Full Year Net Revenues Exceed Guidance, Increase
48.0% Year-Over-Year;
Full Year Mobile and Internet Location-Based
Solutions Business Grows 142.2% Year-Over-Year
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 fourth quarter and the
fiscal year ended December 31, 2011.
Fiscal Year 2011 Operational
Highlights
- AutoNavi's free mobile map application had a total of 40
million users and over 20 million monthly active users as of the
end of fiscal year 2011, compared to a total of 10 million users
and over 2 million monthly active users as of the end of fiscal
year 2010, and a total of 26 million users and over 10 million
monthly active users as of the end of the third quarter of
2011.
Fourth Quarter 2011
Financial Highlights
- Net revenues in the fourth quarter of 2011 were $34.7 million,
an increase of 50.7% year-over-year.
- Gross profit in the fourth quarter of 2011 was $25.3 million,
an increase of 68.9% year-over-year.
- Operating income in the fourth quarter of 2011 was $7.8
million, an increase of 16.5% year-over-year.
- Net income attributable to AutoNavi shareholders was $7.1
million in the fourth quarter of 2011, an increase of 22.1%
year-over-year.
Fiscal Year 2011 Financial
Highlights
- Net revenues in fiscal year 2011 were $127.0 million, an
increase of 48.0% year-over-year.
- Gross profit in fiscal year 2011 was $91.9 million, an increase
of 60.1% year-over-year.
- Operating income in fiscal year 2011 was $36.8 million, an
increase of 57.7% year-over-year.
- Net income attributable to AutoNavi shareholders was $36.5
million in fiscal year 2011, an increase of 90.9 %
year-over-year.
"We had a great fourth quarter and ended 2011 with another
record year for AutoNavi as we continued to build on our growth
momentum, particularly in our mobile and Internet business," said
Mr. Congwu Cheng, chief executive officer of AutoNavi. "We also
made significant progress in increasing our online user base as we
continued our transition from the traditional off-line business
model to a cloud-based LBS business model."
Mr. Cheng added, "2012 is also shaping up to be an exciting year
during which we will aim to leverage our leading market position to
further develop our location-based media and e-commerce platform,
supported by our "Four Screens – One Cloud" infrastructure. We
will continue to focus on our products, expand our user base,
improve user stickiness and increase brand awareness. Meanwhile, we
will accelerate our business development initiatives to help local
merchants find potential consumers online, allowing them to grow
their businesses cost-effectively while enabling us to seek
opportunities to expand our business model in the consumer
space."
Share Repurchase Program
AutoNavi has been authorized, but not obligated, by its board of
directors to repurchase up to US$50.0 million worth of its own
American depositary shares ("ADSs") within 12 months upon receiving
such authorization. The repurchases may be made from time to time
on the open market at prevailing market prices pursuant to a 10b5-1
plan (which allows AutoNavi to repurchase its ADSs pursuant to the
pre-determined terms under the plan at any time, including periods
in which it may be in possession of material non-public
information), in negotiated transactions off the market, in block
trades or otherwise. The timing and extent of any purchases will
depend upon market conditions, the trading price of its ADSs and
other factors, and is subject to the restrictions relating to
volume, price and timing under applicable law. AutoNavi expects to
implement this share repurchase program in a manner consistent with
market conditions and the interests of the shareholders. AutoNavi's
board of directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size
accordingly. AutoNavi plans to fund repurchases made under this
program from its available cash balance.
"With our share repurchase program announced today, we reaffirm
our confidence in the long term future of the Company, and we will
continue our strategic initiatives to build on the Company's
success while maintaining focus on creating value for our
shareholders," said Mr. Cheng.
Fourth Quarter 2011 Results
Revenues
Total net revenues in the fourth quarter of 2011 were $34.7
million, an increase of 50.7% year-over-year from $23.0 million in
the fourth quarter of 2010, and an increase of 2.4% from $33.9
million in the third quarter of 2011.
Automotive Navigation
Net revenues from the automotive navigation market in the fourth
quarter of 2011 were $22.0 million, an increase of 31.8%
year-over-year and 0.3% from the previous quarter. The
year-over-year increase in net 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.
