SHANGHAI, March 8, 2012 /PRNewswire-Asia-FirstCall/ --
China Real Estate Information Corporation ("CRIC" or the "Company")
(NASDAQ: CRIC), a leading provider of real estate information,
consulting and online services in China, today announced its unaudited financial
results for the fourth quarter and full year ended
December 31, 2011.
Fourth Quarter 2011 Highlights
- Total revenues increased 17% year-over-year to $73.2 million. Online revenues grew 83%
year-over-year to $46.0 million,
while offline revenues decreased 27% year-over-year to $27.2 million.
- Non-GAAP(1) net income attributable to CRIC shareholders was
$1.8 million, or $0.01 per diluted American depositary share
("ADS"), compared to $17.3 million, or $0.12 per diluted ADS, for the same quarter of
2010.
Full Year 2011 Highlights
- Total revenues were $241.6 million, an increase of 39% from the
full year of 2010. Online revenues grew 105% year-over-year to
$137.0 million, while offline
revenues decreased 3% year-over-year to $104.6 million.
- Non-GAAP net income attributable to CRIC shareholders was
$36.4 million, or $0.25 per diluted ADS, compared to $58.4 million, or $0.40 per diluted ADS, for the full year of
2010.
"China's property market has
been squeezed by the government's tightening measures in the last
few quarters, and we do not expect to see material changes in real
estate policies in the near future," said Xin Zhou, CRIC's CEO and co-chairman. "Despite
the unfavorable market conditions, CRIC had year-over-year revenue
growth of nearly 40%. Our online revenues more than doubled while
our offline revenues remained mostly flat for 2011."
Mr. Zhou continued, "Looking into 2012, we will continue to
expand our integrated online-to-offline ("O2O") services, which
distinguish us in this challenging environment. In addition, as
part of our strategy to push further into the secondary real estate
market at the most opportune time, we plan to leverage our online
resources to launch a new online secondary brokerage franchise
platform that combines online and offline information as well as
real and virtual brokerage stores. The platform will also allow
cross-selling opportunities between new and secondary real estate.
Despite the challenges we face in the current market, we remain
confident in our business strategies as well as in the future of
the industry."
"2011 was a year of investments for CRIC," said Bin Laurence,
CRIC's CFO. "We introduced keyword searching to real estate
advertising through our expanded cooperation with Baidu, and
launched the real estate O2O brand 'EJU' and website www.eju.com.
As a result, we incurred higher than expected costs toward the
second half of the year. During the fourth quarter, our expenses
also increased as a result of merger-related professional fees,
heavy marketing for our O2O EJU brand and website, and expenses
related to year-end, nationwide marketing conferences. In addition,
with our online revenues more than doubling in 2011, we increased
our work force substantially, which resulted in higher salary and
benefit expenses as well as higher office rental and other related
expenses. We will continue to expand our business in 2012 while
placing added emphasis on controlling costs and improving
productivity. With the infrastructure for our new business
initiatives largely in place, we expect narrowed increases in
expenses this year."
Financial Results for the Fourth Quarter of
2011
Revenues
Fourth quarter total revenues were $73.2 million in 2011, an increase of 17%
from $62.4 million for the same
quarter of 2010.
Revenues from online services were $46.0
million, an increase of 83% from $25.2 million for the same quarter of 2010. The
increase was mainly due to gains in market share in all major
cities, rapid growth of CRIC's home-furnishing channel and the
Company's offering of additional services on the new and expanded
online channels, such as the Baidu, Inc. ("Baidu") real estate
channels.
Revenues from information and consulting services were
$19.7 million, compared to
$30.3 million for the same quarter of
2010. The year-over-year decrease was primarily due to a reduction
in land transaction-related consulting fees in the fourth quarter
of 2011 compared to the same quarter of 2010, as well as
a reduction in other consulting revenues amid a slowdown
in new land acquisitions and property developments.
Revenues from other services, including offline advertising and
promotional events, were $7.4 million
for the fourth quarter of 2011, an increase of 8% from $6.9 million for the same quarter of 2010, mainly
due to business expansion of the real estate promotional event
services in the fourth quarter of 2011.
Cost of Revenues
Fourth quarter cost of revenues was $21.8
million in 2011, an increase of 59% from $13.7 million for the same quarter of 2010. The
increase was primarily due to $2.8
million in increased costs associated with the business
expansion in offline advertising and promotional event services,
$3.6 million in additional expenses
associated with amortization of capitalized fees paid for Baidu's
Brand Link product, which CRIC
started to offer in August 2011, and
higher editorial costs related to the expanded coverage of the
Company's websites.
