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 February 2021

Commission File Number: 001-36222

 

 

Autohome Inc.

 

 

18th 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):  ☐

 

 

 


Exhibit Index

Exhibit 99.1 – Press Release

Exhibit 99.2 – Press Release


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/ Quan Long

Name  :   Quan Long
Title    :   Chairman of the Board and Chief Executive Officer

Date: February 2, 2021

EX-99.1

Exhibit 99.1

Autohome Inc. Announces Results of Extraordinary General Meeting

BEIJING, February 2, 2021 – Autohome Inc. (“Autohome” or the “Company”) (NYSE: ATHM), a leading online destination for automobile consumers in China, today announced that each of the following proposed resolutions submitted for shareholder approval has been adopted as a special resolution at its extraordinary general meeting of shareholders held in Beijing today:

 

1.

All authorized class A ordinary shares and class B ordinary shares are re-designated and combined into one single class of ordinary shares, and subsequently each ordinary share is subdivided into four shares, effective as of February 5, 2021 (the “Share Subdivision”). As a result of this variation of share capital, the authorized share capital of the Company shall be US$1,000,000,000 divided into 400,000,000,000 ordinary shares of a par value of US$0.0025 each, effective as of February 5, 2021.

 

2.

The Fifth Amended and Restated Memorandum of Association and Articles of Association is adopted in substitution for and to the exclusion of the Company’s currently effective fourth amended and restated memorandum of association and articles of association, effective as of February 5, 2021.

The Company also announced that, concurrently with the effectiveness of the variation of share capital of the Company, the ratio of ADS to ordinary share will be adjusted to one ADS representing four ordinary shares, beginning on February 5, 2021 (the “ADS Ratio Change”). Accordingly, because the Share Subdivision and ADS Ratio Change are exactly proportionate, the ADS Ratio Change, in and of itself, is neutral in its impact on the per-ADS trading price of our ADSs on the NYSE, as the percentage interest in our Company represented by each ADS will not be altered.

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 original generated content, professionally generated content, user-generated content, AI-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. 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.

For investor and media inquiries, please contact:

In China:

Anita Chen

Investor Relations

Tel: +86-10-5985-7483

Email: ir@autohome.com.cn


The Piacente Group, Inc.

Jenny Cai

Tel: +86-10-6508-0677

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

 

2

EX-99.2

Exhibit 99.2

 

LOGO

Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2020 Financial Results

BEIJING, February 2, 2021 – 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, 2020.

Fourth Quarter 2020 Highlights1

 

 

Net Revenues in the fourth quarter of 2020 were RMB2,483.1 million ($380.6 million), an increase of 6.6% year-over-year.

 

 

Online Marketplace and Others Revenues in the fourth quarter of 2020 were RMB606.9 million ($93.0 million), an increase of 35.5% year-over-year. Data Products in the online marketplace and others business achieved revenue growth of 82.3% year-over-year in the fourth quarter of 2020.

 

 

Net Income attributable to Autohome Inc. in the fourth quarter of 2020 was RMB1,146.9 million ($175.8 million), compared to RMB1,108.1 million for the corresponding period of 2019.

 

 

Adjusted Net Income attributable to Autohome Inc. (Non-GAAP)2 in the fourth quarter of 2020 was RMB1,192.0 million ($182.7 million), compared to RMB1,150.0 million for the corresponding period of 2019.

Full Year 2020 Highlights1

 

 

Net Revenues in full year 2020 were RMB8,658.6 million ($1,327.0 million), an increase of 2.8% year-over-year.

 

 

Online Marketplace and Others Revenues in 2020 were RMB 2,004.7 million ($307.2 million), which contributed to 23.2% of total revenues, compared to 17.7% in 2019. Data Products in the online marketplace and others business achieved revenue growth of 70.0% year-over-year in 2020.

 

 

Annual Dividend: The Company’s Board of Directors (“Board”) has approved a dividend of US$0.87 per American Depositary Share (“ADS”) (or US$0.2175 per ordinary share after reflecting the proposed 4-for-1 share split3) for fiscal year 2020, which is expected to be paid on March 5, 2021 to shareholders of record as of the close of business, February 25, 2021.

