Fang Holdings Ltd (SFUN) [Rocket]

In millions, except per share items	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12
	20-F	20-F	20-F	20-F	20-F	20-F	20-F	20-F
Revenues:
Financial Services						3.2
Marketing Services						294.5	278.3
Listing Services						19.0	145.0
E Commerce						244.3	188.1
Other						141.8	26.0
Total revenues [+]	219.7	240.0	395.3	916.4	883.5	702.9	637.4	430.3
Grants					4.9
Net interest income	-25.4	-21.2	-16.2
Net investment income	2.6	6.8	6.7	3.3	1.3
Revenue growth [+]	-8.5%	-39.3%	-56.9%	3.7%	25.7%	10.3%	48.1%	25.1%
Marketing Services						5.8%
Listing Services						-86.9%
E Commerce						29.9%
Cost of goods sold [+]	28.3	46.4	163.6	687.2	555.4	145.7	0.0	0.0
Cost of services							-102.5	-80.9
Gross profit	191.5	193.7	231.7	229.2	328.2	557.1	637.4	430.3
Gross margin	87.1%	80.7%	58.6%	25.0%	37.1%	79.3%	100.0%	100.0%
Selling, general and administrative [+]	173.1	188.3	213.3	381.1	362.0	248.4	185.3	150.8
Sales and marketing	73.7	59.1	83.6	229.8	236.6	147.9	101.9	80.1
General and administrative	99.4	129.2	129.7	151.3	125.4	100.6	83.4	70.8
Other operating expenses	-6.5	-4.4	-0.7	-0.4	0.6	-0.8	101.7	80.9
EBITDA [+]	50.1	35.7	46.7	-126.4	-19.8	321.2	360.1	204.9
EBITDA growth	40.3%	-23.6%	-137.0%	538.4%	-106.2%	-10.8%	75.7%	41.8%
EBITDA margin	22.8%	14.9%	11.8%	-13.8%	-2.2%	45.7%	56.5%	47.6%
Depreciation and amortization	25.2	25.9	27.6	25.0	14.7	11.6	9.7	6.4
EBIT [+]	24.9	9.8	19.1	-151.4	-34.5	309.5	350.4	198.6
EBIT growth	153.9%	-48.8%	-112.6%	339.3%	-111.1%	-11.7%	76.5%	41.4%
EBIT margin	11.3%	4.1%	4.8%	-16.5%	-3.9%	44.0%	55.0%	46.1%
Interest income, net [+]				-9.4	5.7	26.5	13.1	7.8
Interest expense				20.8	16.5	17.3	14.7	11.6
Interest income				11.4	22.2	43.9	27.8	19.4
Other income (expense), net [+]	-57.8	-170.2	0.2	16.2	7.7	-1.3	5.0	1.4
Realized gain (loss) on investments				10.6			0.8
Gain (loss) on foreign currency transactions	0.2	-0.6	0.0	-1.9	1.5	0.0	0.0	0.1
Other		0.0	-4.6	10.6
Pre-tax income	-33.0	-160.4	19.4	-144.7	-21.0	334.8	368.4	207.7
Income taxes	-9.5	-19.0	18.4	25.0	-5.9	81.6	69.8	55.9
Tax rate	28.9%	11.8%	94.7%		28.1%	24.4%	18.9%	26.9%
Minority interest					0.0		0.1	0.0
Earnings from continuing ops	-46.9	-282.8	1.0	-169.6	-15.1	253.2	298.6	151.8
Earnings from discontinued ops	13.2	26.5	20.7
Net income	-33.7	-256.3	21.7	-169.6	-15.1	253.2	298.6	151.8
Net margin	-15.3%	-106.8%	5.5%	-18.5%	-1.7%	36.0%	46.8%	35.3%

Basic EPS [+]	($0.52)	($3.19)	$0.01	($1.81)	($0.18)	$3.08	$3.82	$1.96
Growth	-83.6%	-27501.7%	-100.6%	922.5%	-105.8%	-19.4%	94.8%	47.7%
Diluted EPS [+]	($0.52)	($3.19)	$0.01	($1.81)	($0.18)	$2.75	$3.53	$1.85
Growth	-83.6%	-28464.9%	-100.6%	922.5%	-106.5%	-22.2%	90.5%	49.9%

Dividends per share [+]					$0.97	$1.00	$1.04	$1.69
Growth				-100.0%	-3.1%	-3.4%	-38.7%	-8.9%

Shares outstanding (basic) [+]	89.5	88.7	88.5	93.6	85.2	82.2	78.1	77.4
Growth	0.9%	0.3%	-5.5%	9.9%	3.7%	5.2%	1.0%	1.1%
Shares outstanding (diluted) [+]	89.5	88.7	91.6	93.6	85.2	92.2	84.6	81.9
Growth	0.9%	-3.1%	-2.2%	9.9%	-7.6%	9.0%	3.3%	-0.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.