KE Holdings Inc. (“Beike” or the “Company”) (NYSE:
BEKE and HKEX: 2423), a leading integrated online and offline
platform for housing transactions and services, today announced its
unaudited financial results for the third quarter ended September
30, 2022.
Business and Financial Highlights for the Third Quarter of
2022
- Gross transaction value (GTV)1 was RMB737.1 billion
(US$103.6 billion), a decrease of 11.3% year-over-year. GTV of
existing home transactions was RMB449.0 billion (US$63.1
billion), an increase of 18.7% year-over-year. GTV of new home
transactions was RMB261.5 billion (US$36.8 billion), a decrease
of 36.2% year-over-year. GTV of home renovation and
furnishing was RMB2.0 billion (US$0.3 billion), compared to
RMB66 million in the same period of 2021. GTV of emerging and
other services was RMB24.7 billion (US$3.5 billion), a decrease
of 41.7% year-over-year.
- Net revenues were RMB17.6 billion (US$2.5 billion), a
decrease of 2.8% year-over-year.
- Net income was RMB716 million (US$101 million), compared
to net loss of RMB1,766 million in the same period of 2021.
Adjusted net income2 was RMB1.9 billion (US$0.3 billion),
compared to adjusted net loss of RMB888 million in the same period
of 2021.
- Number of stores was 41,398 as of September 30, 2022, a
23.3% decrease from one year ago. Number of active stores3
was 39,713 as of September 30, 2022, a 19.7% decrease from one year
ago.
- Number of agents was 402,630 as of September 30, 2022, a
21.9% decrease from one year ago. Number of active agents4
was 372,718 as of September 30, 2022, a 20.4% decrease from one
year ago.
- Mobile monthly active users (MAU)5 averaged 42.4 million
for the three months ended September 30, 2022, compared to 46.1
million in the same period of 2021.
Mr. Stanley Yongdong Peng, Chairman of the Board and Chief
Executive Officer of Beike, commented, “In the third quarter of
2022, we stayed focused on driving operational excellence at each
of our business lines, solidifying our competitive moats and
building out our fledgling wings for the long term. Facing a
challenging macroeconomic environment, we derived strong resilience
from every homelinker—those who stay with us, share the same value,
and always strive to enterprise. Our total GTV recovered by 15.3%
quarter-over-quarter and our operating metrics recorded in
all-fronts recovery driven by efficiency and productivity bolster
across our businesses.”
“In the third quarter, our existing home sales outperformed the
market, fueled by our strength in ACN as well as benefitting from
our efforts to accelerate the development of this business through
optimized empowerment of service provider and platform operations.
Our new home sales maintained a healthy momentum as we further
promoted our commission-in-advance model and collaborated with
selected developers. At the same time, we assisted customers to
identify and minimize risks associated with construction delays and
contributed to healthy industry governance. Our home renovation and
furnishing services are progressing on track and continuing to
outpace the rest of the industry, with rapidly growing orders and
improving average selling price supported by the traffic referrals
from our core businesses and our full-service business model which
includes home furnishing.”
“We are steering our Company prudently through the current
market cycle while remaining fortified to playing a better role in
building up a healthy housing market,” concluded Mr. Peng.
Mr. Tao Xu, Executive Director and Chief Financial Officer of
Beike, added, “During the third quarter, we achieved net revenues
of RMB17.6 billion, representing a narrowed year-over-year decline
of 2.8%, and a 27.7% increase compared with the second quarter of
2022. Despite the macro headwinds, our operating efficiency and
profitability improved significantly in the third quarter, and we
maintained a strong cash position and operating cash flow. All of
these have enabled our fundamentals to remain intact and
strengthened our sustainable operations amidst external challenges.
These results did not come about overnight. They are the results of
our rapid and resolute implementation of a series of risk-control,
cost-management and efficiency-enhancing measures launched a year
ago in the face of market adjustment. We’re confident that all
these strengths, along with an all-out effort from everyone in the
Company, will make us well positioned for the long-term sustainable
growth.”
Third Quarter 2022 Financial Results
Net Revenues
Net revenues decreased by 2.8% to RMB17.6 billion (US$2.5
billion) in the third quarter of 2022, compared to RMB18.1 billion
in the same period of 2021. The decrease was primarily attributable
to the decline in total GTV. Total GTV was RMB737.1 billion
(US$103.6 billion) in the third quarter of 2022, representing a
11.3% decrease compared to RMB830.7 billion in the same period of
2021 due to the disruption on the recovery of the market caused by
the resurgence of COVID-19 in certain regions and that the market
for new home transactions remained weak as many real estate
developers were facing liquidity and delivery challenges, which was
partially offset by the recovery of the market for existing home
transactions especially in top-tier cities. The smaller contraction
of net revenues compared to that of GTV was primarily attributable
to the higher contribution of GTV from businesses with higher
monetization rate such as home renovation and furnishing.
- Net revenues from existing home transaction services
increased by 16.6% to RMB7.2 billion (US$1.0 billion) in the third
quarter of 2022, compared to RMB6.1 billion in the same period of
2021, primarily due to a 18.7% increase in GTV of existing home
transactions to RMB449.0 billion (US$63.1 billion) in the third
quarter of 2022 from RMB378.2 billion in the same period of 2021.
Among that, (i) commission revenue increased by 15.6% to
RMB6.1 billion (US$0.9 billion) in the third quarter of 2022 from
RMB5.3 billion in the same period of 2021, primarily due to an
increase in GTV of existing home transactions served by Lianjia
stores of 18.6% to RMB219.7 billion (US$30.9 billion) in the third
quarter of 2022 from RMB185.3 billion in the same period of 2021;
and (ii) the revenues derived from platform service, franchise
service and other value-added services, which are mostly
charged to connected stores and agents on the Company’s platform,
increased by 23.3% to RMB1.0 billion (US$0.1 billion) in the third
quarter of 2022, from RMB0.8 billion in the same period of 2021,
mainly due to a 18.9% increase of GTV of existing home transactions
served by connected agents on the Company’s platform to RMB229.3
billion (US$32.2 billion) in the third quarter of 2022 from
RMB192.9 billion in the same period of 2021. The higher growth rate
of revenues derived from platform service, franchise service and
other value-added services compared to that of the GTV of existing
home transactions served by connected agents was primarily
attributable to the increased penetration level of value-added
services.
