SHANGHAI, Nov. 18, 2013 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
management service provider focusing on distributing wealth
management products to the high net worth population in
China, today announced its
unaudited financial results for the third quarter of 2013.
THIRD QUARTER 2013 FINANCIAL HIGHLIGHTS
- Net revenues in the third quarter of 2013 were US$41.5 million, a 61.0% increase from the
corresponding period in 2012.
- Income from operations in the third quarter of 2013 was
US$17.0 million, a 83.5% increase
from the corresponding period in 2012.
- Operating margin in the third quarter of 2013 was 41.0%
compared to 35.9% in the corresponding period in 2012.
- Net income attributable to Noah shareholders in the third
quarter of 2013 was US$14.0 million,
a 85.3% increase from the corresponding period in 2012.
Non-GAAP[1] net income attributable to Noah shareholders in the
third quarter of 2013 was US$15.3
million, a 78.4% increase from the corresponding period in
2012.
- Net income per basic and diluted ADS in the third quarter of
2013 were both US$0.25. Non-GAAP net
income per diluted ADS in the third quarter of 2013 was
US$0.27.
THIRD QUARTER 2013 OPERATIONAL HIGHLIGHTS
- Total number of registered clients as of September 30, 2013 increased by 32.0%
year-over-year to 50,084; this figure includes 48,044 registered
individual clients, 1,923 registered enterprise clients and 117
wholesale clients that have entered into cooperation agreements
with the Company.
- Active clients[2] during the third quarter of 2013 were 2,245 a
39.2% increase from the corresponding period in 2012. The aggregate
value of wealth management products distributed by the Company
during the third quarter of 2013 was RMB12.0
billion (approximately US$2.0
billion)[3], a 63.1% increase from the corresponding period
in 2012. Of this aggregate value, fixed income products accounted
for 75.6%, private equity fund products accounted for 19.5%, and
other products, including mutual fund products, private securities
investment funds and investment-linked insurance products,
accounted for 4.9%. The average transaction value per
client[4] in the third quarter of 2013 was RMB5.4 million (approximately US$0.9 million), a 17.1% increase from the
corresponding period in 2012, primarily due to an increase in
transaction value from enterprise clients as a percentage of
aggregate transaction value as their investment amounts tend to be
higher than individual clients.
- Coverage network as of September 30,
2013 included 56 branches, the same as June 30, 2013 and down from 57 branches as of
September 30, 2012. The number of
relationship managers was 540 as of September 30, 2013, up from 525 as of
June 30, 2013 and up from 501 as of
September 30, 2012.
[1]
|
Noah's Non-GAAP
financial measures are its corresponding GAAP financial measures as
adjusted by excluding the effects of all forms of share-based
compensation.
|
[2]
|
"Active clients"
refers to those registered clients who purchased wealth management
products distributed by Noah during any given period.
|
[3]
|
The amount in RMB was
translated into U.S. dollars using the average rate for the period
as set forth in the H.10 statistical release of the Federal Reserve
Board.
|
[4]
|
"Average transaction
value per client" refers to the average value of wealth management
products distributed by Noah that are purchased by active clients
during a given period.
|
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of
Directors and Chief Executive Officer, commented, "The significant
growth of our business in the third quarter was driven by overall
structural improvements. These improvements include enhancement in
product development, client servicing and operating capability
which has helped us scale new heights."
Mrs. Theresa Teng, Chief Financial Officer, said, "The
improvement of product mix was in line with the corporate strategy.
In addition, our operating margin and net margin both increased
from the previous year. We are confident that we will achieve our
full year financial targets."
THIRD QUARTER 2013 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2013 were
US$41.5 million, a 61.0% increase
from the corresponding period in 2012, due to increases in both
one-time commission revenues and recurring service fees for the
third quarter of 2013.
Net revenues from one-time commissions for the third
quarter of 2013 were US$17.7 million,
a 16.5% increase from the corresponding period in 2012. The
year-over-year increase for the third quarter of 2013 was mainly
due to an increase in transaction value.
Net revenues from recurring service fees for the third
quarter of 2013 were US$21.5 million,
a 111.7% increase from the corresponding period in 2012. The
year-over-year increase was mainly due to an increase in assets
under management by the Company since the second half of 2012 and
the cumulative effect of private equity funds previously
distributed by the Company.
Operating Margin
Operating margin for the third quarter of 2013 was 41.0%,
as compared to 35.9% for the corresponding period in 2012. The
year-over-year increase for the third quarter of 2013 was driven by
growth of net revenues exceeding those in operating cost and
expenses.
