UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 6-K
_______________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2015
Commission File Number: 001-33768
_______________________
CNINSURE
INC.
_______________________
22/F, Yinhai Building
No. 299 Yanjiang Zhong Road
Guangzhou, Guangdong 510110
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F o
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
|
CNinsure Inc. |
|
|
|
|
By: |
/s/ Qiuping Lai |
|
Name: |
Qiuping Lai |
|
Title: |
President |
Date: August 20, 2015
Exhibit Index
Exhibit No. |
|
Description |
|
|
|
Exhibit 99.1 |
|
Press Release |
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CNinsure Reports Second Quarter
2015 Unaudited Financial Results
— Quarterly Net Revenues Beat Guidance, Up 32.1%
GUANGZHOU, China, August 19, 2015 (GLOBE
NEWSWIRE) -- CNinsure Inc, (Nasdaq: CISG), (the “Company” or “CNinsure”), a leading independent
online-to-offline (“O2O”) financial services provider in China, today announced its unaudited financial results for
the second quarter ended June 30, 20151.
Financial Highlights for Second quarter
of 2015
(RMB in thousands, except per ADS) | |
+2015Q2 | | |
+2014Q2 | | |
+ CHANGE % | |
Total net revenues | |
| 672,060 | | |
| 508,853 | | |
| 32.1 | % |
Operating income | |
| 22,295 | | |
| 18,717 | | |
| 19.1 | % |
Online spending expenses (1) | |
| 17,915 | | |
| 8,094 | | |
| 121.3 | % |
Non-GAAP operating income (2) | |
| 40,210 | | |
| 26,811 | | |
| 50.0 | % |
Net income attributable to the Company’s shareholders | |
| 80,119 | | |
| 55,203 | | |
| 45.1 | % |
Adjusted EBITDA (3) | |
| 66,953 | | |
| 53,314 | | |
| 25.6 | % |
Basic net income per ADS (RMB) | |
| 1.39 | | |
| 1.10 | | |
| 26.1 | % |
Basic net income per ADS (US$) | |
| 0.22 | | |
| 0.18 | | |
| | |
| (1) | Online spending expenses is defined as expenses incurred
by online and mobile initiatives such as expenses relating to the development, implementation and support of CNpad, Baoxian.com,
eHuzhu and Chetong.net. |
| (2) | Non-GAAP operating income is defined as operating income
excluding online spending expenses. |
| (3) | Adjusted EBITDA is defined as net income before income
tax expense, investment income, interest income, depreciation, amortization, compensation expenses associated with stock options,
and online spending expenses. |
Business Highlights:
| l | CNpad
Mobile App, a mobile insurance transaction
platform: During the second quarter of 2015, an additional 12,492 copies
of CNpad application (“CNpad App”) were downloaded and activated, increasing
the total number of downloaded and activated CNpad App to 76,103. CNpad App had approximately
28,000 active users2
during the second quarter of 2015 compared with 20,512 active users during the first
quarter of 2015. In the second quarter of 2015, total insurance premiums generated by
CNpad App increased by 168.1% year-over-year and 20.4% quarter-over-quarter to approximately
RMB634 million (US$102.3 million). |
1 This
announcement contains currency conversions of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates
solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a
rate of RMB6.20 to US$1.00, the effective noon buying rate as of June 30, 2015 in The City of New York for cable transfers of
RMB as set forth in H.10 weekly statistical release of the Federal Reserve Board.
2 Active users are defined as users
who made at least one purchase through CNpad App during the specified period.
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| l | Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel
and homeowner insurance products: During the second quarter of
2015, Baoxian.com had 13,460 active customer accounts compared with 4,950 active customer accounts during the first quarter of
20153. In the second quarter of 2015, transaction volume
from Baoxian.com increased 268.4% quarter-over-quarter to RMB21.6 million (US$3.5 million). |
| l | Chetong.net, a public service platform for the insurance industry integrating
claims adjustment and auto service resources: As of June 30, 2015, the total number of service representatives registered
on www.chetong.net increased 18.6% quarter-over-quarter to 16,279. During the second quarter of 2015, approximately 59,000 insurance
claims submitted to the platform had been processed, representing an increase of 73.5% quarter-over-quarter. |
| l | eHuzhu, a non-profit online mutual aid platform in China: As
of June 30, 2015, the total number of registered members of eHuzhu increased 22.0% quarter-over-quarter to 356,000. |
“We reported strong top line growth
of over 32.1% year-over-year for the second quarter of 2015, once again beating our prior guidance, which was driven by stellar
growth across our various businesses,” said Mr. Chunlin Wang, chief executive officer of CNinsure. “Our P&C agency
insurance business grew 35.3% year-over-year in net revenues and 15.3% year-over-year in terms of insurance premiums, which was
far greater than general industry growth. Our life insurance business also had a robust quarter, with net revenues from new term
life insurance policy sales up 31.1% year-over-year. Our efforts to continuously improve business quality and product mix also
yielded positive results as our 13-month persistency ratio achieved a record-high of 85% during the quarter, and long-term individual
health insurance products accounted for over 80% of our new life insurance business. Our insurance brokerage segment also continued
its strong momentum, exhibiting over 76.2% year-over-year growth to become our second largest business segment.”
“Notably, we made steady progress
in our online initiatives, with growing contributions from online initiatives and improvements in our operating efficiency. During
the second quarter of 2015, the percentage of total revenue attributable to online businesses grew from 10.2% last year to 25.8%,
beating our expectations, while our non-GAAP operating expense ratio4
dropped from 19.5% a year-ago to 16.8%, benefiting from the expanded implementation of our CNpad mobile App. As a result, despite
our continued investment in online initiatives in the second quarter of 2015, our overall operating income was up 19.1% as compared
to the same period last year.”
3
Active customer accounts are defined as customer accounts that made at least one purchase directly through www.baoxian.com or
its mobile application during the specified period.
