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E-House Holdings Limited (NYSE:EJ)

Q2 2012 Earnings Call

August 16, 2012 7:30 AM ET

Executives

Michelle Yuan – Director, IR

Li-Lan Cheng – COO

Bin Laurence – CFO

Xin Zhou – CEO and Co-Chairman

Analysts

Jin Song Du – Credit Suisse

Ella Ji – Oppenheimer

Jack – TH Capital

Brandon Dobell – William Blair

Operator

Hello and thank you for standing by for E-House’s Second Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a Q&A session. Today’s conference call is being recorded. If you have any objections, you may disconnect at this time.

I would now like to turn the meeting over to your host for today’s conference, Ms. Michelle Yuan, E-House Director of Investor Relations.

Michelle Yuan

Hello, everyone, and welcome to E-House second quarter 2012 earnings conference call. Today, we are going to give you an update on our financial results for the second quarter ended June 30, 2012. If you need a copy of the earnings press release or if you would like to sign up for our investor distribution list, please go to the IR section of our website at www.ehousechina.com.

Leading the call today is Mr. Li-Lan Cheng, our COO, who will review some highlights from the second quarter of 2012. Ms. Bin Laurence, our CFO, will then discuss the financial results in more detail. We will then open the call to questions, at which time, our Co-Chairman and CEO, Mr. Xin Zhou will be available.

Before we continue, please allow me to read you E-House’s Safe Harbor statement. Some of the statements during this conference call are forward-looking statements made under Safe Harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to those outlined in our public filings with the SEC.

You are encouraged to review the forward-looking statements section of our Annual Report on Form 20-F filed with the SEC for additional information concerning factors that could cause those differences. E-House does not undertake any obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Our earnings press release and this call include discussions of unaudited GAAP financial information as well as some unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

Please note that unless otherwise noted, all figures mentioned during this conference call are in U.S. dollars.

I will now turn the call over to E-House’s COO, Mr. Li-Lan Cheng. Mr. Cheng, please go ahead.

Li-Lan Cheng

Thank you to everyone for joining us on this call today. China’s real estate market showed signs of warming up during the second quarter, driven partly by pent-up demand resulting from the government’s restrictive real estate policies last year, and partly by increased credit supply. As a result, our primary agency services saw significant revenue increases, both sequentially and year-over-year.

The total GFA of preliminary sales was over 9 million square meters in the first half of this year. We expect transaction volumes will continue to be relatively healthy in the second half of the year, while maintaining our view that the government’s overall policy for the Chinese real estate market will remain in place for the near future.

Also during the second quarter, our online advertising business continued its strong growth, while our performance-based e-commerce business, which will play an increasingly important role within the online segment, started to take off. Since the launch of the e-commerce business last year, transactions on the e-commerce platform have reached a total of RMB18.1 billion and RMB1.4 billion in the last week of July alone.

In addition, we have made significant progress expanding our online secondary brokerage franchise platform with approximately 110,000 brokers and 5,000 stores joining the network. Going forward, we will continue to focus on our core businesses of integrated online advertising, e-commerce transactions and traditional agency services, while taking advantage of new trends and opportunities in the industry.

I will now turn the call over to our CFO, Ms. Bin Laurence, who will review our financial highlights for the second quarter of 2012.

Bin Laurence

Thank you, Li-Lan, and hello to everyone on the call. Let me walk you through our second quarter 2012 financial results in more detail. Revenues, second quarter total revenues were $114.1 million, an increase of 25% compared to last year. For the first half of 2012, total revenues were $173.3 million, a decrease of 1% compared to the same period of last year.

Second quarter revenues from real estate brokerage services, which include primary agency services and secondary brokerage services were $49.5 million, an increase of 29% compared to last year. For the first half of 2012, revenues from real estate brokerage services were $73.2 million, a decrease of 12% from the same period of 2011.

Second quarter revenues from primary real estate agency services were $45.4 million, an increase of 37% compared to last year. This increase was mainly due to a 43% increase in the total GFA of new properties sold and a 30% increase in the total transaction value of new properties sold.

