SHANGHAI, Nov. 11, 2014 /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 2014.
THIRD QUARTER 2014 FINANCIAL HIGHLIGHTS
- Net revenues in the third quarter of 2014 were
US$62.9 million, a 51.7% increase
from the corresponding period in 2013.
- Income from operations in the third quarter of 2014 was
US$22.9 million, a 34.6% increase
from the corresponding period in 2013.
- Operating margin in the third quarter of 2014 was 36.4%,
compared to 41.0% in the corresponding period in 2013.
- Net income attributable to Noah shareholders in the
third quarter of 2014 was US$17.9
million, a 28.0% increase from the corresponding period in
2013. Non-GAAP[1] net income attributable to Noah
shareholders in the third quarter of 2014 was US$19.5 million, a 27.6% increase from the
corresponding period in 2013.
- Net income per basic and diluted ADS in the third
quarter of 2014 were both US$0.32.
Non-GAAP net income per diluted ADS in the third quarter of
2014 was US$0.34.
THIRD QUARTER 2014 OPERATIONAL HIGHLIGHTS
- Total number of registered clients as of September 30, 2014 increased by 31.9%
year-over-year to 66,069 this figure includes 63,236 registered
individual clients, 2,714 registered enterprise clients and 119
wholesale clients that have entered into cooperation agreements
with the Company.
- Active clients[2] during the third quarter of 2014 were
4,091, an 82.2% increase from the corresponding period in 2013.
The aggregate value of wealth management products distributed by
the Company during the third quarter of 2014 was RMB18.4 billion (approximately US$3.0 billion)[3], a 52.8% increase from the
corresponding period in 2013. Of this aggregate value, fixed income
products accounted for 53.9%, private equity fund products
accounted for 9.9%, equity products accounted 30.2% and other
products, including mutual fund products and insurance products,
accounted for 6.0%. The average transaction value per
client[4] excluded mutual fund products in the third quarter of
2014 was RMB4.2 million
(approximately US$0.7 million), a
21.6% decrease from the corresponding period in 2013.
- Coverage network as of September
30, 2014 included 60 branches, increased from 57 branches as
of June 30, 2014 and up from 56
branches as of September 30, 2013.
The number of relationship managers was 775 as of
September 30, 2014, up from 540 as of
September 30, 2013 and 690 as of
June 30, 2014.
APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER
The Company appointed Ms. Ching
Tao as its Chief Financial Officer replacing Ms.
Chia-Yue Chang, effective
November 7, 2014. Ms. Chang will
continue her role as executive director of the Company. Ms. Tao has
more than 18 years of experience in investment and finance
management. Prior to joining the Company, she served as the Chief
Financial Officer of Charter Group Holdings Ltd., a high-end,
large-scale Chinese department store operator from 2011 to 2014.
Ms. Tao worked at Goldman Sachs in Hong
Kong, New York and
Beijing from 1996 to 2011 and most
recently was an Executive Director of the Investment Banking
Division of Goldman Sachs Gao Hua Securities Company Ltd. in
Beijing. Ms. Tao received an MBA
from Columbia Business School in
1996.
Ms. Jingbo Wang, Co-founder,
Chairwoman of the Board of Directors and Chief Executive Officer,
commented, "We are very pleased to welcome Ms. Tao to the
management team. She brings to the Company more than 18 years of
financial and investment industry experience and has a proven track
record of leading and enhancing companies' financial
strategies."
Ms. Wang commented, "Our business maintained strong growth
momentum and good performance in the third quarter. In the next 5
to 10 years, wealth management demand will have tremendous
potential to grow. We will continue to benefit from our end-to-end
and asset light business model, established comprehensive service
platform, highly selective asset management strategy with our core
capabilities of seeking high quality assets and risk management to
further grow market share and improve profitability."
THIRD QUARTER 2014 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2014 were
US$62.9 million, a 51.7% increase
from the corresponding period in 2013, mainly due to increases in
one-time commission revenues along with increased transaction value
and recurring service fees.
Net revenues from one-time commissions for the third
quarter of 2014 were US$25.1million,
a 41.5% increase from the corresponding period in 2013. The
year-over-year increase for the third quarter of 2014 was primarily
due to an increase of 43.9% in transaction value, despite a slight
decrease in average commission rate.
Net revenues from recurring service fees for the third
quarter of 2014 were US$34.8 million,
a 61.8% increase from the corresponding period in 2013. The
year-over-year increase for the third quarter of 2014 was mainly
due to the cumulative effect of private equity funds previously
distributed by the Company and an increase in assets under
management by the Company since the second half of 2013.
