BEIJING, May 8, 2019 /PRNewswire/ -- Autohome Inc.
(NYSE: ATHM) ("Autohome" or the "Company"), the leading online
destination for automobile consumers in China, today announced its unaudited financial
results for the first quarter ended March
31, 2019.
First
Quarter 2019 Financial
Highlights[1]
- Net Revenues in the first quarter of 2019 were
RMB1,611.9 million ($240.2 million), exceeding the high end of the
Company's original guidance of RMB1,585.0
million ($236.2 million).
- Net Income attributable to Autohome Inc. in the first
quarter of 2019 increased by 33.9% year-over-year to RMB646.3 million ($96.3
million).
- Adjusted net income attributable to Autohome Inc.
(Non-GAAP) in the first quarter of 2019 increased by 34.7%
year-over-year to RMB700.6 million
($104.4 million).
[1] The reporting currency of the
Company is Renminbi ("RMB"). For the convenience of readers,
certain amounts throughout the release are presented in US dollars
("$"). Unless otherwise noted, all conversions from RMB to US$ are
translated at the noon buying rate of US$1.00 to RMB6.7112 on March
29, 2019 in the City of New York for cable transfers of RMB as
certified for customs purposes by the Federal Reserve Bank of New
York. No representation is made that the RMB amounts could have
been, or could be, converted into US$ at such rate.
|
First Quarter 2019 Operational Highlights
- Mobile Traffic Leadership Continues: In March 2019, the total number of average daily
unique visitors who accessed the Company's mobile websites and
primary application reached 30.2 million, representing an increase
of 14% compared to March 2018,
further solidifying the Company's dominant position in the auto
vertical sector in China.
- Newly Launched Channels and Search Product
Enhanced Traffic Expansion: The Company continued
to expand its content portfolio by adding new categories that cater
to users' needs. Energy Vehicle and Mini Short Video channels
achieved new traffic records every month. Carso, the Company's
self-developed intelligent search engine, providing aggregated
car-related information, also experienced rapid traffic ramp
up.
Mr. Min Lu, Chairman of the Board of Directors and Chief
Executive Officer of Autohome, stated, "We achieved a solid
set of operating and financial results for the first quarter of
2019, despite the weak macro-economic conditions. Our media, leads
generation and new initiatives all contributed to the strong
revenue growth of 25% year-over-year. We are also excited to see
the continued ramp up of our traffic with mobile DAU increased by
14% year-over-year, further solidifying our mobile
leadership. All of these reflect the success of Autohome as a
leading auto ecosystem supported by artificial intelligence, big
data and cloud technologies, providing diverse and customized
contents for users, and generating unique value for our
automaker/dealer partners. We will continue enhancing our
core competitiveness and business fundamentals through investments
in these areas."
Mr. Jun Zou, Chief Financial
Officer of Autohome, added, "We started off the year 2019 by
delivering top-line growth momentum which surpassed our original
guidance. We also generated consistent profitability with adjusted
net income attributable to Autohome increased by 35% year-over-year
through effective financial control policies, increasing
operational leverage and prudent cost management. Our
results validate the power of our overall offerings and execution
efficiency. Looking towards the rest of 2019, we remain committed
to driving growth and profitability while investing in future
growth potentials."
Overview of Key Financial Results for the First Quarter
2019
Key Financial Results
(In RMB Millions
except for per share data)
|
1Q2018
|
1Q2019
|
%
Change
|
Net
Revenues
|
1,288.1
|
1,611.9
|
25.1%
|
Net Income
attributable to Autohome Inc.
|
482.8
|
646.3
|
33.9%
|
Adjusted Net Income
attributable to Autohome
Inc.[2] (Non-GAAP)
|
520.0
|
700.6
|
34.7%
|
Diluted Earnings Per
Share[3]
|
4.05
|
5.41
|
33.6%
|
[2] Adjusted net
income attributable to Autohome Inc. is defined as net income
attributable to Autohome Inc. excluding share-based compensation
expenses and amortization expenses of intangible assets related to
acquisitions. For more information on this and other non-GAAP
financial measures, please see the section captioned "Use of
Non-GAAP Financial Measures" and the tables captioned
"Reconciliations of Non-GAAP and GAAP Results" set forth at the end
of this release.
|
[3] Each ordinary share equals one
ADS.
|
Unaudited First Quarter 2019 Financial Results
Net Revenues
Net revenues in the first quarter of 2019 were RMB1,611.9 million ($240.2
million) compared to RMB1,288.1
million in the corresponding period of 2018.
