BEIJING, Aug. 9, 2016 /PRNewswire/ -- Bitauto Holdings
Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading
provider of internet content and marketing services for
China's fast-growing automotive
industry, today announced its unaudited financial results for the
second quarter ended June 30,
2016[1].
Second Quarter 2016 Highlights[2]
- Revenue in the second quarter of 2016 was RMB1.39 billion (US$209.4
million), a 31.1% increase from the corresponding period in
2015.
- Gross profit in the second quarter of 2016 was
RMB850.5 million (US$128.0 million), a 24.7% increase from the
corresponding period in 2015.
- Operating loss in the second quarter of 2016 was
RMB0.4 million (US$0.1 million). Non-GAAP operating profit
in the second quarter of 2016 was RMB169.4
million (US$25.5 million), a
32.1% increase from the corresponding period in 2015.
- Net loss in the second quarter of 2016 was RMB47.5 million (US$7.1
million). Non-GAAP net profit in the second quarter
of 2016 was RMB124.8 million
(US$18.8 million), a 1.8% increase
from the corresponding period in 2015.
- Basic and diluted net loss per ADS in the second quarter
of 2016 was RMB1.37 (US$0.21) and RMB1.37 (US$0.21),
respectively. Non-GAAP basic and diluted net profit per ADS
in the second quarter of 2016 was RMB1.37 (US$0.21)
and RMB1.33 (US$0.20), respectively.
Mr. William Li, chief executive
officer and chairman of Bitauto, commented, "We are pleased to
announce that we have maintained steady growth in the second
quarter of 2016, with revenue growing 31.1% year-over-year. In
particular, our automobile transaction services business made solid
progress during the quarter with over 75,500 revenue-generating
transactions executed, and our online automotive financial platform
services business continued to gain momentum."
"Bitauto is committed to providing automobile consumers with the
best possible automobile purchasing experience. Based on our
experience over the past two years exploring innovative business models, our focus
will be geared to those business segments which have outstanding
long-term growth and profit potential, including our Huimaiche
platform and online automotive financial platform business."
"Looking forward, Bitauto will continue to execute on our core
business strategies to enhance our long-term competitiveness.
First, we plan to further develop our automobile transaction
services, including e-commerce, CRM and online automotive financial
platform services, with better consumer purchasing experience and
greater efficiency of our online and offline service
infrastructure. Second, we will strive to further increase our
mobile monetization capability as we continue to improve our mobile
offerings with more targeted marketing solutions enabled by our big
data analytics. Third, we will continue to strengthen our dealer
services offerings particularly on mobile devices and social
media."
Mr. Andy Zhang, president and
chief financial officer of Bitauto, said, "In the second quarter of
2016, we delivered steady top-line growth, as our transaction
services business segment continued to make progress. The recently
announced US$550 million funding in
Yixin Capital from a consortium including Bitauto, Tencent, Baidu, JD.com and other investors will
help us extend our leadership in China's automotive finance sector, while
deepening our relationship with key strategic partners. Looking
forward, we will continue to streamline our operations to enhance
efficiency and ensure sustainable growth over the long term."
Second Quarter 2016 Results
Bitauto reported revenue of RMB1.39 billion (US$209.4
million) for the second quarter of 2016, representing a
31.1% increase from the corresponding period in 2015. The increase
in revenue was attributable to the growth of the Company's
advertising and subscription business, transaction services
business and digital marketing solutions business.
- Revenue from the advertising and subscription business
for the second quarter of 2016 was RMB890.3
million (US$134.0 million),
representing a 15.5% increase from RMB771.1
million (US$116.0 million) in
the corresponding period in 2015. The increase was primarily
attributable to an increase in advertising and subscription fees
spending by customers.
- Revenue from the transaction services business for the
second quarter of 2016 was RMB308.3
million (US$46.4 million),
representing a 67.8% increase from RMB183.8
million (US$27.7 million) in
the corresponding period in 2015. The increase was attributable to
a higher volume of transaction services.
- Revenue from the digital marketing solutions business
for the second quarter of 2016 was RMB192.8
million (US$29.0 million),
representing an 81.2% increase from RMB106.4
million (US$16.0 million) in
the corresponding period in 2015, which was primarily due to an
increase in the number of advertising customers.
