Leju Holdings Limited

For the second half of 2021, total revenue was $233 million, down 47% from $439.8 million a year earlier. E-commerce services revenue was $179.7 million, down 48%; online advertising revenue was $53.2 million, down 45%; and listing services revenue was $0.1 million, down 81%. Cost of revenues was $24.1 million, down 26%, while SG&A was $326.2 million, down 15%. Loss from operations was $116.9 million versus income from operations of $23 million in the prior year period; net loss was $103 million versus net income of $19.1 million; and diluted ADS loss was $0.75 versus diluted ADS EPS of $0.13. For full-year 2021, revenue was $534.1 million, down 26% from $719.5 million. E-commerce revenue was $411.1 million, down 25%; online advertising revenue was $122.5 million, down 28%; and listing services revenue was $0.5 million, down 41%. Cost of revenues was $55.8 million, down 24%, while SG&A was $645.6 million, up 4% due mainly to bad debt provision, which increased by $106.4 million versus 2020. Full-year loss from operations was $166.7 million versus income from operations of $24.1 million; net loss was $149.9 million versus net income of $21 million; and diluted ADS loss attributable to shareholders was $1.10 versus diluted ADS EPS of $0.14. Cash and cash equivalents plus restricted cash were $252.4 million at Dec. 31, 2021. The company did not provide explicit next-quarter or full-year 2022 financial guidance on the call.

Geoffrey He framed the year as one marked by a steep downturn in China’s real estate industry that directly hurt Leju’s online advertising and e-commerce businesses. He emphasized that the company is not standing still: management is pushing marketing on its dual Tmall and Leju platforms, and in 2022 it plans to accelerate integration with Tmall Haofang, explore new business models, and expand revenue growth areas. His tone was defensive but constructive, with an emphasis on adapting to the new market situation and improving execution.

Michelle Yuan focused on the financial damage from weaker demand and rising credit risk. She cited the second-half revenue decline to $233 million, full-year revenue of $534.1 million, and the worsening loss profile, including second-half net loss of $103 million and full-year net loss of $149.9 million. She also pointed to the bad debt provision as a key issue, saying it rose because of additional loss allowance on outstanding online-advertising receivables from customers whose credit quality worsened. She closed with liquidity and cash flow details: $252.4 million in cash and cash equivalents plus restricted cash at year-end, and $78.7 million of net cash used in operating activities in the second half.

There was no analyst Q&A; after prepared remarks, the operator noted there were no questions. As a result, no additional color on outlook, margin recovery, or demand trends was provided beyond management’s prepared commentary. The only forward-looking points came from management’s remarks about integrating with Tmall Haofang and improving operational efficiency in 2022.