Mobile and Internet Location-based Solutions
The mobile and Internet location-based solutions business in the
fourth quarter of 2011 delivered another record result of $9.5
million in net revenues, representing an increase of 198.0%
year-over-year and 7.5% over the previous quarter. The increases
were primarily due to the growth in revenues derived from the
pre-installation of the Company's navigation solutions on mobile
phones and the provision of mobile map and navigation solutions to
mobile operators, which were partly contributed by the PDAger
business acquired in March 2011.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the fourth quarter of 2011 were $2.8 million, an increase
of 3.0% year-over-year and a decrease of 4.5% sequentially.
Cost of Revenues
Cost of revenues in the fourth quarter of 2011 was $9.4 million,
representing an increase of 17.0% year-over-year and 6.4%
sequentially. The year-over-year increase was largely attributable
to higher salary and benefit expenses, resulting from 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, as well as the amortization of definite
intangible assets acquired from PDAger in March 2011. The
sequential increase was mainly due to a rise in data collection and
processing costs, including outsourced development costs.
Operating Expenses
Total operating expenses in the fourth quarter of 2011 were
$17.6 million, an increase of 97.2% year-over-year and 17.1%
sequentially. Non-GAAP operating expenses, which exclude
share-based compensation expenses, were $15.0 million, an increase
of 73.7% year-over-year and 8.7% sequentially.
Research and development expenses increased 108.3%
year-over-year and 15.0% sequentially to $7.5 million. The
year-over-year increase was primarily due to higher salary and
benefit expenses, a result of an increase in the number of R&D
staff, and higher share-based compensation expenses. The sequential
increase was mainly due to an increase in share-based compensation
expenses. Non-GAAP research and development expenses, which exclude
share-based compensation expenses, increased 78.6% year-over-year
and 4.8% sequentially to $6.2 million.
Selling and marketing expenses increased 131.6% year-over-year
and 32.7% sequentially to $5.9 million. The year-over-year increase
was primarily due to higher salary and benefit expenses resulting
from increased sales headcount in the fourth quarter of 2011,
increased marketing expenses associated with branding activities,
higher share-based compensation expenses and increased business
travel expenses. The sequential increase was primarily due to
higher business travel expenses and share-based compensation
expenses in the fourth quarter of 2011. Non-GAAP selling and
marketing expenses, which exclude share-based compensation
expenses, increased 99.2% year-over-year and 21.9% sequentially to
$4.9 million.
General and administrative expenses increased 50.6%
year-over-year and 2.8% sequentially to $4.2 million. The
year-over-year increase was primarily due to higher salary and
benefit expenses resulting from an increase in the number of
general and administrative personnel, and increased professional
service expenses in the fourth quarter of 2011. Non-GAAP general
and administrative expenses, which exclude share-based compensation
expenses, increased 43.5% year-over-year and 0.6% sequentially to
$3.8 million.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders was $7.1
million in the fourth quarter of 2011, an increase of 22.1%
year-over-year from $5.8 million in the fourth quarter of 2010, and
a decrease of 23.6% quarter-over-quarter from $9.3 million in the
third quarter of 2011. Diluted net income per ADS attributable to
AutoNavi shareholders for the fourth quarter of 2011 was $0.14. One
ADS represents four ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $9.8 million in the
fourth quarter of 2011, an increase of 59.1% year-over-year and a
decrease of 7.7% sequentially. Diluted non-GAAP net income per ADS
attributable to AutoNavi shareholders for the fourth quarter of
2011 was $0.19.
Cash Flow
Net cash provided by operating activities was $25.9 million in
the fourth quarter of 2011. As of December 31, 2011, the Company
had $199.7 million in cash and cash equivalents.
Fiscal Year 2011 Results
Revenues
Net revenues in fiscal year 2011 were $127.0 million,
representing an increase of 48.0% from fiscal year 2010.