 

 

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$1.00 to RMB6.5250 on December 31, 2020 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

2 

Adjusted net income attributable to Autohome Inc. (Non-GAAP) 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 

On February 2, 2021, the Company announced that the following proposed resolution submitted for shareholder approval has been adopted as a special resolution at the Company’s extraordinary general meeting of shareholders: All authorized class A ordinary shares and class B ordinary shares are re-designated and combined into one single class of ordinary shares, and subsequently each ordinary share is subdivided into four shares, effective as of February 5, 2021 (the “Share Subdivision”). As a result of this variation of share capital, the authorized share capital of the Company shall be US$1,000,000,000 divided into 400,000,000,000 ordinary shares of a par value of US$0.0025 each, effective as of February 5, 2021. The Company also announced that, concurrently with the effectiveness of the variation of share capital of the Company, the ratio of ADS to ordinary share will be adjusted to one ADS representing four ordinary shares, beginning on February 5, 2021 (the “ADS Ratio Change”). Accordingly, because the Share Subdivision and ADS Ratio Change are exactly proportionate, the ADS Ratio Change, in and of itself, is neutral in its impact on the per-ADS trading price of our ADSs on the NYSE, as the percentage interest in our Company represented by each ADS will not be altered.

 

1


Mr. Quan Long, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, “On behalf of Autohome, I would like to express my sincerest gratitude to Mr. Min Lu, our previous Chairman, for his extraordinary contributions over the past several years. Autohome is renowned for its solid business fundamentals, top-notch technology and overall competitiveness, and I am very honored to be joining and to be working with this talented and dedicated team in the years ahead. I’m very encouraged by Autohome’s strategic investments in the new car and used car areas which I believe will be a huge benefit to our long-term development. Looking ahead, we are confident in the thriving expansion of China’s auto market and believe Autohome is well positioned to grow along with it.”

Mr. Jun Zou, Chief Financial Officer of Autohome, added, “Despite the challenging automobile sales environment, our efforts throughout 2020 to develop new initiatives enabled us to achieve another solid year. Data products continued to lead our overall growth throughout the year, driven by higher data products adoption. In addition, adjusted net income for the year rose 6.2% year-over-year to RMB3,621.0 million, reflecting our enhanced operating efficiency. Looking ahead, we will continue to invest strategically in our ecosystem to remain at the forefront of innovation in the digital automotive space while maintaining a disciplined cost structure in our core business.”

Unaudited Fourth Quarter 2020 Financial Results

Net Revenues

Net revenues in the fourth quarter of 2020 were RMB2,483.1 million ($380.6 million), compared to RMB2,329.7 million in the corresponding period of 2019.

 

 

Media services revenues were RMB1,029.3 million ($157.7 million), compared to RMB1,057.8 million in the corresponding period of 2019.

 

 

Leads generation services revenues were RMB846.9 million ($129.8 million), compared to RMB 823.9 million in the corresponding period of 2019.

 

 

Online marketplace and others revenues increased by 35.5% year-over-year to RMB606.9 million ($93.0 million) from RMB448.0 million in the corresponding period of 2019. The increase was primarily attributable to the increased contribution from data products.

Cost of Revenues

Cost of revenues was RMB268.0 million ($41.1 million), compared to RMB265.1 million in the corresponding period of 2019. In addition, cost of revenues included share-based compensation expenses of RMB4.6 million ($0.7 million) during the fourth quarter of 2020, compared to RMB2.9 million in the corresponding period of 2019.

 

2


Operating Expenses

Operating expenses were RMB1,338.0 million ($205.1 million) in the fourth quarter of 2020, compared to RMB1,094.9 million in the corresponding period of 2019.

 

 

Sales and marketing expenses were RMB870.5 million ($133.4 million) in the fourth quarter of 2020, compared to RMB735.0 million in the corresponding period of 2019. The increase was primarily attributable to the increased execution expenses to support automakers and dealers along with business development. Sales and marketing expenses for the fourth quarter of 2020 included share-based compensation expenses of RMB8.6 million ($1.3 million), compared to RMB6.6 million in the corresponding period of 2019.

