SHANGHAI, March 10, 2011 /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, 2010.
Fourth Quarter 2010 Highlights
- Total revenues for the fourth quarter increased 51%
year-over-year to $62.4 million,
exceeding the high end of the Company's guidance range of
$56 million to $58 million. Revenues from online services
increased 82% year-over-year to $25.2 million. Revenues from information and
consulting services and other services increased 35% year-over-year
to $37.2 million.
- Non-GAAP(1) income from operations increased 15% year-over-year
to $22.0 million.
- Non-GAAP net income attributable to CRIC shareholders was
$17.3 million for the quarter,
compared to $17.8 million in the same
quarter of 2009.
- Non-GAAP diluted earnings per American depositary share ("ADS")
for the quarter were $0.12.
Full Year 2010 Highlights
- Total revenues for the full year of 2010 increased 82%
year-over-year to $174.2 million, from $95.7 million for the full year of 2009. Revenues
for the full year of 2010 included $66.9 million attributable to online
services, while full year 2009 revenues included $13.8 million in fourth quarter revenues from
online services. Revenues from real estate information and
consulting services and other services were $107.3 million, an increase of 31% compared
to the full year of 2009.
- Non-GAAP net income attributable to CRIC shareholders for the
full year of 2010 increased 32% year-over-year to $58.4 million, from $44.2
million for the full year of 2009. Non-GAAP net income
attributable to CRIC shareholders for the full year of 2010
included $12.6 million from
online services while full year 2009 non-GAAP net income
attributable to CRIC shareholders included $5.8 million in fourth quarter net income from
online services. Non-GAAP net income attributable to CRIC
shareholders from information and consulting services and other
services was $45.8 million for
the full year of 2010, an increase of 19% compared to the full year
of 2009.
- Non-GAAP diluted earnings per ADS for the year were
$0.40.
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(1) CRIC uses in this
press release the following non-GAAP financial measures: (1) net
income attributable to CRIC shareholders (2) net income
attributable to CRIC shareholders per diluted ADS and (3) income
from operations, each of which excludes share-based compensation
expense, amortization of intangible assets resulting from business
acquisitions, gain relating to the acquisition of the Company's
online real estate services segment and gain from settlement of
pre-existing relationship resulting from business acquisition. See
"About Non-GAAP Financial Measures" and "Reconciliation of GAAP and
Non-GAAP Results" below for more information about the non-GAAP
financial measures included in this press release.
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"2010 was a volatile year for China's real estate industry, with multiple
rounds of government policies designed to slow down the growth in
the domestic real estate market," said Mr. Xin Zhou, CRIC's co-chairman and CEO. "In spite
of this, CRIC managed to deliver the targeted growth for our online
segment and our information and consulting and other services
segments. We also made several important strategic moves. First, we
expanded our services geographically from 86 cities at the end of
2009 to 138 cities at the end of 2010, most of which are tier two,
three and four cities in China.
Second, we established ourselves as a real estate service provider
for the entire real estate service value chain by expanding beyond
our residential services and into tourism and commercial real
estate online and information and consulting services. Furthermore,
we distinguished ourselves by opening up our platform to strategic
partners. Over the next few years, we will be able to leverage both
the strength of SINA's media and Weibo platforms and also Baidu's
leading search platform. These strategic moves have laid down a
strong foundation that will allow CRIC to continue to grow despite
the overall volatile real estate market environment."
Mr. Zhou continued, "Looking into 2011, we expect our
information and consulting services and other services will
maintain stable growth while our online services will continue to
grow at a fast pace that is similar to last year's growth rate. As
demonstrated by our strong results in 2010, our information and
consulting business is less impacted by the current real estate
market weakness. Our online business continues to benefit from the
increased market share of our existing business, our entry into new
cities, the addition and growth of tourism and commercial real
estate channels and home-furnishing channels, and growth from new
businesses associated with our partnerships."
