Autohome Inc. Announces Unaudited First Quarter 2024 Financial Results

BEIJING, May 8, 2024 /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 ended March 31, 2024.

First Quarter 2024 Highlights[1]

  • Net revenues in the first quarter of 2024 were RMB1,609.1 million (US$222.9 million), compared to RMB1,533.6 million in the corresponding period of 2023.
  • Net income attributable to Autohome in the first quarter of 2024 was RMB394.5 million (US$54.6 million), compared to RMB405.5 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the first quarter of 2024 was RMB379.8 million (US$52.6 million), compared to RMB392.8 million in the corresponding period of 2023.
  • Adjusted net income attributable to Autohome (Non-GAAP)[2] in the first quarter of 2024 was RMB493.9 million (US$68.4 million), compared to RMB483.5 million in the corresponding period of 2023.

Mr. Tao Wu, Chief Executive Officer of Autohome, stated, “We are delighted to report a solid start to the year, characterized by sustained revenue growth, consistent expansion in our user-base, and the successful deployment of our new business initiatives. For our users, according to QuestMobile, average mobile daily active users grew by 8.1% year-over-year to 69.39 million in March, highlighting the effectiveness of our content-focused strategy on attracting users. For our innovative businesses, Autohome Space is expanding further geographically, with a number of new franchise stores on track to open this year. In addition, we actively responded to the national “trade-in for new” policy, launching a series of initiatives such as the “Hundred Cities ‘Trade-in for New’ Car-Buying Festival”—in collaboration with Ping An Group—allowing consumers to enjoy even more benefits. Going forward, we will continue to build upon our solid business fundamentals and leverage Ping An Group’s unique resources to strengthen our long-term competitiveness in the industry.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “We delivered solid financial results in the first quarter of 2024, reflecting the successful execution of our key growth strategies. Revenues from our data products continued their strong upward growth trajectory, while revenues from new energy vehicle (“NEV”) brands remained robust, with a quarterly growth rate that consistently outpaces the broader industry. Our new retail business also bolstered our topline, enhancing our revenue sources. Moving ahead, we remain committed to delivering a diverse array of premium products and services, while generating sustainable long-term returns for our shareholders.”

Unaudited First Quarter 2024 Financial Results 

Net Revenues

Net revenues in the first quarter of 2024 were RMB1,609.1 million (US$222.9 million), compared to RMB1,533.6 million in the corresponding period of 2023.

  • Media services revenues were RMB327.4 million (US$45.3 million) in the first quarter of 2024, compared to RMB361.5 million in the corresponding period of 2023.
  • Leads generation services revenues were RMB726.4 million (US$100.6 million) in the first quarter of 2024, compared to RMB680.6 million in the corresponding period of 2023.
  • Online marketplace and others revenues were RMB555.2 million (US$76.9 million) in the first quarter of 2024, compared to RMB491.5 million in the corresponding period of 2023.

Cost of Revenues

Cost of revenues was RMB300.9 million (US$41.7 million) in the first quarter of 2024, compared to RMB340.2 million in the corresponding period of 2023. Share-based compensation expenses included in the cost of revenues in the first quarter of 2024 was RMB0.9 million (US$0.1 million), compared to RMB2.1 million in the corresponding period of 2023.

Operating Expenses

Operating expenses were RMB1,126.9 million (US$156.1 million) in the first quarter of 2024, compared to RMB996.6 million in the corresponding period of 2023.

  • Sales and marketing expenses were RMB641.3 million (US$88.8 million) in the first quarter of 2024, compared to RMB523.1 million in the corresponding period of 2023, due primarily to an increase in marketing and promotional expenses. Share-based compensation expenses included in the sales and marketing expenses in the first quarter of 2024 were RMB12.8 million (US$1.8 million), compared to RMB10.0 million in the corresponding period of 2023.
  • General and administrative expenses were RMB149.5 million (US$20.7 million) in the first quarter of 2024, compared to RMB149.2 million in the corresponding period of 2023. Share-based compensation expenses included in the general and administrative expenses in the first quarter of 2024 were RMB12.0 million (US$1.7 million), compared to RMB12.3 million in the corresponding period of 2023.
  • Product development expenses were RMB336.1 million (US$46.5 million) in the first quarter of 2024, compared to RMB324.4 million in the corresponding period of 2023. Share-based compensation expense included in the product development expenses in the first quarter of 2024 were RMB22.6 million (US$3.1 million), compared to RMB21.7 million in the corresponding period of 2023.

