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 first quarter ended March
31, 2012.
First Quarter
2012 Operational
Highlights
- AutoNavi's free mobile map application had a total of 52
million users and over 29 million monthly active users as of the
end of the first quarter of 2012, compared to a total of 40 million
users and over 20 million monthly active users as of the end of
fiscal year 2011.
First Quarter
2012Financial
Highlights
- Net revenues in the first quarter of 2012 were $35.7 million,
an increase of 40.3% year-over-year.
- Gross profit in the first quarter of 2012 was $26.9 million, an
increase of 49.6% year-over-year.
- Operating income in the first quarter of 2012 was $10.0
million, an increase of 17.8% year-over-year. Non-GAAP operating
income in the first quarter of 2012 was $13.3 million, an increase
of 49.4% year-over-year.
- Net income attributable to AutoNavi shareholders was $8.9
million in the first quarter of 2012, a decrease of 15.9%
year-over-year. Non-GAAP net income attributable to AutoNavi
shareholders was $12.2 million in the first quarter of 2012, an
increase of 21.9% year-over-year.
"We've started the year off with solid financial results and
have continued to make steady progress in our business. Total net
revenues grew 40.3% year-over-year to $35.7 million in the first
quarter. While we saw good growth across all our businesses, we're
particularly pleased that our mobile and Internet location-based
solutions business delivered another record-high quarter with a
166.6% year-over-year increase in net revenues," said Mr. Congwu
Cheng, chief executive officer of AutoNavi. "The popularity of
AMAP, AutoNavi's flagship free mobile map application, continued to
grow, as we ended the quarter with a total of 52 million users,
including nearly 30 million monthly active users. These
achievements demonstrate our continued dedication and acute focus
on product innovation and development, while reflecting our
commitment to provide the best mobile mapping experiences and the
most valuable location-based services to China's mass market."
Mr. Cheng added, "We continue to build and enhance our
location-based media and e-commerce platform, which is supported by
our 'Four Screens – One Cloud' infrastructure. This platform will
ultimately allow us to further expand into the consumer space,
while also placing us in a unique position to capture the growth
potential in China's auto navigation market, which is increasingly
integrating with Internet and mobile Internet applications."
First Quarter 2012 Results
Revenues
Total net revenues in the first quarter of 2012 were $35.7
million, an increase of 40.3% year-over-year from $25.4 million in
the first quarter of 2011, and an increase of 2.8% from $34.7
million in the fourth quarter of 2011.
Automotive Navigation
Net revenues from the automotive navigation market in the first
quarter of 2012 were $21.7 million, an increase of 13.7%
year-over-year and a slight decrease from the previous quarter. The
year-over-year 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 equipped with these systems sold in China.
Mobile and Internet Location-based Solutions
The mobile and Internet location-based solutions business in the
first quarter of 2012 again delivered record results with $9.9
million in net revenues, representing an increase of 166.6%
year-over-year and 4.5% 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.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the first quarter of 2012 were $3.6 million, an increase
of 49.4% year-over-year and 29.7% sequentially. The year-over-year
increase was primarily derived from an increased number of new
aerial photogrammetry and 3-D modeling applications contracts. The
sequential increase was mainly due to the progress made on aerial
photogrammetry projects, as well as the new 3-D modeling
applications contracts.
Cost of Revenues
Cost of revenues in the first quarter of 2012 was $8.8 million,
representing an increase of 17.8% year-over-year and a decrease of
7.1% sequentially. The year-over-year increase was largely
attributable to higher salary and benefit expenses, resulting from
a general annual increase in salary and the amortization of
intangible assets acquired from PDAger in March 2011. The
sequential decrease was mainly due to decreased outsourced data
processing cost and field survey-related costs.
Operating Expenses
Total operating expenses in the first quarter of 2012 were $17.6
million, an increase of 86.2% year-over-year and relatively stable
from the previous quarter. Non-GAAP operating expenses, which
exclude share-based compensation expenses, were $14.5 million, an
increase of 58.2% year-over-year and a decrease of 3.2%
sequentially.
Research and development expenses increased 106.3%
year-over-year and 7.0% sequentially to $8.0 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, higher share-based compensation expenses and outsourced
development cost. Non-GAAP research and development expenses, which
exclude share-based compensation expenses, increased 84.5%
year-over-year and 11.8% sequentially to $6.9 million.
Selling and marketing expenses increased 99.1% year-over-year
and decreased 11.1% sequentially to $5.3 million. The
year-over-year increase was primarily due to higher salary and
benefit expenses resulting from increased sales headcount, higher
share-based compensation expenses and increased marketing expenses
associated with branding activities. The sequential decrease was
primarily due to decreased business travel expenses and marketing
expenses during the Chinese New Year holiday. Non-GAAP selling and
marketing expenses, which exclude share-based compensation
expenses, increased 57.5% year-over-year and decreased 18.4%
sequentially to $4.0 million.
