Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2013 Financial Results

Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2013 Financial                                    Results  Annual Net Revenues Increased 66.1% Year-over-Year to RMB1,216.5 Million  Annual Net Income Increased 114.3% Year-over-Year to RMB456.2 Million  PR Newswire  BEIJING, Feb. 24, 2014  BEIJING, Feb. 24, 2014 /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, 2013.  Fourth  Quarter and Full Year 2013 Financial Highlights[1]    oNet Revenues increased 74.1% year-over-year to RMB386.0 million ($63.8     million) for the fourth quarter of 2013 and increased 66.1% year-over-year     to RMB1,216.5 million ($201.0 million) for the full year 2013.    oNet Income increased 183.2% year-over-year to RMB122.7 million ($20.3     million) for the fourth quarter of 2013 and increased 114.3%     year-over-year to RMB456.2 million ($75.4 million) for the full year 2013.    oCash Provided by Operating Activities increased 107.6% year-over-year to     RMB322.6 million ($53.3 million) for the fourth quarter of 2013 and     increased 112.5% year-over-year to RMB593.9 million ($98.1 million) for     the full year 2013.  Fourth Quarter and Full Year 2013 Operating Highlights    oOn November 11, 2013, Autohome successfully conducted a major online sales     promotion campaign on "Double 11," a popular online shopping festival in     China. Through this event, Autohome clearly showcased its transaction and     lead generation capability and produced tangible car sales results for     dealers.    oAutohome.com.cn ranked first among China's automotive websites and     automotive channels of internet portals in terms of average daily unique     visitors, average daily time spent per user, and average daily page views     for full year 2013, based on data released by iResearch, a third-party     market research firm. In the same period, autohome.com.cn accounted for     approximately 47% of the total time that China's internet users spent     viewing online automotive information, more than four times that of the     Company's closest competitor, according to the data released by iResearch.    oAutohome provided dealer subscription services to 10,617 dealer     subscribers in 2013, up from 5,052 dealer subscribers in 2012.  [1] The reporting currency of the Company is Renminbi ("RMB"). For the convenience of the reader, certain amounts throughout the release are presented in US dollars ("$"). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB6.0537 on December 31, 2013 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.  James Qin, Chief Executive Officer, stated, "Our strong fourth quarter and full year results reflect Autohome's market position as the leading online destination for automobile consumers in China, which enables us to leverage and benefit from the rapid shift in auto advertising to the Internet. Our user-centric approach and focus on providing superior auto-related content is a differentiator for our business, is driving meaningful engagement with our users, and continues to deliver strong traffic to our site.Further, as dealers and manufacturers seek better returns on their marketing investment, they increasingly rely on Autohome's access to motivated and engaged potential buyers and this has helped deliver our strong results."  Mr. Qin continued, "After reaching a critical milestone and completing our successful initial public offering in December 2013, during 2014 we plan to pursue several initiatives to maintain and strengthen our market leading position and capitalize on a convergence of strong market trends in China's auto and online advertising industries.In particular, we will expand our advertising offerings to capture increased share of wallet from automakers, further extend and monetize our dealer network, expand our offerings on our mobile and services platform to enhance the user experience, and build out our offering in the aftermarket and used car sectors.We are excited about the future ahead of us and look forward to continuing growth and overall success."  Nicholas Chong, Chief Financial Officer, commented, "Autohome is now the clear market leader in our space in China across every key metric, in terms of number of users, time spent on site, brand recognition, and user engagement. This leadership is reflected in our financial results for the fourth quarter and full year which highlight very strong increases in both revenue and profit, as well as an ability to generate significant cash to fund our growth strategies."  