Operating Profit

Operating profit was RMB276.1 million (US$38.2 million) in the first quarter of 2024, compared to RMB263.2 million in the corresponding period of 2023.

Income Tax Expense

Income tax expense was RMB68.4 million (US$9.5 million) in the first quarter of 2024, compared to an income tax expense of RMB54.7 million in the corresponding period of 2023.

Net Income Attributable to Autohome

Net income attributable to Autohome was RMB394.5 million (US$54.6 million) in the first quarter of 2024, compared to RMB405.5 million in the corresponding period of 2023.

Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB379.8 million (US$52.6 million) in the first quarter of 2024, compared to RMB392.8 million in the corresponding period of 2023. Basic and diluted earnings per share (“EPS”) were RMB0.78 (US$0.11) and RMB0.78 (US$0.11), respectively, in the first quarter of 2024, compared to basic and diluted EPS of RMB0.80 and RMB0.79, respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB3.14 (US$0.43) and RMB3.13 (US$0.43), respectively, in the first quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.18 and RMB3.17, respectively, in the corresponding period of 2023.

Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB493.9 million (US$68.4 million) in the first quarter of 2024, compared to RMB483.5 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.02 (US$0.14) and RMB1.02 (US$0.14), respectively, in the first quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB0.98 and RMB0.98, respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.08 (US$0.57) and RMB4.07 (US$0.56), respectively, in the first quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB3.92 and RMB3.91, respectively, in the corresponding period of 2023.

Balance Sheet and Cash Flow

As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB23.65 billion (US$3.27 billion). Net cash provided by operating activities in the first quarter of 2024 was RMB560.8 million (US$77.7 million).

Employees 

The Company had 5,420 employees as of March 31, 2024, including 2,092 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on Wednesday, May 8, 2024 (8:00 p.m. 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/BI2fcb0a45d64545c6a343681516211406

Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://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 relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. 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. 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 https://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, investment loss/(gain) relating to non-operating impact of a write-down of the initial investment in a financial product, and loss/(gain) pickup of equity method 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:

Autohome Inc.
Investor Relations
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn

Christensen China Limited
Suri Cheng
Tel: +86-185-0060-8364
E-mail: suri.cheng@christensencomms.com

 

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(Amount in thousands, except per share / per ADS data)

 For three months ended March 31, 

2023

2024

RMB

RMB

US$

Net revenues: 

Media services

361,468

327,431

45,349

Leads generation services 

680,634

726,423

100,608

Online marketplace and others

491,527

555,211

76,896

Total net revenues 

1,533,629

1,609,065

222,853

Cost of revenues

(340,214)

(300,892)

(41,673)

Gross profit 

1,193,415

1,308,173

181,180

Operating expenses: 

Sales and marketing expenses 

(523,116)

(641,276)

(88,816)

General and administrative expenses 

(149,156)

(149,545)

(20,712)

Product development expenses 

(324,366)

(336,067)

(46,545)

Total operating expenses

(996,638)

(1,126,888)

(156,073)

Other operating income, net

66,388

94,793

13,129

Operating profit

263,165

276,078

38,236

Interest and investment income, net

225,015

219,974

30,466

Loss from equity method investments

(31,435)

(49,133)

(6,805)

Income before income taxes 

456,745

446,919

61,897

Income tax expense

(54,681)

(68,401)

(9,473)

Net income 

402,064

378,518

52,424

Net loss attributable to noncontrolling interests

3,438

15,981

2,213

Net income attributable to Autohome

405,502

394,499

54,637

Accretion of mezzanine equity

(36,499)

(41,671)

(5,771)

Accretion attributable to noncontrolling interests

23,749

26,948

3,732

Net income attributable to ordinary shareholders

392,752

379,776

52,598

Earnings per share for ordinary shares 

Basic 

0.80

0.78

0.11

Diluted 

0.79

0.78

0.11

Earnings per ADS attributable to ordinary shareholders
   (one ADS equals for four ordinary shares)

