CNinsure Reports Third Quarter 2015 Unaudited Financial Results
- Quarterly Net Revenues Beat Guidance, up 32.2%
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Diluted Adjusted EBITDA per ADS up 18.1% to
US$0.16
Financial Highlights for Third quarter of 2015
2014 Q3 | 2015 Q3 | 2015 Q3 | ||
(In thousands, except per ADS) | (RMB) | (RMB) | (US$) | Change % |
Total net revenues | 542,335 | 716,744 | 112,774 | 32.2% |
Operating income | 883 | 22,548 | 3,548 | 2,453.6% |
Online spending expenses (1) | 17,013 | 19,375 | 3,048 | 13.9% |
Non-GAAP operating income (2) | 17,896 | 41,923 | 6,596 | 134.3% |
Net income attributable to | 34,788 | 41,876 | 6,589 | 20.4% |
the Company's shareholders | ||||
Adjusted EBITDA (3) | 43,463 | 61,351 | 9,652 | 41.2% |
Basic net income per ADS | 0.70 | 0.73 | 0.11 | 4.6% |
Diluted Adjusted EBITDA Per ADS | 0.87 | 1.02 | 0.16 | 18.1% |
(1) Online spending expenses is defined as expenses incurred by online and mobile initiatives, such as expenses relating to the development, implementation and support of CNpad, Baoxian.com, eHuzhu and Chetong.net. Chetong.net was disposed in the third quarter of 2015 and expenses related to Chetong.net were not included in online spending expenses starting from the third quarter of 2015. | ||||
(2) Non-GAAP operating income is defined as operating income excluding online spending expenses. | ||||
(3) Adjusted EBITDA is defined as net income before income tax expense, investment income, interest income, depreciation, amortization, compensation expenses associated with stock options, and online spending expenses. |
Business Highlights:
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CNpad Mobile App, a mobile insurance transaction platform: During the third quarter of 2015, an additional 17,127 copies of CNpad application ("CNpad App") were downloaded and activated, increasing the total number of downloaded and activated CNpad Apps to 93,230 as of
September 30, 2015 . CNpad App had approximately 30,752 active users2 during the third quarter of 2015 compared with 28,000 active users during the second quarter of 2015. In the third quarter of 2015, total insurance premiums generated by CNpad App increased by 127.8% compared to the third quarter of 2014 and 25.4% over the second quarter of 2015 to approximatelyRMB795.7 million (US$125.2 million ). -
Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products: During the third quarter of 2015, Baoxian.com had 13,469 active customer accounts compared with 13,460 active customer accounts during the second quarter of 20153. In the third quarter of 2015, transaction volume from Baoxian.com decreased 50% quarter-over-quarter to
RMB10.6 million (US$1.7 million ). -
eHuzhu, a non-profit online mutual aid platform in
China : During the third quarter of 2015, the total number of registered members of eHuzhu increased 54.3% compared to the second quarter of 2015 to approximately 540,000.
Commenting on the third quarter 2015 financial results, Mr.
"Our total net revenues again grew more than expected, increasing by 32.2% year-over-year in the third quarter of 2015, due to the outstanding performance across our various businesses and contribution from CNpad mobile App. A few key driving factors include:
1) Strong growth within our life insurance business. Benefiting from the rising demand for traditional life insurance products in a low interest rate environment, along with the successful implementation of our cross-selling strategy, new term life insurance policy sales went up by 117.8% year-over-year, pushing up revenues from our life insurance business by 91.6% year-over-year;
2) Recovery of our claims adjusting business. Our claims adjusting business rebounded from its downturn in the past three quarters to achieve 17.2% year-over-year growth;
3) Continued robust growth of property and casualty ("P&C") insurance business. Net revenues from P&C insurance agency business and insurance brokerage business grew 27.1% and 34.2% year-over-year, respectively. P&C insurance premiums (which combines our P&C insurance agency and insurance brokerage businesses) were up 15.0% year-over-year, consistently outpacing the 10.1% growth in the overall P&C insurance sector in
4) Increasing contribution from CNpad mobile App. With continued migration to mobile, insurance premiums generated through CNpad App exceeded
"We also saw back-office efficiency improvement as a result of the increased adoption of CNpad App, evidenced by a drop in non-GAAP operating expense ratio from 18.8% a year-ago to 17.4%, continuing a trend that has been witnessed in the past two quarters.
