BEIJING, March 29, 2018 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or "we"), the leading real estate
Internet portal in China, today
announced its unaudited financial results for fourth quarter and
fiscal year ended December 31,
2017.
Fourth Quarter 2017 Highlights
- Total revenues were $112.2million.
- Operating income was $30.6
million. Non-GAAP operating income was
$32.6 million. A description of
the adjustments from GAAP to non-GAAP operating income is detailed
in the Reconciliation Statement following this press release.
- Net income attributable to Fang's shareholders was
$15.2 million. Fully diluted earnings
per ADS were $0.03.
- Non-GAAP net income attributable to Fang's shareholders
was $15.1 million. Non-GAAP fully
diluted earnings per ADS were 0.03. A description of the
adjustments from GAAP to non-GAAP net income attributable to Fang's
shareholders and fully diluted earnings per ADS is detailed in the
Reconciliation Statement following this press release.
"Fang returned to full-year profitable
in 2017 after two years of net losses in 2015 and 2016," commented
Vincent Mo, Chairman and CEO of
Fang. "Although Fang is still in its retransformation back to a
platform player, it's clear that we are on the right track going
forward."
Fourth Quarter 2017 Results
Revenues
Fang reported total revenues of $112.2
million in the fourth quarter of 2017, a 35.8 % decrease
from $174.7 million in the
corresponding period of 2016, primarily due to the decline in
e-commerce services by $81.4
million.
Revenue from listing services was $41.8
million in the fourth quarter of 2017, an increase of 8.2%
from $38.6 million in the
corresponding period of 2016, driven by the increased number of
paying members.
Revenue from marketing services was $49.6
million in the fourth quarter of 2017, an increase of 3.4%
from $48.0 million in the
corresponding period of 2016, primarily driven by the refocus of
Fang's effort in the online business.
Revenue from e-commerce services was $8.5
million in the fourth quarter of 2017, a decrease of 90.6%
from $89.9 million in the
corresponding period of 2016, primarily due to Fang's
transformation back to a technology-driven open platform model.
Revenue from Internet financial services was $3.6million in the fourth quarter of 2017, a
significant increase from $0.6
million in the corresponding period of 2016, primarily due
to the recovery of loan operations and the introduction of
collateral loan products.
Revenue from other value-added services was $8.6 million in the fourth quarter of 2017, an
increase of 67.5% compared to $5.2
million in the corresponding period of 2016, primarily
driven by the growth of data products in the research
business.
Cost of Revenue
Cost of revenue was $29.7 million
in the fourth quarter of 2017, a decrease of 66.8% from
$89.4 million in the corresponding
period of 2016, primarily driven by the closing of the self-owned
brokerage stores, deduction of e-commerce staff and cost
optimization under the technology-driven open platform model.
Operating Expense
Operating expenses were $51.9
million in the fourth quarter of 2017, a decrease of 44.9%
from $94.2 million in the
corresponding period of 2016.
Selling expenses were $27.8
million in the fourth quarter of 2017, a decrease of 53.0%
from $59.2 million for the
corresponding period of 2016, primarily driven by the decrease of
advertising and promotion fee, sales commission fee.
General and administrative expenses were $24.3 million in the fourth quarter of 2017, a
decrease of 31.1% from $35.3 million
for the corresponding period of 2016, primarily due to the
deduction of staff cost.
Operating Income
Operating income was $30.6 million
in the fourth quarter of 2017, compared to operating loss of
$8.9 million in the corresponding
period of 2016, primarily attributable to the closing of the
self-owned brokerage stores and effective cost control.
Income Tax Expenses
Income tax expenses were $13.1
million in the fourth quarter of 2017, compared to
$3.1 million in the corresponding
period of 2016.
