BEIJING, Feb. 26, 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 fourth quarter and full year ended December 31, 2018.
Fourth Quarter 2018
Financial Highlights[1]
- Net Revenues in the fourth quarter of 2018 were
RMB2,187.8 million ($318.2 million), exceeding the high end of the
Company's original guidance of RMB2,130.0
million ($309.8 million).
- Net Income attributable to Autohome Inc. in the fourth
quarter of 2018 increased 39.0% year-over-year to RMB1,015.3 million ($147.7
million).
- Adjusted net income attributable to Autohome Inc.
(Non-GAAP) in the fourth quarter of 2018 increased 38.7%
year-over-year to RMB1,076.2 million
($156.5 million).
Full Year 2018 Financial
Highlights[1]
- Net Revenues excluding direct vehicle sales increased
35.4% year-over-year to RMB7,233.2
million ($1,052.0
million).
- Net Income attributable to Autohome Inc. increased 43.4%
year-over-year to RMB2,871.0 million
($417.6 million).
- Adjusted net income attributable to Autohome Inc. was
RMB3,077.9 million ($447.7 million), an increase of 40.9%
year-over-year.
[1] The reporting currency of the
Company is Renminbi ("RMB"). For the convenience of readers,
certain amounts throughout the release are presented in US dollars
("$"). Unless otherwise noted, all conversions from RMB to US$ are
translated at the noon buying rate of US$1.00 to RMB 6.8755 on
December 31, 2018 in the City of New York for cable transfers of
RMB as certified for customs purposes by the Federal Reserve Bank
of New York. No representation is made that the RMB amounts could
have been, or could be, converted into US$ at such rate.
|
Adoption of ASC 606, Revenue from Contracts with
Customers
In May 2014, the FASB issued a new
standard related to revenue recognition and further issued several
amendments and updates to the new revenue guidance. The Company has
finalized its analysis and the most significant impact is the
change of the presentation of value-added tax from gross basis to
net basis. The Company adopted this guidance effective January 1, 2018 using the modified retrospective
method. The comparative information has not been restated and
continues to be reported under the accounting standards in effect
for those periods.
To provide investors with meaningful year-over-year comparison,
the Company has provided a reconciliation table for the impact of
adopting this new revenue guidance for the fourth quarter of 2018
and corresponding period in 2017, as adjusted, which was related to
the change in presentation of value-added tax from gross basis to
net basis.
|
|
For the three
months ended December 31, 2018
|
|
|
Under ASC
605
|
|
Adjustments
related to new
revenue guidance
|
|
Under ASC
606
|
Net
revenues
|
|
|
|
|
|
|
Media
services
|
|
1,158,129
|
|
(65,554)
|
|
1,092,575
|
Leads generation
services
|
|
886,205
|
|
(105,284)
|
|
780,921
|
Online marketplace
and others
|
|
337,303
|
|
(23,017)
|
|
314,286
|
Total net
revenues
|
|
2,381,637
|
|
(193,855)
|
|
2,187,782
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(370,936)
|
|
120,837
|
|
(250,099)
|
Gross
profit
|
|
2,010,701
|
|
(73,018)
|
|
1,937,683
|
|
|
|
|
|
|
|
Operating
profit
|
|
899,159
|
|
-
|
|
899,159
|
Net
income attributable to
Autohome Inc.
|
|
1,015,282
|
|
-
|
|
1,015,282
|
|
|
For the three
months ended December 31, 2017
|
|
|
Under ASC
605
|
|
Adjustments
related to new
revenue guidance
|
|
Under ASC
606
|
Net
revenues
|
|
|
|
|
|
|
Media
services
|
|
964,126
|
|
(54,573)
|
|
909,553
|
Leads generation
services
|
|
717,510
|
|
(88,745)
|
|
628,765
|
Online marketplace
and others
|
|
69,805
|
|
(4,504)
|
|
65,301
|
Total net
revenues
|
|
1,751,441
|
|
(147,822)
|
|
1,603,619
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(322,675)
|
|
90,049
|
|
(232,626)
|
Gross
profit
|
|
1,428,766
|
|
(57,773)
|
|
1,370,993
|
|
|
|
|
|
|
|
Operating
profit
|
|
596,570
|
|
-
|
|
596,570
|
Net
income attributable to
Autohome Inc.
|
|
730,398
|
|
-
|
|
730,398
|
For the ease of readers, the operational results are discussed
and analyzed under the new revenue guidance, including those for
the comparative period in 2017.