4
Non-GAAP expense ratio is defined as selling expenses and general and administration expenses excluding expenses associated with
the Company's online and mobile initiatives and share-based compensation expenses divided by total net revenues.
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“The achievements that we made online
and offline in the second quarter reinforced our confidence and determination to build up our O2O platform. Looking forward to
the second half of 2015, we will focus our efforts on three programs, which we call our, ‘Full Coverage of Sales Network’,
‘Accelerated Growth of Sales Force’ and ‘Platform Opening-up’ programs.”
“Firstly, with our Full Coverage
of Sales Network program, we aim to achieve full coverage of our offline sales network in regions where we currently have no market
presence, through establishing new branches, acquisitions or franchising. In addition, we will pursue horizontal alliances and
make strategic investments in entrepreneurial companies that focus on internet insurance distribution and service, so as to further
enhance our online presence.”
“Secondly, through our Accelerated
Growth of Sales Force program, we hope to take advantage of the opportunity to consolidate individual sales agent channels brought
about by the recent amendment to the Chinese Insurance Law, which has removed certificate requirements on insurance sales agents
and brokers. By targeting the 3 million individual insurance sales agents in the Chinese insurance market, we hope to increase
our marketing resources, give them access to a wide range of insurance and financial products and use our online tools to attract
more top talent to join CNinsure and rapidly grow our sales force.”
“Thirdly, with our Platform Opening-up
program, we will open up our integrated platform to our peer companies, alliances and insurance companies, including our online
tools, IT infrastructure, contractual relationship with insurance companies and offline service support.”
“As we execute these three major
programs, we expect our top line growth to accelerate in the second half of 2015 and we believe we are on track to achieve 30%
annual top line growth and RMB10 billion in insurance premiums in 2015. Our goal is to grow our total insurance premiums at a CAGR
of 30% in the next three years, which would double total insurance premiums over that time. Finally, we expect continued success
in the development of our online initiatives as our organic efforts and strategic investments position our company as one of the
leaders of the online insurance industry.”
Financial Results for the Second Quarter
of 2015
Total net revenues were RMB672.1
million (US$108.4 million) for the second quarter of 2015, representing an increase of 32.1% from RMB508.9 million for the
corresponding period in 2014.
Net revenues for the insurance
agency business were RMB509.5 million (US$82.2 million) for the second quarter of 2015, representing an increase
of 34.3% from RMB379.4 million for the corresponding period in 2014. The increase was primarily driven by a 35.3% increase in net
revenues derived from the P&C insurance agency business from RMB327.4 million for the second quarter of 2014 to RMB442.9 million
(US$71.4 million) for the second quarter of 2015, and a 28.2% increase in net revenues derived from the life insurance agency business
from RMB52.0 million for the second quarter of 2014 to RMB66.6 million (US$10.7 million) for the second quarter of 2015. The growth
of the P&C insurance agency business was primarily due to the growth of sales volume and an increase in the commission rates
that the Company received from the insurance companies for whom the Company acts as agents. The increase in net revenues generated
from the life insurance agency business was primarily due to a 31.1% increase in commissions derived from new long term life insurance
policy sales and a 43.6% increase in renewal commissions, offset by a decline in commissions derived from short term life insurance
products. Revenues generated from the insurance agency business accounted for 75.8% of total net revenues in the second quarter
of 2015.
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Net revenues for the insurance
brokerage business were RMB97.1 million (US$15.7 million) for the second quarter of 2015, representing an increase
of 76.2% from RMB55.1 million for the corresponding period in 2014. This growth was primarily attributable to continued efforts
to cultivate markets and build customer relationship in the past several years. Revenues generated from the insurance brokerage
business accounted for 14.5% of total net revenues in the second quarter of 2015.
Net revenues for the claims
adjusting business were RMB65.4 million (US$10.5 million) for the second quarter of 2015, representing a decrease of 12.0%
from RMB74.3 million for the corresponding period in 2014. The decrease was primarily due to (1) a decrease in non-automobile
adjusting business as there were fewer natural disasters as compared to the same period last year, and (2) a slight decrease in
the automobile-related claims adjusting business primarily due to less business commissioned by one of our major clients who outsourced
fewer claims to third party service providers during the quarter. Revenues generated from the claims adjusting business accounted
for 9.7% of total net revenues in the second quarter of 2015.
Total operating costs and expenses were
RMB649.8 million (US$104.8 million) for the second quarter of 2015, representing an increase of 32.6% from RMB490.1 million
for the corresponding period in 2014.
Total operating costs
were RMB514.7 million (US$83.0 million) for the second quarter of 2015, representing an increase of 36.9% from RMB376.1 million
for the corresponding period in 2014. The increase was primarily due to sales growth.
Costs of insurance agency
business were RMB397.6 million (US$64.1 million) for the second quarter of 2015, representing an increase of
36.3% from RMB291.7 million for the corresponding period in 2014, primarily driven by a 37.6% increase in costs for the P&C
insurance agency business from RMB256.5 million for the second quarter of 2014 to RMB352.9 million (US$56.9 million) for the second
quarter of 2015, and a 26.6% increase in costs for the life insurance agency business from RMB35.2 million for the second quarter
of 2014 to RMB44.7 million (US$7.2 million) for the second quarter of 2015. Costs incurred by the insurance agency business accounted
for 77.2% of total operating costs in the second quarter of 2015.
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Costs of insurance brokerage
business were RMB77.4 million (US$12.5 million) for the second quarter of 2015, representing an increase of 74.5%
from RMB44.3 million for the corresponding period in 2014. The increase was primarily due to sales growth. Costs incurred by the
insurance brokerage business accounted for 15.0% of total operating costs in the second quarter of 2015.
Costs of claims adjusting
business were RMB39.8 million (US$6.4 million) for the second quarter of 2015, representing a slight decrease of 0.7%
from RMB40.0 million for the corresponding period in 2014. The decrease reflected the decrease in net revenues. Costs incurred
by the claims adjusting business accounted for 7.8% of total operating costs in the second quarter of 2015.
