BEIJING, May 23, 2018 /PRNewswire/ -- 58.com Inc. (NYSE:
WUBA) ("58.com" or the "Company"), China's largest online market place for
classifieds, today reported its unaudited financial results for the
first quarter ended March 31,
2018.
First Quarter 2018 Financial Highlights
- Total revenues were RMB2,471.2
million (US$393.0
million[1]), a 24.3% increase from the same
quarter of 2017, exceeding the high end of the Company's guidance
of RMB2,390 million.
- Gross margin was 89.6%, compared with 90.0% in the same quarter
of 2017.
- Income from operations was RMB266.8
million (US$42.4 million),
compared with RMB77.9 million in the
same quarter of 2017.
- Non-GAAP income from operations[2] was RMB411.6 million (US$65.4
million), compared with RMB217.2
million in the same quarter of 2017.
- Net income attributable to 58.com Inc. was RMB174.6 million (US$27.8
million), compared with net loss attributable to 58.com Inc.
of RMB21.5 million in the same
quarter of 2017.
- Non-GAAP net income attributable to 58.com Inc.[3]
was RMB305.8 million (US$48.6 million), compared with non-GAAP net
income attributable to 58.com Inc. of RMB105.7 million in the same quarter of
2017.
- Basic and diluted earnings per ADS attributable to ordinary
shareholders were RMB1.19
(US$0.19) and RMB1.17 (US$0.19),
respectively. One ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted earnings per ADS[4]
attributable to ordinary shareholders were RMB2.08 (US$0.33)
and RMB2.05 (US$0.33), respectively.
[1] This
press release contains translations of certain Renminbi (RMB)
amounts into U.S. dollars (US$) solely for the convenience of the
reader. Unless otherwise specified, all translations of Renminbi
amounts into U.S. dollar amounts in this press release are made at
RMB6.2881 to US$1.00, which was the U.S. dollars middle rate
announced by the State Administration of Foreign Exchange of the
People's Republic of China (PRC) on March 30, 2018. On May 23,
2018, such exchange rate was RMB6.3773 to US$1.00. The percentages
stated in this press release are calculated based on the Renminbi
amounts.
|
[2]
Non-GAAP income from operations is defined as income from
operations excluding share-based compensation expenses and
amortization of intangible assets resulting from business
acquisitions. See "Reconciliation of GAAP and Non-GAAP Results" at
the end of this press release.
|
[3]
Non-GAAP net income attributable to 58.com Inc. is defined as net
income attributable to 58.com Inc. excluding share-based
compensation expenses of the group (net of the amount allocated to
noncontrolling interests), amortization of intangible assets
resulting from business acquisitions, share-based compensation
expenses included in share of results of equity investees and
income tax effects of GAAP to non-GAAP reconciling items. See
"Reconciliation of GAAP and Non-GAAP Results" at the end of this
press release.
|
[4]
Non-GAAP basic and diluted earnings per ADS are defined as non-GAAP
net income attributable to 58.com Inc. divided by weighted average
number of basic and diluted ADS.
|
Management Comments
"We delivered solid financial and operational results during the
quarter," commented Mr. Michael Yao,
Chairman and Chief Executive Officer of 58.com, "Our job category
in particular continues to grow faster than other major categories
in terms of revenues and number of paying customers which I believe
is a clear indication of its market leading position. Our housing
category remains resilient despite low overall transaction volumes
in China's housing market. Two of
our newest early-stage businesses, Zhuan Zhuan, the C2C used goods
transaction platform, and 58 Town, a version of 58 specifically
designed for rural areas, both continue to grow rapidly. We
continue to launch more features across our platform and are
pushing further into lower tier cities to take advantage of growth
opportunities there."
Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Revenues
during the quarter increased a solid 24.3% year-over-year despite
the impact from Chinese New Year falling later than usual. On a
sequential basis, revenues decreased due to typical seasonality.
Net and operating margin continued to improve significantly
year-over-year. At the same time, our total number of employees at
the end of this quarter decreased by approximately 7%
year-over-year, which demonstrates our ability to leverage
technology to increase operational efficiency and create more
synergies between our various business segments."