Fourth Quarter 2018 Operational Highlights
- Mobile Traffic Leadership Continues: In December 2018, the number of average daily unique
visitors who accessed the Company's mobile websites and primary
application combined reached 29 million, representing an increase
of approximately 10% compared to December
2017, further solidifying the Company's dominant position in
the auto vertical sector in China.
- Data-driven Professionally Generated Content (PGC)
Aggregates Audience Focus: The Company's automobile content
platform continued to be best-in-class with the number of
professional content contributors increasing 110% compared to the
previous year. The high-quality content generated by the PGCs has
attracted users to visit Autohome platform repeatedly.
Mr. Min Lu, Chairman of the Board
and Chief Executive Officer of Autohome, stated, "As we closed out
2018, despite relatively soft macro-economic conditions in
China, we continued to outperform
in business operations and financial metrics. This
demonstrates the successful execution of our overall strategy in
transforming Autohome into a technology and data-driven automotive
eco-platform, which serves as the essential foundation for driving
future growth of robust traffic, a broadened and actively engaged
user base and deepened partnerships with automakers and dealers,
providing compelling returns on investment from our innovative
marketing solutions. In addition, we have achieved solid
monetization from our new initiatives in auto-financing and data
products with increasing client penetration, complementing our core
leading media and leads generation businesses in 2018.
Looking ahead, we will continue our efforts in building the next
generation auto eco-system utilizing AI, big data and cloud, in
order to further reinforce our leadership, as well as to generate
long-term value and growth opportunities."
Mr. Jun Zou, Chief Financial
Officer, added, "While we experienced challenges in the overall
automobile sales environment in China during 2018, we delivered excellent
results, generating full-year revenue growth of over 35% if
excluding direct sales, and adjusted net income growth of over 40%
compared to last year. This reflects the unique strength of
our platform with multifaceted revenue streams, as well as our
disciplined cost control with increasing operational
leverage. Given the several consecutive quarters of increased
revenue and profitability year-over-year, we are confident in the
resiliency and high-performance of our platform and organization,
which bodes well with our continued focus on business expansion,
eco-system advancement, cost-containment strategies, and
partnership collaboration."
Overview of Key
Financial Results for Fourth Quarter and Full Year
2018
|
Key Financial
Results
|
|
|
(In RMB Millions
except for per share
data)
|
4Q2017
|
4Q2018
|
%
Change
|
FY2017
|
FY2018
|
%
Change
|
Net
Revenues
|
1,603.6
|
2,187.8
|
36.4%
|
5,647.3
|
7,233.2
|
28.1%
|
Net Income
attributable to Autohome Inc.
|
730.4
|
1,015.3
|
39.0%
|
2,001.6
|
2,871.0
|
43.4%
|
Adjusted Net Income
attributable to
Autohome Inc.[2] (Non-GAAP)
|
775.7
|
1,076.2
|
38.7%
|
2,184.0
|
3,077.9
|
40.9%
|
Diluted Earnings Per
Share[3]
|
6.15
|
8.52
|
38.5%
|
16.95
|
24.08
|
42.1%
|
[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 Fourth Quarter 2018 Financial
Results
Net Revenues
Net revenues in the fourth quarter of 2018 were RMB2,187.8 million ($318.2
million) compared to RMB1,603.6
million in the corresponding period of
2017.
