UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-39436
KE Holdings Inc.
(Registrant’s Name)
Oriental Electronic Technology Building,
No. 2 Chuangye Road, Haidian District,
Beijing 100086
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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KE Holdings Inc. |
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By |
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/s/ XU Tao |
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Name |
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XU Tao |
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Title |
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Chief Financial Officer |
Date: November 9,
2023
Exhibit 99.1
KE Holdings Inc.
Announces Third Quarter 2023 Unaudited Financial Results
BEIJING, China,
November 8, 2023 - 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, 2023.
Business and Financial Highlights
for the Third Quarter of 2023
| · | Gross
transaction value (GTV)1
was RMB655.2 billion (US$89.8 billion), a decrease of 11.1% year-over-year.
GTV of existing home transactions was RMB439.0 billion (US$60.2 billion), a decrease
of 2.2% year-over-year. GTV of new home transactions was RMB192.1 billion (US$26.3
billion), a decrease of 26.5% year-over-year. GTV of home renovation and furnishing
was RMB3.3 billion (US$0.4 billion), an increase of 65.6% year-over-year. GTV of emerging
and other services was RMB20.7 billion (US$2.8 billion), a decrease of 16.0% year-over-year. |
| · | Net
revenues were RMB17.8 billion (US$2.4 billion), an increase of 1.2% year-over-year. |
| · | Net
income was RMB1,170 million (US$160 million). Adjusted net income2
was RMB2,159 million (US$296 million). |
| · | Number
of stores was 43,013 as of September 30, 2023, a 3.9% increase from one year ago.
Number of active stores3
was 40,903 as of September 30, 2023, a 3.0% increase from one year ago. |
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 operating metrics
of number of active stores and number of active agents 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. The number of active stores was 39,713 as of September 30, 2022.
| · | Number
of agents was 429,352 as of September 30, 2023, a 6.6% increase from one year ago.
Number of active agents4
was 399,048 as of September 30, 2023, a 7.1% increase from one year ago. |
| · | Mobile
monthly active users (MAU)5
averaged 49.2 million in the third quarter of 2023, compared to 42.4 million
in the same period of 2022. |
Mr. Stanley
Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “During the third quarter of 2023, China’s
real estate market saw meaningful monthly rebound supported by a wave of government favorable policies, such as lowering down payment
ratio. We achieved resilient top-line performance, which is a powerful testament to our across-the-board efforts for business growth
and efficiency improvement.”
“As we see
a horizon with prospects centered on ‘better living’, and are eager to fulfill the tremendous needs from consumers, we have
upgraded our corporate strategy to ‘One Body, Three Wings’, a significant step in our roadmap to become the leading one-stop
platform of residential services. Through prudent execution and efficiency improvement, we’ve reinforced the agility and resilience
of our ‘One Body’ business, and are excited to connect to a broader range of industry participants to drive the sector’s
high-quality advancement. We also aim to deepen our insights and ramp up our service capabilities by actively pursuing the rapid scale
expansion of our new businesses, including home renovation and furnishing. We will always strive to uplift the industry standards, while
forging lasting and synergistic relationships with all industry stakeholders. Our technology-empowered infrastructure, extensive datasets,
strong customer traffic, and expansive store and agent network will position us well for the future, delivering unparalleled value to
both our customers and the whole residential industry,” concluded Mr. Peng.
Mr. Tao Xu,
Executive Director and Chief Financial Officer of Beike, added, “In the third quarter of this year, China’s real estate market
gradually picked up from the bottom with higher-tier cities leading the month-on-month recovery in September following the introduction
of supportive polices. Our net revenues grew by 1.2% year-over-year to RMB17.8 billion in the third quarter. As we actively advanced
our ‘One body, Three wings’ growth strategy, we achieved a resilient revenue performance for housing transaction services
in the quarter, while our home renovation and furnishing services revenue saw a 72.1% of year-on-year jump, reaching RMB3.2 billion.
Notably, our enhanced operational capability and careful cost discipline generated a gross margin of 27.4%, ticking up from 27.0% in
same period last year. Our net income in the third quarter saw a 63.4% year-over-year increase, reaching RMB1,170 million, while adjusted
net income grew by 14.4% to RMB2,159 million, showcasing stronger profitability. Our solid cash reserves and prudent financial management
have allowed us to return to shareholders in the form of share repurchases and special cash dividend issued during the third quarter.
Looking forward, we will continue to execute a strategic and disciplined approach, enhance capital allocation efficiency, and prioritize
our investments in business areas that bring key value, while remaining dedicated to shareholder returns. We believe this will enable
us to achieve sustainable and organic growth, and create long-term value for our shareholders.”
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.
The number of active agents was 372,718 as of September 30, 2022.
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.
Third Quarter
2023 Financial Results
Net Revenues
Net revenues
increased by 1.2% to RMB17.8 billion (US$2.4 billion) in the third quarter of 2023 from RMB17.6 billion in the same period of 2022.
The increase was primarily attributable to the increase of net revenues from home renovation and furnishing and rental property management
services, which was partially offset by the decrease of net revenues from existing and new home transaction services. Total GTV decreased
by 11.1% to RMB655.2 billion (US$89.8 billion) in the third quarter of 2023 from RMB737.1 billion in the same period of 2022, which was
primarily attributable to the soft market sentiment, especially in new home transactions, while the market also experienced a sequential
recovery month-on-month, especially in September after many high-tier cities introduced supportive polices.
| · | Net
revenues from existing home transaction services decreased by 11.9% to RMB6.3 billion
(US$0.9 billion) in the third quarter of 2023 from RMB7.2 billion in the same period of 2022,
primarily attributable to the decrease of commission revenue which was partially offset by
the increase of the revenues derived from platform service, franchise service and other value-added
services. GTV of existing home transactions decreased by 2.2% to RMB439.0 billion (US$60.2
billion) in the third quarter of 2023 from RMB449.0 billion in the same period of 2022, primarily
attributable to the decrease of GTV served by Lianjia brand, which was partially offset
by the increase of GTV served by connected agents on the Company’s platform year-over-year.