First Quarter 2018 Financial Results
Revenues
Total revenues were RMB2,471.2
million (US$393.0 million),
representing an increase of 24.3% from RMB1,988.3
million in the same quarter of 2017.
Membership revenues were RMB928.9
million (US$147.7 million), an
increase of 17.1% from RMB792.9
million in the same quarter of 2017. The increase in
membership revenues was primarily driven by an increase in the
number of subscription-based paying membership accounts. The total
number of subscription-based paying membership accounts on the
Company's platforms, which include 58.com, Ganji.com and
Anjuke.com, was approximately 2,665,000 during the first quarter of
2018, a 20.5% increase from approximately 2,212,000 in the same
quarter of 2017. Subscription-based paying membership accounts
refer to the users who have purchased the Company's
subscription-based membership services and whose membership
subscriptions are active at any point during a given period. Some
paying members purchase membership services from more than one
platform from the Company, which contributes separately to the
revenues of each platform.
Online marketing services revenues were RMB1,492.0 million (US$237.3 million), an increase of 31.2% from
RMB1,137.0 million in the same
quarter of 2017. The increase was primarily driven by the
increasing adoption and effectiveness of the Company's various
online marketing services such as real time bidding, priority
listing and various other online marketing services.
Cost of Revenues
Cost of revenues was RMB257.9
million (US$41.0 million), an
increase of 29.2% from RMB199.6
million during the same quarter of 2017. The year-over-year
increase was primarily driven by increases in the costs of used
good sold, traffic acquisition costs ("TAC") paid to 58.com's
advertising union partners, salaries and benefits, and short
message service ("SMS") costs.
Gross Profit and Gross Margin
Gross profit was RMB2,213.2
million (US$352.0 million), an
increase of 23.7% from RMB1,788.7
million during the same quarter of 2017.
Gross margin was 89.6%, compared with 90.0% during the same
quarter of 2017.
Operating Expenses
Operating expenses were RMB1,946.4
million (US$309.5 million),
representing an increase of 13.8% from RMB1,710.8 million in the same quarter of
2017.
Sales and marketing expenses in the first quarter of 2018 were
RMB1,439.2 million (US$228.9 million), an increase of 15.5% from
RMB1,246.0 million in the same
quarter of 2017.
Within sales and marketing expenses, advertising expenses
accounted for RMB682.0 million
(US$108.5 million) and RMB512.2 million during the first quarter of 2018
and 2017, respectively. The increase was primarily due to an
increase in advertising expenses associated with the promotion of
the 58.com and Zhuan Zhuan brands.
Non-advertising sales and marketing expenses in the first
quarter of 2018 were RMB757.2 million
(US$120.4 million), an increase of
3.2% from RMB733.8 million in the
same quarter of 2017. Non-advertising sales and marketing expenses
include salaries, benefits, commissions and share-based
compensation for the Company's sales, sales support, customer
service, and marketing dealer management personnel, as well as
online and offline promotional expenses, and other operating
expenses that are associated with sales and marketing activities.
The increase was primarily driven by increased commissions,
salaries and benefits for the Company's sales and customer service
teams.
Research and development expenses during the first quarter of
2018 were RMB346.4 million
(US$55.1 million), an increase of
10.1% from RMB314.5 million in the
same quarter of 2017. The increase was primarily due to increases
in salaries and benefits and share-based compensation expenses for
the Company's research and development personnel for the
development of new features and services.
General and administrative expenses in the first quarter of 2018
were RMB160.8 million (US$25.6 million), a 7.0% increase from
RMB150.3 million in the same quarter
of 2017. The increase was primarily driven by increases in salaries
and benefits, and share-based compensation expenses.
Income from Operations
Income from operations was RMB266.8
million (US$42.4 million) in
the first quarter of 2018, compared with RMB77.9 million in the same quarter of 2017.
Operating margin, defined as income from operations divided by
total revenues, was 10.8% in the first quarter of 2018, compared
with 3.9% in the same quarter of 2017.