Selling expenses were
RMB30.3 million (US$4.9 million) for the second quarter of 2015, representing an increase of 24.2% from RMB24.4 million
for the corresponding period in 2014, primarily attributable to sales growth.
General
and administrative expenses were RMB104.8 million (US$16.9 million) for the second
quarter of 2015, representing an increase of 16.9% from RMB89.7 million for the corresponding
period in 2014. The increase was primarily due to an increase of 121.3% in expenses incurred by online and mobile initiatives
to RMB17.9 million (US$2.9 million) in the second quarter of 2015 from RMB8.1 million for the corresponding period
in 2014. The increase was partially offset by a decrease of 40.6% in share-based compensation expenses from RMB6.7
million for the second quarter of 2014 to RMB4.0 million (US$0.6 million) for the corresponding period of 2015
and a decrease of depreciation expenses from RMB7.5 million for the second quarter of 2014 to RMB4.2 million (US$0.7 million)
for the corresponding period of 2015. Share-based compensation expenses were mainly associated with stock options granted to certain
employees in March 2012, which were recognized on an accelerated basis and such expenses are expected to decrease each year after
the grant.
As a result of the preceding factors, operating
income was RMB22.3 million (US$3.6 million) for the
second quarter of 2015, representing an increase of 19.1% from RMB18.7 million for the corresponding period in 2014.
Operating margin was 3.3% for the
second quarter of 2015, compared with 3.7% for the corresponding period in 2014.
Non-GAAP operating income was RMB40.2
million (US$6.5 million) for the second quarter of 2015,
representing an increase of 50.0% from RMB26.8 million for
the corresponding period in 2014.
Non-GAAP operating margin was 6.0%
for the second quarter of 2015, as compared to 5.3% for the corresponding period in 2014.
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Investment income was RMB31.5
million (US$5.1 million) for the second quarter of 2015, representing an increase of 84.3% from RMB17.1 million for
the corresponding period in 2014 as we increased short-term investment in financial products that generated higher yields than
term deposits. These investments mainly represented inter-bank deposits with a term of one to two years, which pay interests on
a semi-annual and annual basis. These investments are classified as available for sales and investment income is recognized when
received, and therefore investment income may fluctuate quarter over quarter.
Interest income was RMB16.5 million
(US$2.7 million) for the second quarter of 2015, representing
a decrease of 24.2% from RMB21.8 million for the corresponding period in 2014. The decrease in interest income was primarily due
to decreases in interest rates and term deposits as a result of an increase in short-term investments.
Income tax expense was RMB9.9
million (US$1.6 million) for the second quarter of 2015, representing an increase of 36.6% from RMB7.3
million for the corresponding period in 2014. The increase was primarily due to an increase in operating income. The
effective tax rate for the second quarter of 2015 was 13.6% compared with 12.5% for the corresponding period in 2014.
Share of income of affiliates was
RMB12.5 million (US$2.0
million) for the second quarter of 2015, representing an increase of 55.4% from RMB8.1 million for the corresponding
period in 2014, mainly attributable to an increase of profits from China Financial Services Group, in which the Company owns 20.6%
of the equity interests.
Net income attributable to the Company’s
shareholders was RMB80.1 million (US$12.9
million) for the second quarter of 2015, representing an increase of 45.1% from RMB55.2 million for the corresponding
period in 2014.
Net margin was 11.9% for the second
quarter of 2015 compared with 10.8% for the corresponding period in 2014.
Basic and diluted net income per ADS
were RMB1.39 (US$0.22) and RMB1.33 (US$0.21) for the second quarter of 2015, respectively, representing an increase of 26.1% and
21.2% from RMB1.10 and RMB1.10 for the corresponding period in 2014, respectively.
Adjusted EBITDA was RMB67.0 million
(US$10.8 million) for the second quarter of 2015, representing an increase of 25.6% from RMB53.3 million for the corresponding
period in 2014.
Adjusted EBITDA margin was 10.0%
for the second quarter of 2015, compared with 10.5% for the corresponding period in 2014.
Diluted adjusted EBITDA per ADS was
RMB1.11 (US$0.18) for the second quarter of 2015, representing an increase of 4.9% from RMB1.06 for the corresponding period in
2014.
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As of June 30, 2015, the Company had RMB1.8
billion (US$296.1 million) in cash and cash equivalents.
Recent Developments:
| l | In June 2015, CNinsure repurchased 113,055 ADSs at an average repurchase price of US$8.85 per ADS, for a total consideration
of approximately US$1 million in the open market. |
| l | On August 14, 2015, CNinsure entered into agreement with Baoping Software Co., Ltd. (“Baoping”)
to invest RMB5 million to acquire a 10% equity stake in Baoping. CNinsure will provide Baoping access to its contractual relationship
with insurance companies and offline claims services. |
Baoping was founded in October
2014 and operates a mobile-based O2O auto insurance comparison platform, which aggregates auto insurance products from various
insurance providers, including car dealers, repair shops, insurance agencies and insurance companies. Its founding partners were
from leading Internet companies, with vast experience in Internet marketing, product development and management.
| l | On May 15, 2015, CNinsure invested RMB5 million to acquire a 10% equity stake in Beijing Botpy
Co., Ltd. (“Botpy”). CNinsure will provide Botpy access to its contractual relationship with insurance companies and
offline services. |
Botpy operates a mobile-based
auto insurance comparison platform named Uuubeee Auto Insurance, which helps car owners find, compare and purchase auto insurance
products from a wide selection of insurance companies. Botpy was founded in April 2014 by a team of Internet veterans from a leading
online social media company. The co-founders and management team have a combined experience of over a decade in user experience,
product interaction, web security and operation of mobile and online communities.
