BEIJING, Aug. 29, 2017 /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, 2017.
Second Quarter 2017 Highlights
- Total revenues were $110.1
million, a decrease of 61.6% from the corresponding period
in 2016.
- Operating loss was $6.1
million. Non-GAAP operating loss was
$3.8 million.
- Net loss attributable to Fang's shareholders was
$2.1 million. Fully diluted loss per
ADS was $0.005.
- Non-GAAP net loss attributable to Fang's shareholders
was $5.8 million. Non-GAAP fully
diluted loss per ADS was 0.01.
- Net cash generating from operating activities was
$23.1 million in the second quarter
of 2017, compared to net cash generated from operating activities
of $36.5 million in the same period
of 2016.
First Half 2017 Highlights
- Total revenues were $219.9
million, a decrease of 55.3% from the corresponding period
in 2016.
- Operating loss was $12.2
million. Non-GAAP operating loss was
$8.4 million.
- Net loss attributable to Fang's shareholders was
$14.1 million. Fully diluted loss per
ADS was 0.03.
- Non-GAAP net loss attributable to Fang's shareholders
was $16.3 million. Non-GAAP fully
diluted loss per ADS was 0.04.
- Net cash generating from operating activities was
$12.1million in the first half of
2017, compared to cash flow used in operating activities of
$30.7 million in the same period of
2016.
"We have experienced our biggest downsizing and consolidation
since a year ago. Our transformation back to a technology-driven
open platform is reaching its goals," said Vincent Mo, Chairman and CEO of Fang.com. "We
expect to be back on track and profitable in the second half of the
year."
Second Quarter 2017 Results
Revenues
Fang reported total revenues of $110.1
million in the second quarter of 2017, a 61.6% decrease from
$287.0 million in the corresponding
period of 2016, primarily due to the decline in e-commerce services
revenue by 166.7 million caused by the strategy change.
Revenue from e-commerce services was $22.9 million in the second quarter of 2017, a
decrease of 87.9% from $189.5 million
in the corresponding period of 2016, primarily due to the changes
in revenue structure as a result of transformation from self owned
and operated services to franchise business.
Revenue from marketing services was $35.0
million in the second quarter of 2017, a decrease of 31.9%
from $51.4 million in the
corresponding period of 2016, primarily due to less demand from
property developers for online advertising under government
regulations in the real estate market of tier-1 and tier-2
cities.
Revenue from listing services was $42.3
million in the second quarter of 2017, an increase of 57.4%
from $26.9 million in the
corresponding period of 2016, primarily driven by the increased
number of paying members in lower tiers of cities.
Revenue from Internet financial services was $2.7 million in the second quarter of 2017, a
decrease of 75.7% from $11.1 million
in the corresponding period of 2016, primarily due to the decreased
secondary transaction volumes of Fang's own franchised brokerage
services.
Revenue from other value-added services was $7.1 million in the second quarter of 2017, a
decrease of 11.2% from $8.0 million
in the corresponding period of 2016.
Cost of Revenue
Cost of revenue was $48.7 million
in the second quarter of 2017, a decrease of 78.9% from
$231.1 million in the corresponding
period of 2016, primarily driven by the agent reduction and cost
optimization under the newly adopted open platform strategy.
Operating Expense
Operating expenses were $67.4
million in the second quarter of 2017, a decrease of 23.9%
from $88.6 million in the
corresponding period of 2016.
Selling expenses were $23.1
million in the second quarter of 2017, a decrease of 55.8%
from $52.3 million for the
corresponding period of 2016, primarily caused by the decrease of
advertising and promotion fee, as well as the e-commerce cost
decrease.
General and administrative expenses were $43.6 million in the second quarter of 2017, an
increase of 20.0% from $36.4 million
for the corresponding period of 2016, primarily due to the
increased bad debt and impairment of commitment deposits.
Operating Income
Operating loss was $6.1 million in
the second quarter of 2017, compared to operating loss of
$32.8 million in the corresponding
period of 2016, primarily attributable to the agent reduction and
effective cost control.