General and administrative expenses increased 48.2%
year-over-year and 4.6% sequentially to $4.4 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 higher share-based
compensation expenses in the first quarter of 2012. Non-GAAP
general and administrative expenses, which exclude share-based
compensation expenses, increased 23.9% year-over-year and deceased
7.8% sequentially to $3.5 million.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders was $8.9
million in the first quarter of 2012, a decrease of 15.9%
year-over-year from $10.6 million in the first quarter of 2011, and
an increase of 26.2% quarter-over-quarter from $7.1 million in the
fourth quarter of 2011. Diluted net income per American depositary
share ("ADS") attributable to AutoNavi shareholders for the first
quarter of 2012 was $0.18. One ADS represents four ordinary
shares.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $12.2 million in
the first quarter of 2012, an increase of 21.9% year-over-year and
24.2% sequentially. Diluted non-GAAP net income per ADS
attributable to AutoNavi shareholders for the first quarter of 2012
was $0.24, as compared to $0.20 from a year ago.
Cash Balance
As of March 31, 2012, the Company had $201.5 million in cash and
cash equivalents.
Business Outlook
The Company maintains that 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 daylight time on May 15, 2012 (8:00 p.m.
Beijing/Hong Kong time on May 15, 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: |
+44-20-3059-8139 |
Passcode: |
AutoNavi |
A replay of the conference call may be accessed by
phone at the following number until May 23, 2012:
U.S. Toll Free: |
+1-866-214-5335 |
International: |
+61-2-8235-5000 |
Passcode: |
76313995 |
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, which are
adjusted from results based on GAAP to exclude the impact of
share-based compensation expenses, gain on re-measurement of fair
value of the equity method investment and impairment of intangible
assets. 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.
AUTONAVI HOLDINGS
LIMITED |
Consolidated Balance
Sheet (unaudited) |
(In thousands of U.S.
dollars) |
|
|
|
|
March 31, |
December 31, |
|
2012 |
2011 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
201,499 |
199,696 |
Accounts receivable, net of allowance for
doubtful accounts of $822 and $823 as of March 31, 2012 and
December 31, 2011, respectively |
41,891 |
36,273 |
Due from related parties, trading |
4,025 |
1,056 |
Due from related parties, non-trading |
3 |
221 |
Prepaid expense and other current
assets |
10,448 |
5,542 |
Deferred tax assets-current |
851 |
1,355 |
|
|
Total current
assets |
258,717 |
244,143 |
|
|
|
Properties and equipment, net |
48,024 |
49,245 |
Equity method investments |
4,678 |
4,442 |
Prepaid consideration in connection with
equity investment |
-- |
183 |
Acquired intangible assets, net |
6,322 |
6,855 |
Goodwill |
8,742 |
8,747 |
Deferred tax assets-non-current |
352 |
224 |
Other long term assets |
424 |
628 |
|
|
|
TOTAL ASSETS |
327,259 |
314,467 |
|
|
|
Liabilities |
|
|
Current liabilities |
|
|
Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $2,267 and $2,358 as of March 31, 2012
and December 31, 2011, respectively) |
2,267 |
2,364 |
Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $7,510 and $5,567 as of March 31, 2012
and December 31, 2011, respectively) |
8,700 |
7,328 |
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 $21,653 and $23,944 as of
March 31, 2012 and December 31, 2011, respectively) |
23,864 |
26,071 |
Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $8,440 and $7,394 as of March
31, 2012 and December 31, 2011, respectively) |
8,619 |
7,481 |
Total current
liabilities |
43,450 |
43,244 |
|
|
|
Non-current liabilities |
|
|
Deferred tax liability-non-current (including
deferred tax liability of the consolidated variable interest
entities without recourse to AutoNavi Holdings Limited $1,098 and
$1,191 as of March 31, 2012 and December 31, 2011,
respectively) |
1,239 |
1,345 |
|
|
|
Total liabilities |
44,689 |
44,589 |
|
|
|
Equity |
|
|
Ordinary shares |
19 |
19 |
Additional paid-in capital |
179,318 |
175,726 |
Treasury stock |
(97) |
-- |
Statutory reserve |
9,363 |
9,363 |
Retained earnings |
70,450 |
61,517 |
Accumulated other comprehensive
income |
18,126 |
18,262 |
|
|
|
Total AutoNavi Holdings Limited shareholders'
equity |
277,179 |
264,887 |
Non-controlling interest |
5,391 |
4,991 |