| l | On June 17, 2015, CNinsure entered into a cooperation agreement with Beijing United Electronics
Co., Ltd., (SZ:002642) (“UEC”) , a leading information technology solution and service provider in China, and
its subsidiary Beijing CarSmart Technology Co., Ltd. (“CarSmart”). Pursuant to the agreement, CNinsure will offer CarSmart’s
on-board diagnostic devices to its customers through CNinsure’s offline sales and service force, and CarSmart will provide
an entry point for CNinsure’s auto insurance price comparison and purchase services on its car care mobile application. The
three parties also agree to collaborate in developing and promoting usage-based insurance products. In addition, eHuzhu, an online
mutual platform operated by CNinsure, will partner with CarSmart to provide a non-profit transportation-focused mutual platform
to car owners. |
| l | On July 16, 2015, CNinsure was ranked No. 20 among the top 20 global insurance brokers selected
by A. M. Best Co., one of the most prestigious insurance rating agencies, based on net revenues in 2014. CNinsure was the only
Asian insurance broker on the list. |
| l | As of June 30, 2015, CNinsure’s distribution and service network consisted of 574 sales and
services outlets operating in 27 provinces, compared with 436 sales and service outlets operating in 28 provinces as of June 30,
2014. CNinsure had 77,260 sales agents and 1,501 professional claims adjustors as of June 30, 2015, compared with 54,383 sales
agents, and 1,516 professional claims adjustors as of June 30, 2014. |
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Business Outlook
CNinsure expects its
total net revenues to grow approximately 30% in the third quarter of 2015 compared with the corresponding period in 2014. This
forecast reflects CNinsure’s current view, which is subject to change.
Conference Call
The Company will host a conference call
to discuss its second quarter 2015 results as per the following details.
Time: 9:00 PM Eastern Daylight Time on August 19, 2015
or 9:00 AM Beijing/Hong Kong Time on August 20, 2015
The toll free dial-in numbers: |
|
United States |
1-855-500-8701 |
United Kingdom |
0800-015-9724 |
Canada |
1-855-757-1565 |
Taiwan |
0080-665-1951 |
Hong Kong |
800-906-606 |
Tokyo |
+81 345036013 |
|
|
The toll dial-in numbers: |
|
China (Mainland) |
400-120-0654 |
Singapore & Other Areas |
+65-6723-9385 |
Conference ID #:2392084
Additionally, a live and archived web cast of this call will be available at:
http://ir.cninsure.net/events.cfm
About CNinsure Inc.
CNinsure Inc. is a leading independent
online-to-offline financial services provider. Through our online platforms and offline sales and service network, we offer a wide
variety of financial products and services to individuals and businesses including property and casualty and life insurance products.
We also provide insurance claims adjusting services, such as damage assessments, surveys, authentications and loss estimations,
as well as value-added services, such as emergency vehicle roadside assistance.
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Our online platforms include (1) Baoxian.com,
an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; (2) CNpad, a mobile
sales support application; (3) Chetong.net, a public service platform for the insurance industry and (4) eHuzhu (www.ehuzhu.com),
a non-profit online mutual aid platform in China. Our extensive distribution and service network covers 27 provinces in China,
including most economically developed regions and cities.
For more information about CNinsure Inc., please visit http://ir.cninsure.net/.
Forward-looking Statements
This press release contains statements
of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating
results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,”
“anticipates,” “intends,” “estimates” and similar statements. Among other things, management’s
quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known
and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about CNinsure
and the industry. Potential risks and uncertainties include, but are not limited to, those relating to CNinsure’s limited
operating history, especially its limited experience in selling life insurance products, its ability to attract and retain productive
agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance
companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese
insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused
by factors beyond its control and macroeconomic conditions in China and their potential impact on the sales of insurance products.
All information provided in this press release is as of the date hereof, and CNinsure undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by
law. Although CNinsure believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure
you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from
the anticipated results. Further information regarding risks and uncertainties faced by CNinsure is included in CNinsure’s
filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
About Non-GAAP Financial Measures
In addition to the Company’s consolidated
financial results under GAAP, the Company also provides non-GAAP operating income, non-GAAP operating income margin, non-GAAP expense
ratio, adjusted EBITDA, adjusted EBITDA margin and diluted adjusted EBITDA per ADS, which are non-GAAP financial measures. Non-GAAP
operating income is defined as operating income before expenses associated with the Company’s online and mobile initiatives
including expenses relating to the development, implementation and support of CNpad, Baoxian.com, eHuzhu and Chetong.net. Non-GAAP
operating income margin is defined as non-GAAP operating income divided by total net revenues. Non-GAAP expense ratio is defined
as selling expenses and general and administration expenses excluding expenses associated with the Company’s online and mobile
initiatives and share-based compensation expenses divided by total net revenues. Adjusted EBITDA is defined as net income before
income tax expense, investment income, interest income, depreciation, amortization, compensation expenses associated with stock
option and expenses incurred on online and mobile initiatives. Adjusted EBITDA margin is defined as adjusted EBITDA divided by
total net revenues. Diluted adjusted EBITDA per ADS is defined as adjusted EBITDA divided by total number of ADS on a diluted basis.
The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing
the Company’s performance and when planning and forecasting future periods. One limitation of using these non-GAAP financial
measures is that such measures exclude items that were significant in the second quarter of 2015 and the corresponding period of
2014, and these items have been, and will continue to be, significant recurring factors in our business.
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In light of these limitations, the presentation
of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. We encourage investors and other interested persons to review our financial information
in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see
the tables captioned “Reconciliations of Non-GAAP Operating Income and Non-GAAP Operating Income Margin”, “Reconciliation
of Non-GAAP Expenses Ratio” and “Reconciliations of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin”
set forth at the end of this release.
