Leju Holdings Ltd (NASDAQ:LEJU) Q2 2019 Earnings Conference Call Transcript

Aug 19, 2019 • 07:00 am ET

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Leju Holdings Ltd (NASDAQ:LEJU) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Hello, and thank you for standing by for Leju's Second Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would now like to turn the meeting over to your host for today's conference, Ms. Michelle Yuan, Leju's Deputy CFO. Thank you. Please go ahead, ma'am.

Executive
Michelle Yuan

Hello, everyone, and welcome to Leju's second quarter 2019 earnings conference call.

Today, we'll update you regarding our financial results for the second quarter ended June 30, 2019. If you would like a copy of the earnings press release or would like to sign up for our e-mail distribution list, please go to our IR website at ir.leju.com. Leading the call today is Mr. Geoffrey He, our CEO, who will review operational highlights for the second quarter 2019. Mr. Li-Lan Cheng, our acting CFO, will then discuss the financial results in more detail. We will then open the call to questions.

Before we continue, please allow me to review Leju's safe harbor statement. Some of the statements during this conference call are forward-looking statements, made under safe harbor provisions of section 21E of the Securities Exchange Act of 1934 as amended. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC. You are encouraged to review the forward-looking statements section of our Annual Report filed with the SEC for additional information concerning factors that could cause those differences. Leju does not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Our earnings press release and this call include discussions of unaudited GAAP financial information as well as some unaudited non-GAAP financial measures. Our press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. Please note that unless otherwise stated, all figures mentioned during this conference call are in US dollars.

I will now turn the call over to Leju's CEO, Geoffrey He. He-zong [Phonetic], please go ahead.

Executive
Yinyu He

Thanks, everyone, who have joined on today's call.

We are pleased to see that we achieved solid growth in both revenue and profit in the second quarter of this year. Our e-commerce revenue was close to an all-time high this quarter, benefiting from the implementation of our top-down strategy. Through direct communications with developers' headquarter management, more and more developers have begun to learn the marketing advantage of our e-commerce model and our competitive edge in e-commerce sector. So far, we have reached strategic agreements with over 80 developers in e-commerce, including over two-thirds of China's top 100 developers and over one-third of these agreements are exclusive.

Thanks to this top-down approach, both the number of projects and cities [Phonetic] contributing to our e-commerce revenues reached all-time highs on a quarterly basis since the tightening measures were put in place in late 1916 [Phonetic]. We also