SHANGHAI, Nov. 16, 2015 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth
management services provider with a focus on global wealth
investment and asset allocation services for high net worth
individuals and enterprises in China, today announced its unaudited financial
results for the third quarter of 2015.
Starting from the fourth quarter of 2014, the Company has
presented its financial results in three business
segments: (i) wealth management, (ii) asset
management and (iii) internet finance. To facilitate
comparisons with the third quarter 2015 financial results, the
Company has also presented its historical third quarter 2014
financial results organized by the aforementioned business
segments.
THIRD QUARTER 2015 FINANCIAL HIGHLIGHTS
- Net revenues in the third quarter of 2015 were
US$82.6 million, a 31.4% increase
from the corresponding period in 2014.
(US$ millions,
except percentages)
|
|
Q3
2014
|
|
|
Q3
2014
Segment %
|
|
|
Q3
2015
|
|
|
Q3
2015
Segment %
|
|
|
YoY
Change
|
|
Wealth
management
|
|
|
48.4
|
|
|
|
77.0
|
%
|
|
|
59.3
|
|
|
|
71.7
|
%
|
|
|
22.4
|
%
|
Asset
management
|
|
|
13.8
|
|
|
|
22.0
|
%
|
|
|
20.8
|
|
|
|
25.2
|
%
|
|
|
50.6
|
%
|
Internet
finance
|
|
|
0.6
|
|
|
|
1.0
|
%
|
|
|
2.5
|
|
|
|
3.0
|
%
|
|
|
304.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
|
62.9
|
|
|
|
100.0
|
%
|
|
|
82.6
|
|
|
|
100.0
|
%
|
|
|
31.4
|
%
|
- Income from operations in the third quarter of 2015 was
US$28.0 million, a 22.3% increase
from the corresponding period in 2014.
(US$ millions,
except percentages)
|
|
Q3
2014
|
|
|
Q3
2014
Segment %
|
|
|
Q3
2015
|
|
|
Q3
2015
Segment %
|
|
|
YoY
Change
|
|
Wealth
management
|
|
|
18.9
|
|
|
|
82.8
|
%
|
|
|
18.5
|
|
|
|
66.1
|
%
|
|
|
(2.4%)
|
|
Asset
management
|
|
|
7.8
|
|
|
|
33.9
|
%
|
|
|
15.8
|
|
|
|
56.5
|
%
|
|
|
103.8
|
%
|
Internet
finance
|
|
|
(3.8)
|
|
|
|
(16.8%)
|
|
|
|
(6.3)
|
|
|
|
(22.6%)
|
|
|
|
65.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
22.9
|
|
|
|
100.0
|
%
|
|
|
28.0
|
|
|
|
100.0
|
%
|
|
|
22.3
|
%
|
- Net income attributable to Noah shareholders in the
third quarter of 2015 was US$23.9
million, a 33.7% increase from the corresponding period in
2014.
- Non-GAAP1 net income attributable to Noah
shareholders in the third quarter of 2015 was US$26.2 million, a 34.8% increase from the
corresponding period in 2014.
THIRD QUARTER 2015 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business provides global wealth
investment and asset allocation services to high net worth
individuals and enterprise clients in China.
- The total number of registered clients as of
September 30, 2015 was 88,663,
consisting of 85,664 registered individual clients, 2,880
registered enterprise clients and 119 wholesale clients that have
entered into cooperation agreements with the Company, a 34.2%
increase since September 30,
2014.
- The total number of active clients2 during
the third quarter of 2015 was 4,014, a 1.9% decrease from the
corresponding period in 2014.
- The aggregate value of wealth management products
distributed by the Company during the third quarter of 2015 was
US$4.1 billion (approximately
RMB26.1 billion), a 41.8% increase
from the corresponding period in 2014.
Product
type
|
|
Three months ended
September 30,
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
|
|
|
|
(RMB in billions,
except percentages)
|
|
Fixed income
products
|
|
|
9.9
|
|
|
|
53.9
|
%
|
|
|
7.6
|
|
|
|
29.0
|
%
|
|
|
|
|
|
Private equity
products
|
|
|
1.8
|
|
|
|
9.9
|
%
|
|
|
10.3
|
|
|
|
39.4
|
%
|
|
|
|
|
|
Secondary market
equity fund products
|
|
|
5.6
|
|
|
|
30.4
|
%
|
|
|
4.1
|
|
|
|
15.6
|
%
|
|
|
|
|
|
Other
products
|
|
|
1.1
|
|
|
|
5.8
|
%
|
|
|
4.2
|
|
|
|
16.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
products
|
|
|
18.4
|
|
|
|
100.0
|
%
|
|
|
26.1
|
|
|
|
100.0
|
%
|
|
|
|
|
|
- The average transaction value per client3 in
the third quarter of 2015 was US$1.0
million (approximately RMB6.5
million), a 44.5% increase from the corresponding period in
2014, reflecting a change in product mix.
- The coverage network included 130 branches and
sub-branches covering 65 cities as of September 30, 2015, up from 112 branches and
sub-branches covering 64 cities as of June
30, 2015, and 91 branches and sub-branches covering 60
cities as of September 30, 2014.