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CNINSURE
INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
| |
As of December 31, | | |
As of June 30, | | |
As of June 30, | |
| |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | |
ASSETS: | |
| | | |
| | | |
| | |
Current assets: | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| 2,103,068 | | |
| 1,835,519 | | |
| 296,051 | |
Restricted cash | |
| 7,478 | | |
| 13,563 | | |
| 2,187 | |
Short term investments | |
| 688,900 | | |
| 990,000 | | |
| 159,678 | |
Accounts receivable, net | |
| 186,150 | | |
| 224,888 | | |
| 36,272 | |
Insurance premium receivables | |
| 472 | | |
| 2,323 | | |
| 375 | |
Other receivables | |
| 88,149 | | |
| 89,581 | | |
| 14,449 | |
Amounts due from related parties | |
| 209,601 | | |
| 131,377 | | |
| 21,190 | |
Other current assets | |
| 17,908 | | |
| 18,767 | | |
| 3,027 | |
Total current assets | |
| 3,301,726 | | |
| 3,306,018 | | |
| 533,229 | |
| |
| | | |
| | | |
| | |
Non-current assets: | |
| | | |
| | | |
| | |
Property, plant, and equipment, net | |
| 47,171 | | |
| 38,502 | | |
| 6,210 | |
Goodwill and intangible assets, net | |
| 165,072 | | |
| 158,072 | | |
| 25,495 | |
Deferred tax assets | |
| 2,638 | | |
| 3,588 | | |
| 579 | |
Investment in affiliates | |
| 219,703 | | |
| 240,060 | | |
| 38,719 | |
Other non-current assets | |
| 12,176 | | |
| 15,228 | | |
| 2,456 | |
Total non-current assets | |
| 446,760 | | |
| 455,450 | | |
| 73,459 | |
Total assets | |
| 3,748,486 | | |
| 3,761,468 | | |
| 606,688 | |
![](image_004.jpg) |
IR-197 |
CNINSURE
INC.
Unaudited Condensed Consolidated Balance Sheets-(Continued)
(In thousands)
| |
As of December 31, | | |
As of June 30, | | |
As of June 30, | |
| |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | |
LIABILITIES AND EQUITY: | |
| | | |
| | | |
| | |
Current liabilities: | |
| | | |
| | | |
| | |
Accounts payable (including accounts payable of the consolidated variable interest entities (“VIEs”) without recourse to CNinsure Inc. of RMB4,453 and RMB3,122 (US$504) as of December 31, 2014 and June 30, 2015, respectively) | |
| 128,765 | | |
| 132,682 | | |
| 21,400 | |
Insurance premium payables (including insurance premium payables of the consolidated VIEs without recourse to CNinsure Inc. of RMB268 and RMB2,434 (US$393) as of December 31, 2014 and June 30, 2015, respectively) | |
| 2,942 | | |
| 5,307 | | |
| 856 | |
Other payables and accrued expenses (including other payables and accrued expense of the consolidated VIEs without recourse to CNinsure Inc. of RMB7,099 and RMB5,115 (US$825) as of December 31, 2014 and June 30, 2015, respectively) | |
| 109,412 | | |
| 153,772 | | |
| 24,802 | |
Accrued payroll (including accrued payroll of the consolidated VIEs without recourse to CNinsure Inc. of RMB1,083 and RMB1,161 (US$187) as of December 31, 2014 and June 30, 2015, respectively) | |
| 40,096 | | |
| 38,401 | | |
| 6,194 | |
Income tax payable (including income tax payable of the consolidated of VIEs without recourse to CNinsure Inc. of RMB2,571 and RMB1,321 (US$213) as of December 31, 2014 and June 30, 2015, respectively) | |
| 54,225 | | |
| 59,615 | | |
| 9,615 | |
Total current liabilities | |
| 335,440 | | |
| 389,777 | | |
| 62,867 | |
![](image_004.jpg) |
IR-197 |
CNINSURE INC.
Unaudited Condensed Consolidated Balance Sheets-(Continued)
(In thousands)
| |
As of December 31, | | |
As of June 30, | | |
As of June 30, | |
| |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | |
Non-current liabilities: | |
| | | |
| | | |
| | |
Other tax liabilities | |
| 53,855 | | |
| 61,463 | | |
| 9,913 | |
Deferred tax liabilities | |
| 24,931 | | |
| 23,269 | | |
| 3,753 | |
Total
non-current liabilities | |
| 78,786 | | |
| 84,732 | | |
| 13,666 | |
Total
liabilities | |
| 414,226 | | |
| 474,509 | | |
| 76,533 | |
| |
| | | |
| | | |
| | |
Ordinary shares | |
| 8,563 | | |
| 8,572 | | |
| 1,383 | |
Additional paid-in capital | |
| 2,601,401 | | |
| 2,478,971 | | |
| 399,834 | |
Statutory reserves | |
| 198,422 | | |
| 197,702 | | |
| 31,887 | |
Retained earnings | |
| 764,963 | | |
| 878,804 | | |
| 141,743 | |
Accumulated other comprehensive loss | |
| (105,106 | ) | |
| (105,472 | ) | |
| (17,012 | ) |
Subscription receivables | |
| (257,491 | ) | |
| (257,300 | ) | |
| (41,500 | ) |
Total
CNinsure Inc. shareholders’ equity | |
| 3,210,752 | | |
| 3,201,277 | | |
| 516,335 | |
Non-controlling interests | |
| 123,508 | | |
| 85,682 | | |
| 13,820 | |
Total
equity | |
| 3,334,260 | | |
| 3,286,959 | | |
| 530,155 | |
Total
liabilities and equity | |
| 3,748,486 | | |
| 3,761,468 | | |
| 606,688 | |
![](image_004.jpg) |
IR-197 |
CNINSURE INC.