- Net revenues from new home transaction services
decreased by 31.3% to RMB7.8 billion (US$1.1 billion) in the third
quarter of 2022 from RMB11.3 billion in the same period of 2021,
primarily due to the decrease of GTV of new home transactions of
36.2% to RMB261.5 billion (US$36.8 billion) in the third quarter of
2022 from RMB410.1 billion in the same period of 2021. Among that,
the GTV of new home transaction services completed on Beike
platform through connected agents, dedicated sales team with the
expertise on new home transaction services and other sales channels
was RMB215.7 billion (US$30.3 billion), compared to RMB337.6
billion in the same period of 2021, while the GTV of new home
transactions served by Lianjia brand was RMB45.8 billion (US$6.4
billion) in the third quarter of 2022, compared to RMB72.6 billion
in the same period of 2021.
- Net revenues from home renovation and furnishing were
RMB1.8 billion (US$0.3 billion) in the third quarter of 2022,
compared to RMB60 million in the same period of 2021, primarily
because the Company completed the acquisition of Shengdu Home
Renovation Co., Ltd. (“Shengdu”), a full-service home
renovation service provider in China, and began to consolidate its
financial results during the second quarter of 2022 and the organic
growth of the GTV for home renovation and furnishing business.
- Net revenues from emerging and other services increased
by 45.8% to RMB801 million (US$113 million) in the third quarter of
2022 from RMB550 million in the same period of 2021, primarily
attributable to the increase of net revenues from rental property
management services which was partially offset by the decrease of
net revenues from financial services.
Cost of Revenues
Total cost of revenues decreased by 16.3% to RMB12.8
billion (US$1.8 billion) in the third quarter of 2022 from RMB15.3
billion in the same period of 2021.
- Commission - split. The Company’s cost of revenues for
commissions to connected agents and other sales channels was RMB5.7
billion (US$0.8 billion) in the third quarter of 2022, compared to
RMB7.6 billion in the same period of 2021, primarily due to the
decrease in the GTV of new home transactions completed through
connected agents and other sales channels in the third quarter of
2022 compared with the same period of 2021.
- Commission and compensation - internal. The Company’s
cost of revenues for internal commission and compensation was
RMB4.6 billion (US$0.7 billion) in the third quarter of 2022,
compared to RMB6.0 billion in the same period of 2021, primarily
due to the decrease in the fixed compensation costs of Lianjia
agents, dedicated sales team with the expertise on new home
transaction services and other front line operation staff along
with the drop in the headcount, and the decrease in variable
commission as a result of the decreased GTV of new home
transactions completed through Lianjia agents and dedicated sales
team with the expertise on new home transaction services.
- Cost of home renovation and furnishing. The Company’s
cost of revenues for home renovation and furnishing was RMB1.3
billion (US$0.2 billion) in the third quarter of 2022, compared to
RMB60 million in the same period of 2021, which was primarily
attributable to the increase of net revenues from home renovation
and furnishing.
- Cost related to stores. The Company’s cost related to
stores decreased by 17.6% to RMB822 million (US$116 million) in the
third quarter of 2022 compared to RMB997 million in the same period
of 2021, mainly due to the decrease in the number of Lianjia stores
along with market downtrend in the third quarter of 2022 compared
to the same period of 2021.
- Other costs. The Company’s other costs decreased by
41.7% to RMB407 million (US$57 million) in the third quarter of
2022 from RMB699 million in the same period of 2021, mainly due to
a decrease of business taxes and surcharges along with the decrease
of net revenues, the decreased funding costs and provisions related
to financial services and the decreased offline activities
costs.
Gross Profit
Gross profit increased by 72.8% to RMB4.8 billion (US$0.7
billion) in the third quarter of 2022 from RMB2.8 billion in the
same period of 2021. Gross margin was 27.0% in the third quarter of
2022, compared to 15.2% in the same period of 2021. The increase in
gross margin was primarily due to: a) a shift of revenue mix
towards the existing home transaction services with higher
contribution margin than some other revenue streams, b) a higher
contribution margin for existing home transaction services led by
the increased net revenues from existing home transaction services
and the decreased fixed compensation costs for Lianjia agents, c) a
higher contribution margin for new home transaction services as a
result of an increased number of projects with higher margins, and
a relatively lower percentage of fixed compensation costs of net
revenues from new home transaction services, and d) a relatively
lower percentage of costs related to stores and other costs of net
revenues in the third quarter of 2022 compared to the same period
of 2021.
Income (Loss) from
Operations
Total operating expenses decreased by 29.9% to RMB3.5
billion (US$0.5 billion) in the third quarter of 2022 from RMB5.1
billion in the same period of 2021.
- General and administrative expenses decreased by 26.4%
to RMB1,777 million (US$250 million) in the third quarter of 2022
from RMB2,412 million in the same period of 2021, mainly due to the
decrease of provision for credit loss along with the decreased
accounts receivable balance, and the decrease of personnel costs
and overheads along with the reduction of the headcount, as well as
the decrease of conferences and travel expenses, which was
partially offset by the increase of share-based compensation in the
third quarter of 2022 compared to the same period of 2021.
- Sales and marketing expenses were RMB1,258 million
(US$177 million) in the third quarter of 2022, compared to RMB1,202
million in the same period of 2021, mainly due to the increase in
sales and marketing expenses for home renovation and furnishing
services as the financial results of Shengdu were consolidated
since the second quarter of 2022, which was partially offset by the
decrease of the brand advertising and promotional marketing
expenses and personnel costs for housing transaction services.