Detailed Overview of Financial Results for Fourth Quarter and Full Year 2013  Key Financial Results  (In RMB Millions except for per      4Q2012   4Q2013   % Change   FY2012   FY2013    % Change share data) Net Revenues        221.8    386.0    74.1%      732.5    1,216.5   66.1% Operating Profit    80.3     149.5    86.2%      298.5    554.9     85.9% Net Income          43.3     122.7    183.2%     212.9    456.2     114.3% Adjusted Net        52.9     132.3    150.1%     251.8    487.2     93.5% Income[2] Diluted Earnings    0.43     1.16     169.8%     2.12     4.37      106.1% Per Share[3] Cash Provided by Operating           155.4    322.6    107.6%     279.5    593.9     112.5% Activities [2] Adjusted net income is defined as net income excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliations of Non-GAAP to GAAP Results" set forth at the end of this release.  [3] Each ordinary share equals one ADS.  Unaudited Fourth Quarter 2013 Financial Results  Net Revenues  Net revenues for the fourth quarter of 2013 increased 74.1% to RMB386.0 million ($63.8 million) from RMB221.8 million in the corresponding period in 2012. The increase was due to increases in both the Company's advertising services revenues and dealer subscription services revenues.    oAdvertising services revenues for the fourth quarter of 2013 increased     56.3% to RMB277.0 million ($45.8 million) from RMB177.2 million in the     corresponding period in 2012. The increase was due to the increased     revenues from both automaker advertisers and dealer advertisers. Revenues     from automaker advertisers and dealer advertisers accounted for 73.4% and     26.6%, respectively of total advertising services revenues for the fourth     quarter of 2013.    The increase in revenues from automaker advertisers was attributable to the   increased average revenues per automaker advertiser while the increase in   dealer advertising services revenues was mainly attributable to an increase   in the volume of advertising purchased by dealer advertisers as a result of   Autohome's expansion into new geographical markets and deeper penetration   into existing markets, together with an increase in the rates for the   Company's advertising services.    oDealer subscription services  revenues for the fourth quarter of 2013     increased 144.6% to RMB109.0 million ($18.0 million) from RMB44.6 million     in the corresponding period in 2012. The increase in dealer subscription     services revenues was mainly due to an increase in the number of the     paying subscribers, which in turn was a result of Autohome's expansion     into new geographic markets and deeper penetration into existing markets.     The Company sold dealer subscription services to 10,084 dealers in the     fourth quarter of 2013, compared with 4,703 dealers in the corresponding     period in 2012.  Cost of Revenues  Cost of revenues for the fourth quarter of 2013 increased 78.6% to RMB87.8 million ($14.5 million) from RMB49.2 million in the corresponding period in 2012, primarily due to increases in content related costs, value-added taxes and surcharges, bandwidth and IDC costs, and depreciation. The cost of revenues for the fourth quarter of 2013 included share-based compensation expense of RMB1.6 million ($0.3 million), both for the fourth quarter of 2013 and 2012.  Operating Expenses  Operating expenses for the fourth quarter of 2013 increased 61.1% to RMB148.7 million ($24.6 million) from RMB92.3 million in the corresponding period in 2012, mainly due to increases in sales and marketing expenses and product development expenses. As a percentage of net revenues, operating expenses for the fourth quarter of 2013 decreased to 38.5% from 41.6% in the corresponding period in 2012.    oSales and marketing expenses for the fourth quarter of 2013 increased     112.0% to RMB96.2 million ($15.9 million) from RMB45.4 million in the     corresponding period in 2012. This increase was primarily due to (i) an     increase in marketing expenses for the sales promotion campaign held on     November 11, 2013 and (ii) an increase in salaries and benefits, which in     turn was primarily due to the increased sales and marketing headcount. The     sales and marketing expenses for the fourth quarter of 2013 included     share-based compensation expense of RMB1.1 million ($0.2 million), both     for the fourth quarter of 2013 and 2012.    oGeneral and administrative expenses for the fourth quarter of 2013     decreased 13.6% to RMB28.7 million ($4.7 million) from RMB33.3 million in     the corresponding period in 2012. This decrease was attributable to a     one-off cost associated with the Company's postponement of its IPO in the     fourth quarter of 2012, and was partially offset by an increase in     salaries and benefits in the fourth quarter of 2013. The general and     administrative expenses for the fourth quarter of 2013 included     share-based compensation expenses of RMB4.9 million ($0.8 million),     compared to RMB4.6 million in the corresponding period in 2012.    oProduct development expenses for the fourth quarter of 2013 increased     73.7% to RMB23.7 million ($3.9 million) from RMB13.6 million in the     corresponding period in 2012, primarily due to an increase in salaries and     benefits payments as the Company recruited more product development     personnel. The product development expenses for the fourth quarter of 2013     included share-based compensation expenses of RMB0.8 million ($0.1     million), compared to RMB0.7 million in the corresponding period in 2012.  