"Given the strong performance of our business and the
Financial Results for the Third Quarter of 2015
Total net revenues were
Net revenues for the insurance agency business were
Net revenues for the insurance brokerage business were
Net revenues for the claims adjusting business were
Total operating costs and expenses were
Total operating costs were
Costs of insurance agency business were
Costs of insurance brokerage business were
Costs of claims adjusting business were
Selling expenses were
General and administrative expenses were
1) an increase of 13.9% in expenses incurred by online and mobile initiatives, from
2) an increase of 34.9% in share-based compensation expenses from
3) a decrease of depreciation expenses from
As a result of the preceding factors, operating income was
Operating margin was 3.1% for the third quarter of 2015, compared with 0.2% for the corresponding period in 2014.
Non-GAAP operating income was
Non-GAAP operating margin was 5.8% for the third quarter of 2015, as compared to 3.3% for the corresponding period in 2014.
Investment income was
Interest income was
Income tax expense was
Share of income of affiliates was
Net income attributable to the Company's shareholders was
Net margin was 5.8% for the third quarter of 2015 compared with 6.4% for the corresponding period in 2014.
Basic and diluted net income per ADS were
Adjusted EBITDA was
Adjusted EBITDA margin was 8.6% for the third quarter of 2015, compared with 8.0% for the corresponding period in 2014.
Diluted adjusted EBITDA per ADS was
Recent Developments:
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On
November 9, 2015 ,CNinsure's subsidiary, CISLA filed an application with the National Equities Exchange and Quotations to list on the New Third Board, an emerging over-the-counter stock exchange inChina .
In order to facilitate the listing, CISLA commenced a series of corporate restructurings and issued new shares to CISLA's management and key employees. As a result of the restructuring and the new share issuance,CNinsure's shareholdings in CISLA was diluted from 51% to 44.7% and the remaining equity interests of CISLA were jointly owned by its founders, management and employees.CNinsure remains the largest shareholder of CISLA and will continue to exercise substantial control over CISLA after the proposed listing through agreements made with minority shareholders.
Meanwhile, in order to align the interests of the founding team of Chetong.net with the growth of the platform,Guangdong CNinsure Fangzhong Investment Management Co., Ltd. , in whichCNinsure owns 51% of the equity interests, transferred its equity interests inShenzhen Chetong Network Co., Ltd. ("Chetong Network"), the operating entity of Chetong.net, to CISLA and the management and employees of Chetong Network. As a result, CISLA and the management and employees of Chetong Network hold 19.9% and 80.1% of the equity interests of Chetong Network, respectively.
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On
November 7, 2015 , in recognition of its outstanding performance in 2015,CNinsure was awarded Insurance Intermediary of the Year 2015 at the 10th China Insurance Innovation Award Ceremony.
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As of
September 30, 2015 ,CNinsure's distribution and service network consisted of 574 sales and services outlets operating in 27 provinces, compared with 548 sales and service outlets operating in 27 provinces as ofSeptember 30, 2014 .CNinsure had 77,260 sales agents and 1,501 professional claims adjustors as ofSeptember 30, 2015 , compared with 57,143 sales agents, and 1,473 professional claims adjustors as of September 30, 2014.
Business Outlook
Conference Call
The Company will host a conference call to discuss its third quarter 2015 results as per the following details.