 

 

General and administrative expenses were RMB70.6 million ($10.8 million) in the fourth quarter of 2020, compared to RMB59.7 million in the corresponding period of 2019. General and administrative expenses for the fourth quarter of 2020 included share-based compensation expenses of RMB10.3 million ($1.6 million), compared to RMB16.8 million in the corresponding period of 2019.

 

 

Product development expenses were RMB396.9 million ($60.8 million) in the fourth quarter of 2020, compared to RMB300.2 million in the corresponding period of 2019. The increase was primarily attributable to increased investment in research and development activities. Product development expenses for the fourth quarter of 2020 included share-based compensation expenses of RMB20.5 million ($3.1 million), compared to RMB14.5 million in the corresponding period of 2019.

Operating Profit

Operating profit was RMB947.2 million ($145.2 million) in the fourth quarter of 2020, compared to RMB1,102.5 million in the corresponding period of 2019.

Income Tax Benefit/Expense

There was an income tax benefit of RMB70.9 million ($10.9 million) in the fourth quarter of 2020, compared to income tax expense of RMB114.1 million in the corresponding period of 2019. The income tax benefit was primarily due to the realization of previously uncertain preferential tax rates for certain subsidiaries that were able to be realized in the fourth quarter of 2020.

Net Income attributable to Autohome Inc. and EPS

Net income attributable to Autohome Inc. was RMB1,146.9 million ($175.8 million) in the fourth quarter of 2020, compared to RMB1,108.1 million in the corresponding period of 2019. Basic and diluted earnings per share/per ADS (“EPS”) were RMB9.58 ($1.47) and RMB9.53 ($1.46), respectively, as compared to basic and diluted EPS of RMB9.32 and RMB9.27, respectively, in the corresponding period of 2019.

Adjusted Net Income attributable to Autohome Inc. (Non-GAAP) and Non-GAAP EPS

Adjusted net income attributable to Autohome Inc. (Non-GAAP), defined as net income attributable to Autohome Inc., excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, was RMB1,192.0 million ($182.7 million) in the fourth quarter of 2020, compared to RMB1,150.0 million in the corresponding period of 2019. Non-GAAP basic and diluted EPS were RMB9.95 ($1.52) and RMB9.91 ($1.52), respectively, compared to non-GAAP basic and diluted EPS of RMB9.67 and RMB9.62, respectively, in the corresponding period of 2019.

 

3


Unaudited Full Year 2020 Financial Results

Net Revenues

Net revenues in 2020 were RMB8,658.6 million ($1,327.0 million), compared to RMB8,420.8 million in 2019.

 

 

Media services revenues were RMB3,455.1 million ($529.5 million) in 2020, compared to RMB3,653.8 million in 2019.

 

 

Leads generation services revenues were RMB3,198.8 million ($490.2 million) in 2020, compared to RMB3,275.5 million in 2019.

 

 

Online marketplace and others revenues were RMB 2,004.7 million ($307.2 million) in 2020, compared to RMB1,491.4 million in 2019. This increase was primarily attributable to the increased contribution from data products.

Cost of Revenues

Cost of revenues was RMB961.2 million ($147.3 million) in 2020, compared to RMB960.3 million in 2019. In addition, cost of revenues included share-based compensation expenses of RMB21.4 million ($3.3 million) compared to RMB15.5 million in 2019.

Operating Expenses

Operating expenses were RMB4,992.6 million ($765.1 million) in 2020, compared to RMB4,702.4 million in 2019.

 

 

Sales and marketing expenses were RMB3,246.5 million ($497.5 million) in 2020, compared to RMB3,093.3 million in 2019. The increase was primarily attributable to the increased execution expenses to support automakers and dealers along with business development. Sales and marketing expenses for 2020 included share-based compensation expenses of RMB40.1 million ($6.1 million), compared to RMB46.1 million in 2019.

