Workflow
BEKE(BEKE) - 2021 Q4 - Annual Report
BEKEBEKE(BEKE)2021-11-09 11:30
Transcript

Financial Performance - Gross transaction value (GTV) for Q3 2021 was RMB830.7 billion (US128.9billion),adecreaseof20.9128.9 billion), a decrease of 20.9% year-over-year[2] - Net revenues decreased by 11.9% to RMB18.1 billion (US2.8 billion) in Q3 2021 from RMB20.5 billion in Q3 2020[12] - Net loss was RMB1,766 million (US274million),withanadjustednetlossofRMB888million(US274 million), with an adjusted net loss of RMB888 million (US138 million)[2] - Net revenues from existing home transaction services were RMB6.1 billion (US0.9billion),adecreasefromRMB8.8billioninQ32020[12]−Netrevenuesfromnewhometransactionservicesincreasedby2.50.9 billion), a decrease from RMB8.8 billion in Q3 2020[12] - Net revenues from new home transaction services increased by 2.5% to RMB11.3 billion (US1.8 billion) in Q3 2021[15] - Total net revenues for the three months ended September 30, 2021, were RMB 18,096,140, a decrease of 12% compared to RMB 20,548,915 for the same period in 2020[58] - Existing home transaction services generated RMB 6,138,020 in revenue for the three months ended September 30, 2021, down 30% from RMB 8,849,706 in the same period of 2020[58] - New home transaction services revenue increased to RMB 11,348,472 for the three months ended September 30, 2021, up 2.5% from RMB 11,074,424 in the same period of 2020[58] - The overall net revenues for the nine months ended September 30, 2021, reached RMB 25,962,650, compared to RMB 21,404,907 for the same period in 2020, reflecting a growth of about 21.3%[75] Loss and Adjusted Metrics - Loss from operations was RMB2,300 million (US357million)inQ32021,comparedtoRMB81millioninQ32020[24]−AdjustedlossfromoperationswasRMB1,435million(US357 million) in Q3 2021, compared to RMB81 million in Q3 2020[24] - Adjusted loss from operations was RMB1,435 million (US223 million) in Q3 2021, compared to adjusted income from operations of RMB1,740 million in Q3 2020, resulting in an adjusted operating margin of negative 7.9%[26] - Net loss was RMB1,766 million (US274million)inQ32021,comparedtonetincomeofRMB75millioninQ32020[27]−AdjustednetlossattributabletoKEHoldingsInc.wasRMB887million(US274 million) in Q3 2021, compared to net income of RMB75 million in Q3 2020[27] - Adjusted net loss attributable to KE Holdings Inc. was RMB887 million (US138 million) in Q3 2021, compared to adjusted net income of RMB1,857 million in Q3 2020[28] - Diluted net loss per ADS attributable to KE Holdings Inc. was RMB1.50 (US0.23)inQ32021,comparedtoRMB0.33inQ32020[31]−AdjustedEBITDAwasnegativeRMB550million(US0.23) in Q3 2021, compared to RMB0.33 in Q3 2020[31] - Adjusted EBITDA was negative RMB550 million (US85 million) in Q3 2021, compared to RMB2,248 million in Q3 2020[26] - The company reported a total comprehensive loss of RMB 1,652,458 for the three months ended September 30, 2021, compared to a comprehensive income of RMB 669,704 in the same period of 2020[58] - Net income for the three months ended September 30, 2021, was a loss of RMB 1,765,875, compared to a profit of RMB 75,341 for the same period in 2020[65] User and Agent Metrics - Number of active agents increased by 13.1% year-over-year to 468,014 as of September 30, 2021[6] - Mobile monthly active users (MAU) averaged 46.1 million, down from 47.9 million in the same period of 2020[6] Cash and Assets - As of September 30, 2021, the combined balance of cash, cash equivalents, restricted cash, and short-term investments amounted to RMB52.7 billion (US8.2billion)[32]−TotalcurrentassetsdecreasedfromRMB87,539,101asofDecember31,2020toRMB70,311,349asofSeptember30,2021,adeclineofapproximately19.78.2 billion)[32] - Total current assets decreased from RMB 87,539,101 as of December 31, 2020 to RMB 70,311,349 as of September 30, 2021, a decline of approximately 19.7%[51] - Total non-current assets increased significantly from RMB 16,756,435 as of December 31, 2020 to RMB 31,829,725 as of September 30, 2021, an increase of approximately 89.9%[51] - Total liabilities decreased from RMB 37,503,020 as of December 31, 2020 to RMB 33,985,421 as of September 30, 2021, a reduction of approximately 9.5%[53] - KE Holdings Inc. shareholders' equity increased from RMB 66,765,447 as of December 31, 2020 to RMB 68,102,505 as of September 30, 2021, an increase of approximately 2.0%[55] - Cash and cash equivalents decreased from RMB 40,969,979 as of December 31, 2020 to RMB 21,780,230 as of September 30, 2021, a decline of approximately 46.9%[51] - Accounts receivable decreased from RMB 13,183,559 as of December 31, 2020 to RMB 10,516,025 as of September 30, 2021, a decrease of approximately 20.2%[51] - Total assets decreased from RMB 104,295,536 as of December 31, 2020 to RMB 102,141,074 as of September 30, 2021, a decrease of approximately 2.1%[54] Operational Expenses - Operating expenses for the three months ended September 30, 2021, totaled RMB 5,054,455, an increase of 13% compared to RMB 4,464,246 for the same period in 2020[58] - Research and development expenses for the three months ended September 30, 2021, were RMB 1,042,906, an increase from RMB 789,089 in the same period of 2020[62] - Share-based compensation expenses for the three months ended September 30, 2021, were RMB 349,599, compared to RMB 1,668,195 in the same period of 2020[65] Future Outlook and Strategy - For Q4 2021, the company expects total net revenues to be between RMB14.5 billion (US2.3 billion) and RMB15.5 billion (US$2.4 billion), representing a decrease of approximately 31.6% to 36.0% from the same quarter of 2020[33] - The company plans to enhance service quality and technological empowerment to adapt to new regulatory measures in the real estate market[11] - The company is focusing on expanding its market presence and enhancing its service offerings to drive future growth[75] - The financial performance indicates a need for strategic adjustments in the existing home transaction services segment to improve profitability[75]