- The number of relationship managers was 1,038 as of
September 30, 2015, up from 775 and
953 as of September 30, 2014 and
June 30, 2015, respectively.
Asset Management Business
The Company's asset management business develops and manages
financial products denominated in both Renminbi and U.S. dollar.
These financial products include real estate funds and funds of
funds, including private equity funds, real estate funds, hedge
funds and fixed income funds.
- The total assets under management as of September 30, 2015 were US$12.1 billion (approximately RMB77.0 billion), a 63.8% increase from
September 30, 2014 and a 19.4%
increase from June 30, 2015.
Product
type
|
|
As of June
30,
2015
|
|
|
Asset
Growth
|
|
|
Asset
Expiration
|
|
|
As of
September 30,
2015
|
|
|
|
|
|
(RMB in billions,
except percentages)
|
|
|
Real estate funds and
real estate funds of funds
|
|
|
30.1
|
|
|
|
46.7
|
%
|
|
|
5.2
|
|
|
|
4.6
|
|
|
|
30.7
|
|
|
|
39.9
|
%
|
|
|
Private equity funds
of funds
|
|
|
22.0
|
|
|
|
34.1
|
%
|
|
|
10.1
|
|
|
|
—
|
|
|
|
32.1
|
|
|
|
41.7
|
%
|
|
|
Secondary market
equity funds of funds
|
|
|
9.2
|
|
|
|
14.3
|
%
|
|
|
1.3
|
|
|
|
0.1
|
|
|
|
10.4
|
|
|
|
13.5
|
%
|
|
|
Other fixed income
funds of funds
|
|
|
3.1
|
|
|
|
4.9
|
%
|
|
|
0.8
|
|
|
|
0.2
|
|
|
|
3.8
|
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
products
|
|
|
64.4
|
|
|
|
100.0
|
%
|
|
|
17.4
|
|
|
|
4.9
|
|
|
|
77.0
|
|
|
|
100.0
|
%
|
|
|
Internet Finance Business
The Company's internet finance business provides financial
products and services through a proprietary internet finance
platform targeting white-collar professionals in China.
- The aggregate value of financial products distributed by the
Company through its internet finance platform in the third
quarter of 2015 was US$358.0 million
(approximately RMB2.3 billion), an
820.8% increase from the third quarter of 2014.
- The total number of enterprise clients as of
September 30, 2015 was 414, up from
40 and 354 as of September 30, 2014
and June 30, 2015,
respectively.
Mr. Kenny Lam, Group President of Noah, said, "The macro
environment in the third quarter was one of the most volatile in
recent years. With our cautious approach to risk management and
product selection, we have effectively managed this volatility and
continue to deliver solid results. Our clients recognize the
benefits of our commitment to long term value investing and we
believe that the volatile market conditions create an opportunity
for us to expand our client base even further."
"Going forward we will continue to invest in our research,
product selection and asset management capabilities, as well as
technology platforms to support the sustainable growth of our
business. We are pleased to see that this strategy is already
bearing fruit and are confident that we will continue to cement
Noah's position as a leading wealth and asset management in
China," added Mr. Lam.
THIRD QUARTER 2015 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2015 were
US$82.6 million, a 31.4% increase
from the corresponding period in 2014, primarily due to increases
in one-time commission revenues, recurring service fees and
performance-based income.
- Wealth Management Business
- Net revenues from one-time commissions for the third
quarter of 2015 were US$27.8 million,
a 10.9% increase from the corresponding period in 2014, primarily
due to an increase in the aggregate value of the wealth management
products distributed by the Company.
- Net revenues from recurring service fees for the third
quarter of 2015 were US$24.8 million,
a 8.3% increase from the corresponding period in 2014, mainly due
to the cumulative effect of finance products previously distributed
by the Company with chargeable recurring service fees, which was
partially offset by the impact of lower recurring service fee rates
due to a change in product mix.
- Net revenues from performance-based income for the third
quarter of 2015 were US$5.4 million,
primarily consisting of performance-based income received for the
positive performance of the secondary equity market fund products
distributed by the Company.
- Net revenues from other service fees for the third
quarter of 2015 were US$1.3 million,
compared with US$0.2 million in the
corresponding period of 2014.
- Asset Management Business
- Net revenues from recurring service fees for the third
quarter of 2015 were US$16.2 million,
a 35.8% increase from the corresponding period in 2014, primarily
due to the increase in assets under management by the Company,
partially offset by the impact of lower management fee rates due to
a change in composition of asset types under management.
- Net revenues from performance-based income for the third
quarter of 2015 were US$4.2 million,
a 119.7% increase compared with the corresponding period in 2014,
primarily consisting of performance-based income received for the
positive performance of secondary equity market funds managed by
the Company.
- Internet Finance Business
- Net revenues for the third quarter of 2015 were
US$2.5 million, a 304.6% increase
from the corresponding period in 2014, primarily because this is a
new and fast growing business segment for the Company.