"I am also pleased to announce that our Board of Directors has
approved a $50 million stock
repurchase program," Mr. Zhou added. "The board's decision to buy
back CRIC's shares reflects our firm belief that our shares are
presently undervalued and represents a sound investment decision at
recent trading prices. We are confident in our ability to
successfully execute our business strategies and in the growth
prospects of our business, and we believe this repurchase program
is in the best interest of CRIC and our shareholders."
Financial Results for the Fourth Quarter of 2010
Revenues
Fourth quarter total revenues were $62.4 million in 2010, an increase of 51%
from $41.3 million for the same
quarter of 2009.
Revenues from online services were $25.2
million, an increase of 82% from $13.8 million for the fourth quarter of 2009.
The increases were mainly due to substantial gains in market
share in all major cities after CRIC acquired its online business
in October 2009.
Revenues from information and consulting services were
$30.3 million, an increase of
38% from $21.9 million for the
same quarter of 2009. The increases were primarily due to an
increased number of subscribers to the CRIC database, more demand
for the Company's customized real estate reports and growth in
project-based consulting services in the fourth quarter of
2010.
Revenues from other services, including offline advertising and
promotional events, were $6.9 million for the fourth quarter of 2010,
an increase of 24% from $5.6 million
for the same quarter of 2009 due to the real estate promotional
event provider acquired in the second quarter of 2010.
Cost of Revenues
Fourth quarter cost of revenues was $13.7 million in 2010, an increase of
$6.1 million or 81% compared to the
fourth quarter of 2009, primarily due to higher editorial cost
associated with the expanded coverage of the Company's websites,
additional expenses associated with CRIC's launch of the new real
estate channels on Baidu and cost associated with the real estate
promotional event provider acquired in the second quarter of
2010.
Selling, General and Administrative ("SG&A")
Expenses
Fourth quarter SG&A expenses were $34.8 million in 2010, an increase of 48%
from $23.5 million for the same
quarter of 2009. The increases in SG&A were primarily due to
(1) salary and marketing expenses for the Company's online business
associated with additional sales and administrative staff and the
launch of real estate channels on Baidu, and (2) salary, bonus,
travel, administrative and other office expenses associated with
the expansion of the real estate information and consulting
services.
Income from Operations
Fourth quarter income from operations was $13.9 million in 2010, an increase of 13%
from $12.3 million for the same
quarter of 2009. Non-GAAP income from operations for the fourth
quarter of 2010 was $22.0 million, an increase of 15% from
$19.2 million for the same
quarter of 2009.
Net Income Attributable to CRIC Shareholders
Net income attributable to CRIC shareholders was $10.0 million for the quarter, as compared to
$32.4 million for the same quarter of
2009. Non-GAAP net income attributable to CRIC shareholders was
$17.3 million for the quarter,
compared to non-GAAP net income attributable to CRIC shareholders
of $17.8 million in the same quarter
of 2009. CRIC's 2010 net income was negatively impacted by the
Company's spending in the Baidu channels.
Financial Results for the Full Year of 2010
Revenues
Total revenues for the full year of 2010 increased 82%
year-over-year to $174.2 million
from $95.7 million for the full year
of 2009. Revenues for the full year of 2010 included $66.9 million attributable to online
services, while full year 2009 revenues included $13.8 million in fourth quarter revenues from
online services.
Revenues from real estate information and consulting services
were $87.6 million, an increase
of 29% compared to the full year of 2009. The increase was
primarily due to an increased number of subscribers to the CRIC
database and more demand for the Company's customized real estate
reports in the full year of 2010.
Revenues from other services, including offline advertising and
promotional events, were $19.7 million, an increase of 43% from
$13.8 million for the full year
of 2009 due mostly to the addition of promotional event services
starting from the second quarter of 2010.
Cost of Revenues
For the full year of 2010, cost of revenues was $41.0 million, an increase of 220% from
$12.8 million for the full year
of 2009, mainly due to the addition of the Company's online real
estate business starting from the fourth quarter of 2009, 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 and the Company's
overall business expansion.
