Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2018

 

 

Commission File Number: 001-36222

 

 

Autohome Inc.

 

 

10th Floor Tower B, CEC Plaza

3 Dan Ling Street

Haidian District, Beijing 100080

The People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Autohome Inc.
By   :  

/s/ Min Lu

Name   :   Min Lu
Title   :   Chairman of the Board and Chief Executive Officer

Date: August 9, 2018

 

[Signature page to Form 6-K]


Exhibit Index

Exhibit 99.1 – Press Release

EX-99.1

Exhibit 99.1

Autohome Inc. Announces Unaudited Second Quarter Ended June 30, 2018 Financial Results

Second Quarter Net Revenues were RMB1.87 Billion Exceeding the High End of the Guidance

BEIJING, August 8, 2018 – 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 second quarter ended June 30, 2018.

Second Quarter 2018 Financial Highlights1

 

   

Net Revenues in the second quarter of 2018 were RMB1,868.9 million ($282.4 million), exceeding the high end of the Company’s original guidance of RMB1,800.0 million ($272.0 million).

 

   

Net Income attributable to Autohome Inc. in the second quarter of 2018 was RMB691.6 million ($104.5 million), compared to RMB517.7 million in the corresponding period of 2017.

 

   

Adjusted net income attributable to Autohome Inc. in the second quarter of 2018 was RMB744.3 million ($112.5 million), compared to RMB565.2 million in the corresponding period of 2017.

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 second 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.

 

 

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$1.00 to RMB 6.6171 on June 29, 2018 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

 

1


     For the three months ended June 30, 2018  
     Under ASC
605
     Adjustments
related to new
revenue guidance
     Under ASC
606
 

Net revenues

        

Media services

     986,041        (55,813      930,228  

Leads generation services

     842,307        (102,332      739,975  

Online marketplace and others

     214,172        (15,492      198,680  
  

 

 

    

 

 

    

 

 

 

Total net revenues

     2,042,520        (173,637      1,868,883  
  

 

 

    

 

 

    

 

 

 

Cost of revenues

     (307,550      98,859        (208,691
  

 

 

    

 

 

    

 

 

 

Gross profit

     1,734,970        (74,778      1,660,192  
  

 

 

    

 

 

    

 

 

 

Operating profit

     748,359        —          748,359  

Net income attributable to Autohome Inc.

     691,630                  691,630  
     For the three months ended June 30, 2017  
     Under ASC
605
     Adjustments
related to new
revenue guidance
     Under ASC
606
 

Net revenues

        

Media services

     793,772        (46,880      746,892  

Leads generation services

     659,690        (81,615      578,075  

Online marketplace and others

     108,506        (11,212      97,294  
  

 

 

    

 

 

    

 

 

 

Total net revenues

     1,561,968        (139,707      1,422,261  
  

 

 

    

 

 

    

 

 

 

Cost of revenues

     (287,390      85,178        (202,212
  

 

 

    

 

 

    

 

 

 

Gross profit

     1,274,578        (54,529      1,220,049  
  

 

 

    

 

 

    

 

 

 

Operating profit

     567,799        —          567,799  

Net income attributable to Autohome Inc.

     517,724        —          517,724  

 

2


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.

Second Quarter 2018 Operational Highlights

 

   

Mobile Traffic Leadership Continues: According to Quest Mobile, during the second quarter of 2018, the number of average daily unique visitors who accessed the Company’s primary “Autohome” application reached 10.3 million, representing an increase of 54% compared to the second quarter of 2017, further solidifying the Company’s dominant position among auto vertical applications in China.

 

   

Expanding Platform with Data-driven Professional Generated Content (PGC): The Company’s automobile content platform continued to be the best-in-class with the number of professional content contributors increasing 25% sequentially, and the amount of content posted, including articles and videos, increasing 150% sequentially. Autohome is expanding collaboration with automakers, key opinion leaders (KOLs), professional experts, social media, etc. In addition, Autohome has further diversified its content production by launching nine columns, including celebrity talk show, gourmet on the road, animated car showcase, comedian car review, cars for HER, cars and culture, road music, industry opinion interview, and test drive.