The Company reassessed its business lines and reclassified its
revenues for the year ended December 31, 2011 in order to better
reflect its business models and facilitate investors' understanding
of its business. The reclassification was made between the revenue
generated from "Mobile and Internet Location-based Solutions" and
"Public Sector and Enterprise Applications" on the basis of whether
or not the solutions use mobile/internet technology. The
comparative figures have been adjusted to reflect the revenue
reclassification. The adjusted revenue from "Mobile and Internet
Location-based Solutions" in fiscal year 2010 was $11.3 million, an
increase of $1.7 million from the original classification. The
adjusted revenue from "Public Sector and Enterprise Applications"
in fiscal year 2010 was $9.1 million, a decrease of $1.7 million
from the original classification.
Automotive Navigation
Net revenues from the automotive navigation market in fiscal
year 2011 were $85.9 million, an increase of 35.4% from fiscal year
2010. The increase 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.
Mobile and Internet Location-based Solutions
Net revenues from the mobile and Internet location-based
solutions business in fiscal year 2011 were $27.4 million, an
increase of 142.2% from fiscal year 2010. The increase in revenues
primarily derived from the pre-installation of the Company's
navigation solutions on mobile phones, and the provision of mobile
map and navigation solutions to mobile operators, which was partly
contributed by the PDAger business acquired in March 2011.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in fiscal year 2011 were $12.3 million, an increase of 35.5%
from fiscal year 2010. The increase was mainly due to an increased
number of aerial photogrammetry and 3-D modeling applications
contracts entered in 2011.
Cost of Revenues
Cost of revenues in fiscal year 2011 was $35.0 million,
representing an increase of 23.6% from fiscal year 2010. The
increase was largely attributable to an increase in direct
production costs as well as an increase in salary and benefit
expenses, which resulted from 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, plus the amortization of definite intangible assets
acquired from PDAger in March 2011.
Operating Expenses
Total operating expenses in fiscal year 2011 were $55.3 million,
an increase of 58.7% from fiscal year 2010. Non-GAAP operating
expenses, which exclude share-based compensation expenses, were
$50.1 million, an increase of 72.9% from fiscal year 2010.
Research and development expenses increased 86.3% from fiscal
year 2010 to $23.7 million. The increase was primarily due to
higher salary and benefit expenses, a result of an increase in the
number of R&D staff, and higher share-based compensation
expenses. Non-GAAP research and development expenses, which exclude
share-based compensation expenses, increased 90.2% from fiscal year
2010 to $21.3 million.
Selling and marketing expenses increased 76.0% from fiscal year
2010 to $16.4 million. The increase was primarily due to an
increase in salary and benefit expenses as a result of an increased
sales headcount, increased marketing expenses associated with
branding activities and increased business travel expenses.
Non-GAAP selling and marketing expenses, which exclude share-based
compensation expenses, increased 83.8% from fiscal year 2010 to
$14.7 million.
General and administrative expenses increased 18.4% from fiscal
year 2010 to $15.1 million. The increase was primarily due to
higher salary and benefit expenses, a result of an increase in the
number of general and administrative personnel, and increased
professional service expenses, partially offset by lower
share-based compensation expenses in fiscal year 2011. Non-GAAP
general and administrative expenses, which exclude share-based
compensation expenses, increased 44.4% from fiscal year 2010 to
$14.2 million.
Income Tax Expense
Income tax expense was $5.1 million and the effective rate was
11.5% in fiscal year 2011, compared to 16.5% in fiscal year 2010.
The decrease in the effective tax rate was primarily due to the
decrease in income tax expense of approximately $1.0 million in the
first quarter of 2011 as one of the Company's consolidated entities
was qualified as a "key software company" on February 21, 2011 and
was therefore entitled to a preferential tax rate of 10% for 2010.
The Company believes that this should be accounted as a change in
the enacted tax rate. The cumulative effect of this enactment was
reflected in the period that includes the enactment date, the first
quarter of 2011. In addition, due to the acquisition of the
remaining 80% of equity interest in PDAger, the 20% equity interest
previously held by the Company was re-measured based on the
acquisition-date fair value, which resulted in a non-taxable gain
of $1.0 million in the first quarter of 2011. The decrease in
effective tax rate was also attributable to a decrease in the
percentage of non-deductible expenses against taxable income.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders in fiscal year
2011 was $36.5 million, an increase of 90.9% from fiscal year 2010.