Income Tax Benefits/Expenses
Income tax benefits were $0.6
million in the second quarter of 2017, compared to income
tax expenses of $8.7 million in the
corresponding period of 2016, primarily due to the reversal of
previously recorded ASC 740 (FIN 48) tax and interest
liability.
Net Income/Loss and EPS
Net loss attributable to Fang's shareholders was $2.1 million in the second quarter of 2017,
compared to net loss of $40.6 million
in the corresponding period of 2016. Loss per fully-diluted
ordinary share and ADS were $0.024
and $0.005 in the second quarter of
2017, compared to loss of $0.43 and
$0.09, respectively, in the
corresponding period of 2016.
Unrealized Gain on Available for Sale Security
Unrealized gain on available for sale security was $84.6 million in the second quarter of 2017,
compared with 1.4 million in the corresponding period of 2016,
primarily due to the fair value increase of World Union, a PRC
listed company.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income
taxes, interest expenses, interest income, depreciation and
amortization, was $1.3 million in the
second quarter of 2017, compared to the loss of $24.3 million in the corresponding period of
2016.
Cash
As of June 30, 2017, Fang had
cash, cash equivalents, and short-term investments of $547.1million, compared to $590.5 million as of December 31, 2016. Net cash generated from
operating activities was $23.1
million in the second quarter of 2017, compared to cash flow
generated from operating activities of $36.5
million in the same period of 2016. The decrease in cash
flows generated from operating activities was primarily due to the
decrease of change in loan receivable in operating activities
compared to the second quarter of 2016.
First Half 2017 Results
Revenues
Fang reported total revenues of $219.9
million for the first half of 2017, representing a decrease
of 55.3% from $491.6 million for the
corresponding period in 2016, primarily due to the decline of
e-commerce services by 257.7 million caused by the strategy
change.
Revenue from e-commerce services was $62.8 million for the first half of 2017, an
80.4% decrease from $320.4 million
for the same period in 2016, primarily due to the changes in
revenue structure as a result of transformation from self owned and
operated services to franchise business.
Revenue from marketing services was $62.4
million for the first half of 2017, a decrease of 23.8% from
$81.8 million for the corresponding
period in 2016, primarily due to less demand from property
developers for online advertising under government regulations in
the real estate market of tier-1 and tier-2 cities.
Revenue from listing services was $76.4
million for the first half of 2017, an increase of 49.8%
from $51.0 million for the
corresponding period in 2016, primarily due to the increased number
of paying members in lower tiers of cities.
Revenue from internet financial services was $4.9 million for the first half of 2017, a
decrease of 77.2% from $21.7 million
for the corresponding period in 2016, primarily due to the
decreased secondary transaction volumes of Fang's own franchised
brokerage services.
Revenue from value-added services and other services was
$13.4 million for the first half of
2017, a decrease of 19.2% in the corresponding period in 2016.
Cost of Revenue
Cost of revenue was $109.5 million
for the first half of 2017, a decrease of 75.2% from $441.0 million for the corresponding period in
2016. The decrease in cost of revenue was mainly driven by the
agent reduction and cost optimization under the newly adopted open
platform strategy.
Operating Expenses
Operating expenses were $122.6
million for the first half of 2017, a decrease of 36.7% from
$193.6 million for the corresponding
period in 2016.
Selling expenses were $46.5
million for the first half of 2017, a decrease of 59.2% from
$113.9 million for the corresponding
period in 2016, primarily caused by the decrease of advertising and
promotion fee, as well as the e-commerce cost decrease.
General and administrative expenses were $75.0 million for the first half of 2017, a
decrease of 5.9% from $79.7 million
for the corresponding period in 2016, primarily due to the
effective cost control measures partially offset by the increased
bad debt and impairment of commitment deposits.
Operating Loss/Income
Operating loss was $12.2 million
for the first half of 2017, compared to operating loss of
$142.8 million for the corresponding
period in 2016.
