AutoNavi Holdings Limited ("AutoNavi" or the "Company")
(Nasdaq:AMAP), a leading provider of digital map content and
navigation and location-based solutions in China, today announced
its unaudited financial results for the quarter and the fiscal year
ended December 31, 2010.
Fourth Quarter 2010 Highlights
- Net revenues in the fourth quarter of 2010 were $23.0 million,
an increase of 46.7% year-over-year from $15.7 million in the
fourth quarter of 2009.
- Gross profit in the fourth quarter of 2010 was $15.0 million,
an increase of 58.1% year-over-year from $9.5 million in the fourth
quarter of 2009.
- Operating income in the fourth quarter of 2010 was $6.7
million, an increase of 88.7% year-over-year from $3.6 million in
the fourth quarter of 2009.
- Net income attributable to AutoNavi shareholders was $5.8
million in the fourth quarter of 2010, an increase of 355.6%
year-over-year from $1.3 million in the fourth quarter of
2009.
Fiscal Year 2010 Highlights
- Net revenues in fiscal year 2010 were $85.8 million, an
increase of 50.0% year-over-year from $57.2 million in fiscal year
2009.
- Gross profit in fiscal year 2010 was $57.4 million, an increase
of 54.7% year-over-year from $37.1 million in fiscal year 2009.
- Operating income in fiscal year 2010 was $23.3 million, an
increase of 49.8% year-over-year from $15.6 million in fiscal year
2009.
- Net income attributable to AutoNavi shareholders was $19.1
million in fiscal year 2010, an increase of 84.2% year-over-year
from $10.4 million in fiscal year 2009.
AutoNavi's chief executive officer Mr. Congwu Cheng commented,
"We believe that strong growth in the middle and high-end car sales
markets will continue to provide a stable and increasing source of
revenue for our business. To leverage our core navigation
expertise, capitalize on the fast-growing smart phone and device
markets as well as China's increasing mobile internet user-base,
and to diversify our revenue streams, we have begun to deploy
meaningful resources to develop our wireless location-based media
platform. We expect to devote more resources in the coming quarters
towards the execution of this strategy, which we view as one of the
most fundamental evolutions in our company's operating
history."
Mr. Cheng continued, "With this goal in mind, we are pleased to
report that we have already made noticeable progress, as our mobile
navigation and map applications have been installed on the majority
of Android-based handsets in 2010 and as the user base of our free
location-based application, MiniMap, has grown to 11 million users.
Benefiting from our leadership position in the in-dash
auto-navigation market and leveraging our vast digital map and POI
database, we will continue to cultivate new opportunities that
deliver value-added services for users across multiple devices and
yield long-term value for our shareholders."
Fourth quarter 2010 Results
Revenues
Net revenues in the fourth quarter of 2010 were $23.0 million,
representing an increase of 46.7% year-over-year and a decrease of
4.1% sequentially.
Automotive Navigation
Net revenues from the automotive navigation market in the fourth
quarter of 2010 were $16.7 million, an increase of 52.5%
year-over-year and a decrease of 6.5% sequentially. The
year-over-year increase in revenues was mainly due to an increase
in the number of copies of digital map data licensed for use in
in-dash navigation systems, which is directly linked to the number
of vehicles sold in China equipped with these systems. The
sequential decrease was mainly due to a decrease in the number of
copies of digital map data licensed for use in in-dash navigation
systems as compared to record sales in the third quarter of
2010.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the fourth quarter of 2010 were $3.2 million, an increase
of 18.1% year-over-year and a decrease of 2.0% sequentially. The
year-over-year increase was primarily attributable to an increase
in revenues from both the aerial photogrammetry business and the
enterprise solutions business due to new contracts entered in
fiscal year 2010.
Wireless and Internet Location-based Solutions
Net revenues from the wireless and Internet location-based
solutions business in the fourth quarter of 2010 were $2.7 million,
an increase of 49.4% year-over-year and 2.7% sequentially. The
year-over-year increase was primarily due to an increase in
revenues derived from the pre-installation of the Company's
navigation solutions on certain mobile phone models and an increase
in revenues from the Company's Internet map application
business.