- Research and development expenses decreased by 51.2% to
RMB509 million (US$72 million) in the third quarter of 2022 from
RMB1,043 million in the same period of 2021, mainly due to the
decrease of personnel costs and share-based compensation as a
result of decreased headcount in research and development personnel
in the third quarter of 2022 compared to the same period of
2021.
Income from operations was RMB1.2 billion (US$0.2
billion) in the third quarter of 2022, compared to loss from
operations of RMB2.3 billion in the same period of 2021.
Operating margin was 6.9% in the third quarter of 2022,
compared to negative 12.7% in the same period of 2021, primarily
due to a) a relatively higher gross profit margin, and b) the
decrease of total operating expenses along with the relatively flat
net revenues, primarily due to personnel severance and optimized
resource utilization in the third quarter of 2022 compared to the
same period of 2021.
Adjusted income from operations6 was RMB2.1 billion
(US$0.3 billion) in the third quarter of 2022, compared to adjusted
loss from operations of RMB1.4 billion in the same period of 2021.
Adjusted operating margin7 was 12.0% in the third quarter of
2022, compared to negative 7.9% in the same period of 2021.
Adjusted EBITDA8 was RMB2.3 billion (US$0.3 billion) in the
third quarter of 2022, compared to negative RMB550 million in the
same period of 2021.
Net Income (Loss)
Net income was RMB716 million (US$101 million) in the
third quarter of 2022, compared to net loss of RMB1,766 million in
the same period of 2021.
Adjusted net income was RMB1,888 million (US$265 million)
in the third quarter of 2022, compared to adjusted net loss of
RMB888 million in the same period of 2021.
Net Income (Loss) attributable to KE
Holdings Inc.’s ordinary shareholders
Net income attributable to KE Holdings Inc.’s ordinary
shareholders was RMB723 million (US$102 million) in the third
quarter of 2022, compared to net loss attributable to KE Holdings
Inc.’s ordinary shareholders of RMB1,765 million in the same period
of 2021.
Adjusted net income attributable to KE Holdings Inc.’s
ordinary shareholders9 was RMB1,895 million (US$266 million) in
the third quarter of 2022, compared to adjusted net loss
attributable to KE Holdings Inc.’s ordinary shareholders of RMB887
million in the same period of 2021.
Net Income (Loss) per
ADS
Diluted net income per ADS attributable to KE Holdings Inc.’s
ordinary shareholders10 was RMB0.60 (US$0.08) in the third
quarter of 2022, compared to diluted net loss per ADS attributable
to KE Holdings Inc.’s ordinary shareholders of RMB1.50 in the same
period of 2021.
Adjusted diluted net income per ADS attributable to KE
Holdings Inc.’s ordinary shareholders11 was RMB1.57 (US$0.22)
in the third quarter of 2022, compared to adjusted diluted net loss
per ADS attributable to KE Holdings Inc.’s ordinary shareholders of
RMB0.75 in the same period of 2021.
Cash, Cash Equivalents, Restricted Cash
and Short-Term Investments
As of September 30, 2022, the combined balance of the Company’s
cash, cash equivalents, restricted cash and short-term investments
amounted to RMB57.5 billion (US$8.1 billion).
Business Outlook
For the fourth quarter of 2022, the Company expects total net
revenues to be between RMB14.5 billion (US$2.0 billion) and RMB15.0
billion (US$2.1 billion), representing a decrease of approximately
15.7% to 18.5% from the same quarter of 2021. This forecast
considers the potential impact of the recent real estate related
policies and measures, the increased reported cases of COVID-19 in
certain regions and the tentative corresponding restrictive
measures, all of which remain uncertain and may continue to
adversely affect the Company’s operations. Therefore, the Company’s
ongoing and preliminary view are contingent on the business
situation and market condition.
Share Repurchase Program
As previously disclosed, the Company established a share
repurchase program under which the Company may purchase up to US$1
billion of its Class A ordinary shares and/or ADSs over a 12-month
period. From the launch of the share repurchase program on
September 1, 2022 to September 30, 2022, the Company in aggregate
purchased approximately 3.3 million ADSs in the open market
pursuant to the share repurchase program, certain of which were
settled in early October 2022.
Conference Call Information
The Company will hold an earnings conference call on 7:00 AM
U.S. Eastern Time on Wednesday, November 30, 2022 (8:00 PM
Beijing/Hong Kong Time on Wednesday, November 30, 2022) to discuss
the financial results.
For participants who wish to join the conference using dial-in
numbers, please complete online registration using the link
provided below at least 20 minutes prior to the scheduled call
start time. Dial-in numbers, passcode and unique access PIN would
be provided upon registering.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10027008-ovb98p.html
A replay of the conference call will be accessible through
December 7, 2022, by dialing the following numbers:
United States:
+1-855-883-1031
Mainland, China:
400-1209-216
Hong Kong, China:
800-930-639
International:
+61-7-3107-6325
Replay PIN:
10027008
A live and archived webcast of the conference call will also be
available at the Company’s investor relations website at
https://investors.ke.com.
Exchange Rate
This press release contains translations of certain RMB amounts
into U.S. dollars (“US$”) at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB7.1135 to
US$1.00, the noon buying rate in effect on September 30, 2022, in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings release.
Non-GAAP Financial Measures
The Company uses adjusted income (loss) from operations,
adjusted net income (loss), adjusted net income (loss) attributable
to KE Holdings Inc.’s ordinary shareholders, adjusted operating
margin, adjusted EBITDA and adjusted net income (loss) per ADS
attributable to KE Holdings Inc.’s ordinary shareholders, each a
non-GAAP financial measure, in evaluating its operating results and
for financial and operational decision-making purposes. Beike
believes that these non-GAAP financial measures help identify
underlying trends in the Company’s business that could otherwise be
distorted by the effect of certain expenses that the Company
includes in its net income (loss). Beike also believes that these
non-GAAP financial measures provide useful information about its
results of operations, enhance the overall understanding of its
past performance and future prospects and allow for greater
visibility with respect to key metrics used by its management in
its financial and operational decision-making. A limitation of
using these non-GAAP financial measures is that these non-GAAP
financial measures exclude share-based compensation expenses that
have been, and will continue to be for the foreseeable future, a
significant recurring expense in the Company’s business.
