SouFun Announces 3Q 2012 Results

Gordana Davila

November 12, 2012

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SouFun Holdings Limited announced its unaudited financial results for the third quarter ended September 30, 2012. The company reported total revenue of US$127.2 million for the third quarter of 2012, representing an increase of 17.1% from the corresponding period in 2011.

“We are happy to deliver another solid quarter in what has been the toughest quarter of this year.” said Vincent Mo, Executive Chairman of SouFun. “Focus on SouFun’s existing Marketing and Listing Services, together with creative and innovative SouFun membership services in China’s new home market and SouFun Online Shop in the resale market, has supported and will continuously support SouFun’s growth story and its stronger leadership in China’s home related internet sector.”

Revenue from marketing services was US$79.7 million for the third quarter of 2012, a slight decrease of 2.4% from the corresponding period in 2011, due primarily to an offset by the rapid growth of SouFun membership services which has been mainly tested in Beijing, Shanghai and ten other major cities in China.

Revenue from listing services was US$20.3 million for the third quarter of 2012, an increase of 23.6% from the corresponding period in 2011 primarily due to the general recovery in the secondary real estate market and new revenue from SouFun Online Shop which has been testing mainly in ten major cities in China, including Beijing and Shanghai.

Revenue from e-commerce services was US$25.6 million for the third quarter of 2012, a substantial increase from US$9.5 million for the same period in 2011 due to the increasing market acceptance of SouFun membership services. We began offering paid SouFun membership services to property buyers to facilitate their transactions with property developers from the second quarter of 2011.

Revenue from other value-added services and products was US$1.6 million for the third quarter of 2012, an increase of 61.3% from the corresponding period in 2011.

Cost of revenue was US$20.8 million for the third quarter of 2012, a slight increase of 1.1% from the corresponding period in 2011 due primarily to effective cost control.

Gross margin was 83.6% for the third quarter of 2012, compared with 81.0% for the corresponding period in 2011.

Operating expenses were US$40.1 million for the third quarter of 2012, an increase of 7.7% from the corresponding period in 2011.

Selling expenses were US$20.6 million for the third quarter of 2012, an increase of 5.6% from the corresponding period in 2011 due primarily to increased staff cost.

General and administrative expenses were US$19.5 million for the third quarter of 2012, an increase of 10.1% from the corresponding period in 2011, due primarily to increased staff cost.

Operating income was US$66.3 million for the third quarter of 2012, an increase of 30.6% from the corresponding period in 2011. Non-GAAP operating income was US$67.8 million, an increase of 28.8% from the corresponding period in 2011.

Income tax expense was US$20.0 million for the third quarter of 2012, an increase of 86.2% compared to US$10.8 million for the corresponding period in 2011, due primarily to the fact that US$5.5 million withholding tax was accrued in the third quarter of 2012.

Net income attributable to shareholders was US$49.2 million for the third quarter of 2012, an increase of 14.7% from the corresponding period in 2011. Earnings per fully diluted sharewas US$0.61 for the third quarter of 2012, compared with US$0.52 for the corresponding period in 2011. Non-GAAP net income attributable to shareholders was US$56.2 million for the third quarter of 2012, an increase of 25.6% from the corresponding period in 2011.Non-GAAP earnings per fully diluted share was US$0.70 for the third quarter of 2012, compared with US$0.55 for the corresponding period in 2011.

As of September 30, 2012, SouFun had cash, cash equivalents, and short-term investments (excluding the effect from available-for-sale securities) of US$144.5 million, compared to US$158.3 million as of December 31, 2011. This reflected the payment of US$79.0 million in cash in a dividend of US$1.00 per share to shareholders in the third quarter. Cash flowfrom operating activities was US$55.2 million for the third quarter of 2012, compared to US$41.2 million for the same period of 2011.

Business Outlook

SouFun raises its revenue guidance for fiscal year of 2012 from between US$390.0 million and US$410.0 million to between US$400.0 million and US$420.0 million, representing a year-on-year increase of 16.6% to 22.2%. This forecast reflects SouFun’s current and preliminary view, which is subject to change.

 

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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.