Update on Dividend Policy
BEIJING, Feb. 16,
2023 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM;
HKEX: 2518) ("Autohome" or the "Company"), the leading online
destination for automobile consumers in China, today announced its unaudited financial
results for the three months and full year ended December 31,
2022.
Fourth Quarter 2022
Highlights1
- Net Revenues in the fourth quarter of 2022 were
RMB1,893.3 million (US$274.5 million), compared to RMB1,693.6 million in the corresponding period of
2021.
- Net Income attributable to Autohome in the fourth
quarter of 2022 was RMB594.1 million
(US$86.1 million), compared to
RMB267.8 million in the corresponding
period of 2021, and net income attributable to ordinary
shareholders in the fourth quarter of 2022 was RMB580.9 million (US$84.2
million), compared to RMB257.0
million in the corresponding period of 2021.
- Adjusted Net Income attributable to Autohome
(Non-GAAP)2 in the fourth quarter of
2022 was RMB668.5 million
(US$96.9 million), compared to
RMB468.5 million in the corresponding
period of 2021.
Full Year 2022 Highlights1
- Net Revenues in 2022 were RMB6,940.8 million (US$1,006.3 million), compared to RMB7,237.0 million in 2021.
- Net Income attributable to Autohome in 2022 was
RMB1,855.2 million (US$269.0 million), compared to RMB2,248.8 million in 2021 and net income
attributable to ordinary shareholders in 2022 was RMB1,807.2 million (US$262.0 million), compared to RMB2,148.6 million in 2021.
- Adjusted Net Income attributable to Autohome
(Non-GAAP)2 in 2022 was RMB2,168.3 million (US$314.4 million), compared to RMB2,582.2 million in 2021.
1 The reporting
currency of the Company is Renminbi ("RMB"). For the convenience of
readers, certain amounts throughout the release are presented in US
dollars ("US$"). Unless otherwise noted, all conversions from RMB
to US$ are translated at the noon buying rate of US$1.00 RMB6.8972
on December 30, 2022 in the City of New York for cable transfers of
RMB as certified for customs purposes by the Federal Reserve Bank
of New York. No representation is made that the RMB amounts could
have been, or could be, converted into US$ at such rate.
|
2 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 "Unaudited Reconciliations of Non-GAAP and GAAP
Results" set forth at the end of this release.
|
Mr. Quan Long, Chairman of the
Board of Directors ("Board") and Chief Executive Officer of
Autohome, stated, "We are very proud of Autohome's resilient
performance throughout the year. In particular, we achieved
significant progress in two key areas - content ecosystem
construction and exploration of new initiatives. On the content
front, we successfully leveraged our big IP brands to promote our
video-based strategy, and formed partnerships and organized
cross-promotional activities with multiple internet platforms to
explore new automotive lifestyle experiences. These creative
tactics have comprehensively expanded our user reach. In
December 2022, our mobile daily
active users grew by 16.1% year-over-year to reach a record high of
54.39 million, according to QuestMobile, further solidifying our
leadership position in the industry. Meanwhile, we made huge
strides in industrial value chain exploration and promoted in-depth
development across our businesses. For example, our OEM
customers have responded positively to our new retail model for new
energy vehicles ("NEVs") and we continue to expand penetration of
our data products for dealer customers. In addition, we further
integrated our used car business with TTP Car, Inc. and
continuously refined operations to enhance efficiency. Looking
ahead, we will continue to build Autohome's one-stop, closed-loop
ecosystem, capitalizing on our key strengths while focusing on
innovation to propel Autohome to new heights."