The presentation of these non-GAAP financial measures should not
be considered in isolation or construed as an alternative to gross
profit, net income (loss) or any other measure of performance or as
an indicator of its operating performance. Investors are encouraged
to review these non-GAAP financial measures and the reconciliation
to the most directly comparable GAAP measures. The non-GAAP
financial measures presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to the Company’s
data. Beike encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure. Adjusted income (loss) from operations is defined
as income (loss) from operations, excluding (i) share-based
compensation expenses, (ii) amortization of intangible assets
resulting from acquisitions and business cooperation agreement, and
(iii) impairment of goodwill, intangible assets and other
long-lived assets. Adjusted operating margin is defined as
adjusted income (loss) from operations as a percentage of net
revenues. Adjusted net income (loss) is defined as net
income (loss), excluding (i) share-based compensation expenses,
(ii) amortization of intangible assets resulting from acquisitions
and business cooperation agreement, (iii) changes in fair value
from long term investments, loan receivables measured at fair value
and contingent consideration, (iv) impairment of goodwill,
intangible assets and other long-lived assets, (v) impairment of
investments, and (vi) tax effects of the above non-GAAP
adjustments. Adjusted net income (loss) attributable to KE
Holdings Inc.’s ordinary shareholders is defined as net income
(loss) attributable to KE Holdings Inc.’s ordinary shareholders,
excluding (i) share-based compensation expenses, (ii) amortization
of intangible assets resulting from acquisitions and business
cooperation agreement, (iii) changes in fair value from long term
investments, loan receivables measured at fair value and contingent
consideration, (iv) impairment of goodwill, intangible assets and
other long-lived assets, (v) impairment of investments, (vi) tax
effects of the above non-GAAP adjustments, and (vii) effects of
non-GAAP adjustments on net income (loss) attributable to
non-controlling interests shareholders. Adjusted EBITDA is
defined as net income (loss), excluding (i) income tax expense
(benefit), (ii) share-based compensation expenses, (iii)
amortization of intangible assets, (iv) depreciation of property
and equipment, (v) interest income, net, (vi) changes in fair value
from long term investments, loan receivables measured at fair value
and contingent consideration, (vii) impairment of goodwill,
intangible assets and other long-lived assets, and (viii)
impairment of investments. Adjusted net income (loss) per ADS
attributable to KE Holdings Inc.’s ordinary shareholders is
defined as adjusted net income (loss) attributable to KE Holdings
Inc.’s ordinary shareholders divided by weighted average number of
ADS outstanding during the periods used in calculating adjusted net
income (loss) per ADS, basic and diluted.
Please see the “Unaudited reconciliation of GAAP and non-GAAP
results” included in this press release for a full
reconciliation of each non-GAAP measure to its respective
comparable GAAP measure.
About KE Holdings Inc.
KE Holdings Inc. is a leading integrated online and offline
platform for housing transactions and services. The Company is a
pioneer in building infrastructure and standards to reinvent how
service providers and housing customers efficiently navigate and
complete housing transactions in China, ranging from existing and
new home sales, home rentals, to home renovation and furnishing,
and other services. The Company owns and operates Lianjia, China’s
leading real estate brokerage brand and an integral part of its
Beike platform. With more than 21 years of operating experience
through Lianjia since its inception in 2001, the Company believes
the success and proven track record of Lianjia pave the way for it
to build its infrastructure and standards and drive the rapid and
sustainable growth of Beike.
Safe Harbor Statement
This press release contains statements that may constitute
“forward-looking” statements pursuant to 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,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to,”
and similar statements. Among other things, the business outlook
and quotations from management in this press release, as well as
Beike’s strategic and operational plans, contain forward-looking
statements. Beike may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the “SEC”) and The Stock Exchange of
Hong Kong Limited (the “Hong Kong Stock Exchange”), in its
annual report to shareholders, 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 KE Holdings Inc.’s beliefs,
plans, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Beike’s
goals and strategies; Beike’s future business development,
financial condition and results of operations; expected changes in
the Company’s revenues, costs or expenditures; Beike’s ability to
empower services and facilitate transactions on Beike platform;
competition in the industry in which Beike operates; relevant
government policies and regulations relating to the industry;
Beike’s ability to protect the Company’s systems and
infrastructures from cyber-attacks; Beike’s dependence on the
integrity of brokerage brands, stores and agents on the Company’s
platform; general economic and business conditions in China and
globally; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in KE Holdings Inc.’s filings with the SEC and the Hong
Kong Stock Exchange. All information provided in this press release
is as of the date of this press release, and KE Holdings Inc. does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All
amounts in thousands, except for share, per share data)
As of December
31,
As of September
30,
2021
2022
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
20,446,104
18,953,504
2,664,441
Restricted cash
6,286,105
5,850,435
822,441
Short-term investments
29,402,661
32,713,511
4,598,793
Short-term financing receivables, net of
allowance for credit losses of RMB131,558 and RMB134,327 as of
December 31, 2021 and September 30, 2022, respectively
702,452
262,578
36,913
Accounts receivable and contract assets,
