an increase of 45.0 % from $57.6 million for the corresponding period in 2014.
Selling expenses were $54.5 million for the three months ended June 30, 2015, an increase of 71.5% from $31.7 million for the corresponding period in 2014, primarily due to increased staff, increased expenses paid to our marketing agents for our SouFun membership services, and increased advertising and promotional expenses.
General and administrative expenses were $29.0 million for the three months ended June 30, 2015, an increase of 12.3% from $25.9 million for the corresponding period in 2014, primarily due to increased staff cost.
Operating Income
Operating income was $22.3 million for the three months ended June 30, 2015, a decrease of 72.7% from $81.7 million for the corresponding period in 2014.
Income Tax Expenses
Income tax expense was $10.2 million for the three months ended June 30, 2015, a 57.4% decrease compared to $23.9 million for the corresponding period in 2014. SouFun's effective tax rate was 38.6% for the three months ended June 30, 2015, as compared to 26.0% for the same period in 2014. The increase in the effective tax rate was primarily due to the increased penalty and interest accrued for the difference between the income tax for 2014 accrued in 2014 and the amounts actually paid in May 2015 per the tax return.
Net Income and EPS
Net income attributable to SouFun's shareholders was $16.2 million for the three months ended June 30, 2015, a 76.3% decrease from $68.2 million for the corresponding period in 2014. Fully diluted earnings per ordinary share and per ADS was $0.18 and $0.04, respectively, for the three months ended June 30, 2015, 76.6% and 73.3% decrease from $0.77 and $0.15 for the corresponding period in 2014.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income taxes, interest expenses, interest income, depreciation and amortization, was $28.4 million for the three months ended June 30, 2015, a decrease of 67.6% as compared to $87.7 million for the corresponding period in 2014.
Cash
As of June 30, 2015, SouFun had cash, cash equivalents, and short-term investments of $533.6 million, compared to $667.7 million as of March 31, 2015. Cash flow generated from operating activities was $4.1 million for the three months ended June 30, 2015, an 89.8% decrease from $40.1 million for the same period in 2014. The decline in cash flows from operating activities was primarily due to a $52.0 million decrease of net income as compared to the second quarter of 2014.
First Half 2015 Results
Revenues
SouFun reported total revenues of $334.3 million for the first half of 2015, representing an increase of 15.5% from $289.4 million for the corresponding period in 2014, primarily driven by the growth in E-commerce services, partially offset by the decline in marketing services and listing services.
Revenue from marketing services was $101.2 million for the first half of 2015, a decrease of 16.5% from $121.3 million for the corresponding period in 2014.
Revenue from e-commerce services was $158.4 million for the first half of 2015, a 103.0% increase from $78.0 million for the same period in 2014. The growth was primarily a result of the company's effort in e-commerce expansions in direct sales services, real estate brokerage services and decoration services.
Revenue from listing services was $58.3 million for the first half of 2015, a decrease of 30.5% from $83.8 million for the corresponding period in 2014, primarily due to our reduction of unit price per paying subscriber.
Revenue from internet financial services was $7.6 million for the first half of 2015. SouFun began to offer internet financial services in August 2014.
Revenue from other value-added services was $8.9 million for the first half of 2015, an increase of 43.2% from $6.2 million for the corresponding period in 2014, due primarily to an increase in real estate data related services.
Cost of Revenue
Cost of revenue was $148.6 million for the first half of 2015, an increase of 174.1 % from $54.2 million for the corresponding period in 2014. The increase in cost of revenue was primarily due to the increase in staff costs and increased e-commerce cost related to the direct sales services.
Gross margin was 55.6% for the first half of 2015, compared to 81.3% for the corresponding period in 2014.
Operating Expenses
Operating expenses were $155.3 million for the first half of 2015, an increase of 48.7 % from $104.5 million for the corresponding period in 2014.
Selling expenses were $102.5 million for the first half of 2015, an increase of 72.9% from $59.3 million for the corresponding period in 2014, primarily due to increased staff, increased expenses paid to our marketing agents for our SouFun membership services, and increased advertising and promotional expenses.
General and administrative expenses were $52.8 million for the first half of 2015, an increase of 17.0% from $45.2 million for the corresponding period in 2014, primarily due to increased staff costs.
Operating Income
Operating income was $29.8 million for the first half of 2015, a decrease of 77.3% from $131.3 million for the corresponding period in 2014.