Cost of Revenues
Cost of revenues in the fourth quarter of 2010 was $8.1 million,
representing an increase of 29.4% year-over-year and 12.9%
sequentially. The year-over-year increase was largely attributable
to an increase in direct production costs as well as an increase in
salary and benefit expenses, which arose as a result of the
expansion of the Company's data collection and processing work
force as the Company continues to enhance the quality, coverage and
depth of its digital map database. The sequential increase was
mainly due to increased direct production costs.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2010 was $15.0 million, an
increase of 58.1% year-over-year and a decrease of 11.3%
sequentially. Gross margin, or gross profit as a percentage of net
revenues, was 65.0% in the fourth quarter of 2010, compared to
60.3% in the year-ago period and 70.3% in the third quarter of
2010.
Operating Expenses
Total operating expenses in the fourth quarter of 2010 were $8.9
million, an increase of 34.7% year-over-year and a decrease of 3.1%
sequentially. Non-GAAP operating expenses, which exclude
share-based compensation expenses, were $8.6 million, an increase
of 39.1% year-over-year and 1.4% sequentially.
Research and development expenses increased 53.0% year-over-year
and decreased 6.9% sequentially to $3.6 million. The year-over-year
increase was primarily due to higher salary and benefit expenses as
well as outsourced development expenses incurred to improve the
efficiency of the Company's technology platform and expand its
technological capabilities. Non-GAAP research and development
expenses, which exclude share-based compensation expenses,
increased 55.1% year-over-year and decreased 1.6% sequentially to
$3.5 million.
Selling and marketing expenses increased 54.0% year-over-year
and 8.0% sequentially to $2.6 million. The year-over-year increase
was primarily due to increased travel and marketing expenses
associated with the promotion of the Company's solutions and higher
salary and benefit expenses as a result of an increased sales
headcount in the fourth quarter of 2010. The sequential increase
was mainly attributable to increased marketing research and
consulting expenses, partially offset by lower share-based
compensation expenses in the fourth quarter of 2010. Non-GAAP
selling and marketing expenses, which exclude share-based
compensation expenses, increased 54.1% year-over-year and 16.9%
sequentially to $2.5 million.
General and administrative expenses increased 6.0%
year-over-year and decreased 6.9% sequentially to $2.8 million.
Non-GAAP general and administrative expenses, which exclude
share-based compensation expenses, increased 13.5% year-over-year
and decreased 6.6% sequentially to $2.7 million.
Operating Income and Operating Margin
Operating income in the fourth quarter of 2010 was $6.7 million,
an increase of 88.7% year-over-year and a decrease of 12.7%
sequentially. Operating margin, or operating income as a percentage
of net revenues, was 29.2% in the fourth quarter of 2010, compared
to 22.7% in the year-ago period and 32.0% in the third quarter of
2010.
Non-GAAP operating income, which excludes share-based
compensation expenses, in the fourth quarter of 2010, was $7.1
million, an increase of 73.6% year-over-year and a decrease of
16.4% sequentially. Non-GAAP operating margin, or non-GAAP
operating income as a percentage of net revenues, was 30.7% in the
fourth quarter of 2010, compared to 26.0% in the year-ago period
and 35.2% in the third quarter of 2010.
Change in Fair Value of Forward Contract
In the third quarter of 2010, the Company engaged a bank to
convert a certain amount of U.S. dollars into Japanese Yen and made
a one-year fixed-interest-rate Japanese Yen deposit with the bank.
Furthermore, the Company entered into a forward contract with the
bank to convert the Japanese Yen deposit back into U.S. dollars
upon the expiration of the one-year term at a pre-determined
exchange rate. The forward contract was accounted for under
derivative accounting, which requires the change in fair value of
the forward contract at each period end be recorded in the
statement of operations. For the fourth quarter of 2010, the
Company recorded a loss of $1.2 million in the change in fair value
of the forward contract. Additionally, the company recorded a
foreign exchange gain of $1.0 million and interest income of $0.5
million related to the arrangement.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders in the fourth
quarter of 2010 was $5.8 million, an increase of 355.6%
year-over-year and a decrease of 6.8% sequentially. Diluted net
income per American depositary share ("ADS") attributable to
AutoNavi shareholders for the fourth quarter of 2010 was $0.12. One
ADS represents four ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, in the fourth quarter
of 2010, was $6.1 million, an increase of 49.0% year-over-year and
a decrease of 11.9% sequentially. Diluted non-GAAP net income per
ADS attributable to AutoNavi shareholders for the fourth quarter of
2010 was $0.12.