SG&A Expenses
For the full year of 2010, SG&A expenses were $109.1 million, an increase of 127% from
$48.0 million for the full year of
2009, mainly due to the addition of the Company's real estate
online business starting from the fourth quarter of 2009, the
addition of the Company's new real estate promotional event service
business starting from the second quarter of 2010, higher salary,
commission, bonus and travel expenses associated with CRIC's real
estate information and consulting services. G&A expenses
associated with being a public company for the full year of 2010
also contributed to the overall increases in SG&A expenses as
compared to the full year of 2009.
Income from Operations
For the full year of 2010, income from operations was
$24.1 million. Non-GAAP income
from operations for the full year of 2010 was $59.2 million, an increase of 26% from
$47.0 million for the full year of
2009.
Net Income Attributable to CRIC Shareholders
Net income attributable to CRIC shareholders for the full year
of 2010 was $25.9 million compared to
$55.6 million in the full year of
2009. Non-GAAP net income attributable to CRIC shareholders was
$58.4 million for the full year of
2010, compared to $44.2 million for
the full year of 2009, an increase of 32%. Non-GAAP net income
attributable to CRIC shareholders for the full year of 2010
included $12.6 million from
online services while full year 2009 non-GAAP net income
attributable to CRIC shareholders included $5.8 million in fourth quarter net income from
online services. Non-GAAP net income attributable to CRIC
shareholders from information and consulting services and other
services was $45.8 million for
the full year of 2010, an increase of 19% compared to the full year
of 2009.
Cash Flow
As of December 31, 2010, the Company had a cash balance of
$340.7 million.
Fourth quarter net cash inflow from operating activities was
$19.8 million, which was mainly
attributable to non-GAAP net income of $17.8
million.
Business Outlook
CRIC estimates that its total revenues for the first quarter of
2011 will be in the range of $39 million to
$41 million, compared to $27.2
million in the same quarter of 2010. Total revenues estimate
includes estimated revenues from real estate information and
consulting services and other services of $19 million to $20 million, compared to
$18.9 million in the same quarter of
2010, and estimated revenues from real estate online services of
$20 million to $21 million, compared
to $8.2 million in the first quarter
of 2010. The above forecast reflects the Company’s current and
preliminary view, which is subject to change.
Share Repurchase Program
CRIC has been authorized, but not obligated, by its board of
directors to repurchase up to $50
million worth of its own ADSs within one year upon receiving
such authorization. The repurchases will be made from time to time
on the open market at prevailing market prices pursuant to a 10b5-1
plan (which allows CRIC to repurchase its ADSs pursuant to the
pre-determined terms under the plan at any time, including during
periods in which it may be in possession of material non-public
information), in negotiated transactions off the market, in block
trades or otherwise. The timing and extent of any purchases will
depend upon market conditions, the trading price of ADSs and other
factors, and subject to the restrictions relating to volume, price
and timing in accordance with applicable law. CRIC expects to
implement this share repurchase program in a manner consistent with
market conditions and the interests of the shareholders. CRIC's
board of directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size
accordingly. CRIC plans to fund repurchases made under this program
from its available cash balance.
Conference Call Information
CRIC's management will host an earnings conference call on
March 10, 2011 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:
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U.S./International:
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+1-718-354-1157
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Hong Kong:
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+852-3002-1616
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Mainland China:
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+86-10-5904-4826
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Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is
"CRIC."
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 130 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 written or oral 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
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) net income attributable to CRIC shareholders (2) net
income attributable to CRIC shareholders per diluted ADS and (3)
income from operations, each of which excludes expenses relating to
share-based compensation and amortization of intangible assets
resulting from business acquisitions, gain relating to the
acquisition of the Company's online real estate services segment
and gain from settlement of pre-existing relationship resulting
from business acquisition. 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
"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 and amortization of intangible assets resulting from
business acquisitions 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 and
amortization of intangible assets resulting from business
acquisitions 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.
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For investor and media inquiries
please contact:
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In China
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Penny Pan
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Manager, Investor
Relations
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China Real Estate Information
Corporation
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Phone: +86 (21)
6086-8111
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E-mail: ir@cric.com
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Derek Mitchell
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Ogilvy Financial,
Beijing
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Phone: +86 (10)
8520-6284
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E-mail:
cric@ogilvy.com
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In the U.S.