Net Income and EPS
Net income attributable to Fang's shareholders was $15.2 million in the fourth quarter of 2017,
compared to net loss of $10.4 million
in the corresponding period of 2016. Earnings per fully-diluted
ordinary share and ADS were $0.16 and
$0.03 in the fourth quarter of 2017,
compared to loss per fully-diluted ordinary share and ADS of
$0.11 and $0.02 in the fourth quarter of 2016,
respectively.
Adjusted EBITDA
Adjusted EBITDA, defined as non-GAAP net income before income
taxes, interest expenses, interest income, depreciation and
amortization, was $35.6 million in
the fourth quarter of 2017, compared to $2.4
million in the corresponding period of 2016.
Cash
As of December 31, 2017, Fang had
cash, cash equivalents, and short-term investments of $507.1 million, compared to $590.5 million as of December 31, 2016. Net cash generated from
operating activities was $57.1
million in the fourth quarter of 2017, compared to cash flow
generated from operating activities of $85.1
million in the same period of 2016, primarily due to the
decrease of cash inflow of loan receivable related to operating
activities compared to the fourth quarter of 2016.
Fiscal Year 2017 Results
Revenues
Fang reported total revenues of $444.3
million for 2017, representing a decrease of 51.5% from
$916.4 million for 2016, primarily
due to the decline in e-commerce services revenue by 489.9
million.
Revenue from marketing services was $149.3 million for 2017, a decrease of 9.8% from
$165.4 million for 2016, primarily
due to less demand from property developers.
Revenue from e-commerce services was $87.8 million for 2017, a decrease of 84.8% from
$577.7 million for 2016, primarily
due to Fang's transformation back to a technology-driven open
platform model.
Revenue from listing services was $165.4
million for 2017, an increase of 40.0% from $118.1 million for 2016, driven by the increased
number of paying members in lower-tier cities.
Revenue from financial services was $12.1
million for 2017, a decrease of 59.3% from $29.6 million for 2016,, primarily due to the
reduced loan demand from decreased secondary transaction volumes of
Fang's own franchised brokerage services and a strategic shift to a
more diversified loan business, which is still at its early
stage.
Revenue from other value-added services was $29.8 million for 2017, an increase of 16.6% from
$25.6 million for 2016, primarily
driven by the growth of data products in the research business.
Cost of Revenue
Cost of revenue was $174.6 million
for 2017, a decrease of 74.6% from $687.2
million for 2016, primarily driven by the closing of the
self-owned brokerage stores, deduction of e-commerce staff and cost
optimization under the technology-driven open platform model.
Operating Expenses
Operating expenses were $232.9
million for 2017, a decrease of 38.8% from $380.7 million for 2016.
Selling expenses were $91.3
million for 2017, a decrease of 60.3% from $229.8 million for 2016, primarily driven by the
decrease of advertising and promotion fee, sales commission
fee.
General and administrative expenses were $141.1 million for 2017, a decrease of 6.7% from
$151.3 million for 2016, primarily
due to the deduction of staff cost.
Operating Income
Operating income was $36.8 million
for 2017, compared with operating loss of $151.4 million for 2016.
Income Tax Expenses
Income tax expenses were $21.4
million for 2017, compared to $25.0
million for the corresponding period in 2016. The expenses
decrease was primarily due to the reversal of previously recorded
ASC 740 (FIN 48) tax and interest liability.
Net Loss/Income and EPS
Net income attributable to Fang's shareholders was $16.3 million for 2017, compared to net loss
$169.6 million for 2016. Earnings per
fully-diluted ordinary share and ADS were $0.18 and $0.04 in
2017, compared to loss per fully-diluted ordinary share and ADS of
$1.81 and $0.36 in 2016, respectively.
Adjusted EBITDA
Adjusted EBITDA was $63.6 million
for 2017, compared to negative $121.2
million for 2016.
Cash
Cash generated from operating activities was $126.9 million for 2017, compared to net cash
generated from operating activities $131.2
million for 2016, primarily due to the decrease of cash
inflow of loan receivable related to operating activities compared
to 2016.