Cash Flow
Net cash provided by operating activities was $11.2 million in
the fourth quarter of 2010. As of December 31, 2010, the Company
had $165.8 million in cash and term deposits.
Fiscal Year 2010 Results
Revenues
Net revenues in fiscal year 2010 were $85.8 million,
representing an increase of 50.0% year-over-year from fiscal year
2009.
Automotive Navigation
Net revenues from the automotive navigation market in fiscal
year 2010 were $63.4 million, an increase of 75.1% year-over-year
from fiscal year 2009. The increase was mainly due to increases in
the number of copies of digital map data licensed for use in
in-dash navigation systems, which is directly linked to the number
of vehicles sold in China equipped with these systems.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in fiscal year 2010 were $10.8 million, a decrease of 24.8%
year-over-year from fiscal year 2009. The decrease was mainly due
to a decrease in revenues from the aerial photogrammetry business,
partially offset by an increase in revenues from the enterprise
solutions business. The decrease in revenues from the aerial
photogrammetry business was primarily attributable to a relatively
large portion of revenues in fiscal year 2009 being associated with
the Central Government's second national land survey project. The
increase in revenues from the enterprise solutions business was
largely due to an increased number of new contracts entered in
2010.
Wireless and Internet Location-based Solutions
Net revenues from the wireless and Internet location-based
solutions business in fiscal year 2010 were $9.6 million, an
increase of 86.0% year-over-year from fiscal year 2009. The
increase in revenues derived from pre-installing the Company's
navigation solutions on certain mobile phone models as well as
increases in the Internet map application business continued to
drive year-over-year revenue growth.
Cost of Revenues
Cost of revenues in fiscal year 2010 was $28.3 million,
representing an increase of 41.4% year-over-year from fiscal year
2009. The increase was largely attributable to an increase in
direct production costs as well as an increase in salary and
benefit expenses, which rose as a result of the expansion of the
Company's data collection and processing work force, as the Company
continued to enhance the quality, coverage and depth of its digital
map database.
Gross Profit and Gross Margin
Gross profit in fiscal year 2010 was $57.4 million, an increase
of 54.7% year-over-year from fiscal year 2009. Gross margin, or
gross profit as a percentage of net revenues, was 67.0% in fiscal
year 2010, compared to 65.0% in fiscal year 2009.
Operating Expenses
Total operating expenses in fiscal year 2010 were $34.8 million,
an increase of 54.4% year-over-year from fiscal year 2009. Non-GAAP
operating expenses, which exclude share-based compensation
expenses, were $29.0 million, an increase of 45.3% year-over-year
from fiscal year 2009.
Research and development expenses increased 73.5% year-over-year
from fiscal year 2009 to $12.7 million. The increase was primarily
due to higher salary and benefit expenses, outsourced development
expenses incurred to improve the efficiency of the Company's
technology platform and expand its technological capabilities, and
an increase in share-based compensation expenses. Non-GAAP research
and development expenses, which exclude share-based compensation
expenses, increased 65.8% year-over-year from fiscal year 2009 to
$11.2 million.
Selling and marketing expenses increased 66.5% year-over-year
from fiscal year 2009 to $9.3 million. The increase was primarily
due to an increase in salary and benefit expenses as a result of an
increased sales headcount, higher travel and marketing expenses and
an increase in share-based compensation expenses. Non-GAAP selling
and marketing expenses, which exclude share-based compensation
expenses, increased 46.6% year-over-year from fiscal year 2009 to
$8.0 million.
