Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the
Company”), a leading property technology company in China, today
announced its unaudited financial results for the fourth quarter
and full year ended December 31, 2019.
Fourth Quarter 2019 Financial
Highlights
- Revenue increased by 50.0% year over year to RMB1,047.2 million
(US$150.4 million) in the fourth quarter of 2019.
- Net loss was RMB691.0 million (US$99.3 million) in the fourth
quarter of 2019.
- Non-GAAP1 net income grew by 36.9% year over year to RMB54.9
million (US$7.9 million) in the fourth quarter of 2019.
Full Year 2019 Financial
Highlights
- Revenue increased by 57.7% year over year to RMB3,599.4 million
(US$517.0 million) in 2019.
- Net loss was RMB510.4 million (US$73.3 million) in 2019.
- Non-GAAP net income grew by 126.4% year over year to RMB235.5
million (US$33.8 million) in 2019.
Fourth Quarter 2019 Operating
Highlights
- The number of active agents2 in the Company’s marketplace
was 238.2 thousand in the fourth quarter of 2019, representing
an increase of 39.8% year over year from 170.4 thousand in the
same period of 2018.
- The number of closed-loop agents3 was 26.8 thousand
in the fourth quarter of 2019, representing an increase of 70.7%
year over year from 15.7 thousand in the same period of
2018.
- Total closed-loop GMV4 facilitated on the Company’s
platform increased by 75.1% year over year to RMB68.1 billion
(US$9.78 billion) in the fourth quarter of 2019 from RMB38.9
billion in the same period of 2018. New property listings and
secondary sales listings contributed RMB42.0 billion (US$6.0
billion) and RMB26.1 billion (US$ 3.7 billion), respectively,
to the total closed-loop GMV in the fourth quarter of 2019.
Full year 2019 Operating
Highlights
- The number of active agents2 in the Company’s marketplace
was 443.3 thousand in 2019, representing an increase of 39.7%
year over year from 317.3 thousand in 2018.
- The number of closed-loop agents3 was 60.4 thousand
in 2019, representing an increase of 52.9% year over year from
39.5 thousand in 2018.
- Total closed-loop GMV4 facilitated on the Company’s
platform increased by 85.1% year over year to RMB210.5 billion
(US$ 30.2 billion) in 2019 from RMB113.7 billion in 2018. New
property listings and secondary sales listings contributed RMB
147.1 billion (US$ 21.1 billion) and RMB 63.4 billion (US$9.1
billion), respectively, to the total closed-loop GMV in 2019.
_____________________1 Non-GAAP net income is defined as net
income excluding share-based compensation expenses. For more
information on these non-GAAP financial measures, please see the
section captioned “Non-GAAP Financial Measures” and the tables
captioned “Reconciliation of GAAP and Non-GAAP Results” set forth
at the end of this release.2 “Active agents” refer to real estate
agents who have visited the Company’s marketplace and used one or
more of its functions within a period of time.3 Closed-loop agents
refer to real estate agents who have completed closed-loop
transactions in the Company’s marketplace under the Company’s
monitoring and control.4 “Closed-loop GMV” refers to the GMV of
closed-loop transactions facilitated in our marketplace during the
specified period.
Mr. Yi Duan, Chairman and Co-Chief Executive
Officer of FangDD, commented, “We concluded an eventful 2019 with
solid fourth quarter results. As the demand for online and SaaS
real estate solutions continued to rise, we remained focused on the
optimization of our service capabilities to improve our platform’s
value propositions for agents, agencies, and partnered real estate
developers. As a result, our revenue in the fourth quarter of 2019
grew by 50.0% to RMB1,047.2 million, primarily driven by a
year-over-year increase of 75.1% in our closed-loop GMV. At the
beginning of 2020, the coronavirus outbreak and related suspension
of offline activity have severely disrupted the Chinese real estate
industry. On average, the effective offline working hours of real
estate agents during the first quarter were reduced to
approximately 30% of the prior-year level. Nevertheless, as a
leader in the real estate transaction service market, we remain
confident about the industry’s mid- to long-term growth prospects.