Selling, General and Administrative ("SG&A")
Expenses
Fourth quarter SG&A expenses were $58.1 million in 2011, an increase of 67% from
$34.8 million for the same quarter of
2010, primarily due to an increase in staff and related office
expenses associated with the Company's business expansion, an
increase in year-end marketing and advertising expenses for the
Company's online business, marketing expenses associated with the
launch of the O2O EJU brand and website, and professional fees
associated with the proposed merger with E-House.
Income (Loss) from Operations
Fourth quarter loss from operations was $6.7 million in 2011, compared to income from
operations of $13.9 million for the
same quarter of 2010. Non-GAAP income from operations for the
fourth quarter of 2011 was $2.6
million, compared to $22.0
million for the same quarter of 2010.
Net Income (Loss) Attributable to CRIC
Shareholders
Net loss attributable to CRIC shareholders was $6.4 million for the fourth quarter of 2011,
compared to net income attributable to CRIC shareholders of
$10.0 million for the same quarter of
2010. Non-GAAP net income attributable to CRIC shareholders was
$1.8 million for the fourth quarter
of 2011, compared to non-GAAP net income attributable to CRIC
shareholders of $17.3 million in the
same quarter of 2010.
Financial Results for the Full Year of 2011
Revenues
Total revenues for the full year of 2011 were $241.6 million, an increase of 39% from
$174.2 million for the full year of
2010.
Revenues from online services were $137.0
million for the full year of 2011, an increase of 105% from
$66.9 million for the full year of
2010. The increase was mainly due to gains in market share in all
major cities, rapid growth of CRIC's home-furnishing channel and
the Company's offering of additional services on the new and
expanded online channels, such as the Baidu real estate
channels.
Revenues from real estate information and consulting services
were $78.3 million for the full year
of 2011, compared to $87.6 million
for the full year of 2010. The decrease in revenues was mostly due
to a reduction in land transaction-based consulting fees, as well
as a reduction in other consulting revenues amid a slowdown in
new land acquisitions and property developments, partly offset by a
revenue increase in information services.
For the full year of 2011, revenues from other services,
including offline advertising and promotional events, were
$26.3 million, an increase of 33%
from $19.7 million for the full year
of 2010, mostly due to the expansion of real estate promotional
event services, which started in the second quarter of 2010.
Cost of Revenues
For the full year of 2011, cost of revenues was $65.6 million, an increase of 60% from
$41.0 million for the full year of
2010, mainly due to the addition of real estate promotional event
services starting from the second quarter of 2010, the addition of
Baidu real estate channels starting from the third quarter of 2010,
additional expenses associated with amortization of capitalized
fees paid for Baidu's Brand Link
product, which CRIC started to offer in August 2011, and the Company's overall business
expansion.
SG&A Expenses
For the full year of 2011, SG&A expenses were $172.9 million, an increase of 59% from
$109.1 million for the full year of
2010, mainly due to an increase in staff and related office
expenses associated with the Company's business expansion, an
increase in marketing and advertising expenses for the Company's
online business, marketing expenses associated with the launch of
the O2O EJU brand and website, and professional fees
associated with the proposed merger with E-House.
Goodwill Impairment Charge
A substantial portion of goodwill on the Company's balance sheet
relates to the acquisition of the Company's online unit in 2009.
Toward the end of the third quarter of 2011, China's real estate market showed signs of
further slowdown under the government's continued restrictive
policies and further credit tightening. CRIC's online advertising
unit began to slow down as developers became more pessimistic about
sales volume and more cautious with their advertising spending. The
Company believed this would result in slower than previously
expected growth for its online business over the next several
quarters. In addition, CRIC experienced a 31% decline in its stock
price from June 30, 2011 to
September 30, 2011. These
circumstances prompted management to evaluate and test the fair
value of the Company's assets against their carrying amount in
accordance with U.S. GAAP. The Company concluded that the carrying
amount of its online assets was higher than their fair value and
consequently recorded a one-time goodwill impairment charge of
$417.8 million during the third
quarter of 2011.
Income (Loss) from Operations
Loss from operations was $414.7
million for the full year of 2011, primarily due to the
goodwill impairment charge of $417.8
million in the third quarter of 2011, compared to income
from operations of $24.1 million for
the full year of 2010. Non-GAAP income from operations for the full
year of 2011 was $41.6 million,
compared to non-GAAP income from operation of $59.2 million for the full year of 2010.