Unaudited Condensed Consolidated Statements
of Income and Comprehensive Income
(In thousands, except for shares and per share data)
| |
For The Three Months Ended | | |
For The Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Net revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Agency | |
| 379,405 | | |
| 509,530 | | |
| 82,182 | | |
| 731,003 | | |
| 943,062 | | |
| 152,107 | |
Brokerage | |
| 55,124 | | |
| 97,129 | | |
| 15,666 | | |
| 106,187 | | |
| 183,195 | | |
| 29,548 | |
Claims adjusting | |
| 74,324 | | |
| 65,401 | | |
| 10,549 | | |
| 137,867 | | |
| 125,304 | | |
| 20,210 | |
Total
net revenues | |
| 508,853 | | |
| 672,060 | | |
| 108,397 | | |
| 975,057 | | |
| 1,251,561 | | |
| 201,865 | |
Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Agency | |
| (291,744 | ) | |
| (397,583 | ) | |
| (64,126 | ) | |
| (556,933 | ) | |
| (736,863 | ) | |
| (118,849 | ) |
Brokerage | |
| (44,346 | ) | |
| (77,370 | ) | |
| (12,479 | ) | |
| (84,136 | ) | |
| (145,840 | ) | |
| (23,522 | ) |
Claims adjusting | |
| (40,013 | ) | |
| (39,751 | ) | |
| (6,412 | ) | |
| (77,533 | ) | |
| (81,058 | ) | |
| (13,074 | ) |
Total
operating costs | |
| (376,103 | ) | |
| (514,704 | ) | |
| (83,017 | ) | |
| (718,602 | ) | |
| (963,761 | ) | |
| (155,445 | ) |
Selling expenses | |
| (24,362 | ) | |
| (30,255 | ) | |
| (4,880 | ) | |
| (48,568 | ) | |
| (57,439 | ) | |
| (9,264 | ) |
General and administrative expenses | |
| (89,671 | ) | |
| (104,806 | ) | |
| (16,904 | ) | |
| (175,960 | ) | |
| (207,214 | ) | |
| (33,422 | ) |
Total
operating costs and expenses | |
| (490,136 | ) | |
| (649,765 | ) | |
| (104,801 | ) | |
| (943,130 | ) | |
| (1,228,414 | ) | |
| (198,131 | ) |
Income
from operations | |
| 18,717 | | |
| 22,295 | | |
| 3,596 | | |
| 31,927 | | |
| 23,147 | | |
| 3,734 | |
Other income, net: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Investment income | |
| 17,078 | | |
| 31,473 | | |
| 5,076 | | |
| 24,251 | | |
| 34,380 | | |
| 5,545 | |
Interest income | |
| 21,791 | | |
| 16,519 | | |
| 2,665 | | |
| 44,016 | | |
| 35,081 | | |
| 5,658 | |
Others, net | |
| 466 | | |
| 2,896 | | |
| 467 | | |
| 660 | | |
| 4,947 | | |
| 798 | |
Income
before income taxes and income of affiliates | |
| 58,052 | | |
| 73,183 | | |
| 11,804 | | |
| 100,854 | | |
| 97,555 | | |
| 15,735 | |
Income tax expense | |
| (7,268 | ) | |
| (9,930 | ) | |
| (1,602 | ) | |
| (14,536 | ) | |
| (13,039 | ) | |
| (2,103 | ) |
Share of income of affiliates | |
| 8,050 | | |
| 12,511 | | |
| 2,018 | | |
| 14,469 | | |
| 20,357 | | |
| 3,283 | |
Net
income | |
| 58,834 | | |
| 75,764 | | |
| 12,220 | | |
| 100,787 | | |
| 104,873 | | |
| 16,915 | |
Less: net gain (loss) attributable to noncontrolling interests | |
| 3,631 | | |
| (4,355 | ) | |
| (702 | ) | |
| 883 | | |
| (8,248 | ) | |
| (1,330 | ) |
Net
income attributable to the Company’s shareholders | |
| 55,203 | | |
| 80,119 | | |
| 12,922 | | |
| 99,904 | | |
| 113,121 | | |
| 18,245 | |
![](image_004.jpg) |
IR-190 |
CNINSURE INC.
Unaudited Condensed
Consolidated Statements of Income and Comprehensive Income-(Continued)
(In thousands,
except for shares and per share data)
| |
For The Three Months Ended | | |
For The Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Net income per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 0.06 | | |
| 0.07 | | |
| 0.01 | | |
| 0.10 | | |
| 0.10 | | |
| 0.02 | |
Diluted | |
| 0.05 | | |
| 0.07 | | |
| 0.01 | | |
| 0.10 | | |
| 0.09 | | |
| 0.02 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income per ADS: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 1.10 | | |
| 1.39 | | |
| 0.22 | | |
| 2.00 | | |
| 1.97 | | |
| 0.32 | |
Diluted | |
| 1.10 | | |
| 1.33 | | |
| 0.21 | | |
| 1.99 | | |
| 1.88 | | |
| 0.30 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares used in calculating net income per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 1,000,294,943 | | |
| 1,151,455,352 | | |
| 1,151,455,352 | | |
| 999,603,760 | | |
| 1,151,013,086 | | |
| 1,151,013,086 | |
Diluted | |
| 1,006,066,521 | | |
| 1,204,537,067 | | |
| 1,204,537,067 | | |
| 1,004,712,385 | | |
| 1,203,037,444 | | |
| 1,203,037,444 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
income | |
| 58,834 | | |
| 75,764 | | |
| 12,220 | | |
| 100,787 | | |
| 104,873 | | |
| 16,915 | |
Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments | |
| (468 | ) | |
| 640 | | |
| 103 | | |
| 5,637 | | |
| (175 | ) | |
| (28 | ) |
Comprehensive
income | |
| 58,366 | | |
| 76,404 | | |
| 12,323 | | |
| 106,424 | | |
| 104,698 | | |
| 16,887 | |
Less: Comprehensive income attributable to the noncontrolling interests | |
| 3,631 | | |
| (4,355 | ) | |
| (702 | ) | |
| 883 | | |
| (8,248 | ) | |
| (1,330 | ) |
Comprehensive
income attributable to the CNinsure Inc’s shareholders | |
| 54,735 | | |
| 80,759 | | |
| 13,025 | | |
| 105,541 | | |
| 112,946 | | |
| 18,217 | |
![](image_004.jpg) |
IR-190 |
CNINSURE INC.