Operating costs and expenses
Operating costs and expenses include compensation and
benefits, selling expenses, G&A expenses, other operating
expenses and government subsidies. Operating cost and expenses for
the third quarter of 2015 were US$54.7
million, a 36.6% increase from the corresponding period in
2014.
- Wealth Management Business
Operating costs and expenses for the third quarter of
2015 were US$40.8 million, a 38.3%
increase from the corresponding period in 2014.
-
- Compensation and benefits includes compensation for
relationship managers and back-office employees. Compensation and
benefits for the third quarter of 2015 were US$34.1 million, a 59.6% increase from the
corresponding period in 2014. In the third quarter of 2015,
relationship manager compensation increased by 61.8% from the
corresponding period in 2014, reflecting an increase in the
aggregate value of financial products distributed and an increase
in commission rate to relationship managers driven by the change in
product mix. Other compensation for the third quarter of 2015
increased by 56.2% from the corresponding period in 2014, primarily
due to increases in both the number of back-office employees and
share-based compensation.
- Selling expenses for the third quarter of 2015 were
US$9.8 million, a 76.8% increase from
the corresponding period in 2014, primarily due to increased
general marketing expenses resulting from an increase in the
Company's marketing efforts, as well as increased employee
activities and rental fees.
- G&A expenses for the third quarter of 2015 were
US$2.9 million, a 2.5% increase from
the corresponding period in 2014.
- Other operating expenses, which include other costs
incurred directly in relation to the Company's revenues, for the
third quarter of 2015 were US$1.6
million, an increase of 22.4% from the corresponding period
in 2014. The increase was primarily due to the growth of other
businesses within the wealth management segment.
- Government subsidies represent cash subsidies received
from local governments for general corporate purposes. The Company
received US$7.6 million in government
subsidies in the third quarter of 2015, compared to US$1.6 million in the corresponding period of
2014.
- Asset Management Business
Operating costs and expenses for the third quarter of
2015 were US$5.0 million, a 17.4%
decrease from the corresponding period in 2014.
- Compensation and benefits include compensation of
managers of institutional client relationships, fund managers and
back-office employees. Compensation and benefits for the third
quarter of 2015 were US$7.9 million,
a 48.2% increase from the corresponding period in 2014, primarily
due to an increase in performance fee compensation to fund managers
as higher performance-based income was recognized in the third
quarter of 2015 compared to the corresponding period in 2014.
- Selling expenses for the third quarter of 2015 were
US$1.0 million, compared with
US$0.2 million in the corresponding
period of 2014.
- G&A expenses for the third quarter of 2015 were
US$1.4 million, a 33.9% decrease from
the corresponding period in 2014, primarily due to decreased legal
fees.
- Government subsidies represent cash subsidies received
from local governments for general corporate purposes. The Company
received US$6.2 million in government
subsidies in the third quarter of 2015, compared to US$1.6 million in the corresponding period in
2014
- Internet Finance Business
Operating costs and expenses represent the Company's
expenses in human resources, marketing and internet infrastructure,
as well as other expenses incurred in promoting the Company's
internet finance business. Operating costs and expenses for the
third quarter of 2015 were US$8.8
million, primarily consisting of compensation and benefits
of US$5.1 million, selling expenses
of US$1.1 million, G&A expenses
of US$1.9 million and other operating
expenses of US$0.7 million.
Operating Margin
Operating margin for the third quarter of 2015 was 33.9%,
as compared to 36.4% for the corresponding period in 2014.
- Wealth Management Business
Operating margin for the third quarter of 2015 was 31.2%,
compared to 39.1% for the corresponding period in 2014. The
decrease was mainly due to higher growth rate of operating costs
and expenses compared to the growth rate of net revenues in the
third quarter of 2015.
- Asset Management Business
Operating margin increased to 75.9% for the third quarter
of 2015 from 56.1% for the corresponding period in 2014. The
increase was primarily due to the increase of revenues in the third
quarter of 2015, compared to the corresponding period in 2014.
- Internet Finance Business
Operating loss for the third quarter of 2015 was
US$6.3 million compared with
US$3.8 million for the corresponding
period of the prior year.
Income Tax Expenses
Income tax expenses for the third quarter of 2015 were
US$6.2 million, a 4.9% increase from
the corresponding period in 2014. The increase was primarily due to
higher taxable income.
Net Income
- Net Income
- Net income attributable to Noah shareholders for the
third quarter of 2015 was US$23.9
million, a 33.7% increase from the corresponding period in
2014.
- Net margin for the third quarter of 2015 was 29.2%, as
compared to 29.8% for the corresponding period in 2014.
- Net income per basic and diluted ADS for the third
quarter of 2015 was US$0.43 and
US$0.41, respectively, as compared to
US$0.32 and US$0.32, respectively, for the corresponding
period in 2014.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders
for the third quarter of 2015 was US$26.2
million, a 34.8% increase from the corresponding period in
2014.
- Non-GAAP net margin for the third quarter of 2015 was
31.8%, as compared to 31.0% for the corresponding period in
2014.