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Jessica Barist Cohen
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Ogilvy Financial, New
York
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Phone: +1 (646)
460-9989
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E-mail:
cric@ogilvy.com
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CHINA REAL
ESTATE INFORMATION CORPORATION
UNAUDITED
CONSOLIDATED BALANCE SHEET
(In
thousands of U.S. dollars)
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|
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December 31,
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December 31,
|
|
|
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2009
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|
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2010
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ASSETS
|
|
|
|
|
|
|
|
|
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Current
assets
|
|
|
|
|
|
|
|
|
|
|
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Cash and cash
equivalents
|
|
|
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311,067
|
|
|
|
340,720
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|
|
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Unbilled accounts receivable,
net
|
|
|
|
22,739
|
|
|
|
51,175
|
|
|
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Accounts receivable,
net
|
|
|
|
5,691
|
|
|
|
9,796
|
|
|
|
Advance payment for
properties
|
|
|
|
8,108
|
|
|
|
-
|
|
|
|
Prepaid expenses
|
|
|
|
1,283
|
|
|
|
8,253
|
|
|
|
Other receivables and current
assets
|
|
|
|
5,706
|
|
|
|
13,979
|
|
|
|
Amounts due from related
parties
|
|
|
|
2,461
|
|
|
|
5,080
|
|
|
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Total current
assets
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|
|
|
357,055
|
|
|
|
429,003
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|
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Property and equipment,
net
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|
|
|
7,423
|
|
|
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11,177
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|
|
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Intangible assets,
net
|
|
|
|
201,139
|
|
|
|
182,622
|
|
|
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Goodwill
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|
|
|
449,903
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|
|
|
450,299
|
|
|
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Investment in
affiliates
|
|
|
|
-
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|
|
|
4,444
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|
|
|
Other non-current
assets
|
|
|
|
4,571
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|
|
|
6,378
|
|
|
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TOTAL ASSETS
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|
|
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1,020,091
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|
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1,083,923
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LIABILITES AND
EQUITY
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Current
liabilities
|
|
|
|
|
|
|
|
|
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Accounts payable
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|
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2,289
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|
|
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3,300
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|
|
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Advance from
customers
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|
|
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2,855
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|
|
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6,455
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|
|
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Accrued payroll and welfare
expenses
|