- Media services revenues increased by 10.1% to
RMB643.2 million ($95.8 million) from RMB584.2 million in the corresponding period of
2018. The increase was mainly attributable to an increase in
average revenue per automaker advertiser as automakers continued to
allocate a greater portion of their advertising budgets to
Autohome, which provides an increasingly diversified and optimized
portfolio of products.
- Leads generation services revenues increased by 20.2% to
RMB734.1 million ($109.4 million) from RMB610.8 million in the corresponding period of
2018. The increase was primarily attributable to the increase in
average revenue per paying dealer.
- Online marketplace and others revenues increased by
152.1% to RMB234.6 million
($35.0 million) from RMB93.1 million in the corresponding period of
2018. This increase was primarily attributable to the increased
contribution from the auto-financing business and data
products.
Cost of Revenues
Cost of revenues were RMB184.5 million ($27.5 million) from RMB146.1 million in the corresponding period of
2018. In addition, cost of revenues included share-based
compensation expenses of RMB3.9 million ($0.6 million) during the first quarter
of 2019, compared to RMB1.1 million
for the corresponding period of 2018.
Operating Expenses
Operating expenses were RMB846.1 million
($126.1 million) in the first quarter
of 2019, compared to RMB689.7 million in the corresponding
period of 2018. The increase was mainly due to the increases in
sales and marketing expenses and product development expenses as
the Company continues to invest in future growth opportunities.
- Sales and marketing expenses were RMB509.7 million ($76.0
million) in the first quarter of 2019, compared to
RMB398.0 million in the corresponding
period of 2018. The increase was primarily due to an increase in
salaries and benefits of sales and marketing staff and offline
execution expenses. Sales and marketing expenses for the first
quarter of 2019 included share-based compensation expenses of
RMB13.2 million ($2.0 million), compared to RMB11.5 million in the corresponding period of
2018.
- General and administrative expenses were RMB67.8 million ($10.1
million) in the first quarter of 2019, compared to
RMB62.9 million in the corresponding
period of 2018. General and administrative expenses for the first
quarter of 2019 included share-based compensation expenses of
RMB14.9 million ($2.2 million), compared to RMB12.2 million in the corresponding period of
2018.
- Product development expenses were RMB268.6 million ($40.0
million) in the first quarter of 2019 compared to
RMB228.8 million in the corresponding
period of 2018. The increase was primarily due to an increase in
salaries and benefits to product development staff. Product
development expenses for the first quarter of 2019 included
share-based compensation expenses of RMB21.2
million ($3.2 million),
compared to RMB11.3 million in the
corresponding period of 2018.
Operating Profit
Operating profit increased by 25.7% to RMB657.5 million ($98.0
million) from RMB523.2 million
in the corresponding period of 2018.
Income tax expense
Income tax expense increased by 15.0% to RMB119.5 million ($17.8
million) in the first quarter of 2019, from RMB103.9 million in the corresponding period of
2018, primarily attributable to an increase in taxable income.
Net Income attributable to Autohome Inc. and
EPS
Net income attributable to Autohome Inc. increased by
33.9% to RMB646.3 million
($96.3 million) from RMB482.8 million in the corresponding period of
2018. Basic and diluted earnings per share/per ADS or
"EPS" were RMB5.47
($0.82) and RMB5.41($0.81),
respectively, compared to basic and diluted EPS of RMB4.11 and RMB4.05, respectively, in the corresponding
period of 2018.
Adjusted Net Income attributable to Autohome
Inc. (Non-GAAP) and Non-GAAP EPS
Adjusted net income attributable to Autohome Inc. (Non-GAAP),
defined as net income attributable to Autohome Inc. excluding
share-based compensation expenses and amortization expenses of
intangible assets related to acquisitions, increased by 34.7%
to RMB700.6 million ($104.4 million) from RMB520.0 million in the corresponding period of
2018. Non-GAAP basic and diluted EPS were RMB5.93 ($0.88) and
RMB5.87 ($0.87), respectively, compared to non-GAAP basic
and diluted EPS of RMB4.43 and
RMB4.36, respectively, in the
corresponding period of 2018.
Balance Sheet and Cash Flow
As of March 31, 2019, the Company
had cash and cash equivalents and short-term investments of
RMB10.48 billion ($1,561.0 million). Net cash provided by operating
activities in the first quarter of 2019 was RMB418.0 million ($62.3
million).