Mr. Craig Yan Zeng, Chief
Financial Officer of Autohome, added, "We concluded 2022 on a
strong note with total revenues for the fourth quarter growing by
11.8% year-over-year, supported by the robust recovery of our media
business. We are also thrilled to see our new businesses gaining
traction among customers, evidenced by a massive year-over-year
increase in revenue generated from NEV brands, where we continue to
outperform the market. In addition, the number of our dealer
customers for data products in the fourth quarter
increased by 26% year-over-year, while for full-year 2022, both the
average revenue of data products per dealer store and the average
number of data products adopted by each dealer store were up more
than 20% compared to 2021. Moreover, given our strong cash balance
and healthy cash flow, our Board has approved an amendment to our
dividend policy. Starting from 2022, we will pay a fixed
amount of no less than RMB500 million
in cash dividends, augmenting our ongoing increases in
shareholder returns even further. As we step into 2023, we will
continue to develop new initiatives targeting long-term healthy
growth, while remaining committed to delivering shareholder
value."
Unaudited Fourth Quarter 2022 Financial
Results
Net Revenues
Net revenues in the fourth quarter of 2022 were
RMB1,893.3 million (US$274.5 million), compared to RMB1,693.6 million in the corresponding period of
2021.
- Media services revenues were RMB610.2 million (US$88.5
million) in the fourth quarter of 2022, compared to
RMB372.7 million in the corresponding
period of 2021, primarily attributable to the increase in average
revenue per automaker advertiser.
- Leads generation services revenues were RMB786.8 million (US$114.1
million) in the fourth quarter of 2022, compared to
RMB778.1 million in the corresponding
period of 2021.
- Online marketplace and others revenues were RMB496.2 million (US$71.9
million) in the fourth quarter of 2022, compared to
RMB542.8 million in the corresponding
period of 2021.
Cost of Revenues
Cost of revenues was RMB370.6 million (US$53.7 million) in the fourth quarter of 2022,
compared to RMB262.0 million in
the corresponding period of 2021. The increase was primarily
attributable to the continuous investment in content. Share-based
compensation expense included in cost of revenues in the
fourth quarter of 2022 was RMB1.7 million (US$0.2 million), compared to RMB4.8 million in the corresponding period of
2021.
Operating Expenses
Operating expenses were RMB1,088.3 million (US$157.8 million) in the fourth quarter of
2022, compared to RMB1,325.2 million in the corresponding
period of 2021.
- Sales and marketing expenses were RMB672.6 million (US$97.5
million) in the fourth quarter of 2022, compared to
RMB802.7 million in the corresponding
period of 2021. The decrease was primarily attributable to the
decline in marketing and promotional spending. Share-based
compensation expense included in sales and marketing expenses in
the fourth quarter of 2022 was RMB15.0
million (US$2.2 million),
compared to RMB10.2 million in the
corresponding period of 2021.
- General and administrative expenses were RMB102.8 million (US$14.9
million) in the fourth quarter of 2022, compared to
RMB127.6 million in the corresponding
period of 2021. Share-based compensation expense included in
general and administrative expenses in the fourth quarter of 2022
was RMB16.2 million (US$2.3 million), compared to RMB21.4 million in the corresponding period of
2021.
- Product development expenses were RMB312.9 million (US$45.4
million) in the fourth quarter of 2022, compared to
RMB394.8 million in the corresponding
period of 2021. Share-based compensation expense included in
product development expenses in the fourth quarter of 2022 was
RMB20.3 million (US$2.9 million), compared to RMB16.6 million in the corresponding period of
2021.
Operating Profit
Operating profit was RMB513.3 million (US$74.4 million) in the fourth quarter of
2022, compared to RMB176.9 million in the corresponding period
of 2021.
Income Tax Expense/Benefit
There was an income tax expense of RMB76.9 million (US$11.2
million) in the fourth quarter of 2022, compared to an
income tax benefit of RMB119.4
million in the corresponding period of 2021. The income tax
benefit in the fourth quarter of 2021 was primarily attributable to
the tax filing adjustments as a result of PRC
preferential income tax rate for certain subsidiaries.
Net Income Attributable to Autohome
Net income attributable to Autohome was RMB594.1 million (US$86.1
million) in the fourth quarter of 2022, compared
to RMB267.8 million in the
corresponding period of 2021.
