BEIJING, Aug. 28, 2018 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or "we"), the leading real estate
Internet portal in China, today
announced its unaudited financial results for the second quarter
ended June 30, 2018.
Second Quarter 2018 Highlights
- Total revenues were $74.4
million, a decrease of 32.4% from the corresponding period
in 2017.
- Operating income was $16.7
million. Non-GAAP operating income was $20.8 million.
- Net loss attributable to Fang's shareholders was
$26.6 million, which was primarily
due to the change in fair value of equity securities of
$80.3 million in accordance with new
accounting pronouncement, and the income tax benefits of
$38.3 million related to the effect
of change in fair value of equity securities and the reversal of
previously recorded ASC 740 (FIN 48) income tax and interest
liability. Fully diluted loss per ADS was $0.06.
- Non-GAAP net income attributable to Fang's shareholders
was $55.9 million. Non-GAAP fully
diluted income per ADS was $0.13. A
description of the adjustments from GAAP net loss to non-GAAP net
income attributable to Fang's shareholders and fully diluted income
per ADS is detailed in the Reconciliation Statement following this
press release.
- Adjusted EBITDA was $27.4
million. A description of the adjustments from GAAP net
loss to Adjusted EBITDA is detailed in the Reconciliation Statement
following this press release.
First Half 2018 Highlights
- Total revenues were $137.2
million, a decrease of 37.6% from the corresponding period
in 2017.
- Operating income was $12.8
million. Non-GAAP operating income was
$21.4 million.
- Net loss attributable to Fang's shareholders was
$71.4 million, which was primarily
due to the change in fair value of equity securities of
$122.6 million in accordance with new
accounting pronouncement, and the income tax benefits of
$42.5 million related to the effect
of change in fair value of equity securities and the reversal of
previously recorded ASC 740 (FIN 48) income tax and interest
liability. Fully diluted loss per ADS was $0.16.
- Non-GAAP net income attributable to Fang's shareholders
was $57.6 million. Non-GAAP fully
diluted income per ADS was $0.13. A
description of the adjustments from GAAP net loss to non-GAAP net
income attributable to Fang's shareholders and fully diluted income
per ADS is detailed in the Reconciliation Statement following this
press release.
- Adjusted EBITDA was $34.5
million. A description of the adjustments from GAAP net
loss to Adjusted EBITDA is detailed in the Reconciliation Statement
following this press release.
"Fang's technology-driven open platform is speeding up its
offerings of upgraded products and services to real estate
companies and professionals as well as home buyers and sellers,"
said Vincent Mo, Chairman and CEO of
Fang.com. "We aim to serve and empower our clients and recover our
market share sustainably."
Second Quarter 2018 Results
Revenues
Fang reported total revenues of $74.4
million in the second quarter of 2018, a 32.4% decrease from
$110.1 million in the corresponding
period of 2017, primarily due to the decline in e-commerce services
revenue.
Revenue from listing services was $33.2
million in the second quarter of 2018, a decrease of 21.7%
from $42.3 million in the
corresponding period of 2017, caused by the decreased number of
paying members.
Revenue from marketing services was $25.1
million in the second quarter of 2018, a decrease of 28.3%
from $35.0 million in the
corresponding period of 2017, primarily due to slowdown in the real
estate market and the continued impacts of tightening policies.
Revenue from value-added services was $8.4 million in the second quarter of 2018, an
increase of 17.9% from $7.1 million
in the corresponding period of 2017, primarily due to a rising
demand for our database and research services.
Revenue from Internet financial services was $6.0 million in the second quarter of 2018, an
increase of 121.8% from $2.7 million
in the corresponding period of 2017, driven by increased demand for
products on our diversified loan platform.
Revenue from e-commerce services was $1.7
million in the second quarter of 2018, a decrease of 92.4%
from $22.9 million in the
corresponding period of 2017. The decline was primarily due to
Fang's transformation back to a technology-driven open platform
model.
Cost of Revenue
Cost of revenue was $8.1 million
in the second quarter of 2018, a decrease of 83.4% from
$48.7 million in the corresponding
period of 2017. The decrease in cost of revenue was mainly caused
by the optimization in our cost structure under the
technology-driven open platform model, and the reversal of
$9.2 million of previously recorded
ASC450 business tax and interest liability.