Unaudited Condensed
Consolidated Statements of Cash Flow
(In thousands)
| |
For The Three Months Ended | | |
For The Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
OPERATING ACTIVITIES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| 58,834 | | |
| 75,764 | | |
| 12,220 | | |
| 100,787 | | |
| 104,873 | | |
| 16,915 | |
Adjustments to reconcile net income to net cash generated from operating activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation | |
| 7,447 | | |
| 4,216 | | |
| 680 | | |
| 15,139 | | |
| 10,839 | | |
| 1,748 | |
Amortization of intangible assets | |
| 3,818 | | |
| 3,127 | | |
| 504 | | |
| 7,234 | | |
| 6,681 | | |
| 1,077 | |
Allowance for doubtful receivables | |
| 1,419 | | |
| 213 | | |
| 35 | | |
| 3,128 | | |
| 612 | | |
| 99 | |
Compensation expenses associated with stock options | |
| 6,722 | | |
| 3,993 | | |
| 644 | | |
| 14,326 | | |
| 8,634 | | |
| 1,393 | |
Investment income | |
| (10,670 | ) | |
| (17,479 | ) | |
| (2,819 | ) | |
| (10,670 | ) | |
| (19,587 | ) | |
| (3,159 | ) |
(Gain) loss on disposal of property, plant and equipment | |
| (54 | ) | |
| 24 | | |
| 4 | | |
| (85 | ) | |
| (5 | ) | |
| (1 | ) |
Share of income of affiliates | |
| (8,050 | ) | |
| (12,511 | ) | |
| (2,018 | ) | |
| (14,469 | ) | |
| (20,357 | ) | |
| (3,283 | ) |
Changes in operating assets and liabilities | |
| 24,195 | | |
| (2,108 | ) | |
| (340 | ) | |
| 17,368 | | |
| (40,099 | ) | |
| (6,468 | ) |
Net
cash generated from operating activities | |
| 83,661 | | |
| 55,239 | | |
| 8,910 | | |
| 132,758 | | |
| 51,591 | | |
| 8,321 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash flows used in investing activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Purchase of property, plant and equipment | |
| (1,493 | ) | |
| (828 | ) | |
| (134 | ) | |
| (2,945 | ) | |
| (2,164 | ) | |
| (349 | ) |
Proceeds from disposal of property and equipment | |
| 307 | | |
| 69 | | |
| 11 | | |
| 358 | | |
| 317 | | |
| 51 | |
Proceeds from disposal of short term investment | |
| 16,859 | | |
| 246,379 | | |
| 39,739 | | |
| 16,859 | | |
| 268,487 | | |
| 43,304 | |
Disposal of subsidiaries, net of cash | |
| — | | |
| (3,416 | ) | |
| (551 | ) | |
| — | | |
| (3,416 | ) | |
| (551 | ) |
Purchase of short term investments | |
| (310,000 | ) | |
| (550,000 | ) | |
| (88,710 | ) | |
| (360,000 | ) | |
| (550,000 | ) | |
| (88,710 | ) |
Acquisition of subsidiaries, net of cash | |
| 1,015 | | |
| — | | |
| — | | |
| 1,015 | | |
| — | | |
| — | |
Decrease (increase) in restricted cash | |
| 8,167 | | |
| (4,410 | ) | |
| (711 | ) | |
| 482 | | |
| (6,085 | ) | |
| (981 | ) |
Decrease in other receivables | |
| 35,700 | | |
| — | | |
| — | | |
| (5,055 | ) | |
| — | | |
| — | |
Purchase of intangible assets | |
| (118 | ) | |
| — | | |
| — | | |
| (118 | ) | |
| — | | |
| — | |
Return of investment in non-current assets | |
| — | | |
| — | | |
| — | | |
| 400 | | |
| — | | |
| — | |
Addition in investment in non-current assets | |
| — | | |
| (1,000 | ) | |
| (161 | ) | |
| — | | |
| (1,000 | ) | |
| (161 | ) |
(Increase) decrease in amounts due from related parties | |
| (43,488 | ) | |
| 120,000 | | |
| 19,355 | | |
| (72,589 | ) | |
| 84,227 | | |
| 13,585 | |
Net
cash used in investing activities | |
| (293,051 | ) | |
| (193,206 | ) | |
| (31,162 | ) | |
| (421,593 | ) | |
| (209,634 | ) | |
| (33,812 | ) |
![](image_004.jpg) |
IR-190 |
CNINSURE INC.
Unaudited Condensed
Consolidated Statements of Cash Flow-(Continued)
(In thousands)
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Cash
flows generated from (used in) financing activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Acquisition of additional interests in subsidiaries | |
| — | | |
| — | | |
| — | | |
| — | | |
| (108,000 | ) | |
| (17,419 | ) |
Dividend distributed to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,450 | ) | |
| (395 | ) |
Proceeds on exercise of stock options | |
| 837 | | |
| 1,119 | | |
| 180 | | |
| 3,183 | | |
| 1,119 | | |
| 180 | |
Net
cash generated from (used in) financing activities | |
| 837 | | |
| 1,119 | | |
| 180 | | |
| 3,183 | | |
| (109,331 | ) | |
| (17,634 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
decrease in cash and cash equivalents | |
| (208,553 | ) | |
| (136,848 | ) | |
| (22,072 | ) | |
| (285,652 | ) | |
| (267,374 | ) | |
| (43,125 | ) |
Cash
and cash equivalents at beginning of period | |
| 2,217,629 | | |
| 1,971,727 | | |
| 318,020 | | |
| 2,288,623 | | |
| 2,103,068 | | |
| 339,204 | |
Effect of exchange rate changes on cash and cash equivalents | |
| (468 | ) | |
| 640 | | |
| 103 | | |
| 5,637 | | |
| (175 | ) | |
| (28 | ) |
Cash
and cash equivalents at end of period | |
| 2,008,608 | | |
| 1,835,519 | | |
| 296,051 | | |
| 2,008,608 | | |
| 1,835,519 | | |
| 296,051 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest paid | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Income taxes paid | |
| 6,419 | | |
| 551 | | |
| 89 | | |
| 14,390 | | |
| 2,745 | | |
| 443 | |
![](image_004.jpg) |
IR-190 |
CNINSURE INC.