The larger contraction of net revenues of existing home transaction services compared to
that of GTV was primarily attributable to a higher contribution from GTV of existing home
transaction services served by connected agents on the Company’s platform, for which
revenue is recorded on a net basis from platform service, franchise service and other value-added
services, while for GTV served by Lianjia brand, the revenue is recorded on a gross
commission revenue basis. |
Among
that, (i) commission revenue decreased by 16.1% to RMB5.1 billion (US$0.7 billion) in the third quarter of 2023 from RMB6.1
billion in the same period of 2022, primarily due to a decrease in GTV of existing home transactions served by Lianjia stores
of 13.0% to RMB191.2 billion (US$26.2 billion) in the third quarter of 2023 from RMB219.7 billion in the same period of 2022; and
(ii) 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 13.4% to RMB1.2 billion (US$0.2 billion) in the third quarter of 2023 from RMB1.0
billion in the same period of 2022, mainly due to an 8.1% increase of GTV of existing home transactions served by connected agents on
the Company’s platform to RMB247.8 billion (US$34.0 billion) in the third quarter of 2023 from RMB229.3 billion in the same period
of 2022.
| · | Net
revenues from new home transaction services decreased by 24.3% to RMB5.9 billion (US$0.8
billion) in the third quarter of 2023 from RMB7.8 billion in the same period of 2022, primarily
due to the decrease of GTV of new home transactions of 26.5% to RMB192.1 billion (US$26.3
billion) in the third quarter of 2023 from RMB261.5 billion in the same period of 2022. Among
that, the GTV of new home transactions completed on Beike platform through connected
agents, dedicated sales team with the expertise on new home transaction services and other
sales channels decreased by 29.6% to RMB151.9 billion (US$20.8 billion) in the third quarter
of 2023 from RMB215.7 billion in the same period of 2022, while the GTV of new home transactions
served by Lianjia brand decreased by 12.1% to RMB40.3 billion (US$5.5 billion) in
the third quarter of 2023 from RMB45.8 billion in the same period of 2022. |
| · | Net
revenues from home renovation and furnishing increased by 72.1% to RMB3.2 billion (US$0.4
billion) in the third quarter of 2023 from RMB1.8 billion in the same period of 2022, primarily
attributable to the organic growth of the GTV for home renovation and furnishing business
driven by the increase of orders and enhanced delivery capability. |
| · | Net
revenues from emerging and other services increased by 202.7% to RMB2.4 billion (US$0.3
billion) in the third quarter of 2023 from RMB0.8 billion in the same period of 2022, primarily
attributable to the increase of net revenues from rental property management services. |
Cost of Revenues
Total cost of
revenues was to RMB12.9 billion (US$1.8 billion) in the third quarter of 2023, compared to RMB12.8 billion in the same period of
2022.
| · | Commission
– split. The Company’s cost of revenues for commissions to connected agents
and other sales channels was RMB5.5 billion (US$0.7 billion) in the third quarter of 2023,
compared to RMB5.7 billion in the same period of 2022, primarily due to the decrease in GTV
of new home transactions completed through connected agents and other sales channels in the
third quarter of 2023 compared with the same period of 2022, which was partially offset by
the increase of commission-split for rental property management services. |
| · | Commission
and compensation – internal. The Company’s cost of revenues for internal
commission and compensation was RMB4.0 billion (US$0.6 billion) in the third quarter of 2023,
compared to RMB4.6 billion in the same period of 2022, primarily due to the decreased GTV
of existing home transactions and 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 increased by 72.7% to RMB2.3 billion (US$0.3 billion) in the third quarter
of 2023 from RMB1.3 billion in the same period of 2022, which was primarily attributable
to the organic growth of net revenues from home renovation and furnishing. |
| · | Cost
related to stores. The Company’s cost related to stores decreased by 11.3% to RMB0.7
billion (US$0.1 billion) in the third quarter of 2023, compared to RMB0.8 billion in the
same period of 2022, mainly due to the decrease in the number of Lianjia stores in
the third quarter of 2023 compared to the same period of 2022. |
| · | Other
costs. The Company’s other costs increased to RMB480 million (US$66 million) in
the third quarter of 2023 from RMB407 million in the same period of 2022, mainly due to an
increase in share-based compensation expenses and the increase in maintenance costs of rental
property management services. |
Gross Profit
Gross profit
increased by 2.6% to RMB4.9 billion (US$0.7 billion) in the third quarter of 2023 from RMB4.8 billion in the same period of 2022.
Gross margin was 27.4% in the third quarter of 2023, compared to 27.0% in the same period of 2022. The increase in gross margin was primarily
due to a lower percentage of costs related to stores of net revenues with a relatively flat contribution margin in the third quarter
of 2023 compared to the same period of 2022.
Income (Loss)
from Operations
Total operating
expenses increased by 12.0% to RMB4.0 billion (US$0.5 billion) in the third quarter of 2023 from RMB3.5 billion in the same period
of 2022.
| · | General
and administrative expenses increased by 4.8% to RMB1,862 million (US$255 million) in
the third quarter of 2023 from RMB1,777 million in the same period of 2022, mainly due to
the decrease of reversal for credit loss, which was partially offset by the decrease in personnel
costs compared to the same period of 2022. |
| · | Sales
and marketing expenses increased by 29.6% to RMB1,631 million (US$223 million) in the
third quarter of 2023 from RMB1,258 million in the same period of 2022, mainly due to the
increase in sales and marketing expenses for home renovation and furnishing along with the
growth of net revenues from home renovation and furnishing. |
| · | Research
and development expenses decreased by 7.4% to RMB472 million (US$65 million) in the third
quarter of 2023 from RMB509 million in the same period of 2022, mainly due to the decreases
in personnel costs and share-based compensation as a result of decreased headcount in research
and development personnel in the third quarter of 2023 compared to the same period of 2022. |
Income from
operations was RMB911 million (US$125 million) in the third quarter of 2023, compared to RMB1,216 million in the same period of 2022.