Cost of revenue for the second quarter of 2016 was
RMB540.9 million (US$81.4 million), representing a year-over-year
increase of 42.6% from the corresponding period in 2015. Cost of
revenue as a percentage of revenue in the second quarter of 2016
was 38.9%, compared to 35.7% in the corresponding period in
2015.
Gross profit for the second quarter of 2016 was
RMB850.5 million (US$128.0 million), representing a 24.7% increase
from the corresponding period in 2015 in line with revenue
growth.
Selling and administrative expenses were RMB785.5 million (US$118.2
million) for the second quarter of 2016, representing an
increase of 17.6% from the corresponding period in 2015. This
increase was primarily attributable to the increase in headcount
and related expenses.
Product development expenses were RMB101.3 million (US$15.2
million) for the second quarter of 2016, representing a
32.2% increase from the corresponding period in 2015. The increase
was primarily due to an increase in product development headcount
and related expenses.
Share-based payment expenses, which were allocated to
related operating expense line items, were RMB16.6 million (US$2.5
million) in the second quarter of 2016, compared to
RMB27.1 million (US$4.1 million) in the corresponding period in
2015.
Operating loss in the second quarter of 2016 was
RMB0.4 million (US$0.1 million), compared to an operating loss of
RMB48.4 million (US$7.3 million) in the corresponding period in
2015.
Non-GAAP operating profit in the second quarter of 2016
was RMB169.4 million (US$25.5 million), representing a 32.1% increase
from the corresponding period in 2015.
Income tax expense in the second quarter of 2016 was
RMB35.9 million (US$5.4 million), compared to an income tax
expense of RMB16.7 million
(US$2.5 million) in the corresponding
period in 2015.
Net loss in the second quarter of 2016 was RMB47.5 million (US$7.1
million), compared to a net loss of RMB55.2 million (US$8.3
million) in the corresponding period in 2015. Basic and
diluted net loss per ADS, each representing one ordinary share, in
the second quarter of 2016 amounted to RMB1.37 (US$0.21)
and RMB1.37 (US$0.21), respectively.
Non-GAAP net profit in the second quarter of 2016 was
RMB124.8 million (US$18.8 million), a 1.8% increase from the
corresponding period in 2015. Non-GAAP basic and diluted net profit
per ADS in the second quarter of 2016 amounted to RMB1.37 (US$0.21)
and RMB1.33 (US$0.20), respectively.
As of June 30, 2016, the Company
had cash and cash equivalents and restricted cash of
RMB3.89 billion (US$586.1 million). Cash used in operating
activities, cash used in investing activities, and cash from
financing activities in the second quarter of 2016 were
RMB1.63 billion (US$245.4 million), RMB1.40
billion (US$210.5 million),
and RMB1.91 billion (US$288.1 million), respectively.
Bills receivables, representing short-term notes
receivable issued by financial institutions that entitle the
Company to receive the full face amount from the financial
institutions at maturity, which generally range from three to six
months from the date of issuance, was RMB61.1 million (US$9.2
million) as of June 30, 2016,
compared to RMB147.7 million
(US$22.2 million) as of December 31, 2015.
Trade receivables was RMB2.59
billion (US$390.0 million) as
of June 30, 2016, compared to
RMB1.90 billion (US$285.9 million) as of December 31, 2015. This increase was in line with
revenue growth.
As of June 30, 2016, belonging to
transaction services business, cash and cash equivalents and
restricted cash was RMB705.6 million
(US$106.2 million), finance leasing
receivables was RMB5.12 billion
(US$769.7 million) and
interest-bearing borrowings was RMB2.11
billion (US$317.0
million).
The number of employees totaled 6,246 as of June 30, 2016, including employees of the
entities in which Bitauto acquired and holds controlling interests.
This represented a 57.5% increase from June
30, 2015, which was primarily due to higher headcount in
Bitauto's customer support service teams as the Company expands its
offline service infrastructure to enhance the automobile buying
experience, as well as increased headcount in Bitauto's mobile
product development team.