 

 

General and administrative expenses were RMB381.8 million ($58.5 million) in 2020, compared to RMB318.0 million in 2019. General and administrative expenses for 2020 included share-based compensation expenses of RMB55.9 million ($8.6 million), compared to RMB62.9 million in 2019.

 

 

Product development expenses were RMB1,364.2 million ($209.1 million) in 2020, compared to RMB1,291.1 million in 2019. The increase was primarily attributable to the increased investment in research and development activities. Product development expenses for 2020 included share-based compensation expenses of RMB93.9 million ($14.4 million), compared to RMB79.5 million in 2019.

Operating Profit

Operating profit was RMB3,148.0 million ($482.5 million) in 2020, compared to RMB3,235.8 million in 2019.

 

4


Income Tax Expense

Income tax expense was RMB260.9 million ($40.0 million), compared to RMB500.4 million in 2019. The decrease was primarily attributable to the realization of previously uncertain preferential tax rates for certain subsidiaries that were determined to be eligible for preferential tax rate in 2020.

Net Income attributable to Autohome Inc. and EPS

Net income attributable to Autohome Inc. was RMB3,405.2 million ($521.9 million) in 2020, compared to RMB3,200.0 million in 2019. Basic and diluted earnings per share/per ADS (“EPS”) were RMB28.53 ($4.37) and RMB28.40 ($4.35), respectively, compared to basic and diluted EPS of RMB26.99 and RMB26.77, respectively, in 2019.

Adjusted Net Income attributable to Autohome Inc. (Non-GAAP) and Non-GAAP EPS

Adjusted net income attributable to Autohome Inc. (Non-GAAP), defined as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, was RMB3,621.0 million ($554.9 million) in 2020, compared to RMB3,408.5 million in 2019. Non-GAAP basic and diluted EPS were RMB30.33 ($4.65) and RMB30.19 ($4.63), respectively, compared to non-GAAP basic and diluted EPS of RMB28.74 and RMB28.52, respectively, in 2019.

Balance Sheet and Cash Flow

As of December 31, 2020, the Company had cash and cash equivalents and short-term investments of RMB14.63 billion ($2,242.1 million). Net cash provided by operating activities in the year of 2020 was RMB3.33 billion ($509.7 million).

Annual Dividend

The Board has approved a dividend of US$0.87 per ADS (or US$0.2175 per ordinary share after reflecting the proposed 4-for-1 share split) for fiscal year 2020, which is expected to be paid on March 5, 2021 to shareholders of record as of the close of business on February 25, 2021.

Under the Company’s annual dividend policy approved on November 4, 2019, the annual dividend has been set at an amount equivalent to approximately 20% of the Company’s net income in the previous fiscal year, which policy started from 2020. The determination to make future dividend distributions, and the exact amount of such distributions in any particular year, will be based upon the Company’s operations and earnings, cash flow, financial condition and other relevant factors, and subject to adjustment and determination by the Board.

Employees

The Company had 3,905 employees as of December 31, 2020.

Business Outlook

Autohome currently expects to generate net revenues in the range of RMB1,810.0 million ($277.4 million) to RMB1,840.0 million ($282.0 million) in the first quarter of fiscal year 2021. The Company’s revenue guidance includes approximately RMB100.0 million ($15.3 million) revenues from TTP Car, Inc. for the first quarter of 2021, which was acquired in the end of December, 2020 and the operating results of which will be fully included in the Company’s consolidated financial statement for the first quarter of 2021. This forecast reflects the Company’s current and preliminary view on the market and its operating conditions, which are subject to change, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic.

 

5


Conference Call Information

The Company will host an earnings conference call at 6:30 AM U.S. Eastern Time on Tuesday, February 2, 2021 (7:30 PM Beijing Time on the same day).

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

 

United States:    +1-855-824-5644
Hong Kong, China:    +852-3027-6500
Mainland China:    8009-880-563/ 400-821-0637
United Kingdom:    0800-026-1542
International:    +1-646-722-4977
Passcode:    38347400#

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 February 8, 2021:

United States:    +1-646-982-0473

International:     +61-2-8325-2405

Passcode:           319339324#

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 original generated content, professionally generated content, user-generated content, and AI-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. 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.