Operating margin was 5.1% in the third quarter of 2023, compared to 6.9% in the same period of 2022, primarily due to the increased
contribution of net revenues from home renovation and furnishing and rental property management services, which was still in ramp-up
period with a relatively lower operating margin than that of existing and new home transaction services in the third quarter of 2023,
compared to the same period of 2022.
Adjusted income
from operations6 was RMB1,886 million (US$259 million)
in the third quarter of 2023, compared to RMB2,108 million in the same period of 2022. Adjusted operating margin7
was 10.6% in the third quarter of 2023, compared to 12.0% in the same period of 2022. Adjusted EBITDA8
was RMB2,515 million (US$345 million) in the third quarter of 2023, compared to RMB2,343 million in the same period of 2022.
Net Income
(Loss)
Net income
was RMB1,170 million (US$160 million) in the third quarter of 2023, compared to RMB716 million in the same period of 2022.
Adjusted net
income was RMB2,159 million (US$296 million) in the third quarter of 2023, compared to RMB1,888 million in the same period of 2022.
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, and (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, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property,
plant 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.
Net Income
(Loss) attributable to KE Holdings Inc.’s Ordinary Shareholders
Net income attributable
to KE Holdings Inc.’s ordinary shareholders was RMB1,158 million (US$159 million) in the third quarter of 2023, compared to
RMB723 million in the same period of 2022.
Adjusted net
income attributable to KE Holdings Inc.’s ordinary shareholders9
was RMB2,147 million (US$294 million) in the third quarter of 2023, compared to RMB1,895 million in the same period of 2022.
Net Income
(Loss) per ADS
Basic and diluted
net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders10
were RMB0.99 (US$0.14) and RMB0.97 (US$0.13) in the third quarter of 2023, respectively, compared to RMB0.61 and RMB0.60
in the same period of 2022, respectively.
Adjusted basic
and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders11
were RMB1.84 (US$0.26) and RMB1.80 (US$0.24) in the third quarter of 2023, respectively, compared to RMB1.59 and RMB1.57
in the same period of 2022, respectively.
Cash, Cash
Equivalents, Restricted Cash and Short-Term Investments
As of September 30,
2023, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB60.4
billion (US$8.3 billion).
Business Outlook
For the fourth
quarter of 2023, the Company expects the total net revenues to be between RMB18.0 billion (US$2.47 billion) and RMB18.5 billion (US$2.54
billion), representing an increase of approximately 7.5% to 10.5% from the same quarter of 2022. This forecast considers the potential
impact of the recent real estate related policies and measures, which remain uncertain and may continue to affect the Company’s
operations. Therefore, the Company’s ongoing and preliminary view is contingent on the business situation and market condition.
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. 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 ADS outstanding during the periods used in calculating net income (loss)
per ADS, basic and diluted.
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.
Share Repurchase
Program
As previously disclosed,
the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023, under which the
Company may purchase up to US$2 billion of its Class A ordinary shares and/or ADSs until August 31, 2024, subject to obtaining
another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue
its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 15,
2023. From the launch of the share repurchase program in September 2022 to September 2023, the Company in aggregate purchased
approximately 49.5 million ADSs (representing approximately 148.4 million Class A ordinary shares) on the New York Stock Exchange
with a total consideration of approximately US$736.5 million under the share repurchase program, and certain of these purchases were
settled in early October 2023.
Conference Call
Information
The Company will
hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, November 8, 2023 (8:00 P.M. Beijing/Hong
Kong Time on Wednesday, November 8, 2023) to discuss the financial results.
For participants
who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least
20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.
Participant Online Registration:
English Line: https://s1.c-conf.com/diamondpass/10034424-6dgyf8.html
Chinese Simultaneous Interpretation
Line (listen-only mode): https://s1.c-conf.com/diamondpass/10034531-nfg7dv.html
A replay of the conference call will
be accessible through November 15, 2023, by dialing the following numbers:
United States: |
+1-855-883-1031 |
Mainland, China: |
400-1209-216 |
Hong Kong, China: |
800-930-639 |
International: |
+61-7-3107-6325 |
Replay PIN (English line): |
10034424 |
Replay PIN (Chinese simultaneous interpretation line): |
10034531 |
A live and archived
webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.
Exchange Rate
This press release
contains translations of certain RMB amounts into U.S. dollars (“US$”) 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 RMB7.2960 to US$1.00, the noon buying
rate in effect on September 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation
that the RMB or US$ 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, (ii) share-based compensation expenses, (iii) amortization of intangible assets,
(iv) depreciation of property, plant 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 customers efficiently navigate and complete housing transactions and services 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.
For investor and
media inquiries, please contact:
In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: ir@ke.com
Piacente Financial
Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: ke@tpg-ir.com
In the United States:
Piacente Financial
Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ke@tpg-ir.com
Source: KE Holdings
Inc.