Business Outlook
Fang estimates its net income for 2018 will range from
approximately $100 million to
approximately $120 million,
representing a year-on-year increase of approximately 388.3% to
approximately 485.9%. This forecast reflects Fang's current and
preliminary view, which is subject to change.
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 Mar 29, 2018 through 9:59 ET April
6, 2018. The dial-in details for the telephone replay are:
International
Toll:
|
+61
2-8199-0299
|
Toll-Free:
|
|
United
States
|
+1 855-452-5696 / +1
646-254-3697
|
Hong Kong
|
+852 800-963-117 /
+852 3051-2780
|
Mainland
China
|
+86 400-602-2065 /
+86 800-870-0205
|
Conference
ID:
|
8879727
|
A live and archived webcast of the conference call will be
available on Fang's website at http://ir.fang.com.
About Fang
Fang operates the leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites, Fang
provides e-commerce, marketing, listing, financial and other
value-added services for China's
fast-growing real estate and home furnishing and improvement
sectors. Its user-friendly websites support active online
communities and networks of users seeking information on, and other
value-added services for, the real estate and home furnishing and
improvement sectors in China. Fang
currently maintains about 100 offices to focus on local market
needs and its website and database contains real estate related
content covering more than 651 cities in China. For more information about Fang, please
visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "is expected to,"
"anticipates," "aim," "future," "intends," "plans," "believes,"
"are likely to," "estimates," "may," "should" and similar
expressions, and include, without limitation, statements regarding
Fang's future financial performance, revenue guidance, growth and
growth rates, market position and continued business
transformation. Such statements are based upon management's current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond Fang's control, which may cause its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the impact of Fang's
transformation back to a technology-driven Internet platform and
the impact of current and future government policies affecting
China's real estate market.
Further information regarding these and other risks, uncertainties
or factors is included in Fang's filings with the U.S. Securities
and Exchange Commission. Fang does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
law.
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 relevant period,
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. Dana Cheng
Senior Manager, Investor Relations
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
|
December
31,
|
December
31,
|
|
|
2017
|
2016
|
Current
assets:
|
(Unaudited)
|
(Audited)
|
|
Cash and cash
equivalents
|
228,276
|
336,528
|
|
Restricted cash,
current
|
223,002
|
211,084
|
|
Short-term
investments
|
55,801
|
42,929
|
|
Accounts receivable,
net
|
66,884
|
93,672
|
|
Funds
receivable
|
6,264
|
20,483
|
|
Prepayment and other
current assets
|
32,704
|
39,824
|
|
Commitment
deposits
|
300
|
6,527