Net Income Attributable to
Ordinary Shareholders and Earnings per
Share/American Depository Shares ("ADS")
Net income attributable to ordinary shareholders was
RMB580.9 million (US$84.2 million) in the fourth quarter of 2022,
compared to RMB257.0 million in the
corresponding period of 2021. Basic and diluted earnings per share
("EPS") were RMB1.18 (US$0.17) and RMB1.18 (US$0.17),
respectively, in the fourth quarter of 2022, as compared to basic
and diluted EPS of RMB0.51 and
RMB0.51, respectively, in the
corresponding period of 2021. Basic and diluted earnings per ADS
were RMB4.71 (US$0.68) and RMB4.70 (US$0.68),
respectively, in the fourth quarter of 2022, as compared to basic
and diluted earnings per ADS of RMB2.03 and RMB2.03, respectively, in the corresponding
period of 2021.
Adjusted Net Income Attributable to
Autohome (Non-GAAP) and Non-GAAP Earnings
per Share/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was
RMB668.5 million (US$96.9 million) in the fourth quarter of
2022, compared to RMB468.5 million in
the corresponding period of 2021. Non-GAAP basic and diluted
EPS were RMB1.36 (US$0.20) and RMB1.35 (US$0.20),
respectively, in the fourth quarter of 2022, as compared to
non-GAAP basic and diluted EPS of RMB0.93 and RMB0.93, respectively, in the corresponding
period of 2021. Non-GAAP basic and diluted earnings per
ADS were RMB5.42 (US$0.79) and RMB5.41 (US$0.78),
respectively, in the fourth quarter of 2022, as compared to
non-GAAP basic and diluted earnings per ADS of RMB3.71 and RMB3.70, respectively, in the corresponding
period of 2021.
Unaudited Full Year 2022 Financial Results
Net Revenues
Net revenues in 2022 were RMB6,940.8 million (US$1,006.3 million), compared to RMB7,237.0 million in 2021.
- Media services revenues were RMB1,963.3 million (US$284.7 million) in 2022, compared to
RMB2,011.4 million in 2021.
- Leads generation services revenues were RMB3,056.9 million (US$443.2 million) in 2022, compared to
RMB2,988.1 million in 2021.
- Online marketplace and others revenues were RMB1,920.6 million (US$278.5 million) in 2022, compared to
RMB2,237.5 million in 2021. The
decrease was primarily attributable to automakers' decreased
spending on data products.
Cost of Revenues
Cost of revenues was RMB1,235.2 million (US$179.1 million) in 2022, compared to
RMB1,047.9 million in
2021. The increase was primarily attributable
to the continuous investment in content. Share-based
compensation expense included in cost of revenues was
RMB8.6 million (US$1.2 million) in 2022, compared to
RMB23.1 million in 2021.
Operating Expenses
Operating expenses were RMB4,785.6 million
(US$693.9 million) in 2022,
compared to RMB4,701.7 million in 2021.
- Sales and marketing expenses were RMB2,866.2 million (US$415.6 million) in 2022, compared to
RMB2,759.9 million in 2021, primarily
due to the increase in marketing and promotional spending.
Share-based compensation expense included in sales and marketing
expenses in 2022 was RMB38.3 million
(US$5.6 million), compared to
RMB46.8 million in 2021.
- General and administrative expenses were RMB502.3 million (US$72.8
million) in 2022, compared to RMB543.8 million in 2021. Share-based
compensation expense included in general and administrative
expenses in 2022 was RMB53.2 million
(US$7.7 million), compared to
RMB48.8 million in 2021.
- Product development expenses were RMB1,417.1 million (US$205.5 million) in 2022, compared to
RMB1,398.0 million in 2021.
Share-based compensation expense included in product development
expenses in 2022 was RMB68.8 million
(US$10.0 million), compared to
RMB87.3 million in 2021.
Operating Profit
Operating profit was RMB1,247.5 million (US$180.9 million) in 2022, compared to
RMB1,781.6 million in 2021.