Employees
The Company had 4,295 employees as of March 31, 2019.
Business Outlook
Autohome currently expects to generate net revenues in the range
of RMB2,275.0 million ($339.0 million) to RMB2,305.0 million ($343.5
million) in the second quarter of fiscal year 2019,
representing a 21.7% to 23.3% year-over-year increase. This
forecast reflects the Company's current and preliminary view on the
market and its operating conditions, which are subject to
change.
Conference Call Information
The Company will host an earnings conference call at
8:00 AM U.S. Eastern Time on
Wednesday, May 8, 2019 (8:00 PM Beijing Time on the same day).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
+1-855-824-5644
|
Hong
Kong:
|
+852-3027-6500
|
China
Domestic:
|
8009-880-563
|
United
Kingdom:
|
0800-026-1542
|
International:
|
+1 646-722-4977
|
Passcode:
|
83021438#
|
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until May 14,
2019:
United
States:
|
+1-646-982-0473
|
International:
|
+61-2-8325-2405
|
Passcode:
|
319317203#
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.autohome.com.cn.
About Autohome Inc.
Autohome Inc. (NYSE: ATHM) is the leading online destination for
automobile consumers in China. Its mission is to enhance the
car-buying and ownership experience for auto consumers in
China. Autohome provides
professionally produced and user-generated content, a comprehensive
automobile library, and extensive automobile listing information to
automobile consumers, covering the entire car purchase and
ownership cycle. The ability to reach a large and engaged user base
of automobile consumers has made Autohome a preferred platform for
automakers and dealers to conduct their advertising campaigns.
Further, the Company's dealer subscription and advertising services
allow dealers to market their inventory and services through
Autohome's platform, extending the reach of their physical
showrooms to potentially millions of internet users in China and generating sales leads for them. The
Company offers sales leads, data analysis, and marketing services
to assist automakers and dealers with improving their efficiency
and facilitating transactions. As a transaction-centric company,
Autohome operates its "Autohome Mall," a full-service online
transaction platform, to facilitate transactions for automakers and
dealers. Further, through its websites and mobile
applications, it also provides other value-added services,
including auto financing, auto insurance, used car transactions,
and aftermarket services. For further information, please visit
www.autohome.com.cn.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to 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" and similar statements.
Among other things, Autohome's business outlook, Autohome's
strategic and operational plans and quotations from management in
this announcement contain forward-looking statements. Autohome may
also make written or oral forward-looking statements in its
periodic reports to the Securities and Exchange Commission ("SEC"),
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 Autohome'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: Autohome's goals and strategies;
Autohome's future business development, results of operations and
financial condition; the expected growth of the online automobile
advertising market in China;
Autohome's ability to attract and retain users and advertisers and
further enhance its brand recognition; Autohome's expectations
regarding demand for and market acceptance of its products and
services; competition in the online automobile advertising
industry; fluctuations in general economic and business conditions
in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in Autohome's filings
with the SEC. All information provided in this press release is as
of the date of this press release, and Autohome does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with U.S. GAAP,
we use Adjusted Net Income attributable to Autohome Inc., Non-GAAP
basic and diluted EPS and Adjusted EBITDA as non-GAAP financial
measures. We define Adjusted Net Income attributable to Autohome
Inc. as net income attributable to Autohome Inc. excluding
share-based compensation expenses and amortization expenses of
intangible assets related to acquisitions. We define Non-GAAP basic
and diluted EPS as Adjusted Net Income attributable to Autohome
Inc. divided by the basic and diluted weighted average number of
ordinary shares. We define Adjusted EBITDA as net income
attributable to Autohome Inc. before income tax expense/(benefit),
depreciation expenses of property and equipment and amortization
expenses of intangible assets and share-based compensation
expenses. We present these non-GAAP financial measures because they
are used by our management to evaluate our operating performance,
in addition to net income prepared in accordance with U.S. GAAP. We
believe these non-GAAP financial measures are important to help
investors understand our operating and financial performance,
compare business trends among different reporting periods on a
consistent basis and assess our core operating results, as they
exclude certain expenses that are not expected to result in cash
payments. The use of the above non-GAAP financial measures has
certain limitations. Share-based compensation expenses have been
and will continue to be incurred in the future and are not
reflected in the presentation of the non-GAAP financial measures,
but should be considered in the overall evaluation of our results.