Operating Profit  Operating profit for the fourth quarter of 2013  increased 86.2% to RMB149.5 million ($24.7 million) from RMB80.3 million in the corresponding period in 2012.  Net Income and EPS  Net income for the fourth quarter of 2013  increased 183.2% to RMB122.7 million ($20.3 million) from RMB43.3 million in the corresponding period in 2012, primarily due to the increase in the income before income taxes in 2013 and the one-time income tax expense due to the accrued withholding tax of RMB26.6 million on dividends in the corresponding period in 2012. Basic and diluted earnings per share and per ADS ("EPS")  for the fourth quarter of 2013 were RMB1.23 ($0.20) and RMB1.16 ($0.19), respectively, compared to basic and diluted EPS in the corresponding period in 2012 of RMB0.43 and RMB0.43, respectively.  Adjusted Net Income and Non-GAAP EPS  Adjusted net income, defined as net income excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, for the fourth quarter of 2013  increased 150.1% to RMB132.3 million ($21.9 million) from RMB52.9 million in the corresponding period in 2012. Non-GAAP basic and diluted EPS for the fourth quarter of 2013 were RMB1.33 ($0.22) and RMB1.25 ($0.21), respectively, compared to Non-GAAP basic and diluted EPS in the corresponding period in 2012 of RMB0.53 and RMB0.53, respectively.  Unaudited Full Year 2013 Financial Results  Net Revenues  Net revenues in 2013 increased 66.1% to RMB1,216.5 million ($201.0 million) from RMB732.5 million in 2012. The increase was due to increases in both the Company's advertising services revenues and dealer subscription services revenues.    oAdvertising services revenues in 2013 increased 51.0% to RMB894.9 million     ($147.8 million) from RMB592.6 million in 2012. The increase was due to     increased revenues from both automaker advertisers and dealer advertisers.     Revenues from automaker advertisers and dealer advertisers accounted for     78.7% and 21.3%, respectively, of total advertising services revenues in     2013.    The increase in revenues from automaker advertisers was attributable to the   increased average revenues per automaker advertiser while the increase in   dealer advertising services revenues was mainly attributable to an increase   in the volume of advertising purchased by dealer advertisers as a result of   Autohome's expansion into new geographical markets and deeper penetration   into existing markets, together with an increase in the rates for the   advertising services.    oDealer subscription services revenues in 2013 increased 129.9% to RMB321.6     million ($53.1 million) from RMB139.9 million in 2012. The increase in     dealer subscription services revenues was mainly due to an increase in the     number of paying dealers, which in turn was a result of Autohome's     expansion into new geographic markets and deeper penetration into existing     markets. The Company sold dealer subscription services to 10,617 dealers     in 2013 compared with 5,052 dealers in 2012.  Cost of Revenues  Cost of revenues in 2013 increased 41.5% to RMB252.2 million ($41.7 million) from RMB178.2 million in 2012. The increase was primarily due to increases in value-added taxes and surcharges, content related costs, bandwidth and IDC costs, and depreciation. The cost of revenues in 2013 included share-based compensation expense of RMB6.5 million ($1.1 million), compared to RMB6.6 million in 2012.  Operating Expenses  Operating expenses in 2013 increased 60.0% to RMB409.4 million ($67.6 million) from RMB255.8 million in 2012, due to increases in sales and marketing expenses and product development expenses. As a percentage of net revenues, operating expenses in 2013 decreased to 33.7% from 34.9% in 2012.    oSales and marketing expenses in 2013 increased 88.9% to RMB245.2 million     ($40.5 million) from RMB129.8 million in 2012. This increase was primarily     due to (i) an increase in salaries and benefits, which in turn was     primarily due to the increased sales and marketing headcount and (ii) an     increase in marketing expenses in connection with the promotion of the     brands through other online media and the sales promotion activities. The     sales and marketing expenses in 2013 included share-based compensation     expense of RMB4.4 million ($0.7 million), compared to RMB4.2 million in     2012.    oGeneral and administrative expenses in 2013 were RMB82.5 million ($13.6     million) which is flat compared to the same period last year. This was     because of a one-off cost associated with the Company's postponement of     its IPO in the fourth quarter of 2012, and was partially offset by an     increase in salaries and benefits in 2013. The general and administrative     expenses in 2013 included share-based compensation expenses of RMB11.7     million ($1.9 million), compared to RMB15.7 million in 2012.    