Income Tax Expenses
Income tax expense was $4.2
million for the first half of 2017, a 69.3% decrease
compared to $13.9 million for the
corresponding period in 2016, primarily due to the reversal of
previously recorded ASC 740 (FIN 48) tax and interest
liability.
Net Loss/Income and EPS
Net loss attributable to Fang's shareholders was $14.1 million for the first half of 2017,
compared to net loss attributable to Fang's shareholders
$154.3 million for the corresponding
period in 2016. Loss per fully diluted ordinary share and ADS were
$0.16 and $0.32, respectively, for the first half of 2017,
compared to loss per fully diluted ordinary share and ADS of
$1.62 and $0.32, respectively, for the corresponding period
in 2016.
Cash
Net cash generated from operating activities was $12.1 million in the first half of 2017, compared
to net cash used in operating activities of $30.7 million for the same period in 2016,
primarily due to a $140.2 million decrease of net loss
compared to the first half of 2016.
Business Outlook
The Company is in its last stage of returning to a
technology-driven open platform and expects to be profitable in the
second half of the year.
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 29, 2017 through
9:59 ET September 6, 2017. 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:
|
72745007
|
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 our websites, we
provide e-commerce, marketing, listing, financial and other
value-added services for China's
fast-growing real estate and home furnishing and improvement
sectors. Our 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. Such forward-looking statements include, without
limitation, statements regarding Fang's future financial
performance, revenue guidance for 2016, growth and growth rates,
and market position and continued business transformation.
Statements that are not historical facts, including statements
about Fang's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, without limitation, whether the transactions contemplated
by the restructuring of Fang's assets and businesses will receive
the requisite approvals, whether such restructuring will be carried
out as planned, the impact of such restructuring on Fang's assets
and businesses, the impact of Fang's transformation from a pure
Internet information platform to a transaction-oriented platform,
the impact of Fang's implementation of a "zero tolerance policy"
that has resulted in dismissal of employees, the impact of the
slowdown in China's real estate market on Fang and the
impact on revenues of our existing and new service fees reductions,
the ability of Fang to retain real estate listing agencies as
customers during challenging economic periods, the success of
Fang's new business initiatives, the ability of Fang to manage its
operating expenses, the impact of, measures taken or to be taken by
the Chinese government to control real estate growth and prices and
other events which could occur in the future, economic challenges
in China's real estate market, the impact of competitive
market conditions for our services, our ability to maintain and
increase our leadership in China's home related internet
sector, the uncertain regulatory landscape in China,
fluctuations in our quarterly operating results, our continued
ability to execute business strategies including our SouFun
membership services and SouFun Online Shop, our ability to continue
to expand in local markets, our reliance on online advertising
sales and listing services and transactions for our revenues, any
failure to successfully develop and expand our content, service
offerings and features, including the success of new features to
meet evolving market needs, and the technologies that support them,
the quality of the loans we originate and resell and the
performance of those loans in the future, our ability to
successfully service and process customer loans for our own benefit
and for the purchasers of those loans and, should we in the future
make acquisitions, any failure to successfully integrate acquired
businesses.
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 financial measures provide
meaningful supplemental information to investors regarding its
operating performance by excluding share-based compensation
expenses and the related tax effects, realized gain on
available-for-sale security, interest income and expenses, income
tax expenses, and depreciation expense for the three months
ended June 30, 2016, which (1) may not be indicative of Fang's
recurring core business operating results or (2) are not expected
to result in future cash payments. These non-GAAP financial
measures also facilitate management's internal comparisons to
Fang's historical performance and assist its financial and
operational decision making. A limitation of using these non-GAAP
financial measures is that share-based compensation, interest
income and expenses, income tax expenses, and depreciation expenses
have been and will continue to be a significant recurring expense
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.