 

6


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.

 

7


For investor and media inquiries, please contact:

In China:

Autohome Inc.

Investor Relations

Anita Chen

Tel: +86-10-5985-7483

E-mail: ir@autohome.com.cn

The Piacente Group, Inc.

Jenny Cai

Tel: +86-10-6508-0677

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

 

8


AUTOHOME INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(Amount in thousands, except per share data)

 

     For three months ended December 31,     For year ended December 31,  
     2019     2020     2019     2020  
     RMB
(Unaudited)
    RMB
(Unaudited)
    US$
(Unaudited)
    RMB
(Audited)
    RMB
(Unaudited)
    US$
(Unaudited)
 

Net revenues:

            

Media services

     1,057,761       1,029,307       157,748       3,653,767       3,455,056       529,510  

Leads generation services

     823,855       846,883       129,790       3,275,544       3,198,832       490,242  

Online marketplace and others

     448,046       606,904       93,012       1,491,440       2,004,671       307,229  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     2,329,662       2,483,094       380,550       8,420,751       8,658,559       1,326,981  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues

     (265,110     (268,006     (41,074     (960,292     (961,170     (147,306
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     2,064,552       2,215,088       339,476       7,460,459       7,697,389       1,179,675  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

            

Sales and marketing expenses

     (735,008     (870,523     (133,413     (3,093,345     (3,246,507     (497,549

General and administrative expenses

     (59,688     (70,577     (10,816     (317,967     (381,843     (58,520

Product development expenses

     (300,191     (396,894     (60,827     (1,291,054     (1,364,227     (209,077
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (1,094,887     (1,337,994     (205,056     (4,702,366     (4,992,577     (765,146
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income, net

     132,864       70,081       10,740       477,699       443,215       67,926  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     1,102,529       947,175       145,160       3,235,792       3,148,027       482,455  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

     117,536       136,038       20,849       469,971       537,389       82,358  

Earnings/(loss) from equity method investments

     2,229       849       130       685       (1,246     (191

Fair value change of other non-current assets

     —         (6,542     (1,003     (5,442     (15,658     (2,400
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     1,222,294       1,077,520       165,136       3,701,006       3,668,512       562,222  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax (expense)/benefit

     (114,101     70,883       10,863       (500,361     (260,945     (39,992
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     1,108,193       1,148,403       175,999       3,200,645       3,407,567       522,230  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to noncontrolling interests

     (120     (1,501     (230     (679     (2,338     (358

Net income attributable to Autohome Inc.

     1,108,073       1,146,902       175,769       3,199,966       3,405,229       521,872  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share for ordinary share

            

Basic

     9.32       9.58       1.47       26.99       28.53       4.37  

Diluted

     9.27       9.53       1.46       26.77       28.40       4.35  

Weighted average shares used to compute earnings per share attributable to common stockholders:

            

Basic

     118,892,884       119,773,051       119,773,051       118,582,096       119,366,817       119,366,817  

Diluted

     119,543,779       120,326,583       120,326,583       119,515,247       119,921,595       119,921,595  

 

9


AUTOHOME INC.

RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share data)

 

     For three months ended December 31,     For year ended December 31,  
     2019      2020     2019      2020  
     RMB
(Unaudited)
     RMB
(Unaudited)
    US$
(Unaudited)
    RMB
(Audited)
     RMB
(Unaudited)
     US$
(Unaudited)
 

Net income attributable to Autohome Inc.

     1,108,073        1,146,902       175,769       3,199,966        3,405,229        521,872  

Plus: income tax expense/(benefit)

     114,101        (70,883     (10,863     500,361        260,945        39,992  

Plus: depreciation of property and equipment

     28,881        45,171       6,923       106,941        158,229        24,250  

Plus: amortization of intangible assets

     2,913        2,943       451       11,664        12,045        1,846  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

EBITDA

     1,253,968        1,124,133       172,280       3,818,932        3,836,448        587,960  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Plus: share-based compensation
expenses

     40,835        43,986       6,741       204,008        211,206        32,369  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

     1,294,803        1,168,119       179,021       4,022,940        4,047,654        620,329  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Net income attributable to Autohome Inc.