For the first half of 2012, revenues from primary real estate agency services were at $66.3 million, a decrease of 9% from the same period of 2011. This decrease was mainly due to an 11% decrease in the total transaction value of new properties sold.

Second quarter revenues from secondary real estate brokerage services were $4.1 million, a decrease of 23% compared to last year. The decrease was mainly due to the closing of a number of stores since the second half of 2011 in order to reduce costs and optimize our store network. As of June 30, 2012, we had a total of 69 secondary real estate brokerage stores in China compared to 112 stores of the last year.

For the first half of 2012, revenues from secondary real estate brokerage services were $6.9 million, a decrease of 34% compared to last year. This decrease was mainly due to the store closing just mentioned.

Second quarter revenues from real estate online services were $40.1 million, an increase of 30% compared to last year. This increase was mainly due to revenue growth in existing cities as well as new cities that we entered since 2010.

For the first half of 2012, revenues from real estate online services were at $61.2 million, an increase of 19% compared to last year due to revenue growth in existing cities as well as new cities that we entered since 2010 and continued growth of our home-furnishing channel.

Second quarter revenues from real estate information and consulting services were $14.7 million, an increase of 6% compared to last year. The increase was due to an increase in revenues from information services partially offset by a decline in consulting services revenue.

For the first half of 2012, revenues from real estate information and consulting services were $24.6 million a decrease of 14% compared to last year. The year-on-year decrease was mainly due to a reduction in land transaction-related consulting fees as well as a reduction in other consulting revenues from property development due to the weak real estate market.

Second quarter revenues from other services which includes offline real estate advertising services, promotional events services and real estate fund management services were $9.9 million, an increase of 18% compared to last year, mainly due to the expansion of real estate promotional event services in the second quarter of 2012.

For the first half of 2012, revenues from other services were $14.3 million, an increase of 18% compared to last year. The increase was mainly due to the expansion of real estate promotional event services in the first half of 2012.

Cost of revenues. Second quarter cost of revenues was $49.8 million, an increase of 44% compared to last year due to higher salary expenses for additional sales staff in the primary real estate agency services segment and editorial staff in the real estate online services segment, higher commission expenses paid to sales staff as a result of the increased total transaction value of new properties sold in the primary real estate agency services segment and additional expenses associated with fees paid for Baidu’s Brand Link product, which we started to offer in August 2011.

For the first half of 2012, cost of revenues was $87.5 million, an increase of 41% compared to last year due to higher salary expenses for additional sales staff in the primary real estate agency services segment and editorial staff in the real estate online services segment, as well as additional expenses associated with fees paid for Baidu’s Brand Link product.

SG&A expenses. Second quarter SG&A expenses were $86.3 million, an increase of 37% compared to last year, mainly due to increases in salary expenses associated with additional sales and admin staff for our real estate online services segment and real estate information and consulting services segment, commission expenses and marketing expenses for our real estate online services segment, bad debt provision and share-based compensation expenses as a result of stock options granted in 2011 and a modification of exercise price for some CRIC-converted options.

For the first half of 2012, SG&A expenses were $163.8 million, an increase of 35% compared to last year. The increase was mainly due to increases in salary, bonus and rental expenses for our primary real estate agency services segment, salary expenses due to additional sales and admin staff for our real estate online services segment and real estate information and consulting services segment, marketing expenses for our real estate online services segment, bad debt provision and share-based compensation expenses as a result of stock options granted in 2011 and the modification of exercise price for some CRIC-converted stock options.

Operating income. Second quarter operating loss was $19.8 million, compared to operating loss of $6.2 million for the same quarter of 2011. Second quarter non-GAAP operating loss was $2.9 million, compared to non-GAAP operating income of $7.3 million for the same quarter of 2011. For the first half of 2012, operating loss was $74.4 million, compared to operating loss of $7.2 million for the same period of 2011. For the first half of 2012, non-GAAP operating loss was $42.6 million, compared to non-GAAP operating income of $18.9 million in the same period of 2011.