 

   

Optimizing Used Car Transaction under C2B2C Model: The Company’s recent US$100 million investment in TTP Car Inc. (“TTP”) is aimed at accelerating the online transaction for used cars. The strategic investment in TTP will significantly drive the overall traffic, C2B automobile sourcing, dealer participation, and financing options for TTP. In addition, the Company has launched “Autohome Trusted Alliances” with qualified used car dealers to facilitate more precise matching and transactions for B2C business. The Company’s respective strategic partnerships with TTP and the carefully selected high-quality offline dealers are a major milestone for the Company’s C2B2C model execution in extending audience reach for better targeting, improving used cars sourcing and transparency, increasing sales leads generation and transaction services, as well as broadening the necessary financing support.

Mr. Min Lu, Chairman of the Board and Chief Executive Officer of Autohome, stated, “We are pleased to report solid second quarter results with continued revenue growth, which again exceeded our guidance. Our core media and leads generation businesses remain strong across all key metrics, including user numbers, brand recognition, user engagement, and automaker/dealer partnerships. In addition, our new businesses of auto financing and data products continued to demonstrate significant growth momentum in the first half of 2018. The differentiated value propositions of our core and new service offerings are key to attracting and engaging a large user base and providing automakers and dealers with innovative and cost-efficient marketing solutions. We will continue our efforts to stay at the forefront of advanced technology and innovative solutions, fueling continued growth and further solidifying our competitive strengths.”

Mr. Jun Zou, Chief Financial Officer, added, “We are delighted to report continued excellent progress of our core and new business initiatives, which resulted in solid revenue growth momentum, consistent market share gains, high profitability and a strong balance sheet. Given the continued demand for our core and new offerings, including media, leads generation, auto financing, and data products, we are confident in Autohome’s leading brand position and our strategic endeavors to further monetize these four business pillars within China’s tremendous automobile market.”

 

3


Overview of Key Financial Results for Second Quarter 2018

Key Financial Results

 

(In RMB Millions except for per share data)

   2Q2017      2Q2018      % Change  

Net Revenues

     1,422.3        1,868.9        31.4

Net Income attributable to Autohome Inc.

     517.7        691.6        33.6

Adjusted Net Income attributable to Autohome Inc.2

     565.2        744.3        31.7

Diluted Earnings Per Share3

     4.40        5.79        31.6

Unaudited Second Quarter 2018 Financial Results

Net Revenues

Net revenues in the second quarter of 2018 were RMB1,868.9 million ($282.4 million) compared to RMB1,422.3 million in the corresponding period of 2017.

 

   

Media services revenues increased 24.5% to RMB930.2 million ($140.6 million) from RMB746.9 million in the corresponding period of 2017. The increase was mainly attributable to an increase in average revenue per automaker advertiser as automakers continue to allocate a greater portion of their advertising budgets to Autohome, with an increasingly diversified and optimized portfolio of products being offered.

 

   

Leads generation services revenues increased 28.0% to RMB740.0 million ($111.8 million) from RMB578.1 million in the corresponding period of 2017. The increase was primarily attributable to a 18.2% year-over-year increase in average revenue per paying dealer as dealers continue to allocate a greater portion of their budgets to the Company’s services, as well as an expanded dealer client base.

 

   

Online marketplace and others revenues increased 104.2% to RMB198.7 million ($30.0 million) from RMB97.3 million in the corresponding period of 2017, primarily due to the increased contribution from auto-financing business and data products. Online marketplace and others revenues in the second quarter of 2018 consisted of revenues related to new car and used car marketplace, auto-financing business, data products and others.

 

 

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.