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, | |
| |
2022 | | |
2023 | |
| |
RMB | | |
RMB | | |
US$ | |
ASSETS | |
| | |
| | |
| |
Current assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| 19,413,202 | | |
| 15,838,754 | | |
| 2,170,882 | |
Restricted cash | |
| 6,181,057 | | |
| 6,156,622 | | |
| 843,835 | |
Short-term investments | |
| 35,485,908 | | |
| 38,408,111 | | |
| 5,264,270 | |
Short-term financing receivables, net of allowance for credit losses of RMB139,427 and RMB129,818 as of December 31, 2022 and September 30, 2023, respectively | |
| 667,224 | | |
| 266,557 | | |
| 36,535 | |
Accounts receivable and contract assets, net of allowance for credit losses of RMB2,088,478 and RMB1,669,694 as of December 31, 2022 and September 30, 2023, respectively | |
| 4,163,022 | | |
| 2,770,909 | | |
| 379,785 | |
Amounts due from and prepayments to related parties | |
| 405,956 | | |
| 438,218 | | |
| 60,063 | |
Loan receivables from related parties | |
| 50,463 | | |
| 26,495 | | |
| 3,631 | |
Prepayments, receivables and other assets | |
| 4,057,843 | | |
| 5,268,332 | | |
| 722,085 | |
Total current assets | |
| 70,424,675 | | |
| 69,173,998 | | |
| 9,481,086 | |
Non-current assets | |
| | | |
| | | |
| | |
Property, plant and equipment, net | |
| 2,036,553 | | |
| 1,910,480 | | |
| 261,853 | |
Right-of-use assets | |
| 11,284,070 | | |
| 16,060,646 | | |
| 2,201,295 | |
Long-term investments, net | |
| 17,925,653 | | |
| 24,031,090 | | |
| 3,293,735 | |
Intangible assets, net | |
| 1,686,976 | | |
| 1,227,537 | | |
| 168,248 | |
Goodwill | |
| 4,934,235 | | |
| 4,914,238 | | |
| 673,552 | |
Long-term loan receivables from related parties | |
| 22,934 | | |
| 31,020 | | |
| 4,252 | |
Other non-current assets | |
| 1,032,251 | | |
| 1,035,737 | | |
| 141,960 | |
Total non-current assets | |
| 38,922,672 | | |
| 49,210,748 | | |
| 6,744,895 | |
TOTAL ASSETS | |
| 109,347,347 | | |
| 118,384,746 | | |
| 16,225,981 | |
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, | |
| |
2022 | | |
2023 | |
| |
RMB | | |
RMB | | |
US$ | |
LIABILITIES | |
| | |
| | |
| |
Current liabilities | |
| | | |
| | | |
| | |
Accounts payable | |
| 5,843,321 | | |
| 5,495,539 | | |
| 753,226 | |
Amounts due to related parties | |
| 425,685 | | |
| 385,264 | | |
| 52,805 | |
Employee compensation and welfare payable | |
| 9,365,512 | | |
| 8,009,013 | | |
| 1,097,727 | |
Customer deposits payable | |
| 4,194,828 | | |
| 3,937,504 | | |
| 539,680 | |
Income taxes payable | |
| 542,290 | | |
| 782,358 | | |
| 107,231 | |
Short-term borrowings | |
| 619,000 | | |
| 520,032 | | |
| 71,276 | |
Lease liabilities current portion | |
| 4,972,345 | | |
| 8,093,853 | | |
| 1,109,355 | |
Contract liabilities | |
| 3,260,269 | | |
| 4,712,694 | | |
| 645,928 | |
Accrued expenses and other current liabilities | |
| 4,118,068 | | |
| 6,038,166 | | |
| 827,601 | |
Total current liabilities | |
| 33,341,318 | | |
| 37,974,423 | | |
| 5,204,829 | |
Non-current liabilities | |
| | | |
| | | |
| | |
Deferred tax liabilities | |
| 351,186 | | |
| 351,186 | | |
| 48,134 | |
Lease liabilities non-current portion | |
| 6,599,930 | | |
| 8,091,884 | | |
| 1,109,085 | |
Other non-current liabilities | |
| 475 | | |
| 389 | | |
| 53 | |
Total non-current liabilities | |
| 6,951,591 | | |
| 8,443,459 | | |
| 1,157,272 | |
TOTAL LIABILITIES | |
| 40,292,909 | | |
| 46,417,882 | | |
| 6,362,101 | |
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, | |
| |
2022 | | |
2023 | |
| |
RMB | | |
RMB | | |
US$ | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
KE Holdings Inc. shareholders’ equity | |
| | | |
| | | |
| | |
Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,601,547,279 and 3,606,305,628 Class A ordinary shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively; and 156,426,896 and 152,809,866 Class B ordinary shares issued and outstanding as of December 31, 2022 and September 30, 2023, respectively) | |
| 487 | | |
| 483 | | |
| 66 | |
Treasury shares | |
| (225,329 | ) | |
| (944,527 | ) | |
| (129,458 | ) |
Additional paid-in capital | |
| 80,302,956 | | |
| 78,084,733 | | |
| 10,702,403 | |
Statutory reserves | |
| 660,817 | | |
| 660,817 | | |
| 90,573 | |
Accumulated other comprehensive income (loss) | |
| (412,721 | ) | |
| 249,757 | | |
| 34,232 | |
Accumulated deficit | |
| (11,405,850 | ) | |
| (6,192,231 | ) | |
| (848,716 | ) |
Total KE Holdings Inc. shareholders' equity | |
| 68,920,360 | | |
| 71,859,032 | | |
| 9,849,100 | |
Non-controlling interests | |
| 134,078 | | |
| 107,832 | | |
| 14,780 | |
TOTAL SHAREHOLDERS' EQUITY | |
| 69,054,438 | | |
| 71,966,864 | | |
| 9,863,880 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 109,347,347 | | |