- Media services revenues increased 20.1% to RMB1,092.6 million ($158.9
million) from RMB909.6 million
in the corresponding period of 2017. The increase was mainly
attributable to an expanded automaker client base as well as 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 24.2% to
RMB780.9 million ($113.6 million) from RMB628.8 million in the corresponding period of
2017. The increase was primarily attributable to an 18.5%
year-over-year increase in average revenue per paying dealer
together with an expanded dealer client base.
- Online marketplace and others revenues increased 381.3%
to RMB314.3 million ($45.7 million) from RMB65.3 million in the corresponding period of
2017. This increase was primarily attributable to the increased
contribution from the auto-financing business and data products.
Online marketplace and others revenues in the fourth quarter of
2018 consisted of revenues related to the new car and used car
marketplace, the auto-financing business, data products and
others.
Cost of Revenues
Cost of revenues increased 7.5% to RMB250.1 million ($36.4
million) from RMB232.6 million
in the corresponding period of 2017. In addition, cost of revenues
included share-based compensation expenses of RMB3.6 million ($0.5 million) during the fourth quarter of
2018, compared to RMB3.8 million for
the corresponding period of 2017.
Operating Expenses
Operating expenses were RMB1,134.1 million
($164.9 million) in the fourth
quarter of 2018, compared to RMB827.3
million in the corresponding period of 2017. The increase was
mainly due to increases in sales and marketing expenses and product
development expenses as the Company continues to reinvest in future
growth opportunities.
- Sales and marketing expenses were RMB772.7 million ($112.4
million) in the fourth quarter of 2018, compared to
RMB506.6 million in the corresponding
period of 2017. The increase was primarily attributable to an
increase in offline execution and branding expenses. Sales and
marketing expenses for the fourth quarter of 2018 included
share-based compensation expenses of RMB18.2
million ($2.7 million),
compared to RMB17.0 million in the
corresponding period of 2017.
- General and administrative expenses were RMB65.3 million ($9.5
million) in the fourth quarter of 2018, compared to
RMB54.5 million in the corresponding
period of 2017. The increase was primarily attributable to an
increase in salaries and benefits. General and administrative
expenses for the fourth quarter of 2018 included share-based
compensation expenses of RMB15.4
million ($2.2 million),
compared to RMB8.7 million in the
corresponding period of 2017.
- Product development expenses were RMB296.1 million ($43.1
million) in the fourth quarter of 2018 compared to
RMB266.2 million in the corresponding
period of 2017. The increase was primarily attributable to an
increase in salaries and benefits and increased investment in
research and development activities. Product development expenses
for the fourth quarter of 2018 included share-based compensation
expenses of RMB22.5 million
($3.3 million), compared to
RMB14.7 million in the corresponding
period of 2017.
Operating Profit
Operating profit increased 50.7% to RMB899.2 million ($130.8
million) from RMB596.6 million
in the corresponding period of 2017.
Income tax benefit
There was an income tax benefit of RMB21.8 million ($3.2
million) in the fourth quarter of 2018, compared to an
income tax benefit of RMB68.9 million
in the corresponding period of 2017. The income tax benefit was
derived from Autohome's certain subsidiaries.
Net Income attributable to Autohome Inc. and
EPS
Net income attributable to Autohome Inc. increased 39.0% to
RMB1,015.3 million ($147.7 million) from RMB730.4 million in the corresponding period of
2017. Basic and diluted earnings per share/per ADS
("EPS") were RMB8.60
($1.25) and RMB8.52 ($1.24 ),
respectively, compared to basic and diluted EPS of RMB6.24 and RMB6.15, respectively, in the corresponding
period of 2017.
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 38.7% to
RMB1,076.2 million
($156.5 million) from RMB775.7 million in the corresponding period of
2017. Non-GAAP basic and diluted EPS were RMB9.12 ($1.33) and
RMB9.03 ($1.31), respectively, compared to non-GAAP basic
and diluted EPS of RMB6.62 and
RMB6.53, respectively, in the
corresponding period of 2017.
