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58.com Reports Fourth Quarter And Fiscal Year 2013 Unaudited Financial Results

BEIJING, Feb. 27, 2014 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online marketplace serving local merchants and consumers, today reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2013.

Fourth Quarter 2013 Financial Highlights

  • Total revenues were US$45.3 million in the fourth quarter of 2013, an 83.2% increase from the same period last year; exceeding guidance of US$41 to US$43 million.
  • Gross margin was 95.4% compared with 89.1% in the same quarter of 2012.
  • Net income was US$10.8 million, compared with a net loss of US$4.8 million in the same quarter of 2012.
  • Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.14 and US$0.13. One ADS represents two Class A ordinary shares.
  • Non-GAAP net income was US$11.7 million, compared with non-GAAP net loss of US$4.5 million in the same quarter of 2012.

Fiscal Year 2013 Financial Highlights

  • Total revenues were US$145.7 million in fiscal year 2013, a 67.3% increase from the fiscal year 2012.
  • Gross margin was 94.2% compared with 88.1% in fiscal year 2012.
  • Net income was US$19.6 million, compared with a net loss of US$30.4 million in fiscal year 2012.
  • Basic and diluted earnings per ADS attributable to ordinary shareholders were US$0.29 and US$0.27
  • Non-GAAP net income was US$22.4 million, compared with non-GAAP net loss of US$28.7 million in fiscal year 2012.

Shares Outstanding

As of December 31, 2013, the Company had a total of 158,876,693 ordinary shares, equivalent to 79,438,347 ADSs. One ADS represents two ordinary shares. The Company used weighted average ADS or ordinary shares to calculate earnings per ADS and earnings per share.

Management Comments

"I am pleased to report a record setting quarter as we finished 2013 on a strong footing," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Traffic continued to grow during the quarter, particularly mobile. We continued to grow our revenues as we approach approximately 400,000 paying merchant members. We will continue to invest in R&D, marketing, and our mobile offerings to further penetrate into China's large local services market and reinforce our leadership position."

"Our financial results continued to improve as we set a new record for quarterly revenues that exceeded the high end of our earlier guidance for the quarter," said Mr. Hao Zhou, Chief Financial Officer of 58.com. "Revenues increased 83.2% from the same quarter last year to US$45.3 million. Excluding revenues generated from other services which are non-core services that we have been scaling back since mid-2012, revenues from our core businesses continue to grow at around 90% throughout the four quarters of 2013 as compared with the same period of 2012. Revenues from our online marketing services continued to grow at a faster pace than our membership revenues.  This demonstrates the effectiveness of our solid monetization strategy where efficiency increases as our business further scales up."

Fourth Quarter 2013 Financial Results

Revenues

Total revenues were US$45.3 million, representing an increase of 83.2% from US$24.7 million in the same quarter of 2012.

Membership revenues were US$26.0 million, an increase of 71.4% from US$15.2 million in the same quarter of 2012. The increase was primarily driven by the increase in the number of paying merchant members. The number of paying merchant members during the fourth quarter of 2013 was approximately 393,000, an increase of 72.4% from 228,000 in the same quarter of 2012.

Online marketing services revenues were US$18.9 million, an increase of 115.6% from US$8.8 million in the same quarter of 2012.  The increase in online marketing services revenues was primarily attributable to the bidding services and priority listings.

Revenues from other services, which were primarily related to group buying services, were US$0.3 million, a decrease of 55.6% from US$0.8 million in the same quarter of 2012.  The Company began significantly scaling back its group buying services in mid-2012.

Cost of Revenues

Cost of revenues was US$2.1 million, a decrease of 23.0% from US$2.7 million during the same quarter of 2012. The year-over-year decline in cost of revenues was primarily driven by the decrease in business tax. Effective on January 1, 2012, the PRC Ministry of Finance and the State Administration of Taxation launched the Value Added Tax (''VAT'') Pilot Program for certain industries in certain regions. Subsidiaries in different regions were affected at different times as the program was rolled out. Most of the Company's entities were subject to the VAT Pilot Program as of December 31, 2013. The Company's revenues from these cities became subject to the VAT instead of business tax following the implementation of the Pilot Program. Business tax is included in cost of revenues and revenues, while VAT is netted against revenues.

Gross Profit and Gross Margin

Gross profit was US$43.2 million, an increase of 96.2% from US$22.0 million during the same quarter of 2012.