Income Tax Benefit/Expense
There was an income tax benefit of RMB61.8 million (US$9.0
million) in 2022, compared to an income tax expense of
RMB34.0 million in 2021. The income
tax benefit was primarily attributable to lower taxable income
and tax filing adjustments as a result of the PRC
preferential income tax rate and tax holidays for certain
subsidiaries.
Net Income attributable to Autohome
Net income attributable to Autohome was RMB1,855.2 million (US$269.0 million) in 2022, compared to
RMB2,248.8 million in 2021.
Net Income attributable to Ordinary
Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was
RMB1,807.2 million (US$262.0 million) in 2022, compared to
RMB2,148.6 million in 2021. Basic and
diluted EPS were RMB3.62 (US$0.52) and RMB3.62 (US$0.52),
respectively, in 2022 as compared to basic and diluted EPS of
RMB4.30 and RMB4.29, respectively, in 2021. Basic and diluted
earnings per ADS were RMB14.48
(US$2.10) and RMB14.47 (US$2.10),
respectively, in 2022 as compared to basic and diluted earnings per
ADS of RMB17.19 and RMB17.17, respectively, in 2021.
Adjusted Net Income attributable to
Autohome (Non-GAAP) and Non-GAAP Earnings
per Share/ADS
Adjusted net income attributable to Autohome (Non-GAAP)
was RMB2,168.3 million (US$314.4
million) in 2022, compared to RMB2,582.2 million in 2021. Non-GAAP
basic and diluted EPS were RMB4.34
(US$0.63) and RMB4.34 (US$0.63),
respectively, in 2022 as compared to non-GAAP basic and diluted EPS
of RMB5.17 and RMB5.16, respectively, in 2021. Non-GAAP basic
and diluted earnings per ADS were RMB17.38 (US$2.52)
and RMB17.36 (US$2.52), respectively, in 2022 as compared to
non-GAAP basic and diluted earnings per ADS of RMB20.66 and RMB20.64, respectively, in 2021.
Balance Sheet and Cash Flow
As of December 31, 2022, the
Company had cash and cash equivalents and short-term investments of
RMB22.08 billion (US$3.20 billion). Net cash provided by operating
activities in the year of 2022 was RMB2,565.1 million (US$371.9 million).
Update on the Dividend Policy
On November 4, 2019, the Company's
Board approved a dividend policy, which mandates a recurring cash
dividend every year from 2020 in an amount equal to approximately
20% of the net income generated during the previous fiscal year,
with the exact amount to be determined by the Board based
on the Company's financial performance and cash position prior to
the distribution. On February 16,
2023, the Company's Board approved an amendment to change
the annual cash dividend to a fixed amount of at least RMB500.0 million between 2022 and 2026. The exact
amount of the annual cash dividend will be determined by the
Board based on the Company's financial performance and cash
position prior to the distribution, and is expected to be adjusted
upward each year.
The Board has also approved a dividend of US$0.58 per ADS (or US$0.145 per ordinary share) for fiscal year
2022, payable in U.S. dollars, which is expected to be paid to
shareholders of record as of the close of business on March 21, 2023, Beijing/ Hong Kong Time and New York Time,
respectively. For holders of ordinary shares, in order to qualify
for the dividend, all valid documents for the transfer of shares
accompanied by the relevant share certificates must be lodged for
registration with the Company's Hong
Kong branch share registrar, Computershare Hong Kong
Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on March 21,
2023 (Beijing/ Hong Kong
Time). The payment is expected to be issued on March 31, 2023 for holders of ordinary shares and
on or around April 11, 2023 for
holders of ADSs.
Update on the Share Repurchase Program
On November 18, 2021, the
Company's Board authorized a share repurchase program under which
the Company was authorized to repurchase up to US$200 million of its ADSs over the following
twelve months. On November 3,
2022, the Board authorized an extension of the term of the
Share Repurchase Program for another twelve months to November 17, 2023. As of February 10, 2023, the Company has repurchased
3,686,327 ADSs for a total cost of approximately US$111.3 million.