Unaudited Full Year 2018 Financial Results
Net Revenues
Net revenues increased 28.1% to RMB7,233.2 million ($1,052.0 million) from RMB5,647.3 million in 2017. Excluding direct
vehicle sales in 2017, the increase would have been 35.4%.
- Media services revenues increased 21.3% to RMB3,508.3 million ($510.3
million) from RMB 2,892.3
million in 2017. 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 provided an increasingly diversified and
optimized portfolio of products.
- Leads generation services revenues increased 25.5% to
RMB2,871.0 million ($417.6 million) from RMB2,288.3 million in 2017. The increase was
primarily attributable to a 19.1% year-over-year increase in
average revenue per paying dealer as well as an expanded dealer
client base.
- Online marketplace and others revenues increased 83.0%
to RMB853.9 million ($124.2 million) from RMB466.7 million in 2017. Excluding direct
vehicle sales, it would have increased 429.4% compared to 2017.
This increase was primarily attributable to the increased
contribution from the auto-financing business, data products and
others.
Cost of Revenues
Cost of revenues decreased by 18.5% to RMB820.3 million ($119.3
million) from RMB1,006.0
million in 2017. Excluding the cost of direct vehicle sales
in 2017, cost of revenues would have increased 16.1% compared to
2017. In addition, cost of revenues included share-based
compensation expenses of RMB16.1
million ($2.3 million)
compared to RMB15.2 million in
2017.
Operating Expenses
Operating expenses were RMB3,885.3 million ($565.1 million) compared to RMB2,808.2 million in 2017. The increase was
mainly due to increases in sales and marketing expenses and product
development expenses as the Company continued to reinvest in future
growth opportunities.
- Sales and marketing expenses were RMB2,435.2 million ($354.2
million) in 2018, compared to RMB1,647.5 million in 2017. The increase was
primarily attributable to an increase in offline execution and
branding expenses. Sales and marketing expenses for 2018 included
share-based compensation expenses of RMB61.6
million ($9.0 million),
compared to RMB53.1 million in
2017.
- General and administrative expenses were RMB314.8 million ($45.8
million) in 2018, compared to RMB282.0 million in 2017. The increase was
primarily attributable to an increase in salaries and benefits.
General and administrative expenses for 2018 included share-based
compensation expenses of RMB56.0
million ($8.1 million),
compared to RMB60.0 million in
2017.
- Product development expenses were RMB1,135.2 million ($165.1
million) in 2018, compared to RMB878.8 million in 2017. The increase was
primarily attributable to an increase in salaries and benefits and
increased investment in research and development activities.
Product development expenses for 2018 included share-based
compensation expenses of RMB68.6
million ($10.0 million),
compared to RMB49.6 million in
2017.
Operating Profit
Operating profit increased 39.8% to RMB2,868.9 million ($417.3
million) from RMB2,051.8
million in 2017.
Income tax expense
Income tax expense increased 41.5% to RMB377.9 million ($55.0
million) from RMB267.1 million
in 2017, primarily attributable to an increase in taxable
income.
Net Income attributable to Autohome Inc. and
EPS
Net income attributable to Autohome Inc. increased 43.4% to
RMB2,871.0 million ($417.6 million) from RMB2,001.6 million in 2017. Basic and diluted
earnings per share/per ADS ("EPS") were RMB24.40 ($3.55)
and RMB24.08 ($3.50), respectively, compared to basic and
diluted EPS of RMB17.20 and
RMB16.95, respectively, in 2017.
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 40.9% to
RMB3,077.9 million ($447.7 million) from RMB2,184.0 million in 2017. Non-GAAP basic and
diluted EPS were RMB26.16
($3.80) and RMB25.81 ($3.75),
respectively, compared to non-GAAP basic and diluted EPS of
RMB18.77 and RMB18.50, respectively, in 2017.