Income Tax Expenses
Income tax expense was $15.8 million for the first half of 2015, a 59.6% decrease compared to $39.1 million for the corresponding period in 2014. The effective tax rate was 41.5% for the first half of 2015, compared to 26.3% for the corresponding period in 2014. The increase in the effective tax rate was primarily due to the increased penalty and interest accrued for the difference between the income tax for 2014 accrued in 2014 and the amounts actually paid in May 2015 per the tax return.
Net Income and EPS
Net income attributable to SouFun's shareholders was $22.3 million for the first half of 2015, a decrease of 79.7% from $109.7 million for the corresponding period in 2014. Fully diluted earnings per ADS was $0.05 for the first half of 2015, a 80.0% decrease from $0.25 for the corresponding period in 2014.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income taxes, interest expenses, interest income, depreciation and amortization, was $39.7 million for the first half of 2015, a decrease of 72.1% as compared to $142.5 million for the corresponding period in 2014.
Cash
Net cash used in operating activities was $50.7 million for the first half of 2015, as compared to net cash generated from operating activities of $166.3 million for the same period in 2014.
Business Outlook
SouFun adjusts its revenue guidance for 2015 from $808.3 million, representing a year-on-year increase of 15%, to $843.4 million, representing a year-on-year increase of 20%. This forecast reflects SouFun's current and preliminary view, which is subject to change.
Conference Call Information
SouFun's management team will host a conference call on August 7, 2015 at 8:00 AM U.S. EST (8:00 PM Beijing / Hong Kong time). The dial-in details for the live conference call are:
The dial-in details for the live conference call are:
International Toll: +65 6713-5090 Local Toll: United States +1 845-675-0437/+1 866-519-4004 Hong Kong +852 3018-6771/800-906-601 Mainland China +86 400-620-8038 /+86 800-819-0121 Passcode: SFUN
A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM EST on August 7 through 11:59 PM EST August 15, 2015. The dial-in details for the telephone replay are:
International Toll: +61 2-8199-0299 Toll-Free: United States +1 855-452-5696 /+1 646-254-3697 Hong Kong +852 800-963-117 /+852 3051-2780 Mainland China +86 400-602-2065 /+86 800-870-0205 Conference ID number: 2387062
A live and archived webcast of the conference call will be available on SouFun's website at http://ir.fang.com.
About SouFun
SouFun operates the leading real estate Internet portal in China in terms of the number of page views and visitors to its websites and mobile apps in 2014. Through its websites and mobile apps, SouFun provides marketing, e-commerce, listing, finance and other value-added services for China's real estate and home-related sectors. SouFun's Internet portal and mobile apps are highly focused on user experience, and support SouFun's users in seeking information on the real estate and home-related sectors in China. SouFun currently maintains about 100 offices to focus on local market needs and its websites, mobile apps and database contain real estate related content covering more than 370 cities in China. For more information about SouFun, please visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions. Such forward-looking statements include, without limitation, statements regarding the revenue outlook for 2015, the success of various business strategies in the short and long-term, conditions in the PRC real estate market and the success of SouFun's strategic and operational plans and focus, continued growth of the transactions and ecommerce businesses, the impact of increased expenses, the impact of government policies and China's real estate and home furnishings market. Statements that are not historical facts, including statements about SouFun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of the slowdown in the PRC real estate market on SouFun and the impact on revenues of our existing and new service fees reductions, the ability of SouFun to retain real estate listing agencies as customers during challenging economic periods, the success of SouFun's new business initiatives, the ability of SouFun to manage its operating expenses, the impact of, measures taken or to be taken by the Chinese government to control real estate growth and prices and other events which could occur in the future, economic challenges in China's real estate market, the impact of competitive market conditions for our services, our ability to maintain and increase our leadership in China's home related internet sector, the uncertain regulatory landscape in China, fluctuations in our quarterly operating results, our continued ability to execute business strategies including our SouFun membership services and SouFun Online Shop, our ability to continue to expand in local markets, our reliance on online advertising sales and listing services and transactions for our revenues, any failure to successfully develop and expand our content, service offerings and features, including the success of new features to meet evolving market needs, and the technologies that support them, the quality of the loans we originate and resell and the performance of those loans in the future, our ability to successfully service and process customer loans for our own benefit and for the purchasers of those loans and, should we in the future make acquisitions, any failure to successfully integrate acquired businesses.
Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents we have filed with the U.S. Securities and Exchange Commission. SouFun does not assume any obligation to update any forward-looking statements in this release and elsewhere, which apply only as of the date of this press release.