Operating Expense
Operating expenses were $49.6
million in the second quarter of 2018, a decrease of 26.4%
from $67.4 million in the
corresponding period of 2017.
Selling expenses were $19.0
million in the second quarter of 2018, a decrease of 17.7%
from $23.1 million for the
corresponding period of 2017, primarily due to the decrease in
advertising and promotional expenses.
General and administrative expenses were $33.8 million in the second quarter of 2018, a
decrease of 22.5% from $43.6 million
for the corresponding period of 2017, primarily due to the
effective cost control.
Operating Income
Operating income was $16.7 million
in the second quarter of 2018, compared to operating loss of
$6.1 million in the corresponding
period of 2017, primarily attributable to the downsized e-commerce
services and effective cost control.
Change in fair value of equity securities
Change in fair value of equity securities for the second quarter
of 2018 was $80.3 million. The amount
represents changes in fair value of equity securities in accordance
with FASB ASU 2016-01, which became effective on January 1, 2018.
Income Tax Benefits
Income tax benefits were $38.3
million in the second quarter of 2018, compared to income
tax benefits of $0.6 million in the
corresponding period of 2017, primarily due to the effect of change
in fair value of equity securities and the reversal of previously
recorded ASC 740 (FIN 48) income tax and interest liability.
Net Loss and EPS
Net loss attributable to Fang's shareholders was $26.6 million in the second quarter of 2018,
compared to net loss of $2.1 million
in the corresponding period of 2017, which is caused by change in
fair value of equity securities. Loss per fully-diluted ordinary
share and ADS were $0.30 and
$0.06 in the second quarter of 2018,
compared to loss of $0.024 and
$0.005, respectively, in the
corresponding period of 2017.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income
taxes, interest expenses, interest income, depreciation and
amortization, was $27.4 million in
the second quarter of 2018, compared to $1.3
million in the corresponding period of 2017.
Cash
As of June 30, 2018, Fang had cash
and cash equivalents, restricted cash (current and non-current) and
short-term investments of $481.8
million, compared to $547.1
million as of December 31,
2017. Net cash generated from operating activities was
$41.3 million in the second quarter
of 2018, compared to cash flow generated from operating activities
of $23.1 million in the same period
of 2017.
First Half 2018 Results
Revenues
Fang reported total revenues of $137.2
million for the first half of 2018, representing a decrease
of 37.6% from $219.9 million for the
corresponding period in 2017, primarily due to the decline of
e-commerce services.
Revenue from listing services was $59.9
million for the first half of 2018, a decrease of 21.6% from
$76.4 million for the corresponding
period in 2017, caused by the decreased number of paying
members.
Revenue from marketing services was $42.4
million for the first half of 2018, a decrease of 32.0% from
$62.4 million for the corresponding
period in 2017, primarily due to slowdown in the real estate market
and the continued impacts of tightening policies.
Revenue from value-added services was $15.0 million for the first half of 2018, an
increase of 11.4% from $13.4 million
in the corresponding period in 2017, primarily due to a rising
demand for our database and research services.
Revenue from internet financial services was $11.0 million for the first half of 2018, an
increase of 123.2% from $4.9 million
for the corresponding period in 2017, driven by increased demand
for products on our diversified loan platform.
Revenue from e-commerce services was $8.9
million for the first half of 2018, an 85.8% decrease from
$62.8 million for the same period in
2017. The decline was primarily due to Fang's transformation back
to a technology-driven open platform model.
Cost of Revenue
Cost of revenue was $28.4 million
for the first half of 2018, a decrease of 74.1% from $109.5 million for the corresponding period in
2017. The decrease in cost of revenue was mainly caused by the
optimization in our cost structure under the technology-driven open
platform model, and the reversal of $9.2
million of previously recorded ASC450 business tax and
interest liability.
Operating Expenses
Operating expenses were $96.1
million for the first half of 2018, a decrease of 21.6% from
$122.6 million for the corresponding
period in 2017.
Selling expenses were $34.7
million for the first half of 2018, a decrease of 25.4% from
$46.5 million for the corresponding
period in 2017, primarily due to the decrease in advertising and
promotional expenses.