| 118,384,746 | | |
| 16,225,981 | |
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(All amounts in thousands, except for share, per share data, ADS and per ADS
data)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Net revenues | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Existing home transaction services | |
| 7,156,681 | | |
| 6,307,085 | | |
| 864,458 | | |
| 18,842,946 | | |
| 21,904,172 | | |
| 3,002,217 | |
New home transaction services | |
| 7,792,812 | | |
| 5,901,966 | | |
| 808,932 | | |
| 20,369,105 | | |
| 23,001,680 | | |
| 3,152,643 | |
Home renovation and furnishing | |
| 1,845,900 | | |
| 3,176,739 | | |
| 435,408 | | |
| 2,952,816 | | |
| 7,209,569 | | |
| 988,154 | |
Emerging and other services | |
| 801,189 | | |
| 2,424,915 | | |
| 332,362 | | |
| 1,756,772 | | |
| 5,457,285 | | |
| 747,983 | |
Total net revenues | |
| 17,596,582 | | |
| 17,810,705 | | |
| 2,441,160 | | |
| 43,921,639 | | |
| 57,572,706 | | |
| 7,890,997 | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Commission-split | |
| (5,665,913 | ) | |
| (5,451,749 | ) | |
| (747,224 | ) | |
| (14,468,847 | ) | |
| (18,764,937 | ) | |
| (2,571,949 | ) |
Commission and compensation-internal | |
| (4,637,956 | ) | |
| (4,016,402 | ) | |
| (550,494 | ) | |
| (13,621,751 | ) | |
| (13,676,434 | ) | |
| (1,874,511 | ) |
Cost of home renovation and furnishing | |
| (1,303,785 | ) | |
| (2,252,251 | ) | |
| (308,697 | ) | |
| (2,094,831 | ) | |
| (5,077,310 | ) | |
| (695,903 | ) |
Cost related to stores | |
| (821,954 | ) | |
| (729,388 | ) | |
| (99,971 | ) | |
| (2,581,786 | ) | |
| (2,145,039 | ) | |
| (294,002 | ) |
Others | |
| (407,377 | ) | |
| (479,935 | ) | |
| (65,781 | ) | |
| (1,466,635 | ) | |
| (1,335,018 | ) | |
| (182,978 | ) |
Total cost of revenues(1) | |
| (12,836,985 | ) | |
| (12,929,725 | ) | |
| (1,772,167 | ) | |
| (34,233,850 | ) | |
| (40,998,738 | ) | |
| (5,619,343 | ) |
Gross profit | |
| 4,759,597 | | |
| 4,880,980 | | |
| 668,993 | | |
| 9,687,789 | | |
| 16,573,968 | | |
| 2,271,654 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales and marketing expenses(1) | |
| (1,258,104 | ) | |
| (1,630,543 | ) | |
| (223,485 | ) | |
| (3,240,617 | ) | |
| (4,573,815 | ) | |
| (626,894 | ) |
General and administrative expenses(1) | |
| (1,776,531 | ) | |
| (1,862,347 | ) | |
| (255,256 | ) | |
| (5,554,339 | ) | |
| (5,588,830 | ) | |
| (766,012 | ) |
Research and development expenses(1) | |
| (509,296 | ) | |
| (471,631 | ) | |
| (64,642 | ) | |
| (2,036,886 | ) | |
| (1,403,160 | ) | |
| (192,319 | ) |
Impairment of goodwill, intangible assets and other long-lived assets | |
| - | | |
| (5,201 | ) | |
| (713 | ) | |
| (76,244 | ) | |
| (37,976 | ) | |
| (5,205 | ) |
Total operating expenses | |
| (3,543,931 | ) | |
| (3,969,722 | ) | |
| (544,096 | ) | |
| (10,908,086 | ) | |
| (11,603,781 | ) | |
| (1,590,430 | ) |
Income (loss) from operations | |
| 1,215,666 | | |
| 911,258 | | |
| 124,897 | | |
| (1,220,297 | ) | |
| 4,970,187 | | |
| 681,224 | |
Interest income, net | |
| 214,716 | | |
| 349,143 | | |
| 47,854 | | |
| 488,170 | | |
| 951,369 | | |
| 130,396 | |
Share of results of equity investees | |
| 13,187 | | |
| 12,753 | | |
| 1,748 | | |
| 44,657 | | |
| 27,228 | | |
| 3,732 | |
Impairment loss for equity investments accounted for equity method | |
| - | | |
| (6,182 | ) | |
| (847 | ) | |
| - | | |
| (6,182 | ) | |
| (847 | ) |
Fair value changes in investments, net | |
| (38,545 | ) | |
| 1,187 | | |
| 163 | | |
| (378,497 | ) | |
| 74,193 | | |
| 10,169 | |
Impairment loss for equity investments accounted for using Measurement Alternative | |
| (240,870 | ) | |
| (2,882 | ) | |
| (395 | ) | |
| (491,872 | ) | |
| (12,195 | ) | |
| (1,671 | ) |
Foreign currency exchange income (loss) | |
| (151,951 | ) | |
| 96,336 | | |
| 13,204 | | |
| (192,693 | ) | |
| 80,503 | | |
| 11,034 | |
Other income, net | |
| 143,485 | | |
| 309,914 | | |
| 42,477 | | |
| 1,040,133 | | |
| 1,037,197 | | |
| 142,160 | |
Income (loss) before income tax expense | |
| 1,155,688 | | |
| 1,671,527 | | |
| 229,101 | | |
| (710,399 | ) | |
| 7,122,300 | | |
| 976,197 | |
Income tax expense | |
| (439,540 | ) | |
| (501,237 | ) | |
| (68,700 | ) | |
| (1,058,795 | ) | |
| (1,902,759 | ) | |
| (260,795 | ) |
Net income (loss) | |
| 716,148 | | |
| 1,170,290 | | |
| 160,401 | | |
| (1,769,194 | ) | |
| 5,219,541 | | |
| 715,402 | |
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)
(All amounts in thousands, except for share, per share data, ADS
and per ADS data)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Net loss (income) attributable to non-controlling interests shareholders | |
| 7,040 | | |