net of allowance for credit losses of RMB2,151,271 and RMB2,104,372
as of December 31, 2021 and September 30, 2022, respectively
9,324,952
4,899,455
688,754
Amounts due from and prepayments to
related parties
591,342
415,254
58,375
Loan receivables from related parties
42,788
50,033
7,034
Prepayments, receivables and other
assets
3,129,950
3,990,211
560,934
Total current assets
69,926,354
67,134,981
9,437,685
Non-current assets
Property and equipment, net
1,971,707
1,978,561
278,142
Right-of-use assets
7,244,211
10,361,840
1,456,644
Long-term financing receivables, net of
allowance for credit losses of RMB204 and nil as of December 31,
2021 and September 30, 2022, respectively
10,039
-
-
Long-term investments, net
17,038,171
20,605,049
2,896,612
Intangible assets, net
1,141,273
1,857,115
261,069
Goodwill
1,805,689
5,001,591
703,113
Long-term loan receivables from related
parties
-
26,754
3,761
Other non-current assets
1,181,421
1,023,223
143,843
Total non-current assets
30,392,511
40,854,133
5,743,184
TOTAL ASSETS
100,318,865
107,989,114
15,180,869
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share
data)
As of December
31,
As of September
30,
2021
2022
RMB
RMB
US$
LIABILITIES
Current liabilities
Accounts payable
6,008,765
5,517,499
775,638
Amounts due to related parties
584,078
415,759
58,446
Employee compensation and welfare
payable
9,834,247
9,345,776
1,313,808
Customer deposits payable
4,181,337
4,145,141
582,715
Income taxes payable
567,589
441,896
62,121
Short-term borrowings
260,000
600,000
84,347
Lease liabilities current portion
2,752,795
4,387,518
616,788
Short-term funding debts
194,200
-
-
Contract liabilities
1,101,929
3,519,590
494,776
Accrued expenses and other current
liabilities
3,451,197
3,921,307
551,247
Total current liabilities
28,936,137
32,294,486
4,539,886
Non-current liabilities
Deferred tax liabilities
22,920
293,164
41,212
Lease liabilities non-current portion
4,302,934
6,157,759
865,644
Other non-current liabilities
1,381
525
74
Total non-current liabilities
4,327,235
6,451,448
906,930
TOTAL LIABILITIES
33,263,372
38,745,934
5,446,816
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(All amounts in thousands, except for share, per share
data)
As of December
31,
As of September
30,
2021
2022
RMB
RMB
US$
SHAREHOLDERS’ EQUITY
KE Holdings Inc. shareholders’
equity
Ordinary Shares (US$0.00002 par value;
25,000,000,000 ordinary shares authorized, comprising of
24,114,698,720 Class A ordinary shares, 885,301,280 Class B
ordinary shares. 2,705,911,235 and 3,635,326,753 Class A ordinary
shares issued and outstanding as of December 31, 2021 and September
30, 2022, respectively; and 885,301,280 and 157,894,050 Class B
ordinary shares issued and outstanding as of December 31, 2021 and
September 30, 2022, respectively)
489
492
69
Treasury shares
-
(387,297)
(54,445)
Additional paid-in capital
78,972,169
80,672,239
11,340,724
Statutory reserves
483,887
483,887
68,024
Accumulated other comprehensive loss
(2,639,723)
(55,486)
(7,800)
Accumulated deficit
(9,842,846)
(11,605,952)
(1,631,539)
Total KE Holdings Inc. shareholders'
equity
66,973,976
69,107,883
9,715,033
Non-controlling interests
81,517
135,297
19,020
TOTAL SHAREHOLDERS' EQUITY
67,055,493
69,243,180
9,734,053
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
100,318,865
107,989,114
15,180,869
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except for share, per share data, ADS
and per ADS data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Existing home transaction services
6,138,020
7,156,681
1,006,070
25,962,650
18,842,946
2,648,899
New home transaction services
11,348,472
7,792,812
1,095,496
35,162,630
20,369,105
2,863,443
Home renovation and furnishing
60,076
1,845,900
259,493
139,781
2,952,816
415,100
Emerging and other services
549,572
801,189
112,629
1,701,657
1,756,772
246,963
Total net revenues
18,096,140
17,596,582
2,473,688
62,966,718
43,921,639
6,174,405
Cost of revenues
Commission-split
(7,628,801)
(5,665,913)
(796,501)
(23,892,995)
(14,468,847)
(2,033,998)
Commission and compensation-internal
(5,956,796)
(4,637,956)
(651,994)
(20,911,751)
(13,621,751)
(1,914,915)
Cost of home renovation and furnishing
(59,988)
(1,303,785)
(183,283)
(134,723)
(2,094,831)
(294,487)
Cost related to stores
(996,936)
(821,954)
(115,548)
(2,774,574)
(2,581,786)
(362,942)
Others
(698,988)
(407,377)
(57,269)
(2,348,522)
(1,466,635)
(206,176)
Total cost of revenues(1)
(15,341,509)
(12,836,985)
(1,804,595)
(50,062,565)
(34,233,850)
(4,812,518)
Gross profit
2,754,631
4,759,597
669,093
12,904,153
9,687,789
1,361,887
Operating expenses
Sales and marketing expenses(1)
(1,202,248)
(1,258,104)
(176,861)
(3,500,026)
(3,240,617)
(455,559)
General and administrative expenses(1)
(2,412,235)
(1,776,531)
(249,741)
(6,721,984)
(5,554,339)
(780,817)
Research and development expenses(1)
(1,042,906)
(509,296)
(71,596)
(2,455,870)
(2,036,886)
(286,341)
Impairment of goodwill, intangible assets
and other long-lived assets(2)
(397,066)
-
-
(397,066)
(76,244)
(10,718)
Total operating expenses
(5,054,455)
(3,543,931)
(498,198)
(13,074,946)
(10,908,086)
(1,533,435)
Income (loss) from operations
(2,299,824)
1,215,666
170,895
(170,793)
(1,220,297)
(171,548)
Interest income, net
90,717
214,716
30,184
241,481
488,170
68,626
Share of results of equity investees
10,785
13,187
1,854
44,892
44,657
6,278
Fair value changes in investments, net
97,557
(38,545)
(5,419)
443,720
(378,497)
(53,208)
Impairment loss for equity investments
accounted for using Measurement Alternative
-
(240,870)
(33,861)
-
(491,872)
(69,146)
Foreign currency exchange gain (loss)
12,068
(151,951)
(21,361)
19,656
(192,693)
(27,088)
Other income, net
526,336
143,485
20,171
1,225,565
1,040,133
146,220
Income (loss) before income tax
expense
(1,562,361)
1,155,688
162,463
1,804,521
(710,399)
(99,866)
Income tax expense
(203,514)
(439,540)
(61,790)
(1,396,023)
(1,058,795)
(148,843)
Net income (loss)
(1,765,875)
716,148
100,673
408,498
(1,769,194)
(248,709)
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Continued) (All amounts in thousands, except for share, per
share data, ADS and per ADS data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Net loss (income) attributable to
non-controlling interests shareholders
955
7,040
990
(2,945)
6,088
856
Net income (loss) attributable to KE
Holdings Inc.