|
|
Loan receivable,
current
|
129,438
|
41,966
|
|
Amount due from
related parties
|
167
|
197
|
Total current
assets
|
742,836
|
793,210
|
Non-current
assets:
|
|
|
|
Property and
equipment, net
|
622,145
|
319,897
|
|
Prepaid land lease
payments
|
35,728
|
|
|
Loan receivable,
non-current
|
14,674
|
16,808
|
|
Deferred tax assets,
non-current
|
7,602
|
4,915
|
|
Deposit for
non-current assets
|
58,722
|
240,712
|
|
Restricted cash,
non-current portion
|
39,982
|
-
|
|
Long-term
investments
|
470,964
|
231,880
|
|
Other non-current
assets
|
2,026
|
7,391
|
Total non-current
assets
|
1,251,843
|
821,603
|
Total
assets
|
1,994,679
|
1,614,813
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
Short-term
loans
|
236,985
|
212,734
|
|
Deferred
revenue
|
168,884
|
129,765
|
|
Accrued expenses and
other liabilities
|
303,714
|
318,539
|
|
Customers' refundable
fees
|
7,070
|
28,630
|
|
Income tax
payable
|
4,374
|
6,022
|
|
Convertible senior
notes-current
|
5,700
|
-
|
Total current
liabilities
|
726,727
|
695,691
|
Non-current
liabilities:
|
|
|
|
Long-term
loans
|
114,109
|
65,190
|
|
Convertible senior notes-non
current
|
291,365
|
295,268
|
|
Deferred tax
liabilities, non-current
|
126,641
|
70,424
|
|
Other non-current
liabilities
|
1,138
|
415
|
Total non-current
liabilities
|
533,253
|
431,297
|
Total
Liabilities
|
1,259,980
|
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, issued shares as of December 31, 2017 and
2016: 71,425,120 and 71,077,816; outstanding shares as of
December 31, 2017 and 2016: 64,360,062 and 64,012,758
|
9,204
|
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 December 31, 2017 and December
31, 2016, respectively
|
3,124
|
3,124
|
|
Treasure
stock
|
(136,615)
|
(136,615)
|
|
Additional paid-in
capital
|
500,666
|
488,943
|
|
Accumulated other
comprehensive income
|
137,463
|
(81,349)
|
|
Retained
earnings
|
220,165
|
203,870
|
Total Fang
Holdings Limited shareholders' equity
|
734,007
|
487,130
|
|
Noncontrolling
interests
|
692
|
695
|
Total
equity
|
734,699
|
487,825
|
TOTAL LIABILITIES
AND EQUITY
|
1,994,679
|
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
|
|
Year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
E-commerce
services
|
8,480
|
|
89,853
|
|
87,809
|
|
577,684
|
|
|
Marketing
services
|
49,632
|
|
48,019
|
|
149,267
|
|
165,437
|
|
|
Listing
services
|
41,813
|
|
38,628
|
|
165,374
|
|
118,109
|
|
|
Financial
services
|
3,645
|
|
606
|
|
12,055
|
|
29,602
|
|
|
Other
value-added services and other services
|
8,647
|
|
(2,443)
|
|
29,791
|
|
25,559
|
|
Total
revenues
|
112,217
|
|
174,663
|
|
444,296
|
|
916,391
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenues:
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
(29,702)
|
|
(89,403)
|
|
(174,599)
|
|
(687,184)
|
|
Total Cost of
Revenues
|
(29,702)
|
|
(89,403)
|
|
(174,599)
|
|
(687,184)
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
82,515
|
|
85,260
|
|
269,697
|
|
229,207
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
and income:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
(27,819)
|
|
(59,227)
|
|
(91,250)
|
|
