Fang Holdings Ltd

CIK:0001294404|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenues	$ 30,676	$ 50,015	$ 80,481
Cost of services	(5,708)	(7,909)	(12,267)
Gross profit	24,968	42,106	68,214
Operating income (expenses)
Selling expenses	(15,086)	(19,603)	(30,783)
General and administrative expenses	(35,840)	(51,569)	(27,174)
Impairment of long-lived assets	(55,068)	(151,097)
Reverse of (provision for) credit loss and recovery of previously written-off receivables	41,280	(30,389)	(50,335)
Other income, net	5,320	4,633	103
Operating loss	(34,426)	(205,919)	(39,975)
Foreign exchange gain	488	126	1,222
Interest income	4,201	5,958	6,854
Interest expense	(9,658)	(8,081)	(10,765)
Change in fair value of securities	(2,853)	(1,523)	828
Government grants	193	254	1,523
Investment income (loss), net	(1,435)	2,100	523
Loss before income taxes	(43,490)	(207,085)	(39,790)
Income tax (expense) benefit	14,734	27,364	(35,772)
Net loss	(28,756)	(179,721)	(75,562)
Comprehensive loss
Net Income (Loss)	(28,756)	(179,721)	(75,562)
Foreign currency translation adjustments	(7,942)	(27,872)	(47,413)
Loss on intra-entity foreign transactions of long-term investment nature	(437)	(505)	(2,794)
Total comprehensive loss	$ (37,135)	$ (208,098)	$ (125,769)
Net loss per share for Class A and Class B ordinary shares
Basic	$ (0.32)	$ (1.99)	$ (0.84)
Diluted	$ (0.32)	$ (1.99)	$ (0.84)
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic	90,357,329	90,357,329	90,357,275
Diluted	90,357,329	90,357,329	90,357,275
Marketing services
Revenues
Revenues	$ 11,032	$ 16,722	$ 37,187
Listing services
Revenues
Revenues	4,693	7,749	13,105
Leads generation services
Revenues
Revenues	7,996	13,499	15,760
Financial services
Revenues
Revenues	4,964	4,572	9,716
Other services
Revenues
Revenues	$ 1,991	$ 7,473	$ 4,713

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (28,756)	$ (179,721)	$ (75,562)
Adjustments to reconcile net loss to net cash used in (provided by) operating activities:
Share-based compensation	0	39	586
Depreciation of property and equipment	16,010	21,708	23,441
Amortization of right-of-use assets	970	2,131	1,956
Deferred tax benefits	(16,640)	(32,054)	(11,060)
Provision for (reversal of) credit loss for accounts receivable, loans receivable and other current assets	(19,937)	30,389	50,335
Impairment of property and equipment and land use right	55,068	151,097
Impairment of investment			270
Investment (income) loss	1,435	(2,100)	(523)
Change in fair value of securities	2,853	1,523	(828)
Amortization of transaction costs for structured note			136
Gain on disposal of property and equipment	(57)	(58)	(26)
Deemed rental expense (Note 16)	150	152	159
Changes in operating assets and liabilities:
Accounts receivable	1,759	8,383	(30,837)
Prepayments and other current assets	(21,648)	(3,183)	(10,898)
Loans receivable	(6,355)	14,932	48,440
Amounts due from related parties	745	3,242	(2,794)
Other non-current assets	14,685	5,045	(1,494)
Deferred revenue	2,952	5,750	(2,220)
Accrued expenses and other liabilities	847	(13,546)	8,571
Income tax payable	432	555	(678)
Amounts due to related parties			(323)
Other non-current liabilities	(928)	(24,275)	(12,712)
Net cash (used in) provided by operating activities	3,585	(9,991)	(16,061)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of short-term investment	54,557	56,107	62,739
Proceeds from disposal of equity investments		23,014	32,204
Proceeds from disposal of property and equipment	103	65	33
Acquisition of property and equipment	(4,802)	(979)	(10,795)
Acquisition of short-term investments	(6,579)	(54,529)	(5,474)
Acquisition of long-term investments and time deposits	(974)	(15,891)	(17,770)
Cash collected from refund of prepayment for purchase properties		6,247	9,634
Proceeds from dividend distribution from equity investments	671	543	284
Repayment of loan receivables from a related party, Shanghai Yuyue	4,487
Payment of loan to a related party, Shanghai Yuyue (Note 16)	(421)
Repayments to a related party, CIH	(33,992)	(56,428)
Net cash provided by (used in) investing activities	13,050	(41,851)	70,855
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options			7
Proceeds from loans	1,405	127,997
Repayment of loans	(16,738)	(43,527)	(340,843)
Repayment of bonds		(51,114)
Net cash provided by (used in) financing activities	(15,333)	33,356	(340,836)
Exchange rate effect on cash, cash equivalents and restricted cash	(4,828)	(1,436)	(1,464)
Net decrease in cash, cash equivalents and restricted cash	(3,526)	(19,922)	(287,506)
Cash, cash equivalents and restricted cash at beginning of year	90,437	110,359	397,865
Cash, cash equivalents and restricted cash at end of year	86,911	90,437	110,359
Supplemental schedule of cash flow information:
Income tax paid	1,503	4,877	38,162
Interest paid	9,788	13,470	7,656
Recognition of operating right-of-use assets	514	$ 479	$ 1,387
Investments acquired but not yet paid	$ 417

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 65,087	$ 86,123
Restricted cash, current	21,824	4,314
Short-term investments	58,853	106,520
Accounts receivable, net	14,146	22,252
Prepayments and other current assets	98,183	67,724
Loans receivable, net	37,529	32,373
Amounts due from related parties	292	1,045
Total current assets	295,914	320,351
Non-current assets:
Property and equipment, net	414,142	469,360
Deferred tax assets	11,356	17,208
Long-term investments	99,317	104,526
Long-term time deposits		1,412
Right-of-use assets	14,924	16,161
Other non-current assets	3,187	17,993
Total non-current assets	542,926	626,660
Total assets	838,840	947,011
Current liabilities:
Short-term loans and current portion of long-term loans	41,872	17,515
Bond payable	49,849	50,590
Deferred revenue	58,438	56,343
Accrued expenses and other liabilities	54,670	54,216
Income tax payable	1,874	1,468
Amounts due to related parties	4,532	34,676
Total current liabilities	211,235	214,808
Non-current liabilities:
Long-term loans, less current portion	125,308	167,570
Deferred tax liabilities	61,674	62,742
Other non-current liabilities	93,711	117,994
Total non-current liabilities	280,693	348,306
Total liabilities	491,928	563,114
Commitments and contingencies
Shareholders' equity:
Less: treasury shares (5,755,007 shares as of December 31, 2023 and 2024, respectively.)	(111,283)	(111,283)
Additional paid-in capital	545,514	545,364
Accumulated other comprehensive loss	(45,787)	(37,408)
Accumulated deficit	(53,900)	(25,144)
Total shareholders' equity	346,912	383,897
Total liabilities and shareholders' equity	838,840	947,011
Common Class A
Shareholders' equity:
Ordinary shares	9,244	9,244
Common Class B
Shareholders' equity:
Ordinary shares	$ 3,124	$ 3,124