(1,764,920)
723,188
101,663
405,553
(1,763,106)
(247,853)
Net income (loss) attributable to KE
Holdings Inc.’s ordinary shareholders
(1,764,920)
723,188
101,663
405,553
(1,763,106)
(247,853)
Net income (loss)
(1,765,875)
716,148
100,673
408,498
(1,769,194)
(248,709)
Currency translation adjustments
117,994
1,682,372
236,505
(279,668)
3,081,267
433,158
Unrealized losses on available-for-sale
investments, net of reclassification
(4,577)
(187,637)
(26,378)
(7,286)
(497,030)
(69,871)
Total comprehensive income
(loss)
(1,652,458)
2,210,883
310,800
121,544
815,043
114,578
Comprehensive loss (income) attributable
to non-controlling interests shareholders
955
7,040
990
(2,945)
6,088
856
Comprehensive income (loss)
attributable to KE Holdings Inc.
(1,651,503)
2,217,923
311,790
118,599
821,131
115,434
Comprehensive income (loss)
attributable to KE Holdings Inc.’s ordinary shareholders
(1,651,503)
2,217,923
311,790
118,599
821,131
115,434
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Continued) (All amounts in thousands, except for share, per
share data, ADS and per ADS data)
For the Three Months Ended September
30,
For the Nine Months Ended September
30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Weighted average number of ordinary
shares used in computing net income (loss) per share, basic and
diluted
—Basic
3,533,752,811
3,577,393,051
3,577,393,051
3,526,805,332
3,571,697,160
3,571,697,160
—Diluted
3,533,752,811
3,624,210,190
3,624,210,190
3,579,020,205
3,571,697,160
3,571,697,160
Weighted average number of ADS used in
computing net income (loss) per ADS, basic and diluted
—Basic
1,177,917,604
1,192,464,350
1,192,464,350
1,175,601,777
1,190,565,720
1,190,565,720
—Diluted
1,177,917,604
1,208,070,063
1,208,070,063
1,193,006,735
1,190,565,720
1,190,565,720
Net income (loss) per share
attributable to KE Holdings Inc.'s ordinary shareholders
—Basic
(0.50)
0.20
0.03
0.11
(0.49)
(0.07)
—Diluted
(0.50)
0.20
0.03
0.11
(0.49)
(0.07)
Net income (loss) per ADS attributable
to KE Holdings Inc.'s ordinary shareholders
—Basic
(1.50)
0.61
0.09
0.34
(1.48)
(0.21)
—Diluted
(1.50)
0.60
0.08
0.34
(1.48)
(0.21)
(1) Includes share-based compensation
expenses as follows:
Cost of revenues
65,196
90,250
12,687
299,468
265,635
37,342
Sales and marketing expenses
22,512
29,994
4,216
92,642
89,553
12,589
General and administrative expenses
144,263
562,091
79,019
483,240
1,110,123
156,059
Research and development expenses
117,628
60,276
8,473
343,101
234,759
33,002
(2) The estimated fair value of the home
renovation and furnishing reporting unit exceeded its carrying
value by less than 15%. We will continue to monitor and evaluate
the carrying value of goodwill for this reporting unit, and should
facts and circumstances change, a non-cash impairment charge could
be recorded in the future.
KE Holdings Inc.
UNAUDITED RECONCILIATION of GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, per share data, ADS
and per ADS data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Income (loss) from operations
(2,299,824)
1,215,666
170,895
(170,793)
(1,220,297)
(171,548)
Share-based compensation expenses
349,599
742,611
104,395
1,218,451
1,700,070
238,992
Amortization of intangible assets
resulting from acquisitions and business cooperation agreement
118,191
149,923
21,076
353,310
412,382
57,972
Impairment of goodwill, intangible assets
and other long-lived assets
397,066
-
-
397,066
76,244
10,718
Adjusted income (loss) from
operations
(1,434,968)
2,108,200
296,366
1,798,034
968,399
136,134
Net income (loss)
(1,765,875)
716,148
100,673
408,498
(1,769,194)
(248,709)
Share-based compensation expenses
349,599
742,611
104,395
1,218,451
1,700,070
238,992
Amortization of intangible assets
resulting from acquisitions and business cooperation agreement
118,191
149,923
21,076
353,310
412,382
57,972
Changes in fair value from long term
investments, loan receivables measured at fair value and contingent
consideration
11,160
44,972
6,322
(127,500)
397,195
55,837
Impairment of goodwill, intangible assets
and other long-lived assets
397,066
-
-
397,066
76,244
10,718
Impairment of investments
-
240,870
33,861
-
491,872
69,146
Tax effects on non-GAAP adjustments
1,604
(6,561)
(922)
2,217
(12,391)