Net Income (Loss) Attributable to CRIC
Shareholders
Net loss attributable to CRIC shareholders for the full year of
2011 was $417.8 million, primarily
due to the goodwill impairment charge of $417.8 million in the third quarter of 2011,
compared to net income attributable to CRIC shareholders of
$25.9 million for the full year of
2010. Non-GAAP net income attributable to CRIC shareholders was
$36.4 million for the full year of
2011, compared to non-GAAP net income attributable to CRIC
shareholders of $58.4 million for the
full year of 2010.
Cash and Cash Flow
As of December 31, 2011, the
Company's cash and cash equivalents balance was $305.5 million.
Fourth quarter net cash provided by operating activities was
$12.3 million, mainly comprised of
non-GAAP net income attributable to CRIC shareholders of
$1.8 million, an increase in payroll
and welfare payable of $6.4 million,
an increase in other current liabilities of $3.1 million, an increase in accounts payable of
$1.8 million, and an increase in
income and other tax payable of $11.1
million, partly offset by an increase in accounts receivable
of $11.0 million.
Fourth quarter net cash used in investing activities was
$3.9 million, which mainly comprised
of a payment of $6.3 million related
to the acquisitions of certain online subsidiaries and a payment of
$4.3 million for office equipment,
partly offset by a collection of $6.3
million for the deposit for acquisition.
Fourth quarter net cash provided by financing activities was
$0.4 million, mainly comprised of
contribution from non-controlling interests.
Net cash provided by operating activities for the full year of
2011 was $21.3 million, mainly
comprised of non-GAAP net income attributable to CRIC shareholders
of $36.4 million, an increase in
payroll and welfare payable of $11.8
million, and an increase in income and other tax payable of
$13.6 million, partly offset by an
increase in accounts receivable of $43.6
million.
Net cash used in investing activities for the full year of 2011
was $44.5 million, mainly comprised
of a payment of $10.3 million for the
acquisition of Firmway Holdings Limited, an entity that holds a
20-year office lease, a payment of $12.6
million related to the acquisitions of certain online
subsidiaries, a payment of $9.4
million to Baidu for the exclusive right to sell
Brand Link products and operate the
Baidu real estate channels, capital expenditure of $9.1 million and a payment of $8.3 million for investment in affiliates, partly
offset by a collection of $4.5
million for the deposit for acquisition.
Net cash used in financing activities for the full year of 2011
was $18.9 million, which mainly
comprised of $29.9 million used to
repurchase the Company's own ADS's, partly offset by a loan from a
related party of $9.8 million.
Proposed Merger with E-House
Following the signing of a definitive merger agreement with
E-House on December 28, 2011, E-House
filed Form F-4 and CRIC filed Schedule 13E-3 with the SEC on
January 13, 2012 and, following
receipt of comments from the SEC, made a second filing on
February 15, 2012. Once the Form F-4
is declared effective by the SEC, CRIC will send notice of an
extraordinary general meeting ("EGM") and the proxy statement to
its shareholders to vote on the proposed merger.
Conference Call Information
CRIC's management will host an earnings conference call on
March 8, 2012 at 7 a.m. U.S. Eastern Time (8 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-646-254-3515
|
Hong Kong:
|
+852-3051-2745
|
Mainland
China:
|
400-120-0654
|
Conference
ID:
|
57112125
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the conference ID number to join the call.
A live and archived webcast will be available at
http://ir.cric.com.