Non-GAAP income from operations was RMB411.6 million (US$65.4
million) in the first quarter of 2018, compared with
RMB217.2 million in the same quarter
of 2017. Non-GAAP operating margin, defined as non-GAAP income from
operations divided by total revenues, was 16.6% in the first
quarter of 2018, compared with 10.9% in the same quarter of
2017.
Other Income/(Expenses), net
Other income in the first quarter of 2018 was RMB8.8 million (US$1.4
million), compared with other expenses of RMB96.8 million in the same quarter of 2017.
Other income in the first quarter of 2018 mainly included a
RMB41.1 million investment income
resulting from the purchase of short-term investments, which was
offset by a RMB33.8 million share of
the net loss attributable to 58 Home's ordinary shareholders
calculated based on the Company's ordinary and preferred
shareholding in 58 Home.
Net
Income/(Loss) Attributable
to 58.com Inc.
Net income attributable to 58.com Inc. was RMB174.6 million
(US$27.8 million) in the first
quarter of 2018, compared with net loss attributable to 58.com Inc.
of RMB21.5 million in the same
quarter of 2017. Net margin, defined as net income/(loss)
attributable to 58.com Inc. divided by total revenues, was positive
7.1% in the first quarter of 2018, compared with negative 1.1% in
the same quarter of 2017.
Non-GAAP net income attributable to 58.com Inc. was
RMB305.8 million (US$48.6 million) in the first quarter of 2018,
compared with RMB105.7 million in the
same quarter of 2017. Non-GAAP net margin, defined as non-GAAP net
income attributable to 58.com Inc. divided by total revenues, was
12.4% in the first quarter of 2018, compared with 5.3% in the same
quarter of 2017.
Basic and Diluted Earnings/(Loss) per ADS
Basic and diluted earnings per ADS attributable to ordinary
shareholders in the first quarter of 2018 were RMB1.19 (US$0.19)
and RMB1.17 (US$0.19), respectively, compared with basic and
diluted loss per ADS attributable to ordinary shareholders of
RMB0.15 in the same quarter of
2017.
Non-GAAP basic and diluted earnings per ADS attributable to
ordinary shareholders in the first quarter of 2018 were
RMB2.08 (US$0.33) and RMB2.05 (US$0.33),
respectively, compared with RMB0.73
and RMB0.72, respectively, in the
same quarter of 2017.
Cash Flow
Net cash provided by operating activities was RMB710.0 million (US$112.9
million) in the first quarter of 2018, compared with net
cash provided by operating activities of RMB428.6 million in the same quarter of 2017.
Cash and Cash Equivalents, Restricted Cash and Short-term
Investments
As of March 31, 2018, the Company
had cash and cash equivalents, restricted cash and short-term
investments of RMB6,500.0 million
(US$1,033.7 million).
Shares Outstanding
As of March 31, 2018, the Company
had a total of 294,743,133 ordinary shares (including 246,702,873
Class A and 48,040,260 Class B ordinary shares) issued and
outstanding. One ADS represents two Class A ordinary shares.
Business Outlook
Based on the Company's current operations, total revenues for
the second quarter of 2018 are expected to be between
RMB3,100 million and RMB3,200 million. This represents a
year-over-year increase of 19.6% to 23.4% in Renminbi amounts.
These estimates reflect the Company's current and preliminary view,
which is subject to change.