General and administrative expenses increased 32.8%
year-over-year from fiscal year 2009 to $12.8 million. The increase
was primarily due to the increase in share-based compensation
expenses and certain professional service expenses in fiscal year
2010. Non-GAAP general and administrative expenses, which exclude
share-based compensation expenses, increased 26.5% year-over-year
from fiscal year 2009 to $9.8 million.
Operating Income and Operating Margin
Operating income in fiscal year 2010 was $23.3 million, an
increase of 49.8% year-over-year from fiscal year 2009. Operating
margin, or operating income as a percentage of net revenues, was
27.2% in fiscal year 2010, compared to 27.3% in fiscal year
2009.
Non-GAAP operating income, which excludes share-based
compensation expenses, in fiscal year 2010 was $29.8 million, an
increase of 61.4% year-over-year from fiscal year 2009. Non-GAAP
operating margin, or non-GAAP operating income as a percentage of
net revenues, was 34.8% in fiscal year 2010, compared to 32.3% in
fiscal year 2009.
Income Tax Expense
Income tax expense was $4.0 million and the effective rate was
16.5% in fiscal year 2010, compared to 7.2% in fiscal year 2009.
The increase in the effective tax rate was primarily due to the
fact that the tax exemption period enjoyed by certain of our
entities expired at the end of 2009. These entities were qualified
as "high and new technology enterprises" and "foreign-invested
manufacturing enterprises" and were taxed at a preferential tax
rate of 12.5% starting in 2010. The increase in effective tax rate
was also attributable to an increase in certain non-deductible
expenses.
On February 21, 2011, one of our consolidated entities received
notice from the tax authority that it had qualified as a "key
software company" and was therefore entitled to a preferential tax
rate of 10% for 2010, which will result in a decrease of income tax
expense of approximately $1 million. The Company believes that this
should be accounted as an enacted change in the tax rate. The
cumulative effect of this enactment will be reflected in the period
that includes the enactment date, the first quarter of 2011.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders in fiscal year
2010 was $19.1 million, an increase of 84.2% year-over-year from
fiscal year 2009. Diluted net income per ADS attributable to
AutoNavi shareholders for fiscal year 2010 was $0.42.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, in fiscal year 2010 was
$25.6 million, an increase of 46.7% year-over-year from fiscal year
2009. Diluted non-GAAP net income per ADS attributable to AutoNavi
shareholders for fiscal year 2010 was $0.56. One ADS represents
four ordinary shares.
Cash Flow
Net cash provided by operating activities was $35.0 million for
fiscal year 2010.
Recent Business Updates
AutoNavi Produces China's Best-Selling iPhone
Application in 2010
According to Apple's iTunes store, AutoNavi produced China's
best-selling iPhone application in 2010, beating out applications
from various industries including the education and gaming sectors.
The Company's iPhone application provides voice-guided navigation
across China, including Hong Kong and Macau, and can be purchased
through Apple's iTunes store for US$14.99 per download. The
application features advanced functions such as 3-D street views,
high-definition viewing for both the iPhone 4 and the iPad, and an
in-depth-database that allows for online Points of Interest
searches as well as real-time traffic information in select cities.
AutoNavi's top ranking demonstrates the Company's ability to build
upon its growing end-user base to further expand its mobile B2C
platform.
Strategic Agreement with China Mobile and
Others
In December 2010, AutoNavi entered into a strategic agreement
with other major industry players to form the joint Guangdong Car
Owner Service Platform, the largest platform in Guangdong, China,
to provide car owners with integrated all-around services including
connected navigation services in the area. Powered by the vast
wireless network of Guangdong Mobile, one of China Mobile's largest
subsidiaries with approximately 70 million subscribers, the new
platform will provide a broad offering of high-quality services
including in-dash calling, real-time traffic updates, an Internet
network address book and information on travel options, discounts
on Guangdong's highway tolls as well as roadside assistance,
broadening AutoNavi's reach in the rapidly growing Guangdong
market.
