One Body, Two Wings Strategy Upgrade
Resillient Profitability During Market Downtrend
Adjusted Net Income¹
Adjusted EBITDA2
贝壳
找房大平台
(RMB mm)
(RMB mm)
3.6%
8.1%
2.8%
8.8%
0.2%
6.3%
11.0%
5.6%
12.8%
2.7%
1,656
5,720
2,294
2,001
42
2019
2020
2021
2020Q4
% Margin
2021Q4
2,917
7,738
4,504
2,897
484
2019
2020
2021
2020Q4
2021Q4
% Margin
1 Adjusted net income (loss) is defined as 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) Impaiment 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 property 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.
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