- Non-GAAP net income per diluted ADS for the third
quarter of 2015 was US$0.44, as
compared to US$0.34 for the
corresponding period in 2014.
Balance Sheet and Cash Flow
As of September 30, 2015, the Company had US$281.4 million in cash and cash equivalents,
compared to US$258.5 million as of
September 30, 2014 and US$251.9
million as of June 30,
2015.
Cash inflow from the Company's operating activities during the
third quarter of 2015 was US$64.2
million, an increase from US$16.9
million in the second quarter of 2015, mainly due to
the impact from the increase
in accrual for compensation and benefits, and income tax
payables.
Cash outflow from the Company's investing activities during the
third quarter of 2015 was US$28.8
million, a decrease from US$41.0
million in the second quarter of 2015, primarily due to
a decrease in investments in short-term investments.
Cash outflow from the Company's financing activities for the
third quarter of 2015 was US$1.6
million, due to share repurchases of $7.0 million, which was partially offset by cash
inflow from a minority shareholder investment of $5.3 million.
On July 8, 2015, the Company's
board of directors authorized a share repurchase program of up to
US$50 million worth of its issued and
outstanding ADSs over the course of one year. As of September 30, 2015, the Company has repurchased
356,515 ADSs for approximately US$7.0
million under this program, inclusive of transaction
charges.
2015 FORECAST
The Company reiterates its estimate that non-GAAP net income
attributable to Noah shareholders for the full year 2015 is
expected to be in the range of US$90.0
million to US$95.0 million, an increase of 15.9% to 22.3%
compared to the full year 2014. This estimate reflects management's
current business outlook and is subject to change.
CONFERENCE CALLS
Senior management will host two conference calls to discuss the
Company's third quarter unaudited financial results and recent
business activities, one in English and one in Mandarin
Chinese.
The conference calls may be accessed with the following
details:
English language
conference call
|
Date/Time
|
Monday, November 16,
2015 at 8:00 p.m., U.S. Eastern Time
Tuesday, November 17,
2015 at 9:00 a.m., Hong Kong Time
|
Dial in
details
|
- United States
Toll Free
|
+1-888-346-8982
|
- Mainland China
Toll Free
|
4001-201203
|
- Hong Kong Toll
Free
|
800-905-945
|
- International
|
+1-412-902-4272
|
Conference
Title
|
Noah Holdings Limited
Third Quarter 2015 Earnings Call
|
Participant
Password
|
Noah
Holdings
|
A telephone replay will be available starting 1 hour after the
end of the conference call until November
23, 2015 at +1-877-344-7529 (US Toll Free) or
+1-412-317-0088 (International Toll). The replay access code is
10075604.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the News &
Events section at http://ir.noahwm.com.
Chinese language
conference call
|
Date/Time
|
Monday, November 16,
2015 at 9:30 p.m., U.S. Eastern Time
Tuesday, November 17,
2015 at 10:30 a.m., Hong Kong Time
|
Dial in
details
|
- Mainland
China
|
400-681-0220
|
- Hong Kong Toll
Free
|
800-968-112
|
|
- International
|
+86-23-86829200
|
Conference
Title
|
Noah Holdings Limited
Third Quarter 2015 Earnings Call (Chinese Language)
|
Participant
Password
|
34319372#
|
A telephone replay will be available starting 1 hour after the
end of the conference call until November
23, 2015 at 400 681 0221 (Mainland China) or +86 23 8682
9250 (International). The conference reference number is 223450,
and the replay password is 50762573.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the News &
Events section 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. The Company utilized the non-GAAP
financial results to make financial results comparable period to
period and to better understand its historical business
operations.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading
wealth management services provider with a focus on global wealth
investment and asset allocation services for high net worth
individuals and enterprises in China. In the third quarter of 2015, Noah
distributed over US$4.1 billion of
wealth management products. As of September 30, 2015, Noah had
assets under management of US$12.1
billion.
Noah distributes a wide array of wealth management products,
including fixed income products, private equity fund products,
mutual fund products and insurance products. Noah also develops and
manages financial products denominated in both Renminbi and U.S.
dollar, covering real estate funds and funds of funds, including
private equity funds, real estate funds, hedge funds and fixed
income funds through Gopher Asset Management. In addition, in the
third quarter of 2014, the Company launched a proprietary internet
finance platform to provide financial products and services to
white-collar professionals and enterprise clients in China. Noah delivers customized financial
solutions to clients through a network of 1,038 relationship
managers across 130 branches and sub-branches in 65 cities in
China, and serves the
international investment needs of its clients through a wholly
owned subsidiary in Hong Kong. The
Company's wealth management business had 88,663 registered clients
as of September 30, 2015.
Noah has won numerous awards and recognition, including top 5 in
Fortune's list of Fastest-Growing Companies in 2015, Forbes' Best
Potential Business in China award
in 2015, STCN's Best Third Party Wealth Management Company award in
2014, Hurun Report's Popular Independent Wealth Management
Institution award in 2013 and 2014, and Deloitte's Technology Fast
500 Asia Pacific award in 2013.
For more information please visit Noah at
www.noahwm.com.