Currently, we are actively leveraging our leading technological
capabilities and implementing a series of initiatives to further
enable our agents to facilitate efficient real estate transactions
online. These initiatives, combined with our highly efficient and
cost-effective asset-light business model, will sustain our growth
momentum despite the temporary challenges. Consequently, we expect
our year-over-year revenue growth to be between 40% and 45% in the
full year of 2020.”
Mr. Xi Zeng, Co-Chief Executive Officer of
FangDD, stated, “During the fourth quarter, we maintained our core
commitment to empowering our agents and agencies through the
customization of our service offerings and the continuous
refinement of our SaaS solutions. By implementing a classification
system to categorize agencies on our platform, we can provide
services that are increasingly tailored to address the specific
needs of agencies at different stages of growth. In addition, the
constant refinement of our online agency tools and SaaS solutions
have significantly improved our agencies’ operating efficiencies.
As a result, for 2019, the number of active agents on our
marketplace increased by 39.7% to 443.3 thousand, while the number
of agents that completed transactions on our marketplace grew by
52.9% to 60.4 thousand. Moreover, by leveraging our extensive agent
base, we were also able to expand our partnerships with real estate
developers, successfully improving their sales performance, further
diversifying our product offerings, and securing more premium
property listings on our platform. Importantly, our expansion of
properties listings has helped to provide more opportunities for
our agents to complete transactions and therefore led to the
formation of a virtuous cycle. Going forward, we will continue to
utilize our SaaS solutions and matchmaking algorithms to
supercharge our agent and property listing twin growth engines,
which will further enhance our transaction efficiencies in turn. We
are confident that these efforts will enable us to maintain our
rapid growth trajectory going forward.
Ms. Jiaorong Pan, Chief Financial Officer of
FangDD, added, “In the fourth quarter of 2019, we maintained our
strong growth momentum and delivered a solid financial performance.
Importantly, our better-than-expected top-line results in the
period were driven by the expansion of our agent base and property
listings, which enabled us to facilitate a higher commission-based
GMV during the quarter. Additionally, our initiatives to optimize
our cost structures have also started to yield results. For
example, during the fourth quarter of 2019, our non-GAAP operating
income increased by 102.0% to RMB60.6 million while our non-GAAP
operating margin expanded to 5.8% from 4.3% in the same period of
2018. Looking ahead, our effective cost control measures, positive
cash flow, and abundant cash reserve will allow us to overcome the
temporary market challenges. Furthermore, we will continue to
invest in the optimization of our SaaS solutions and service
offerings to fortify our industry leadership and generate
sustainable value for our shareholders over the long term.”
Fourth Quarter 2019 Financial
Results
REVENUE
Revenue in the fourth quarter of 2019 increased
by 50.0% to RMB1,047.2 million (US$150.4 million) from RMB698.2
million in the same period of 2018. The increase was driven by the
Company’s ongoing efforts to attract more real estate sellers and
agents to its marketplace, which enabled the Company to facilitate
a higher commission-based GMV and grow its revenue in turn.
COST OF
REVENUE
Cost of revenue in the fourth quarter of 2019
increased by 51.0% to RMB832.8 million (US$119.6 million) from
RMB551.7 million in the same period of 2018, mainly attributable to
an increase in commission fees payable to agents for the services
they rendered, which is in line with the increased commission from
transactions resulting from the Company’s business growth.
GROSS
PROFIT
Gross profit in the fourth quarter of 2019
increased by 46.3% to RMB214.4 million (US$30.8 million) from
RMB146.5 million in the same period of 2018. Gross margin in the
fourth quarter of 2019 remained stable at 20.5% compared to the
same period of 2018.
OPERATING
EXPENSES
Operating expenses in the fourth quarter of
2019, including share-based compensation expenses of RMB745.9
million (US$107.1 million), increased to RMB899.7 million (US$129.2
million) from RMB116.5 million in the same period of 2018.
- Sales and marketing expenses in the fourth quarter of 2019
decreased by 34.2% to RMB17.1 million (US$2.5 million) from RMB26.0
million in the same period of 2018. The decrease in sales and
marketing expenses was primarily due to the reduction in spending
on brand promotion and marketing activities.