Employees
The Company had 5,355 employees as of December 31, 2022, including 2,128 employees from
TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at
7:00 AM U.S. Eastern Time on
Thursday, February 16, 2023 (8:00
PM Beijing Time on the same day).
Please register in advance of the conference call using the
registration link provided below. Upon registering, each
participant will receive a set of participant dial-in numbers and a
personal PIN, which will be used to join the conference call.
Registration Link:
https://register.vevent.com/register/BI7dc875e91aa64925a66cdc6a029f947e
Please use the conference access information to join the call
ten minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call
will be available at http://ir.autohome.com.cn and a replay of the
webcast will be available following the session.
About Autohome
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online
destination for automobile consumers in China. Its mission is to engage, educate and
inform consumers about everything auto. Autohome provides
occupationally 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.
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 announcements made on the website of The Stock Exchange of Hong
Kong Limited (the "Hong Kong Stock Exchange"), 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; relevant
government policies and regulatory environment of China; 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 and announcements on the website of
the Hong Kong Stock Exchange. 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, Non-GAAP basic
and diluted EPS and earnings per ADS, Adjusted net margin
and Adjusted EBITDA as non-GAAP financial measures. We define
Adjusted Net Income attributable to Autohome as net income
attributable to Autohome excluding share-based compensation
expenses, amortization of intangible assets resulting from business
acquisition, certain noncontrolling interests adjustments for TTP
(starting in the first quarter of 2021 for the first time, which
included interest income related to convertible bond investment to
TTP that is eliminated in consolidation), investment loss
relating to non-operating impact of a write-down of the initial
investment in a financial product, and (gain)/loss pickup of equity
method investments, and impairment of long-term investments, with
all the reconciliation items adjusted for related income tax
effects. We define non-GAAP basic and diluted EPS as Adjusted Net
Income attributable to Autohome divided by the basic and diluted
weighted average number of ordinary shares. We define non-GAAP
basic and diluted earnings per ADS as Adjusted Net Income
attributable to Autohome divided by the basic and diluted weighted
average number of ADSs. We define Adjusted net margin as Adjusted
Net Income attributable to Autohome divided by total net revenues.
We define Adjusted EBITDA as net income attributable to Autohome
before income tax expense, depreciation expenses of property and
equipment, 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 non-cash charges or
items that are non-operating in nature. The use of the above
non-GAAP financial measures has certain limitations as they
excluded certain items that have been and will continue to be
incurred in the future, but such items 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
"Unaudited 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
Sterling Song
Investor Relations Director
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