Net income. Second quarter net loss was $11.6 million, compared to net loss of $6 million for the same quarter of 2011. Second quarter non-GAAP net income was $4.6 million, compared to non-GAAP net income of $7.8 million for the same quarter of 201. For the first half of 2012, net loss was $45.6 million, compared to net loss of $7.5 million for the same period of 2011. Non-GAAP net loss for the first half of 2012 was $15.4 million, compared to non-GAAP net income of $18.3 million in the same period of 2011.

Net income attributable to E-House shareholders. Second quarter net loss attributable to E-House shareholders was $7.8 million or $0.07 loss per diluted ADS, compared to net loss attributable to E-House shareholders of $6.7 million or $0.08 loss per diluted ADS for the same quarter of 2011. Second quarter non-GAAP net income attributable to E-House shareholders was $6.8 million or $0.06 per diluted ADS compared to $2.3 million or $0.03 per diluted ADS for the same quarter of 2011.

For the first half of 2012, net loss attributable to E-House shareholders was $33.7 million or $0.36 loss per diluted ADS compared to net loss attributable to E-House shareholders of $7.2 million or $0.09 loss per diluted ADS for the same period of 2011. Non-GAAP net loss attributable to E-House shareholders for the first half of 2012 was $10 million or $0.11 loss per diluted ADS compared to non-GAAP net income attributable to E-House shareholders of $9.7 million or $0.12 per diluted ADS for the same period of 2011.

Cash flow. As of June 30, 2012, we had a cash balance of $189.1 million. Second quarter net cash used in operating activities was $10 million. This amount was mainly caused by an increasing accounts receivable of $35.6 million, partially offset by non-GAAP net income of $4.6 million, an increase in accrued payroll and welfare expenses by $11.2 million, an increase in other tax payable by $2.8 million, an increase in amount due to related party by $3.3 million and a non-cash bad debt provision of $4.1 million.

Second quarter net cash used in investing activities was $7.6 million, which was for the purchase of property and equipment. Second quarter net cash used in financing activities was $124.8 million, which included the dividend payment of $11.9 million to our shareholders and the payment of $113.1 million for the cash considerations in our merger with CRIC in April 2012.

Business outlook. We maintain our previous revenue estimate range of $490 million to $510 million for the fiscal year ending December 31, 2012, which would represent an increase of 22% to 27% from 2011. This forecast reflects our current and preliminary view, which is subjected to change.

Investor Rights Agreement with Sina. On August 16, 2012, we entered into an Investor Rights Agreement with Sina, which has been the largest holder of E-House ordinary shares since the completion of our merger with CRIC in April 2012. Per the agreement, we agreed to provide Sina with certain registration rights in E-House ordinary shares and ADSs owned by Sina, subject to certain limitations and entitled Sina to designate one direct head to our board so as long as Sina remains the beneficial owner of at least 10% of the outstanding shares of E-House.

Operator, we’re now ready to take questions. Hello, operator?

Question-and-Answer Session

Operator

Yes, certainly ma’am. We are now – the Q&A of this conference call will start in a moment. In order to be fair to all callers who wish to ask questions, we would take one question at a time from each caller. If you have more than one question, please request to join the question queue again after the first question has been addressed. (Operator Instructions) Your first question comes from the line of Mr. Jin Song Du from Credit Suisse. Please ask your question.

Jin Song Du – Credit Suisse

Hi. Thank you for taking my questions. Just on the tax benefit we recorded in the first quarter, could you explain that in more detail, and also how should we look at the non-GAAP net income attributable to shareholders, which tends to be very different from the actual net income? And also Mr. Zhou if you could explain, it seems that starting from July and August as well, at least in some markets, the transaction volume has dropped. So do you see that trend continue in terms of weakness of the market and, if that’s the case, how would that affect E-House’s fourth quarter numbers?