| (12,248 | ) | |
| (1,679 | ) | |
| 6,088 | | |
| (5,922 | ) | |
| (812 | ) |
Net income (loss) attributable to KE Holdings Inc. | |
| 723,188 | | |
| 1,158,042 | | |
| 158,722 | | |
| (1,763,106 | ) | |
| 5,213,619 | | |
| 714,590 | |
Net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders | |
| 723,188 | | |
| 1,158,042 | | |
| 158,722 | | |
| (1,763,106 | ) | |
| 5,213,619 | | |
| 714,590 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| 716,148 | | |
| 1,170,290 | | |
| 160,401 | | |
| (1,769,194 | ) | |
| 5,219,541 | | |
| 715,402 | |
Currency translation adjustments | |
| 1,682,372 | | |
| (180,974 | ) | |
| (24,805 | ) | |
| 3,081,267 | | |
| 712,745 | | |
| 97,690 | |
Unrealized loss on available-for-sale investments, net of reclassification | |
| (187,637 | ) | |
| (49,243 | ) | |
| (6,749 | ) | |
| (497,030 | ) | |
| (50,267 | ) | |
| (6,890 | ) |
Total comprehensive income | |
| 2,210,883 | | |
| 940,073 | | |
| 128,847 | | |
| 815,043 | | |
| 5,882,019 | | |
| 806,202 | |
Comprehensive loss (income) attributable to non-controlling interests shareholders | |
| 7,040 | | |
| (12,248 | ) | |
| (1,679 | ) | |
| 6,088 | | |
| (5,922 | ) | |
| (812 | ) |
Comprehensive income attributable to KE Holdings Inc. | |
| 2,217,923 | | |
| 927,825 | | |
| 127,168 | | |
| 821,131 | | |
| 5,876,097 | | |
| 805,390 | |
Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders | |
| 2,217,923 | | |
| 927,825 | | |
| 127,168 | | |
| 821,131 | | |
| 5,876,097 | | |
| 805,390 | |
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Continued)
(All amounts in thousands, except for share, per share data, ADS and per ADS data)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Weighted average number of ordinary shares used in computing net income (loss) per share, basic and diluted | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 3,577,393,051 | | |
| 3,491,785,849 | | |
| 3,491,785,849 | | |
| 3,571,697,160 | | |
| 3,527,781,652 | | |
| 3,527,781,652 | |
—Diluted | |
| 3,624,210,190 | | |
| 3,569,150,049 | | |
| 3,569,150,049 | | |
| 3,571,697,160 | | |
| 3,612,305,297 | | |
| 3,612,305,297 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average number of ADS used in computing net income (loss) per ADS, basic and diluted | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 1,192,464,350 | | |
| 1,163,928,616 | | |
| 1,163,928,616 | | |
| 1,190,565,720 | | |
| 1,175,927,217 | | |
| 1,175,927,217 | |
—Diluted | |
| 1,208,070,063 | | |
| 1,189,716,683 | | |
| 1,189,716,683 | | |
| 1,190,565,720 | | |
| 1,204,101,766 | | |
| 1,204,101,766 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share attributable to KE Holdings Inc.'s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 0.20 | | |
| 0.33 | | |
| 0.05 | | |
| (0.49 | ) | |
| 1.48 | | |
| 0.20 | |
—Diluted | |
| 0.20 | | |
| 0.32 | | |
| 0.04 | | |
| (0.49 | ) | |
| 1.44 | | |
| 0.20 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 0.61 | | |
| 0.99 | | |
| 0.14 | | |
| (1.48 | ) | |
| 4.43 | | |
| 0.61 | |
—Diluted | |
| 0.60 | | |
| 0.97 | | |
| 0.13 | | |
| (1.48 | ) | |
| 4.33 | | |
| 0.59 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
(1) Includes share-based compensation expenses as follows: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 90,250 | | |
| 136,990 | | |
| 18,776 | | |
| 265,635 | | |
| 363,556 | | |
| 49,829 | |
Sales and marketing expenses | |
| 29,994 | | |
| 51,637 | | |
| 7,077 | | |
| 89,553 | | |
| 129,118 | | |
| 17,697 | |
General and administrative expenses | |
| 562,091 | | |
| 576,635 | | |
| 79,035 | | |
| 1,110,123 | | |
| 1,765,532 | | |
| 241,987 | |
Research and development expenses | |
| 60,276 | | |
| 48,867 | | |
| 6,698 | | |
| 234,759 | | |
| 138,905 | | |
| 19,038 | |
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 | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Income (loss) from operations | |
| 1,215,666 | | |
| 911,258 | | |
| 124,897 | | |
| (1,220,297 | ) | |
| 4,970,187 | | |
| 681,224 | |
Share-based compensation expenses | |
| 742,611 | | |
| 814,129 | | |
| 111,586 | | |
| 1,700,070 | | |
| 2,397,111 | | |
| 328,551 | |
Amortization of intangible assets resulting from acquisitions and business cooperation agreement | |
| 149,923 | | |
| 155,495 | | |
| 21,312 | | |
| 412,382 | | |
| 458,268 | | |
| 62,811 | |
Impairment of goodwill, intangible assets and other long-lived assets | |
| - | | |
| 5,201 | | |
| 713 | | |
| 76,244 | | |
| 37,976 | | |
| 5,205 | |
Adjusted income from operations | |
| 2,108,200 | | |
| 1,886,083 | | |
| 258,508 | | |
| 968,399 | | |
| 7,863,542 | | |
| 1,077,791 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| 716,148 | | |
| 1,170,290 | | |
| 160,401 | | |