|
|
|
Total equity |
282,570 |
269,878 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
327,259 |
314,467 |
AUTONAVI HOLDINGS
LIMITED |
Consolidated Statements
of Comprehensive Income (unaudited) |
(In thousands of U.S. dollars,
except share and per share data) |
|
|
|
|
|
For the three months
ended |
|
March 31, |
March 31, |
December 31, |
|
2012 |
2011 |
2011 |
|
|
|
|
Revenue |
36,579 |
25,965 |
35,547 |
Business tax |
(913) |
(539) |
(851) |
Net revenues |
35,666 |
25,426 |
34,696 |
Cost of revenues |
(8,757) |
(7,433) |
(9,422) |
Gross profit |
26,909 |
17,993 |
25,274 |
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
(8,008) |
(3,882) |
(7,481) |
Selling and marketing |
(5,260) |
(2,642) |
(5,919) |
General and administrative |
(4,369) |
(2,948) |
(4,175) |
Impairment of intangible assets |
-- |
-- |
(19) |
Total operating
expenses |
(17,637) |
(9,472) |
(17,594) |
Government subsidies |
762 |
-- |
141 |
Operating income |
10,034 |
8,521 |
7,821 |
|
|
|
|
Gain on re-measurement of fair value of the
equity method investment |
-- |
995 |
-- |
Interest income |
1,616 |
1,149 |
1,383 |
Change in fair value of forward contract |
-- |
1,010 |
-- |
Foreign exchange (loss)/gains |
(30) |
(551) |
500 |
Other Income |
47 |
47 |
47 |
Income before income taxes and share of net
(loss)/income of equity method investments |
11,667 |
11,171 |
9,751 |
Income tax expense |
(2,093) |
(363) |
(1,382) |
Share of net (loss)/income of equity method
investments |
(238) |
12 |
(718) |
Net income |
9,336 |
10,820 |
7,651 |
Less: Net income attributable to
noncontrolling interest |
403 |
201 |
575 |
Net income attributable to AutoNavi
Holdings Limited shareholders |
8,933 |
10,619 |
7,076 |
|
|
|
|
Net income per ordinary share attributable to
AutoNavi Holdings Limited shareholders |
|
|
|
Basic |
0.05 |
0.06 |
0.04 |
Diluted |
0.04 |
0.05 |
0.04 |
|
|
|
|
Net income |
9,336 |
10,820 |
7,651 |
Other comprehensive (loss)/income, net of
tax |
|
|
|
Foreign currency
translation adjustment |
(139) |
977 |
2,216 |
|
|
Comprehensive income |
9,197 |
11,797 |
9,867 |
Less: comprehensive
income attributable to non-controlling interest |
400 |
230 |
640 |
Comprehensive income attributable to
AutoNavi Holdings Limited shareholders |
8,797 |
11,567 |
9,227 |
|
|
|
|
Weighted average number of shares used in
calculating net income per ordinary share |
|
|
|
Basic |
191,804,433 |
188,974,897 |
191,236,355 |
Diluted |
202,405,245 |
201,199,136 |
200,900,042 |
|
AUTONAVI HOLDINGS
LIMITED |
Reconciliation of
non-GAAP measures to most directly comparable GAAP measures
(unaudited) |
(In thousands of U.S. dollars,
except per ADS data) |
|
|
|
|
|
For the three
months ended |
|
March 31, |
March 31, |
December 31, |
|
2012 |
2011 |
2011 |
|
|
|
|
Total operating expenses |
17,637 |
9,472 |
17,594 |
Share-based compensation |
(3,157) |
(317) |
(2,620) |
Impairment of intangible assets |
-- |
-- |
(19) |
Non-GAAP total operating expenses |
14,480 |
9,155 |
14,955 |
|
|
|
|
R&D expenses |
8,008 |
3,882 |
7,481 |
Share-based compensation |
(1,082) |
(129) |
(1,286) |
Non-GAAP R&D expenses |
6,926 |
3,753 |
6,195 |
|
|
|
|
Selling and marketing expenses |
5,260 |
2,642 |
5,919 |
Share-based compensation |
(1,221) |
(78) |
(970) |
Non-GAAP selling and marketing
expenses |
4,039 |
2,564 |
4,949 |
|
|
|
|
General and administrative expenses |
4,369 |
2,948 |
4,175 |
Share-based compensation |
(854) |
(110) |
(364) |
Non-GAAP general and administrative
expenses |
3,515 |
2,838 |
3,811 |
|
|
|
|
Operating income |
10,034 |
8,521 |
7,821 |
Share-based compensation |
3,223 |
352 |
2,691 |
Impairment of intangible assets |
-- |
-- |
19 |
Non-GAAP operating income |
13,257 |
8,873 |
10,531 |
|
|
|
|
Net income attributable to AutoNavi Holdings
Limited shareholders |
8,933 |
10,619 |
7,076 |
|
|
|
|
Share-based compensation |
3,223 |
352 |
2,691 |
Impairment of intangible assets |
-- |
-- |
19 |
Gain on re-measurement of fair value of the
equity method investment |
-- |
(995) |
-- |
Non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders |
12,156 |
9,976 |
9,786 |
|
|
|
|
|
For the three months
ended March 31, 2012 |
|
|
|
GAAP |
Adjustments |
Non-GAAP(a) |
Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.18 |
0.06 |
0.24 |
|
|
|
|
(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: +86-10-8410-7883
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
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