Gross margin was 95.4%, compared with 89.1% during the same quarter of 2012.

Operating Expenses

Operating expenses were US$35.2 million, representing an increase of 30.8% from US$26.9 million in the same quarter of 2012.

Sales and marketing expenses in the fourth quarter of 2013 were US$24.2 million, an increase of 34.7% from US$18.0 million in the same quarter of 2012. Within Sales and marketing expenses, the advertising expenses were US$6.6 million and US$4.4 million in the fourth quarter of 2013 and 2012, respectively. The increase in other sales and marketing expenses was primarily driven by increased salaries, benefits and commissions for the Company's sales and customer service teams.

Research and development expenses during the fourth quarter of 2013 were US$6.9 million, an increase of 17.1% year-over-year from US$5.9 million in the same quarter of 2012. The increase was primarily due to increased personnel costs as a result of hiring additional research and development personnel for the development of new features and services.

General and administrative expenses in the fourth quarter of 2013 were US$4.1 million, an increase of 33.9% from US$3.1 million in the same quarter of 2012. The increase was primarily driven by     share-based compensation cost as well as other various administrative related expenses.

Operating Income

Operating income was US$8.0 million in the fourth quarter of 2013 compared with an operating loss of US$4.9 million in the same quarter of 2012. Operating margin was 17.6% in the fourth quarter of 2013, compared with negative 19.9% in the same quarter of 2012.

Non-GAAP operating income was US$8.9 million in the fourth quarter of 2013 compared with non-GAAP operating loss of US$4.6 million in the same quarter of 2012. Non-GAAP operating margin was 19.7% in the fourth quarter of 2013 compared with non-GAAP operating margin of negative 18.7% in the same quarter of 2012.

Net Income

Net income was US$10.8 million in the fourth quarter of 2013, compared with a net loss of US$4.8 million in the same quarter of 2012. Net margin was 23.8% in the fourth quarter of 2013, compared with negative 19.4% in the same quarter of 2012.

Non-GAAP net income was US$11.7 million in the fourth quarter of 2013, compared with non-GAAP net loss of US$4.5 million in the same quarter of 2012. Non-GAAP net margin was 25.9% in the fourth quarter of 2013, compared with non-GAAP net margin of negative 18.2% in the same quarter of 2012.

Basic and Diluted Earnings per ADS 

Basic and diluted earnings per ADS attributable to ordinary shareholders of $0.14 and $0.13 respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of $0.34 during the same quarter of 2012.

Fiscal Year 2013 Financial Results

Revenues

Total revenues were US$145.7 million in fiscal year 2013, representing an increase of 67.3% from US$87.1 million in fiscal year 2012.

Membership revenues were US$85.7 million in fiscal year 2013, an increase of 78.9% from US$47.9 million in fiscal year 2012. The increase was primarily driven by the increase in the number of paying merchant members. The average quarterly paying merchant members during fiscal year 2013 was approximately 323,000, an increase of 72.7% from 187,000 in fiscal year 2012.

Online marketing services revenues were US$58.5 million in fiscal year 2013, an increase of 105.0% from US$28.5 million in fiscal year 2012.  The increase in online marketing services revenues was primarily attributable to the bidding services and priority listings.

Revenues from other services, which were primarily related to group buying services were US$1.6 million in fiscal year 2013, a decrease of 85.4% from US$10.7 million in fiscal year 2012.  The Company began significantly scaling back its group buying services in mid-2012.

Cost of Revenues

Cost of revenues was US$8.5 million in fiscal year 2013, a decrease of 18.6% from US$10.4 million during fiscal year 2012. The year-over-year decline in cost of revenues was primarily driven by the decrease in business tax. Effective on January 1, 2012, the PRC Ministry of Finance and the State Administration of Taxation launched the VAT Pilot Program for certain industries in certain regions. Subsidiaries in different regions were affected at different times as the program was rolled out. Most of the Company's entities were subject to the VAT as of December 31, 2013. The Company's revenues from these cities became subject to the VAT instead of business tax following the implementation of the Pilot Program. Business tax is included in cost of revenues and revenues, while VAT is netted against revenues.

Gross Profit and Gross Margin

Gross profit was US$137.3 million in fiscal year 2013, an increase of 78.9% from US$76.7 million during fiscal year 2012.

Gross margin was 94.2% in fiscal year 2013, as compared to 88.1% during fiscal year 2012.