General and administrative expenses were $64.6 million for the first half of 2018, a
decrease of 13.9% from $75.0 million
for the corresponding period in 2017, primarily due to the
effective cost control measures.
Operating Loss/Income
Operating income was $12.8 million
for the first half of 2018, compared to operating loss of
$12.2 million for the corresponding
period in 2017, primarily due to the downsized e-commerce services
and effective cost control.
Change in fair value of equity securities
Change in fair value of equity securities for the first half of
2018 was $122.6 million. The amount
represents changes in fair value of equity securities in accordance
with FASB ASU 2016-01, which became effective on January 1, 2018.
Income Tax Benefits/Expenses
Income tax benefits was $42.5
million for the first half of 2018, compared to income tax
expenses of $4.3 million for the
corresponding period in 2017, primarily due to the effect of change
in fair value of equity securities and the reversal of previously
recorded ASC 740 (FIN 48) tax and interest liability.
Net Loss and EPS
Net loss attributable to Fang's shareholders was $71.4 million for the first half of 2018,
compared to net loss attributable to Fang's shareholders
$14.1 million for the corresponding
period in 2017, which is caused by change in fair value of equity
securities. Loss per fully diluted ordinary share and ADS were
$0.80 and $0.16, respectively, for the first half of 2018,
compared to loss per fully diluted ordinary share and ADS of
$0.16 and $0.03, respectively, for the corresponding period
in 2017.
Cash
As of June 30, 2018, Fang had cash
and cash equivalents, restricted cash (current and non-current) and
short-term investments of $481.8
million, compared to $547.1
million as of December 31,
2017. Net cash generated from operating activities was
$34.3 million in the first half of
2018, compared to net cash generated from operating activities of
$12.1 million for the same period in
2017.
Business Outlook
Based on current market conditions and current
operations, Fang will increase
the expenditure on marketing and promotion, Fang's non-GAAP net income is expected to be
profitable for the fiscal year ending December 31, 2018. These estimates represent
management's current and preliminary view, which are subject to
change.
Change of Board Members
Fang has appointed Mr. Shaohua
Zhang, founder and managing director of Beijing Beyondal
Electric Co., Ltd., as an independent director and member of the
audit committee of the Board. Mr. Minqiang
Bi has recently resigned from the Board due to personal
reasons. Fang thanks Mr. Bi for his efforts and contributions to
the company.
About Non-GAAP Financial Measures
To supplement Fang's consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Fang uses in this press release the following
measures defined as non-GAAP financial measures by the United
States Securities and Exchange Commission: (1) non-GAAP operating
(loss)/income, (2) non-GAAP net (loss)/income and (3) non-GAAP
basic and diluted (loss)/earnings per ordinary share and per ADS
(4) adjusted EBITDA. The presentation of the non-GAAP financial
information is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliation
of GAAP and non-GAAP Results" set forth at the end of this press
release.
Fang believes that these
non-GAAP measures help identify underlying trends in Fang's business that could otherwise be
distorted by the effect of the change in fair value of equity
securities, and the expenses and gains that Fang includes in income from operations and
net income. Fang believes that
these non-GAAP measures provide useful information about its
operating results, enhance the overall understanding of its past
performance and future prospects and allow for greater visibility
with respect to key metrics used by Fang's management in its financial and
operational decision-making. A limitation of using these non-GAAP
financial measures is that share-based compensation, investment
income, change in fair value of equity securities, interest income
and expenses, income tax expenses, and depreciation expenses have
been and will continue to be a significant recurring item that will
continue to exist in Fang's business for the foreseeable future.
Management compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from each non-GAAP
measure. The accompanying tables have more details on the
reconciliation between non-GAAP financial measures and their most
directly comparable GAAP financial measures.
New accounting pronouncements
The new revenue recognition standard (ASU No. 2014-09 'Revenue
from Contracts with Customers') was released in 2014 and becomes
effective for Fang with effect from January
1, 2018. Fang has elected to adopt the new standard (ASC 606
- 'Revenue from Contracts with Customers') using cumulative effect
method for all contracts that are not completed contracts at the
date of initial application. Under this transition method, the new
standard is applied from January 1,
2018 without restatement of comparative period amounts. The
cumulative effect of initially applying the new standard is
reflected as an adjustment to opening retained earnings as of
January 1, 2018 in the amount of
$0.3 million.
