|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Operating activities: |
|
|
|
| Net income (loss) |
$ 52,337,158 |
$ 51,086,289 |
$ (71,049,371) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization |
33,336,600 |
45,215,493 |
47,386,277 |
| Unrealized loss on marketable securities |
|
|
(804,621) |
| Realized gain on marketable securities |
(2,903,786) |
(234,338) |
(734,904) |
| Income from equity in affiliates |
(3,834,802) |
(2,813,849) |
(375,509) |
| Allowance for doubtful accounts |
26,381,555 |
29,146,892 |
27,958,218 |
| Share-based compensation |
22,175,722 |
18,903,027 |
35,656,525 |
| Amortization of discounts related to liability for exclusive rights |
52,922 |
935,177 |
1,882,804 |
| Amortization of debt discount and issuance cost |
1,627,183 |
37,879 |
|
| Others |
(1,031,539) |
(172,944) |
1,155,317 |
| Changes in operating assets and liabilities: |
|
|
|
| Restricted cash |
198,730 |
438,860 |
(167,175) |
| Customer deposits |
(25,477,768) |
14,848,744 |
(10,479,863) |
| Accounts receivable |
(91,288,124) |
(80,108,256) |
(88,257,121) |
| Marketable securities |
2,897,049 |
3,916,706 |
5,826,280 |
| Amounts due from related parties |
(4,830,844) |
(944,036) |
1,181,561 |
| Properties held for sale and advance payment for properties to be held for sale |
(3,499,706) |
(55,657,811) |
980,571 |
| Prepaid expenses and other current assets |
(5,190,461) |
(1,573,079) |
4,908,018 |
| Other non-current assets |
550,250 |
(14,399,728) |
(4,889,458) |
| Accounts payable |
(3,007,370) |
3,688,255 |
1,726,897 |
| Accrued payroll and welfare expenses |
13,930,717 |
34,489,244 |
18,570,558 |
| Income tax payable |
18,887,611 |
43,664,036 |
10,449,070 |
| Other tax payable |
9,379,946 |
15,485,548 |
5,612,517 |
| Amounts due to related parties |
1,669,193 |
(1,243,912) |
2,769,138 |
| Other current liabilities |
(5,695,764) |
40,174,923 |
3,952,552 |
| Other non-current liabilities |
(814,929) |
(245,919) |
203,288 |
| Deferred taxes |
(11,867,112) |
(30,745,061) |
(15,644,865) |
| Net cash provided by (used in) operating activities |
23,982,431 |
113,892,140 |
(22,183,296) |
| Investing activities: |
|
|
|
| Deposit for and purchase of property and equipment and intangible assets |
(45,244,388) |
(32,971,714) |
(31,847,330) |
| Purchase of subsidiaries, net of cash acquired |
|
(5,259,451) |
|
| Prepayment for investment |
(7,766,948) |
(15,745,728) |
|
| Restricted cash for collateral of bank loans |
(38,290,478) |
|
|
| Proceeds from disposal of subsidiaries |
|
|
157,359 |
| Investment in affiliates |
(8,890,449) |
(5,766,873) |
(2,161,001) |
| Capital return of investment in affiliates |
6,525,361 |
6,202,093 |
|
| Proceeds from disposal of property and equipment |
5,350,020 |
1,727,724 |
425,432 |
| Investment in preferred shares of a private entity |
(25,719,808) |
|
|
| Purchase of short-term investment |
|
(1,279,340) |
|
| Proceeds from short-term investment |
1,277,032 |
|
|
| Net cash used in investing activities |
(112,759,658) |
(53,093,289) |
(33,425,540) |
| Financing activities: |
|
|
|
| Purchases of non-controlling interest |
(14,613,056) |
|
|
| Proceeds from issuance of ordinary shares of Leju upon initial public offering, net of paid issuance costs of $15,036,616 |
120,257,584 |
|
|
| Short-term borrowing |
35,953,500 |
|
|
| Purchases of shares of CRIC from public |
|
|
(113,124,632) |
| New shares issued to management |
|
62,621,240 |
|
| Contribution from non-controlling interest |
19,925,043 |
8,030,815 |
291,839 |
| Proceeds from exercise of options |
14,529,652 |
15,329,388 |
815,522 |
| Advance from related parties |
276,000 |
2,760,000 |
|
| Repayment of loans from non-controlling interests |
(253,400) |
|
|
| Proceeds from issuance of convertible senior notes, net of discount of $3,375,000 |
|
131,625,000 |
|
| Proceeds from partially disposal of subsidiaries |
176,704,417 |
|
|
| Debt issuance costs |
|
(1,551,570) |
|
| Payment of call option |
|
(44,999,998) |
|
| Repurchase of shares |
|
(17,772,586) |
(1,569,815) |
| Dividends |
(43,111,414) |
(19,946,745) |
(11,866,670) |
| Dividends to non-controlling interests shareholders |
(2,508,620) |
(338,941) |
(319,675) |
| Net cash provided by (used in) financing activities |
307,159,706 |
135,756,603 |
(125,773,431) |
| Effect of exchange rate changes on cash and cash equivalents |
(1,085,018) |
5,922,352 |
218,282 |
| Net increase (decrease) in cash and cash equivalents |
217,297,461 |
202,477,806 |
(181,163,985) |
| Cash and cash equivalents at the beginning of the year |
413,319,174 |
210,841,368 |
392,005,353 |
| Cash and cash equivalents at the end of the year |
630,616,635 |
413,319,174 |
210,841,368 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Income taxes paid |
7,175,015 |
4,986,562 |
6,568,082 |
| Interest paid |
3,691,875 |
|
|
| Non-cash investing and financing activities: |
|
|
|
| Decrease in amount due to related party due to vesting of restricted shares |
(1,012,000) |
(263,106) |
(262,594) |
| Ordinary shares issued in connection with the merger of CRIC |
|
|
38,786 |
| Additional paid-in capital recognized in connection with the merger of CRIC |
|
|
102,606,355 |
| Non-controlling interest recognized in connection with business acquisition |
|
48,518 |
|
| Non-controlling interest derecognized in connection with the merger of CRIC |
|
|
254,656,627 |
| Consideration payable for amount recognized in purchase of exclusive rights |
|
8,967,972 |
22,892,042 |
| Dividend payable to non-controlling interest |
536,446 |
536,446 |
536,446 |
| Dividends payable to E-House shareholders |
12,902,488 |
|
|
| Non-controlling interest recognized in connection with the distribution of Leju ordinary shares to E-House shareholders as dividends |
21,569,028 |
|
|
| Payable for acquisition of non-controlling interest |
25,645,630 |
|
|
| Waive the payable to non-controlling interest in connection with the acquisition of non-controlling interest |
746,600 |
|
|
| Unrealized gains for investment in preferred shares of a private entity |
$ 13,765,098 |
|
|