For investor and media inquiries, please contact:
Dr. Hua
Lei
CFO
Phone: +86-10-5631-8661
Email: leihua@fang.com
Ms. Joyce Tang
Senior Investor Relations
Manager
Phone: +86-10-5631 8659
Email: tangjunning@fang.com
Ms. Dana Cheng
Investor Relations Manager
Phone: +86-10-5631 8174
Email: chengyu.bj@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,
|
|
|
2017
|
2016
|
Current
assets:
|
(Unaudited)
|
(Audited)
|
|
Cash and cash
equivalents
|
235,616
|
336,528
|
|
Restricted cash,
current
|
215,095
|
211,084
|
|
Short-term
investments
|
96,382
|
42,929
|
|
Accounts receivable,
net
|
72,520
|
93,672
|
|
Funds
receivable
|
21,468
|
20,483
|
|
Prepayment and other
current assets
|
35,308
|
39,824
|
|
Commitment
deposits
|
505
|
6,527
|
|
Loan receivable,
current
|
52,386
|
41,966
|
|
Amount due from
related parties
|
759
|
197
|
Total current
assets
|
730,039
|
793,210
|
Non-current
assets:
|
|
|
|
Property and
equipment, net
|
550,002
|
319,897
|
|
Loan receivable,
non-current
|
15,771
|
16,808
|
|
Deferred tax assets,
non-current
|
7,257
|
4,915
|
|
Deposit for
non-current assets
|
72,717
|
240,712
|
|
Long-term
investments
|
335,696
|
231,880
|
|
Other non-current
assets
|
3,010
|
7,391
|
Total non-current
assets
|
984,453
|
821,603
|
Total
assets
|
1,714,492
|
1,614,813
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
Short-term
loans
|
278,432
|
212,734
|
|
Deferred
revenue
|
150,544
|
129,765
|
|
Accrued expenses and
other liabilities
|
260,046
|
318,540
|
|
Customers' refundable
fees
|
24,548
|
28,630
|
|
Income tax
payable
|
9,308
|
6,022
|
Total current
liabilities
|
722,878
|
695,691
|
Non-current
liabilities:
|
|
|
|
Long-term
loans
|
15,696
|
65,190
|
|
Convertible senior
notes
|
296,135
|
295,268
|
|
Deferred tax
liabilities, non-current
|
97,560
|
70,424
|
|
Other non-current
liabilities
|
425
|
415
|
Total non-current
liabilities
|
409,816
|
431,297
|
Total
Liabilities
|
1,132,694
|
1,126,988
|
|
|
|
|
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,
and 62,674,810 shares and 70,736,054 shares
issued and outstanding as at June 30, 2017 and
December 31, 2016, respectively
|
9,169
|
9,157
|
|
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, 2017 and December 31, 2016
respectively
|
3,124
|
3,124
|
|
Treasure
stock
|
(136,615)
|
(136,615)
|
|
Additional paid-in
capital
|
494,173
|
488,943
|
|
Accumulated other
comprehensive income
|
21,508
|
(81,349)
|
|
Retained
earnings
|
189,759
|
203,870
|
Total Fang
Holdings Limited shareholders' equity
|
581,118
|
487,130
|
|
Non-controlling
interests
|
680
|
695
|
Total
equity
|
581,798
|
487,825
|
TOTAL LIABILITIES
AND EQUITY
|
1,714,492
|
1,614,813
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
E-commerce
services
|
22,865
|
|
189,514
|
|
62,755
|
|
320,418
|
|
Marketing
services
|
35,035
|
|
51,412
|
|
62,370
|
|
81,844
|
|
Listing
services
|
42,343
|
|
26,902
|
|
76,386
|
|