These non-GAAP financial measures should be considered in addition
to financial measures prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, financial
measures prepared in accordance with GAAP. For more information on
these non-GAAP financial measures, please see the table captioned
"Reconciliation of non-GAAP and GAAP Results" set forth at the end
of this press release.
For investor and media inquiries, please contact:
In China:
Autohome Inc.
Investor Relations
Anita Chen
Tel: +86-10-5985-7483
Email: ir@autohome.com.cn
The Piacente Group, Inc.
Xi
Zhang
Tel: +86-10-5730-6200
E-mail: autohome@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: autohome@tpg-ir.com
AUTOHOME
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS DATA
|
(Amount in thousands,
except per share data)
|
|
|
|
|
|
|
|
For three
months ended March 31,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
Media
services
|
584,150
|
|
643,235
|
|
95,845
|
Leads generation
services
|
610,830
|
|
734,087
|
|
109,382
|
Online marketplace
and others
|
93,074
|
|
234,606
|
|
34,957
|
Total net
revenues
|
1,288,054
|
|
1,611,928
|
|
240,184
|
Cost of
revenues
|
(146,141)
|
|
(184,454)
|
|
(27,485)
|
Gross
profit
|
1,141,913
|
|
1,427,474
|
|
212,699
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Sales and marketing
expenses
|
(398,032)
|
|
(509,724)
|
|
(75,951)
|
General and
administrative expenses
|
(62,880)
|
|
(67,758)
|
|
(10,096)
|
Product development
expenses
|
(228,790)
|
|
(268,573)
|
|
(40,019)
|
Total operating
expenses
|
(689,702)
|
|
(846,055)
|
|
(126,066)
|
Other income,
net
|
70,996
|
|
76,038
|
|
11,330
|
Operating
profit
|
523,207
|
|
657,457
|
|
97,963
|
|
|
|
|
|
|
Interest
income
|
64,042
|
|
114,221
|
|
17,019
|
Loss from equity
method investments
|
(1,890)
|
|
(1,582)
|
|
(236)
|
Fair value change of
other non-current
assets
|
-
|
|
(4,026)
|
|
(600)
|
Income before
income taxes
|
585,359
|
|
766,070
|
|
114,146
|
|
|
|
|
|
|
Income tax
expense
|
(103,905)
|
|
(119,525)
|
|
(17,810)
|
Net
income
|
481,454
|
|
646,545
|
|
96,336
|
Net loss/(income)
attributable to
noncontrolling interests
|
1,329
|
|
(236)
|
|
(35)
|
Net income
attributable to Autohome
Inc.
|
482,783
|
|
646,309
|
|
96,301
|
Earnings per share
for ordinary shares
|
|
|
|
|
|
Basic
|
4.11
|
|
5.47
|
|
0.82
|
Diluted
|
4.05
|
|
5.41
|
|
0.81
|
|
|
|
|
|
|
Weighted average
shares used to
compute earnings per share attributable
to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
117,323,795
|
|
118,229,887
|
|
118,229,887
|
Diluted
|
119,164,166
|
|
119,385,615
|
|
119,385,615
|
|
|
|
|
|
|
AUTOHOME
INC.
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
(Amount in thousands,
except per share data)
|
|
|
|
|
|
|
|
For three
months ended March 31,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
Net income
attributable to
Autohome Inc.
|
482,783
|
|
646,309
|
|
96,301
|
Plus: income tax
expense
|
103,905
|
|
119,525
|
|
17,810
|
Plus: depreciation of
property and
equipment
|
21,263
|
|
25,326
|
|
3,774
|
Plus: amortization of
intangible assets
|
2,904
|
|
2,917
|
|
435
|
EBITDA
|
610,855
|
|
794,077
|
|
118,320
|
Plus: share-based
compensation
expenses
|
36,035
|
|
53,187
|
|
7,925
|
Adjusted
EBITDA
|
646,890
|
|
847,264
|
|
126,245
|
|
|
|
|
|
|
Net income
attributable to
Autohome Inc.
|
482,783
|
|
646,309
|
|
96,301
|
Plus: amortization of
acquired
intangible assets of Cheerbright,
China Topside and Norstar
|
1,138
|
|
1,139
|
|
170
|
Plus: share-based
compensation
expenses
|
36,035
|
|
53,187
|
|
7,925
|
Adjusted Net
Income attributable
to Autohome Inc.