- Product development expenses in the fourth quarter of 2019 were
RMB506.8 million (US$72.8 million) compared to RMB53.5 million in
the same period of 2018. The increase in product development
expenses was mainly attributable to share-based compensation
expenses of RMB435.1 million (US$62.5 million) in the fourth
quarter of 2019. The remaining increase of RMB18.2 million (US$2.6
million) in product development expenses was primarily due to
higher personnel-related expenses, resulting from the increase in
average compensation of product development personnel in the fourth
quarter of 2019 as the Company sought to enhance its technological
infrastructure to attract and retain more agents.
- General and administrative expenses in the fourth quarter of
2019 were RMB375.9 million (US$54.0 million), compared to RMB37.0
million in the same period of 2018. The increase in general and
administrative expenses was mainly driven by share-based
compensation expenses of RMB310.8 million (US$44.6 million) in the
fourth quarter of 2019. The remaining increase of RMB28.1 million
(US$4.0 million) in general and administrative expenses was
primarily attributable to (1) increases in headcount and average
compensation during the fourth quarter of 2019 due to the rapid
growth of the Company's business; (2) an increased headcount to
improve the Company's corporate governance and ensure compliance in
associate with its status of a US-listed company, as well as
certain listing expenses following the listing of the Company; and
(3) an increase in provision for doubtful debtors which was in line
with the rapid growth of the Company’s business.
INCOME(LOSS) FROM
OPERATIONS
Loss from operations in the fourth quarter of
2019 was RMB685.2 million (US$98.4 million) compared to an income
from operations of RMB30.0 million in the same period of 2018.
Non-GAAP income from operations5 in the fourth
quarter of 2019 was RMB60.6 million (US$8.7 million) compared to
RMB30.0 million in the same period of 2018. Non-GAAP operating
margin in the fourth quarter of 2019 was 5.8% compared to 4.3% in
the same period of 2018.
_____________________5 Non-GAAP income from
operations is defined as income from operations excluding
share-based compensation expenses.
NET
INCOME(LOSS)
Net loss in the fourth quarter of 2019 was
RMB691.0 million (US$99.3 million) compared to a net income of
RMB40.1 million in the same period of 2018.
Non-GAAP net income in the fourth quarter of
2019 was RMB54.9 million (US$7.9 million) compared to RMB40.1
million in the same period of 2018. Non-GAAP net margin in the
fourth quarter of 2019 was 5.2% compared to 5.7% in the same period
of 2018.
NET LOSS PER
ADS
Basic and diluted net loss attributable to
ordinary shareholders per American Depositary Share (“ADS”) in the
fourth quarter of 2019 were both RMB22.00 (US$3.16). In comparison,
the Company’s basic and diluted net loss attributable to ordinary
shareholders per ADS in the same period of 2018 were both RMB0.75.
Each ADS represents 25 of the Company’s Class A ordinary
shares.
Full Year 2019 Financial
Results
REVENUE
Revenue in 2019 increased by 57.7% to RMB3,599.4
million (US$517.0 million) from RMB2,282.2 million in 2018. The
increase was driven by the Company’s ongoing efforts to attract
more real estate sellers and agents to its marketplace, which
enabled the Company to facilitate a higher commission-based GMV and
grow its revenue in turn.
COST OF
REVENUE
Cost of revenue in 2019 increased by 57.4% to
RMB2,842.4 million (US$408.3 million) from RMB1,805.6 million in
2018.
GROSS
PROFIT
Gross profit in 2019 increased by 58.8% to
RMB757.0 million (US$108.7 million) from RMB476.6 million in 2018.
Gross margin in 2019 remained stable at 21.0% compared to 2018.
OPERATING
EXPENSES
Operating expenses in 2019, including
share-based compensation expenses of RMB745.9 million (US$107.1
million), increased to RMB1,293.8 million (US$185.8 million) from
RMB407.3 million in 2018.
- Sales and marketing expenses in 2019 decreased by 18.1% to
RMB48.4 million (US$7.0 million) from RMB59.1 million in 2018.
- Product development expenses in 2019 were RMB725.0 million
(US$104.1 million) compared to RMB202.9 million in 2018. Product
development expenses in 2019 included share-based compensation
expenses of RMB435.1 million (US$62.5 million).
- General and administrative expenses in 2019 were RMB520.4
million (US$74.8 million) compared to RMB145.3 million in 2018.