Diluted net income per ADS attributable to AutoNavi shareholders
for fiscal year 2011 was $0.73.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $40.9 million in
fiscal year 2011, an increase of 59.9% from fiscal year 2010.
Diluted non-GAAP net income per ADS attributable to AutoNavi
shareholders for fiscal year 2011 was $0.81. One ADS represents
four ordinary shares.
Cash Flow
Net cash provided by operating activities was $47.9 million for
fiscal year 2011.
Business Outlook
The Company estimates its full year 2012 net revenues will be in
the range of $152 million to $159 million, representing an increase
of approximately 20% to 25% over fiscal year 2011.
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 a.m. U.S. eastern standard time on February 28, 2012 (9:00
p.m. Beijing/Hong Kong time on February 28, 2012).
The dial-in numbers and passcode for the conference call are as
follows:
| U.S. Toll Free: |
+1-866-519-4004 |
| International: |
+65-6723-9381 |
| Hong Kong: |
+852-2475-0994 |
| United Kingdom: |
+44-203-059-8139 |
| Passcode: |
AutoNavi |
A replay of the conference call may be accessed by
phone at the following number until March 7, 2012:
| U.S. Toll Free: |
+1-866-214-5335 |
| International: |
+61-2-8235-5000 |
| Passcode: |
51818278 |
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 3.3 million
kilometers of roadway and over 20 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, mobile
location-based solutions and Internet location-based solutions, and
public sector and enterprise applications. For more information on
AutoNavi, please visit http://www.autonavi.com.
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 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 mobile/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 annual report on Form 20-F as well as in its other
filings 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 net income
attributable to AutoNavi shareholders, and (7) 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 to provide investors with context as to how the
adjustments impact the GAAP amounts.
For investor and media inquiries please
contact:
| In China: |
| |
| Serena Shi |
| AutoNavi Holdings Limited |
| Tel: +86-10-8410-7883 |
| 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 |
| AUTONAVI HOLDINGS
LIMITED |
| Consolidated Balance
Sheet |
| (In thousands of U.S.
dollars) |
| |
|
|
| |
As of December
31, |
| |
2011 |
2010 |
| |
Unaudited |
Audited |
| |
|
|
| Assets |
|
|
| Current assets |
|
|
| Cash and cash equivalents |
199,696 |
103,105 |
| Restricted cash |
-- |
485 |
| Term deposit |
-- |
62,716 |
| Accounts receivable, net of allowance for
doubtful accounts of $823 and $419 as of December 31, 2011 and
December 31, 2010, respectively |
37,329 |
23,752 |
| Due from related parties |
221 |
1,212 |
| Prepaid expense and other current
assets |
5,542 |
5,415 |
| Deferred tax assets-current |
1,355 |
378 |
| |
|
| Total current
assets |
244,143 |
197,063 |
| |
|
|
| Properties and equipment, net |
49,245 |
41,571 |
| Equity method investments |
4,442 |
5,102 |
| Prepaid consideration in connection with
equity investment |
183 |
-- |
| Acquired intangible assets, net |
6,855 |
996 |
| Goodwill |
8,747 |
3,242 |
| Deferred tax assets-non-current |
224 |
292 |
| Other long term assets |
628 |
357 |
| |
|
|
| TOTAL ASSETS |
314,467 |
248,623 |
| |
|
|
| Liabilities |
|
|