Foreign Currency Translation
This release contains translations of certain Renminbi ("RMB")
amounts into U.S. dollar ("US$"). Assets and liabilities are
translated at the exchange rate set forth in the H.10 statistical
release of the Federal Reserve Board on September 30, 2015,
which was US$1.00 to RMB6.3556.
Equity accounts are translated at historical exchange rates.
Revenues, expenses, gains and losses are translated using the
average of the exchange rates set forth in the H.10 statistical
release of the Federal Reserve Board for the three months ended
September 30, 2015, which was US$1.00
to RMB6.3015. Translation adjustments are reported as
cumulative translation adjustments and are a separate component of
other comprehensive income. No representation is intended to imply
that the RMB amounts could have been, or could be, converted,
realized, or settled into US$ at that rate or any other rate.
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 2015 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 U.S. Securities and Exchange
Commission, including its annual reports on Form 20-F. All
information provided in this press release and in the attachments
is as of the date of this press release, and Noah does not
undertake any obligation to update any such information, including
forward-looking statements, as a result of new information, future
events or otherwise, except as required under applicable law.
Contacts:
Noah Holdings Limited
Luyao
Ye
Noah Holdings Limited
Tel: +86-21-3860-2308
ir@noahwm.com
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 registered clients who purchased wealth management
products distributed by Noah during the period
specified.
|
3 "Average
transaction value per client" refers to the average value of wealth
management products distributed by Noah that were purchased by
active clients during the period specified.
|
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(In U.S.
dollars)
|
(unaudited)
|
|
|
As of
|
|
June 30,
2015
|
|
September 30,
2015
|
|
$
|
|
$
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
251,883,093
|
|
|
281,398,738
|
Restricted
cash
|
|
161,290
|
|
|
157,342
|
Short-term
investments
|
|
133,088,055
|
|
|
115,236,123
|
Accounts receivable,
net of allowance for doubtful accounts of nil at June 30, 2015
and September 30, 2015
|
|
34,349,714
|
|
|
22,389,805
|
Loans
receivable
|
|
9,958,993
|
|
|
15,956,866
|
Deferred tax
assets
|
|
3,524,609
|
|
|
3,440,242
|
Amounts due from
related parties
|
|
35,040,481
|
|
|
44,197,207
|
Other current
assets
|
|
14,691,017
|
|
|
7,959,828
|
|
|
|
|
|
|
Total current
assets
|
|
482,697,252
|
|
|
490,736,151
|
|
|
Long-term
investments
|
|
25,970,160
|
|
|
31,311,220
|
Investment in
affiliates
|
|
43,631,358
|
|
|
48,887,089
|
Property and
equipment, net
|
|
17,521,403
|
|
|
21,999,357
|
Non-current deferred
tax assets
|
|
2,186,726
|
|
|
2,124,222
|
Other non-current
assets
|
|
2,447,791
|
|
|
2,517,619
|
|
|
|
|
|
|
Total
Assets
|
|
574,454,690
|
|
|
597,575,658
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
|
51,241,141
|
|
|
55,436,845
|
Income tax
payable
|
|
10,174,139
|
|
|
13,552,684
|
Amounts due to related
parties
|
|
252
|
|
|
490,917
|
Deferred
revenues
|
|
16,994,631
|
|
|
14,747,973
|
Other current
liabilities
|
|
39,296,687
|
|
|
38,702,701
|
|
|
|
|
|
|
Total current
liabilities
|
|
117,706,850
|
|
|
122,931,120
|
|
|
Non-current uncertain
tax position liabilities
|
|
1,794,215
|
|
|
1,769,245
|
Convertible
notes
|
|
80,000,000
|
|
|
80,000,000
|
Other non-current
liabilities
|
|
7,921,589
|
|
|
9,872,545
|
|
|
|
|
|
|
Total
Liabilities
|
|
207,422,654
|
|
|
214,572,910
|
|
|
Equity
|
|
367,032,036
|
|
|
383,002,748
|
|
|
|
|
|
|
Total Liabilities
and Equity
|
|
574,454,690
|
|
|
597,575,658
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In U.S. dollars,
except for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
|
|
Three months
ended
|
|
|
Change
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
|
|
$
|
|
|
$
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