General and administrative expenses in 2019 included share-based
compensation expenses of RMB310.8 million (US$44.6 million).
INCOME(LOSS) FROM
OPERATIONS
Loss from operations in 2019 was RMB536.8
million (US$77.1million) compared to an income from operations of
RMB69.4 million in 2018.
Non-GAAP income from operations in 2019 was
RMB209.1 million (US$30.0million) compared to RMB69.4 million in
2018. Non-GAAP operating margin in 2019 was 5.8% compared to 3.0%
in 2018. The increase of non-GAAP income from operations in 2019
was primarily driven by the continued expansion of the Company’s
business and the improvement of the Company’s operating efficiency
through the advancement of technology.
NET
INCOME(LOSS)
Net loss in 2019 was RMB510.4 million (US$73.3
million) compared to a net income of RMB104.0 million in 2018.
Non-GAAP net income in 2019 was RMB235.5 million (US$33.8 million)
compared to RMB104.0 million in 2018. Non-GAAP net margin in 2019
was 6.5% compared to 4.6% in 2018.
NET LOSS PER
ADS
Basic and diluted net loss attributable to
ordinary shareholders per ADS in 2019 were both RMB29.25 (US$4.20).
In comparison, the Company’s basic and diluted net loss
attributable to ordinary shareholders per ADS in 2018 were both
RMB3.75.
Liquidity
As of December 31, 2019, the Company had cash
and cash equivalents, restricted cash, and short-term investments
of RMB1,345.4 million (US$193.3 million), short-term bank
borrowings of RMB490 million (US$70.4 million), as well as
un-utilized bank facilities of RMB285.0 million (US$40.9 million).
Net cash provided by operating activities in 2019 was RMB118.5
million (US$17.0 million).
Recent
Development
On March 31, 2020, the Company’s board of
directors appointed Ms. Jiaorong Pan, the Company’s Chief Financial
Officer, as one of the Company’s directors. The Company’s board of
directors currently consists of nine members, three of which are
independent directors.
Business
Outlook
For the first quarter of 2020, the Company
expects its revenue to be between RMB270 million and RMB300
million. Due to the early Lunar New Year holiday and the outbreak
of COVID-19 in China, the number of effective working days for
Chinese real estate agents in the first quarter of 2020 was reduced
to approximately 30% of the working days in the same period of
2019. Given the evolving nature of the coronavirus outbreak, the
Company currently has very limited visibility on the impacts of the
pandemic to its business and the markets in which it operates. As a
result, this forecast only reflects the Company’s current and
preliminary views on the market and operational conditions, which
are subject to change.
Conference Call
Information
The Company’s management team will hold a Direct
Event conference call on Tuesday, March 31, 2020, at 7:00 A.M.
Eastern Time (or 7:00 P.M. Beijing Time on the same day) to discuss
the financial results. Details for the conference call are as
follows:
Event Title: |
Fangdd Network Group Ltd Fourth Quarter and Full Year 2019 Earnings
Conference Call |
Conference ID: |
#10005221 |
Registration Link: |
https://s1.c-conf.com/diamondpass/10005221-invite.html |
Due to the global outbreak of the novel
coronavirus, operator assisted conference calls are not available
at the moment. All participants must use the link provided above to
complete the online registration process in advance of the
conference call. Upon registering, each participant will receive a
set of participant dial-in numbers, the Direct Event passcode, and
a unique access PIN, which can be used to join the conference
call.
A replay of the conference call will be
accessible through April 8, 2020, by dialing the following
numbers:
United States: |
+1-855-883-1031 |
Hong Kong, China: |
800-930-639 |
Replay Code: |
#10005221 |
A live and archived webcast of the conference
call will also be available at the Company’s investor relations
website at http://ir.fangdd.com/.
Exchange
Rate
This press release contains translations of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of readers. Unless otherwise noted, all
translations from Renminbi to U.S. dollars, in this press release,
were made at a rate of RMB 6.9618 to US$1.00, the noon buying rate
in effect on December 31, 2019, in the City of New York for cable
transfers in Renminbi per U.S. dollar as certified for customs
purposes by the Federal Reserve Bank of New York.