Management Changes
The Company recently announced a number of management
changes. Mr. Jun Xiao, a co-founder of AutoNavi who had served
as the Company's senior vice president of sales and marketing and
chief operating officer, resigned from those positions, but
continues to serve as a director of the Company. Mr. Yongqi
Yang, the Company's chief technology officer, has since
transitioned from his position as CTO to executive vice president
of AutoNavi's automotive business and will assume Mr. Jun Xiao's
former primary responsibilities. Additionally, Mr. Hai Cui, the
former head of the China Technology Development Center at NHN
Corporation (KOSPI: 035420), has succeeded Mr. Yang as the
Company's new CTO and will focus on the Company's development
efforts in the wireless and Internet space.
Business Outlook
The Company estimates that its net revenues for the full year
2011 will be approximately $117 million to $120 million, an
increase of approximately 36% to 40% over fiscal year 2010.
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 a.m. U.S. eastern standard time on February 24, 2011 (9:00
p.m. Beijing/Hong Kong on February 24, 2011).
| U.S. Toll Free: |
+1-866-730-5763 |
| U.S./International: |
+1-857-350-1587 |
| Hong Kong: |
+852-3002-1672 |
| United Kingdom: |
+44-207-365-8426 |
| Passcode: |
AutoNavi |
A replay of the conference call may be accessed by phone at the
following number until March 2, 2011:
| U.S. Toll Free: |
+1-888-286-8010 |
| U.S./International: |
+1-617-801-6888 |
| Passcode: |
38120312 |
Additionally, an archived web-cast of this call will be
available on the Investor Relations section of AutoNavi's website
at http://ir.autonavi.com.
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of
digital map content and navigation and location-based solutions in
China. At the core of its business is a comprehensive nationwide
digital map database that covers approximately 3.1 million
kilometers of roadway and over 13 million points of interest across
China. Through its digital map database and proprietary technology
platform, AutoNavi provides comprehensive, integrated navigation
and location-based solutions optimized for the Chinese market and
users, including automotive navigation solutions, public sector and
enterprise applications, wireless location-based solutions and
Internet location-based solutions. For more information on
AutoNavi, please visit http://www.autonavi.com.
The AutoNavi Holdings Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8262
Forward Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Among other
things, the Business Outlook section and quotations from management
in this press release, as well as AutoNavi's strategic and
operational plans, contain forward-looking statements. AutoNavi may
also make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, 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 AutoNavi'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: AutoNavi's
ability to adequately maintain and update its digital map database
and minimize errors in its solutions; its current reliance on the
automotive navigation market and a small number of customers for a
substantial portion of its revenues; the project-based nature of
its public sector and enterprise applications business; its limited
operating history in the wireless/Internet location-based solutions
markets; compliance with a complex set of laws, rules and
regulations governing its surveying and mapping and other
businesses in China; competition in the navigation and
location-based solutions businesses in China; and its ability to
manage its growth effectively and efficiently. Further information
regarding these and other risks is included in AutoNavi's
registration statement on Form F-1 filed with the Securities and
Exchange Commission. All information provided in this press release
is current as of the date of the press release, and AutoNavi
undertakes no duty to update such information, except as required
under applicable law.
About Non-GAAP Financial Measures
To supplement AutoNavi's consolidated financial results
presented in accordance with United States Generally Accepted
Accounting Principles ("GAAP"), AutoNavi uses in this press release
the following non-GAAP financial measures: (1) non-GAAP operating
expenses, (2) non-GAAP R&D expenses, (3) non-GAAP selling and
marketing expenses, (4) non-GAAP general and administrative
expenses, (5) non-GAAP operating income, (6) non-GAAP operating
margin, (7) non-GAAP net income attributable to AutoNavi
shareholders, and (8) non-GAAP diluted net income per ADS
attributable to AutoNavi shareholders, each of which excludes
share-based compensation expenses. The presentation of these
non-GAAP financial measures is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with GAAP.