Operating cost and expenses for the third quarter of
2013, including cost of revenues, selling expenses, G&A
expenses and other operating income, were US$24.5 million, a 48.3% increase from the
corresponding period in 2012.
Cost of revenues for the third quarter of 2013 totaled
US$8.9 million, a 74.1% increase from
the corresponding period in 2012. The year-over-year increase for
the third quarter of 2013 was primarily due to an increase in
compensation paid to relationship managers as a result of the
increase in transaction value, and incremental costs from
repositioning of certain branch managers, whose compensations in
their client facing roles are now accounted for in cost of
revenues, instead of selling expenses.
Selling expenses for the third quarter of 2013 were
US$10.1 million, a 39.8% increase
from the corresponding period in 2012. Selling expenses as a
percentage of net revenues for the third quarter of 2013 was 24.4%,
as compared to 28.1% for the corresponding period in 2012. The
year-over-year increases for the third quarter of 2013 was
primarily due to increases in employee compensations and general
marketing fees as the Company strengthened the selling and
marketing functions.
G&A expenses for the third quarter of 2013 were
US$9.5 million, a 81.9% increase from
the corresponding period in 2012. G&A expenses as a percentage
of net revenues for the third quarter of 2013 was 23.0%, as
compared to 20.3% for the corresponding period in 2012. The
year-over-year increases for the third quarter of 2013 was
primarily due to increases in personnel expenses, professional
consulting fees and office expenses.
Other operating income for the third quarter of 2013 was
US$4.1 million, as compared to
US$1.1 million for the corresponding
period in 2012. Other operating income is government subsidies
received in the PRC from local governments for general corporate
purposes.
Income Tax Expenses
Income tax expenses for the third quarter of 2013 were
US$4.9 million, a 67.7% increase from
the corresponding period in 2012. The year-over-year increase for
the third quarter of 2013 was due to an increase in taxable
income.
Net Income
Net income for the third quarter of 2013 was US$14.6 million, a 93.1% increase from the
corresponding period in 2012. Net margin for the third
quarter of 2013 was 35.1%, as compared to 29.3% for the
corresponding period in 2012.
Net income attributable to Noah shareholders for the
third quarter of 2013 was US$14.0
million, a 85.3% increase from the corresponding period in
2012. Net income per basic and diluted ADS for the
third quarter of 2013 were both US$0.25, as compared to US$0.14 for the corresponding period in 2012.
Non-GAAP net income for the third quarter of 2013 was
US$15.8 million, a 85.3% increase
from the corresponding period in 2012. Non-GAAP net margin
for the third quarter of 2013 was 38.2%, as compared to 33.2% for
the corresponding period in 2012.
Non-GAAP net income attributable to Noah shareholders for
the third quarter of 2013 was US$15.3million, a 78.4% increase from the
corresponding period in 2012. Non-GAAP net income per
diluted ADS for the third quarter of 2013 was US$0.27, as compared to US$0.15 for the corresponding period in 2012.
Balance Sheet and Cash Flow
As of September 30, 2013, the Company had US$166.3 million in cash and cash equivalents, an
increase of US$1.0 million from
US$165.3 million as of June 30,
2013. In the third quarter of 2013, the Company generated
US$14.2 million in its operating
activities, invested $36.9 million
mostly in fixed income products, received US$26.8 million from sale of fixed income
products
On May 22, 2013, the Company's Board of Directors
authorized a new share repurchase program of up to US$30 million worth of its issued and outstanding
ADSs over the course of one year. As of September 30, 2013,
the Company has repurchased 33,755 ADSs for approximately
US$0.3 million, inclusive of
transaction charges.
2013 FORECAST
The Company estimates that non-GAAP net income attributable to
Noah shareholders for the full year 2013 is expected to be in a
range of US$50.0 million and
US$55.0 million, representing a
year-over-year increase in the range of 86.4% and 105.0%. This
estimate reflects management's current assessment and is subject to
change.