Non-GAAP Financial
Measures
To supplement the financial measures prepared in accordance with
generally accepted accounting principles in the United States, or GAAP, this press release
presents non-GAAP income/(loss) from operations, non-GAAP operating
margin, non-GAAP net income/(loss) attributable to 58.com Inc.,
non-GAAP net margin and non-GAAP basic and diluted earnings/(loss)
per share and per ADS by excluding share-based compensation
expenses of the group (net of the amount allocated to
noncontrolling interests), amortization of intangible assets
resulting from business acquisitions, share-based compensation
expenses included in share of results of equity investees and
income tax effects of above GAAP to non-GAAP reconciling items. The
Company believes these non-GAAP financial measures are important to
help investors understand the Company's operating and financial
performance, compare business trends among different reporting
periods on a consistent basis and assess the Company's core
operating results, as they exclude certain expenses that are not
expected to result in cash payments. The use of the above
non-GAAP financial measures has certain limitations. Share-based
compensation expenses, amortization of intangible assets resulting
from business acquisitions, non-cash gain or loss and income tax
effects resulting from GAAP to non-GAAP reconciling items have been
and will continue to be incurred in the future and are not
reflected in the presentation of the non-GAAP financial measures,
but should be considered in the overall evaluation of the Company's
results. The Company compensates for these limitations by providing
the relevant disclosure of its share-based compensation expenses of
the group (net of the amount allocated to noncontrolling
interests), amortization of intangible assets resulting from
business acquisitions, share-based compensation expenses included
in share of results of equity investees and income tax effects of
above GAAP to non-GAAP reconciling items, all of which should be
considered when evaluating the Company's performance. These
non-GAAP financial measures should be considered in addition to
financial measures prepared in accordance with GAAP, but should not
be considered a substitute for, or superior to, financial measures
prepared in accordance with GAAP. Reconciliation of each of these
non-GAAP financial measures to the most directly comparable GAAP
financial measure is set forth at the end of this release.
Conference Call
58.com's management will host an earnings conference call
on Thursday, May 24, 2018 at 8:00 a.m. U.S.
Eastern Time (8:00 p.m.
Beijing / Hong Kong time on the same day).
Dial-in details for the earnings conference call are as
follows:
International:
|
+1-412-317-5225
|
|
|
U.S. Toll
Free:
|
+1-866-235-9918
|
|
|
Hong Kong:
|
800-905945
|
|
|
China:
|
4001-201203
|
|
|
Passcode:
|
WUBA
|
|
|
|
|
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call through 8:00 a.m. U.S.
Eastern Time, May 31, 2018. The dial-in details for the replay
are as follows:
International:
|
+1-412-317-0088
|
|
U.S. Toll
Free:
|
+1-877-344-7529
|
|
Passcode:
|
10120607
|
|
|
|
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of 58.com's
website at http://www.58.com.
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online market place for
classifieds, as measured by monthly unique visitors on both its
www.58.com website and mobile applications. The Company's online
marketplace enables local business users and consumer users to
connect, share information and conduct business. 58.com's broad,
in-depth and high quality local information, combined with its
easy-to-use website and mobile applications, has made it a trusted
marketplace for consumers. 58.com's strong brand recognition, large
and growing user base, merchant network and massive database of
local information create a powerful network effect.
Safe Harbor Statements
This press release contains forward-looking statements 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. 58.com may also
make written or oral forward-looking statements in its reports
filed with or furnished 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. Any statements
that are not historical facts, including statements about 58.com's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: 58.com's goals and strategies; its future business
development, financial condition and results of operations; its
ability to retain and grow its user base and network of local
merchants for its online marketplace; the growth of, and trends in,
the markets for its services in China; the demand for and market acceptance of
its brand and services; competition in its industry in China; its ability to maintain the network
infrastructure necessary to operate its website and mobile
applications; relevant government policies and regulations relating
to the corporate structure, business and industry; and its ability
to protect its users' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and 58.com does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please contact:
58.com Inc.