Time:
or
The toll free dial-in numbers: | |
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1-855-500-8701 |
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0800-015-9724 |
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1-855-757-1565 |
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0080-665-1951 |
Hong Kong | 800-906-606 |
The toll dial-in numbers: | |
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400-120-0654 |
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+65-6713-5440 |
Conference ID #:68836026 |
Additionally, a live and archived web cast of this call will be available at:
http://ir.cninsure.net/events.cfm
About
Our online platforms include (1) Baoxian.com, an online entry portal for comparing and purchasing health, accident, travel and homeowner insurance products; (2) CNpad, a mobile sales support application and (3) eHuzhu (www.ehuzhu.com), a non-profit online mutual aid platform in
For more information about
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Along with other sections, management quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about
About Non-GAAP Financial Measures
In addition to the Company's consolidated financial results under GAAP, the Company also provides non-GAAP operating income, non-GAAP operating income margin, non-GAAP expense ratio, adjusted EBITDA, adjusted EBITDA margin and diluted adjusted EBITDA per ADS, which are non-GAAP financial measures. Non-GAAP operating income is defined as operating income before expenses associated with the Company's online and mobile initiatives, including expenses relating to the development, implementation and support of CNpad, Baoxian.com, eHuzhu and Chetong.net. Following the disposal of Chetong.net in the third quarter of 2015, expenses related to Chetong.net were not included in online expenses starting from the third quarter of 2015. Non-GAAP operating income margin is defined as non-GAAP operating income divided by total net revenues. Non-GAAP expense ratio is defined as selling expenses and general and administration expenses excluding expenses associated with the Company's online and mobile initiatives and share-based compensation expenses divided by total net revenues. Adjusted EBITDA is defined as net income before income tax expense, investment income, interest income, depreciation, amortization, compensation expenses associated with stock option and expenses incurred on online and mobile initiatives. Adjusted EBITDA margin is defined as adjusted EBITDA divided by total net revenues. Diluted adjusted EBITDA per ADS is defined as adjusted EBITDA divided by total number of ADS on a diluted basis. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance and when planning and forecasting future periods. One limitation of using these non-GAAP financial measures is that such measures exclude items that were significant in the third quarter of 2015 and the corresponding period of 2014, and these items have been, and will continue to be, significant recurring factors in our business.
In light of these limitations, the presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. We encourage investors and other interested persons to review our financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Non-GAAP Operating Income and Non-GAAP Operating Income Margin", "Reconciliation of Non-GAAP Expenses Ratio" and "Reconciliations of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin" set forth at the end of this release.
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Unaudited Condensed Consolidated Balance Sheets | |||
(In thousands) | |||
As of |
As of |
As of |
|
2014 | 2015 | 2015 | |
RMB | RMB | US$ | |
ASSETS: | |||
Current assets: | |||
Cash and cash equivalents | 2,103,068 | 1,513,438 | 238,127 |
Restricted cash | 7,478 | 15,814 | 2,488 |
Short term investments | 688,900 | 1,375,000 | 216,345 |
Accounts receivable, net | 186,150 | 249,111 | 39,195 |
Insurance premium receivables | 472 | 316 | 50 |
Other receivables | 88,149 | 75,055 | 11,809 |
Amounts due from related parties | 209,601 | 105,153 | 16,545 |
Other current assets | 17,908 | 22,003 | 3,462 |
Total current assets | 3,301,726 | 3,355,890 | 528,021 |
Non-current assets: | |||