50,988
|
|
Financial
services
|
2,702
|
|
11,104
|
|
4,949
|
|
21,729
|
|
Other value-added
services and other services
|
7,148
|
|
8,046
|
|
13,436
|
|
16,622
|
Total
revenues
|
110,093
|
|
286,978
|
|
219,896
|
|
491,601
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
|
Cost of
services
|
(48,728)
|
|
(231,137)
|
|
(109,454)
|
|
(440,780)
|
Total Cost of
Revenues
|
(48,728)
|
|
(231,137)
|
|
(109,454)
|
|
(440,780)
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
61,365
|
|
55,841
|
|
110,442
|
|
50,821
|
|
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
|
|
Selling
expenses
|
(23,099)
|
|
(52,264)
|
|
(46,510)
|
|
(113,861)
|
|
General and
administrative expenses
|
(43,624)
|
|
(36,359)
|
|
(75,007)
|
|
(79,736)
|
|
Other
income
|
(704)
|
|
-
|
|
(1,107)
|
|
-
|
Operating Income
(loss)
|
(6,062)
|
|
(32,782)
|
|
(12,182)
|
|
(142,776)
|
|
Foreign exchange gain
(loss)
|
1
|
|
92
|
|
214
|
|
57
|
|
Other-than-temporary
impairment on available-for-sale securities
|
(1,817)
|
|
-
|
|
(2,768)
|
|
-
|
|
Interest
income
|
2,714
|
|
2,960
|
|
5,438
|
|
6,473
|
|
Interest
expense
|
(4,400)
|
|
(4,596)
|
|
(8,241)
|
|
(9,206)
|
|
Investment
income
|
5,985
|
|
1,355
|
|
5,985
|
|
1,355
|
|
Government
grants
|
932
|
|
1,067
|
|
1,699
|
|
3,667
|
Income (loss)
before income taxes and non-controlling
interests
|
(2,647)
|
|
(31,904)
|
|
(9,855)
|
|
(140,430)
|
Income tax
expenses
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
553
|
|
(8,698)
|
|
(4,256)
|
|
(13,872)
|
Net income
(loss)
|
(2,094)
|
|
(40,602)
|
|
(14,111)
|
|
(154,302)
|
|
Net income (loss)
attributable to noncontrolling interests
|
(1)
|
|
(1)
|
|
(1)
|
|
1
|
Net income (loss)
attributable to Fang Holdings Limited
shareholders
|
(2,093)
|
|
(40,601)
|
|
(14,110)
|
|
(154,303)
|
Other
comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
Foreign currency
Translation
|
16,459
|
|
(26,737)
|
|
19,578
|
|
(27,890)
|
|
Amounts reclassified
from accumulated other comprehensive
income
|
(1,674)
|
|
-
|
|
(1,674)
|
|
-
|
|
Unrealized gain on
available-for-sale security
|
84,611
|
|
1,386
|
|
85,124
|
|
(3,397)
|
|
Loss on intra-entity
foreign transactions of long-term-investment
nature
|
(171)
|
|
-
|
|
(171)
|
|
-
|
Total other
comprehensive income (loss), net of tax
|
99,225
|
|
(25,351)
|
|
102,857
|
|
(31,287)
|
Comprehensive
income (loss)
|
97,131
|
|
(65,952)
|
|
88,746
|
|
(185,590)
|
Earnings/(loss)
per share for Class A and Class B ordinary shares:
|
|
|
|
|
|
Basic
|
(0.02)
|
|
(0.43)
|
|
(0.16)
|
|
(1.62)
|
|
Diluted
|
(0.02)
|
|
(0.43)
|
|
(0.16)
|
|
(1.62)
|
Earnings/(loss)
per ADS:
|
|
|
|
|
|
|
|
|
Basic
|
(0.005)
|
|
(0.09)
|
|
(0.03)
|
|
(0.32)
|
|
Diluted
|
(0.005)
|
|
(0.09)
|
|
(0.03)
|
|
(0.32)
|
Weighted average
number of Class A and Class B ordinary
shares outstanding:
|
|
|
|
|
|
Basic
|
88,437,943
|
|
94,816,906
|
|
88,398,683
|
|
94,980,072
|
|
Diluted
|