(229,817)
|
|
|
General and
administrative expenses
|
(24,332)
|
|
(35,339)
|
|
(141,097)
|
|
(151,251)
|
|
|
Other
operating income(loss)
|
238
|
|
415
|
|
(567)
|
|
415
|
|
Operating Income
(loss)
|
30,602
|
|
(8,891)
|
|
36,783
|
|
(151,446)
|
|
|
Foreign exchange
gain (loss)
|
(198)
|
|
6,451
|
|
15
|
|
(1,882)
|
|
|
Interest
income
|
2,688
|
|
2,884
|
|
11,322
|
|
11,367
|
|
|
Interest
expense
|
(3,374)
|
|
(7,514)
|
|
(16,153)
|
|
(20,791)
|
|
|
Change in fair value
of trading securities
|
518
|
|
-
|
|
518
|
|
-
|
|
|
Realized gain on
available-for-sale
securities (including accumulated other
comprehensive income reclassifications for
unrealized (loss) gain on available-for-sale
securities of US$10,583, US$2,736 for the
year ended December 31, 2016, 2017
respectively
|
261
|
|
-
|
|
2,736
|
|
10,583
|
|
|
Investment
income
|
1,325
|
|
1,056
|
|
6,692
|
|
3,281
|
|
|
Government
grants
|
975
|
|
940
|
|
3,154
|
|
6,469
|
|
|
Other non-operating income
(loss)
|
(4,562)
|
|
-
|
|
(4,562)
|
|
-
|
|
|
Other-than-temporary impairment on
available-for-sale securities
|
-
|
|
(2,232)
|
|
(2,768)
|
|
(2,232)
|
|
Income (loss)
before income taxes and
noncontrolling interests
|
28,235
|
|
(7,305)
|
|
37,737
|
|
(144,651)
|
|
Income tax
expenses
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
(13,062)
|
|
(3,079)
|
|
(21,442)
|
|
(24,984)
|
|
Net income
(loss)
|
15,173
|
|
(10,385)
|
|
16,295
|
|
(169,635)
|
|
|
Net income
attributable to noncontrolling
interests
|
(2)
|
|
(2)
|
|
(3)
|
|
0
|
|
Net income (loss)
attributable to Fang Holdings
Limited shareholders
|
15,175
|
|
(10,383)
|
|
16,298
|
|
(169,635)
|
|
Other
comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
19,087
|
|
(81,642)
|
|
56,404
|
|
(60,732)
|
|
|
Amounts reclassified
from accumulated other
comprehensive income
|
(261)
|
|
-
|
|
(2,736)
|
|
(10,583)
|
|
|
Unrealized gain on
available-for-sale security
|
(23,884)
|
|
(1,057)
|
|
163,272
|
|
7,326
|
|
|
Loss on intra-entity
foreign transactions of
long-term-investment nature
|
499
|
|
|
|
1,872
|
|
(6,996)
|
|
Total other
comprehensive income (loss),
net of tax
|
(4,559)
|
|
(82,699)
|
|
218,812
|
|
(70,985)
|
|
Comprehensive
income (loss)
|
10,614
|
|
(93,084)
|
|
235,107
|
|
(240,620)
|
|
Earnings per share
for Class A and Class B ordinary shares
|
|
|
|
|
|
|
Basic
|
0.17
|
|
(0.11)
|
|
0.18
|
|
(1.81)
|
|
|
Diluted
|
0.16
|
|
(0.11)
|
|
0.18
|
|
(1.81)
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
Basic
|
0.03
|
|
(0.02)
|
|
0.04
|
|
(0.36)
|
|
|
Diluted
|
0.03
|
|
(0.02)
|
|
0.04
|
|
(0.36)
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
Basic
|
89,060,615
|
|
91,214,789
|
|
88,475,665
|
|
93,659,152
|
|
|
Diluted
|
95,347,781
|
|
91,214,789
|
|
92,863,987
|
|
93,659,152
|
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
|
|
|
Basic
|
445,303,077
|
|
456,073,946
|
|
442,378,324
|
|
468,295,759
|
|
|
Diluted
|
476,738,907
|
|
456,073,946
|
|
464,319,935
|
|
468,295,759
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Year
ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
GAAP income
from
|
30,602
|
|
(8,891)
|
|
36,783
|