ir@58.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
58.com Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands,
except share and per share data, unless otherwise
noted)
|
|
|
As
of
|
|
December
31,
2017
|
March
31,
2018
|
March
31,
2018
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
1,524,982
|
1,492,845
|
237,408
|
Restricted
cash-current
|
93,350
|
95,497
|
15,187
|
Short-term
investments
|
3,437,707
|
4,119,611
|
655,144
|
Accounts receivable,
net
|
667,750
|
659,788
|
104,926
|
Prepayments and other
current assets
|
657,272
|
793,316
|
126,161
|
Total current
assets
|
6,381,061
|
7,161,057
|
1,138,826
|
Non-current
assets:
|
|
|
|
Restricted
cash-non-current
|
792,000
|
792,000
|
125,952
|
Property and
equipment, net
|
1,351,681
|
1,322,350
|
210,294
|
Intangible assets,
net
|
1,309,566
|
1,253,856
|
199,401
|
Land use rights,
net
|
3,688
|
3,669
|
584
|
Goodwill
|
15,864,655
|
15,864,655
|
2,522,965
|
Long-term
investments
|
1,808,601
|
1,810,831
|
287,977
|
Long-term prepayments
and other non-current assets
|
755,260
|
713,271
|
113,432
|
Total non-current
assets
|
21,885,451
|
21,760,632
|
3,460,605
|
Total
assets
|
28,266,512
|
28,921,689
|
4,599,431
|
LIABILITIES,
MEZZANINE EQUITY AND
SHAREHOLDERS'
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
loan
|
75,000
|
75,000
|
11,927
|
Accounts
payable
|
624,300
|
832,002
|
132,314
|
Deferred
revenues
|
2,123,755
|
2,259,391
|
359,312
|
Customer
advances
|
1,365,437
|
1,470,190
|
233,805
|
Taxes
payable
|
186,491
|
213,823
|
34,004
|
Salary and welfare
payable
|
536,831
|
447,842
|
71,221
|
Accrued expenses and
other current liabilities
|
689,134
|
686,807
|
109,223
|
Total current
liabilities
|
5,600,948
|
5,985,055
|
951,806
|
Non-current
liabilities:
|
|
|
|
Long-term
loans
|
777,427
|
750,971
|
119,427
|
Deferred tax
liabilities
|
319,219
|
305,663
|
48,610
|
Other non-current
liabilities
|
17,376
|
10,781
|
1,714
|
Total non-current
liabilities
|
1,114,022
|
1,067,415
|
169,751
|
Total
liabilities
|
6,714,970
|
7,052,470
|
1,121,557
|
Mezzanine
equity:
|
|
|
|
Mezzanine classified
noncontrolling interests
|
1,736,405
|
1,687,218
|
268,319
|
Total mezzanine
equity
|
1,736,405
|
1,687,218
|
268,319
|
Shareholders'
equity:
|
|
|
|
58.com Inc.
shareholders' equity:
|
|
|
|
Ordinary shares
(US$0.00001 par value, 4,800,000,000 Class A and
200,000,000 Class B shares authorized, 245,924,871 Class A and
48,040,260 Class B shares issued and outstanding as of December
31, 2017 and 246,702,873 Class A and 48,040,260 Class B shares
issued and outstanding as of March 31, 2018,
respectively)
|
18
|
18
|
3
|
Additional paid-in
capital
|
21,338,787
|
21,393,266
|
3,402,183
|
Accumulated
deficit
|
(1,689,683)
|
(1,483,342)
|
(235,897)
|
Accumulated other
comprehensive income/(loss)
|
(55,671)
|
80,837
|
12,856
|
Total 58.com Inc.
shareholders' equity
|
19,593,451
|
19,990,779
|
3,179,145
|
Noncontrolling
interests
|
221,686
|
191,222
|
30,410
|
Total shareholders'
equity
|
19,815,137
|
20,182,001
|
3,209,555
|
Total liabilities,
mezzanine equity and shareholders' equity
|
28,266,512
|
28,921,689
|
4,599,431
|
58.com Inc.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except share, per share and per ADS data, unless otherwise
noted)
|
|
|
For the Three
Months Ended
|
|
March
31,
2017
|
December
31,
2017
|
March
31,
2018
|
March
31,
2018
|
|
RMB
|
RMB
|
RMB
|
US$
|
Revenues:
|
|
|
|
|
Membership
|
792,928
|
1,038,812
|
928,886
|
147,721
|
Online marketing
services
|
1,137,042
|
1,644,486