| (1,769,194 | ) | |
| 5,219,541 | | |
| 715,402 | |
Share-based compensation expenses | |
| 742,611 | | |
| 814,129 | | |
| 111,586 | | |
| 1,700,070 | | |
| 2,397,111 | | |
| 328,551 | |
Amortization of intangible assets resulting from acquisitions and business cooperation agreement | |
| 149,923 | | |
| 155,495 | | |
| 21,312 | | |
| 412,382 | | |
| 458,268 | | |
| 62,811 | |
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration | |
| 44,972 | | |
| 11,720 | | |
| 1,606 | | |
| 397,195 | | |
| (26,861 | ) | |
| (3,682 | ) |
Impairment of goodwill, intangible assets and other long-lived assets | |
| - | | |
| 5,201 | | |
| 713 | | |
| 76,244 | | |
| 37,976 | | |
| 5,205 | |
Impairment of investments | |
| 240,870 | | |
| 9,064 | | |
| 1,242 | | |
| 491,872 | | |
| 18,377 | | |
| 2,519 | |
Tax effects on non-GAAP adjustments | |
| (6,561 | ) | |
| (6,560 | ) | |
| (899 | ) | |
| (12,391 | ) | |
| (19,682 | ) | |
| (2,698 | ) |
Adjusted net income | |
| 1,887,963 | | |
| 2,159,339 | | |
| 295,961 | | |
| 1,296,178 | | |
| 8,084,730 | | |
| 1,108,108 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| 716,148 | | |
| 1,170,290 | | |
| 160,401 | | |
| (1,769,194 | ) | |
| 5,219,541 | | |
| 715,402 | |
Income tax expense | |
| 439,540 | | |
| 501,237 | | |
| 68,700 | | |
| 1,058,795 | | |
| 1,902,759 | | |
| 260,795 | |
Share-based compensation expenses | |
| 742,611 | | |
| 814,129 | | |
| 111,586 | | |
| 1,700,070 | | |
| 2,397,111 | | |
| 328,551 | |
Amortization of intangible assets | |
| 154,330 | | |
| 158,893 | | |
| 21,778 | | |
| 425,836 | | |
| 468,807 | | |
| 64,255 | |
Depreciation of property, plant and equipment | |
| 219,214 | | |
| 193,791 | | |
| 26,561 | | |
| 687,262 | | |
| 578,606 | | |
| 79,305 | |
Interest income, net | |
| (214,716 | ) | |
| (349,143 | ) | |
| (47,854 | ) | |
| (488,170 | ) | |
| (951,369 | ) | |
| (130,396 | ) |
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration | |
| 44,972 | | |
| 11,720 | | |
| 1,606 | | |
| 397,195 | | |
| (26,861 | ) | |
| (3,682 | ) |
Impairment of goodwill, intangible assets and other long-lived assets | |
| - | | |
| 5,201 | | |
| 713 | | |
| 76,244 | | |
| 37,976 | | |
| 5,205 | |
Impairment of investments | |
| 240,870 | | |
| 9,064 | | |
| 1,242 | | |
| 491,872 | | |
| 18,377 | | |
| 2,519 | |
Adjusted EBITDA | |
| 2,342,969 | | |
| 2,515,182 | | |
| 344,733 | | |
| 2,579,910 | | |
| 9,644,947 | | |
| 1,321,954 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders | |
| 723,188 | | |
| 1,158,042 | | |
| 158,722 | | |
| (1,763,106 | ) | |
| 5,213,619 | | |
| 714,590 | |
Share-based compensation expenses | |
| 742,611 | | |
| 814,129 | | |
| 111,586 | | |
| 1,700,070 | | |
| 2,397,111 | | |
| 328,551 | |
Amortization of intangible assets resulting from acquisitions and business cooperation agreement | |
| 149,923 | | |
| 155,495 | | |
| 21,312 | | |
| 412,382 | | |
| 458,268 | | |
| 62,811 | |
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration | |
| 44,972 | | |
| 11,720 | | |
| 1,606 | | |
| 397,195 | | |
| (26,861 | ) | |
| (3,682 | ) |
Impairment of goodwill, intangible assets and other long-lived assets | |
| - | | |
| 5,201 | | |
| 713 | | |
| 76,244 | | |
| 37,976 | | |
| 5,205 | |
Impairment of investments | |
| 240,870 | | |
| 9,064 | | |
| 1,242 | | |
| 491,872 | | |
| 18,377 | | |
| 2,519 | |
Tax effects on non-GAAP adjustments | |
| (6,561 | ) | |
| (6,560 | ) | |
| (899 | ) | |
| (12,391 | ) | |
| (19,682 | ) | |
| (2,698 | ) |
Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders | |
| (7 | ) | |
| (7 | ) | |
| (1 | ) | |
| (21 | ) | |
| (21 | ) | |
| (3 | ) |
Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders | |
| 1,894,996 | | |
| 2,147,084 | | |
| 294,281 | | |
| 1,302,245 | | |
| 8,078,787 | | |
| 1,107,293 | |
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 | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Weighted average number of ADS used in computing net income (loss) per ADS, basic and diluted | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 1,192,464,350 | | |
| 1,163,928,616 | | |
| 1,163,928,616 | | |
| 1,190,565,720 | | |
| 1,175,927,217 | | |
| 1,175,927,217 | |
—Diluted | |
| 1,208,070,063 | | |
| 1,189,716,683 | | |
| 1,189,716,683 | | |
| 1,190,565,720 | | |
| 1,204,101,766 | | |
| 1,204,101,766 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average number of ADS used in calculating adjusted net income (loss) per ADS, basic and diluted | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 1,192,464,350 | | |
| 1,163,928,616 | | |
| 1,163,928,616 | | |
| 1,190,565,720 | | |
| 1,175,927,217 | | |
| 1,175,927,217 | |
—Diluted | |
| 1,208,070,063 | | |
| 1,189,716,683 | | |