| Current liabilities |
|
|
| Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $2,358 and $1,523 as of December 31, 2011
and December 31, 2010, respectively) |
2,364 |
1,523 |
| Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $5,567 and $3,730 as of December 31, 2011
and December 31, 2010, respectively) |
7,328 |
5,895 |
| 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 $23,944 and $13,907 as of
December 31, 2011 and December 31, 2010, respectively) |
26,071 |
14,690 |
| Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $7,394 and $5,168 as of
December 31, 2011 and December 31, 2010, respectively) |
7,481 |
5,215 |
| Forward contract (including forward contract
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited nil and nil as of December 31, 2011 and
December 31, 2010, respectively) |
-- |
2,465 |
| |
|
| |
|
|
| Total current
liabilities |
43,244 |
29,788 |
| |
|
|
| Non-current liabilities |
|
|
| Deferred tax liability-non-current (including
deferred tax liability of the consolidated variable interest
entities without recourse to AutoNavi Holdings Limited $1,191 and
$473 as of December 31, 2011 and December 31, 2010,
respectively) |
1,345 |
473 |
| |
|
| |
|
|
| Total liabilities |
44,589 |
30,261 |
| |
|
|
| Equity |
|
|
| Ordinary shares |
19 |
19 |
| Additional paid-in capital |
175,726 |
169,132 |
| Statutory reserve |
9,363 |
6,322 |
| Retained earnings |
61,517 |
28,023 |
| Accumulated other comprehensive
income |
18,262 |
11,449 |
| |
|
|
| Total AutoNavi Holdings Limited shareholders'
equity |
264,887 |
214,945 |
| Non-controlling interest |
4,991 |
3,417 |
| |
|
|
| Total equity |
269,878 |
218,362 |
| |
|
|
| TOTAL LIABILITIES AND EQUITY |
314,467 |
248,623 |
| |
| AUTONAVI HOLDINGS
LIMITED |
| 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,
2011 |
December 31,
2010 |
September 30,
2011 |
December 31,
2011 |
December 31,
2010 |
| |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited |
| |
|
|
|
|
|
| Revenue |
35,547 |
23,560 |
34,609 |
129,749 |
87,550 |
| Business tax |
(851) |
(542) |
(718) |
(2,789) |
(1,785) |
| Net revenues |
34,696 |
23,018 |
33,891 |
126,960 |
85,765 |
| Cost of revenues |
(9,422) |
(8,054) |
(8,857) |
(35,021) |
(28,328) |
| Gross profit |
25,274 |
14,964 |
25,034 |
91,939 |
57,437 |
| |
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
| Research and development |
(7,481) |
(3,592) |
(6,503) |
(23,720) |
(12,732) |
| Selling and marketing |
(5,919) |
(2,556) |
(4,462) |
(16,428) |
(9,335) |
| General and administrative |
(4,175) |
(2,773) |
(4,061) |
(15,114) |
(12,769) |
| Impairment of goodwill and indefinite-lived
intangible assets |
(19) |
-- |
-- |
(19) |
-- |
| Total operating
expenses |
(17,594) |
(8,921) |
(15,026) |
(55,281) |
(34,836) |
| Government subsidies |
141 |
672 |
11 |
163 |
748 |
| Operating income |
7,821 |
6,715 |
10,019 |
36,821 |
23,349 |
| |
|
|
|
|
|
| Gain on re-measurement of fair value of the
equity method investment |
-- |
-- |
-- |
995 |
-- |
| Interest income |
1,383 |
1,127 |
1,228 |
5,226 |
1,991 |
| Change in fair value of forward contract |
-- |
(1,174) |
2,753 |
2,465 |
(2,465) |
| Foreign exchange gains/(loss) |
500 |
929 |
(2,631) |
(1,579) |
1,504 |
| Other Income |
47 |
47 |
47 |
188 |
94 |
| Income before income taxes and share
of net income of equity accounted investments |
9,751 |
7,644 |
11,416 |
44,116 |
24,473 |
| Income tax expense |
(1,382) |