21,135,919
|
|
|
|
8,957,670
|
|
|
|
(57.6%)
|
|
Recurring service
fees
|
|
|
12,883,079
|
|
|
|
16,674,855
|
|
|
|
29.4
|
%
|
Performance-based
income
|
|
|
1,993,269
|
|
|
|
6,688,687
|
|
|
|
235.6
|
%
|
Other service
fees
|
|
|
773,121
|
|
|
|
3,915,940
|
|
|
|
406.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party
revenues
|
|
|
36,785,388
|
|
|
|
36,237,152
|
|
|
|
(1.5%)
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
5,425,115
|
|
|
|
21,068,446
|
|
|
|
288.4
|
%
|
Recurring service
fees
|
|
|
23,932,765
|
|
|
|
26,694,415
|
|
|
|
11.5
|
%
|
Performance-based
income
|
|
|
248,344
|
|
|
|
3,394,044
|
|
|
|
1266.7
|
%
|
Other service
fees
|
|
|
117,773
|
|
|
|
—
|
|
|
|
(100%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party
revenues
|
|
|
29,723,997
|
|
|
|
51,156,905
|
|
|
|
72.1
|
%
|
Total
revenues
|
|
|
66,509,385
|
|
|
|
87,394,057
|
|
|
|
31.4
|
%
|
Less: business taxes
and related surcharges
|
|
|
(3,616,959)
|
|
|
|
(4,764,459)
|
|
|
|
31.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
62,892,426
|
|
|
|
82,629,598
|
|
|
|
31.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
|
|
(12,940,397)
|
|
|
|
(21,479,838)
|
|
|
|
66.0
|
%
|
Performance fee
compensation
|
|
|
—
|
|
|
|
(1,546,174)
|
|
|
|
—
|
|
Other
compensation
|
|
|
(17,010,925)
|
|
|
|
(24,052,008)
|
|
|
|
41.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and
benefits
|
|
|
(29,951,322)
|
|
|
|
(47,078,020)
|
|
|
|
57.2
|
%
|
Selling
expenses
|
|
|
(5,803,016)
|
|
|
|
(11,938,852)
|
|
|
|
105.7
|
%
|
General and
administrative expenses
|
|
|
(5,913,091)
|
|
|
|
(6,239,296)
|
|
|
|
5.5
|
%
|
Other operating
expenses
|
|
|
(1,524,943)
|
|
|
|
(3,226,739)
|
|
|
|
111.6
|
%
|
Government
subsidies
|
|
|
3,171,460
|
|
|
|
13,830,131
|
|
|
|
336.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
|
(40,020,912)
|
|
|
|
(54,652,776)
|
|
|
|
36.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
22,871,514
|
|
|
|
27,976,822
|
|
|
|
22.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
1,894,561
|
|
|
|
1,613,320
|
|
|
|
(14.8%)
|
|
Interest
expenses
|
|
|
—
|
|
|
|
(706,753)
|
|
|
|
—
|
|
Investment
income
|
|
|
584,770
|
|
|
|
977,668
|
|
|
|
67.2
|
%
|
Other
income
|
|
|
(1,883,864)
|
|
|
|
(295,361)
|
|
|
|
(84.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
income
|
|
|
595,467
|
|
|
|
1,588,874
|
|
|
|
166.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
and loss from equity in affiliates
|
|
|
23,466,981
|
|
|
|
29,565,696
|
|
|
|
26.0
|
%
|
Income tax
expense
|
|
|
(5,865,157)
|
|
|
|
(6,153,088)
|
|
|
|
4.9
|
%
|
Income from equity in
affiliates
|
|
|
1,162,466
|
|
|
|
720,061
|
|
|
|
(38.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
18,764,290
|
|
|
|
24,132,669
|
|
|
|
28.6
|
%
|
Less: net income
attributable to non-controlling Interests
|
|
|
859,002
|
|
|
|
191,801
|
|
|
|
(77.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders
|
|
|
17,905,288
|
|
|
|
23,940,868
|
|
|
|
33.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
|
|
0.32
|
|
|
|
0.43
|
|
|
|
34.4
|
%
|
Income per ADS,
diluted
|
|
|
0.32
|
|
|
|
0.41
|
|
|
|
28.1
|
%
|
Margin
analysis:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
36.4
|
%
|
|
|
33.9
|
%
|
|
|
(6.9%)
|
|
Net margin
|
|
|
29.8
|
%
|
|
|
29.2
|
%
|
|
|
(2.1%)
|
|
Weighted average ADS
equivalent: 1
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
55,825,466
|
|
|
|
56,230,450
|
|
|
|
0.7
|
%
|
Diluted
|
|
|
56,489,300
|
|
|
|
60,193,378
|
|
|
|
6.6
|
%
|
ADS equivalent
outstanding at end of period
|
|
|
55,956,509
|
|
|
|
56,021,823
|
|
|
|
0.1
|
%
|
|
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
|
|
Change
|
|
September
30,
|
|
September
30,
|
|
|
|
2014
|
|
2015
|
|
|
|
$
|
|
$
|
|
|
|
Net
income
|
18,764,290
|
|
24,132,669
|
|
28.6
|
%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
3,015,916
|
|
(8,917,687)
|
|
(395.7%)
|
|
Fair value fluctuation
of available for sale investment (after tax)
|
357,449
|
|
216,988
|
|
(39.3%)
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