 

4


Cost of Revenues

Cost of revenues increased 3.2% to RMB208.7 million ($31.5 million) from RMB202.2 million in the corresponding period of 2017. Excluding the cost of direct vehicle sales, cost of revenues would have increased 34.9% to RMB208.7 million ($31.5 million) from RMB154.7 million in the corresponding period of 2017. In addition, cost of revenues included share-based compensation expenses of RMB7.1 million ($1.1 million) during the second quarter of 2018, compared to RMB3.4 million for the corresponding period of 2017.

Operating Expenses

Operating expenses were RMB987.5 million ($149.2 million) in the second quarter of 2018, compared to RMB707.3 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 RMB588.0 million ($88.9 million) in the second quarter of 2018, compared to RMB412.3 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 second quarter of 2018 included share-based compensation expenses of RMB13.9 million ($2.1 million), compared with RMB13.7 million in the corresponding period of 2017.

 

   

General and administrative expenses were RMB86.4 million ($13.1 million) in the second quarter of 2018, compared to RMB79.7 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 second quarter of 2018 included share-based compensation expenses of RMB15.7 million ($2.4 million), compared with RMB16.9 million in the corresponding period of 2017.

 

   

Product development expenses were RMB313.1 million ($47.3 million) in the second quarter of 2018, compared to RMB215.4 million in the corresponding period of 2017. The increase was primarily attributable to an increase in salaries and benefits. Product development expenses for the second quarter of 2018 included share-based compensation expenses of RMB14.9 million ($2.3 million), compared with RMB12.3 million in the corresponding period of 2017.

Operating Profit

Operating profit increased 31.8% to RMB748.4 million ($113.1 million) from RMB567.8 million in the corresponding period of 2017.

Income tax expense

Income tax expense increased 43.3% to RMB145.1 million ($21.9 million) in the second quarter of 2018, from RMB101.2 million in the corresponding period of 2017, primarily attributable to an increase in taxable income.

Net Income attributable to Autohome Inc. and EPS

Net income attributable to Autohome increased 33.6% to RMB691.6 million ($104.5 million) from RMB517.7 million in the corresponding period of 2017. Basic and diluted earnings per share/per ADS (“EPS”) were RMB5.89 ($0.89) and RMB5.79 ($0.88), respectively, compared to basic and diluted EPS in the corresponding period of 2017 of RMB4.46 and RMB4.40, respectively.

 

5


Adjusted Net Income attributable to Autohome Inc. 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 31.7% to RMB744.3 million ($112.5 million) from RMB565.2 million in the corresponding period of 2017. Non-GAAP basic and diluted EPS were RMB6.33 ($0.96) and RMB6.23 ($0.94), respectively, compared to non-GAAP basic and diluted EPS in the corresponding period of 2017 of RMB4.87 and RMB4.80, respectively.

Balance Sheet and Cash Flow

As of June 30, 2018, the Company had cash and cash equivalents and short-term investments of RMB7,685.0 million ($1,161.4 million). Net cash provided by operating activities in the second quarter of 2018 was RMB333.5 million ($50.4 million), compared to RMB107.2 million in the corresponding period of 2017.

Employees

The Company had 4,030 employees as of June 30, 2018.

Strategic Investment in TTP Car Inc. (“TTP”)

In the second quarter of 2018, Autohome completed a strategic investment in TTP, a company operating an online auction platform for used automobiles, Autohome invested US$100 million cash to subscribe to a three-year convertible bond issued by TTP, which bears an interest rate of 8% per annum. In addition, within three years after the closing, Autohome has the right to purchase additional 8.0% convertible bonds in an aggregate principal amount of up to $65 million to be issued by TTP upon Autohome’s request from time to time.