Reconciliations of Non-GAAP Operating
Income and Non-GAAP Operating income Margin
(In thousands, unaudited)
| |
For The Three Months Ended | | |
For The Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Operating
income | |
| 18,717 | | |
| 22,295 | | |
| 3,596 | | |
| 31,927 | | |
| 23,147 | | |
| 3,734 | |
Online spending expenses | |
| 8,094 | | |
| 17,915 | | |
| 2,890 | | |
| 14,995 | | |
| 42,052 | | |
| 6,783 | |
Non-GAAP
Operating Income | |
| 26,811 | | |
| 40,210 | | |
| 6,486 | | |
| 46,922 | | |
| 65,199 | | |
| 10,517 | |
Total net revenues | |
| 508,853 | | |
| 672,060 | | |
| 108,397 | | |
| 975,057 | | |
| 1,251,561 | | |
| 201,865 | |
Non-GAAP
Operating Income Margin | |
| 5.3 | % | |
| 6.0 | % | |
| 6.0 | % | |
| 4.8 | % | |
| 5.2 | % | |
| 5.2 | % |
![](image_004.jpg) |
IR-190 |
CNINSURE INC.
Reconciliation of Non-GAAP Expenses Ratio
(In thousands, unaudited)
| |
For The Three Months Ended | | |
For The Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Selling expenses | |
| 24,362 | | |
| 30,255 | | |
| 4,880 | | |
| 48,568 | | |
| 57,439 | | |
| 9,264 | |
General and administrative expenses | |
| 89,671 | | |
| 104,806 | | |
| 16,904 | | |
| 175,960 | | |
| 207,214 | | |
| 33,422 | |
Total
expenses | |
| 114,033 | | |
| 135,061 | | |
| 21,784 | | |
| 224,528 | | |
| 264,653 | | |
| 42,686 | |
Online spending expenses | |
| (8,094 | ) | |
| (17,915 | ) | |
| (2,890 | ) | |
| (14,995 | ) | |
| (42,052 | ) | |
| (6,783 | ) |
Compensation expenses associated with stock options | |
| (6,722 | ) | |
| (3,993 | ) | |
| (644 | ) | |
| (14,326 | ) | |
| (8,634 | ) | |
| (1,393 | ) |
Non-GAAP
expenses | |
| 99,217 | | |
| 113,153 | | |
| 18,250 | | |
| 195,207 | | |
| 213,967 | | |
| 34,510 | |
Total net revenues | |
| 508,853 | | |
| 672,060 | | |
| 108,397 | | |
| 975,057 | | |
| 1,251,561 | | |
| 201,865 | |
Non-GAAP
Operating expenses ratio | |
| 19.5 | % | |
| 16.8 | % | |
| 16.8 | % | |
| 20.0 | % | |
| 17.1 | % | |
| 17.1 | % |
![](image_004.jpg) |
IR-190 |
CNINSURE INC.
Reconciliations of Net Income to Adjusted
EBITDA and Adjusted EBITDA Margin
(In thousands, unaudited)
| |
For The Three Months Ended | | |
For The Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2014 | | |
2015 | | |
2015 | | |
2014 | | |
2015 | | |
2015 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Net
income | |
| 58,834 | | |
| 75,764 | | |
| 12,220 | | |
| 100,787 | | |
| 104,873 | | |
| 16,915 | |
Income tax expense | |
| 7,268 | | |
| 9,930 | | |
| 1,602 | | |
| 14,536 | | |
| 13,039 | | |
| 2,103 | |
Investment income | |
| (17,078 | ) | |
| (31,473 | ) | |
| (5,076 | ) | |
| (24,251 | ) | |
| (34,380 | ) | |
| (5,545 | ) |
Interest income | |
| (21,791 | ) | |
| (16,519 | ) | |
| (2,665 | ) | |
| (44,016 | ) | |
| (35,081 | ) | |
| (5,658 | ) |
Depreciation | |
| 7,447 | | |
| 4,216 | | |
| 680 | | |
| 15,139 | | |
| 10,839 | | |
| 1,748 | |
Amortization of intangible assets | |
| 3,818 | | |
| 3,127 | | |
| 504 | | |
| 7,234 | | |
| 6,681 | | |
| 1,077 | |
Compensation expenses associated with stock options | |
| 6,722 | | |
| 3,993 | | |
| 644 | | |
| 14,326 | | |
| 8,634 | | |
| 1,393 | |
Online spending expenses | |
| 8,094 | | |
| 17,915 | | |
| 2,890 | | |
| 14,995 | | |
| 42,052 | | |
| 6,783 | |
Adjusted
EBITDA | |
| 53,314 | | |
| 66,953 | | |
| 10,799 | | |
| 98,750 | | |
| 116,657 | | |
| 18,816 | |
Total net revenues | |
| 508,853 | | |
| 672,060 | | |
| 108,397 | | |
| 975,057 | | |
| 1,251,561 | | |
| 201,865 | |
Adjusted
EBITDA Margin | |
| 10.5 | % | |
| 10.0 | % | |
| 10.0 | % | |
| 10.1 | % | |
| 9.3 | % | |
| 9.3 | % |
![](image_004.jpg) |
IR-190 |
For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
Source: CNinsure Inc.
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