AUTOHOME
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS DATA
|
(Amount in
thousands, except per share / per ADS data)
|
|
|
For three
months ended December 31,
|
|
For year ended
December 31,
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Media
services
|
372,708
|
|
610,181
|
|
88,468
|
|
2,011,446
|
|
1,963,289
|
|
284,650
|
Leads generation
services
|
778,076
|
|
786,831
|
|
114,080
|
|
2,988,075
|
|
3,056,924
|
|
443,212
|
Online marketplace and
others
|
542,833
|
|
496,244
|
|
71,949
|
|
2,237,483
|
|
1,920,615
|
|
278,463
|
Total net
revenues
|
1,693,617
|
|
1,893,256
|
|
274,497
|
|
7,237,004
|
|
6,940,828
|
|
1,006,325
|
Cost of
revenues
|
(261,970)
|
|
(370,631)
|
|
(53,736)
|
|
(1,047,892)
|
|
(1,235,173)
|
|
(179,083)
|
Gross
profit
|
1,431,647
|
|
1,522,625
|
|
220,761
|
|
6,189,112
|
|
5,705,655
|
|
827,242
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(802,714)
|
|
(672,601)
|
|
(97,518)
|
|
(2,759,905)
|
|
(2,866,206)
|
|
(415,561)
|
General and
administrative
expenses
|
(127,644)
|
|
(102,775)
|
|
(14,901)
|
|
(543,799)
|
|
(502,340)
|
|
(72,832)
|
Product development
expenses
|
(394,795)
|
|
(312,903)
|
|
(45,367)
|
|
(1,398,037)
|
|
(1,417,094)
|
|
(205,459)
|
Total operating
expenses
|
(1,325,153)
|
|
(1,088,279)
|
|
|
(157,786)
|
|
(4,701,741)
|
|
(4,785,640)
|
|
(693,852)
|
Other operating income,
net
|
70,413
|
|
78,943
|
|
|
11,446
|
|
294,241
|
|
327,507
|
|
47,484
|
Operating
profit
|
176,907
|
|
513,289
|
|
|
74,421
|
|
1,781,612
|
|
1,247,522
|
|
180,874
|
Interest and investment
income/
(loss), net
|
(25,624)
|
|
172,066
|
|
|
24,947
|
|
395,245
|
|
565,090
|
|
81,931
|
Earnings/(loss) from
equity
method investments
|
1,363
|
|
(13,680)
|
|
(1,983)
|
|
301
|
|
(49,766)
|
|
(7,215)
|
Income before income
taxes
|
152,646
|
|
671,675
|
|
97,385
|
|
2,177,158
|
|
1,762,846
|
|
255,590
|
Income tax
(expense)/benefit
|
119,447
|
|
(76,914)
|
|
(11,151)
|
|
(34,006)
|
|
61,780
|
|
8,957
|
Net
income
|
272,093
|
|
594,761
|
|
86,234
|
|
2,143,152
|
|
1,824,626
|
|
264,547
|
Net (income)/ loss
attributable to
noncontrolling interests
|
(4,257)
|
|
(695)
|
|
(101)
|
|
105,633
|
|
30,548
|
|
4,429
|
Net income
attributable to
Autohome
|
267,836
|
|
594,066
|
|
86,133
|
|
2,248,785
|
|
1,855,174
|
|
268,976
|
Accretion of mezzanine
equity
|
(31,056)
|
|
(37,787)
|
|
(5,479)
|
|
(411,792)
|
|
(137,611)
|
|
(19,952)
|
Accretion attributable
to
noncontrolling interests
|
20,243
|
|
24,595
|
|
3,566
|
|
311,573
|
|
89,613
|
|
12,993
|
Net income
attributable to
ordinary shareholders
|
257,023
|
|
580,874
|
|
84,220
|
|
2,148,566
|
|
1,807,176
|
|
262,017
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for
ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.51
|
|
1.18
|
|
0.17
|
|
4.30
|
|
3.62
|
|
0.52
|
Diluted
|
0.51
|
|
1.18
|
|
0.17
|
|
4.29
|
|
3.62
|
|
0.52
|
Earnings per ADS
attributable
to ordinary shareholders
(one ADS equals for four
ordinary shares)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.03
|
|
4.71
|
|
0.68
|
|
17.19
|
|
14.48
|
|
2.10
|
Diluted
|
2.03
|
|
4.70
|
|
0.68
|
|
17.17
|
|
14.47
|
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to compute
earnings per share attributable to ordinary
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
505,721,464
|
|
493,234,844
|
|
493,234,844
|
|
499,861,764
|
|
499,160,564
|
|
499,160,564
|
Diluted
|
505,974,276
|
|
494,178,784
|
|
494,178,784
|
|
500,481,540
|
|
499,666,792
|
|
499,666,792
|
AUTOHOME
INC.
