omniture

Fang Announces Second Quarter 2016 Results

2016-08-25 19:58 2717

BEIJING, August 25, 2016 /PRNewswire/ -- SouFun Holdings Limited (NYSE: SFUN) ("we," "our," or "Fang"), the leading real estate Internet portal in China, announced today its unaudited financial results for the three months ended June 30, 2016.

Second Quarter 2016 Highlights

  • Total Revenue increased by 34.2% year-on-year to $287.0 million. Revenue from e-commerce services increased by 77.4% year-on-year to $189.5 million.
  • Operating loss was $32.8 million. Non-GAAP operating loss was $30.3 million. A description of the adjustments from GAAP to non-GAAP operating loss is detailed in the Reconciliation Statement following this earnings release.
  • Net loss attributable to Fang's shareholders was $40.6 million. Fully diluted loss per ADS was $0.09.
  • Non-GAAP net loss attributable to Fang's shareholders was $39.5million. Non-GAAP fully diluted loss per ADS was $0.08. A description of the adjustments from GAAP to non-GAAP net loss attributable to Fang's shareholders and fully diluted loss per ADS is detailed in the Reconciliation Statement following this earnings release.
  • GMV increased by 68% from $6.8 billion in the second quarter of 2015 to $11.4 billion in the second quarter. The following table shows GMV by quarter for the periods indicated.

GMV: Q2 2016 (in millions of US dollars)

             

2016Q2 & 2015Q2
Variance

 

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

Amount

%

New Home *

1,281

3,441

4,580

5,644

3,406

3,879

438

13%

Secondary Home

384

3,321

5,951

7,860

9,311

7,482

4,161

125%

Total

1,665

6,762

10,531

13,504

12,717

11,361

4,599

68%

* Only includes direct sales services.

First Half 2016 Highlights

  • Total Revenue increased by 44.6% year-on-year to $491.6 million. Revenue from e-commerce services increased by 102.3% year-on-year to $320.4million.
  • Operating loss was $142.8 million. Non-GAAP operating loss was $138.4 million. A description of the adjustments from GAAP to non-GAAP operating loss is detailed in the Reconciliation Statement following this earnings release.
  • Net loss attributable to Fang's shareholders was $154.3 million. Fully diluted loss per ADS was $0.32.
  • Non-GAAP net loss attributable to Fang's shareholders was $151.3 million. Non-GAAP fully diluted loss per ADS was $0.32. A description of the adjustments from GAAP to non-GAAP net loss attributable to Fang's shareholders and fully diluted loss per ADS is detailed in the Reconciliation Statement following this earnings release.

 

"I am happy to announce another strong quarter with 34.2% growth rate for the top-line while at the same time put the cost under control" Vincent Mo, Chairman and CEO of Fang, commented. "Our transformation is on track with a healthier and sustainable growth path. We expect that Fang will return to high growth and profitability before the end of the year."

 

Second Quarter 2016 Results

 

Revenues

Fang reported total revenues of $287.0 million for the three months ended June 30, 2016, representing an increase of 34.2% from $213.9 million for the corresponding period in 2015, primarily driven by the growth in e-commerce services.

Revenue from e-commerce services was $189.5 million for the three months ended June 30, 2016, a 77.4% increase from $106.8 million for the same period in 2015, primarily due to the rapid growth of the brokerage services for secondary home.

Revenue from marketing services was $51.4 million for the three months ended June 30, 2016, a decrease of 15.2% from $60.6 million for the corresponding period in 2015.

Revenue from listing services was $26.9 million for the three months ended June 30, 2016, a decrease of 22.3% from $34.6 million for the corresponding period in 2015.

Revenue from internet financial services was $11.1 million for the three months ended June 30, 2016, an increase of 176.4% from $4.0 million for the corresponding period in 2015, primarily due to rapid growth in our financial services to the secondary home brokerage services.