oProduct development expenses in 2013 increased 90.5% to RMB81.7 million     ($13.5 million) from RMB42.9 million, primarily due to an increase in     salaries and benefits payments as the Company recruited more product     development personnel. The product development expenses in 2013 included     share-based compensation expenses of RMB3.0 million ($0.5 million),     compared to RMB2.7 million in 2012.  Operating Profit  Operating profit in 2013 increased 85.9% to RMB554.9 million ($91.7 million) from RMB298.5 million in 2012.  Net Income and EPS  Net income in 2013 increased 114.3% to RMB456.2 million ($75.4 million) from RMB212.9 million in 2012. Basic and diluted EPS in 2013 were RMB4.57 ($0.75) and RMB4.37 ($0.72), respectively, compared to basic and diluted EPS in 2012 of RMB2.13 and RMB2.12, respectively.  Adjusted Net Income and Non-GAAP EPS  Adjusted net income in 2013 increased 93.5% to RMB487.2 million ($80.5 million) from RMB251.8 million in 2012. Non-GAAP basic and diluted EPS in 2013 were RMB4.88 ($0.81) and RMB4.67 ($0.77), respectively, compared to Non-GAAP basic and diluted EPS in the corresponding period in 2012 of RMB2.52 and RMB2.50, respectively.  Balance Sheet and Cash Flow  As of December 31, 2013, the Company had cash and cash equivalents of RMB1,138.6 million ($188.1 million) and restricted cash of RMB 245.0 million ($40.5 million). The restricted cash balance comprised of a deposit pledged to secure the standby letter of credit for the Company's bank loan. Cash provided by operating activities for the full year of 2013 was RMB593.9 million ($98.1 million) compared to RMB279.5 million in 2012.  Recent Developments    oThe Company successfully completed its initial public offering and listing     of 8,993,000 ADSs (reflecting the full exercise of the over-allotment     option to purchase additional 1,173,000 ADSs by the underwriters for the     offering) on the New York Stock Exchange on December 11, 2013, and raised     net proceeds of $142.2 million from the offering. As of December 31, 2013,     the Company had a total of 105,136,436 ordinary shares outstanding.    oOn November 4, 2013, Autohome and Telstra Holdings entered into a share     purchase agreement with West Crest Limited, Mr. Jiang Lan, and other     shareholders of Autohome to purchase 3,856,564 and 2,828,147 ordinary     shares of Autohome held by West Crest Limited for $75 million and $55     million, respectively, in cash. Fifty percent of the Company's purchase     price was paid on November 21, 2013 and the remainder was paid in January     2014.    oOn February 20, 2014, the Company's Board of Directors approved Nicholas     Chong's appointment as the Company's chief financial officer, effective on     Monday, February 24, 2014. Mr. Chong joined the Company in September 2013     as its co-chief financial officer. Mr. Henry Hon, another former co-chief     financial officer of the Company, will continue to serve as a director of     the Company.    On February 20, 2014, the Company's Board of Directors also approved the   appointment of Dr. Ruey-Bin Kao as a director of the Company, effective   immediately. Dr. Kao has been nominated by Telstra Holdings, the Company's   controlling shareholder, to replace Ajinkya Mukhopadhyay, a former appointee   of Telstra.    Dr. Kao was named CEO of Telstra Greater China in January 2014. Based in   Beijing, he is responsible for developing Telstra's integrated service   capabilities and identifying strategic areas to grow the business in the   rapidly evolving Greater China market. He has more than 25 years of   technology and management experience in the U.S. and Asia, and has served in   many senior positions, including as country president of Applied Materials   China and as the chairman of Motorola (China) Electronics Limited and   Motorola Asia Pacific Business Council.    The Board of Directors has also appointed Dr. Kao to replace Mr. Han Willem   Kotterman as the Chairman of the Compensation Committee, effective   immediately. Mr. Han Willem Kotterman will continue to serve as a director   of the Company and a member of the Compensation Committee.  Business Outlook  Autohome currently expects to generate net revenues in the range of RMB318.0 million ($52.5 million) to RMB332.0 million ($54.8 million) in the first quarter of fiscal year 2014, representing a 55.6% to 62.5% year-over-year increase.  These forecasts reflect the Company's current and preliminary view on the market and operating conditions, which are subject to change.  Conference Call Information  The Company will hold an earnings conference call at 8:00 AM on Monday, February 24, 2014, U.S. Eastern Time (9:00 PM on Monday, February 24, 2014, Beijing/Hong Kong Time).  Dial-in details for the earnings conference call are as follows: United States: +1-855-298-3404 Hong Kong: +852-5808-3202 China Domestic: 400-120-0539 United Kingdom: 0800-015-9725 International: +1-631-514-2526  Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is 7037997.  