(1,742)
Adjusted net income (loss)
(888,255)
1,887,963
265,405
2,252,042
1,296,178
182,214
Net income (loss)
(1,765,875)
716,148
100,673
408,498
(1,769,194)
(248,709)
Income tax expense
203,514
439,540
61,790
1,396,023
1,058,795
148,843
Share-based compensation expenses
349,599
742,611
104,395
1,218,451
1,700,070
238,992
Amortization of intangible assets
121,776
154,330
21,695
369,515
425,836
59,863
Depreciation of property and equipment
223,668
219,214
30,817
599,289
687,262
96,614
Interest income, net
(90,717)
(214,716)
(30,184)
(241,481)
(488,170)
(68,626)
Changes in fair value from long term
investments, loan receivables measured at fair value and contingent
consideration
11,160
44,972
6,322
(127,500)
397,195
55,837
Impairment of goodwill, intangible assets
and other long-lived assets
397,066
-
-
397,066
76,244
10,718
Impairment of investments
-
240,870
33,861
-
491,872
69,146
Adjusted EBITDA
(549,809)
2,342,969
329,369
4,019,861
2,579,910
362,678
Net income (loss) attributable to KE
Holdings Inc.’s ordinary shareholders
(1,764,920)
723,188
101,663
405,553
(1,763,106)
(247,853)
Share-based compensation expenses
349,599
742,611
104,395
1,218,451
1,700,070
238,992
Amortization of intangible assets
resulting from acquisitions and business cooperation agreement
118,191
149,923
21,076
353,310
412,382
57,972
Changes in fair value from long term
investments, loan receivables measured at fair value and contingent
consideration
11,160
44,972
6,322
(127,500)
397,195
55,837
Impairment of goodwill, intangible assets
and other long-lived assets
397,066
-
-
397,066
76,244
10,718
Impairment of investments
-
240,870
33,861
-
491,872
69,146
Tax effects on non-GAAP adjustments
1,604
(6,561)
(922)
2,217
(12,391)
(1,742)
Effects of non-GAAP adjustments on net
income attributable to non-controlling interests shareholders
(7)
(7)
(1)
(21)
(21)
(3)
Adjusted net income (loss) attributable
to KE Holdings Inc.’s ordinary shareholders
(887,307)
1,894,996
266,394
2,249,076
1,302,245
183,067
KE Holdings Inc.
UNAUDITED RECONCILIATION of GAAP AND NON-GAAP RESULTS
(Continued) (All amounts in thousands, except for share, per
share data, ADS and per ADS data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Weighted average number of ADS used in
computing net income (loss) per ADS, basic and diluted
—Basic
1,177,917,604
1,192,464,350
1,192,464,350
1,175,601,777
1,190,565,720
1,190,565,720
—Diluted
1,177,917,604
1,208,070,063
1,208,070,063
1,193,006,735
1,190,565,720
1,190,565,720
Weighted average number of ADS used in
calculating adjusted net income (loss) per ADS
—Basic
1,177,917,604
1,192,464,350
1,192,464,350
1,175,601,777
1,190,565,720
1,190,565,720
—Diluted
1,177,917,604
1,208,070,063
1,208,070,063
1,193,006,735
1,200,944,043
1,200,944,043
Net income (loss) per ADS attributable
to KE Holdings Inc.'s ordinary shareholders
—Basic
(1.50)
0.61
0.09
0.34
(1.48)
(0.21)
—Diluted
(1.50)
0.60
0.08
0.34
(1.48)
(0.21)
Non-GAAP adjustments to net income
(loss) per ADS attributable to KE Holdings Inc.'s ordinary
shareholders
—Basic
0.75
0.98
0.14
1.57
2.57
0.36
—Diluted
0.75
0.97
0.14
1.55
2.56
0.36
Adjusted net income (loss) per ADS
attributable to KE Holdings Inc.'s ordinary shareholders
—Basic
(0.75)
1.59
0.23
1.91
1.09
0.15
—Diluted
(0.75)
1.57
0.22
1.89
1.08
0.15
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Net cash provided by (used in) operating
activities
(1,158,435)
2,005,528
281,930
2,315,937
5,813,559
817,257
Net cash provided by (used in) investing
activities
(10,964,521)
3,850,877
541,349
(21,361,357)
(7,487,442)
(1,052,568)
Net cash provided by (used in) financing
activities
71,801
(277,366)
(38,991)
(871,373)
(241,494)
(33,950)
Effect of exchange rate change on cash,
cash equivalents and restricted cash
84,964
(155,503)
(21,860)
(220,390)
(12,893)
(1,812)
Net increase (decrease) in cash and
cash equivalents and restricted cash
(11,966,191)
5,423,536
762,428
(20,137,183)
(1,928,270)
(271,073)
Cash, cash equivalents and restricted cash
at the beginning of the period
41,366,483
19,380,403
2,724,454
49,537,475
26,732,209
3,757,955
Cash, cash equivalents and restricted
cash at the end of the period
29,400,292
24,803,939
3,486,882
29,400,292
24,803,939
3,486,882
KE Holdings Inc.