In January 2016, the FASB issued
ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10):
Recognition and Measurement of Financial Assets and Financial
Liabilities, which is an amendment which addresses certain aspects
of recognition, measurement, presentation, and disclosure of
financial instruments. This guidance includes the requirement that
equity investments that do not result in consolidation and are not
accounted for under the equity method be measured at fair value
with changes in the fair value recognized in net income. An entity
may choose to measure equity investments that do not have readily
determinable fair values at cost minus impairment, if any, plus or
minus changes resulting from observable price changes in orderly
transactions for the identical or a similar investment. Fang
adopted this standard from the quarter beginning January 1, 2018, and Fang recognized a
cumulative-effect adjustment to retained earnings of $163.8 million as of January 1, 2018 for the after-tax unrealized
gains of available-for-sale equity securities previously recognized
in accumulated other comprehensive income.
Conference Call Information
Fang's management team will host a conference call on the same
day at 8:00 AM U.S. EST (8:00 PM Beijing/Hong
Kong time). The dial-in details for the live conference call
are:
International
Toll:
|
+65
67135090
|
Local
Toll:
|
|
United
States
|
+1 845-675-0437 / +1
866-519-4004
|
Hong Kong
|
+852 3018-6771 / +852
800-906-601
|
Mainland
China
|
+86 400-620-8038 /
+86 800-819-0121
|
Passcode:
|
SFUN
|
A telephone replay of the call will be available after the
conclusion of the conference call from 11:00
ET on August 28, 2018 through
9:59 ET September 5, 2018. The dial-in details for the
telephone replay are:
International
Toll:
|
+61
2-8199-0299
|
Toll-Free:
|
|
United
States
|
+1 855-452-5696 / +1
646-254-3697
|
Hong Kong
|
+852 800-963-117 /
+852 3051-2780
|
Mainland
China
|
+86 400-602-2065 /
+86 800-870-0205
|
Conference
ID:
|
5587239
|
A live and archived webcast of the conference call will be
available on Fang's website at http://ir.fang.com.
About Fang
Fang operates the leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites, Fang
provides e-commerce, marketing, listing, financial and other
value-added services for China's
fast-growing real estate and home furnishing and improvement
sectors. Its user-friendly websites support active online
communities and networks of users seeking information on, and other
value-added services for, the real estate and home furnishing and
improvement sectors in China. Fang
currently maintains about 100 offices to focus on local market
needs and its website and database contains real estate related
content covering more than 651 cities in China. For more information about Fang, please
visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "is expected to,"
"anticipates," "aim," "future," "intends," "plans," "believes,"
"are likely to," "estimates," "may," "should" and similar
expressions, and include, without limitation, statements regarding
Fang's future financial performance, revenue guidance, growth and
growth rates, market position and continued business
transformation. Such statements are based upon management's current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond Fang's control, which may cause its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the impact of Fang's
transformation back to a technology-driven Internet platform and
the impact of current and future government policies affecting
China's real estate market.