Balance Sheet and Cash Flow
As of December 31, 2018, the
Company had cash and cash equivalents and short-term investments of
RMB10.06 billion ($1,463.4 million). Net cash provided by operating
activities in the year of 2018 was RMB3,111.4 million ($452.5
million), compared to RMB2,463.7
million in 2017.
Employees
The Company had 4,335 employees as of December 31, 2018.
Business Outlook
Autohome currently expects to generate net revenues in the range
of RMB1,565.0 million ($227.6 million) to RMB1,585.0 million ($230.5
million) in the first quarter of fiscal year 2019,
representing a 21.5% to 23.1% 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.
Starting on January 1, 2018,
Autohome adopted a new revenue recognition accounting standard ASC
606. Under ASC 606, the most significant impact on Autohome will be
the change of presentation of value-added tax from a gross basis to
a net basis. The above guidance reflects revenues net of
value-added tax under the new revenue recognition standard.
Conference Call Information
The Company will host an earnings conference call at
7:00 AM U.S. Eastern Time on
Tuesday, February 26, 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:
|
14465442#
|
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 March 4,
2019:
United
States:
|
+1-646-982-0473
|
International:
|
+61-2-8325-2405
|
Passcode:
|
319313765#
|
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
Aggie Zhao
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 COMPREHENSIVE INCOME[4]
|
(Amount in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For three months
ended December 31,
|
|
For year ended
December 31,
|
|
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
services
|
|
|
964,126
|
|
1,092,575
|
|
158,908
|
|
3,065,832
|
|
3,508,254
|
|
510,254
|
Leads
generation services
|
|
|
717,510
|
|
780,921
|
|
113,580
|
|
2,615,998
|
|
2,870,996
|
|
417,569
|
Online marketplace
and others
|
|
69,805
|
|
314,286
|
|
45,711
|
|
528,351
|
|
853,901
|
|
124,195
|
Total net
revenues
|
|
|
1,751,441
|
|
2,187,782
|
|
318,199
|
|
6,210,181
|
|
7,233,151
|
|
1,052,018
|
Cost of
revenues
|
|
|
(322,675)
|
|
(250,099)
|
|
(36,375)
|
|
(1,358,685)
|
|
(820,288)
|
|
(119,306)
|
Gross
profit
|
|
|
1,428,766
|
|
1,937,683
|
|
281,824
|
|
4,851,496
|
|
6,412,863
|
|
932,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing expenses
|
|
(506,572)
|
|
(772,657)
|
|
(112,378)
|
|
(1,647,519)
|
|
(2,435,236)
|
|
(354,190)
|
General and
administrative
|
|
(54,456)
|
|
(65,326)
|
|
(9,501)
|
|
(281,951)
|
|
(314,846)
|
|
(45,792)
|
expenses
|
|
|
Product
development
|
|
(266,223)
|
|
(296,076)
|
|
(43,062)
|
|
(878,773)
|
|
(1,135,247)
|
|
(165,115)
|
expenses
|
|
|
Total operating
expenses
|
|
(827,251)
|
|
(1,134,059)
|
|
(164,941)
|
|
(2,808,243)
|
|
(3,885,329)
|
|
(565,097)
|
Other income,
net
|
|
|
(4,945)
|
|
95,535
|
|
13,895
|
|
8,577
|
|
341,391
|
|
49,653
|
Operating
profit
|
|
|
596,570
|
|
899,159
|
|
130,778
|
|
2,051,830
|
|
2,868,925
|
|
417,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
67,356
|
|
104,274
|
|
15,166
|
|
220,282
|
|
358,811
|
|
52,187
|
Income/(loss) from
equity
|
(4,654)
|
|
(1,513)
|
|
(220)
|
|
(10,571)
|
|
24,702
|
|
3,593
|
method
investments
|
|
|
Fair value change of
other non-
|
-
|
|
(11,017)
|
|
(1,602)
|
|
-
|
|
(11,017)
|
|
(1,602)
|
current
assets
|
|
|
Income
before income taxes
|
|
659,272
|
|
990,903
|
|
144,122
|
|
2,261,541
|
|
3,241,421
|
|
471,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense)/benefit
|
|
68,904
|
|
21,771
|
|
3,166
|
|
(267,082)
|
|
(377,890)
|
|
(54,962)
|
Net
income
|
|
|
728,176
|
|
1,012,674
|
|
147,288
|
|
1,994,459
|
|
2,863,531
|
|
416,484
|
Net loss attributable
to
|
2,222
|
|
2,608
|
|
379
|
|
7,160
|
|
7,484
|
|
1,089
|
noncontrolling
interests
|
|
|
Net income
attributable to
|
730,398
|
|
1,015,282
|
|
147,667
|
|
2,001,619
|
|
2,871,015
|
|
417,573
|
Autohome
Inc.