As of June 30, 2016, the Company
had a total of 70,726,025 ordinary shares, with 34,388,244 ADSs
issued and outstanding. Each ADS represents one ordinary share of
the Company. Non-GAAP basic and diluted per ADS figures for the
second quarter of 2016 were calculated using a weighted average of
62,058,455 and 63,683,459 ADSs, respectively.
Recent Updates
Bitauto announced that it has accepted the resignation of the
Company's president, Mr.
Jingning Shao, effective
immediately. Mr. Shao will pursue professional interests outside of
the automobile industry and remain a member of Bitauto's board of
directors, serving as vice-chairman, a position in which he will be
able to continue to share his industry expertise and resources with
the Company. Mr. Shao joined the
Company in 2009 and has made
significant contributions to Bitauto's growth over the past seven
years.
Bitauto also announced the appointment
of Mr. Andy Zhang, the Company's
chief operating officer and chief financial officer, to president
and chief financial officer, effective immediately. In his new role
as president and chief financial officer, Mr. Zhang will leverage
his experience in China's rapidly evolving automotive
industry and deep knowledge of Bitauto's full range of business
lines to focus on integrating the Company's automobile transaction
services with its advertising and subscription businesses in order
to realize sustainable top and bottom line growth while further
increasing operational efficiencies.
Third Quarter 2016 Outlook
Bitauto currently expects to generate revenue in the range of
RMB1.37 billion (US$206.1 million) to RMB1.42 billion
(US$213.7 million) in the third
quarter of 2016.
This forecast takes into consideration seasonality factors in
Bitauto's business, and excludes any impact of foreign currency
fluctuation. It reflects management's current and preliminary view,
which is subject to change.
Conference Call Information
Bitauto's management will hold an earnings conference call at
8:00 AM on August 9, 2016 U.S. Eastern Time (8:00 PM on August 9,
2016 Beijing/Hong Kong
time).
Dial-in details for the earnings conference call are as
follows:
US:
|
+1-845-675-0437 or
+1-866-519-4004
|
Hong
Kong:
|
+852-3018-6771 or
800-906-601
|
China:
|
800-8190-121 or
400-6208-038
|
International:
|
+65-6713-5090
|
|
|
Conference
ID:
|
48474461
|
A replay of the conference call may be accessed by phone at the
following number until August 17,
2016:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
|
|
Conference
ID:
|
48474461
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.bitauto.com.
[1] This announcement contains
translations of certain amounts in Renminbi into U.S. dollars at
specified rates solely for the convenience of the readers. Unless
otherwise noted, all translations from Renminbi to U.S. dollars are
made at a rate of RMB6.6459 to US$1.00, the effective noon buying
rate as of June 30, 2016 in The City of New York for cable
transfers of Renminbi as certified for customs purposes by the
Federal Reserve Bank of New
York.
|
[2] The unaudited condensed consolidated
financial information for the year and for each of the quarters in
the year ended December 31, 2015 have been revised after giving
effect to the Company's change in accounting standards from
International Financial Reporting Standards (IFRS) to accounting
principles generally accepted in the United States of America (U.S.
GAAP). The major impacts on unaudited condensed consolidated
statements of operations were related to revenue, cost of
revenue and non-operating income/expenses. In addition, the
accretion of mezzanine equity was considered when calculating basic
and diluted net profit/loss per
ADS.
|
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of
internet content and marketing services for China's fast-growing automotive industry.
Bitauto manages its businesses in
three segments: its advertising and subscription business,
transaction services business and digital marketing solutions
business.
Bitauto's advertising and subscription business offers
advertising and digital marketing solutions to automakers and
automobile customers in China.