Business Outlook

Autohome currently expects to generate net revenues in the range of RMB1,850 million ($279.6 million) to RMB1,870 million ($282.6 million) in the third quarter of fiscal year 2018, representing a 30.8% to 32.2% year-over-year increase. If excluding direct vehicle sales, this represents a 32.3% to 33.7% 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 gross basis to net basis. The above guidance reflects revenues net of value-added tax under the new revenue recognition standard. If presented on gross basis including value-added tax, the same basis as that for the year 2017, net revenues are expected to be between RMB2,025 million ($306.0 million) to RMB2,045 million ($309.0 million) in the third quarter of fiscal year 2018.

Conference Call Information

The Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 8, 2018 (8:00 PM Beijing Time on the same day).

 

6


Dial-in details for the earnings conference call are as follows:

 

United States:

Hong Kong:

China Domestic:

United Kingdom:

International:

Passcode:

 

+1-855-824-5644

+852-3027-6500

8009-880-563

0800-026-1542

+1 646-722-4977

93462305#

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 August 14, 2018:

 

United States:

International:

Passcode:

 

+1-646-982-0473

+61-2-8325-2405

319295520#

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.

 

7


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

Joyce Tang

Tel: +86-10-5985-7483

Email: ir@autohome.com.cn

 

8


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

 

9


AUTOHOME INC.

CONSOLIDATED STATEMENTS OF OPERATIONS4

(Amount in thousands, except per share data)

 

    For three months ended June 30,     For six months ended June 30,  
    2017     2018     2017     2018  
    RMB     RMB     US$     RMB     RMB     US$  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  

Net revenues:

           

Media services

    793,772       930,228       140,579       1,309,454       1,514,378       228,858  

Leads generation services

    659,690       739,975       111,828       1,197,677       1,350,805       204,139  

Online marketplace and others

    108,506       198,680       30,025       403,198       291,754       44,091  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

    1,561,968       1,868,883       282,432       2,910,329       3,156,937       477,088  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues

    (287,390     (208,691     (31,538     (731,983     (354,832     (53,623
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    1,274,578       1,660,192       250,894       2,178,346       2,802,105       423,465  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

           

Sales and marketing expenses

    (412,285     (588,038     (88,866     (718,613     (986,070     (149,018

General and administrative expenses

    (79,676     (86,371     (13,053     (140,057     (149,251     (22,555

Product development expenses

    (215,374     (313,121     (47,320     (405,100     (541,911     (81,896
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

    (707,335     (987,530     (149,239     (1,263,770     (1,677,232     (253,469
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income, net

    556       75,697       11,440       10,672       146,693       22,169  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

    567,799       748,359       113,095       925,248       1,271,566       192,165  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

    52,524       88,363       13,354       91,414       152,405       23,032  

Loss from equity method investments

    (2,817     (2,314     (350     (5,436     (4,204     (635
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    617,506       834,408       126,099       1,011,226       1,419,767       214,562  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expense

    (101,227     (145,054     (21,921     (170,012     (248,959     (37,624
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    516,279       689,354       104,178       841,214       1,170,808       176,938  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to noncontrolling interests

    1,445       2,276       344       3,927       3,605       545  

Net income attributable to Autohome Inc.

    517,724       691,630       104,522       845,141       1,174,413       177,483  

Earnings per share for ordinary share

           

Basic

    4.46       5.89       0.89       7.30       10.00       1.51  

Diluted

    4.40       5.79       0.88       7.20       9.85       1.49  

Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders:

           

Basic

    116,011,952       117,523,601       117,523,601       115,796,241       117,424,250       117,424,250  

Diluted

    117,667,127       119,396,482       119,396,482       117,400,922       119,287,838       119,287,838  

 

4 

The operating results for the three and six months ended June 30, 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 and six months ended June 30, 2018 were presented on net basis, with the net revenues and cost of revenues excluding value-added tax.

 

10


AUTOHOME INC.

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share data)

 

     For three months ended June 30,      For six months ended June 30,  
     2017      2018      2017      2018  
     RMB      RMB      US$      RMB      RMB      US$  
     (Unaudited)      (Unaudited)      (Unaudited)      (Unaudited)      (Unaudited)      (Unaudited)  

Net income attributable to Autohome Inc.