|
|
|
Earnings per share
for
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
share
|
|
|
Basic
|
|
|
|
6.24
|
|
8.60
|
|
1.25
|
|
17.20
|
|
24.40
|
|
3.55
|
Diluted
|
|
|
|
6.15
|
|
8.52
|
|
1.24
|
|
16.95
|
|
24.08
|
|
3.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute
|
|
|
|
|
|
|
|
|
|
|
|
earnings per share
attributable to Class A and
|
|
|
|
|
|
|
|
|
|
|
|
Class B common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
117,123,729
|
|
117,995,438
|
|
117,995,438
|
|
116,379,846
|
|
117,671,971
|
|
117,671,971
|
Diluted
|
|
|
|
118,724,735
|
|
119,156,359
|
|
119,156,359
|
|
118,058,856
|
|
119,235,379
|
|
119,235,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[4]The
operating results for the three months and year ended December 31,
2017 have not been restated and were presented
|
on a gross basis with
the net revenues and cost of revenues including value-added tax,
while those for the three months and
|
year ended December
31, 2018 were presented on net basis, with the net revenues and
cost of revenues excluding value-
|
added tax.
|
AUTOHOME
INC.
|
|
RECONCILIATION OF
NON-GAAP AND GAAP RESULTS
|
|
(Amount in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For three months
ended December 31,
|
|
For year ended
December 31,
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to
Autohome Inc.
|
730,398
|
|
1,015,282
|
|
147,667
|
|
2,001,619
|
|
2,871,015
|
|
417,573
|
|
Plus: income tax
(benefit)/expense
|
(68,904)
|
|
(21,771)
|
|
(3,166)
|
|
267,082
|
|
377,890
|
|
54,962
|
|
Plus: depreciation of
property and
equipment
|
20,993
|
|
26,300
|
|
3,825
|
|
81,915
|
|
90,269
|
|
13,129
|
|
Plus: amortization of
intangible
assets
|
2,903
|
|
2,913
|
|
424
|
|
6,923
|
|
11,625
|
|
1,691
|
|
EBITDA
|
685,390
|
|
1,022,724
|
|
148,750
|
|
2,357,539
|
|
3,350,799
|
|
487,355
|
|
Plus: share-based
compensation
expenses
|
44,209
|
|
59,770
|
|
8,693
|
|
177,786
|
|
202,325
|
|
29,427
|
|
Adjusted
EBITDA
|
729,599
|
|
1,082,494
|
|
157,443
|
|
2,535,325
|
|
3,553,124
|
|
516,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to
Autohome Inc.
|
730,398
|
|
1,015,282
|
|
147,667
|
|
2,001,619
|
|
2,871,015
|
|
417,573
|
|
Plus: amortization of
acquired
intangible assets of Cheerbright,
China Topside and Norstar
|
1,139
|
|
1,139
|
|
166
|
|
4,556
|
|
4,556
|
|
663
|
|
Plus: share-based
compensation
expenses
|
44,209
|
|
59,770
|
|
8,693
|
|
177,786
|
|
202,325
|
|
29,427
|
|
Adjusted Net
Income attributable to Autohome
Inc.