About Non-GAAP Financial Measures
To supplement SouFun's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), SouFun uses in this press release the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating income, (2) non-GAAP net income and (3) non-GAAP basic and diluted earnings per ordinary share and (4) adjusted EBITDA. The presentation of the non-GAAP financial information 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.
SouFun believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expenses and the related tax effects, realized gain on available-for-sale security, interest income and expenses, income tax expenses, and depreciation expense for the three months ended June 30, 2015, which (1) may not be indicative of SouFun's recurring core business operating results or (2) are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management's internal comparisons to SouFun'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, interest income and expenses, income tax expenses, and depreciation expenses have been and will continue to be a significant recurring expense that will continue to exist in SouFun'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 directly comparable GAAP financial measures.
For investor and media inquiries, please contact:
Dr. Hua Lei
Deputy CFO
Phone: +86-10-5631-8661
Email: leihua@soufun.com
SouFun Holdings Limited Condensed Consolidated Balance Sheets (in thousands of U.S. dollars, except share data and per share data ) ASSETS June 30, December 31, 2015 2014 Current assets: (Unaudited) (Audited) Cash and cash equivalents 384,277 354,760 Restricted cash, current 98,075 97,988 Short-term investments 149,336 455,184 Accounts receivable, net 89,963 49,691 Funds receivable 47,877 62,163 Prepayment and other current assets 38,015 30,161 Customer deposits 33,618 47,312 Loan receivable, current 189,719 79,641 Amount due from related parties 18 - Deferred tax assets, current 4,050 2,991 Total current assets 1,034,948 1,179,891 Non-current assets: Property and equipment, net 217,802 217,105 Prepaid land lease payments 830 - Loan receivable, non-current 16,321 2,009 Restricted cash, non-current 109,592 109,495 Deferred tax assets, non-current 2,042 1,570 Deposit for non-current assets 103,681 86,515 Long-term investments 257,156 121,292 Prepayment for business acquisition 9,806 9,806 Other non-current assets 18,316 16,556 Total non-current assets 735,546 564,348 ------- ------- Total assets 1,770,494 1,744,239 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term loans 80,750 80,750 Deferred revenue 109,569 119,042 Accrued expenses and other liabilities 285,895 221,901 Income tax payable 10,262 35,394 Customers' refundable fees 77,841 42,392 Amounts due to a related party - 660 Total current liabilities 564,317 500,139 Non-current liabilities: Long-term loans 100,000 100,000 Convertible senior notes 400,000 400,000 Deferred tax liabilities, non-current 114,070 111,026 Other non-current liabilities 133 385 Total non-current liabilities 614,203 611,411 ------- ------- Total Liabilities 1,178,520 1,111,550 ========= ========= Equity: Class A ordinary shares, par value Hong Kong Dollar 7,525 7,495 ("HK$") 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 58,598,173 shares and 58,364,924 shares issued and outstanding as at June 30, 2015 and December 31, 2014, respectively Class B ordinary shares, par value HK$1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as at June 30, 2015 and December 31, 2014 , respectively 3,124 3,124 Additional paid-in capital 105,715 101,072 Accumulated other comprehensive income 63,966 49,566 Retained earnings 410,874 471,352 Total SouFun Holdings Limited shareholders' equity 591,204 632,609 Noncontrolling interests 770 80 Total equity 591,974 632,689 TOTAL LIABILITIES AND EQUITY 1,770,494 1,744,239 ========= =========