|
1,491,978
|
237,270
|
E-commerce
services
|
15,411
|
17,450
|
7,895
|
1,256
|
Other
services
|
42,890
|
63,934
|
42,414
|
6,745
|
Total
revenues
|
1,988,271
|
2,764,682
|
2,471,173
|
392,992
|
Cost of
revenues(1)
|
(199,592)
|
(262,853)
|
(257,946)
|
(41,021)
|
Gross
profit
|
1,788,679
|
2,501,829
|
2,213,227
|
351,971
|
Operating
expenses(1):
|
|
|
|
|
Sales and marketing
expenses
|
(1,246,018)
|
(1,338,587)
|
(1,439,222)
|
(228,880)
|
Research and
development expenses
|
(314,478)
|
(357,898)
|
(346,396)
|
(55,088)
|
General and
administrative expenses
|
(150,272)
|
(191,631)
|
(160,804)
|
(25,573)
|
Total operating
expenses
|
(1,710,768)
|
(1,888,116)
|
(1,946,422)
|
(309,541)
|
Income from
operations
|
77,911
|
613,713
|
266,805
|
42,430
|
Other
income/(expenses):
|
|
|
|
|
Interest
income/(expenses), net
|
(5,780)
|
7,515
|
1,174
|
187
|
Investment
income/(loss), net
|
7,625
|
27,538
|
41,085
|
6,534
|
Share of results of
equity investees
|
(99,071)
|
(198,333)
|
(37,335)
|
(5,937)
|
Foreign currency
exchange gain/(loss), net
|
(39)
|
296
|
902
|
143
|
Others, net
|
472
|
39,157
|
2,997
|
477
|
Income/(loss)
before tax
|
(18,882)
|
489,886
|
275,628
|
43,834
|
Income tax
benefits/(expenses)
|
1,963
|
(42,144)
|
(70,108)
|
(11,149)
|
Net
income/(loss)
|
(16,919)
|
447,742
|
205,520
|
32,685
|
Net loss/(income)
attributable to noncontrolling interests
|
(110)
|
(763)
|
821
|
131
|
Deemed dividend to
mezzanine classified noncontrolling interests
|
(4,488)
|
(32,922)
|
(31,766)
|
(5,052)
|
Net income/(loss)
attributable to 58.com Inc.
|
(21,517)
|
414,057
|
174,575
|
27,764
|
Net earnings/(loss)
per ordinary share attributable to ordinary
shareholders ‑ basic
|
(0.07)
|
1.41
|
0.59
|
0.09
|
Net earnings/(loss)
per ordinary share attributable to ordinary
shareholders ‑ diluted
|
(0.07)
|
1.39
|
0.58
|
0.09
|
Net earnings/(loss)
per ADS attributable to ordinary shareholders -
basic (1 ADS represents 2 Class A ordinary shares)
|
(0.15)
|
2.82
|
1.19
|
0.19
|
Net earnings/(loss)
per ADS attributable to ordinary shareholders -
diluted (1 ADS represents 2 Class A ordinary shares)
|
(0.15)
|
2.78
|
1.17
|
0.19
|
Weighted average
number of ordinary shares used in computing
basic earnings/(loss) per share
|
289,992,930
|
293,323,477
|
294,163,060
|
294,163,060
|
Weighted average
number of ordinary shares used in computing
diluted earnings/(loss) per share
|
289,992,930
|
297,680,844
|
298,920,086
|
298,920,086
|
|
|
|
|
|
Note:
|
|
|
|
|
(1) Share‑based
compensation expenses were allocated in cost of revenues and
operating expenses as follows:
|
|
|
|
|
|
Cost of
revenues
|
574
|
1,139
|
1,103
|
175
|
Sales and marketing
expenses
|
17,694
|
17,940
|
17,135
|
2,725
|
Research and
development expenses
|
29,831
|
34,856
|
35,597
|
5,661
|
General and
administrative expenses
|
34,345
|
44,808
|
40,749
|
6,480
|
58.com Inc.
|
Reconciliation of
GAAP and Non-GAAP Results
|
(in thousands,
except share, ADS, per share and per ADS data, unless otherwise
noted)
|
|
|
For the Three
Months Ended
|
|
March
31,
2017
|
December
31,
2017
|
March
31,
2018
|
March
31,
2018
|
|
RMB
|
RMB
|
RMB
|
US$
|
GAAP income from
operations
|
77,911
|
613,713
|
266,805
|
42,430
|
Share-based
compensation expenses[5]
|
82,444
|
93,463
|
89,421
|
14,219
|
Amortization of intangible assets resulting from
business
acquisitions
|
56,821
|
55,348
|
55,326
|
8,799
|
Non-GAAP income
from operations
|
217,176
|
762,524
|
411,552
|
65,448
|
|
|
|
|
|
GAAP net
income/(loss) attributable to 58.com Inc.