22,137,655
|
|
15,431,970
|
|
(30.3%)
|
|
Less: Comprehensive
income (loss) attributable to non-controlling interests
|
954,374
|
|
(393,383)
|
|
(141.2%)
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Noah shareholders
|
21,183,281
|
|
15,825,353
|
|
(25.3%)
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
|
|
As of
|
|
|
Change
|
|
|
|
September 30, 2014
|
|
|
September 30, 2015
|
|
|
|
|
Number of registered
clients
|
|
66,069
|
|
|
88,663
|
|
|
34.2
|
%
|
Number of
relationship managers
|
|
775
|
|
|
1,038
|
|
|
33.9
|
%
|
Number of
cities
|
|
60
|
|
|
65
|
|
|
8.3
|
%
|
|
|
Three months
ended
|
|
|
September 30,
2014
|
|
|
|
September 30,
2015
|
|
Change
|
|
|
(in millions of RMB,
except number of active clients and
percentages)
|
|
Number of active
clients
|
|
4,091
|
|
|
|
|
4,014
|
|
|
(1.9%)
|
|
Transaction
value:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income
products
|
|
9,912
|
|
|
|
|
7,553
|
|
|
(23.8%)
|
|
Private equity fund
products
|
|
1,817
|
|
|
|
|
10,257
|
|
|
464.5
|
%
|
Secondary market
equity fund products
|
|
5,581
|
|
|
|
|
4,076
|
|
|
(27.0%)
|
|
Other products,
including mutual fund products, and insurance products
|
|
1,069
|
|
|
|
|
4,173
|
|
|
290.4
|
%
|
Total transaction
value
|
|
18,379
|
|
|
|
|
26,058
|
|
|
41.8
|
%
|
Average transaction
value per client
|
|
4.49
|
|
|
|
|
6.49
|
|
|
44.5
|
%
|
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(In U.S. dollars,
except for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
|
|
Three months ended
September 30, 2014
|
|
|
|
Wealth
Management
Business
|
|
|
Asset
Management
Business
|
|
|
Internet
Finance
|
|
|
Total
|
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
21,135,919
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,135,919
|
|
|
Recurring service
fees
|
|
|
9,710,207
|
|
|
|
3,172,872
|
|
|
|
—
|
|
|
|
12,883,079
|
|
|
Performance-based
income
|
|
|
—
|
|
|
|
1,993,269
|
|
|
|
—
|
|
|
|
1,993,269
|
|
|
Other service
fees
|
|
|
224,232
|
|
|
|
—
|
|
|
|
548,889
|
|
|
|
773,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party
revenues
|
|
|
31,070,358
|
|
|
|
5,166,141
|
|
|
|
548,889
|
|
|
|
36,785,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
5,425,115
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,425,115
|
|
|
Recurring service
fees
|
|
|
14,554,148
|
|
|
|
9,378,617
|
|
|
|
—
|
|
|
|
23,932,765
|
|
|
Performance-based
income
|
|
|
248,344
|
|
|
|
—
|
|
|
|
—
|
|
|
|
248,344
|
|
|
Other service
fees
|
|
|
8,934
|
|
|
|
—
|
|
|
|
108,839
|
|
|
|
117,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party
revenues
|
|
|
20,236,541
|
|
|
|
9,378,617
|
|
|
|
108,839
|
|
|
|
29,723,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
51,306,899
|
|
|
|
14,544,758
|
|
|
|
657,728
|
|
|
|
66,509,385
|
|
|
Less: business taxes
and related surcharges
|
|
|
(2,870,527)
|
|
|
|
(710,701)
|
|
|
|
(35,731)
|
|
|
|
(3,616,959)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
48,436,372
|
|
|
|
13,834,057
|
|
|
|
621,997
|
|
|
|
62,892,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
|
|
(12,902,151)
|
|
|
|
(38,246)
|
|
|
|
—
|
|
|
|
(12,940,397)
|
|
|
Performance Fee
Compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Other
compensation
|
|
|
(8,454,520)
|
|
|
|
(5,261,573)
|
|
|
|
(3,294,832)
|
|
|
|
(17,010,925)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and
benefits
|
|
|
(21,356,671)
|
|
|
|
(5,299,819)
|
|
|
|
(3,294,832)
|
|
|
|
(29,951,322)
|
|
|
Selling
expenses
|
|
|
(5,538,385)
|
|
|
|
(235,222)
|
|
|
|
(29,409)
|
|
|
|
(5,803,016)
|
|
|
General and
administrative expenses
|
|
|
(2,866,978)
|
|
|
|
(2,067,324)
|
|
|
|
(978,789)
|
|
|
|
(5,913,091)
|
|
|
Other operating
expenses
|
|
|
(1,323,262)
|
|
|
|
(41,524)
|
|
|
|
(160,157)
|
|
|
|
(1,524,943)
|
|
|
Government
subsidies
|
|
|
1,595,710
|
|
|
|
1,571,360
|
|
|
|
4,390
|
|
|
|
3,171,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
|
(29,489,586)
|
|
|
|
(6,072,529)
|
|
|
|
(4,458,797)
|
|
|
|
(40,020,912)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