AutoNavi believes that these non-GAAP financial measures
facilitate investors' and management's comparisons to AutoNavi's
historical performance and assist management's financial and
operational decision making. A limitation of using these non-GAAP
financial measures is that share-based compensation expenses are
recurring expenses that will continue to exist in AutoNavi's
business for the foreseeable future. Management compensates for
these limitations by providing specific information regarding the
GAAP amounts excluded from each non-GAAP measure. The accompanying
table has more details on the reconciliation between non-GAAP
financial measures and their most directly comparable GAAP
financial measures.
| |
| |
| AUTONAVI HOLDINGS
LIMITED |
| Unaudited Consolidated
Balance Sheet |
| (In thousands of U.S.
dollars) |
| |
|
|
| |
|
|
| |
December 31, |
December 31, |
| |
2010 |
2009 |
| ASSETS |
|
|
| Current assets: |
|
|
| Cash |
103,105 |
34,716 |
| Restricted cash |
485 |
469 |
| Term deposit |
62,716 |
-- |
| Accounts receivables |
23,752 |
18,743 |
| Amount due from related
parties, non-trading |
1,212 |
16,663 |
| Prepaid expenses and other
current assets |
5,415 |
3,895 |
| Deferred costs in connection
with IPO |
-- |
1,054 |
| Deferred tax assets,
current |
378 |
469 |
| Total current
assets |
197,063 |
76,009 |
| |
|
|
| Property and equipment,
net |
41,571 |
20,587 |
| Equity method investment |
5,102 |
5,163 |
| Acquired intangible assets,
net |
996 |
1,326 |
| Goodwill |
3,242 |
3,134 |
| Deferred tax assets,
non-current |
292 |
79 |
| Other long term assets |
357 |
332 |
| Total
assets |
248,623 |
106,630 |
| |
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
| Current liabilities: |
|
|
| Accounts payable (including
accounts payable of the consolidated variable interest entities
without recourse to AutoNavi Holdings Limited $1,523 and $494 as of
December 31, 2010 and December 31, 2009, respectively) |
1,523 |
494 |
| Deferred revenue (including
deferred revenue of the consolidated variable interest entities
without recourse to AutoNavi Holdings Limited $3,730 and $1,457 as
of December 31, 2010 and December 31, 2009, respectively) |
5,895 |
3,073 |
| Accrued expenses and other
current liabilities (including accrued expenses and other current
liabilities of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $13,907 and $9,261 as of
December 31, 2010 and December 31, 2009, respectively) |
14,690 |
10,651 |
| Income taxes payable (including
Income taxes payable of the consolidated variable interest entities
without recourse to AutoNavi Holdings Limited $4,668 and $2,084 as
of December 31, 2010 and December 31, 2009, respectively) |
4,715 |
1,983 |
| Forward
contract |
2,465 |
|
| Deferred tax liability, current
(including Deferred tax liability of the consolidated variable
interest entities without recourse to AutoNavi Holdings Limited
$500 as of December 31, 2010) |
500 |
-- |
| Total current
liabilities |
29,788 |
16,201 |
| Deferred tax liability,
non-current (including Deferred tax liability of the consolidated
variable interest entities without recourse to AutoNavi Holdings
Limited $473 and $415 as of December 31, 2010 and December 31,
2009, respectively) |
473 |
532 |
| Total
liabilities |
30,261 |
16,733 |
| |
|
|
| |
|
|
| Series A convertible
redeemable preferred shares |
-- |
39,326 |
| |
|
|
| Equity: |
|
|
| Ordinary shares |
19 |
11 |
| Additional paid-in capital |
169,132 |
25,178 |
| Statutory reserve |
6,322 |
3,712 |
| Retained earnings |
28,023 |
11,498 |
| Accumulated other comprehensive