About CRIC
China Real Estate Information Corporation ("CRIC") (NASDAQ:
CRIC) is a leading provider of real estate information, consulting
and online services with a presence in over 180 cities across
China. CRIC, a subsidiary of
E-House (China) Holdings Limited
(NYSE: EJ), merged with the online real estate business of SINA
Corporation (NASDAQ: SINA) upon the completion of CRIC's initial
public offering and listing of its ADSs on the NASDAQ Global Select
Market in October 2009. Leveraging
its proprietary, advanced and comprehensive real estate information
database and analysis system, CRIC provides a broad range of real
estate-related services to all participants in the real estate
value chain, including developers, suppliers, agents, brokers,
service providers and individual consumers. CRIC's services include
subscription-based information services, customized consulting
services and online services through several real estate websites
that provide region-specific real estate information and access to
online communities. For more information about CRIC, please visit
http://www.cric.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as
"may," "will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "likely to" or other similar expressions. The
Company has based these forward-looking statements largely on its
current expectations and projections about future events and
financial trends that it believes may affect its financial
condition, results of operations, business strategy and financial
needs. Among other things, the Business Outlook section and
quotations from management in this press release, as well as CRIC's
strategic and operational plans, contain forward-looking
statements. CRIC may also make forward-looking statements in its
reports filed or furnished with the U.S. Securities and Exchange
Commission, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about CRIC's beliefs and expectations, are
forward-looking statements and are subject to change, and such
change may be material and may have a material and adverse effect
on the Company's financial condition and results of operations for
one or more periods. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained, either
expressly or impliedly, in any of the forward-looking statements in
this press release. Potential risks and uncertainties include, but
are not limited to, a severe or prolonged downturn in the global
economy, CRIC's susceptibility to fluctuations in the real estate
market of China, government
measures aimed at China's real
estate industry, failure of the real estate services industry in
China to develop or mature as
quickly as expected, diminution of the value of CRIC's brand or
image, CRIC's inability to successfully execute its strategy of
expanding into new geographical markets in China, CRIC's failure to manage its growth
effectively and efficiently, CRIC's failure to successfully execute
the business plans for its strategic alliances and other new
business initiatives, CRIC's loss of its competitive advantage if
it fails to maintain and improve its proprietary CRIC system or to
prevent disruptions or failure in the system's performance, CRIC's
failure to compete successfully, fluctuations in CRIC's results of
operations and cash flows, CRIC's reliance on a concentrated number
of real estate developers, natural disasters and outbreaks of
health epidemics and other risks outlined in CRIC's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of this
press release, and CRIC does not undertake any obligation to update
any such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement CRIC's consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), CRIC uses the following non-GAAP financial
measures: (1) income from operations, (2) net income attributable
to CRIC shareholders, (3) net income per basic ADS and (4) net
income per diluted ADS, each of which excludes expenses relating to
share-based compensation, amortization of intangible assets
resulting from business acquisitions, goodwill impairment charge
and loss from the disposal of subsidiaries. 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. For more
information on these non-GAAP financial measures, please see the
table captioned "Unaudited Reconciliation of GAAP and Non-GAAP
Results" set forth at the end of this press release.
CRIC believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its operating
performance by excluding expenses relating to share-based
compensation, amortization of intangible assets resulting from
business acquisitions, goodwill impairment charge and loss from the
disposal of subsidiaries that may not be indicative of its
operating performance. CRIC believes that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing its operating performance and when planning
and forecasting future periods. These non-GAAP financial measures
also facilitate management's internal comparisons to CRIC's
historical performance. CRIC computes its non-GAAP financial
measures using the same consistent method from quarter to quarter.
CRIC believes these non-GAAP financial measures are useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. A limitation of using non-GAAP
financial measures excluding expenses relating to share-based
compensation, amortization of intangible assets resulting from
business acquisitions, goodwill impairment charge and loss from the
disposal of subsidiaries is that these expenses charges have been
and will continue to be significant recurring expenses in CRIC's
business for the foreseeable future. Management compensates for
these limitations by providing specific information regarding the
GAAP amount excluded from each non-GAAP measure. The accompanying
tables have more details on the reconciliation between non-GAAP
financial measures and their most comparable GAAP financial
measures.
(1) CRIC
uses in this press release the following non-GAAP financial
measures: (1) income from operations, (2) net income attributable
to CRIC shareholders, (3) net income per basic ADS and (4) net
income per diluted ADS, each of which excludes expenses relating to
share-based compensation, amortization of intangible assets
resulting from business acquisitions, goodwill impairment charge
and loss from the disposal of subsidiaries. See "About Non-GAAP
Financial Measures" and "Unaudited Reconciliation of GAAP and
Non-GAAP Results" below for more information about the non-GAAP
financial measures included in this press release.