Operating Margin
Operating margin for the third quarter of 2014 was 36.4%,
as compared to 41.0% for the corresponding period in 2013. The
year-over-year decrease for the third quarter of 2014 was primarily
due to the development of the internet finance business and other
value added services in the third quarter.
Operating Cost and Expenses
Operating cost and expenses for the third quarter of
2014, including cost of revenues, selling expenses, G&A
expenses and other operating income, were US$40.0 million, a 63.6% increase from the
corresponding period in 2013.
Cost of revenues for the third quarter of 2014 totaled
US$14.5million, a 62.1% increase from
the corresponding period in 2013. The year-over-year increase for
the third quarter of 2014 was primarily due to increase in salary
paid to relationship managers as a result of the increase in the
number of relationship managers, as well as increase in
performance-based compensation paid to relationship managers as
result of the increase in transaction value, and growth of new
business. Cost of revenues as a percentage of net revenues for the
third quarter of 2014 was 23.0%, as compared to 21.5% for the
corresponding period in 2013.
Selling expenses for the third quarter of 2014 were
US$12.5 million, a 23.4% increase
from the corresponding period in 2013. The year-over-year increase
for the third quarter of 2014 was primarily due to increases in
personnel expenses, general marketing activities and rental
expenses. Selling expenses as a percentage of net revenues for the
third quarter of 2014 was 19.8%, as compared to 24.4% for the
corresponding period in 2013.
G&A expenses for the third quarter of 2014 were
US$16.3 million, a 70.6% increase
from the corresponding period in 2013. The year-over-year increase
for the third quarter of 2014 was primarily due to increases in
personnel expenses, share-based compensation and professional fee.
G&A expenses as a percentage of net revenues for the third
quarter of 2014 was 25.8%, as compared to 23.0% for the
corresponding period in 2013.
Government subsidies for the third quarter of 2014 were
US$3.2 million, as compared to
US$4.1 million for the corresponding
period in 2013. Government subsidies represent cash subsidies
received in the PRC from local governments for general corporate
purposes.
Income Tax Expenses
Income tax expenses for the third quarter of 2014 were
US$5.9 million, an 18.8% increase
from the corresponding period in 2013. The year-over-year increase
for the third quarter of 2014 was primarily due to increase in
taxable income.
Net Income
Net income for the third quarter of 2014 was US$18.8 million, a 28.8% increase from the
corresponding period in 2013. Net margin for the third
quarter of 2014 was 29.8%, as compared to 35.1% for the
corresponding period in 2013.
Net income attributable to Noah shareholders for the
third quarter of 2014 was US$17.9
million, a 28.0% increase from the corresponding period in
2013. Net income per basic and diluted ADS for the third
quarter of 2014 were both US$0.32 as
compared to US$0.25 for the
corresponding period in 2013.
Non-GAAP net income for the third quarter of 2014 was
US$20.3 million, a 28.3% increase
from the corresponding period in 2013. Non-GAAP net margin
for the third quarter of 2014 was 32.3%, as compared to 38.2% for
the corresponding period in 2013.
Non-GAAP net income attributable to Noah shareholders for
the third quarter of 2014 was US$19.5
million, a 27.6% increase from the corresponding period in
2013. Non-GAAP net income per diluted ADS for the third
quarter of 2014 was US$0.34, as
compared to US$0.27 for the
corresponding period in 2013.
Balance Sheet and Cash Flow
As of September 30, 2014, the
Company had US$258.5 million in cash
and cash equivalents, an increase of US$43.8
million from US$214.7 million
as of June 30, 2014. In the third
quarter of 2014, the Company generated US$16.3million cash inflow from its operating
activities and a net US$24.9 million
cash inflow from its investing activities.
2014 FORECAST
The Company estimates that non-GAAP net income attributable to
Noah shareholders for the full year 2014 is expected to be in a
range of US$72.0 million and
US$76.0 million, representing a
year-over-year increase in the range of 27.0% and 34.1%. This
estimate reflects management's current business outlook and is
subject to change.
CONFERENCE CALL
Senior management will host a conference call on Tuesday, November 11, 2014 at 8:00 pm (Eastern) / 5:00
pm (Pacific) / 9:00 am
(Hong Kong, Wednesday, November 12, 2014) to discuss its
third quarter 2014 unaudited financial results and recent business
activity. The conference call may be accessed by calling the
following numbers:
|
Toll Free
|
United
States
|
+1-877-870-4263
|
China
|
4001-201203
|
Hong Kong
|
800-90-5945
|
International
|
+1-412-317-0790
|
Conference ID
#
|
10055453
|
A telephone replay will be available shortly after the call
until November 19, 2014 at
+1-877-344-7529 (US Local Toll) or +1-412-317-0088 (International).
Conference ID #10055453.
