Financial Data and Key Metrics Changes - For the second half of 2021, total revenues were $233 million, a decrease of 47% from $439.8 million in the same period of 2020 [9] - Full-year 2021 total revenues were $534.1 million, a decrease of 26% from $719.5 million in 2020 [12] - Net loss for the second half of 2021 was $103 million, compared to net income of $19.1 million for the same period of 2020 [11] - Full-year net loss was $149.9 million, compared to net income of $21 million in 2020 [14] Business Line Data and Key Metrics Changes - Revenues from e-commerce services in the second half of 2021 were $179.7 million, a decrease of 48% from $342.4 million in the same period of 2020 [9] - Revenues from online advertising services were $53.2 million, a decrease of 45% from $96.9 million in the same period of 2020 [9] - Revenues from listing services were $0.1 million, a decrease of 81% from $0.5 million in the same period of 2020 [10] - For the full year, e-commerce services revenues were $411.1 million, a decrease of 25% from $547.9 million in 2020 [12] Market Data and Key Metrics Changes - The real estate industry in China faced a steep downturn in the second half of 2021, negatively impacting Leju's online advertising and e-commerce businesses [6] - The demand for online advertising from property developers decreased significantly, affecting revenue [9] Company Strategy and Development Direction - Leju plans to accelerate the development and integration of its platforms with E-House and Alibaba, focusing on digitization in the real estate industry [8] - The company aims to explore new business models and revenue growth areas while consolidating online advertising and e-commerce services [8] Management Comments on Operating Environment and Future Outlook - Management acknowledged the severe operational challenges faced by many developers in the real estate sector, which led to increased bad debt provisions [6] - The company is adopting a result-oriented approach to improve operational efficiency amidst the current market situation [8] Other Important Information - As of December 31, 2021, the company's cash and cash equivalents and restricted cash were $252.4 million [15] - The bad debt provision increased significantly in 2021, primarily due to the recognition of additional loss allowance on expected credit loss from customers with deteriorating credit quality [13] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions from participants during the conference call [16]
Leju(LEJU) - 2021 Q4 - Earnings Call Transcript