Revenue from value-added services and other services was $8.0 million for the three months ended June 30, 2016, which is higher than the $7.8 million for the corresponding period in 2015.

Cost of Revenue

Cost of revenue was $231.1 million for the three months ended June 30, 2016, an increase of 115.9% from $107.0 million for the corresponding period in 2015. The increase in cost of revenue was mainly attributable to the cost of increased staff from the brokerage services for secondary home.

Operating Expense

Operating expenses were $88.6 million for the three months ended June 30, 2016, an increase of 4.8% from $84.5 million for the corresponding period in 2015.

Selling expenses were $52.3 million for the three months ended June 30, 2016, a decrease of 4.7% from $54.8 million for the corresponding period in 2015.

General and administrative expenses were $36.4 million for the three months ended June 30, 2016, an increase of 22.4% from $29.7 million for the corresponding period in 2015, primarily due to increasing staff cost and operating lease.

Operating Loss/Income

Operating loss was $32.8 million for the three months ended June 30, 2016, compared to operating income of $22.3 million for the corresponding period in 2015.

Income Tax Expenses

Income tax expense was $8.7 million for the three months ended June 30, 2016, compared to income tax expenses of $10.2 million for the corresponding period in 2015.

Net Loss/Income and EPS

Net loss attributable to Fang's shareholders was $40.6 million for the three months ended June 30, 2016, compared to net income $16.2 million for the corresponding period in 2015. Loss per fully-diluted ordinary share and ADS were $0.43 and $0.09, respectively, for the three months ended June 30, 2016, compared to earnings $0.18 and $0.04 for the corresponding period in 2015.

Adjusted EBITDA

Adjusted EBITDA, defined as non-GAAP net income before income taxes, interest expenses, interest income, depreciation and amortization, was $24.3 million loss for the three months ended June 30, 2016, compared to income of $28.4 million for the corresponding period in 2015.

Cash

As of June 30, 2016, Fang had cash, cash equivalents, and short-term investments of $759.5 million, compared to $631.7 million as of June 30, 2015. Net cash generated from operating activities was $36.5 million for the three months ended June 30, 2016, compared to cash flow generated from operating activities of $4.1 million for the same period in 2015, primarily due to recovery of loan principal, which was $81.6 million for the three months ended June 30, 2016.

First Half 2016Results

Revenues

Fang reported total revenues of $491.6 million for the first half of 2016, representing an increase of 44.6% from $340.0 million for the corresponding period in 2015, primarily driven by the growth in e-commerce services.

Revenue from e-commerce services was $320.4 million for the first half of 2016, a 102.3% increase from $158.4 million for the same period in 2015, primarily due to the rapid growth of the brokerage services for secondary home.

Revenue from marketing services was $81.8 million for the first half of 2016, a decrease of 19.1% from $101.2 million for the corresponding period in 2015, primarily due to the offset by our e-commerce services.

Revenue from listing services was $51.0 million for the first half of 2016, a decrease of 12.5% from $58.3 million for the corresponding period in 2015.

Revenue from internet financial services was $21.7 million for the first half of 2016, an increase of 187.5% from $7.6 million for the corresponding period in 2015 primarily, due to rapid growth in our financial services to the secondary home brokerage services.

Revenue from value-added services and other services was $16.6 million for the first half of 2016, which is higher than the $14.5 million for the corresponding period in 2015.

Cost of Revenue

Cost of revenue was $441.0 million for the first half of 2016, an increase of 188.4% from $152.9 million for the corresponding period in 2015. The increase in cost of revenue was mainly attributable to the cost of increased staff from the brokerage services for secondary home.

Operating Expenses

Operating expenses were $193.6 million for the first half of 2016, an increase of 23.1% from $157.3 million for the corresponding period in 2015.

Selling expenses were $113.9 million for the first half of 2016, an increase of 10.3% from $103.2 million for the corresponding period in 2015, primarily due to increased depreciation expense, and increased advertising and promotional expenses.