|
|
|
3,873
|
|
|
|
9,882
|
|
|
|
Income tax payable
|
|
|
|
9,270
|
|
|
|
16,935
|
|
|
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Other tax payable
|
|
|
|
3,085
|
|
|
|
5,428
|
|
|
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Amounts due to related
parties
|
|
|
|
7,301
|
|
|
|
2,785
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|
|
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Deposit for property for
sale
|
|
|
|
2,781
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|
|
|
200
|
|
|
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Other current
liabilities
|
|
|
|
4,184
|
|
|
|
7,531
|
|
|
|
Total current
liabilities
|
|
|
|
35,638
|
|
|
|
52,516
|
|
|
|
Deferred tax liabilities -
non-current
|
|
|
|
42,032
|
|
|
|
39,969
|
|
|
|
Total liabilities
|
|
|
|
77,670
|
|
|
|
92,485
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
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|
Ordinary shares ($0.0002 par
value): 250,000,000 shares authorized,
142,922,222
and 143,749,405 shares issued and outstanding, as of
December 31, 2009 and
December 31, 2010, respectively
|
|
|
|
29
|
|
|
|
29
|
|
|
|
Additional paid-in
capital
|
|
|
|
863,169
|
|
|
|
882,429
|
|
|
|
Subscription
receivables
|
|
|
|
-
|
|
|
|
(98)
|
|
|
|
Retained earnings
|
|
|
|
74,386
|
|
|
|
97,557
|
|
|
|
Accumulated other comprehensive
income
|
|
|
|
3,629
|
|
|
|
8,403
|
|
|
|
Total CRIC shareholders'
equity
|
|
|
|
941,213
|
|
|
|
988,320
|
|
|
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Non-controlling
interests
|
|
|
|
1,208
|
|
|
|
3,118
|
|
|
|
Total equity
|
|
|
|
942,421
|
|
|
|
991,438
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
|
|
1,020,091
|
|
|
|
1,083,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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,
|
|
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information and consulting
services
|
|
|
21,928
|
|
|
|
30,341
|
|
|
|
68,045
|
|
|
|
87,567
|
|
|
|
Online services
|
|
|
13,830
|
|
|
|
25,160
|
|
|
|
13,830
|
|
|
|
66,855
|
|
|
|
Other services
|
|
|
5,563
|
|
|
|
6,888
|
|
|
|
13,779
|
|
|
|
19,732
|
|
|
|
|
|
41,321
|
|
|
|
62,389
|
|
|
|
95,654
|
|
|
|
174,154
|
|
|
|
Cost of revenues
|
|
|
(7,576)
|
|
|
|
(13,688)
|
|
|
|
(12,810)
|
|
|
|
(41,010)
|
|
|
|
Selling,
general and administrative expenses
|
|
|
(23,522)
|
|
|
|
(34,758)
|
|
|
|
(48,049)
|
|
|
|
(109,089)
|
|
|
|
Gain from settlement of
pre-existing
relationship
|
|
|
2,101
|
|
|
|
-
|
|
|
|
2,101
|
|
|
|
-
|
|
|
|
Income from
operations
|
|
|
12,324
|
|
|
|
13,943
|
|
|
|
36,896
|
|
|
|
24,055
|
|
|
|
Interest income
|
|
|
147
|
|
|
|
494
|
|
|
|
279
|
|
|
|
1,727
|
|
|
|
Other income , net
|
|
|
551
|
|
|
|
142
|
|
|
|
2,725
|
|
|
|
3,174
|
|
|
|
Income before taxes, equity in
affiliates
|
|
|
13,022
|
|
|
|
14,579
|
|
|
|
39,900
|
|
|
|
28,956
|
|
|
|
Income tax expense
|
|
|
(1,632)
|
|
|
|
(4,171)
|
|
|
|
(6,307)
|
|
|
|
(2,791)
|
|
|
|
Income before equity in
affiliates
|
|
|
11,390
|
|
|
|
10,408
|
|
|
|
33,593
|
|
|
|
26,165
|
|
|
|
Income from equity in
affiliates
|
|
|
21,453
|
|
|
|
(276)
|
|
|
|
22,016
|
|
|
|
(276)
|
|
|
|
Net income
|
|
|
32,843
|
|
|
|
10,132
|
|
|
|
55,609
|
|
|
|
25,889
|
|
|
|
Less: Net income/(loss)
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
|
|
442
|
|
|
|
182
|
|
|
|
7
|
|
|
|
(52)
|
|
|
|
Net
income attributable to CRIC
shareholders
|
|
|
32,401
|
|
|
|
9,950
|
|
|
|
55,602
|
|
|
|
25,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.25
|
|
|
|
0.07
|
|
|
|
0.64
|
|
|
|
0.18
|
|
|
|
Diluted
|
|
|
0.24
|
|
|
|
0.07
|
|
|
|
0.63
|
|
|
|
0.18
|
|
|
|
Shares used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
131,775,483
|
|
|
|
143,644,249
|
|
|
|
86,610,265
|
|
|
|
143,288,987
|
|
|
|
Diluted
|
|
|
135,829,100
|
|
|
|
147,074,939
|
|
|
|
88,264,301
|
|
|
|
146,193,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes
|
Note 1
|
|
The conversion of Renminbi
("RMB") amounts into USD amounts is based on the rate of
USD1
= RMB6.6227 on December 31,
2010 and USD1 = RMB6.6727 for the three months ended
December 31,
2010.