|
For investor and media inquiries please contact:
In China:
Michelle Yuan
Director, Investor Relations
China Real Estate Information Corporation
Phone: +86 (21) 6086-7369
E-mail: michelleyuan@cric.com
Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-6284
E-mail: cric@ogilvy.com
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1 (646) 460-9989
E-mail: cric@ogilvy.com
CHINA
REAL ESTATE INFORMATION CORPORATION
UNAUDITED CONSOLIDATED BALANCE
SHEET
(In
thousands of U.S. dollars)
|
|
|
|
December 31,
|
|
December
31,
|
|
|
|
2010
|
|
2011
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
340,720
|
|
|
|
305,461
|
Accounts receivable, net
|
|
|
|
60,971
|
|
|
|
99,616
|
Prepaid expenses and other current assets
|
|
|
|
22,232
|
|
|
|
25,680
|
Amounts due from related parties
|
|
|
|
5,080
|
|
|
|
18,468
|
Total current assets
|
|
|
|
429,003
|
|
|
|
449,225
|
Property and equipment, net
|
|
|
|
11,177
|
|
|
|
13,862
|
Intangible assets, net
|
|
|
|
182,622
|
|
|
|
210,520
|
Goodwill
|
|
|
|
450,299
|
|
|
|
45,819
|
Investment in affiliates
|
|
|
|
4,444
|
|
|
|
12,989
|
Other non-current assets
|
|
|
|
6,378
|
|
|
|
14,725
|
TOTAL ASSETS
|
|
|
|
1,083,923
|
|
|
|
747,140
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
3,300
|
|
|
|
2,181
|
Advance from customers
|
|
|
|
6,455
|
|
|
|
7,836
|
Accrued payroll and welfare expenses
|
|
|
|
9,882
|
|
|
|
21,441
|
Income tax payable
|
|
|
|
16,935
|
|
|
|
25,426
|
Other tax payable
|
|
|
|
5,428
|
|
|
|
10,002
|
Amounts due to related parties
|
|
|
|
2,785
|
|
|
|
12,736
|
Liability for exclusive rights with Baidu,
current
|
|
|
|
—
|
|
|
|
13,831
|
Other current liabilities
|
|
|
|
7,731
|
|
|
|
13,770
|
Total current liabilities
|
|
|
|
52,516
|
|
|
|
107,223
|
Deferred tax liabilities—non-current
|
|
|
|
39,969
|
|
|
|
39,807
|
Liability for exclusive rights with Baidu,
non-current
|
|
|
|
—
|
|
|
|
21,408
|
Total liabilities
|
|
|
|
92,485
|
|
|
|
168,438
|
Equity
|
|
|
|
|
|
|
|
|
Ordinary shares ($0.0002 par value): 250,000,000
shares
authorized, 143,749,405 and 140,320,006
shares issued
and outstanding, as of December 31, 2010
and 2011,
respectively
|
|
|
|
29
|
|
|
|
28
|
Additional paid-in capital
|
|
|
|
882,429
|
|
|
|
881,011
|
Subscription receivables
|
|
|
|
(98)
|
|
|
|
(1)
|
Retained earnings (Accumulated deficit)
|
|
|
|
97,557
|
|
|
|
(327,285)
|
Accumulated other comprehensive income
|
|
|
|
8,403
|
|
|
|
19,259
|
Total CRIC shareholders' equity
|
|
|
|
988,320
|
|
|
|
573,012
|
Non-controlling interests
|
|
|
|
3,118
|
|
|
|
5,690
|
Total equity
|
|
|
|
991,438
|
|
|
|
578,702
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
1,083,923
|
|
|
|
747,140
|
CHINA
REAL ESTATE INFORMATION CORPORATION
|
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In
thousands of U.S. dollars, except share data and per share
data)
|
|
|
|
Three
months ended
|
|
Year
ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
Revenues
|
|
|
|
|
|
|
|
|
Online
services
|
|
25,160
|
|
46,034
|
|
66,855
|
|
137,045
|
Information and consulting services
|
|
30,341
|
|
19,704
|
|
87,567
|
|
78,277
|
Other
services
|
|
6,888
|
|
7,447
|
|
19,732
|
|
26,284
|
|
|
62,389
|
|
73,185
|
|
174,154
|
|
241,606
|
Cost of
revenues
|
|
(13,688)
|
|
(21,760)
|
|
(41,010)
|
|
(65,566)
|
Selling, general and administrative expenses
|
|
(34,758)
|
|
(58,081)
|
|
(109,089)
|
|
(172,917)
|
Goodwill
impairment charge
|
|
—
|
|
—
|
|
—
|
|
(417,822)
|
Income
(Loss) from operations
|
|
13,943
|
|
(6,656)
|
|
24,055
|
|
(414,699)
|
Interest
income
|
|
494
|
|
588
|
|
1,727
|
|
1,920
|
Other
income, net
|
|
142
|
|
56
|
|
3,174
|
|
682