Bin Laurence

Okay. I’ll answer, Jin Song, I’ll answer your first two questions and then, Mr. Zhou will answer your questions on the market. For the tax in Q2, it’s calculated based on an estimated full year tax rate on a GAAP basis, which is approximately 37.5% because part of the expenses, mostly share-based compensation expenses are not tax deductable. And you apply that to the GAAP loss, which is approximately $19 million to $20 million this quarter, and that gives you a rough calculation for the tax benefit.

In terms of the minority shareholder out of CRIC, basically, we completed the merger at the end of April and, therefore, there is one month of CRIC’s result which we can only consolidate for 54%. The rest of 46% belongs to the shareholder of CRIC. And because April for CRIC was a loss, we basically excluded the 46% of the loss from CRIC in April and added back to our results. Hope that answered your question. I will let Mr. Zhou answer the other question for the markets.

Xin Zhou

Jin Song, as you said in May and June, we did see volume recovery in the Chinese real estate market compared to previous period. And when we entered July and August, due partly to seasonality and partly to the strong volume recovery in May and June, that you see some design in terms of volume for July and August. But decline was modest and it’s mostly on the same quantitative level as the May and June, and especially if you compare that with the volume of last year, it has increased significantly.

So, the results – the volume results for July and August is somewhat within our expectation. We now need to see the volume performance for September and October which we expect to be still relatively healthy. From where we’re standing today, it seems that a positive – there are both positive and negative news for the real estate market and, as a result, we don’t expect significant policy changes. We believe that these positive and negative factors will compete with each other and the market will maintain more or less the current status.

As for the impact to E-House’s performance, we’ve mentioned before in our Q1 release that the first quarter was the lowest point – was likely the lowest point of the year and we believe that that has been proved correct. And for the second quarter, E-House’s primary agency businesses did benefit from the volume recovery which is reflected in our Q2 numbers. As for the next few quarters, we believe that the current market environment is relatively beneficial to E-House, especially given that we’ve made quite a lot of preparation for this type of market condition.

Jin Song Du – Credit Suisse

Right. Thank you.

Xin Zhou

(Foreign Language – Chinese).

Operator

Your next question comes from the line of Ms. Ella Ji from Oppenheimer. Please ask your question.

Ella Ji – Oppenheimer

Thank you and congratulations on a good quarter. A quick follow-up on the prior question in terms of the market outlook, I’m wondering if management can comment on what do you think will be the drivers for a continuing healthy market in the second half of the year? And we saw that on the macro side, July’s new bank loans fell sharply from June, so if we continue to have, relatively speaking, a tighter monitoring environment comparing to the first half of the year, do you think the market will continue to carry on these trends that we saw in May and in June?

Xin Zhou

The driver for the second half, relatively healthy second half real estate market, is the lack thereof. As we’ve all seen previously, the market had a lot of volatilities influenced by the government real estate policy and, currently, we’re at a stage where it’s relatively quiet on the policy front. And as a result, we believe that when I say the market is relatively healthy is that any absence of new policies, the market will likely continue its current status.

We don’t necessarily think that the monetary policy will be tighter in the second half versus the first half especially in view of the current macro Chinese economy. The government has repeatedly mentioned that they want to maintain healthy growth for the economy and, as a result, we believe that from the interest rate perspective as well as from the reserve ratio perspective, that it’s unlikely that the government will have tighter monetary policies in the second half versus the first half.

Ella Ji – Oppenheimer

Okay. Thank you for that. And then, I’m wondering if management could comment on the developers’ online spending. If the market continues to be healthy, how do you think that will impact both the spending dollar amount here and also the relative channels that they would chose to do the spending?

Xin Zhou

After relatively healthy sales recently, developers are slightly more relaxed in terms of marketing spending. So from a developers’ perspective, they need two types of advertising. One is their traditional brand advertising which is reflected in the traditional online advertising. The other is the performance-based results-driven advertising which is reflected in the e-commerce channel. And currently, both of these are within our online segment.