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
775 relationship managers covers 60 cities in 91 branch offices as
of September 30, 2014, 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 2014 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.
[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.
|
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
30,2014
|
|
September
30,2014
|
|
|
|
$
|
|
$
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
214,661,861
|
|
258,459,924
|
|
|
Restricted
cash
|
161,197
|
|
162,920
|
|
|
Short-term
investments
|
48,413,577
|
|
26,037,694
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of nil at June 30, 2014 and
September 30, 2014
|
17,738,509
|
|
22,840,267
|
|
|
Loans
receivable
|
15,056,822
|
|
8,577,462
|
|
|
Deferred tax
assets
|
782,783
|
|
789,145
|
|
|
Amounts due from
related parties
|
21,003,828
|
|
24,446,914
|
|
|
Other current
assets
|
6,100,505
|
|
7,119,402
|
|
|
Total current
assets
|
323,919,082
|
|
348,433,728
|
|
|
|
|
|
|
|
Long-term
investments
|
10,273,068
|
|
11,789,800
|
|
Investment in
affiliates
|
18,393,796
|
|
19,867,059
|
|
Property and
equipment, net
|
10,102,932
|
|
12,970,238
|
|
Non-current deferred
tax assets
|
1,517,931
|
|
1,571,197
|
|
Other non-current
assets
|
1,874,288
|
|
1,985,605
|
Total
Assets
|
366,081,097
|
|
396,617,627
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
36,024,534
|
|
41,517,860
|
|
|
Income tax
payable
|
6,571,251
|
|
4,902,151
|
|
|
Amounts due to
related parties
|
10,834
|
|
36,334
|
|
|
Deferred
revenues
|
20,058,907
|
|
19,784,572
|
|
|
Short-term bank
loans
|
8,076,628
|
|
8,145,976
|
|
|
Other current
liabilities
|
14,682,721
|
|
17,761,287
|
|
|
Total current
liabilities
|
85,424,875
|
|
92,148,180
|
|
|
|
|
|
|
|
Non-current uncertain
tax position liabilities
|
1,666,812
|
|
1,762,402
|
|
Other non-current
liabilities
|
3,626,924
|
|
3,401,455
|
|
Total
Liabilities
|
90,718,611
|
|
97,312,037
|
|
|
|
|
|
|
|
Equity
|
275,362,486
|
|
299,305,590
|
Total Liabilities
and Equity
|
366,081,097
|
|
396,617,627
|
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,
|
|
September
30,
|
|
Change
|
|
|
2013
|
|
2014
|
|
|
Revenues:
|
$
|
|
$
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
One-time
commissions
|
13,838,399
|
|
21,135,919
|
|
52.7%
|
|
Recurring service
fees
|
8,517,585
|
|
12,883,079
|
|
51.3%
|
|
Other service
fees
|
1,534,366
|
|
2,766,390
|
|
80.3%
|
Total third-party
revenues
|
23,890,350
|
|
36,785,388
|
|
54.0%
|
Related party
revenues
|
|
|
|
|
|
|
One-time
commissions
|
4,955,790
|
|
5,425,115
|
|
9.5%
|
|
Recurring service
fees
|
14,265,186
|
|
23,932,765
|
|
67.8%
|
|
Other service
fees
|
789,952
|
|
366,117
|
|
(53.7%)
|
Total Related party
revenues
|
20,010,928
|
|
29,723,997
|
|
48.5%
|
Total
revenues
|
43,901,278
|
|
66,509,385
|
|
51.5%
|
|
Less: business taxes
and related surcharges
|
(2,442,749)
|
|
(3,616,959)
|
|
48.1%
|
Net
revenues
|
41,458,529
|
|
62,892,426
|
|
51.7%
|
Operating cost and
expenses:
|
|
|
|
|
|
|
Cost of
revenues
|
(8,924,684)
|
|
(14,465,340)
|
|
62.1%
|
|
Selling
expenses
|
(10,109,459)
|
|
(12,473,249)
|
|
23.4%
|
|
General and
administrative expenses
|
(9,525,521)
|
|
(16,253,783)
|
|
70.6%
|
|
Government
subsidies
|
4,090,866
|
|
3,171,460
|
|
(22.5%)
|
Total operating cost
and expenses
|
(24,468,798)
|
|
(40,020,912)
|
|
63.6%
|
Income from
operations
|
16,989,731
|
|
22,871,514
|
|
34.6%
|
Other
income:
|
|
|
|
|
|
|
Interest
income
|
822,357
|
|
1,894,561
|
|
130.4%
|
|
Investment
income
|
1,048,252
|
|
584,770
|
|
(44.2%)
|
|
Other income
(expenses)
|
77,788
|
|
(1,883,864)
|
|
(2521.8%)
|
Total other
income
|
1,948,397
|
|
595,467
|
|
(69.4%)
|