Further information regarding these and other risks, uncertainties
or factors is included in Fang's filings with the U.S. Securities
and Exchange Commission. Fang 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
law. For investor and media inquiries, please contact:
Dr. Hua Lei
CFO
Phone: +86-10-5631-8661
Email: leihua@fang.com
Ms. Jessie Yang
Investor Relations Director
Phone: +86-10-5631-8805
Email: jessieyang@fang.com
Fang Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(in thousands of
U.S. dollars, except share data and per share data)
|
|
ASSETS
|
June
30,
|
December
31,
|
|
|
2018
|
2017
|
|
Current
assets:
|
(Unaudited)
|
(Audited)
|
|
|
Cash and cash
equivalents
|
183,085
|
228,276
|
|
|
Restricted cash,
current
|
220,225
|
223,002
|
|
|
Short-term
investments
|
39,854
|
55,801
|
|
|
Accounts receivable,
net
|
65,605
|
66,884
|
|
|
Funds
receivable
|
7,411
|
6,264
|
|
|
Prepayment and other
current assets
|
31,248
|
32,704
|
|
|
Commitment
deposits
|
198
|
5,876
|
|
|
Loan receivable,
current
|
158,625
|
129,438
|
|
|
Amount due from
related parties
|
613
|
167
|
|
Total current
assets
|
706,864
|
748,412
|
|
Non-current
assets:
|
|
|
|
|
Property and
equipment, net
|
767,209
|
622,145
|
|
|
Prepaid land lease
payments
|
34,839
|
35,728
|
|
|
Loan receivable,
non-current
|
12,300
|
14,674
|
|
|
Deferred tax assets,
non-current
|
7,394
|
7,602
|
|
|
Restricted cash,
non-current portion
|
38,600
|
39,982
|
|
|
Deposit for
non-current assets
|
6,416
|
58,722
|
|
|
Long-term
investments
|
340,203
|
470,964
|
|
|
Other non-current
assets
|
1,030
|
2,026
|
|
Total non-current
assets
|
1,207,991
|
1,251,843
|
|
Total
assets
|
1,914,855
|
2,000,255
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
loans
|
273,065
|
236,985
|
|
|
Deferred
revenue
|
193,746
|
168,884
|
|
|
Accrued expenses and
other liabilities
|
121,101
|
158,799
|
|
|
Customers' refundable
fees
|
12,653
|
7,070
|
|
|
Income tax
payable
|
4,019
|
4,374
|
|
|
Convertible senior
notes
|
5,700
|
5,700
|
|
Total current
liabilities
|
610,284
|
581,812
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term
loans
|
70,674
|
114,109
|
|
|
Convertible senior
notes
|
292,210
|
291,365
|
|
|
Deferred tax
liabilities, non-current
|
94,778
|
126,641
|
|
|
Other non-current
liabilities
|
175,418
|
146,053
|
|
Total non-current
liabilities
|
633,080
|
678,168
|
|
Total
Liabilities
|
1,243,364
|
1,259,980
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Class A ordinary
shares, par value Hong Kong Dollar ("HK$") 1
per share, 600,000,000 shares authorized for Class A and Class
B in aggregate, issued shares as of June 30, 2018 and
December 31,
2017: 71,775,286 and
71,425,120; outstanding shares as of
June 30, 2018 and December 31,
2017: 64,649,429 and
64,360,062
|
9,238
|
9,204
|
|
|
Class B ordinary
shares, par value HK$1 per share, 600,000,000
shares authorized for Class A and Class B in aggregate, and
24,336,650 shares and 24,336,650 shares issued and
outstanding as at June 30, 2018 and December 31, 2017
respectively
|
3,124
|
3,124
|
|
|
Treasure
stock
|
(136,615)
|
(136,615)
|
|
|
Additional paid-in
capital
|
512,035
|
500,666
|
|
|
Accumulated other
comprehensive income
|
(35,237)
|
137,630
|
|
|
Retained
earnings
|
318,253
|
225,574
|
|
Total Fang
Holdings Limited shareholders' equity
|
670,798
|
739,583
|
|
|
Non-controlling
interests
|
693
|
692
|
|
Total
equity
|