(1,297) |
(1,643) |
(5,086) |
(4,041) |
| Share of net (loss)/income of equity method
investments |
(718) |
(351) |
13 |
(653) |
(238) |
| Net income |
7,651 |
5,996 |
9,786 |
38,377 |
20,194 |
| Less: Net income attributable to
noncontrolling interest |
575 |
201 |
523 |
1,842 |
1,059 |
| Net income attributable to AutoNavi
Holdings Limited shareholders |
7,076 |
5,795 |
9,263 |
36,535 |
19,135 |
| |
|
|
|
|
|
| Net income per share |
|
|
|
|
|
| Net income attributable to AutoNavi Holdings
Limited shareholders |
|
|
|
|
|
| Basic |
0.04 |
0.03 |
0.05 |
0.19 |
0.11 |
| Diluted |
0.04 |
0.03 |
0.05 |
0.18 |
0.10 |
| |
|
|
|
|
|
| Weighted average number of shares used in
calculating net income per ordinary share |
|
|
|
|
|
| Basic |
191,236,355 |
188,563,775 |
190,404,199 |
190,132,407 |
149,684,032 |
| Diluted |
200,900,042 |
201,311,438 |
201,191,706 |
201,230,735 |
182,696,079 |
| |
| AUTONAVI HOLDINGS
LIMITED |
| Unaudited
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 year
ended |
| |
December 31, |
December 31, |
September 30, |
December 31, |
December 31, |
| |
2011 |
2010 |
2011 |
2011 |
2010 |
| |
|
|
|
|
|
| Total operating expenses |
17,594 |
8,921 |
15,026 |
55,281 |
34,836 |
| Share-based compensation |
(2,620) |
(312) |
(1,265) |
(5,130) |
(5,849) |
| Impairment of goodwill and indefinite-lived
intangible assets |
(19) |
-- |
-- |
(19) |
-- |
| Non-GAAP total operating expenses |
14,955 |
8,609 |
13,761 |
50,132 |
28,987 |
| |
|
|
|
|
|
| R&D expenses |
7,481 |
3,592 |
6,503 |
23,720 |
12,732 |
| Share-based compensation |
(1,286) |
(123) |
(589) |
(2,464) |
(1,559) |
| Non-GAAP R&D expenses |
6,195 |
3,469 |
5,914 |
21,256 |
11,173 |
| |
|
|
|
|
|
| Selling and marketing expenses |
5,919 |
2,556 |
4,462 |
16,428 |
9,335 |
| Share-based compensation |
(970) |
(72) |
(402) |
(1,705) |
(1,324) |
| Non-GAAP selling and marketing
expenses |
4,949 |
2,484 |
4,060 |
14,723 |
8,011 |
| |
|
|
|
|
|
| General and administrative expenses |
4,175 |
2,773 |
4,061 |
15,114 |
12,769 |
| Share-based compensation |
(364) |
(117) |
(274) |
(961) |
(2,966) |
| Non-GAAP general and administrative
expenses |
3,811 |
2,656 |
3,787 |
14,153 |
9,803 |
| |
|
|
|
|
|
| Operating income |
7,821 |
6,715 |
10,019 |
36,821 |
23,349 |
| Share-based compensation |
2,691 |
354 |
1,338 |
5,362 |
6,457 |
| Impairment of goodwill and indefinite-lived
intangible assets |
19 |
-- |
-- |
19 |
-- |
| Non-GAAP operating income |
10,531 |
7,069 |
11,357 |
42,202 |
29,806 |
| |
|
|
|
|
|
| Net income attributable to AutoNavi Holdings
Limited shareholders |
7,076 |
5,795 |
9,263 |
36,535 |
19,135 |
| |
|
|
|
|
|
| Share-based compensation |
2,691 |
354 |
1,338 |
5,362 |
6,457 |
| Impairment of goodwill and indefinite-lived
intangible assets |
19 |
-- |
-- |
19 |
-- |
| Gain on re-measurement of fair value of the
equity method investment |
-- |
-- |
-- |
(995) |
-- |
| Non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders |
9,786 |
6,149 |
10,601 |
40,921 |
25,592 |
| |
|
|
| |
For the three months
ended December 31, 2011 |
For the year ended
December 31, 2011 |
| |
|
|
| |
GAAP |
Adjustments |
Non-GAAP(a) |
GAAP |
Adjustments |
Non-GAAP(a) |
| Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.14 |
0.05 |
0.19 |
0.73 |
0.08 |
0.81 |
| |
|
|
|
|
|
|
| (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). |
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