|
UNAUDITED
RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
|
(Amount in thousands,
except per share / per ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For three months
ended December 31,
|
|
For year ended
December 31,
|
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income
attributable to
Autohome
|
267,836
|
|
594,066
|
|
86,133
|
|
2,248,785
|
|
1,855,174
|
|
268,976
|
|
Plus: income tax
expense/(benefit)
|
(118,107)
|
|
78,255
|
|
11,346
|
|
39,038
|
|
(56,417)
|
|
(8,180)
|
|
Plus: depreciation of
property and
equipment
|
57,941
|
|
53,158
|
|
7,707
|
|
219,001
|
|
223,504
|
|
32,405
|
|
Plus: amortization of
intangible assets
|
10,833
|
|
10,846
|
|
1,573
|
|
31,647
|
|
43,365
|
|
6,287
|
|
EBITDA
|
218,503
|
|
736,325
|
|
106,759
|
|
2,538,471
|
|
2,065,626
|
|
299,488
|
|
Plus: share-based
compensation
expenses
|
52,977
|
|
53,135
|
|
7,704
|
|
206,056
|
|
168,890
|
|
24,487
|
|
Adjusted
EBITDA
|
271,480
|
|
789,460
|
|
114,463
|
|
2,744,527
|
|
2,234,516
|
|
323,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
Autohome
|
267,836
|
|
594,066
|
|
86,133
|
|
2,248,785
|
|
1,855,174
|
|
268,976
|
|
Plus: amortization of
intangible assets
resulting from business acquisition
|
10,722
|
|
10,722
|
|
1,555
|
|
26,564
|
|
42,888
|
|
6,218
|
|
Plus: share-based
compensation
expenses
|
52,977
|
|
53,135
|
|
7,704
|
|
206,056
|
|
168,890
|
|
24,487
|
|
Plus: certain
noncontrolling interests
adjustments for TTP
|
-
|
|
-
|
|
-
|
|
(35,196)
|
|
-
|
|
-
|
|
Plus: investment loss
arising from one of
financial products 3
|
164,070
|
|
-
|
|
-
|
|
164,070
|
|
73,264
|
|
10,622
|
|
Plus: (gain)/loss on
equity method
investments, net
|
(1,363)
|
|
13,680
|
|
1,983
|
|
(301)
|
|
49,766
|
|
7,215
|
|
Plus: impairment of
long-term investments
|
-
|
|
-
|
|
-
|
|
-
|
|
1,696
|
|
246
|
|
Plus: tax effects of
the adjustments
|
(25,702)
|
|
(3,075)
|
|
(446)
|
|
(27,760)
|
|
(23,415)
|
|
(3,395)
|
|
Adjusted net income
attributable to
Autohome
|
468,540
|
|
668,528
|
|
96,929
|
|
2,582,218
|
|
2,168,263
|
|
314,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
Autohome
|
267,836
|
|
594,066
|
|
86,133
|
|
2,248,785
|
|
1,855,174
|
|
268,976
|
|
Net
margin
|
15.8 %
|
|
31.4 %
|
|
31.4 %
|
|
31.1 %
|
|
26.7 %
|
|
26.7 %
|
|
Adjusted net income
attributable to
Autohome
|
468,540
|
|
668,528
|
|
96,929
|
|
2,582,218
|
|
2,168,263
|
|
314,369
|
|
Adjusted net
margin
|
27.7 %
|
|
35.3 %
|
|
35.3 %
|
|
35.7 %
|
|
31.2 %
|
|
31.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.93
|
|
1.36
|
|
0.20
|
|
5.17
|
|
4.34
|
|
0.63
|
|
Diluted
|
0.93
|
|
1.35
|
|
0.20
|
|
5.16
|
|
4.34
|
|
0.63
|
|
Non-GAAP earnings
per ADS (one
ADS equals for four ordinary
shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
3.71
|
|
5.42
|
|
0.79
|
|
20.66
|
|
17.38
|
|
2.52
|
|
Diluted
|
3.70
|
|
5.41
|
|
0.78
|
|
20.64
|
|
17.36
|
|
2.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used to
compute non-GAAP earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
505,721,464
|
|
493,234,844
|
|
493,234,844
|
|
499,861,764
|
|
499,160,564
|
|
499,160,564
|
|
Diluted
|
505,974,276
|
|
494,178,784
|
|
494,178,784
|
|
500,481,540
|
|
499,666,792
|
|
499,666,792
|
|
|
3 It represented the
loss of an investment with fair value below its initial investment
in the fourth quarter and full year of 2022, which was recognized
at "interest and investment income/(loss), net". The impact was
considered to be not directly related to the Company's operating
activities.