Income before taxes
and loss from equity in Affiliates
|
18,938,128
|
|
23,466,981
|
|
23.9%
|
Income tax
expense
|
(4,935,006)
|
|
(5,865,157)
|
|
18.8%
|
Income from equity in
affiliates
|
567,462
|
|
1,162,466
|
|
104.9%
|
Net
income
|
14,570,584
|
|
18,764,290
|
|
28.8%
|
Less: net income
attributable to non-controlling Interests
|
586,000
|
|
859,002
|
|
46.6%
|
Net income
attributable to Noah Shareholders
|
13,984,584
|
|
17,905,288
|
|
28.0%
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
0.25
|
|
0.32
|
|
28.0%
|
Income per ADS,
diluted
|
0.25
|
|
0.32
|
|
28.0%
|
Margin
analysis:
|
|
|
|
|
|
Operating
margin
|
41.0%
|
|
36.4%
|
|
|
Net margin
|
35.1%
|
|
29.8%
|
|
|
Weighted average ADS
equivalent: [1]
|
|
|
|
|
|
Basic
|
54,993,576
|
|
55,825,466
|
|
|
Diluted
|
56,191,252
|
|
56,489,300
|
|
|
ADS equivalent
outstanding at end of period
|
55,117,298
|
|
55,956,509
|
|
|
|
[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,
|
|
September
30,,
|
|
Change
|
|
|
2013
|
|
2014
|
|
|
|
|
$
|
|
$
|
|
|
Net
income
|
13,984,584
|
|
18,764,290
|
|
34.2%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
462,039
|
|
3,015,916
|
|
552.7%
|
|
Fair value
fluctuation of available for sale Investment (after tax)
|
-
|
|
357,449
|
|
|
Comprehensive
income
|
14,446,623
|
|
22,137,655
|
|
53.2%
|
Less: Comprehensive
income attributable to non-controlling interests
|
612,214
|
|
954,374
|
|
55.9%
|
Comprehensive
income attributable to Noah Shareholders
|
13,834,409
|
|
21,183,281
|
|
53.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
|
As of
|
|
Change
|
|
|
September 30,
2013
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
Number of registered
clients
|
50,084
|
|
66,069
|
|
31.9%
|
Number of
relationship managers
|
540
|
|
775
|
|
43.5%
|
Number of branch
offices
|
56
|
|
57
|
|
1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Change
|
|
|
September 30,
2013
|
|
September 30,
2014
|
|
|
|
(in millions of RMB,
except number of active clients and percentages)
|
Number of active
clients
|
2,245
|
|
4,091
|
|
82.2%
|
Transaction
value:
|
|
|
|
|
|
|
Fixed income
products
|
9,093
|
|
9,912
|
|
9.0%
|
|
Private equity fund
products
|
2,351
|
|
1,817
|
|
(22.7%)
|
|
Other products,
including mutual fund products, private securities investment funds
and insurance products
|
584
|
|
5,581
|
|
855.6%
|
Total transaction
value
|
12,029
|
|
17,310
|
|
43.9%
|
Average transaction
value per client
|
5.4
|
|
4.23
|
|
(21.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
September
30,
|
|
Change
|
|
|
2013
|
|
2014
|
|
|
|
|
$
|
|
$
|
|
|
Net income
|
14,570,584
|
|
18,764,290
|
|
28.8%
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
Share
options
|
55,298
|
|
519,324
|
|
839.1%
|
|
Restricted
shares
|
1,223,451
|
|
1,046,438
|
|
(14.5%)
|
Adjusted net income
(non-GAAP)*
|
15,849,333
|
|
20,330,052
|
|
28.3%
|
Net margin
|
35.1%
|
|
29.8%
|
|
|
Adjusted net margin
(non-GAAP)*
|
38.2%
|
|
32.3%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah Shareholders
|
13,984,584
|
|
17,905,288
|
|
28.0%
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
Share
options
|
55,298
|
|
519,324
|
|
839.1%
|
|
Restricted
shares
|
1,223,451
|
|
1,046,437
|
|
(14.5%)
|
Adjusted net income
attributable to Noah Shareholders (non-GAAP)*
|
15,263,333
|
|
19,471,050
|
|
27.6%
|
Net income
attributable to Noah Shareholders per ADS, diluted
|
0.25
|
|
0.32
|
|
28.0%
|
Adjusted net income
attributable to Noah Shareholders per ADS, diluted
(non-GAAP)*
|
0.27
|
|
0.34
|
|
25.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The non-GAAP
adjustments do not take into consideration the impact of taxes on
such adjustments.
|
SOURCE Noah Holdings Limited