General and administrative expenses were $79.7 million for the first half of 2016, an increase of 47.4% from $54.1 million for the corresponding period in 2015, primarily due to increasing staff cost and operating lease.

Operating Loss/Income

Operating loss was $142.8 million for the first half of 2016, compared to operating income of $29.8 million for the corresponding period in 2015.

Income Tax Expenses

Income tax expense was $13.9 million for the first half of 2016, a 12.2% decrease compared to $15.8 million for the corresponding period in 2015.

Net Loss/Income and EPS

Net loss attributable to Fang's shareholders was $154.3 million for the first half of 2016, compared to net income attributable to Fang's shareholders $22.2 million for the corresponding period in 2015. Loss per fully diluted ordinary share and ADS were $1.62 and $0.32, respectively, for the first half of 2016, compared to earnings $0.25 and $0.05 for the corresponding period in 2015.

Cash

Net cash used in operating activities was $30.7 million for the first half of 2016, as compared to net cash used in operating activities of $50.7 million for the same period in 2015, primarily due to recovery of loan principal, which was $87.4 million for the six months ended June 30, 2016.

Business Outlook

Fang reiterated its total revenue guidance for 2016 of around $1,148.6 million, representing a year-on-year increase of 30.0%. We are confident that Fang is on track to achieve the target. 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 August 25, 2016 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 6713-5090

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 25 through 9:59 ET September 2, 2016. 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:

67850245

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 629 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:

Mr. Kent Cangsang Huang
CFO
Phone: +86-10-5631-9668
Email: huangcangsang@fang.com

 

 

SouFun Holdings Limited

Condensed Consolidated Balance Sheets

(in thousands of U.S. dollars, except share data and per share data)

ASSETS

 

June 30,

December 31,

   

2016

2015

Current assets:

(Unaudited)

(Audited)

 

Cash and cash equivalents

642,169

817,921

 

Restricted cash, current

101,038

103,179

 

Short-term investments

16,244

62,559

 

Accounts receivable, net

147,600

147,516

 

Funds receivable

38,571

45,400

 

Prepayment and other current assets

49,422

60,265

 

Commitment deposits

9,201

10,646

 

Loan receivable, current

175,682

266,990

 

Amount due from related parties

425

262

Total current assets

1,180,352

1,514,738

Non-current assets:

   
 

Property and equipment, net

333,459

326,504

 

Loan receivable, non-current

54,250

55,349

 

Deferred tax assets, non-current

5,143

5,490

 

Deposit for non-current assets

239,905

137,715

 

Long-term investments

232,166

244,678

 

Other non-current assets

7,272

10,852

Total non-current assets

872,195

780,588

Total assets

2,052,547

2,295,326

       

LIABILITIES AND SHAREHOLDERS' EQUITY

   

Current liabilities:

   
 

Short-term loans

82,941

100,000

 

Deferred revenue

170,237

145,321

 

Accrued expenses and other liabilities

327,072

361,593

 

Customers' refundable fees

66,817

59,107

 

Income tax payable

5,165

9,948

 

Convertible senior notes

398,565

400,000

Total current liabilities

1,050,797

1,075,969

Non-current liabilities:

   
 

Convertible senior notes

288,660

287,887

 

Deferred tax liabilities, non-current

73,847

76,631

 

Other non-current liabilities

113

312

Total non-current liabilities

362,620

364,830

Total Liabilities

1,413,417

1,440,799

       

Equity:

   
 

Class A ordinary shares, par value Hong Kong
Dollar ("HK$") 1.00 per share, 600,000,000 shares
authorized for Class A and Class B in aggregate, and
69,461,871 shares and 70,736,697 shares issued and
outstanding as at June 30, 2016 and December 31,
2015, respectively

9,132

9,110

 

Class B ordinary shares, par value HK$1.00 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, 2016 and December 31, 2015, respectively

3,124

3,124

 

Treasure stock

(4,823)

