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.
- 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.”
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.
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.
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
RelationsSiting LiE-mail: ir@ke.com
Piacente Financial Communications Jenny CaiTel:
+86-10-6508-0677E-mail: ke@tpg-ir.com
In the United States:Piacente Financial
Communications Brandi PiacenteTel: +1-212-481-2050E-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 ofDecember 31, |
|
As ofSeptember 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 ofSeptember 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 |
|
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, 2022.4 “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.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.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.
KE (NYSE:BEKE)
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