671,491
|
740,275
|
|
TOTAL LIABILITIES
AND EQUITY
|
1,914,855
|
2,000,255
|
|
Fang Holdings
Limited
|
Condensed
Consolidated Statements of Comprehensive Income
|
(in thousands of
U.S. dollars, except share data and per share data)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
Listing
services
|
33,159
|
|
42,343
|
|
59,897
|
|
76,386
|
Marketing
services
|
25,105
|
|
35,035
|
|
42,431
|
|
62,370
|
Value-added
services
|
8,424
|
|
7,148
|
|
14,970
|
|
13,436
|
Financial
services
|
5,992
|
|
2,702
|
|
11,045
|
|
4,949
|
E-commerce
services
|
1,727
|
|
22,865
|
|
8,895
|
|
62,755
|
Total
revenues
|
74,407
|
|
110,093
|
|
137,238
|
|
219,896
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
Cost of
services
|
(8,112)
|
|
(48,728)
|
|
(28,354)
|
|
(109,454)
|
Total Cost of
Revenues
|
(8,112)
|
|
(48,728)
|
|
(28,354)
|
|
(109,454)
|
|
|
|
|
|
|
|
|
Gross
Profit
|
66,295
|
|
61,365
|
|
108,884
|
|
110,442
|
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
|
|
Selling
expenses
|
(19,030)
|
|
(23,099)
|
|
(34,652)
|
|
(46,510)
|
General and
administrative expenses
|
(33,849)
|
|
(43,624)
|
|
(64,589)
|
|
(75,007)
|
Other
income/(loss)
|
3,299
|
|
(704)
|
|
3,159
|
|
(1,107)
|
Operating Income
(loss)
|
16,715
|
|
(6,062)
|
|
12,802
|
|
(12,182)
|
Foreign
exchange gain
|
4
|
|
1
|
|
1
|
|
214
|
Other-than-temporary impairment on
available-for-sale securities
|
-
|
|
(1,817)
|
|
-
|
|
(2,768)
|
Interest
income
|
2,226
|
|
2,714
|
|
4,871
|
|
5,438
|
Interest
expense
|
(5,615)
|
|
(4,400)
|
|
(11,100)
|
|
(8,241)
|
Investment
income
|
1,950
|
|
5,985
|
|
2,052
|
|
5,985
|
Government
grants
|
283
|
|
932
|
|
498
|
|
1,699
|
Other
non-operating loss
|
(95)
|
|
-
|
|
(465)
|
|
-
|
Change in fair
value of equity securities
|
(80,326)
|
|
-
|
|
(122,569)
|
|
-
|
Loss before income
taxes and
non-controlling interests
|
(64,858)
|
|
(2,647)
|
|
(113,910)
|
|
(9,855)
|
Income tax
expenses
|
|
|
|
|
|
|
|
Income tax
expenses
|
38,292
|
|
553
|
|
42,468
|
|
(4,256)
|
Net
loss
|
(26,566)
|
|
(2,094)
|
|
(71,442)
|
|
(14,111)
|
Net loss
attributable to noncontrolling
interests
|
(1)
|
|
(1)
|
|
(1)
|
|
(1)
|
Net loss
attributable to Fang Holdings
Limited shareholders
|
(26,565)
|
|
(2,093)
|
|
(71,441)
|
|
(14,110)
|
Other
comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
Foreign
currency Translation
|
(51,272)
|
|
16,459
|
|
(9,484)
|
|
19,578
|
Amounts
reclassified from accumulated
other comprehensive income
|
-
|
|
(1,674)
|
|
-
|
|
(1,674)
|
Unrealized
gain on available-for-sale
security
|
-
|
|
84,611
|
|
-
|
|
85,124
|
Loss (income) on
intra-entity foreign
transactions of long-term-investment
nature
|
(860)
|
|
(171)
|
|
402
|
|
(171)
|
Total other
comprehensive loss (income),
net of tax
|
(52,132)
|
|
99,225
|
|
(9,082)
|
|
102,857
|
Comprehensive
income loss (income)
|
(78,698)
|
|
97,131
|
|
(80,524)
|
|
88,746
|
Loss per share for
Class A and Class B ordinary shares
|
|
|
|
|
|
|
|
Basic
|
(0.30)
|
|
(0.02)
|
|
(0.80)
|
|
(0.16)
|
Diluted
|
(0.30)
|
|
(0.02)
|
|
(0.80)
|
|
(0.16)
|
Loss per
ADS
|
|
|
|
|
|
|
|
Basic
|
(0.06)
|
|
(0.005)
|
|
(0.16)
|
|
(0.03)
|
Diluted
|
(0.06)
|
|
(0.005)
|
|
(0.16)
|
|
(0.03)
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
88,851,842
|
|
88,437,943
|
|
88,809,904
|
|
88,398,683
|
Diluted
|
88,851,842
|
|
88,437,943
|
|
88,809,904
|
|
88,398,683
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
