SouFun Holdings Limited Unaudited Condensed Consolidated Balance Sheets ( in U.S. dollars in thousands )
ASSETS   March 31,   December 31,
2012 2011
Current assets:    
  Cash and cash equivalents 114,934 150,414
Restricted cash, current 35,851 35,814
Short-term investments 26,063 8,592
Accounts receivable, net 29,359 27,697
Prepayment and other current assets 11,782 9,695
Loan receivable 12,691 26,143
Amounts due from related parties 1,397 1,595
Deferred tax assets, current 1,334 1,602
Total current assets 233,411 261,552
Non-current assets:
Property and equipment, net 67,322 68,064
Restricted cash, non-current portion 263,199 247,631
Deferred tax assets, non current 1,251 1,407
Deposit for non-current assets 13,107 -
Other non-current assets 1,687 1,717
Total non-current assets 346,566 318,819
Total assets 579,977 580,371
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term loans 270,570 255,570
Deferred revenue 83,000 73,620
Accrued expenses and other liabilities 61,047 52,490
Dividend payable 1,780 51,969
Income tax payable 13,810 16,158
Total current liabilities 430,207 449,807
Non-current liabilities:
Deferred tax liabilities, non-current 38,602 38,581
Total non-current liabilities 38,602 38,581
Total Liabilities 468,809 488,388
 

Shareholders' equity:

Class A and Class B Ordinary shares (par value of HK$1 per share: 600,000,000 shares authorized; 78,150,568 (Class A-53,813,918 and Class B-24,336,650 ) with par value of US$10,032 (Class A-US$6,908 and Class B-US$3,124) and 78,840,890 (Class A-54,504,240 and Class B 24,336,650 ) with par value of US$10,121 (Class A-US$6,997 and Class B-US$3,124) shares issued and outstanding as of December 31, 2011 and March 31, 2012)

 

10,121

 

10,032
Additional paid-in capital 54,336 49,838
Accumulated other comprehensive income 21,992 21,853
Retained earnings 24,719 10,185
Total SouFun Holdings Limited shareholders' equity 111,168

 
91,908
Noncontrolling interests - 75
Total shareholders’ equity 111,168 91,983
   
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 579,977 580,371
SouFun Holdings Limited Unaudited Condensed Consolidated Statements of Operations ( in U.S. dollars in thousands, except share data )
     
For the three months ended

March 31,

2012

March 31,

2011
Revenues:  
Marketing services 34,252 28,190
Listing services 10,934 11,277

E-commerce services
12,045 95
Other value-added services 1,259 1,227
Total revenues 58,490 40,789
 
Cost of revenues:

Cost of services
(16,522) (13,218)
Total cost of revenues (16,522) (13,218)
 
Gross Profit 41,968 27,571
 
Operating expenses:
Selling expenses (14,458) (12,187)
General and administrative expenses (13,823) (9,466)
Total operating expenses (28,281) (21,653)
 
Operating Income 13,687 5,918
Foreign exchange (loss) gain (2) 26
Interest income 4,427 1,377
Interest expenses (2,093) (42)
Realized gain—trading securities - 55
Government grants 437 499
Other-than-temporary impairment on available-for-sale securities (14) -
Income before income taxes and noncontrolling interests 16,442 7,833
Income tax expenses
Income tax expense (1,908) (2,091)
Net income 14,534 5,742
Net loss attributable to noncontrolling interests - 5
Net income attributable to SouFun Holdings Limited shareholders

 
14,534 5,747

Other comprehensive income, net of tax
Foreign currency translation 139 2,313
Total other comprehensive income, net of tax 139 2,313
 
Comprehensive income 14,673 8,055
 
Earnings per share for Class A and Class B ordinary shares:
Basic 0.19 0.08
Diluted 0.18 0.07
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic 76,805,249 76,065,755
Diluted 81,068,135 82,768,286
SouFun Holdings Limited Reconciliation of GAAP and Non-GAAP Results ( in U.S. dollars in thousands, except share data )
 
  For the three months ended
March 31, 2012     March 31, 2011
   
GAAP income from operations 13,687 5,918
Share-based compensation 1,263 1,991
Non-GAAP income from operations 14,950 7,909
 
GAAP net income 14,534 5,742
One-off tax benefit (1,631) -
Other-than-temporary impairment on available-for-sale securities 14 -
Share-based compensation 1,263 1,991
Non-GAAP net income 14,180 7,733
 
Net Income attributable toSouFun Holdings Limited shareholders 14,534 5,747
One-off tax benefit (1,631) -
Other-than-temporary impairment on available-for-sale securities 14 -
Share-based compensation expense 1,263 1,991
Non-GAAP net Income attributable to SouFun Holdings Limited shareholders 14,180 7,738
 
GAAP earnings per share for Class A and Class B ordinary shares:
Basic 0.19 0.08
Diluted 0.18 0.07
Non-GAAP earnings per share for Class A and Class B ordinary shares:
Basic 0.18 0.10
Diluted 0.17 0.09
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic 76,805,249 76,065,755
Diluted 81,068,135 82,768,286

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