Property, plant, and equipment, net | 47,171 | 35,391 | 5,568 |
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165,072 | 155,452 | 24,459 |
Deferred tax assets | 2,638 | 1,826 | 287 |
Investment in affiliates | 219,703 | 244,147 | 38,415 |
Other non-current assets | 12,176 | 24,208 | 3,809 |
Total non-current assets | 446,760 | 461,024 | 72,538 |
Total assets | 3,748,486 | 3,816,914 | 600,559 |
LIABILITIES AND EQUITY: | |||
Current liabilities: | |||
Accounts payable (including accounts payable of the consolidated variable interest entities ("VIEs") without recourse to |
128,765 | 155,832 | 24,519 |
Insurance premium payables (including insurance premium payables of the consolidated VIEs without recourse to |
2,942 | 5,089 | 801 |
Other payables and accrued expenses (including other payables and accrued expense of the consolidated VIEs without recourse to |
109,412 | 130,130 | 20,475 |
Accrued payroll (including accrued payroll of the consolidated VIEs without recourse to |
40,096 | 41,341 | 6,504 |
Income tax payable (including income tax payable of the consolidated of VIEs without recourse to |
54,225 | 56,553 | 8,898 |
Total current liabilities | 335,440 | 388,945 | 61,197 |
Non-current liabilities: | |||
Other tax liabilities | 53,855 | 66,331 | 10,437 |
Deferred tax liabilities | 24,931 | 22,619 | 3,559 |
Total non-current liabilities | 78,786 | 88,950 | 13,996 |
Total liabilities | 414,226 | 477,895 | 75,193 |
Ordinary shares | 8,563 | 8,573 | 1,349 |
Additional paid-in capital | 2,601,401 | 2,465,131 | 387,868 |
Statutory reserves | 198,422 | 197,702 | 31,107 |
Retained earnings | 764,963 | 920,680 | 144,861 |
Accumulated other comprehensive loss | (105,106) | (93,697) | (14,743) |
Subscription receivables | (257,491) | (263,757) | (41,500) |
Total |
3,210,752 | 3,234,632 | 508,942 |
Non-controlling interests | 123,508 | 104,387 | 16,424 |
Total equity | 3,334,260 | 3,339,019 | 525,366 |
Total liabilities and equity | 3,748,486 | 3,816,914 | 600,559 |
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Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | ||||||
(In thousands, except for shares and per share data) | ||||||
For The Three Months Ended | For The Nine Months Ended | |||||
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2014 | 2015 | 2015 | 2014 | 2015 | 2015 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net revenues: | ||||||
Agency | 404,694 | 543,846 | 85,570 | 1,135,697 | 1,486,908 | 233,953 |
Brokerage | 67,761 | 90,969 | 14,313 | 173,948 | 274,164 | 43,137 |
Claims adjusting | 69,880 | 81,929 | 12,891 | 207,747 | 207,233 | 32,606 |
Total net revenues | 542,335 | 716,744 | 112,774 | 1,517,392 | 1,968,305 | 309,696 |
Operating costs and expenses: | ||||||
Agency | (318,806) | (424,048) | (66,720) | (875,739) | (1,160,911) | (182,659) |
Brokerage | (54,364) | (72,415) | (11,394) | (138,500) | (218,255) | (34,340) |
Claims adjusting | (44,898) | (47,621) | (7,493) | (122,431) | (128,679) | (20,247) |
Total operating costs | (418,068) | (544,084) | (85,607) | (1,136,670) | (1,507,845) | (237,246) |
Selling expenses | (26,955) | (29,231) | (4,599) | (75,523) | (86,670) | (13,637) |
General and administrative expenses | (96,429) | (120,881) | (19,020) | (272,389) | (328,095) | (51,623) |
Total operating costs and expenses | (541,452) | (694,196) | (109,226) | (1,484,582) | (1,922,610) | (302,506) |
Income from operations | 883 | 22,548 | 3,548 | 32,810 | 45,695 | 7,190 |
Other income, net: | ||||||
Investment income | 8,811 | 10,358 | 1,630 | 33,062 | 44,738 | 7,039 |
Interest income | 19,446 | 12,947 | 2,037 | 63,462 | 48,028 | 7,557 |
Others, net | 1,075 | 3,062 | 481 | 1,735 | 8,009 | 1,260 |
Income before income taxes and income of affiliates | 30,215 | 48,915 | 7,696 | 131,069 | 146,470 | 23,046 |
Income tax expense | (4,190) | (3,950) | (621) | (18,726) | (16,989) | (2,673) |
Share of income of affiliates | 7,952 | 4,087 | 643 | 22,421 | 24,444 | 3,846 |
Net income | 33,977 | 49,052 | 7,718 | 134,764 | 153,925 | 24,219 |
Less: net (loss) gain attributable to noncontrolling interests | (811) | 7,176 | 1,129 | 72 | (1,072) | (168) |
Net income attributable to the Company's shareholders | 34,788 | 41,876 | 6,589 | 134,692 | 154,997 | 24,387 |