CONFERENCE CALL
Senior management will host a conference call on Monday, November 18, 2013 at 8:00 pm (Eastern) / 5:00
pm (Pacific) / 9:00 am
(Hong Kong, Tuesday, November 19, 2013) to discuss its third
quarter 2013 unaudited financial results and recent business
activity. The conference call may be accessed by calling the
following numbers:
|
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Toll Free
|
|
Toll
|
- United
States
|
|
+1-866-519-4004
|
|
+1-845-675-0437
|
- China
|
|
|
|
|
-
Domestic
|
|
800-819-0121
|
|
|
- Domestic
Mobile
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|
400-620-8038
|
|
|
|
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- Hong
Kong
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800-93-0346
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- United
Kingdom
|
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080-8234-6646
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Conference ID
#
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94814387
|
|
|
A telephone replay will be available shortly after the call
until November 25, 2013 at
+1-646-254-3697 (US Local Toll) or +61-2-8199-0299 (International).
Conference ID #94814387.
A live webcast of the conference call and replay will be
available in the investor relations section of the Company's
website at http://ir.noahwm.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES:
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation. The reconciliation of these non-GAAP
financial measures to the nearest GAAP measures is set forth in the
table captioned "Reconciliation of GAAP to Non-GAAP Results"
below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation to supplement U.S. GAAP financial data. As such, the
Company believes that the presentation of the non-GAAP net income,
non-GAAP income per diluted ADS and non-GAAP net margin provides
important supplemental information to investors regarding financial
and business trends relating to the Company's financial condition
and results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and share
options in the periods presented. To make financial results
comparable period by period, the Company utilized the non-GAAP
financial results to better understand its historical business
operations.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited is a leading wealth management service
provider focusing on distributing wealth management products to the
high net worth population in China. Noah distributes wealth management
products, including primarily fixed income products, private equity
funds, private securities investment funds and mutual funds. Noah
is also equipped with asset management services capability,
managing its own fund of funds and real estate fund products. With
over 500 relationship managers in 56 branch offices as of
September 30, 2013, Noah's total
coverage network encompasses China's most economically developed regions
where the high net worth population is concentrated. Through this
extensive coverage network, product sophistication, and client
knowledge, the Company caters to the wealth management needs of
China's high net worth population.
For more information please visit the Company's website at
http://www.noahwm.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
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," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for the full year 2013 and quotations
from management in this announcement, as well as Noah's strategic
and operational plans, contain forward-looking statements. Noah may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, 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 Noah's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: its goals and strategies; its future
business development, financial condition and results of
operations; the expected growth of the wealth management market in
China and internationally; its
expectations regarding demand for and market acceptance of the
products it distributes; its expectations regarding keeping and
strengthening its relationships with key clients; relevant
government policies and regulations relating to its industry; its
ability to attract and retain quality employees; its ability to
stay abreast of market trends and technological advances; its plans
to invest in research and development to enhance its product
choices and service offerings; competition in its industry in
China and internationally; general
economic and business conditions in China; and its ability to effectively protect
its intellectual property rights and not infringe on the
intellectual property rights of others. Further information
regarding these and other risks is included in Noah's filings with
the Securities and Exchange Commission, including its annual report
on Form 20-F. Noah does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law. All
information provided in this press release and in the attachments
is as of the date of this press release, and Noah undertakes no
duty to update such information, except as required under
applicable law.
Contacts:
Noah Holdings Limited
Jing
Ou-Yang, Director of IR
Tel: +86 21 2510 0889
ir@noahwm.com
— FINANCIAL AND OPERATIONAL TABLES FOLLOW
—
Noah Holdings
Limited
Condensed
Consolidated Balance Sheets
(In U.S.