-

 

Additional paid-in capital

453,384

478,391

 

Accumulated other comprehensive loss

(41,651)

(10,364)

 

Retained earnings

219,204

373,505

Total SouFun Holdings Limited shareholders' equity

638,370

853,766

 

Noncontrolling interests

760

761

Total equity

639,130

854,527

TOTAL LIABILITIES AND EQUITY

2,052,547

2,295,326

 

 

 

SouFun 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,

   

2016

 

2015

 

2016

 

2015

   

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenues:

             
 

E-commerce services

189,514

 

106,831

 

320,418

 

158,373

 

Marketing services

51,412

 

60,600

 

81,844

 

101,223

 

Listing services

26,902

 

34,612

 

50,988

 

58,255

 

Financial services

11,104

 

4,018

 

21,729

 

7,558

 

Other value-added
services and other services

8,046

 

7,828

 

16,622

 

14,536

Total revenues

286,978

 

213,889

 

491,601

 

339,945

                 

Cost of Revenues:

             
 

Cost of services

(231,137)

 

(107,049)

 

(440,780)

 

(152,858)

Total Cost of Revenues

(231,137)

 

(107,049)

 

(440,780)

 

(152,858)

                 

Gross Profit

55,841

 

106,840

 

50,821

 

187,087

                 

Operating expenses:

           
 

Selling expenses

(52,264)

 

(54,829)

 

(113,861)

 

(103,216)

 

General and administrative
expenses

(36,359)

 

(29,699)

 

(79,736)

 

(54,083)

Operating (Loss)Income

(32,782)

 

22,312

 

(142,776)

 

29,788

 

Foreign exchange gain

92

 

85

 

57

 

71

 

Interest income

2,960

 

6,664

 

6,473

 

14,708

 

Interest expense

(4,596)

 

(4,123)

 

(9,206)

 

(8,224)

 

Investment income

1,355

 

315

 

1,355

 

315

 

Government grants

1,067

 

1,079

 

3,667

 

1,381

(Loss) Income before income
taxes and noncontrolling
interests

(31,904)

 

26,332

 

(140,430)

 

38,039

Income tax expenses

             
 

Income tax expenses

(8,698)

 

(10,172)

 

(13,872)

 

(15,794)

Net (loss)income

(40,602)

 

16,160

 

(154,302)

 

22,245

 

Net (loss) income
attributable to
noncontrolling
interests

(1)

 

(6)

 

1

 

(28)

Net (loss) income
attributable to SouFun
Holdings Limited's
shareholders

(40,601)

 

16,166

 

(154,303)

 

22,273

Other comprehensive (loss)income, net of
tax

             
 

Foreign currency Translation

(26,737)

 

4,548

 

(27,890)

 

(71)

 

Unrealized gain on
available-for-sale security

1,386

 

11,858

 

(3,397)

 

14,471

Total other comprehensive
income (loss), net of tax

(25,351)

 

16,406

 

(31,287)

 

14,400

Comprehensive income(loss)

(65,952)

 

32,572

 

(185,590)

 

36,673

(Loss) Earnings per share for Class A and Class B ordinary
shares

       
 

Basic

(0.43)

 

0.20

 

(1.62)

 

0.27

 

Diluted

(0.43)

 

0.18

 

(1.62)

 

0.25

(Loss) Earnings per ADS

             
 

Basic

(0.09)

 

0.04

 

(0.32)

 

0.05

 

Diluted

(0.09)

 

0.04

 

(0.32)

 

0.05

Weighted average number of Class A and Class B ordinary shares outstanding:

 

Basic

94,816,906

 

82,861,457

 

94,980,072

 

82,796,866

 

Diluted

94,816,906

 

88,230,507

 

94,980,072

 

87,866,887

Weighted average number of ADSs outstanding:

       
 

Basic

474,084,530

 

414,307,285

 

474,900,360

 

413,984,330

 