|
519,956
|
|
700,635
|
|
104,396
|
Non-GAAP Earnings
per share for
ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
4.43
|
|
5.93
|
|
0.88
|
Diluted
|
4.36
|
|
5.87
|
|
0.87
|
|
|
|
|
|
|
Weighted average
shares used to
compute earnings per share
attributable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
117,323,795
|
|
118,229,887
|
|
118,229,887
|
Diluted
|
119,164,166
|
|
119,385,615
|
|
119,385,615
|
AUTOHOME
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEET[4]
|
(Amount in thousands,
except as noted)
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of March
31,
|
|
2018
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
211,970
|
|
868,769
|
|
129,451
|
Short-term
investments
|
9,849,488
|
|
9,607,613
|
|
1,431,579
|
Accounts and notes
receivable, net
|
2,795,835
|
|
2,649,263
|
|
394,753
|
Amounts due from
related parties,
current
|
34,047
|
|
44,664
|
|
6,655
|
Prepaid expenses and
other current
assets
|
249,977
|
|
483,467
|
|
72,039
|
Total current
assets
|
13,141,317
|
|
13,653,776
|
|
2,034,477
|
Non-current
assets
|
|
|
|
|
|
Restricted cash,
non-current
|
5,000
|
|
5,000
|
|
745
|
Property and
equipment, net
|
170,198
|
|
148,149
|
|
22,075
|
Goodwill and
intangible assets, net
|
1,543,682
|
|
1,540,765
|
|
229,581
|
Long-term
investments
|
70,979
|
|
69,397
|
|
10,340
|
Deferred tax
assets
|
90,179
|
|
99,577
|
|
14,837
|
Other non-current
assets
|
734,846
|
|
889,983
|
|
132,612
|
Total non-current
assets
|
2,614,884
|
|
2,752,871
|
|
410,190
|
Total
assets
|
15,756,201
|
|
16,406,647
|
|
2,444,667
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accrued expenses and
other
payables
|
2,439,948
|
|
2,284,155
|
|
340,350
|
Advance from
customers
|
75,017
|
|
98,027
|
|
14,606
|
Deferred
revenue
|
1,510,726
|
|
1,502,220
|
|
223,838
|
Income tax
payable
|
119,210
|
|
157,973
|
|
23,539
|
Amounts due to
related parties
|
19,868
|
|
26,867
|
|
4,003
|
Total current
liabilities
|
4,164,769
|
|
4,069,242
|
|
606,336
|
Non-current
liabilities
|
|
|
|
|
|
Other
liabilities
|
24,068
|
|
60,568
|
|
9,025
|
Deferred tax
liabilities
|
455,921
|
|
447,079
|
|
66,617
|
Total non-current
liabilities
|
479,989
|
|
507,647
|
|
75,642
|
Total
liabilities
|
4,644,758
|
|
4,576,889
|
|
681,978
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Total Autohome
Inc. Shareholders'
equity
|
11,135,278
|
|
11,853,357
|
|
1,766,205
|
Noncontrolling
interests
|
(23,835)
|
|
(23,599)
|
|
(3,516)
|
Total
equity
|
11,111,443
|
|
11,829,758
|
|
1,762,689
|
Total liabilities
and equity
|
15,756,201
|
|
16,406,647
|
|
2,444,667
|
[4] In
February 2016, the Financial Accounting Standards Board issued ASU
No. 2016-02, Leases ("ASU 2016-02"). Under the new
provisions, all lessees will report a right-of-use asset and a
liability for the obligation to make payments for all leases with
the exception of those leases with a term of 12 months or less. The
Company has finalized its analysis and the most significant impact
is the recognition of right-of-use assets and lease liabilities for
operating lease related to office buildings and internet data
center ("IDC") facilities. The Company adopted this guidance
effective January 1, 2019 using the modified retrospective method,
with the comparative information not being restated and continues
to be reported under the accounting standards in effect for those
periods. As of March 31, 2019, operating lease right-of-use assets
(included in other non-current assets) of RMB154.7 million (US$23.1
million), operating lease liabilities, current (included in accrued
expenses and other payables and amounts due to related parties) of
RMB116.7 million (US$17.4 million) and operating lease liabilities,
non-current (included in other liabilities) of RMB36.5 million
(US$5.4 million) was recognized on the consolidated balance
sheet.
|
View original
content:http://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-first-quarter-ended-march-31-2019-financial-results-300846147.html
SOURCE Autohome Inc.