While we will see some increases in the second half versus the first half in terms of online advertising spending, we don’t believe the increase will be significant. And in addition, we believe that the developers are more and more interested in the performance-based advertising and the fact that we’ve successfully launched our e-commerce and started having revenues for our e-commerce platform means that we’d be able to take advantage of this. And we believe that e-commerce revenues and performance will be an increasingly important factor for our online business.

Ella Ji – Oppenheimer

Okay. Thank you. If I could sneak in one more, about your cash flow, operating cash flow in this quarter, it turned negative and you mentioned a higher balance is in your accounts receivable. So could you just give us more color there? Is it just the timing and are you worried about potential higher bad debt on the accounts receivable? Thank you.

Bin Laurence

Sure. I’ll take that question, Ella. So basically, our accounts receivable days actually decreased a little bit versus the first quarter. This quarter, our overall accounts receivable days was 182 days versus about 210 days in the first quarter. And from that perspective, the accounts receivable increase was mostly associated with the increased revenues.

And in terms of bad debt, even though it is an increase versus the same quarter of last year, it is a decline sequentially and we don’t believe that we’ll – we’re not, at this moment, worried about any significant material changes for our bad debt trend. And historically, E-House had positive cash flows in years 2008 through 2010 and last year, we had negative cash flow because of the market but we don’t believe that this will be permanent. So I hope this answered your question.

Ella Ji – Oppenheimer

Great. Thank you for taking my questions.

Operator

Thank you very much. Your next question comes from the line of Tian Hou from TH Capital. Please ask your question.

Jack – TH Capital

Hello, this is Jack on behalf of Tian Hou. Hi. Can I have the question about the mode of the performance-based advertising and can you break down the performance-based revenue and non-performance-based revenue? Can you give us a percentage?

Bin Laurence

So, I will translate briefly Mr. Zhou’s comments. Currently, you have basically the three types of revenue models for the online segment. One is the traditional advertising model. One is performance-based advertising and the revenue is mostly derived from developers that they – and the last type is that performance – is also performance-based revenue, however, that the consumers paid a portion of that. And within our online segment, the first two accounted for a vast majority of our total revenues and even just by separating the performance-based revenues, it’s still a relatively small portion, currently, I would say, around 10% of the total.

So, we’ve mentioned that since last year there are approximately RMB16.4 billion worth of transaction value on the online – on our e-commerce platform and approximately RMB12 billion of which was generated between May and August. And as a result, you will likely see a further contribution of e-commerce for our online segment in Q3.

Jack – TH Capital

Thank you. Can I have a follow-up question about the performance of the primary real estate and secondary real estate? Is there any difference in the performance, which is beyond your expectation?

Xin Zhou

Yeah. So, our primary agency business did quite well especially in the second half – I mean, second quarter. As we mentioned – our COO mentioned earlier total GFA of preliminary sales was over 9 million square meters in the first half of this year, which indicates relatively healthy sales for the year.

Jack – TH Capital

Thank you. That’s helpful.

Xin Zhou

(Foreign Language – Chinese).

Operator

Your next question comes from the line of Mr. Brandon Dobell from William Blair. Please ask your question.

Brandon Dobell – William Blair

Hi. Thank you. I wonder if I could maybe get some comments on what we should expect for customer deposits in the second half of the year for the developers?

Xin Zhou

So, the customer deposit numbers will not change much in the second half.

Brandon Dobell – William Blair

Right. In the online business, you mentioned that most of the growth came from existing cities in the quarter, and it sounds like in the first half of the year. So should we expect the second half of the year to have similar growth rates or should we expect you guys to enter into more new cities to accelerate the growth?

Xin Zhou

So we basically planned out our new city entry at the end of last year and we did have some increases here and there each quarter of this year, but the speed of increase will be slower than last year. And currently, we have approximately 50-something – 56 cities to be exact in the second quarter of direct operated cities. And all together including the outsourced cities, we have about 238 in the second quarter. And we believe that our focus for the second half will be to increase the cities that we already entered this year.