A replay of the conference call may be accessed by phone at the following numbers until March 2, 2014:  United States: +1-866-846-0868 International: +61-2-9641-7900 Passcode: 7037997  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. Through its two websites, autohome.com.cn and che168.com, the Company provides comprehensive, independent and interactive content to automobile buyers and owners. Autohome.com.cn ranked first among China's automotive websites and automotive channels of internet portals in terms of average daily unique visitors, average daily time spent per user and average daily page views in 2013, according to iResearch, a third-party research firm. The Company's ability to reach a large and engaged user base of automobile consumers has made Autohome the preferred platform for automakers and dealers to conduct their advertising campaigns. Automakers typically utilize its online advertising services for brand promotion, new model releases and sales promotions. Its dealer subscription services allow dealers to market their inventory and services through Autohome's websites, extending the reach of their physical showrooms to potentially millions of internet users in China. 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 and Autohome's strategic and operational plans contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the 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 and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions. We define Adjusted EBITDA as net income before income tax expense, depreciation expenses of property and equipment and amortization expenses of intangible assets and interest expense, excluding 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 GAAP and non-GAAP Results" set forth at the end of this press release.  For investor and media inquiries, please contact:  Xu Wei Investor Relations Autohome Inc. Tel: +86-10-5985-7017 Email: ir@autohome.com.cn  Martin Reidy FTI Consulting, Inc. Tel: +86-10-8591-1060 Email: martin.reidy@fticonsulting.com  AUTOHOME INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amount in thousands, except per share data)                For three months ended December 31,       For year ended December 31,                2012           2013                          2012         2013                RMB          RMB          US$          RMB        RMB          US$                (Unaudited)  (Unaudited)  (Unaudited)  (Audited)  (Unaudited)  (Unaudited) Net revenues: Advertising   177,187        276,974        45,753         592,622      894,937        147,833 services Dealer subscription   44,568         109,022        18,009         139,898      321,611        53,126 services Total net     221,755        385,996        63,762         732,520      1,216,548      200,959 revenues Cost of       (49,180)       (87,818)       (14,507)       (178,240)    (252,236)      (41,666) revenues Gross profit 172,575        298,178        49,255         554,280      964,312        159,293 Operating expenses: Sales and marketing      (45,390)       (96,231)       (15,896)       (129,796)    (245,228)      (40,509) expenses General and administrative (33,265)       (28,741)       (4,748)        (83,153)     (82,529)       (13,633) expenses Product development    (13,645)       (23,707)       (3,916)        (42,865)     (81,651)       (13,488) expenses Operating     80,275         149,499        24,695         298,466      554,904        91,663 profit Other income, 1,986          2,532          419            5,403        13,552         2,239 net Income before 82,261         152,031        25,114         303,869      568,456        93,902 income taxes Income tax    (38,943)       (29,354)       (4,849)        (90,988)     (112,294)      (18,550) expense Net income  43,318         122,677        20,265         212,881      456,162        75,352 Earnings per share for ordinary share Basic       0.43           1.23           0.20           2.13         4.57           0.75 Diluted     0.43           1.16           0.19           2.12         4.37           0.72 Shares used in earnings per share computation: Ordinary shares: Basic       100,000,000    -              -              100,000,000  -              - Diluted     100,640,039    -              -              100,650,652  -              - Class A ordinary shares Basic       -              30,806,998     30,806,998     -            31,109,214     31,109,214 Diluted     -              105,824,049    105,824,049    -            104,329,226    104,329,226 Class B ordinary shares Basic       -              68,788,940     68,788,940     -            68,788,940     68,788,940 Diluted     -              68,788,940     68,788,940     -            68,788,940     68,788,940 Other comprehensive income, net of tax of nil Foreign currency       583            822            136            583          1,403          232 translation adjustments Comprehensive 43,901         123,499        20,401         213,464      457,565        75,584 income    