《贝壳(BEKE.US)2023年第一季度财报(英文版)(18页).pdf》由会员分享,可在线阅读,更多相关《贝壳(BEKE.US)2023年第一季度财报(英文版)(18页).pdf(18页珍藏版)》请在三个皮匠报告上搜索。
1、InvestorPresentationJune 2023NYSE:BEKEHKEX:2423DisclaimerThis presentation has been prepared by KE Holdings Inc.(the“Company”)solely for information purpose.By viewing or accessing the information contained in this material,you hereby acknowledge and agree that no representations,warranties or under
2、takings,express or implied,are made by the Company or any of its directors,shareholders,employees,agents,affiliates,advisors or representatives as to,and no reliance should be placed upon,the accuracy,fairness,completeness or correctness of the information or opinions presented or contained in this
3、presentation.None of the Company or any of its directors,shareholders,employees,agents,affiliates,advisors or representatives accept any responsibility whatsoever(in negligence or otherwise)for any loss howsoever arising from any information presented or contained in this presentation or otherwise a
4、rising in connection with the presentation.The information presented or contained in this presentation is subject to change without notice and its accuracy is not guaranteed.This presentation does not constitute an offer to sell or issue or an invitation or recommendation to purchase or subscribe fo
5、r any securities of the Company for sale in the United States or anywhere else.No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission(the“SEC”)or an exemption from such registration pursuant to the Securities Act o
6、f 1933,as amended(the“Securities Act”)and the rules and regulations thereunder.No part of this presentation shall form the basis of or be relied upon in connection with any contract or investment decision in relation to any securities or otherwise.This presentation does not contain all relevant info
7、rmation relating to the Company or its securities,particularly with respect to the risks and special considerations involved with an investment in the securities of the Company.Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future perform
8、ance of the Company.Past performance does not guarantee or predict future performance.You acknowledge that any assessment of the Company that may be made by you will be independent of this presentation and that you will be solely responsible for your own assessment of the market and the market posit
9、ion of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.Certain statements in this presentation,and other statements that the Company may make,are forward-looking statements
10、within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934,as amended.These statements reflect the Companys intent,beliefs or current expectations about the future.These statements can be recognized by the use of words such as“expects,”“plans,”“wil
11、l,”“estimates,”“projects,”“intends,”“anticipates,”“believes,”“confident”or words of similar meaning.These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Companys operations and other factors,many of which are beyond the Companys
12、 control,and accordingly,actual results may differ materially from these forward-looking statements.The Company,or any of its affiliates,advisers or representatives has no obligation,and does not undertake to revise forward-looking statements to reflect future events or circumstances.This presentati
13、on also contains non-GAAP financial measures,the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America(U.S.GAAP).In additi
14、on,the Companys calculation of these non-GAAP financial measures may be different from the calculation used by other companies,and therefore comparability may be limited.01COMPANY OVERVIEW4RMB 971.5 Billion(US$141.5 Billion)Total GTV in 23Q1Please enter the area or community name to start looking fo
15、r a homeStart to find your dream homeExisting homesNew homesHome rentalsHome renovation and furnishingSource:Company Data;(1)As of March 31,2023.(2)Average monthly active mobile users in the three months ended March 31,2023.(3)Based on our accumulated operational experience,we have introduced the nu
16、mbers of active agents and active stores on our platform in our operating metrics to better reflect their operational activeness.Leading Integrated Online and Offline Platform for Housing Transactions and Services270 MillionHomes inHousing Dictionary(1)28.1 MillionNumber of VR Property Models(1)41,2
17、75Stores(1)45.4 MillionMonthly Active Mobile Users(2)435,780Agents(1)411,526Active Agents(3)39,622Active Stores(3)Strong Market Rebound Stronger Company PerformanceNationwide market rebound amid pent-up demand release:Existing home market GTV+51.2%YoY in Q1 vs-3.1%in Q4;New home market GTV+7.1%YoY i
18、n Q1 vs-27.2%in Q4.Active Store No.39,622,+6%QoQLarge Store Strategy to enhance agent productivity and reduce fixed costs:active agents per store back to 10;Continuous and more targeted agent and store recruitment to enlarge ACN coverage;Professional development for service providers to build long-t