Brandon Dobell – William Blair

Okay. And then in the consulting business, it sounds like that was down in the second quarter. What’s your expectation for the consulting business in the rest of 2012? And do you think that will eventually recover as the primary business continues to do okay or is there something else going on that will keep those revenues from growing for a while?

Xin Zhou

So our total information consulting segment is going to be relatively flat as we mentioned at the beginning of the year. And currently, we still see that to be the case. Mainly, the growth in information services roughly is offset by the decline in consulting services and the reason for that is the lack of land transaction-based consulting. Also, due to the lack of a new constructions, our regular consulting business was somewhat affected as well. And unless these elements pick up, we see this whole – we’ll see information consulting service segment to remain flat for the second half as well.

So that being said, recently we’ve seen some pickup in land transactions as well as new construction starts and, as a result, we’re seeing slight pickup in terms of consulting demand. So while we believe that this business will likely to have a small decline, there could be some positive surprises.

Brandon Dobell – William Blair

Okay. Thank you very much.

Operator

Your next question comes from the line of Mr. Jin Song Du from Credit Suisse. Please ask your question, sir.

Jin Song Du – Credit Suisse

Hi, thanks for answering my follow-up question. Just one, just probably a little bit more clarification on your statement regarding the cost of revenue. You mentioned that partially a bigger increase in the cost of revenue is because of the salary increase for both the primary agency and other online businesses, but your primary agency salary was largely – should be largely in line with the primary agency’s revenue because it’s largely commission. So, could you clarify, this is more of a timing issue, meaning that you have to pay your sales reps first before you recognize part of their revenue, that’s why temporarily there’s a bigger increase in salary versus revenue or is it because, just purely because you have higher number of staff so it’s not really a timing issue and (inaudible) decisions may continue?

Bin Laurence

Yeah. So for the primary – for the real estate brokerage and agency businesses, actually, if you look at our cost of our sales a percentage of revenue, it remains relatively stable versus same quarter of last year. This year, it’s approximately 53% of total revenues for our real estate agency and brokerage services segment versus about 51% last year. So, that hasn’t really changed much. And the increase was mostly associated with the increased revenues for the primary business.

Jin Song Du – Credit Suisse

Right. And also regarding your commission, this is obviously more for the traditional business, the primary business, do you see any changes in commission rates? And also can Mr. Zhou comment as well on the likely inventory levels and developers’ pricing strategy in the second half?

Xin Zhou

Yeah. So currently in terms of commission rate, we believe that it will remain relatively stable in the near future. So although our inventory level in the market hasn’t changed too much, the conversion rate in recent months have increased.

Because the land market is still relatively inactive, so we believe the supply demand situation will not change materially until the second half of next year or the year after. So, for us, we have lots of pipelines and reserves and right now, not worry about the pipelines. We’re more working on increasing our conversion ratio.

Jin Song Du – Credit Suisse

(Foreign Language – Chinese).

Bin Laurence

So I’ll translate the answer regarding the price trend in terms of discounts that the developers are giving. We still see lots of discounts being given out by developers with the housing that they’re – housing projects that they’re launching. And however, this depends on what level – what’s the starting level for that discount versus previously that discount level has decreased somewhat. But overall, if you look at from a marketing perspective there is still a lot of marketed discounts for the new project.

Jin Song Du – Credit Suisse

(Foreign Language – Chinese).

Xin Zhou

The conversion ratio has recovered somewhat and but it’s not as the same as the peak in 2010. Roughly, it’s 50% to 60%.

Jin Song Du – Credit Suisse

All right. Thank you.

Xin Zhou

(Foreign Language – Chinese).

Operator

Ladies and gentlemen, we are now approaching the end of the conference call. I’ll now turn the call over to E-House Director of Investor Relations, Mrs. Michelle Yuan for her closing remarks.

Michelle Yuan

This concludes today’s call. If you have any follow-up questions, please let us know. Thank you.

Operator

Thank you for your participation in today’s conference. This concludes the presentation. You may now all disconnect. Good day.

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