Leju Reports Second Half Year and Full Year 2022 Results
Leju Holdings Limited (NYSE: LEJU) released its unaudited financial results for the second half and full year of 2022, highlighting significant revenue declines. Total revenues fell by 25% to $173.7 million in the second half and by 36% to $343.2 million for the full year. E-commerce revenues decreased by 19% and 32%, while online advertising revenues plummeted by 48% and 47%, respectively. Despite these declines, the company's loss from operations improved, falling to $40.9 million for H2 2022 and $105.6 million for the full year. The net loss attributable to shareholders decreased to $36.8 million in H2 2022, compared to $103.2 million in the same period of 2021.
- Loss from operations improved to $40.9 million in H2 2022 from $116.9 million in H2 2021.
- Net loss attributable to shareholders decreased to $36.8 million in H2 2022 from $103.2 million in H2 2021.
- Selling, general and administrative expenses decreased by 39% to $198.7 million in H2 2022.
- Total revenues decreased by 25% in H2 2022 and by 36% for the full year.
- E-commerce service revenues fell by 19% in H2 2022 and 32% for the full year.
- Online advertising service revenues dropped by 48% in H2 2022 and 47% for the full year.
Second Half 2022 Financial Highlights
- Total revenues decreased by
25% year on year to .$173.7 million - Revenues from e-commerce services decreased by
19% year on year to .$145.8 million - Revenues from online advertising services decreased by
48% year on year to .$27.9 million - Loss from operations was
, compared to loss from operations of$40.9 million for the same period of 2021.$116.9 million - Non-GAAP[1] loss from operations was
, compared to Non-GAAP loss from operations of$34.7 million for the same period of 2021.$111.2 million - Net loss attributable to
Leju Holdings Limited shareholders was , or$36.8 million loss per diluted American depositary share ("ADS"), compared to net loss attributable to$2.69 Leju Holdings Limited shareholders of , or$103.2 million loss per diluted ADS[2], for the same period of 2021.$7.54 - Non-GAAP net loss attributable to
Leju Holdings Limited shareholders was , or$32.0 million loss per diluted ADS, compared to non-GAAP net loss attributable to$2.33 Leju Holdings Limited shareholders of , or$98.7 million loss per diluted ADS, for the same period of 2021.$7.22
[1] Leju uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense, amortization of intangible assets resulting from business acquisitions, and income tax impact on the share-based compensation expense and amortization of intangible assets resulting from business combinations. 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. [2] On |
Full Year 2022 Financial Highlights
- Total revenues decreased by
36% year on year to .$343.2 million - Revenues from e-commerce services decreased by
32% year on year to .$278.5 million - Revenues from online advertising services decreased by
47% year on year to .$64.7 million - Loss from operations was
, compared to loss from operations of$105.6 million for 2021.$166.7 million - Non-GAAP loss from operations was
, compared to non-GAAP loss from operations of$93.2 million for 2021.$154.5 million - Net loss attributable to
Leju Holdings Limited shareholders was , or$89.7 million loss per diluted ADS, compared to net loss attributable to$6.54 Leju Holdings Limited shareholders of , or$150.9 million loss per diluted ADS for 2021.$11.05 - Non-GAAP net loss attributable to
Leju Holdings Limited shareholders was , or$79.9 million loss per diluted ADS, compared to non-GAAP net loss attributable to$5.83 Leju Holdings Limited shareholders of , or$141.4 million loss per diluted ADS for 2021.$10.34
"In the second half of 2022,
"Although the central government and local governments introduced measures to support the real estate industry in the fourth quarter of 2022, it will take the market some time to absorb and respond. Looking ahead to 2023, real estate sales are anticipated to remain depressed as developers work to restore their financial fundamentals. Leju has made adaptive optimization and adjustment to our sales network and team structure based on these projections. Finally, in order to be ready to take advantage of the future market recovery, we will enhance our focus on brand building efforts and new product development."
Second Half 2022 Results
Total revenues were
Revenues from e-commerce services were
Revenues from online advertising services were
Cost of revenues was
Selling, general and administrative expenses were
Loss from operations was
Net loss was
Net loss attributable to
Full year 2022 Results
Total revenues were
Revenues from e-commerce services were
Revenues from online advertising services were
Cost of revenues was
Selling, general and administrative expenses were
Loss from operations was
Net loss was
Net loss attributable to
Cash Flow
As of
Second half 2022 net cash used in operating activities was
About Leju
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
About Non-GAAP Financial Measures
To supplement Leju's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Leju uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense, amortization of intangible assets resulting from business acquisitions, and income tax impact on the share-based compensation expense and amortization of intangible assets resulting from business combinations. 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.