Diluted

474,084,530

 

441,152,535

 

474,900,360

 

439,334,435

 

 

SouFun 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,

   

2016

 

2015

 

2016

 

2015

   

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

GAAP (loss) income
from operations

(32,782)

 

22,312

 

(142,776)

 

29,788

 

Share-based
compensation expense

2,464

 

1,593

 

4,369

 

2,027

 

Non-GAAP
(loss) income from
operations

(30,318)

 

23,905

 

(138,407)

 

31,815

                 
 

GAAP net
(loss) income

(40,602)

 

16,160

 

(154,302)

 

22,245

 

Withholding tax
related to dividends

-

 

2,135

 

-

 

3,140

 

Investment income

(1,355)

 

(315)

 

(1,355)

 

(315)

 

Share-based
compensation expense

2,464

 

1,593

 

4,369

 

2,027

 

Non-GAAP net
(loss) income

(39,493)

 

19,573

 

(151,288)

 

27,097

                 
 

Net (loss)income
attributable to
SouFun Holdings
Limited's
shareholders

(40,601)

 

16,166

 

(154,303)

 

22,273

 

Withholding tax
related to dividends

-

 

2,135

 

-

 

3,140

 

Investment income

(1,355)

 

(315)

 

(1,355)

 

(315)

 

Share-based
compensation expense

2,464

 

1,593

 

4,369

 

2,027

 

Non-GAAP net
(loss) income
attributable to
SouFun Holdings
Limited's
shareholders

(39,492)

 

19,579

 

(151,289)

 

27,125

                 
 

GAAP (loss) earnings
per share for Class A
and Class B ordinary
shares:

             
 

Basic

(0.43)

 

0.20

 

(1.62)

 

0.27

 

Diluted

(0.43)

 

0.18

 

(1.62)

 

0.25

 

GAAP (loss) earnings
per ADS:

             
 

Basic

(0.09)

 

0.04

 

(0.32)

 

0.05

 

Diluted

(0.09)

 

0.04

 

(0.32)

 

0.05

 

Non-GAAP (loss) earnings
per share for Class A
and Class B ordinary
shares:

             
 

Basic

(0.42)

 

0.24

 

(1.59)

 

0.33

 

Diluted

(0.42)

 

0.22

 

(1.59)

 

0.31

Non-GAAP (loss)earnings per ADS:

           
 

Basic

(0.08)

 

0.05

 

(0.32)

 

0.07

 

Diluted

(0.08)

 

0.04

 

(0.32)

 

0.06

 

Weighted average
number of Class A and
Class B ordinary
shares outstanding:

             
 

Basic

94,816,906

 

82,861,457

 

94,980,072

 

82,796,866

 

Diluted

94,816,906

 

88,230,507

 

94,980,072

 

87,866,887

Weighted average number of ADSs outstanding:

       
 

Basic

474,084,530

 

414,307,285

 

474,900,360

 

413,984,330

 

Diluted

474,084,530

 

441,152,535

 

474,900,360

 

439,334,435



 SouFun Holdings Limited  
Reconciliation of Non-GAAP and Adjusted EBITDA
(in thousands of U.S. dollars)

   

Three months ended

 

Six months ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2016

 

2015

 

2016

 

2015

   

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Non-GAAP Net
(loss) income

(39,493)

 

19,573

 

(151,288)

 

27,097

Add back:

             
 

Interest expense

4,596

 

4,123

 

9,206

 

8,224

 

Income tax expenses

8,698

 

8,037

 

13,872

 

12,654

 

Depreciation expenses

4,906

 

3,356

 

9,208

 

6,429

Subtract:

             
 

Interest income

(2,960)

 

(6,664)

 

(6,473)

 

(14,708)

 

Adjusted EBITDA

(24,253)

 

28,425

 

(125,475)

 

39,696

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fang-announces-second-quarter-2016-results-300318211.html

Source: SouFun Holdings Limited
collection