     517,724        691,630        104,522        845,141        1,174,413        177,483  

Plus: income tax expense

     101,227        145,054        21,921        170,012        248,959        37,624  

Plus: depreciation of property and equipment

     20,599        20,168        3,048        40,215        41,431        6,261  

Plus: amortization of intangible assets

     1,145        2,904        439        2,290        5,808        878  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA

     640,695        859,756        129,930        1,057,658        1,470,611        222,246  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Plus: share-based compensation expenses

     46,322        51,564        7,793        84,975        87,599        13,238  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

     687,017        911,320        137,723        1,142,633        1,558,210        235,484  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net income attributable to Autohome Inc.

     517,724        691,630        104,522        845,141        1,174,413        177,483  

Plus: amortization of acquired intangible assets of Cheerbright, China Topside and Norstar

     1,139        1,138        172        2,277        2,276        344  

Plus: share-based compensation expenses

     46,322        51,564        7,793        84,975        87,599        13,238  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Net Income attributable to Autohome Inc.

     565,185        744,332        112,487        932,393        1,264,288        191,065  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP Earnings per share for ordinary shares

                 

Basic

     4.87        6.33        0.96        8.05        10.77        1.63  

Diluted

     4.80        6.23        0.94        7.94        10.60        1.60  

Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders:

                 

Basic

     116,011,952        117,523,601        117,523,601        115,796,241        117,424,250        117,424,250  

Diluted

     117,667,127        119,396,482        119,396,482        117,400,922        119,287,838        119,287,838  

 

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AUTOHOME INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amount in thousands, except as noted)

 

     As of December 31,     As of June 30,  
     2017     2018  
     RMB     RMB     US$  
     (Audited)     (Unaudited)     (Unaudited)  

ASSETS

      

Current assets

      

Cash and cash equivalents

     911,588       462,679       69,922  

Short-term investments

     7,242,636       7,222,326       1,091,464  

Accounts and notes receivable, net

     1,893,737       1,977,058       298,780  

Amounts due from related parties, current

     24,502       125,307       18,937  

Prepaid expenses and other current assets

     186,123       223,474       33,772  
  

 

 

   

 

 

   

 

 

 

Total current assets

     10,258,586       10,010,844       1,512,875  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Restricted cash, non-current

     —         5,000       756  

Property and equipment, net

     130,322       124,440       18,806  

Goodwill and intangible assets, net

     1,555,201       1,549,394       234,150  

Long-term investments

     147,929       143,730       21,721  

Deferred tax assets

     174,620       161,230       24,366  

Other non-current assets

     28,317       690,680       104,378  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     2,036,389       2,674,474       404,177  
  

 

 

   

 

 

   

 

 

 

Total assets

     12,294,975       12,685,318       1,917,052  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

Current liabilities

      

Accrued expenses and other payables

     1,658,934       1,639,513       247,771  

Advance from customers

     70,454       57,692       8,719  

Deferred revenue

     1,409,485       1,048,685       158,481  

Income tax payable

     144,379       204,682       30,932  

Amounts due to related parties

     10,285       24,416       3,690  

Dividends payable

     595,779       —         —    
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     3,889,316       2,974,988       449,593  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Other liabilities

     32,122       32,122       4,854  

Deferred tax liabilities

     438,251       448,812       67,826  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     470,373       480,934       72,680  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     4,359,689       3,455,922       522,273  
  

 

 

   

 

 

   

 

 

 

Equity

      

Total Autohome Inc.Shareholders’ equity

     7,951,637       9,249,352       1,397,795  

Noncontrolling interests

     (16,351     (19,956     (3,016
  

 

 

   

 

 

   

 

 

 

Total equity

     7,935,286       9,229,396       1,394,779  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     12,294,975       12,685,318       1,917,052  
  

 

 

   

 

 

   

 

 

 

 

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