Basic 

3.18

3.14

0.43

Diluted 

3.17

3.13

0.43

Weighted average shares used to compute earnings

per share attributable to ordinary shareholders:

 Basic 

493,324,032

484,278,900

484,278,900

 Diluted

494,826,708

485,253,760

485,253,760

 

AUTOHOME INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share / per ADS data)

For three months ended March 31,

2023

2024

RMB

RMB

US$

Net income attributable to Autohome

405,502

394,499

54,637

Plus: income tax expense

56,021

69,742

9,659

Plus: depreciation of property and equipment

47,938

33,534

4,644

Plus: amortization of intangible assets

10,840

9,650

1,337

EBITDA

520,301

507,425

70,277

Plus: share-based compensation
   expenses

46,185

48,307

6,690

Adjusted EBITDA

566,486

555,732

76,967

Net income attributable to Autohome

405,502

394,499

54,637

Plus: amortization of intangible assets resulting from business
   acquisition

10,722

9,583

1,327

Plus: share-based compensation
   expenses

46,185

48,307

6,690

Plus: investment loss/(gain) arising from one of financial products[3]

(5,813)

Plus: loss on equity method investments, net

31,435

49,133

6,805

Plus: tax effects of the adjustments

(4,520)

(7,594)

(1,052)

Adjusted net income attributable to Autohome

483,511

493,928

68,407

Net income attributable to Autohome

405,502

394,499

54,637

Net margin

26.4 %

24.5 %

24.5 %

Adjusted net income attributable to Autohome

483,511

493,928

68,407

Adjusted net margin

31.5 %

30.7 %

30.7 %

Non-GAAP earnings per share

Basic

0.98

1.02

0.14

Diluted

0.98

1.02

0.14

Non-GAAP earnings per ADS (one ADS equals for four ordinary
shares)

Basic

3.92

4.08

0.57

Diluted

3.91

4.07

0.56

Weighted average shares used to compute non-GAAP earnings
    per share:

Basic

493,324,032

484,278,900

484,278,900

Diluted

494,826,708

485,253,760

485,253,760

 

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

 

As of

December 31,

As of March 31,

2023

2024

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

4,996,353

2,870,271

397,528

Restricted cash

126,794

152,730

21,153

Short-term investments

18,552,354

20,775,926

2,877,433

Accounts receivable, net

1,472,489

1,337,141

185,192

Amounts due from related parties, current

16,439

66,962

9,274

Prepaid expenses and other current assets

360,559

437,926

60,652

Total current assets

25,524,988

25,640,956

3,551,232

Non-current assets

Restricted cash, non-current

5,000

5,000

692

Property and equipment, net

200,860

189,714

26,275

Goodwill and intangible assets, net

4,143,968

4,125,383

571,359

Long-term investments

448,341

399,208

55,290

Deferred tax assets

295,598

295,598

40,940

Amounts due from related parties, non-current

16,048

13,877

1,922

Other non-current assets

200,928

186,645

25,850

Total non-current assets

5,310,743

5,215,425

722,328

Total assets

30,835,731

30,856,381

4,273,560

LIABILITIES AND EQUITY

Current liabilities

Accrued expenses and other payables

2,932,227

2,528,006

350,125

Advance from customers

105,379

109,485

15,163

Deferred revenue

801,581

1,189,742

164,777

Income tax payable

227,260

284,658

39,425

Amounts due to related parties

24,572

27,767

3,846

Dividends payable

984,332

536,760

74,340

Total current liabilities

5,075,351

4,676,418

647,676

Non-current liabilities

Other liabilities

89,187

77,363

10,715

Deferred tax liabilities

497,955

495,708

68,655

Total non-current liabilities

587,142

573,071

79,370

Total liabilities

5,662,493

5,249,489

727,046

MEZZANINE EQUITY

Convertible redeemable noncontrolling interests

1,758,933

1,800,604

249,381

EQUITY

Total Autohome shareholders’ equity

23,928,187

24,363,089

3,374,249

Noncontrolling interests

(513,882)

(556,801)

(77,116)

Total equity

23,414,305

23,806,288

3,297,133

Total liabilities, mezzanine equity and equity

30,835,731

30,856,381

4,273,560

 

[1] The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, 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$1.00 to RMB7.2203 on March 29, 2024 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ 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.

[3] It represented the loss or gain of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

 

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