dollars)
(unaudited)
|
|
|
|
|
|
|
|
As of
|
|
|
June 30,
2013
|
|
September 30,
2013
|
|
$
|
|
$
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
165,282,019
|
|
|
166,336,755
|
Restricted
cash
|
|
162,935
|
|
|
163,399
|
Short-term
investments
|
|
25,841,272
|
|
|
34,347,091
|
Accounts receivable,
net of allowance for doubtful accounts
of
nil at June 30, 2013 and September 30, 2013
|
|
17,451,506
|
|
|
18,241,359
|
Deferred tax
assets
|
|
1,259,779
|
|
|
1,236,928
|
Amounts due from
related parties
|
|
8,287,628
|
|
|
16,379,833
|
Other current
assets
|
|
6,014,418
|
|
|
7,058,025
|
|
|
|
|
|
|
Total current
assets
|
|
224,299,557
|
|
|
243,763,390
|
|
|
|
Long-term
investments
|
|
3,153,616
|
|
|
4,796,569
|
Investment in
affiliates
|
|
12,226,997
|
|
|
14,210,415
|
Property and
equipment, net
|
|
7,012,982
|
|
|
9,037,302
|
Non-current deferred
tax assets
|
|
1,143,317
|
|
|
1,128,667
|
Other non-current
assets
|
|
880,118
|
|
|
926,016
|
|
|
|
|
|
|
Total
Assets
|
|
248,716,587
|
|
|
273,862,359
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
|
17,415,118
|
|
|
21,875,324
|
Income tax
payable
|
|
4,167,664
|
|
|
4,413,278
|
Deferred
revenues
|
|
12,731,182
|
|
|
12,652,237
|
Other current
liabilities
|
|
8,738,187
|
|
|
12,340,357
|
|
|
|
|
|
|
Total current
liabilities
|
|
43,052,151
|
|
|
51,281,196
|
|
|
|
Non-current uncertain
tax position liabilities
|
|
1,550,996
|
|
|
1,596,504
|
Other non-current
liabilities
|
|
3,114,903
|
|
|
3,440,302
|
|
|
|
|
|
|
Total
Liabilities
|
|
47,718,050
|
|
|
56,318,002
|
|
|
|
Equity
|
|
200,998,537
|
|
|
217,544,357
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
248,716,587
|
|
|
273,862,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah
Holdings Limited
Condensed
Consolidated Income Statements
(In U.S. dollars,
except for ADS data, per ADS data and percentages)
(unaudited)
|
|
Three months ended
|
|
|
|
September
30,
2012
|
|
September
30,
2013
|
|
Change
|
|
$
|
|
$
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
20,002,648
|
|
|
23,890,350
|
|
|
19.4%
|
Related party
revenues
|
|
7,268,368
|
|
|
20,010,928
|
|
|
175.3%
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
27,271,016
|
|
|
43,901,278
|
|
|
61.0%
|
Less: business taxes
and related surcharges
|
|
(1,515,774)
|
|
|
(2,442,749)
|
|
|
61.2%
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
25,755,242
|
|
|
41,458,529
|
|
|
61.0%
|
|
|
|
|
|
|
|
|
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(5,126,370)
|
|
|
(8,924,684)
|
|
|
74.1%
|
Selling
expenses
|
|
(7,230,023)
|
|
|
(10,109,459)
|
|
|
39.8%
|
General and
administrative expenses
|
|
(5,236,637)
|
|
|
(9,525,521)
|
|
|
81.9%
|
Other operating
income
|
|
1,095,360
|
|
|
4,090,866
|
|
|
273.5%
|
|
|
|
|
|
|
|
|
|
Total operating cost
and expenses
|
|
(16,497,670)
|
|
|
(24,468,798)
|
|
|
48.3%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
9,257,572
|
|
|
16,989,731
|
|
|
83.5%
|
|
|
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
|
|
|
Interest
income
|
|
491,212
|
|
|
822,357
|
|
|
67.4%
|
Investment
income
|
|
788,997
|
|
|
1,048,252
|
|
|
32.9%
|
Other
income
|
|
118,944
|
|
|
77,788
|
|
|
(34.6%)
|
|
|
|
|
|
|
|
|
|
Total other
income
|
|
1,399,153
|
|
|
1,948,397
|
|
|
39.3%
|
|
|
|
|
|
|
|
|
|
Income before taxes
and loss from equity in affiliates
|
|
10,656,725
|
|
|
18,938,128
|
|
|
77.7%
|
Income tax
expense
|
|
(2,942,322)
|
|
|
(4,935,006)
|
|
|
67.7%
|
(Loss) income from
equity in affiliates
|
|
(167,006)
|
|
|
567,462
|
|
|
439.8%
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
7,547,397
|
|
|
14,570,584
|
|
|
93.1%
|
Less: net income
attributable to non-controlling interests
|
|
59
|
|
|
586,000
|
|
|
993120 %
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders
|
|
7,547,338
|
|
|
13,984,584
|
|
|
85.3%
|
|
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
|
0.14
|
|
|
0.25
|
|
|
78.6%
|
Income per ADS,
diluted
|
|
0.14
|
|
|
0.25
|
|
|
78.6%
|
|
Margin
analysis:
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
35.9%
|
|
|
41.0%
|
|
|
|
Net margin
|
|
29.3%
|
|
|
35.1%
|
|
|
|
Weighted average ADS
equivalent: [1]
|
|
|
|
|
|
|
|
|
Basic
|
|
55,259,030
|
|
|
54,993,576
|
|
|
|
Diluted
|
|
55,769,254
|
|
|
56,191,252
|
|
|
|
ADS equivalent
outstanding at end of period
|
|
56,372,310
|
|
|
55,117,298
|
|
|
|
[1]
|
Assumes all
outstanding ordinary shares are represented by ADSs. Each ordinary
share represents two ADSs
|
Noah
Holdings Limited
Condensed
Comprehensive Income Statements
(In U.S.