     1,108,073        1,146,902       175,769       3,199,966        3,405,229        521,872  

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

     1,139        1,139       175       4,556        4,556        698  

Plus: share-based compensation
expenses

     40,835        43,986       6,741       204,008        211,206        32,369  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Adjusted net income attributable to Autohome Inc.

     1,150,047        1,192,027       182,685       3,408,530        3,620,991        554,939  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Non-GAAP earnings per share for ordinary shares

               

Basic

     9.67        9.95       1.52       28.74        30.33        4.65  

Diluted

     9.62        9.91       1.52       28.52        30.19        4.63  

Weighted average shares used to compute earnings per share attributable to common stockholders:

               

Basic

     118,892,884        119,773,051       119,773,051       118,582,096        119,366,817        119,366,817  

Diluted

     119,543,779        120,326,583       120,326,583       119,515,247        119,921,595        119,921,595  

 

10


AUTOHOME INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

 

     As of December 31,     As of December 31,  
     2019     2020  
     RMB     RMB      US$  
     (Audited)     (Unaudited)      (Unaudited)  

ASSETS

       

Current assets

       

Cash and cash equivalents

     1,988,298       1,751,222        268,387  

Short-term investments

     10,806,812       12,878,176        1,973,667  

Accounts receivable, net

     3,231,486       3,124,197        478,804  

Amounts due from related parties, current

     29,501       47,303        7,250  

Prepaid expenses and other current assets

     302,285       563,182        86,311  
  

 

 

   

 

 

    

 

 

 

Total current assets

     16,358,382       18,364,080        2,814,419  
  

 

 

   

 

 

    

 

 

 

Non-current assets

       

Restricted cash, non-current

     5,200       17,926        2,747  

Property and equipment, net

     281,773       410,081        62,848  

Goodwill and intangible assets, net

     1,532,024       4,511,812        691,465  

Long-term investments

     71,664       70,418        10,792  

Deferred tax assets

     27,782       79,661        12,209  

Other non-current assets

     879,040       276,867        42,431  
  

 

 

   

 

 

    

 

 

 

Total non-current assets

     2,797,483       5,366,765        822,492  
  

 

 

   

 

 

    

 

 

 

Total assets

     19,155,865       23,730,845        3,636,911  
  

 

 

   

 

 

    

 

 

 

LIABILITIES

       

Current liabilities

       

Accrued expenses and other payables

     2,417,438       2,577,709        395,051  

Advance from customers

     95,636       127,235        19,500  

Deferred revenue

     1,370,953       1,315,667        201,635  

Income tax payable

     45,489       85,177        13,054  

Amounts due to related parties

     36,387       79,895        12,244  
  

 

 

   

 

 

    

 

 

 

Total current liabilities

     3,965,903       4,185,683        641,484  
  

 

 

   

 

 

    

 

 

 

Non-current liabilities

       

Other liabilities

     45,534       104,861        16,071  

Deferred tax liabilities

     538,487       631,509        96,783  
  

 

 

   

 

 

    

 

 

 

Total non-current liabilities

     584,021       736,370        112,854  
  

 

 

   

 

 

    

 

 

 

Total liabilities

     4,549,924       4,922,053        754,338  
  

 

 

   

 

 

    

 

 

 

MEZZANINE EQUITY

       

Convertible redeemable non-controlling interests

     —         1,056,237        161,875  

EQUITY

       

Total Autohome Inc. shareholders’ equity

     14,629,097       17,625,734        2,701,262  

Noncontrolling interests

     (23,156     126,821        19,436  
  

 

 

   

 

 

    

 

 

 

Total equity

     14,605,941       17,752,555        2,720,698  
  

 

 

   

 

 

    

 

 

 

Total liabilities, mezzanine equity and equity

     19,155,865       23,730,845        3,636,911  
  

 

 

   

 

 

    

 

 

 

 

11