Operating Expenses

Operating expenses were US$122.7 million in fiscal year 2013, representing an increase of 13.6% from US$108.0 million in fiscal year 2012.

Sales and marketing expenses in fiscal year 2013 were US$84.5 million, an increase of 10.6% from US$76.4 million in fiscal year 2012. The advertising expenses were US$22.7 million and US$25.1 million in fiscal year 2013 and 2012, respectively. The decrease in advertising expenses was a result of optimizing our advertising strategies as well as our increasing brand equity. The increase in other sales and marketing expenses was primarily driven by increased salaries, benefits and commissions for the Company's sales and customer services teams.

Research and development expenses during fiscal year 2013 were US$25.1 million, an increase of 36.1% year-over-year from US$18.5 million in fiscal year 2012. The increase was primarily due to increased salaries and employee benefits as a result of hiring additional research and development personnel for the development of new features and services.

General and administrative expenses in fiscal year 2013 were US$13.0 million, a slight decrease compared with US$13.1 million in fiscal year 2012 due to a decrease in bad debt expense related to group buying business, offset by an increase in personnel costs, including share-based compensations expenses.

Operating Income

Operating income was US$14.6 million in fiscal year 2013 compared with an operating loss of US$31.3 million in fiscal year 2012. Operating margin was 10.0% in fiscal year 2013, as compared to negative 35.9% in fiscal year 2012.

Non-GAAP operating income was US$17.5 million in fiscal year 2013, compared with non-GAAP operating loss of US$29.6 million in fiscal year 2012. Non-GAAP operating margin was 12.0% in fiscal year 2013 compared with non-GAAP operating margin of negative 34.0% in fiscal year 2012.

Net Income

Net income was US$19.6 million in fiscal year 2013, as compared to a net loss of US$30.4 million in fiscal year 2012. Net margin was 13.4% in fiscal year 2013, compared with negative 34.9% in fiscal year 2012.

Non-GAAP net income was US$22.4 million in fiscal year 2013, compared with non-GAAP net loss of US$28.7 million in fiscal year 2012. Non-GAAP net margin was 15.4% in fiscal year 2013, compared with non-GAAP net margin of negative 33.0% in fiscal year 2012.

Basic and Diluted Earnings per ADS

Basic and diluted earnings per ADS attributable to ordinary shareholders of $0.29 and $0.27 respectively in fiscal year 2013, compared with basic and diluted loss per ADS attributable to ordinary shareholders of $1.84 during fiscal year 2012. 

Cash, Cash Equivalents and short-term investments

As of December 31, 2013, the Company had cash, cash equivalents, term deposits  and short-term investment of US$311.1 million.

Business Outlook

Based on the Company's current operations, total revenues for the first quarter of 2014 are expected to be between US$43 million and US$45 million, representing a year-over-year increase of 81% to 90%. These estimates reflect the Company's current and preliminary view, which is subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income margin by excluding share-based compensation expenses from operating profit and net income attributable to the Company's shareholders, respectively.  The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses that are not expected to result in cash payments.  The use of the above non-GAAP financial measures has certain limitations.  Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results.  The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance.  These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP.  Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call

58.com's management will host an earnings conference call on Friday, February 28, 2014 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

International:

+1-412-317-0790

U.S. Toll Free:

+1-877-870-4263

Hong Kong:

800-905945

China:

4001-201203

Passcode:

WUBA

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 a.m. U.S. Eastern Standard Time, March 7, 2014. The dial-in details for the replay are as follows:

International:

+1-412-317-0088

U.S. Toll Free:

+1-877-344-7529

Passcode:

10041589

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of 58.com's website at http://www.58.com

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China's largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company's online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com's broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com's strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.   

Safe Harbor Statements

This press release contains forward-looking statements made under 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," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. 58.com may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about 58.com's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: 58.com's goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

58.com Inc.
[email protected]

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

 


58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share data and per share data, or otherwise noted)




As of


December 31,

2012


December 31,

2013





ASSETS




Current assets:




Cash and cash equivalents

10,669


60,494

Term deposits

-


152,190

Short term investments

24,978


98,411

Accounts receivable

3,196


4,292

Amounts due from related parties

2,158


127

Prepayment and other current assets

6,296


8,983

Total current assets

47,297


324,497

Non-current assets:




