BEIJING,
First Quarter 2022 Highlights[1]
- Net Revenues in the first quarter of 2022 were
RMB1,471.3 million (US$232.1 million ), compared toRMB1,841.6 million in the corresponding period of 2021. - Net Income attributable to
Autohome Inc. in the first quarter of 2022 wasRMB318.2 million (US$50.2 million ), compared toRMB704.3 million in the corresponding period of 2021 and net income attributable to ordinary shareholders in the first quarter of 2022 wasRMB307.5 million (US$48.5 million ), compared toRMB633.8 million in the corresponding period of 2021. - Adjusted Net Income attributable to
Autohome Inc. (Non-GAAP)[2] in the first quarter of 2022 wasRMB437.5 million (US$69.0 million ), compared toRMB735.1 million in the corresponding period of 2021. - Share Repurchase: As of
May 20, 2022 , the Company has repurchased 1,574,674 American depositary shares ("ADSs") for a total cost of approximatelyUS$43.9 million . - New CFO Appointment: On
May 6, 2022 , the Board of Directors appointed Mr.Craig Yan Zeng as Chief Financial Officer ofAutohome , effective on the same day.
[1] The reporting currency of the Company is Renminbi ("RMB"). For the convenience of readers, certain amounts throughout the release are presented in US dollars ("US$"). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of transfers of RMB as certified for customs purposes by the converted into US$ at such rate. [2] 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. |
Mr.
"Furthermore, we are thrilled to welcome Mr.
Unaudited First Quarter 2022 Financial Results
Net Revenue
Net revenues in the first quarter of 2022 were
- Media services revenues were
RMB266.8 million (US$42.1 million ), compared toRMB604 .8 million in the corresponding period of 2021. The decline was attributable to the decrease in average revenue per automaker advertiser, which was primarily due to the ongoing chip shortage as well as the impact of the COVID-19 pandemic on certain cities in China in 2022. - Leads generation services revenues were
RMB708.2 million (US$111 .7 million), compared toRMB697 .6 million in the corresponding period of 2021. - Online marketplace and others revenues were RMB496.3 million (
US$78.3 million ), compared toRMB539 .1 million in the corresponding period of 2021. The decrease was primarily attributable to the impact of the COVID-19 pandemic on certain cities in China in 2022.
Cost of Revenues
Cost of revenues was RMB255.0 million (
Operating Expenses
Operating expenses were RMB1,084.1 million (
- Sales and marketing expenses were
RMB592.3 million (US$93.4 million ) in the first quarter of 2022, compared toRMB682.6 million in the corresponding period of 2021, primarily due to the decrease in promotional spending. Share-based compensation expense included in sales and marketing expenses in the first quarter of 2022 wasRMB8.4 million (US$1 .3 million), compared toRMB11.1 million in the corresponding period of 2021. - General and administrative expenses were
RMB136.6 million (US$21.5 million ) in the first quarter of 2022, compared toRMB128.6 million in the corresponding period of 2021. Share-based compensation expense included in general and administrative expenses in the first quarter of 2022 was RMB16.1 million (US$2.5 million ), compared toRMB7 .6 million in the corresponding period of 2021. - Product development expenses were
RMB355.2 million (US$56 .0 million) in the first quarter of 2022, compared toRMB304.6 million in the corresponding period of 2021. The increase was primarily attributable to higher investment in research and development activities for digital products. Share-based compensation expense included in product development expenses in the first quarter of 2022 wasRMB12.9 million (US$2 .0 million), compared toRMB28.3 million in the corresponding period of 2021.
Operating Profit
Operating profit was RMB241.2 million (
Income Tax Expense
There was an income tax expense of
Net Income attributable to Autohome Inc.
Net income attributable to
Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was
Adjusted Net Income attributable to Autohome Inc. (Non-GAAP) and Non-GAAP Earnings per Share/ADS
Adjusted net income attributable to
Balance Sheet and Cash Flow
As of
Employees
The Company had 5,715 employees as of
Conference Call Information
The Company will host an earnings conference call at
Dial-in details for the earnings conference call are as follows:
|
+1-855-824-5644 |
|
+852-3027-6500 |
Mainland |
8009-880-563/ 400-821-0637 |
|
0800-026-1542 |
International: |
+1-646-722-4977 |
Passcode: |
49039262# |
Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until
|
+1-646-982-0473 |
International: |
+61-2-8325-2405 |
Passcode: |
520001867# |
Additionally, a live and archived webcast of the conference call will be available at http://ir.autohome.com.cn.