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
from operations, non-GAAP operating margin, non-GAAP net income and
non-GAAP net margin by excluding share-based compensation expenses
from income from operations and net income , respectively. These
non-GAAP financial measures are not defined under U.S. GAAP and are
not presented in accordance with U.S. GAAP. 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 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. 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. The Company
compensates for these limitations by reconciling these non-GAAP
financial measures to the most directly comparable U.S. GAAP
measures, which should be considered when evaluating the Company’s
performance. 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.
About
FangDD
Fangdd Network Group Ltd. (NASDAQ: DUO)
(“FangDD” or the “Company”) is a leading property technology
company in China. Through innovative use of mobile internet, cloud
and big data, FangDD has fundamentally revolutionized the way real
estate agents conduct business through a suite of modular products
and services powered by technology. FangDD operates China’s largest
online real estate marketplace as measured by the number of
registered agents on its marketplace as of December 31, 2018. Of
the approximately 2.0 million real estate agents in China, more
than 1,250,000 were on its platform as of December 31, 2019. For
more information, please visit http://ir.fangdd.com.
Safe Harbor
Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,”
“project,” “potential,” “seek,” “may,” “might,” “can,” “could,”
“will,” “would,” “shall,” “should,” “is likely to” and the negative
form of these words and other similar expressions. Among other
things, statements that are not historical facts, including
statements about FangDD’s beliefs and expectations, the business
outlook and quotations from management in this announcement, as
well as FangDD’s strategic and operational plans, are or contain
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following. The general economic and business conditions in China
may deteriorate. The growth of Internet and mobile user population
in China might not be as strong as expected. FangDD’s plan to
attract new and retain existing real estate agents, expand property
listings, develop new products and increase service offerings might
not be carried out as expected. FangDD might not be able to
implement all of its strategic plans as expected. Competition in
China may intensify further. All information provided in this press
release is as of the date of this press release and are based on
assumptions that the Company believes to be reasonable as of this
date, and FangDD does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations
ContactFangDDMs. Linda LiDirector, Capital Markets
DepartmentPhone: +86-0755-2699-8968E-mail:ir@fangdd.com
ICR, Inc.Jack WangPhone: +1(646) 308-1649E-mail:
FangDD@icrinc.com
Fangdd Network Group Ltd.
SELECTED UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS DATA
(All amounts in thousands, except for
share and per share data)
|
As of December 31, |
|
2018 |
2019 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
443,586 |
|
1,103,747 |
|
Restricted cash |
350,632 |
|
230,125 |
|
Short-term investments |
71,483 |
|
11,500 |
|
Accounts receivable, net |
1,352,596 |
|
2,189,980 |
|
Prepayments and other current assets |
210,996 |
|
194,668 |
|
Total current assets |
2,429,293 |
|
3,730,020 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
2,879,284 |
|
4,372,125 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term bank borrowings |
395,000 |
|
490,000 |
|
Accounts payable |
1,128,248 |
|
1,897,611 |
|
Customers’ refundable fees |
41,697 |
|
44,916 |
|
Accrued expenses and other payables |
425,470 |
|
338,626 |
|
Income tax payable |
369 |
|
7 |
|
Total current liabilities |
1,990,784 |
|
2,771,160 |
|
|
|
|
|
|
Total liabilities |
2,003,430 |
|
2,783,070 |
|
Total mezzanine equity |
2,743,144 |
|
- |
|
Total shareholders'
(deficit) equity |
(1,867,290 |
) |
1,589,055 |
|
Total liabilities, mezzanine equity and
(deficit) equity |
2,879,284 |
|
4,372,125 |
|
|
|
|
|
|
Fangdd Network Group Ltd.