Bitauto provides a variety of advertising services mainly to
automakers through its bitauto.com and taoche.com websites, which
provide consumers with up-to-date new and used automobile pricing
and promotional information, specifications, reviews and consumer
feedback. Bitauto also offers subscription services via its EP
platform which provides web-based and mobile-based integrated
digital marketing solutions to automobile customers in China. The platform enables dealer subscribers
to create their own online showrooms, list pricing and promotional
information, provide dealer contact information, place
advertisements and manage customer relationships to help them reach
a broad set of purchase-minded customers and effectively market
their automobiles to consumers online. In 2014, Bitauto began
providing automobile customers with transaction services on its EP
platform, including automobile transaction, CRM and online
automotive financial platform services, which are intended to
optimize the automobile purchase experience and facilitate
completion of transactions. Bitauto's digital marketing solutions
business provides automakers with one-stop digital marketing
solutions, including website creation and maintenance, online
public relations, online marketing campaigns and advertising.
For more information, please visit ir.bitauto.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook of the Company and the
quotations from management in this announcement, as well as
Bitauto's strategic and operational plans, contain forward-looking
statements. Bitauto may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Bitauto's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: our goals
and strategies; our future business development, financial
condition and results of operations; the expected growth of the
automobile industry and the internet marketing industry in
China; our expectations regarding
demand for and market acceptance of our services and service
delivery model; our expectations regarding enhancing our brand
recognition; our expectations regarding keeping and strengthening
our relationships with major customers, partner websites and media
vendors; relevant government policies and regulations relating to
our businesses, automobile purchases and ownership in China; our ability to attract and retain
quality employees; our ability to stay abreast of market trends and
technological advances; competition in our industry in China and internationally; general economic
and business conditions in China;
and our ability to effectively protect our intellectual property
rights and not infringe on the intellectual property rights of
others. Further information regarding these and other risks is
included in Bitauto's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F. Bitauto does
not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under applicable law. All information
provided in this press release and in the attachments is as of the
date of this press release, and Bitauto undertakes no duty to
update such information, except as required under applicable
law.
Use of Non-GAAP Financial Measures
Bitauto's management supplements the data it receives regarding
U.S. GAAP profit with non-GAAP profit, which excludes from U.S.
GAAP profit the charges relating to (i) share-based payments; (ii)
amortization of intangible assets resulting from asset and business
acquisitions; (iii) fair value adjustment of contingent
considerations; (iv) share of amortization of equity investments'
intangible assets not on their books; and (v) investment loss. This
non-GAAP financial measure provides Bitauto's management with the
ability to assess its operating results without considering the
impact of non-cash charges resulting from share-based payments.
Furthermore, this non-GAAP financial measure eliminates the impact
of item(s) that Bitauto does not consider indicative of the
performance of its business.
The use of non-GAAP profit has certain limitations. Share-based
payments have been and will continue to be incurred and are not
reflected in the presentation of the non-GAAP profit. This non-GAAP
financial measure should be considered in addition to results
prepared in accordance with U.S. GAAP, and should not be considered
a substitute for or superior to U.S. GAAP results. In addition,
non-GAAP profit may not be comparable to similarly titled measures
utilized by other companies since such other companies may not
calculate such measures in the same manner as Bitauto does.
Reconciliation of this non-GAAP financial measure to the most
directly comparable U.S. GAAP financial measure is set forth at the
end of this release.