|
AUTOHOME
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEET
|
(Amount in thousands,
except as noted)
|
|
|
As of
December
31,
|
|
As of December
31,
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
4,236,501
|
|
2,801,299
|
|
406,150
|
Restricted
Cash
|
89,855
|
|
9,175
|
|
1,330
|
Short-term
investments
|
16,496,267
|
|
19,279,592
|
|
2,795,278
|
Accounts receivable,
net
|
2,139,471
|
|
1,927,699
|
|
279,490
|
Amounts due from
related parties, current
|
83,376
|
|
49,644
|
|
7,198
|
Prepaid expenses and
other current assets
|
280,248
|
|
357,522
|
|
51,836
|
Total current
assets
|
23,325,718
|
|
24,424,931
|
|
3,541,282
|
Non-current
assets
|
|
|
|
|
|
Restricted cash,
non-current
|
5,200
|
|
5,000
|
|
725
|
Property and equipment,
net
|
381,496
|
|
255,298
|
|
37,015
|
Goodwill and intangible
assets, net4
|
4,299,251
|
|
4,220,305
|
|
611,887
|
Long-term
investments
|
70,720
|
|
419,208
|
|
60,779
|
Deferred tax
assets
|
176,138
|
|
265,606
|
|
38,509
|
Amounts due from
related parties, non-current
|
7,529
|
|
9,419
|
|
1,366
|
Other non-current
assets
|
133,383
|
|
116,052
|
|
16,826
|
Total non-current
assets
|
5,073,717
|
|
5,290,888
|
|
767,107
|
Total
assets
|
28,399,435
|
|
29,715,819
|
|
4,308,389
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accrued expenses and
other payables
|
2,044,597
|
|
2,537,281
|
|
367,870
|
Advance from
customers
|
123,370
|
|
96,047
|
|
13,926
|
Deferred
revenue
|
1,553,013
|
|
1,147,131
|
|
166,318
|
Income tax
payable
|
233,342
|
|
251,121
|
|
36,409
|
Amounts due to related
parties
|
31,897
|
|
27,096
|
|
3,929
|
Total current
liabilities
|
3,986,219
|
|
4,058,676
|
|
588,452
|
Non-current
liabilities
|
|
|
|
|
|
Other
liabilities
|
28,619
|
|
50,591
|
|
7,335
|
Deferred tax
liabilities
|
576,798
|
|
517,926
|
|
75,092
|
Total non-current
liabilities
|
605,417
|
|
568,517
|
|
82,427
|
Total
liabilities
|
4,591,636
|
|
4,627,193
|
|
670,879
|
|
|
|
|
|
|
MEZZANINE
EQUITY
|
|
|
|
|
|
Convertible redeemable
noncontrolling interests
|
1,468,029
|
|
1,605,639
|
|
232,796
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Total Autohome
shareholders' equity4
|
22,624,848
|
|
23,888,842
|
|
3,463,557
|
Noncontrolling
interests
|
(285,078)
|
|
(405,855)
|
|
(58,843)
|
Total
equity
|
22,339,770
|
|
23,482,987
|
|
3,404,714
|
Total liabilities,
mezzanine equity and equity
|
28,399,435
|
|
29,715,819
|
|
4,308,389
|
|
4 The Company corrected
the amount of goodwill and retained earnings in equity by revising
the previously issued financial statements as of December 31, 2020
and 2021. The correction involved revising an understatement of
loss from settlement of a pre-existing relationship in connection
with TTP acquisition in 2020 and caused a decrease in retained
earnings in equity and a corresponding decrease in goodwill,
amounting to RMB129.6 million.
|
View original
content:https://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-2022-fourth-quarter-and-full-year-financial-results-301748527.html
SOURCE Autohome Inc.