UNAUDITED SEGMENT CONTRIBUTION MEASURE (All amounts in
thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2022
2021
2022
2022
RMB
RMB
US$
RMB
RMB
US$
Existing home transaction
services
Net revenues
6,138,020
7,156,681
1,006,070
25,962,650
18,842,946
2,648,899
Less: Commission and compensation
(4,394,794)
(3,857,541)
(542,285)
(16,157,985)
(11,189,270)
(1,572,962)
Contribution
1,743,226
3,299,140
463,785
9,804,665
7,653,676
1,075,937
New home transaction services
Net revenues
11,348,472
7,792,812
1,095,496
35,162,630
20,369,105
2,863,443
Less: Commission and compensation
(9,117,892)
(5,848,758)
(822,205)
(28,424,321)
(15,773,900)
(2,217,460)
Contribution
2,230,580
1,944,054
273,291
6,738,309
4,595,205
645,983
Home renovation and furnishing
Net revenues
60,076
1,845,900
259,493
139,781
2,952,816
415,100
Less: Material costs, commission and
compensation costs
(59,988)
(1,303,785)
(183,283)
(134,723)
(2,094,831)
(294,487)
Contribution
88
542,115
76,210
5,058
857,985
120,613
Emerging and other services
Net revenues
549,572
801,189
112,629
1,701,657
1,756,772
246,963
Less: Commission and compensation
(72,911)
(597,570)
(84,005)
(222,440)
(1,127,428)
(158,491)
Contribution
476,661
203,619
28,624
1,479,217
629,344
88,472
_____________________________________
1 GTV for a given period is calculated as the total value of all
transactions which the Company facilitated on the Company’s
platform and evidenced by signed contracts as of the end of the
period, including the value of the existing home transactions, new
home transactions, home renovation and furnishing and emerging and
other services, and including transactions that are contracted but
pending closing at the end of the relevant period. For the
avoidance of doubt, for transactions that failed to close
afterwards, the corresponding GTV represented by these transactions
will be deducted accordingly. 2 Adjusted net income (loss) is a
non-GAAP financial measure, which is defined as net income (loss),
excluding (i) share-based compensation expenses, (ii) amortization
of intangible assets resulting from acquisitions and business
cooperation agreement, (iii) changes in fair value from long term
investments, loan receivables measured at fair value and contingent
consideration, (iv) impairment of goodwill, intangible assets and
other long-lived assets, (v) impairment of investments, and (vi)
tax effects of the above non-GAAP adjustments. Please refer to the
section titled “Unaudited reconciliation of GAAP and non-GAAP
results” for details. 3 Based on our accumulated operational
experience, we have introduced the number of active agents and
active stores on our platform which can better reflect the
operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our
platform excluding the stores which (i) have not facilitated any
housing transaction during the preceding 60 days, (ii) do not have
any agent who has engaged in any critical steps in housing
transactions (including but not limited to introducing new
properties, attracting new customers and conducting property
showings) during the preceding seven days, or (iii) have not been
visited by any agent during the preceding 14 days. Number of active
stores was 49,468 as of September 30, 2021. 4 “Active agents” as of
a given date is defined as agents on our platform excluding the
agents who (i) delivered notice to leave but have not yet completed
the exit procedures, (ii) have not engaged in any critical steps in
housing transactions (including but not limited to introducing new
properties, attracting new customers and conducting property
showings) during the preceding 30 days, or (iii) have not
participated in facilitating any housing transaction during the
preceding three months. Number of active agents was 468,014 as of
September 30, 2021. 5 “Mobile monthly active users” or “mobile MAU”
are to the sum of (i) the number of accounts that have accessed our
platform through our Beike or Lianjia mobile app (with duplication
eliminated) at least once during a month, and (ii) the number of
Weixin users that have accessed our platform through our Weixin
mini programs at least once during a month. Average mobile MAU for
any period is calculated by dividing (i) the sum of the Company’s
mobile MAUs for each month of such period, by (ii) the number of
months in such period. 6 Adjusted income (loss) from operations is
a non-GAAP financial measure, which is defined as income (loss)
from operations, excluding (i) share-based compensation expenses,
(ii) amortization of intangible assets resulting from acquisitions
and business cooperation agreement, and (iii) impairment of
goodwill, intangible assets and other long-lived assets. Please
refer to the section titled “Unaudited reconciliation of GAAP and
non-GAAP results” for details. 7 Adjusted operating margin is
adjusted income (loss) from operations as a percentage of net
revenues. 8 Adjusted EBITDA is a non-GAAP financial measure, which
is defined as net income (loss), excluding (i) income tax expense
(benefit), (ii) share-based compensation expenses, (iii)
amortization of intangible assets, (iv) depreciation of property
and equipment, (v) interest income, net, (vi) changes in fair value
from long term investments, loan receivables measured at fair value
and contingent consideration, (vii) impairment of goodwill,
intangible assets and other long-lived assets, and (viii)
impairment of investments. Please refer to the section titled
“Unaudited reconciliation of GAAP and non-GAAP results” for
details. 9 Adjusted net income (loss) attributable to KE Holdings
Inc.’s ordinary shareholders is a non-GAAP financial measure and
defined as net income (loss) attributable to KE Holdings Inc.’s
ordinary shareholders, excluding (i) share-based compensation
expenses, (ii) amortization of intangible assets resulting from
acquisitions and business cooperation agreement, (iii) changes in
fair value from long term investments, loan receivables measured at
fair value and contingent consideration, (iv) impairment of
goodwill, intangible assets and other long-lived assets, (v)
impairment of investments, (vi) tax effects of the above non-GAAP
adjustments, and (vii) effects of non-GAAP adjustments on net
income (loss) attributable to non-controlling interests
shareholders. Please refer to the section titled “Unaudited
reconciliation of GAAP and non-GAAP results” for details. 10 ADS
refers to American Depositary Share. Each ADS represents three
Class A ordinary shares of the Company. Diluted net income (loss)
per ADS attributable to KE Holdings Inc.’s ordinary shareholders is
net income (loss) attributable to ordinary shareholders divided by
weighted average number of diluted ADS. 11 Adjusted net income
(loss) per ADS attributable to KE Holdings Inc.’s ordinary
shareholders is a non-GAAP financial measure, which is defined as
adjusted net income (loss) attributable to KE Holdings Inc.’s
ordinary shareholders divided by weighted average number of ADS
outstanding during the periods used in calculating adjusted net
income (loss) per ADS, basic and diluted. Please refer to the
section titled “Unaudited reconciliation of GAAP and non-GAAP
results” for details.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221129006140/en/
For investor and media inquiries, please contact: In China: KE
Holdings Inc. Investor Relations Siting Li E-mail: ir@ke.com The
Piacente Group, Inc. Yang Song Tel: +86-10-6508-0677 E-mail:
ke@tpg-ir.com In the United States: The Piacente Group, Inc. Brandi
Piacente Tel: +1-212-481-2050 E-mail: ke@tpg-ir.com
Grafico Azioni KE (NYSE:BEKE)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni KE (NYSE:BEKE)
Storico
Da Giu 2023 a Giu 2024