88,437,943
|
|
94,816,906
|
|
88,398,683
|
|
94,980,072
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
Basic
|
442,189,713
|
|
474,084,530
|
|
441,993,416
|
|
474,900,360
|
|
Diluted
|
442,189,713
|
|
474,084,530
|
|
441,993,416
|
|
474,900,360
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
GAAP income from
operations
|
(6,062)
|
|
(32,782)
|
|
(12,182)
|
|
(142,776)
|
|
Share-based
compensation expense
|
2,233
|
|
2,464
|
|
3,772
|
|
4,369
|
|
Non-GAAP income
from operations
|
(3,839)
|
|
(30,318)
|
|
(8,410)
|
|
(138,407)
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
(2,094)
|
|
(40,602)
|
|
(14,111)
|
|
(154,302)
|
|
Investment
income
|
(5,985)
|
|
(1,355)
|
|
(5,985)
|
|
(1,355)
|
|
Share-based
compensation expense
|
2,233
|
|
2,464
|
|
3,772
|
|
4,369
|
|
Non-GAAP net
income
|
(5,846)
|
|
(39,493)
|
|
(16,324)
|
|
(151,288)
|
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to Fang shareholders
|
(2,093)
|
|
(40,601)
|
|
(14,110)
|
|
(154,303)
|
|
Investment
income
|
(5,985)
|
|
(1,355)
|
|
(5,985)
|
|
(1,355)
|
|
Share-based
compensation expense
|
2,233
|
|
2,464
|
|
3,772
|
|
4,369
|
|
Non-GAAP net
Income attributable to Fang Holdings
Limited shareholders
|
(5,846)
|
|
(39,492)
|
|
(16,323)
|
|
(151,289)
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
Basic
|
(0.02)
|
|
(0.43)
|
|
(0.16)
|
|
(1.62)
|
|
Diluted
|
(0.02)
|
|
(0.43)
|
|
(0.16)
|
|
(1.62)
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
(0.005)
|
|
(0.09)
|
|
(0.03)
|
|
(0.32)
|
|
Diluted
|
(0.005)
|
|
(0.09)
|
|
(0.03)
|
|
(0.32)
|
Non-GAAP earnings
per share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
Basic
|
(0.07)
|
|
(0.42)
|
|
(0.18)
|
|
(1.59)
|
|
Diluted
|
(0.07)
|
|
(0.42)
|
|
(0.18)
|
|
(1.59)
|
Non-GAAP earnings
per ADS:
|
|
|
|
|
|
|
|
|
Basic
|
(0.01)
|
|
(0.08)
|
|
(0.04)
|
|
(0.32)
|
|
Diluted
|
(0.01)
|
|
(0.08)
|
|
(0.04)
|
|
(0.32)
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
88,437,943
|
|
94,816,906
|
|
88,398,683
|
|
94,980,072
|
|
Diluted
|
88,437,943
|
|
94,816,906
|
|
88,398,683
|
|
94,980,072
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
Basic
|
442,189,713
|
|
474,084,530
|
|
441,993,416
|
|
474,900,360
|
|
Diluted
|
442,189,713
|
|
474,084,530
|
|
441,993,416
|
|
474,900,360
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
income
|
(5,846)
|
|
(39,493)
|
|
(16,324)
|
|
(151,288)
|
Add
back:
|
|
|
|
|
|
|
|
|
Interest
expense
|
4,400
|
|
4,596
|
|
8,241
|
|
9,206
|
|
Income tax
expenses
|
(553)
|
|
8,698
|
|
4,256
|
|
13,872
|
|
Depreciation
expenses
|
6,055
|
|
4,906
|
|
11,612
|
|
9,208
|
Subtract:
|
|
|
|
|
|
|
|
|
Interest
income
|
(2,714)
|
|
(2,960)
|
|
(5,438)
|
|
(6,473)
|
|
Adjusted
EBITDA
|
1,342
|
|
(24,253)
|
|
2,347
|
|
(125,475)
|
View original
content:http://www.prnewswire.com/news-releases/fang-announces-second-quarter-2017-results-300510667.html
SOURCE Fang Holdings Limited