Property and equipment, net

7,938


6,427

Intangible asset

75


65

Long-term prepaid expenses

1,146


2,352

Total non-current assets

9,159


8,844

Total assets

56,456


333,341

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY/(DEFICIT)




Current liabilities:




Accounts payable

11,139


8,309

Deferred revenues

28,955


55,099

Customer advances and deposits

11,040


21,369

Taxes payable

1,877


2,264

Salary and welfare payable

12,413


17,962

Amounts due to related parties

-


6

Accrued expenses and other current liabilities

3,579


8,049

Total current liabilities

69,003


113,058

Total liabilities

69,003


113,058

Commitments and contingencies




Mezzanine equity




Series A Preference Shares

9,866


-

Series A-1 Preference Shares

12,435


-

Series B Preference Shares

55,509


-

Series B-1 Preference Shares

61,707


-

Total mezzanine equity

139,517


-

Shareholders' equity/(deficit):




Ordinary shares

1


2

Additional paid-in capital

-


359,276

Accumulated (deficit)

(152,059)


(138,419)

Accumulated other comprehensive loss

(6)


(576)

Total shareholders' equity/(deficit)

(152,064)


220,283

Total liabilities, mezzanine equity and shareholders' equity

56,456


333,341






 

58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share data and per share data, or otherwise noted)



For the Three Months Ended


 For the Fiscal Year Ended


December 31, 2012


September 30, 2013


December 31, 2013


December 31, 2012


December 31, 2013











Revenues:                                                                                                                                   










Membership

15,185


24,231


26,033


47,919


85,725

Online Marketing Services

8,773


17,114


18,913


28,509


58,457

Other Services

752


279


334


10,694


1,565

Total revenues

24,710


41,624


45,280


87,122


145,747

Cost of revenues(1)

2,693


2,303


2,074


10,406


8,471

Gross profit

22,017


39,321


43,206


76,716


137,276

Operating expenses(1):










Sales and marketing expenses

18,001


22,198


24,248


76,422


84,534

Research and development expenses

5,856


6,427


6,859


18,464


25,138

General and administrative expenses

3,070


3,411


4,110


13,088


12,983

Total operating expenses

26,927


32,036


35,217


107,974


122,655

(Loss)/ Income from operations

(4,910)


7,285


7,989


(31,258)


14,621

Other (expenses)/income:










Interest income

32


5


552


233


603

Investment and other (loss)/income, net

(1,138)


617


1,462


(355)


2,728

Foreign currency exchange income/(loss), net

145


63


327


(62)


548

Others, net

1,088


520


452


1,041


1,057

(Loss)/Income before tax

(4,783)


8,490


10,782


(30,401)


19,557

Income taxes benefits/(expenses)

-


-


-


-


-

Net (loss)/income

(4,783)


8,490


10,782


(30,401)


19,557

Accretions and income attributable to preference

shareholders

(2,653)


(6,031)


(2,402)


 

(10,233)


 

(10,364)

Net (loss)/income attributable to ordinary

shareholders

(7,436)


2,459


8,380


 

(40,634)


 

9,193

Net(loss)/income

(4,783)


8,490


10,782


(30,401)


19,557

Foreign currency translation adjustment, net of nil

tax

(221)


73


(132)


 

(48)


 

(570)

Comprehensive (loss)/income                                  

(5,004)


8,563


10,650


(30,449)


18,987

Net (loss)/income per ordinary share attributable to

ordinary shareholders ‑ basic

(0.17)


0.06


0.07


 

(0.92)


 

0.14

Net (loss)/income per ordinary share attributable to

ordinary shareholders ‑ diluted

(0.17)


0.05


0.06


 

(0.92)


 

0.13

Net (loss)/income per ADS attributable to ordinary

shareholders ‑ basic

(0.34)


0.11


0.14


 

(1.84)


 

0.29

Net (loss)/income per ADS attributable to ordinary

shareholders ‑ diluted

(0.34)


0.10


0.13


 

(1.84)


 

0.27

Weighted average number of ordinary shares used in

computing basic earnings per share

44,245,388


44,245,388


121,496,920


44,245,388


 

63,717,007

Weighted average number of ordinary shares used in

 computing diluted earnings per share

44,245,388


49,516,222


129,709,221


44,245,388


 

69,159,524











Note:

(1) Share‑based compensation expense was allocated in cost of revenues and operating expenses as follows:


Cost of revenues

5


10


2


30


36

Sales and marketing expenses

35


152


75


270


445

Research and development expenses

80


318


252


489


996

General and administrative expenses

169


323


601


882


1,388

 