Basic
|
444,259,212
|
|
442,189,713
|
|
444,049,519
|
|
441,993,416
|
Diluted
|
444,259,212
|
|
442,189,713
|
|
444,049,519
|
|
441,993,416
|
Fang Holdings
Limited
|
Reconciliation of
GAAP and Non-GAAP Results
|
(in thousands of
U.S. dollars, except share data and per share data)
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
GAAP income/(loss)
from operations
|
16,715
|
|
(6,062)
|
|
12,802
|
|
(12,182)
|
|
Share-based
compensation expense
|
4,068
|
|
2,233
|
|
8,567
|
|
3,772
|
|
Non-GAAP
income/(loss) from operations
|
20,783
|
|
(3,839)
|
|
21,369
|
|
(8,410)
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
(26,566)
|
|
(2,094)
|
|
(71,442)
|
|
(14,111)
|
|
Share-based
compensation expense
|
4,068
|
|
2,233
|
|
8,567
|
|
3,772
|
|
Investment
income
|
(1,950)
|
|
(5,985)
|
|
(2,052)
|
|
(5,985)
|
|
Change in fair value
of equity securities
|
80,326
|
|
-
|
|
122,569
|
|
-
|
|
Non-GAAP net
income/(loss)
|
55,878
|
|
(5,846)
|
|
57,642
|
|
(16,324)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Fang shareholders
|
(26,565)
|
|
(2,093)
|
|
(71,441)
|
|
(14,110)
|
|
Share-based
compensation expense
|
4,068
|
|
2,233
|
|
8,567
|
|
3,772
|
|
Investment
income
|
(1,950)
|
|
(5,985)
|
|
(2,052)
|
|
(5,985)
|
|
Change in fair value
of equity securities
|
80,326
|
|
-
|
|
122,569
|
|
-
|
|
Non-GAAP net
Income/(loss) attributable to
Fang Holdings Limited shareholders
|
55,879
|
|
(5,845)
|
|
57,643
|
|
(16,323)
|
|
|
|
|
|
|
|
|
|
GAAP
earnings per share for Class A and Class
B ordinary shares:
|
|
|
|
|
|
|
|
|
Basic
|
(0.30)
|
|
(0.02)
|
|
(0.80)
|
|
(0.16)
|
|
Diluted
|
(0.30)
|
|
(0.02)
|
|
(0.80)
|
|
(0.16)
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
(0.06)
|
|
(0.005)
|
|
(0.16)
|
|
(0.03)
|
|
Diluted
|
(0.06)
|
|
(0.005)
|
|
(0.16)
|
|
(0.03)
|
Non-GAAP
earnings per share for Class A and
Class B ordinary shares:
|
|
|
|
|
|
|
|
|
Basic
|
0.63
|
|
(0.07)
|
|
0.65
|
|
(0.18)
|
|
Diluted
|
0.63
|
|
(0.07)
|
|
0.65
|
|
(0.18)
|
Non-GAAP
earnings per ADS:
|
|
|
|
|
|
|
|
|
Basic
|
0.13
|
|
(0.01)
|
|
0.13
|
|
(0.04)
|
|
Diluted
|
0.13
|
|
(0.01)
|
|
0.13
|
|
(0.04)
|
Weighted
average number of Class A and Class
B ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
88,851,842
|
|
88,437,943
|
|
88,809,904
|
|
88,398,683
|
|
Diluted
|
88,851,842
|
|
88,437,943
|
|
88,809,904
|
|
88,398,683
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
Basic
|
444,259,212
|
|
442,189,713
|
|
444,049,519
|
|
441,993,416
|
|
Diluted
|
444,259,212
|
|
442,189,713
|
|
444,049,519
|
|
441,993,416
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
loss
|
(26,566)
|
|
(2,094)
|
|
(71,442)
|
|
(14,111)
|
Add
back:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
4,068
|
|
2,233
|
|
8,567
|
|
3,772
|
Change in fair value
of equity securities
|
80,326
|
|
-
|
|
122,569
|
|
|
|
Interest
expense
|
5,615
|
|
4,400
|
|
11,100
|
|
8,241
|
|
Depreciation
expenses
|
6,404
|
|
6,055
|
|
13,107
|
|
11,612
|
Subtract:
|
|
|
|
|
|
|
|
Investment
income
|
(1,950)
|
|
(5,985)
|
|
(2,052)
|
|
(5,985)
|
|
Interest
income
|
(2,226)
|
|
(2,714)
|
|
(4,871)
|
|
(5,438)
|
|
Income tax
(benefits)/expenses
|
(38,292)
|
|
(553)
|
|
(42,468)
|
|
4,256
|
|
Adjusted
EBITDA
|
27,379
|
|
1,342
|
|
34,510
|
|
2,347
|
View original
content:http://www.prnewswire.com/news-releases/fang-announces-second-quarter-2018-results-300703230.html
SOURCE Fang Holdings Limited