|
Income (Loss)
before taxes, equity in
affiliates
|
|
14,579
|
|
(6,012)
|
|
28,956
|
|
(412,097)
|
Income tax
expense
|
|
(4,171)
|
|
(121)
|
|
(2,791)
|
|
(4,137)
|
Income
(Loss) before equity in
affiliates
|
|
10,408
|
|
(6,133)
|
|
26,165
|
|
(416,234)
|
Income
(Loss) from equity in affiliates
|
|
(276)
|
|
31
|
|
(276)
|
|
(181)
|
Net
income (Loss)
|
|
10,132
|
|
(6,102)
|
|
25,889
|
|
(416,415)
|
Less: net
income (loss) attributable to
|
|
|
|
|
|
|
|
|
non-controlling interests
|
|
182
|
|
307
|
|
(52)
|
|
1,349
|
Net
income (loss) attributable to
CRIC shareholders
|
|
9,950
|
|
(6,409)
|
|
25,941
|
|
(417,764)
|
|
|
|
|
|
|
|
|
|
Earnings
(Loss) per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.07
|
|
(0.05)
|
|
0.18
|
|
(2.95)
|
Diluted
|
|
0.07
|
|
(0.05)
|
|
0.18
|
|
(2.95)
|
Shares
used in computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
143,644,249
|
|
140,292,598
|
|
143,288,987
|
|
141,712,426
|
Diluted
|
|
147,074,939
|
|
140,292,598
|
|
146,193,046
|
|
141,712,426
|
|
|
|
|
|
|
|
|
|
Note
1
|
The
conversion of Renminbi ("RMB") amounts into USD amounts is based on
the rate of USD1 = RMB6.3009 on December 31, 2011 and USD1 =
RMB6.3318 for the three months ended December 31, 2011.
|
CHINA
REAL ESTATE INFORMATION CORPORATION
|
Unaudited Reconciliation of GAAP and Non-GAAP
Results
|
(In
thousands of U.S. dollars, except share data and per share
data)
|
|
|
|
Three
months ended December 31,
|
|
Year
ended December 31,
|
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
income (loss) from operations
|
|
13,943
|
|
(6,656)
|
|
24,055
|
|
(414,699)
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses
|
|
2,947
|
|
3,353
|
|
14,734
|
|
16,600
|
Amortization expenses of intangible assets
resulting from business acquisitions
|
|
5,126
|
|
5,878
|
|
20,458
|
|
21,832
|
Goodwill
impairment charge
|
|
—
|
|
—
|
|
—
|
|
417,822
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations
|
|
22,016
|
|
2,575
|
|
59,247
|
|
41,555
|
GAAP
net income (loss) attributable to
CRIC shareholders
|
|
9,950
|
|
(6,409)
|
|
25,941
|
|
(417,764)
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses (net of
tax and non-controlling interests)
|
|
2,947
|
|
3,353
|
|
14,734
|
|
16,600
|
Amortization expenses of intangible assets
resulting from business acquisitions (net of
tax and non-controlling interests)
|
|
4,445
|
|
4,905
|
|
17,762
|
|
18,679
|
Loss
from the disposal of subsidiaries (net
of tax and non-controlling interests)
|
|
—
|
|
—
|
|
—
|
|
1,054
|
Goodwill
impairment charge (net of tax and
non-controlling interests)
|
|
—
|
|
—
|
|
—
|
|
417,822
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to
CRIC shareholders
|
|
17,342
|
|
1,849
|
|
58,437
|
|
36,391
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss) per ADS — basic
|
|
0.07
|
|
(0.05)
|
|
0.18
|
|
(2.95)
|
GAAP net
income (loss) per ADS —diluted
|
|
0.07
|
|
(0.05)
|
|
0.18
|
|
(2.95)
|
Non-GAAP
net income per ADS — basic
|
|
0.12
|
|
0.
01
|
|
0.41
|
|
0.26
|
Non-GAAP
net income per ADS —diluted
|
|
0.12
|
|
0.
01
|
|
0.4
|
|
0.25
|
Shares
used in calculating basic GAAP /Non-
GAAP net income (loss) attributable to CRIC
shareholders per ADS
|
|
143,644,249
|
|
140,292,598
|
|
143,288,987
|
|
141,712,426
|
Shares
used in calculating diluted GAAP net
income (loss) attributable to CRIC
shareholders per ADS
|
|
147,074,939
|
|
140,292,598
|
|
146,193,046
|
|
141,712,426
|
Shares
used in calculating diluted Non-GAAP
net income attributable to CRIC shareholders
per ADS
|
|
147,074,939
|
|
141,590,204
|
|
146,193,046
|
|
143,789,825
|
SOURCE China Real Estate Information Corporation