For investor and media inquiries, please contact:
China
IR Department
Bitauto Holdings Limited
Tel: +86-10-6849-2145
ir@bitauto.com
SELECTED CONSOLIDATED
FINANCIAL
DATA
|
Unaudited Condensed
Consolidated Statements of
Operations
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
June 30,
2015
|
|
June 30,
2016
|
|
June 30,
2016
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,061,298,833
|
|
1,391,413,309
|
|
2,474,916,881
|
|
Cost of
revenue
|
|
(379,227,510)
|
|
(540,935,815)
|
|
(893,439,243)
|
|
Gross
profit
|
|
682,071,323
|
|
850,477,494
|
|
1,581,477,638
|
|
|
|
|
|
|
|
|
|
Selling and administrative
expenses
|
|
(667,740,776)
|
|
(785,508,699)
|
|
(1,504,037,739)
|
|
Product development
expenses
|
|
(76,618,578)
|
|
(101,252,941)
|
|
(199,559,048)
|
|
Other gains,
net
|
|
13,865,336
|
|
35,910,712
|
|
44,105,697
|
|
Operating
loss
|
|
(48,422,695)
|
|
(373,434)
|
|
(78,013,452)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
10,606,633
|
|
6,264,870
|
|
10,413,317
|
|
Interest
expense
|
|
(1,091,369)
|
|
(8,464,826)
|
|
(13,509,843)
|
|
Share of profits/(losses)
of associates and joint
ventures
|
|
529,491
|
|
(7,150,429)
|
|
(13,576,872)
|
|
Investment
loss
|
|
(136,256)
|
|
(1,872,537)
|
|
(1,534,345)
|
|
Loss before
tax
|
|
(38,514,196)
|
|
(11,596,356)
|
|
(96,221,195)
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(16,664,631)
|
|
(35,907,212)
|
|
(59,491,622)
|
|
Net loss for the
period
|
|
(55,178,827)
|
|
(47,503,568)
|
|
(155,712,817)
|
|
Total comprehensive
(loss)/income for the
period
|
|
(86,830,764)
|
|
90,612,044
|
|
(44,537,872)
|
|
|
|
|
|
|
|
|
|
Net loss for the period
attributable
to:
|
|
|
|
|
|
|
|
Ordinary shareholders
of the parent
company
|
|
(57,499,709)
|
|
(48,365,906)
|
|
(157,462,782)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
(loss)/income for the period attributable
to:
|
|
|
|
|
|
|
|
Ordinary shareholders
of the parent
company
|
|
(89,151,646)
|
|
89,749,706
|
|
(46,287,837)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial
data
|
|
|
|
|
|
|
|
Non-GAAP net profit for the
period
|
|
122,566,801
|
|
124,763,282
|
|
193,959,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
loss to non-GAAP net
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
June 30,
2015
|
|
June 30,
2016
|
|
June 30,
2016
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
Net loss for the
period
|
|
(55,178,827)
|
|
(47,503,568)
|
|
(155,712,817)
|
|
Share-based
payments
|
|
27,093,946
|
|
16,577,192
|
|
40,571,723
|
|
Amortization of intangible
assets resulting from asset and business
acquisitions
|
|
149,610,299
|
|
153,190,702
|
|
306,313,304
|
|
Fair value adjustment of
contingent
considerations
|
|
888,627
|
|
-
|
|
-
|
|
Share of amortization of
equity investments' intangible assets not on their
books
|
|
16,500
|
|
626,419
|
|
1,252,838
|
|
Investment
loss
|
|
136,256
|
|
1,872,537
|
|
1,534,345
|
|
Non-GAAP net profit for
the
period
|
|
122,566,801
|
|
124,763,282
|
|
193,959,393
|
|
|
|
|
|
|
SELECTED CONSOLIDATED
FINANCIAL
DATA
|
|
|
|
|
Unaudited Condensed
Consolidated Balance
Sheets
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2016
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
2,940,874,390
|
|
2,304,918,786
|
Time
deposits
|
|
100,000,000
|
|
-
|
Restricted
cash
|
|
350,654,400
|
|
1,589,976,741
|
Trade
receivables
|
|
1,899,789,400
|
|
2,591,963,715
|
Bills
receivables
|
|
147,660,156
|
|
61,074,696
|
Other current
assets
|
|
2,446,069,562
|
|
3,222,806,318
|
Non-current
assets
|
|
5,185,965,139
|
|
7,328,525,486
|
Total
assets
|
|
13,071,013,047
|
|
17,099,265,742
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Trade
payables
|
|
987,424,361
|
|
1,584,156,256
|
Other current
liabilities
|
|
1,673,076,585
|
|
3,493,496,166
|
Non-current
liabilities
|
|
88,222,874
|
|
719,337,000
|
Total
liabilities
|
|
2,748,723,820
|
|
5,796,989,422
|
Mezzanine
equity
|
|
1,697,717,536
|
|
1,770,742,762
|
Total
equity
|
|
8,624,571,691
|
|
9,531,533,558
|
Total liabilities,
mezzanine equity and
equity
|
|
13,071,013,047
|
|
17,099,265,742
|
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visit:http://www.prnewswire.com/news-releases/bitauto-announces-second-quarter-2016-results-300310996.html
SOURCE Bitauto Holdings Limited