About
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with
For investor and media inquiries, please contact:
In
Investor Relations
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn
Tel: +86-10-6508-0677
E-mail: autohome@tpg-ir.com
In
Tel: +1-212-481-2050
E-mail: autohome@tpg-ir.com
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA |
|||||||
(Amount in thousands, except per share / per ADS data) |
|||||||
For three months ended |
|||||||
2021 |
2022 |
||||||
RMB |
RMB |
US$ |
|||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||
Net revenues: |
|||||||
Media services |
604,824 |
266,802 |
42,087 |
||||
Leads generation services |
697,634 |
708,204 |
111,716 |
||||
Online marketplace and others |
539,123 |
496,286 |
78,287 |
||||
Total net revenues |
1,841,581 |
1,471,292 |
232,090 |
||||
Cost of revenues |
(243,123) |
(255,017) |
(40,228) |
||||
Gross profit |
1,598,458 |
1,216,275 |
191,862 |
||||
Operating expenses: |
|||||||
Sales and marketing expenses |
(682,633) |
(592,254) |
(93,426) |
||||
General and administrative expenses |
(128,625) |
(136,562) |
(21,542) |
||||
Product development expenses |
(304,551) |
(355,247) |
(56,039) |
||||
Total operating expenses |
(1,115,809) |
(1,084,063) |
(171,007) |
||||
Other operating income, net |
83,985 |
109,024 |
17,199 |
||||
Operating profit |
566,634 |
241,236 |
38,054 |
||||
Interest and investment income, net |
129,703 |
90,768 |
14,318 |
||||
Loss from equity method investments, net |
(197) |
(26,229) |
(4,138) |
||||
Income before income taxes |
696,140 |
305,775 |
48,234 |
||||
Income tax expense |
(65,033) |
(8,040) |
(1,268) |
||||
Net income |
631,107 |
297,735 |
46,966 |
||||
Net loss attributable to noncontrolling interests |
73,182 |
20,513 |
3,236 |
||||
Net income attributable to |
704,289 |
318,248 |
50,202 |
||||
Accretion of mezzanine equity |
(327,073) |
(30,876) |
(4,871) |
||||
Accretion attributable to noncontrolling interests |
256,583 |
20,118 |
3,174 |
||||
Net income attributable to ordinary shareholders |
633,799 |
307,490 |
48,505 |
||||
Earnings per share for ordinary shares |
|||||||
Basic |
1.31 |
0.61 |
0.10 |
||||
Diluted |
1.31 |
0.61 |
0.10 |
||||
Earnings per ADS attributable to ordinary shareholders (one ADS equals for four ordinary shares) |
|||||||
Basic |
5.24 |
2.44 |
0.38 |
||||
Diluted |
5.22 |
2.44 |
0.38 |
||||
Weighted average shares used to compute earnings per share attributable to ordinary shareholders: |
|||||||
Basic |
483,498,580 |
504,448,800 |
504,448,800 |
||||
Diluted |
485,207,380 |
504,709,220 |
504,709,220 |
|
|||||
RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS |
|||||
(Amount in thousands, except per share / per ADS data) |
|||||
For three months ended |
|||||
2021 |
2022 |
||||
RMB |
RMB |
US$ |
|||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
Net income attributable to |
704,289 |
318,248 |
50,202 |
||
Plus: income tax expense |
65,033 |
9,381 |
1,480 |
||
Plus: depreciation of property and equipment |
50,694 |
57,228 |
9,027 |
||
Plus: amortization of intangible assets |
2,969 |
10,837 |
1,709 |
||
EBITDA |
822,985 |
395,694 |
62,418 |
||
Plus: share-based compensation expenses |
53,837 |
40,861 |
6,446 |
||
Adjusted EBITDA |
876,822 |
436,555 |
68,864 |
||
Net income attributable to |
704,289 |
318,248 |
50,202 |
||
Plus: amortization of intangible assets resulting from business acquisition |
1,139 |
10,722 |
1,691 |
||
Plus: share-based compensation expenses |
53,837 |
40,861 |
6,446 |
||
Plus: investment loss arising from one of financial products[3] |
- |
54,420 |
8,585 |
||