|
(21,517)
|
414,057
|
174,575
|
27,764
|
Share-based
compensation expenses
|
82,444
|
93,463
|
89,421
|
14,219
|
Amortization of intangible
assets resulting from
business
acquisitions
|
56,821
|
55,348
|
55,326
|
8,799
|
Share-based compensation expenses included in share
of results of equity
investees
|
2,191
|
(292)
|
(16)
|
(3)
|
Income tax effects of GAAP to
non-GAAP
reconciling
items[6]
|
(14,205)
|
(13,555)
|
(13,556)
|
(2,156)
|
Non-GAAP net income
attributable to 58.com Inc.
|
105,734
|
549,021
|
305,750
|
48,623
|
|
|
|
|
|
GAAP operating
margin
|
3.9%
|
22.2%
|
10.8%
|
10.8%
|
Share-based compensation expenses
|
4.1%
|
3.4%
|
3.6%
|
3.6%
|
Amortization of intangible
assets resulting from
business
acquisitions
|
2.9%
|
2.0%
|
2.2%
|
2.2%
|
Non-GAAP operating
margin
|
10.9%
|
27.6%
|
16.6%
|
16.6%
|
|
|
|
|
|
GAAP net
margin
|
(1.1)%
|
15.0%
|
7.1%
|
7.1%
|
Share-based compensation expenses
|
4.1%
|
3.4%
|
3.6%
|
3.6%
|
Amortization of intangible assets resulting
from
business
acquisitions
|
2.9%
|
2.0%
|
2.2%
|
2.2%
|
Share-based compensation expenses included in share
of results of equity
investees
|
0.1%
|
0.0%
|
0.0%
|
0.0%
|
Income tax effects of GAAP to non-GAAP
reconciling items
|
(0.7)%
|
(0.5)%
|
(0.5)%
|
(0.5)%
|
Non-GAAP net
margin
|
5.3%
|
19.9%
|
12.4%
|
12.4%
|
Weighted average
number of ordinary shares used in
computing non-GAAP basic earnings per share
|
289,992,930
|
293,323,477
|
294,163,060
|
294,163,060
|
Weighted average
number of ordinary shares used in
computing non-GAAP diluted earnings per share
|
292,912,009
|
297,680,844
|
298,920,086
|
298,920,086
|
Weighted average
number of ADS used in computing
non-GAAP basic earnings per ADS
|
144,996,465
|
146,661,739
|
147,081,530
|
147,081,530
|
Weighted average
number of ADS used in computing
non-GAAP diluted earnings per ADS
|
146,456,004
|
148,840,422
|
149,460,043
|
149,460,043
|
|
|
|
|
|
Non-GAAP net earnings
per ordinary share
attributable to ordinary shareholders ‑ basic
|
0.36
|
1.87
|
1.04
|
0.17
|
Non-GAAP net earnings
per ordinary share
attributable to ordinary shareholders ‑ diluted
|
0.36
|
1.84
|
1.02
|
0.16
|
Non-GAAP net earnings
per ADS attributable to
ordinary shareholders ‑ basic
|
0.73
|
3.74
|
2.08
|
0.33
|
Non-GAAP net earnings
per ADS attributable to
ordinary shareholders ‑ diluted
|
0.72
|
3.69
|
2.05
|
0.33
|
[5] From
the third quarter of 2017, certain share-based awards with
redemption features granted to the Company's employees were
expected to be settled in cash and were classified as liabilities.
The share-based compensation expenses recognized for this type of
awards amounted to RMB5.3 million and RMB5.2 million in the fourth
quarter of 2017 and the first quarter of 2018 , respectively, were
excluded from the GAAP to non-GAAP reconciliation
accordingly.
|
[6] This
is to exclude the income tax benefits related to amortization of
intangible assets resulting from business acquisitions calculated
at PRC statutory income tax rate of 25% and income tax expense
related to dispose of business. Other GAAP to non-GAAP reconciling
items have no income tax effect.
|
View original
content:http://www.prnewswire.com/news-releases/58com-reports-first-quarter-2018-unaudited-financial-results-300653587.html
SOURCE 58.com