SELECTED UNAUDITED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) DATA
(All amounts in thousands, except for
share and per share data)
|
For the Three Months Ended December 31, |
|
For the Fiscal Year Ended December 31, |
|
2018 |
2019 |
|
2018 |
2019 |
|
RMB |
RMB |
|
RMB |
RMB |
Revenue |
698,182 |
|
1,047,235 |
|
|
2,282,216 |
|
3,599,436 |
|
Cost of revenue |
(551,698 |
) |
(832,755 |
) |
|
(1,805,588 |
) |
(2,842,394 |
) |
Gross profit |
146,484 |
|
214,480 |
|
|
476,628 |
|
757,042 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(26,005 |
) |
(17,095 |
) |
|
(59,099 |
) |
(48,395 |
) |
Product development expenses |
(53,512 |
) |
(506,766 |
) |
|
(202,877 |
) |
(724,983 |
) |
General and administrative expenses |
(37,006 |
) |
(375,868 |
) |
|
(145,277 |
) |
(520,421 |
) |
Total operating expenses |
(116,523 |
) |
(899,729 |
) |
|
(407,253 |
) |
(1,293,799 |
) |
Income (loss) from operations |
29,961 |
|
(685,249 |
) |
|
69,375 |
|
(536,757 |
) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
40,059 |
|
(691,002 |
) |
|
104,026 |
|
(510,387 |
) |
Accretion of Redeemable Convertible Preferred Shares |
(67,576 |
) |
(582 |
) |
|
(248,186 |
) |
(116,308 |
) |
Deemed dividend to preferred shareholder |
- |
|
(642,174 |
) |
|
- |
|
(642,174 |
) |
Net loss attributable to ordinary
shareholders |
(27,517 |
) |
(1,333,758 |
) |
|
(144,160 |
) |
(1,268,869 |
) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
40,059 |
|
(691,002 |
) |
|
104,026 |
|
(510,387 |
) |
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
(15,443 |
) |
20,128 |
|
|
(119,487 |
) |
(94,357 |
) |
Total comprehensive income (loss), net of tax |
24,616 |
|
(670,874 |
) |
|
(15,461 |
) |
(604,744 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
- Basic |
(0.03 |
) |
(0.88 |
) |
|
(0.15 |
) |
(1.17 |
) |
- diluted |
(0.03 |
) |
(0.88 |
) |
|
(0.15 |
) |
(1.17 |
) |
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
- Basic |
(0.75 |
) |
(22.00 |
) |
|
(3.75 |
) |
(29.25 |
) |
- diluted |
(0.75 |
) |
(22.00 |
) |
|
(3.75 |
) |
(29.25 |
) |
Weighted average number of ordinary shares used in
computing net loss per share, basic and diluted |
|
|
|
|
|
|
|
|
|
- Basic |
945,712,030 |
|
1,520,879,947 |
|
|
945,712,030 |
|
1,087,910,999 |
|
- diluted |
945,712,030 |
|
1,520,879,947 |
|
|
945,712,030 |
|
1,087,910,999 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP and Non-GAAP
Results
(All amounts in thousands, except for
share and per share data)
|
For the Three Months EndedDecember 31, |
|
For the Fiscal Year EndedDecember 31, |
|
2018 |
2019 |
|
2018 |
2019 |
|
|
|
|
|
|
|
|
GAAP income/(loss) from operations |
29,961 |
|
(685,249 |
) |
|
69,375 |
|
(536,757 |
) |
Share-based compensation expenses |
- |
|
745,873 |
|
|
- |
|
745,873 |
|
Non-GAAP income from operations |
29,961 |
|
60,624 |
|
|
69,375 |
|
209,116 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
40,059 |
|
(691,002 |
) |
|
104,026 |
|
(510,387 |
) |
Share-based compensation expenses |
- |
|
745,873 |
|
|
- |
|
745,873 |
|
Non-GAAP net income |
40,059 |
|
54,871 |
|
|
104,026 |
|
235,486 |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin |
4.3% |
|
(65.4% |
) |
|
3.0% |
|
(14.9% |
) |
Share-based compensation expenses |
- |
|
71.2% |
|
|
- |
|
20.7% |
|
Non-GAAP operating margin |
4.3% |
|
5.8% |
|
|
3.0% |
|
5.8% |
|
|
|
|
|
|
|
|
|
|
|
GAAP net margin |
5.7% |
|
(66.0% |
) |
|
4.6% |
|
(14.2% |
) |
Share-based compensation expenses |
- |
|
71.2% |
|
|
- |
|
20.7% |
|
Non-GAAP net margin |
5.7% |
|
5.2% |
|
|
4.6% |
|
6.5% |
|
|
|
|
|
|
|
|
|
|
|
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