|
775,746
|
|
1,076,191
|
|
156,526
|
|
2,183,961
|
|
3,077,896
|
|
447,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
per share for
ordinary
shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6.62
|
|
9.12
|
|
1.33
|
|
18.77
|
|
26.16
|
|
3.80
|
|
Diluted
|
6.53
|
|
9.03
|
|
1.31
|
|
18.50
|
|
25.81
|
|
3.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used
to compute earnings per share
attributable to Class A and
Class B common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
117,123,729
|
|
117,995,438
|
|
117,995,438
|
|
116,379,846
|
|
117,671,971
|
|
117,671,971
|
|
Diluted
|
118,724,735
|
|
119,156,359
|
|
119,156,359
|
|
118,058,856
|
|
119,235,379
|
|
119,235,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTOHOME
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amount in thousands,
except as noted)
|
|
|
|
|
|
|
|
|
|
As of
December 31,
|
|
As of
December 31,
|
|
|
2017
|
|
2018
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
911,588
|
|
211,970
|
|
30,830
|
Short-term
investments
|
|
7,242,636
|
|
9,849,488
|
|
1,432,549
|
Accounts and notes
receivable, net
|
|
1,893,737
|
|
2,795,835
|
|
406,637
|
Amounts due from
related parties,
current
|
|
24,502
|
|
34,047
|
|
4,952
|
Prepaid expenses and
other current
assets
|
186,123
|
|
249,977
|
|
36,358
|
Total current
assets
|
|
10,258,586
|
|
13,141,317
|
|
1,911,326
|
Non-current
assets
|
|
|
|
|
|
|
Restricted cash,
non-current
|
|
-
|
|
5,000
|
|
727
|
Property and
equipment, net
|
|
130,322
|
|
170,198
|
|
24,754
|
Goodwill and
intangible assets, net
|
|
1,555,201
|
|
1,543,682
|
|
224,519
|
Long-term
investments
|
|
147,929
|
|
70,979
|
|
10,323
|
Deferred tax
assets
|
|
174,620
|
|
90,179
|
|
13,116
|
Other non-current
assets
|
|
28,317
|
|
734,846
|
|
106,879
|
Total non-current
assets
|
|
2,036,389
|
|
2,614,884
|
|
380,318
|
Total
assets
|
|
12,294,975
|
|
15,756,201
|
|
2,291,644
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accrued expenses and
other payables
|
|
1,658,934
|
|
2,439,948
|
|
354,875
|
Advance from
customers
|
|
70,454
|
|
75,017
|
|
10,911
|
Deferred
revenue
|
|
1,409,485
|
|
1,510,726
|
|
219,726
|
Income tax
payable
|
|
144,379
|
|
119,210
|
|
17,338
|
Amounts due to
related parties
|
|
10,285
|
|
19,868
|
|
2,890
|
Dividends
payable
|
|
595,779
|
|
-
|
|
-
|
Total current
liabilities
|
|
3,889,316
|
|
4,164,769
|
|
605,740
|
Non-current
liabilities
|
|
|
|
|
|
|
Other
liabilities
|
|
32,122
|
|
24,068
|
|
3,501
|
Deferred tax
liabilities
|
|
438,251
|
|
455,921
|
|
66,311
|
Total non-current
liabilities
|
|
470,373
|
|
479,989
|
|
69,812
|
Total
liabilities
|
|
4,359,689
|
|
4,644,758
|
|
675,552
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Autohome
Inc.
Shareholders' equity
|
7,951,637
|
|
11,135,278
|
|
1,619,559
|
Noncontrolling
interests
|
|
(16,351)
|
|
(23,835)
|
|
(3,467)
|
Total
equity
|
|
7,935,286
|
|
11,111,443
|
|
1,616,092
|
Total liabilities
and equity
|
|
12,294,975
|
|
15,756,201
|
|
2,291,644
|
View original
content:http://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-fourth-quarter-and-full-year-2018-financial-results-300801974.html
SOURCE Autohome Inc.