Net income per share: | ||||||
Basic | 0.03 | 0.04 | 0.01 | 0.13 | 0.13 | 0.02 |
Diluted | 0.03 | 0.03 | 0.01 | 0.13 | 0.13 | 0.02 |
Net income per ADS: | ||||||
Basic | 0.70 | 0.73 | 0.11 | 2.69 | 2.69 | 0.42 |
Diluted | 0.69 | 0.70 | 0.11 | 2.68 | 2.58 | 0.41 |
Shares used in calculating net income per share: | ||||||
Basic | 1,000,565,906 | 1,151,945,764 | 1,151,945,764 | 999,928,000 | 1,151,327,395 | 1,151,327,395 |
Diluted | 1,004,883,981 | 1,200,958,840 | 1,200,958,840 | 1,004,700,996 | 1,202,347,993 | 1,202,347,993 |
Net income | 33,977 | 49,052 | 7,718 | 134,764 | 153,925 | 24,219 |
Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments | (2,434) | 5,318 | 837 | 3,203 | 5,143 | 809 |
Comprehensive income | 31,543 | 54,370 | 8,555 | 137,967 | 159,068 | 25,028 |
Less: Comprehensive income attributable to the noncontrolling interests | (811) | 7,176 | 1,129 | 72 | (1,072) | (168) |
Comprehensive income attributable to the |
32,354 | 47,194 | 7,426 | 137,895 | 160,140 | 25,196 |
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Unaudited Condensed Consolidated Statements of Cash Flow | ||||||
(In thousands) | ||||||
For The Three Months Ended | For The Nine Months Ended | |||||
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2014 | 2015 | 2015 | 2014 | 2015 | 2015 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
OPERATING ACTIVITIES | ||||||
Net income | 33,977 | 49,052 | 7,718 | 134,764 | 153,925 | 24,219 |
Adjustments to reconcile net income to net cash generated from operating activities: | ||||||
Depreciation | 7,088 | 3,469 | 546 | 22,227 | 14,308 | 2,251 |
Amortization of intangible assets | 4,864 | 2,620 | 412 | 12,098 | 9,301 | 1,463 |
Allowance for doubtful receivables | 784 | 2,291 | 360 | 3,912 | 2,903 | 457 |
Compensation expenses associated with stock options | 4,588 | 6,190 | 974 | 18,914 | 14,824 | 2,332 |
Investment income | (3,983) | (10,152) | (1,597) | (14,653) | (29,739) | (4,679) |
(Gain) loss on disposal of property, plant and equipment | 134 | 22 | 3 | 49 | 17 | 3 |
Share of income of affiliates | (7,952) | (4,087) | (643) | (22,421) | (24,444) | (3,846) |
Changes in operating assets and liabilities | 15,948 | 6,908 | 1,087 | 33,316 | (33,191) | (5,222) |
Net cash generated from operating activities | 55,448 | 56,313 | 8,860 | 188,206 | 107,904 | 16,978 |
Cash flows used in investing activities: | ||||||
Purchase of property, plant and equipment | (1,638) | (1,654) | (260) | (4,583) | (3,818) | (601) |
Proceeds from disposal of property and equipment | 8 | 63 | 10 | 366 | 380 | 60 |
Proceeds from disposal of short term investment | 53,983 | 22,300 | 3,509 | 70,842 | 290,787 | 45,753 |
Disposal of subsidiaries, net of cash | — | 18,892 | 2,972 | — | 15,476 | 2,435 |
Purchase of short term investments | (170,000) | (405,000) | (63,723) | (530,000) | (955,000) | (150,261) |
Acquisition of subsidiaries, net of cash | (63,724) | — | — | (62,709) | — | — |
Decrease (increase) in restricted cash | 463 | (2,251) | (354) | 945 | (8,336) | (1,312) |
Decrease in other receivables | 127,687 | — | — | 122,632 | — | — |
Purchase of intangible assets | — | — | — | (118) | — | — |
Return of investment in non-current assets | 3,500 | — | — | 3,900 | — | — |
Addition in investment in non-current assets | (7,019) | (9,000) | (1,416) | (7,019) | (10,000) | (1,573) |
Decrease (increase) in amounts due from related parties | 13,739 | 27,712 | 4,360 | (58,850) | 111,939 | 17,613 |
Net cash used in investing activities | (43,001) | (348,938) | (54,902) | (464,594) | (558,572) | (87,886) |
Cash flows generated from (used in) financing activities: | ||||||
Acquisition of additional interests in subsidiaries | (11,000) | (45,500) | (7,159) | (11,000) | (153,500) | (24,152) |
Increase in capital injection by noncontrolling interests | — | 17,000 | 2,675 | — | 17,000 | 2,675 |
Repurchase of ordinary shares | — | (6,276) | (987) | — | (6,276) | (987) |
Dividend distributed to noncontrolling interests | — | — | — | — | (2,450) | (386) |
Proceeds on exercise of stock options | — | 2 | — | 3,183 | 1,121 | 176 |
Net cash used in financing activities | (11,000) | (34,774) | (5,471) | (7,817) | (144,105) | (22,674) |