58.com Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands, or otherwise noted)



For the Three Months Ended
December 31,


For the Fiscal Year Ended

December 31,


December 31, 2012


September 30,

2013


December 31, 2013


December 31, 2012


December 31, 2013











Cash flows from operating activities:                                                                              










Net (loss)/income

(4,783)


8,490


10,782


(30,401)


19,557

Adjustments to reconcile net (loss)/income to net cash (used in)
         provided by operating activities:










Share‑based compensation expenses

289


803


930


1,671


2,865

Depreciation and amortization expenses

1,216


1,194


1,157


3,879


4,657

Investment loss

1,265


-


-


1,000


-

Loss on disposal of property and equipment

1


-


-


67


-

Foreign currency exchange loss/(income), net

(145)


(63)


(327)


62


(548)

Changes in operating assets and liabilities:










Accounts receivable.

502


(748)


361


(521)


(1,097)

Prepayment and other assets

1,144


(4)


(4,027)


1,356


(4,349)

Amounts due from related parties

(74)


(19)


206


(432)


2,031

Accounts payable

(1,787)


617


(1,124)


(9,129)


(2,647)

Deferred revenues

2,308


7,192


8,459


13,555


26,145

Customer advances and deposits

2,550


2,749


4,485


7,227


10,329

Salary and welfare payable

2,000


1,977


2,723


4,194


5,549

Taxes payable

92


235


177


780


387

Amounts due to related parties

1


-


(5)


(10)


5

Accrued expenses and other current liabilities

1053


409


1,777


1,974


3,420

Net cash (used in)/provided by operating activities

5,632


22,832


25,574


(4,728)


66,304











Cash flows from investing activities:










Purchase of property and equipment

(1,759)


(1,324)


(996)


(5,227)


(4,177)

Purchase of intangible assets

-


-


-


(28)


-

Placements of term deposits

-


-


(152,190)


-


(152,190)

Purchase of short-term investment

(47,784)


(100,940)


(160,909)


(212,753)


(397,266)

Proceeds from maturity of short-term investment

43,949


78,873


127,695


190,855


323,587

Net cash used in investing activities

(5,594)


(23,391)


(186,400)


(27,153)


(230,046)











Cash flows from financing activities:










Proceeds from exercise of stock options

184


267


-


253


557

Proceeds from shares issued in initial public offering

-


-


214,954


-


214,954

Payment for listing expenses

-


-


(2,168)


-


(2,168)

Net cash provided by financing activities

184


267


212,786


253


213,343











Effect of exchange rate changes on cash and cash equivalents

72


29


60


(14)


224

Net increase/(decrease) in cash and cash equivalents

294


(263)


52,020


(31,642)


49,825

Cash and cash equivalents at the beginning of the period

10,375


8,737


8,474


42,311


10,669

Cash and cash equivalents at the end of the period

10,669


8,474


60,494


10,669


60,494











 

58.com Inc.

Reconciliation of GAAP and Non-GAAP Results

(U.S. dollars in thousands, or otherwise noted)



For the Three Months Ended


For the Fiscal Year Ended


December 31,

2012


September 30,

2013


December 31,

2013


December 31,

2012


December 31,

2013











GAAP operating (loss)/income

(4,910)


7,285


7,989


(31,258)


14,621

Share based compensation expenses

289


803


930


1,671


2,865

Non-GAAP operating (loss)/income

(4,621)


8,088


8,919


(29,587)


17,486











GAAP net (loss)/income

(4,783)


8,490


10,782


(30,401)


19,557

Share based compensation expenses

289


803


930


1,671


2,865

Non-GAAP net (loss)/income

(4,494)


9,293


11,712


(28,730)


22,422











GAAP operating margin

(19.9)%


17,5%


17.6%


(35.9)%


10.0%

    Share based compensation expenses

1.2%


1.9%


2.1%


1.9%


2.0%

Non-GAAP operating margin

(18.7)%


19.4%


19.7%


(34.0)%


12.0%











GAAP net margin

(19.4)%


20.4%


23.8%


(34.9)%


13.4%

    Share based compensation expenses

1.2%


1.9%


2.1%


1.9%


2.0%

Non-GAAP net margin

(18.2)%


22.3%


25.9%


(33.0)%


15.4%

 

SOURCE 58.com Inc.

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