19、erm career path,boost retention and productivity.Better-than-expected Results Across Business SegmentsRobust results:Strong market share gains:Existing home services GTV+78%;New home services GTV+44%;Home renovation and furnishing GTV+108%on pro-forma basis.Strong operating leverage delivered:highes
20、t profitability since IPO(GM 31.3%,Non-GAAP OPM 18.9%,Non-GAAP Net Margin 17.6%);Strong operating cash inflow and balance sheet:cash,cash-like items at RMB85.3 billion as of end-March.Store&Agent as Core AdvantagesActive Agent No.411,526,+18%QoQBeike Existing Home Transaction GTV YoY vs Market1 Exis
21、ting Home Contribution MarginExisting Home Transactions Strong Beat1 Overall market existing home sales data from Beike Research Institute.37.8%36.7%46.1%37.1%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%22Q122Q222Q322Q423Q1-3.1%51.2%1.5%77.6%-10%0%10%20%30%40%50%60%70%80%90%22Q423Q1Overall
22、Market GTV of Existing Home SalesBeike GTV of Existing Home TransactionsNon-Lianjia GTV Ramps up as Tier-2 Cities Gained Traction YoY GTV Growth of Existing Home Transactions Served by Connected Agents49.0%-47.5%-32.9%18.9%24.3%117.9%-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0%22Q122
23、Q222Q322Q423Q127.0%New home contribution margin another record high since IPO53%“Commission in Advance”from developers accounted for 53%of total commission in Q1,vs 44%in Q4New Home Contribution Margin%of Commission-in-advance Model in total SOE Commission Revenues45%46%SOE developers accounted for
24、46%of new home revenues in Q1New Home:Prudent Channel Expansion&Firm Risk Management37%0%10%20%30%40%50%22Q423Q118.3%23.6%24.9%26.2%0.0%5.0%10.0%15.0%20.0%25.0%30.0%22Q122Q222Q322Q423Q127.0%RMB127 millionRMB127 mn new home bad debt provision written-back in Q159 daysQ1 new home DSO 5 days less from
25、Q4DSO(days)20406080022Q122Q222Q322Q423Q159RMB2.7 bn contracted sales,+108%YoY on pro-forma basis,+37%QoQ40%+contracted sales attributable to core business customer referralsNotable increases in both scale and profitability;Proven example for other citiesTwo Wings Ramp up:Home R
26、enovation and Furnishing&Beike RentalRobust Growth Underpinned by Enhanced Capabilities108%40%BeijingHome Renovation and FurnishingBeike RentalAs of Q1,160,000+units managed by our rental property management services160,000Among that,90,000 unites under decentralized model“Carefree Rent”90,00002FINA
27、NCIAL HIGHLIGHTSMultiple Monetization Avenues with Healthy Take RatesEfficiency-focused Measures Strengthened ProfitabilityRobust Balance Sheet with Positive Cash InflowsRMB20.3bnRMB3.6bnRMB 66.6bnAdjusted Net Profit in 2023Q1Total Liquidityas of Mar.31,2023Revenue in 2023Q1Financial Highlights1,120
28、1,6932,6072,7652022Q12023Q12022Q12023Q11,940 2,058 1,576 374 664 1,383 1,609 940 1278 0.25.4 0.21 2.7 17618787 19 27 2020202120222022Q12023Q1Existing Home Transaction ServicesNew Home Transaction ServicesHome Renovation and FurnishingEmerging and Other Services-32.3%GTV1(RMB bn)1 GTV is defined as g
29、ross transaction value,which is calculated as the total value of all transactions facilitated on the platform and evidenced by signed contracts,including the value of the existing home transactions,new home transactions,home renovation and furnishing and emerging and other services,regardless of whe
30、ther the transactions are actually closed.2 Existing home sales GTV in China based on Beike Research Institutes data.New home sales GTV in China based on data from National Bureau of Statistics.Scale Expansion with Diversified Business Structure(RMB bn)+51.2%+7.1%Industry GTV in China2Existing Home
31、SalesNew Home TransactionsBeike:+77.6%Beike:+44.2%YoY growth of GTV of existing home transactions YoY growth of GTV of new home transactions+10.1%2,6105869723,8533,499+65.8%1 Company updated segment reporting from Q2,2022 as a result of the acquisition of Shengdu which was closed in late April,2022.
32、Company consequently updated business structure resulting in four lines of businesses,which were existing home transaction services,new home transaction services,home renovation and furnishing,and emerging and other services,and updated financial measures accordingly.30,565 31,948 24,124 6,151 9,181
33、 37,93846,47228,650 5,910 8,4041,978 2,135 2,848 399 1,285 2020202120222022Q12023Q1Existing Home Transaction ServicesNew Home Transaction ServicesHome Renovation and FurnishingEmerging and Other ServicesMultiple Monetization Avenues with Healthy Contribution MarginRevenue Breakdown1(RMB mn)+14.6%-24
34、.9%Segment Contribution Analysis140.9%37.0%39.8%37.8%49.0%21.5%19.3%23.6%18.3%27.0%83.9%86.5%31.3%49.0%19.8%Segment Contribution Margin12,49911,8249,6132,3244,5028,1508,9476,7641,0802,27221,485214311,6611,84689202120222022Q12023Q1Existing Home Transaction ServicesNew Home Transaction Serv