dollars)
(unaudited)
|
|
Three months
ended
|
|
|
|
September
30,
2012
|
|
September
30,
2013
|
|
Change
|
|
$
|
|
$
|
|
|
Net income
attributable to Noah Shareholders
|
|
7,547,338
|
|
|
13,984,584
|
|
|
85.3%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
1,118,361
|
|
|
462,039
|
|
|
(58.7%)
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
8,665,699
|
|
|
14,446,623
|
|
|
66.7%
|
Less: Comprehensive
income attributable to non-controlling interests
|
|
—
|
|
|
612,214
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to Noah Shareholders
|
|
8,664,699
|
|
|
13,834,409
|
|
|
59.7%
|
|
|
|
|
|
|
|
|
|
Noah
Holdings Limited
Supplemental
Information
(unaudited)
|
|
As of
|
|
|
|
September 30,
2012
|
|
September 30,
2013
|
|
Change
|
|
|
|
Number of registered
clients
|
|
37,943
|
|
|
50,084
|
|
|
32.0%
|
Number of
relationship managers
|
|
501
|
|
|
540
|
|
|
7.8%
|
Number of branch
offices
|
|
57
|
|
|
56
|
|
|
(1.8%)
|
|
|
|
Three months
ended
|
|
|
|
September 30,
2012
|
|
September 30,
2013
|
|
Change
|
|
(in millions of RMB,
except number of
active clients
and percentages)
|
Number of active
clients
|
|
1,613
|
|
|
2,245
|
|
|
39.2%
|
Transaction
value:
|
|
|
|
|
|
|
|
|
Fixed income
products
|
|
5,304
|
|
|
9,093
|
|
|
71.4%
|
Private equity fund
products
|
|
1,703
|
|
|
2,351
|
|
|
38.1%
|
other products,
including mutual fund products, private
securities investment funds and investment-linked
insurance products
|
|
367
|
|
|
584
|
|
|
59.1%
|
|
|
|
|
|
|
|
|
|
Total transaction
value
|
|
7,374
|
|
|
12,029
|
|
|
63.1%
|
|
|
|
|
|
|
|
|
|
Average transaction
value per client
|
|
4.57
|
|
|
5.4
|
|
|
17.1%
|
Noah
Holdings Limited
Reconciliation of
GAAP to Non-GAAP Results
(In U.S. dollars,
except for ADS data and percentages)
(unaudited)
|
|
|
|
Three months
ended
|
|
|
|
September
30,
2012
|
|
September
30,
2013
|
|
Change
|
|
$
|
|
$
|
|
|
|
|
|
Net income
|
|
7,547,397
|
|
|
14,570,584
|
|
|
93.1%
|
|
|
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
|
|
|
|
|
|
Share
options
|
|
54,678
|
|
|
55,298
|
|
|
1.1%
|
|
|
|
Restricted
shares
|
|
952,121
|
|
|
1,223,451
|
|
|
28.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(non-GAAP)*
|
|
8,554,196
|
|
|
15,849,333
|
|
|
85.3%
|
|
|
|
Net margin
|
|
29.3%
|
|
|
35.1%
|
|
|
|
Adjusted net margin
(non-GAAP)*
|
|
33.2%
|
|
|
38.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders
|
|
7,547,338
|
|
|
13,984,584
|
|
|
85.3%
|
|
|
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
|
|
|
|
|
|
Share
options
|
|
54,678
|
|
|
55,298
|
|
|
1.1%
|
|
|
|
Restricted
shares
|
|
952,121
|
|
|
1,223,451
|
|
|
28.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to Noah Shareholders (non-GAAP)*
|
|
8,554,137
|
|
|
15,263,333
|
|
|
78.4%
|
|
|
|
Net income per ADS,
diluted
|
|
0.14
|
|
|
0.25
|
|
|
86.2%
|
Adjusted net income
per ADS, diluted (non-GAAP)*
|
|
0.15
|
|
|
0.27
|
|
|
83.0%
|
*
|
The non-GAAP
adjustments do not take into consideration the impact of taxes on
such adjustments.
|
SOURCE Noah Holdings Limited