Net increase (decrease) in cash and cash equivalents | 1,447 | (327,399) | (51,513) | (284,205) | (594,773) | (93,582) |
Cash and cash equivalents at beginning of period | 2,008,608 | 1,835,519 | 288,803 | 2,288,623 | 2,103,068 | 330,900 |
Effect of exchange rate changes on cash and cash equivalents | (2,434) | 5,318 | 837 | 3,203 | 5,143 | 809 |
Cash and cash equivalents at end of period | 2,007,621 | 1,513,438 | 238,127 | 2,007,621 | 1,513,438 | 238,127 |
Interest paid | — | — | — | — | — | — |
Income taxes paid | 3,480 | 1,104 | 174 | 17,870 | 3,849 | 606 |
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Reconciliations of Non-GAAP Operating Income and Non-GAAP Operating income Margin | ||||||
(In thousands, unaudited) | ||||||
For The Three Months Ended | For The Nine Months Ended | |||||
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2014 | 2015 | 2015 | 2014 | 2015 | 2015 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Operating income | 883 | 22,548 | 3,548 | 32,810 | 45,695 | 7,190 |
Online spending expenses | 17,013 | 19,375 | 3,048 | 32,008 | 61,427 | 9,665 |
Non-GAAP Operating Income | 17,896 | 41,923 | 6,596 | 64,818 | 107,122 | 16,855 |
Total net revenues | 542,335 | 716,744 | 112,774 | 1,517,392 | 1,968,305 | 309,696 |
Non-GAAP Operating Income Margin | 3.3% | 5.8% | 5.8% | 4.3% | 5.4% | 5.4% |
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Reconciliation of Non-GAAP Expenses Ratio | ||||||
(In thousands, unaudited) | ||||||
For The Three Months Ended | For The Nine Months Ended | |||||
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2014 | 2015 | 2015 | 2014 | 2015 | 2015 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Selling expenses | 26,955 | 29,231 | 4,599 | 75,523 | 86,670 | 13,637 |
General and administrative expenses | 96,429 | 120,881 | 19,020 | 272,389 | 328,095 | 51,623 |
Total expenses | 123,384 | 150,112 | 23,619 | 347,912 | 414,765 | 65,260 |
Online spending expenses | (17,013) | (19,375) | (3,048) | (32,008) | (61,427) | (9,665) |
Compensation expenses associated with stock options | (4,588) | (6,190) | (974) | (18,914) | (14,824) | (2,332) |
Non-GAAP expenses | 101,783 | 124,547 | 19,597 | 296,990 | 338,514 | 53,263 |
Total net revenues | 542,335 | 716,744 | 112,774 | 1,517,392 | 1,968,305 | 309,696 |
Non-GAAP Operating expenses ratio | 18.8% | 17.4% | 17.4% | 19.6% | 17.2% | 17.2% |
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Reconciliations of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin | ||||||
(In thousands, unaudited) | ||||||
For The Three Months Ended | For The Nine Months Ended | |||||
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2014 | 2015 | 2015 | 2014 | 2015 | 2015 | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net income | 33,977 | 49,052 | 7,718 | 134,764 | 153,925 | 24,219 |
Income tax expense | 4,190 | 3,950 | 621 | 18,726 | 16,989 | 2,673 |
Investment income | (8,811) | (10,358) | (1,630) | (33,062) | (44,738) | (7,039) |
Interest income | (19,446) | (12,947) | (2,037) | (63,462) | (48,028) | (7,557) |
Depreciation | 7,088 | 3,469 | 546 | 22,227 | 14,308 | 2,251 |
Amortization of intangible assets | 4,864 | 2,620 | 412 | 12,098 | 9,301 | 1,463 |
Compensation expenses associated with stock options | 4,588 | 6,190 | 974 | 18,914 | 14,824 | 2,332 |
Online spending expenses | 17,013 | 19,375 | 3,048 | 32,008 | 61,427 | 9,665 |
Adjusted EBITDA | 43,463 | 61,351 | 9,652 | 142,213 | 178,008 | 28,007 |
Total net revenues | 542,335 | 716,744 | 112,774 | 1,517,392 | 1,968,305 | 309,696 |
Adjusted EBITDA Margin | 8.0% | 8.6% | 8.6% | 9.4% | 9.0% | 9.0% |
1 This announcement contains currency conversions of certain Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of
2 Active users are defined as users who made at least one purchase through CNpad App during the specified period.
3 Active customer accounts are defined as customer accounts that made at least one purchase directly through www.baoxian.com or its mobile application during the specified period.
CONTACT: For more information, please contact: Oasis Qiu Investor Relations Manager Tel: +86 (20) 6122-2731 Email: qiusr@cninsure.netSource:
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