18,946,786
|
|
|
|
7,761,528
|
|
|
|
(3,836,800)
|
|
|
|
22,871,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(In U.S. dollars,
except for ADS data, per ADS data and percentages)
|
(unaudited)
|
|
|
|
Three months ended
September 30, 2015
|
|
|
|
Wealth
Management
Business
|
|
|
Asset
Management
Business
|
|
|
Internet
Finance
|
|
|
Total
|
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third-party
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
8,929,502
|
|
|
|
28,168
|
|
|
|
—
|
|
|
|
8,957,670
|
|
|
Recurring service
fees
|
|
|
13,280,899
|
|
|
|
3,393,956
|
|
|
|
—
|
|
|
|
16,674,855
|
|
|
Performance-based
income
|
|
|
5,716,232
|
|
|
|
972,455
|
|
|
|
—
|
|
|
|
6,688,687
|
|
|
Other service
fees
|
|
|
1,344,891
|
|
|
|
—
|
|
|
|
2,571,049
|
|
|
|
3,915,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total third-party
revenues
|
|
|
29,271,524
|
|
|
|
4,394,579
|
|
|
|
2,571,049
|
|
|
|
36,237,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time
commissions
|
|
|
20,622,475
|
|
|
|
445,971
|
|
|
|
—
|
|
|
|
21,068,446
|
|
|
Recurring service
fees
|
|
|
13,086,369
|
|
|
|
13,608,046
|
|
|
|
—
|
|
|
|
26,694,415
|
|
|
Performance-based
income
|
|
|
—
|
|
|
|
3,394,044
|
|
|
|
—
|
|
|
|
3,394,044
|
|
|
Other service
fees
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total related party
revenues
|
|
|
33,708,844
|
|
|
|
17,448,061
|
|
|
|
—
|
|
|
|
51,156,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
62,980,368
|
|
|
|
21,842,640
|
|
|
|
2,571,049
|
|
|
|
87,394,057
|
|
|
Less: business taxes
and related surcharges
|
|
|
(3,698,754)
|
|
|
|
(1,011,422)
|
|
|
|
(54,283)
|
|
|
|
(4,764,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
59,281,614
|
|
|
|
20,831,218
|
|
|
|
2,516,766
|
|
|
|
82,629,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relationship manager
compensation
|
|
|
(20,875,619)
|
|
|
|
(226,190)
|
|
|
|
(378,029)
|
|
|
|
(21,479,838)
|
|
|
Performance fee
compensation
|
|
|
—
|
|
|
|
(1,546,174)
|
|
|
|
—
|
|
|
|
(1,546,174)
|
|
|
Other
compensation
|
|
|
(13,204,223)
|
|
|
|
(6,082,516)
|
|
|
|
(4,765,269)
|
|
|
|
(24,052,008)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation and
benefits
|
|
|
(34,079,842)
|
|
|
|
(7,854,880)
|
|
|
|
(5,143,298)
|
|
|
|
(47,078,020)
|
|
|
Selling
expenses
|
|
|
(9,791,930)
|
|
|
|
(1,040,445)
|
|
|
|
(1,106,477)
|
|
|
|
(11,938,852)
|
|
|
General and
administrative expenses
|
|
|
(2,939,408)
|
|
|
|
(1,365,859)
|
|
|
|
(1,934,029)
|
|
|
|
(6,239,296)
|
|
|
Other operating
expenses
|
|
|
(1,620,123)
|
|
|
|
(940,630)
|
|
|
|
(665,986)
|
|
|
|
(3,226,739)
|
|
|
Government
subsidies
|
|
|
7,643,458
|
|
|
|
6,186,673
|
|
|
|
—
|
|
|
|
13,830,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
|
(40,787,845)
|
|
|
|
(5,015,141)
|
|
|
|
(8,849,790)
|
|
|
|
(54,652,776)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
18,493,769
|
|
|
|
15,816,077
|
|
|
|
(6,333,024)
|
|
|
|
27,976,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
|
|
$
|
|
|
$
|
|
|
|
|
Net margin
|
|
|
29.8
|
%
|
|
|
29.2
|
%
|
|
|
(2.1%)
|
|
Adjusted net margin
(non-GAAP)*
|
|
|
32.3
|
%
|
|
|
32.0
|
%
|
|
|
(1.0%)
|
|
|
|
|
|
Net income
attributable to Noah shareholders
|
|
|
17,905,288
|
|
|
|
23,940,868
|
|
|
|
33.7
|
%
|
Adjustment for
share-based compensation related to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
options
|
|
|
519,324
|
|
|
|
995,361
|
|
|
|
91.7
|
%
|
Restricted
shares
|
|
|
1,046,438
|
|
|
|
1,309,308
|
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to Noah Shareholders (non-GAAP)*
|
|
|
19,471,050
|
|
|
|
26,245,537
|
|
|
|
34.8
|
%
|
|
|
|
|
Net income
attributable to Noah shareholders per ADS, diluted
|
|
|
0.32
|
|
|
|
0.41
|
|
|
|
28.1
|
%
|
Adjusted net income
attributable to Noah shareholders per ADS, diluted
(non-GAAP)*
|
|
|
0.34
|
|
|
|
0.44
|
|
|
|
29.4
|
%
|
|
* The non-GAAP adjustments do not take into
consideration the impact of taxes on such
adjustments.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2015-300179120.html
SOURCE Noah Holdings Limited