|
(151,447)
|
operations
|
|
|
|
|
|
|
|
Share-based
compensation
|
2,056
|
|
2,545
|
|
7,218
|
|
9,477
|
expense
|
|
|
|
|
|
|
|
Non-GAAP income
from
|
32,658
|
|
(6,346)
|
|
44,001
|
|
(141,970)
|
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
15,173
|
|
(10,385)
|
|
16,295
|
|
(169,635)
|
One-off tax
benefit
|
-
|
|
-
|
|
-
|
|
-
|
Investment
income
|
(1,586)
|
|
(1,056)
|
|
(9,428)
|
|
(13,864)
|
Change in fair value
of trading
|
(518)
|
|
-
|
|
(518)
|
|
-
|
securities
|
|
|
|
|
|
|
|
Share-based
compensation
|
2,056
|
|
2,545
|
|
7,218
|
|
9,477
|
expense
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
15,125
|
|
(8,896)
|
|
13,567
|
|
(174,022)
|
|
|
|
|
|
|
|
|
Net Income
attributable to
|
15,175
|
|
(10,383)
|
|
16,298
|
|
(169,635)
|
Fang
shareholders
|
|
|
|
|
|
|
|
One-off tax
benefit
|
-
|
|
-
|
|
-
|
|
-
|
Investment
income
|
(1,586)
|
|
(1,056)
|
|
(9,428)
|
|
(13,864)
|
Change in fair value
of trading
|
|
|
|
|
|
|
|
securities
|
(518)
|
|
-
|
|
(518)
|
|
-
|
Share-based
compensation
|
2,056
|
|
2,545
|
|
7,218
|
|
9,477
|
expense
|
|
|
|
|
|
|
|
Non-GAAP net
Income
|
15,127
|
|
(8,894)
|
|
13,570
|
|
(174,022)
|
attributable to
Fang
|
|
|
|
|
|
|
|
Holdings
Limited
|
|
|
|
|
|
|
|
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share for
|
|
|
|
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
|
Basic
|
0.17
|
|
(0.11)
|
|
0.18
|
|
(1.81)
|
Diluted
|
0.16
|
|
(0.11)
|
|
0.18
|
|
(1.81)
|
GAAP earnings per
ADS:
|
|
|
|
|
|
|
|
Basic
|
0.03
|
|
(0.02)
|
|
0.04
|
|
(0.36)
|
Diluted
|
0.03
|
|
(0.02)
|
|
0.04
|
|
(0.36)
|
Non-GAAP earnings per
share
|
|
|
|
|
|
|
|
for Class A and Class
B
|
|
|
|
|
|
|
|
ordinary
shares:
|
|
|
|
|
|
|
|
Basic
|
0.17
|
|
(0.10)
|
|
0.15
|
|
(1.86)
|
Diluted
|
0.16
|
|
(0.10)
|
|
0.15
|
|
(1.86)
|
Non-GAAP earnings
per ADS:
|
|
|
|
|
|
Basic
|
0.03
|
|
(0.02)
|
|
0.03
|
|
(0.37)
|
Diluted
|
0.03
|
|
(0.02)
|
|
0.03
|
|
(0.37)
|
Weighted average
number of
|
|
|
|
|
|
|
|
Class A and Class B
ordinary
|
|
|
|
|
|
|
|
shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
89,060,616.00
|
|
91,214,789.00
|
|
88,475,665.00
|
|
93,659,152.00
|
Diluted
|
95,347,781.00
|
|
91,214,789.00
|
|
92,863,987.00
|
|
93,659,152.00
|
Weighted average
number of ADSs outstanding:
|
|
|
|
|
Basic
|
445,303,078.00
|
|
456,073,946.00
|
|
442,378,324.00
|
|
468,295,759.00
|
Diluted
|
476,738,907.00
|
|
456,073,946.00
|
|
464,319,935.00
|
|
468,295,759.00
|
|
|
|
|
|
|
|
|
Non-GAAP Net
income
|
15,125.00
|
|
(8,896.00)
|
|
13,567.00
|
|
(174,022.00)
|
Add
back:
|
|
|
|
|
|
|
|
Interest
expense
|
3,374.00
|
|
7,514.00
|
|
16,153.00
|
|
20,791.00
|
Income tax
expenses
|
13,062.00
|
|
3,079.00
|
|
21,442.00
|
|
24,983.00
|
Depreciation
expenses
|
6,763.00
|
|
3,562.00
|
|
23,737.00
|
|
18,442.00
|
Subtract:
|
|
|
|
|
|
|
|
Interest
income
|
(2,688.00)
|
|
(2,884.00)
|
|
(11,322.00)
|
|
(11,367.00)
|
Adjusted
EBITDA
|
35,636.00
|
|
2,375.00
|
|
63,577.00
|
|
(121,173.00)
|
View original
content:http://www.prnewswire.com/news-releases/fang-announces-fourth-quarter-and-fiscal-year-2017-results-300621613.html
SOURCE Fang Holdings Limited