AUTOHOME INC. RECONCILIATION OF NON-GAAP TO GAAP RESULTS (Amount in thousands, except per share data)                For three months ended December 31,          For year ended December 31,                2012           2013                          2012           2013                RMB            RMB            US$            RMB            RMB            US$                (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) Net income     43,318         122,677        20,265         212,881        456,162        75,352 Plus: income   38,943         29,354         4,849          90,988         112,294        18,550 tax expense Plus: depreciation   5,015          7,901          1,305          14,301         25,548         4,220 of property and equipment Plus: amortization   1,708          1,580          261            10,203         6,250          1,032 of intangible assets Plus: Interest -              402            66             -              414            68 expense EBITDA         88,984         161,914        26,746         328,373        600,668        99,222 Plus: share-based    8,003          8,524          1,408          29,142         25,608         4,230 compensation expenses Adjusted       96,987         170,438        28,154         357,515        626,276        103,452 EBITDA Net income     43,318         122,677        20,265         212,881        456,162        75,352 Plus: amortization of acquired intangible     1,591          1,139          188            9,739          5,459          902 assets of Cheerbright, China Topside and Norstar Plus: share-based    8,003          8,524          1,408          29,142         25,608         4,230 compensation expenses Adjusted Net   52,912         132,340        21,861         251,762        487,229        80,484 Income Non-GAAP Earnings per share for ordinary share Basic          0.53           1.33           0.22           2.52           4.88           0.81 Diluted        0.53           1.25           0.21           2.50           4.67           0.77 Shares used in earnings per share computation: Ordinary shares: Basic        100,000,000    -              -              100,000,000    -              - Diluted      100,640,039    -              -              100,650,652    -              - Class A ordinary shares Basic        -              30,806,998     30,806,998     -              31,109,214     31,109,214 Diluted      -              105,824,049    105,824,049    -              104,329,226    104,329,226 Class B ordinary shares Basic        -              68,788,940     68,788,940     -              68,788,940     68,788,940 Diluted      -              68,788,940     68,788,940     -              68,788,940     68,788,940    AUTOHOME INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands, except as noted)                                            As of December 31,                                            2012       2013                                            RMB        RMB          US$                                            (Audited)  (Unaudited)  (Unaudited) ASSETS Current assets: Cash and cash equivalents                  420,576    1,138,613    188,085 Restricted cash                            -          245,000      40,471 Accounts receivable                        326,071    465,712      76,930 Other current assets                       39,545     49,940       8,250 Total current assets                       786,192    1,899,265    313,736 Non-current assets: Property and equipment, net                39,858     57,897       9,564 Goodwill and Intangible assets, net        1,553,623  1,549,639    255,982 Other non-current assets                   -          6,149        1,016 Total non-current assets                   1,593,481  1,613,685    266,562 Total assets                               2,379,673  3,512,950    580,298 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accrued expenses and other payables        213,208    324,094      53,537 Deferred revenue                           94,392     215,580      35,611 Income tax payable                         2,063      20,204       3,337 Payable for repurchase of common stock     -          227,015      37,500 Deferred tax liabilities                   26,629     -            - Other current liabilities                  -          2,925        484 Total current liabilities                  336,292    789,818      130,469 Non-current liabilities: Other liabilities                          16,568     29,041       4,797 Deferred tax liabilities                   468,838    481,727      79,576 Total non-current liabilities              485,406    510,768      84,373 Total liabilities                          821,698    1,300,586    214,842 Shareholders' equity: Total shareholders' equity                 1,557,975  2,212,364    365,456 Total liabilities and shareholders' equity 2,379,673  3,512,950    580,298    SOURCE Autohome Inc.  Website: http://www.autohome.com.cn Website: http://ir.autohome.com.cn