income |
11,449 |
7,923 |
| Total AutoNavi Holdings
Limited Shareholders' Equity |
214,945 |
48,322 |
| Non-controlling interest |
3,417 |
2,249 |
| Total
equity |
218,362 |
50,571 |
| Total liabilities,
Series A convertible redeemable preferred shares, and
equity |
248,623 |
106,630 |
| |
| |
| AUTONAVI HOLDINGS
LIMITED |
| Unaudited Consolidated
Statements of Operations |
| (In thousands of U.S. dollars,
except per share data) |
| |
|
|
| |
For the three months
ended |
For the year
ended |
| |
December 31,
2010 |
December 31,
2009 |
September 30,
2010 |
December 31,
2010 |
December 31,
2009 |
| |
|
|
|
|
|
| Revenue |
23,560 |
16,239 |
24,342 |
87,550 |
58,953 |
| Business tax |
(542) |
(548) |
(334) |
(1,785) |
(1,790) |
| Net revenues |
23,018 |
15,691 |
24,008 |
85,765 |
57,163 |
| Cost of revenues |
(8,054) |
(6,224) |
(7,131) |
(28,328) |
(20,031) |
| Gross profit |
14,964 |
9,467 |
16,877 |
57,437 |
37,132 |
| |
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
| Research and development |
(3,592) |
(2,348) |
(3,858) |
(12,732) |
(7,338) |
| Selling and marketing |
(2,556) |
(1,660) |
(2,367) |
(9,335) |
(5,608) |
| General and administrative |
(2,773) |
(2,616) |
(2,978) |
(12,769) |
(9,613) |
| Total Operating
expenses |
(8,921) |
(6,624) |
(9,203) |
(34,836) |
(22,559) |
| Government subsidies |
672 |
715 |
14 |
748 |
1,016 |
| Operating income |
6,715 |
3,558 |
7,688 |
23,349 |
15,589 |
| |
|
|
|
|
|
| Investment Income |
-- |
28 |
-- |
-- |
109 |
| Interest income |
1,127 |
88 |
666 |
1,991 |
295 |
| Change of fair value of forward contract |
(1,174) |
-- |
(1,291) |
(2,465) |
-- |
| Exchange gains (losses) |
929 |
-- |
575 |
1,504 |
-- |
| Other income (expense) |
47 |
-- |
47 |
94 |
-- |
| Income before income taxes, share of
net income of equity accounted investment and discontinued
operations |
7,644 |
3,674 |
7,685 |
24,473 |
15,993 |
| Income tax expense |
(1,297) |
(202) |
(1,099) |
(4,041) |
(1,144) |
| Share of net income of equity method
accounted investment |
(351) |
92 |
12 |
(238) |
156 |
| Income from continuing
operations |
5,996 |
3,564 |
6,598 |
20,194 |
15,005 |
| |
|
|
|
|
|
| Discontinued
operations: |
|
|
|
|
|
| Loss on discontinued operations before income
tax |
-- |
(2,423) |
-- |
-- |
(4,328) |
| income tax benefit |
-- |
82 |
-- |
-- |
147 |
| Loss on discontinued
operations, net of tax |
-- |
(2,341) |
-- |
-- |
(4,181) |
| Net income |
5,996 |
1,223 |
6,598 |
20,194 |
10,824 |
| Less: Net income attributable to
noncontrolling interest |
201 |
(49) |
381 |
1,059 |
433 |
| Net income attributable to AutoNavi
Holdings Limited shareholders |
5,795 |
1,272 |
6,217 |
19,135 |
10,391 |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net Income per share |
|
|
|
|
|
| Net income from continuing operations
attributable to |
|
|
|
|
|
| AutoNavi Holdings Limited shareholders |
|
|
|
|
|
| Basic |
0.03 |
0.02 |
0.03 |
0.11 |
0.10 |
| Diluted |
0.03 |
0.02 |
0.03 |
0.10 |
0.10 |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net loss on discontinued operations
attributable to |
|
|
|
|
|
| AutoNavi Holdings Limited shareholders |
|
|
|
|
|
| Basic |
-- |
(0.01) |
|
-- |
(0.03) |
| Diluted |
-- |
(0.01) |
|
-- |
(0.03) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net income attributable to AutoNavi Holdings
Limited shareholders |
|
|
|
|
|
| Basic |
0.03 |
0.01 |
0.03 |
0.11 |
0.07 |
| Diluted |
0.03 |
0.01 |
0.03 |
0.10 |
0.07 |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Weighted average number of shares used in
calculating net income per ordinary share |