Leju believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expense and amortization of intangible assets resulting from business acquisitions, which may not be indicative of Leju's operating performance. These non-GAAP financial measures also facilitate management's internal comparisons to Leju'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 expense and amortization of intangible assets resulting from business acquisitions may continue to exist in Leju'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 provide more details on the reconciliation between non-GAAP financial measures and their most comparable GAAP financial measures.
For investor and media inquiries please contact:
Ms.
Phone: +86 (10) 8474-1287
E-mail: ir@leju.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of | ||||||||||||
2021 | 2022 | |||||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | 250,314 | 123,378 | ||||||||||
Restricted cash | 2,082 | 4,271 | ||||||||||
Accounts receivable, net | 36,071 | 3,408 | ||||||||||
Contract assets, net | 1,415 | — | ||||||||||
Marketable securities | 1,186 | — | ||||||||||
Prepaid expenses and other current assets | 25,110 | 6,111 | ||||||||||
Customer deposits | 784 | 3,860 | ||||||||||
Amounts due from related parties | 3,913 | 2,476 | ||||||||||
Total current assets | 320,875 | 143,504 | ||||||||||
Property and equipment, net | 16,667 | 14,204 | ||||||||||
Intangible assets, net | 23,298 | 12,458 | ||||||||||
Right-of-use assets | 23,409 | 18,943 | ||||||||||
Investment in affiliates | 18 | — | ||||||||||
Deferred tax assets, net | 51,605 | 25,457 | ||||||||||
Other non-current assets | 1,376 | 1,545 | ||||||||||
Total assets | 437,248 | 216,111 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Short-term borrowings | 784 | 718 | ||||||||||
Accounts payable | 1,631 | 654 | ||||||||||
Accrued payroll and welfare expenses | 21,517 | 12,728 | ||||||||||
Income tax payable | 60,952 | 25,203 | ||||||||||
Other tax payable | 18,046 | 9,695 | ||||||||||
Amounts due to related parties | 7,632 | 4,805 | ||||||||||
Advances from customers | 82,788 | 43,100 | ||||||||||
Lease liabilities, current | 5,582 | 5,038 | ||||||||||
Accrued marketing and advertising expenses | 43,272 | 29,988 | ||||||||||
Other current liabilities | 18,504 | 12,265 | ||||||||||
Total current liabilities | 260,708 | 144,194 | ||||||||||
Lease liabilities, non-current | 19,438 | 15,439 | ||||||||||
Deferred tax liabilities | 6,043 | 3,518 | ||||||||||
Total liabilities | 286,189 | 163,151 | ||||||||||
Shareholders' Equity | ||||||||||||
Ordinary shares ( authorized, 136,822,601 and 137,172,601 shares issued and outstanding, as of respectively | 137 | 137 | ||||||||||
Additional paid-in capital | 801,477 | 803,301 | ||||||||||
Accumulated deficit | (648,935) | (738,602) | ||||||||||
Accumulated other comprehensive loss | (1,424) | (11,601) | ||||||||||
151,255 | 53,235 | |||||||||||
Non-controlling interests | (196) | (275) | ||||||||||
Total equity | 151,059 | 52,960 | ||||||||||
TOTAL LIABILITIES AND EQUITY | 437,248 | 216,111 | ||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of | ||||||||||||||||
Six months ended | Year ended | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
Revenues | ||||||||||||||||
E-commerce | 179,696 | 145,810 | 411,097 | 278,464 | ||||||||||||
Online advertising | 53,232 | 27,924 | 122,522 | 64,707 | ||||||||||||
Listing | 97 | — | 498 | 11 | ||||||||||||
Total net revenues | 233,025 | 173,734 | 534,117 | 343,182 | ||||||||||||
Cost of revenues | (24,130) | (16,130) | (55,801) | (30,604) | ||||||||||||
Selling, general and administrative expenses | (326,151) | (198,739) | (645,623) | (418,501) | ||||||||||||
Other operating income, net | 361 | 273 | 560 | 298 | ||||||||||||
Loss from operations | (116,895) | (40,862) | (166,747) | (105,625) | ||||||||||||
Interest income, net | 1,555 | 820 | 3,130 | 2,335 | ||||||||||||
Other income (loss), net | (1,919) | 695 | 209 | 1,496 | ||||||||||||
Loss before taxes and loss from equity in affiliates | (117,259) | (39,347) | (163,408) | (101,794) | ||||||||||||
Income tax benefits | 14,228 | 2,478 | 13,498 | 12,120 | ||||||||||||
Loss before loss from equity in affiliates | (103,031) | (36,869) | (149,910) | (89,674) | ||||||||||||
Loss from equity in affiliates | (6) | (17) | (14) | (17) | ||||||||||||
Net loss | (103,037) | (36,886) | (149,924) | (89,691) | ||||||||||||