Plus: loss on equity method investments, net |
197 |
26,229 |
4,138 |
||
Plus: certain noncontrolling interests adjustments for TTP |
(24,370) |
- |
- |
||
Plus: tax effects of the adjustments |
(36) |
(12,947) |
(2,042) |
||
Adjusted net income attributable to |
735,056 |
437,533 |
69,020 |
||
Net income attributable to |
704,289 |
318,248 |
50,202 |
||
Net margin |
38.2% |
21.6% |
21.6% |
||
Adjusted net income attributable to |
735,056 |
437,533 |
69,020 |
||
Adjusted net margin |
39.9% |
29.7% |
29.7% |
||
Non-GAAP earnings per share |
|||||
Basic |
1.52 |
0.87 |
0.14 |
||
Diluted |
1.51 |
0.87 |
0.14 |
||
Non-GAAP earnings per ADS (one ADS equals for four ordinary shares) |
|||||
Basic |
6.08 |
3.47 |
0.55 |
||
Diluted |
6.06 |
3.47 |
0.55 |
||
Weighted average shares used to compute non-GAAP earnings per share: |
|||||
Basic |
483,498,580 |
504,448,800 |
504,448,800 |
||
Diluted |
485,207,380 |
504,709,220 |
504,709,220 |
||
[3] It represented the loss of an overdue financial product with fair value below its initial investment in the first quarter of 2022, which was recognized at "interest and investment income, net". The impact was considered to be not directly related to the Company's operating activities. |
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEET |
|||||
(Amount in thousands, except as noted) |
|||||
As of |
As of |
||||
2021 |
2022 |
||||
RMB |
RMB |
US$ |
|||
(Audited) |
(Unaudited) |
(Unaudited) |
|||
ASSETS |
|||||
Current assets |
|||||
Cash and cash equivalents |
4,236,501 |
2,786,456 |
439,553 |
||
Restricted Cash |
89,855 |
87,740 |
13,841 |
||
Short-term investments |
16,496,267 |
17,482,251 |
2,757,757 |
||
Accounts receivable, net |
2,139,471 |
1,570,959 |
247,813 |
||
Amounts due from related parties, current |
83,376 |
53,882 |
8,500 |
||
Prepaid expenses and other current assets |
280,248 |
434,998 |
68,619 |
||
Total current assets |
23,325,718 |
22,416,286 |
3,536,083 |
||
Non-current assets |
|||||
Restricted cash, non-current |
5,200 |
5,200 |
820 |
||
Property and equipment, net |
381,496 |
342,241 |
53,987 |
||
|
4,428,822 |
4,409,042 |
695,509 |
||
Long-term investments |
70,720 |
444,491 |
70,117 |
||
Deferred tax assets |
176,138 |
176,083 |
27,776 |
||
Amounts due from related parties, non-current |
7,529 |
11,319 |
1,786 |
||
Other non-current assets |
133,383 |
147,434 |
23,257 |
||
Total non-current assets |
5,203,288 |
5,535,810 |
873,252 |
||
Total assets |
28,529,006 |
27,952,096 |
4,409,335 |
||
LIABILITIES AND EQUITY |
|||||
Current liabilities |
|||||
Accrued expenses and other payables |
2,044,597 |
1,740,108 |
274,496 |
||
Advance from customers |
123,370 |
108,913 |
17,181 |
||
Deferred revenue |
1,553,013 |
1,692,177 |
266,934 |
||
Income tax payable |
233,342 |
150,396 |
23,724 |
||
Amounts due to related parties |
31,897 |
19,697 |
3,107 |
||
Total current liabilities |
3,986,219 |
3,711,291 |
585,442 |
||
Non-current liabilities |
|||||
Other liabilities |
28,619 |
46,428 |
7,326 |
||
Deferred tax liabilities |
576,798 |
517,389 |
81,616 |
||
Total non-current liabilities |
605,417 |
563,817 |
88,942 |
||
Total liabilities |
4,591,636 |
4,275,108 |
674,384 |
||
MEZZANINE EQUITY |
|||||
Convertible redeemable noncontrolling interests |
1,468,029 |
1,498,904 |
236,446 |
||
EQUITY |
|||||
|
22,754,419 |
22,503,791 |
3,549,886 |
||
Noncontrolling interests |
(285,078) |
(325,707) |
(51,381) |
||
Total equity |
22,469,341 |
22,178,084 |
3,498,505 |
||
Total liabilities, mezzanine equity and equity |
28,529,006 |
27,952,096 |
4,409,335 |
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