SouFun Holdings Limited Condensed Consolidated Statements of Comprehensive Income (in thousands of U.S. dollars, except share data and per share data) Three months ended Six months ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues: Marketing services 60,600 74,303 101,223 121,286 E-commerce services 106,831 48,618 158,373 78,033 Listing services 34,612 41,674 58,255 83,819 Financial services 4,018 - 7,558 - Other value-added services 4,826 3,560 8,932 6,238 ----- ----- ----- ----- Total revenues 210,887 168,155 334,341 289,376 Cost of Revenues: Cost of services (104,927) (29,291) (148,560) (54,196) -------- ------- -------- ------- Total Cost of Revenues (104,927) (29,291) (148,560) (54,196) Gross Profit 105,960 138,864 185,781 235,180 Operating expenses and income: Selling expenses (54,463) (31,748) (102,478) (59,282) General and administrative expenses (29,041) (25,852) (52,847) (45,168) Other income (144) 472 (668) 525 ---- --- ---- --- Operating Income 22,312 81,736 29,788 131,255 85 (1) 71 (13) Foreign exchange gain (loss) Interest income 6,664 12,836 14,708 24,180 Interest expense (4,123) (4,085) (8,224) (9,179) Investment income 315 - 315 - Government grants 1,079 1,616 1,381 2,582 Income before income taxes and noncontrolling interests 26,332 92,102 38,039 148,825 Income tax expenses Income tax expenses (10,172) (23,901) (15,794) (39,102) ------- ------- ------- ------- Net income 16,160 68,201 22,245 109,723 Net income attributable (6) - (28) - to noncontrolling interests Net income attributable to SouFun Holdings Limited shareholders 16,166 68,201 22,273 109,723 Other comprehensive income, net of tax Foreign currency 4,548 (6) (71) (7,840) Translation Unrealized gain on available-for-sale security 11,858 2,091 14,471 2,091 ------ ----- ------ ----- Total other comprehensive income, net of tax 16,406 2,085 14,400 (5,749) ------ ----- ------ ------ Comprehensive income 32,566 70,286 36,645 103,974 ====== ====== ====== ======= Earnings per share for Class A and Class B ordinary shares Basic 0.20 0.83 0.27 1.34 Diluted 0.18 0.77 0.25 1.24 Earnings per ADS Basic 0.04 0.17 0.05 0.27 Diluted 0.04 0.15 0.05 0.25 Weighted average number of Class A and Class B ordinary shares outstanding: Basic 82,861,457 81,917,870 82,796,866 81,885,231 Diluted 88,230,507 92,506,249 87,866,887 92,927,800 Weighted average number of ADSs outstanding: Basic 414,307,285 409,589,351 413,984,330 409,426,156 Diluted 441,152,535 462,531,244 439,334,435 464,639,001
SouFun Holdings Limited Reconciliation of GAAP and Non-GAAP Results (in thousands of U.S. dollars, except share data and per share data) Three months ended Six months ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 GAAP income from operations 22,312 81,736 29,788 131,255 Share-based compensation expense 1,593 1,496 2,027 3,020 Non-GAAP income from operations 23,905 83,232 31,815 134,275 GAAP net income 16,160 68,201 22,245 109,723 One-off tax benefit - (4,657) - (4,657) Withholding tax related to dividends 2,135 7,047 3,140 11,839 Investment income (315) - (315) - Share-based compensation expense 1,593 1,496 2,027 3,020 Non-GAAP net income 19,573 72,087 27,097 119,925 Net Income attributable to 16,166 68,201 22,273 109,723 SouFun shareholders One-off tax benefit - (4,657) - (4,657) Withholding tax related to dividends 2,135 7,047 3,140 11,839 Investment income (315) - (315) - Share-based compensation expense 1,593 1,496 2,027 3,020 Non-GAAP net Income attributable 19,579 72,087 27,125 119,925 to SouFun Holdings Limited shareholders GAAP earnings per share for Class A and Class B ordinary shares: Basic 0.20 0.83 0.27 1.34 Diluted 0.18 0.77 0.25 1.24 GAAP earnings per ADS: Basic 0.04 0.17 0.05 0.27 Diluted 0.04 0.15 0.05 0.25 Non-GAAP earnings per share for Class A and Class B ordinary shares: Basic 0.24 0.88 0.33 1.46 Diluted 0.22 0.78 0.31 1.29 Non-GAAP earnings per ADS: Basic 0.05 0.18 0.07 0.29 Diluted 0.04 0.16 0.06 0.26 Weighted average number of Class A and Class B ordinary shares outstanding: Basic 82,861,457 81,917,870 82,796,866 81,885,231 Diluted 88,230,507 92,506,249 87,866,887 92,927,800 Weighted average number of ADSs outstanding: Basic 414,307,285 409,589,351 413,984,330 409,426,156 Diluted 441,152,535 462,531,244 439,334,435 464,639,001
SouFun Holdings Limited Reconciliation of Non-GAAP and Adjusted EBITDA (in thousands of U.S. dollars) Three months ended Six months ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Non-GAAP Net income 19,573 72,087 27,097 119,925 Add back: Interest expense 4,123 4,085 8,224 9,179 Income tax expenses 8,037 21,511 12,654 31,920 Depreciation 3,356 2,859 6,429 5,678 expenses Subtract: Interest income (6,664) (12,836) (14,708) (24,180) ------ ------- ------- ------- Adjusted EBITDA 28,425 87,706 39,696 142,522 ====== ====== ====== =======
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SOURCE SouFun Holdings Limited