Less: net income (loss) attributable to non-controlling interests | 125 | (70) | 1,010 | (23) | ||||||||||||
Net loss attributable to shareholders | (103,162) | (36,816) | (150,934) | (89,668) | ||||||||||||
Loss per ADS: | ||||||||||||||||
Basic | (7.54) | (2.69) | (11.05) | (6.54) | ||||||||||||
Diluted | (7.54) | (2.69) | (11.05) | (6.54) | ||||||||||||
ADS used in computation of loss per ADS: | ||||||||||||||||
Basic | 13,681,898 | 13,708,716 | 13,665,216 | 13,704,238 | ||||||||||||
Diluted | 13,681,898 | 13,708,716 | 13,665,216 | 13,704,238 | ||||||||||||
The conversion of functional currency Renminbi ("RMB") amounts into reporting currency USD amounts is based on the rate of ended |
LEJU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (In thousands of | |||||||||||||||||
Six months ended | Year ended | ||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||
Net loss | (103,037) | (36,886) | (149,924) | (89,691) | |||||||||||||
Other comprehensive income (loss), net of tax of nil | |||||||||||||||||
Foreign currency translation adjustments | 1,882 | (4,891) | 4,282 | (10,232) | |||||||||||||
Comprehensive loss | (101,155) | (41,777) | (145,642) | (99,923) | |||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | 129 | (86) | 1,021 | (78) | |||||||||||||
Comprehensive loss attributable to Limited shareholders | (101,284) | (41,691) | (146,663) | (99,845) | |||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands of | ||||||||||||||||
Six months ended | Year ended | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
GAAP loss from operations | (116,895) | (40,862) | (166,747) | (105,625) | ||||||||||||
Share-based compensation expense | 463 | 895 | 1,657 | 1,824 | ||||||||||||
Amortization of intangible assets resulting from business acquisitions | 5,279 | 5,279 | 10,558 | 10,558 | ||||||||||||
Non-GAAP loss from operations | (111,153) | (34,688) | (154,532) | (93,243) | ||||||||||||
GAAP net loss | (103,037) | (36,886) | (149,924) | (89,691) | ||||||||||||
Share-based compensation expense | 463 | 895 | 1,657 | 1,824 | ||||||||||||
Amortization of intangible assets resulting from business acquisitions | 5,279 | 5,279 | 10,558 | 10,558 | ||||||||||||
Income tax benefits: | ||||||||||||||||
Current | — | — | — | — | ||||||||||||
Deferred[3] | (1,320) | (1,320) | (2,640) | (2,640) | ||||||||||||
Non-GAAP net loss | (98,615) | (32,032) | (140,349) | (79,949) | ||||||||||||
Net loss attributable to | (103,162) | (36,816) | (150,934) | (89,668) | ||||||||||||
Share-based compensation expense (net of non-controlling interests) | 463 | 895 | 1,657 | 1,824 | ||||||||||||
Amortization of intangible assets resulting from business acquisitions (net of non-controlling interests) | 5,279 | 5,279 | 10,558 | 10,558 | ||||||||||||
Income tax benefits: | ||||||||||||||||
Current | — | — | — | — | ||||||||||||
Deferred | (1,320) | (1,320) | (2,640) | (2,640) | ||||||||||||
Non-GAAP net loss attributable to Limited shareholders | (98,740) | (31,962) | (141,359) | (79,926) | ||||||||||||
GAAP net loss per ADS — basic | (7.54) | (2.69) | (11.05) | (6.54) | ||||||||||||
GAAP net loss per ADS — diluted | (7.54) | (2.69) | (11.05) | (6.54) | ||||||||||||
Non-GAAP net loss per ADS — basic | (7.22) | (2.33) | (10.34) | (5.83) | ||||||||||||
Non-GAAP net loss per ADS — diluted | (7.22) | (2.33) | (10.34) | (5.83) | ||||||||||||
ADS used in calculating basic GAAP / non-GAAP net loss attributable to shareholders per ADS | 13,681,898 | 13,708,716 | 13,665,216 | 13,704,238 | ||||||||||||
ADS used in calculating diluted GAAP / non-GAAP net loss attributable to shareholders per ADS | 13,681,898 | 13,708,716 | 13,665,216 | 13,704,238 | ||||||||||||
[3] Amount represents the realization of deferred tax liabilities recognized for the temporary difference between the tax basis of intangible assets recognized from acquisitions and their reported amounts in the financial statements. The income tax impact on the share-based compensation expense is nil. |
SELECTED OPERATING DATA | ||||||||||||||||
Six months ended | Year ended | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
Operating data for e-commerce services | ||||||||||||||||
Number of discount coupons issued to prospective purchasers (number of transactions) | 70,138 | 35,794 | 162,196 | 67,250 | ||||||||||||
Number of discount coupons redeemed (number of transactions) | 60,852 | 35,214 | 138,230 | 70,476 | ||||||||||||
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