Breaking News

Tweet TWEET

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
 
Press spacebar to pause and continue. Press esc to stop.