|
|
|
|
|
| Basic |
188,563,775 |
115,026,217 |
188,273,000 |
149,684,032 |
115,675,022 |
| Diluted |
201,311,438 |
159,040,274 |
200,471,885 |
182,696,079 |
157,188,766 |
| |
| |
| AUTONAVI HOLDINGS
LIMITED |
| Reconciliation of
non-GAAP measures to most directly comparable GAAP
measures |
| (In thousands of U.S. dollars,
except percentage and per ADS data) |
| |
| |
For the three months
ended |
For the twelve months
ended |
| |
December
31, 2010 |
December
31, 2009 |
September 30,
2010 |
December
31, 2010 |
December
31, 2009 |
| |
|
|
|
|
|
| Total operating expenses |
8,921 |
6,624 |
9,203 |
34,836 |
22,559 |
| Share-based compensation |
(312) |
(436) |
(709) |
(5,849) |
(2,608) |
| Non-GAAP total operating expenses |
8,609 |
6,188 |
8,494 |
28,987 |
19,951 |
| |
|
|
|
|
|
| R&D expenses |
3,592 |
2,348 |
3,858 |
12,732 |
7,338 |
| Share-based compensation |
(123) |
(112) |
(333) |
(1,559) |
(601) |
| Non-GAAP R&D expenses |
3,469 |
2,236 |
3,525 |
11,173 |
6,737 |
| |
|
|
|
|
|
| Selling and marketing expenses |
2,556 |
1,660 |
2,367 |
9,335 |
5,608 |
| Share-based compensation |
(72) |
(48) |
(242) |
(1,324) |
(143) |
| Non-GAAP selling and marketing expenses |
2,484 |
1,612 |
2,125 |
8,011 |
5,465 |
| |
|
|
|
|
|
| General and administrative expenses |
2,773 |
2,616 |
2,978 |
12,769 |
9,613 |
| Share-based compensation |
(117) |
(276) |
(134) |
(2,966) |
(1,864) |
| Non-GAAP general and administrative
expenses |
2,656 |
2,340 |
2,844 |
9,803 |
7,749 |
| |
|
|
|
|
|
| Operating income |
6,715 |
3,558 |
7,688 |
23,349 |
15,589 |
| Share-based compensation |
354 |
515 |
764 |
6,457 |
2,876 |
| Non-GAAP operating income |
7,069 |
4,073 |
8,452 |
29,806 |
18,465 |
| |
|
|
|
|
|
| Operating margin |
29.2% |
22.7% |
32.0% |
27.2% |
27.3% |
| Share-based compensation |
1.5% |
3.3% |
3.2% |
7.5% |
5.0% |
| Non-GAAP operating margin |
30.7% |
26.0% |
35.2% |
34.8% |
32.3% |
| |
|
|
|
|
|
| Net income attributable to AutoNavi Holdings
Limited shareholders |
5,795 |
1,272 |
6,217 |
19,135 |
10,391 |
| Discontinued operation, net of tax |
-- |
2,341 |
-- |
-- |
4,181 |
| Share-based compensation |
354 |
515 |
764 |
6,457 |
2,876 |
| Non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders |
6,149 |
4,128 |
6,981 |
25,592 |
17,448 |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the three
months ended December 31, 2010 |
|
|
| |
GAAP |
Adjustments |
Non-GAAP(a) |
|
|
| Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.12 |
-- |
0.12 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
For the twelve
months ended December 31, 2010 |
|
|
| |
GAAP |
Adjustments |
Non-GAAP(a) |
|
|
| Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.42 |
0.14 |
0.56 |
|
|
| |
|
|
|
|
|
| (a) Non-GAAP diluted net income
per ADS attributable to AutoNavi Holdings Limited shareholders is
computed by dividing non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders by the weighted average number of
diluted ordinary shares outstanding used in computing the GAAP
diluted net income per ordinary share attributable to AutoNavi
Holdings Limited shareholders for the respective periods (after
adjusting for the ADS to ordinary share ratio). |
|
|
CONTACT: For investor and media inquiries please contact:
In China:
Serena Shi
AutoNavi Holdings Limited
Tel: +86-10-5985-9538
E-mail: serena.shi@autonavi.com
Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
E-mail: amap@ogilvy.com
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
E-mail: amap@ogilvy.com
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