|
|
|
|
|
|
CHINA REAL ESTATE INFORMATION
CORPORATION
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,
|
|
|
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations1
|
|
|
12,324
|
|
|
13,943
|
|
|
36,896
|
|
|
24,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expenses2
|
|
|
3,868
|
|
|
2,947
|
|
|
6,848
|
|
|
14,734
|
|
|
|
Amortization
expenses of
intangible assets resulting from
business acquisitions3
|
|
|
5,117
|
|
|
5,126
|
|
|
5,365
|
|
|
20,458
|
|
|
|
Gain from
settlement of pre-
existing
relationship
|
|
|
(2,101)
|
|
|
-
|
|
|
(2,101)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income
from
operations4
|
|
|
19,208
|
|
|
22,016
|
|
|
47,008
|
|
|
59,247
|
|
|
|
GAAP net income attributable
to
CRIC
shareholders5
|
|
|
32,401
|
|
|
9,950
|
|
|
55,602
|
|
|
25,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expenses (net of tax and non-
controlling interests)
|
|
|
3,868
|
|
|
2,947
|
|
|
6,848
|
|
|
14,734
|
|
|
|
Amortization
expenses of intangible
assets resulting from business
acquisitions (net of tax and non-
controlling interests)
|
|
|
5,093
|
|
|
4,445
|
|
|
5,279
|
|
|
17,762
|
|
|
|
Gain relating to
online real estate
services segment acquisition(net
of
tax and non-controlling
interests)
|
|
|
(21,453)
|
|
|
-
|
|
|
(21,453)
|
|
|
-
|
|
|
|
Gain from
settlement of pre-existing
relationship(net of tax and non-
controlling interests)
|
|
|
(2,101)
|
|
|
-
|
|
|
(2,101)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable
to CRIC
shareholders6
|
|
|
17,808
|
|
|
17,342
|
|
|
44,175
|
|
|
58,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per ADS -
basic
|
|
|
0.25
|
|
|
0.07
|
|
|
0.64
|
|
|
0.18
|
|
|
|
GAAP net income per ADS -
diluted
|
|
|
0.24
|
|
|
0.07
|
|
|
0.63
|
|
|
0.18
|
|
|
|
Non-GAAP net income per ADS
-
basic
|
|
|
0.14
|
|
|
0.12
|
|
|
0.51
|
|
|
0.41
|
|
|
|
Non-GAAP net income per ADS
-
diluted
|
|
|
0.13
|
|
|
0.12
|
|
|
0.50
|
|
|
0.40
|
|
|
|
Shares used in calculating
basic
GAAP/Non-GAAP net
income
attributable to CRIC
shareholders
per ADS
|
|
|
131,775,483
|
|
|
143,644,249
|
|
|
86,610,265
|
|
|
143,288,987
|
|
|
|
Shares used in calculating
diluted
GAAP/Non-GAAP net
income
attributable to CRIC
shareholders
per ADS
|
|
|
135,829,100
|
|
|
147,074,939
|
|
|
88,264,301
|
|
|
146,193,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes 2:
|
|
|
|
|
1: GAAP income from operations
included $0.6 million and $14.2 million GAAP losses from
operations attributable to online real estate services segment for
the fourth quarter and full year of 2010, respectively.
|
|
|
|
|
2: Share-based compensation
expenses included $2.2 million and $8.7 million
attributable to online real estate services segment for the fourth
quarter and full year of 2010, respectively.
|
|
|
|
|
3: Amortization expenses,
recorded in both cost of revenues and SG&A, included
$5.0 million and $20.0 million attributable to online
real estate services segment for the fourth quarter and full year
of 2010, respectively.
|
|
|
|
|
4: Non-GAAP income from
operations included $6.5 million and $14.4 million
attributable to online real estate services segment for the fourth
quarter and full year of 2010, respectively.
|
|
|
|
|
5: GAAP net income attributable
to CRIC shareholders included $1.2 million and
$13.5 million net loss attributable to online real estate
services segment for the fourth quarter and full year of 2010,
respectively.
|
|
|
|
|
6: Non-GAAP net income
attributable to CRIC shareholders included $5.3 million and
$12.6 million attributable to online real estate services
segment for the fourth quarter and full year of 2010,
respectively.
|
|
|
|
|
SOURCE China Real Estate Information Corporation