| 1,189,716,683 | | |
| 1,200,944,043 | | |
| 1,204,101,766 | | |
| 1,204,101,766 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) per ADS attributable to KE Holdings Inc.'s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 0.61 | | |
| 0.99 | | |
| 0.14 | | |
| (1.48 | ) | |
| 4.43 | | |
| 0.61 | |
—Diluted | |
| 0.60 | | |
| 0.97 | | |
| 0.13 | | |
| (1.48 | ) | |
| 4.33 | | |
| 0.59 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 0.98 | | |
| 0.85 | | |
| 0.12 | | |
| 2.57 | | |
| 2.44 | | |
| 0.33 | |
—Diluted | |
| 0.97 | | |
| 0.83 | | |
| 0.11 | | |
| 2.56 | | |
| 2.38 | | |
| 0.33 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted net income per ADS attributable to KE Holdings Inc.'s ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
—Basic | |
| 1.59 | | |
| 1.84 | | |
| 0.26 | | |
| 1.09 | | |
| 6.87 | | |
| 0.94 | |
—Diluted | |
| 1.57 | | |
| 1.80 | | |
| 0.24 | | |
| 1.08 | | |
| 6.71 | | |
| 0.92 | |
KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in thousands)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Net cash provided by operating activities | |
| 2,005,528 | | |
| 1,956,650 | | |
| 268,183 | | |
| 5,813,559 | | |
| 9,388,339 | | |
| 1,286,777 | |
Net cash provided by (used in) investing activities | |
| 3,850,877 | | |
| (15,323,257 | ) | |
| (2,100,228 | ) | |
| (7,487,442 | ) | |
| (7,689,643 | ) | |
| (1,053,952 | ) |
Net cash used in financing activities | |
| (277,366 | ) | |
| (2,614,917 | ) | |
| (358,406 | ) | |
| (241,494 | ) | |
| (5,484,524 | ) | |
| (751,716 | ) |
Effect of exchange rate change on cash, cash equivalents and restricted cash | |
| (155,503 | ) | |
| 164,808 | | |
| 22,589 | | |
| (12,893 | ) | |
| 186,945 | | |
| 25,623 | |
Net increase (decrease) in cash and cash equivalents and restricted cash | |
| 5,423,536 | | |
| (15,816,716 | ) | |
| (2,167,862 | ) | |
| (1,928,270 | ) | |
| (3,598,883 | ) | |
| (493,268 | ) |
Cash, cash equivalents and restricted cash at the beginning of the period | |
| 19,380,403 | | |
| 37,812,092 | | |
| 5,182,579 | | |
| 26,732,209 | | |
| 25,594,259 | | |
| 3,507,985 | |
Cash, cash equivalents and restricted cash at the end of the period | |
| 24,803,939 | | |
| 21,995,376 | | |
| 3,014,717 | | |
| 24,803,939 | | |
| 21,995,376 | | |
| 3,014,717 | |
KE Holdings Inc.
UNAUDITED SEGMENT
CONTRIBUTION MEASURE
(All amounts
in thousands)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2023 | |
| |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
Existing home transaction services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net revenues | |
| 7,156,681 | | |
| 6,307,085 | | |
| 864,458 | | |
| 18,842,946 | | |
| 21,904,172 | | |
| 3,002,217 | |
Less: Commission and compensation | |
| (3,857,541 | ) | |
| (3,237,237 | ) | |
| (443,700 | ) | |
| (11,189,270 | ) | |
| (11,407,196 | ) | |
| (1,563,486 | ) |
Contribution | |
| 3,299,140 | | |
| 3,069,848 | | |
| 420,758 | | |
| 7,653,676 | | |
| 10,496,976 | | |
| 1,438,731 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
New home transaction services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net revenues | |
| 7,792,812 | | |
| 5,901,966 | | |
| 808,932 | | |
| 20,369,105 | | |
| 23,001,680 | | |
| 3,152,643 | |
Less: Commission and compensation | |
| (5,848,758 | ) | |
| (4,418,771 | ) | |
| (605,643 | ) | |
| (15,773,900 | ) | |
| (16,880,830 | ) | |
| (2,313,710 | ) |
Contribution | |
| 1,944,054 | | |
| 1,483,195 | | |
| 203,289 | | |
| 4,595,205 | | |
| 6,120,850 | | |
| 838,933 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Home renovation and furnishing | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net revenues | |
| 1,845,900 | | |
| 3,176,739 | | |
| 435,408 | | |
| 2,952,816 | | |
| 7,209,569 | | |
| 988,154 | |
Less: Material costs, commission and compensation costs | |
| (1,303,785 | ) | |
| (2,252,251 | ) | |
| (308,697 | ) | |
| (2,094,831 | ) | |
| (5,077,310 | ) | |
| (695,903 | ) |
Contribution | |
| 542,115 | | |
| 924,488 | | |
| 126,711 | | |
| 857,985 | | |
| 2,132,259 | | |
| 292,251 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Emerging and other services | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net revenues | |
| 801,189 | | |
| 2,424,915 | | |
| 332,362 | | |
| 1,756,772 | | |
| 5,457,285 | | |
| 747,983 | |
Less: Commission and compensation | |
| (597,570 | ) | |
| (1,812,143 | ) | |
| (248,375 | ) | |
| (1,127,428 | ) | |
| (4,153,345 | ) | |
| (569,264 | ) |
Contribution | |
| 203,619 | | |
| 612,772 | | |
| 83,987 | | |
| 629,344 | | |
| 1,303,940 | | |
| 178,719 | |
KE (NYSE:BEKE)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
KE (NYSE:BEKE)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024