35、icesHome Renovation and FurnishingEmerging and Other Services70,48180,75212,54820,27843.4%39.6%39.8%49.0%45.3%2.8%2.6%4.7%0.7%6.9%53.8%57.5%47.2%47.1%41.4%Total revenues3.2%6.3%881,40823.8%30.6%1978.3%29.4%(RMB mn)60,6695,0470.2%1,4850.8%+61.6%Cost of RevenueSignificant Improvement in Cost and Expen
36、se StructureOperating Expenses23,32426,30417,8544,7275,37024,84731,63420,5004,1346,4711963,562679773,2073,8103,3468846862,2432,9901,626516424010,00020,00030,00040,00050,00060,00070,0002020202120222022Q12023Q1Commission and Compensation InternalCommission SplitHome Renovation and FurnishingCost Relat
37、ed to StoresOthers10,32846,88864,93323.9%19.6%22.7%Gross Margin(RMB mn)3,7154,3094,5738611,2947,5898,9247,3471,5281,6212,4783,1942,54674945723674714800 2020202120222022Q12023Q1Sales and Marketing ExpensesGeneral and Administrative ExpensesResearch and Development ExpensesImpaiment of goodwill and in
38、tangible asstes(RMB mn)19.9%21.3%24.1%16.3%418.4%419.5%4%of Total Revenues%of Total Revenue after Adjustments 17.7%31.3%25.0%16.6%22.0%412.9%41 Defined as the compensation paid to the internal agents and other sales professionals,including fixed salaries and variable commissions based on the transac
39、tions they assist in closing.2 Defined as the commissions paid to connected agents and other sales channels for their services to assist in completing new home and existing home transactions.3 Mainly including rent,decoration,and utility bills for real estate brokerage stores under Lianjia brand.4 A
40、djusted operating expense is defined as operating expense,excluding the effects of(i)share based compensations;(ii)amortization of intangible assets resulting from acquisitions and business cooperation agreement;(iii)impairment of goodwill and intangible assets.14,61417,17414,0183,1383,37213,92853,6
41、215,720 2,2942,843283,56222022Q12023Q12.8%4.7%8.1%Margin(RMB mn)Outperformed Profitability on Strong Operating Leverage7,7384,5044,7443414,6252020202120222022Q12023Q1(RMB mn)%Margin Adjusted Net Income1Adjusted EBITDA20.2%17.6%5.6%7.8%11.0%2.7%22.8%1 Adjusted net income(loss)is defined as
42、 net income(loss),excluding(i)share(based compensation expenses,(ii)amortization of intangible assets resulting from acquisitions and business cooperation agreement,(iii)changes in fair value from long term investments,loan receivables measured at fair value and contingent consideration,(iv)Impaimen
43、t of goodwill and intangible assets,(v)Impaiment of investments and(vi)the tax effects of the above adjustments.2 Adjusted EBITDA is defined as net income(loss),excluding(i)income tax expense(benefit),(ii)share(based compensation expenses,(iii)amortization of intangible assets,(iv)depreciation of pr
44、operty and equipment,(v)interest income,net,(vi)changes in fair value from long term investments,loan receivables measured at fair value and contingent consideration,(vii)impairment of goodwill,intangible assets and other long(lived assets,and(viii)impairment of investments.14(RMB mn)Robust Balance
45、Sheet with Strong Liquidity Key Balance Sheet Items As of December 31,As of December 31,As of March 31,2021 2022 2023Cash and Cash Equivalents 20,446 19,41330,595Restricted Cash 6,286 6,1817,860Short term Investment 29,403 35,48628,140Total Liquidity56,13561,08066,594Total Current Asset 69,926 70,42
46、576,756Total Asset 100,319 109,347 117,970Total Current Liabilities 28,936 33,34138,778Total Liabilities 33,263 40,29346,000Total Liabilities and Shareholder Equity 100,319109,347117,97003APPENDIXFor the Three Months Ended Mar.31,For the Year Ended Dec.31,20222023%YoY20212022%YoYNet income(Loss)(620
47、)2,750n/a(525)(1,397)n/aAdd:Share-based compensation expenses352702 99%1,5382,425 58%Amortization of intangible assets resulting from acquisitions and Business Cooperation Agreement116150 29%470567 21%Changes in Fair value from long term investments,loan receivable measured at fair value and conting
48、ent consideration151(36)n/a(124)527n/aImpairment of goodwill and intangible assets-n/a747148(81%)Impairment of investments282(92%)187592 217%Adjusted for tax effects on non-GAAP adjustments(0.1)(6.6)n/a1(19)n/aAdjusted net profit283,56112797%2,2942,843 24%GAAP to Adjusted/Non-GAAP Measures Reconcili
49、ation(RMB mm)For the Three Months Ended Mar.31,For the Year Ended Dec.31,20222023%YoY20212022%YoYNet income(Loss)(620)2,750n/a(525)(1,397)n/aAdd:Income tax expenses1881,128500%1,665 1,690 1%Share-based compensation expenses352702 99%1,538 2,425 58%Amortization of intangible assets resulting from acq
50、uisitions and Business Cooperation Agreement121153 27%491 584 19%Depreciation of property and equipment 234 190(19%)880 918 4%Interest income,net (113)(263)n/a(355)(743)n/aChanges in Fair value from long term investments,loan receivable measured at fair value and contingent consideration151(36)n/a(124)527n/aImpairment of goodwill and intangible assets-n/a747148(80%)Impairment of investments 28 2(92%)187 592 217%Adjusted EBITDA3414,6251257%4,5044,7445%(RMB mm)THANK YOU