Total Free Mobile Map App Users Grew More Than
200% Year-Over-Year to 85 Million Monthly Active Free Mobile Map
App Users Increased More Than 300% Year-Over-Year to 45 Million
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 third quarter ended
September 30, 2012.
Third Quarter
2012 Operational
Highlights
- AutoNavi's free mobile map application had a total of 85
million users and more than 45 million monthly active users as of
the end of the third quarter of 2012. This compares to a total of
65 million users and more than 36 million monthly active users at
the end of the second quarter of 2012, and a total of 26 million
users and over 10 million monthly active users at the end of the
third quarter of 2011.
Third Quarter
2012Financial
Highlights
- Net revenues in the third quarter of 2012 were $40.2 million,
an increase of 18.7% year-over-year.
- Gross profit in the third quarter of 2012 was $28.8 million, an
increase of 15.1% year-over-year.
- Operating income in the third quarter of 2012 was $10.5
million, an increase of 5.2% year-over-year. Non-GAAP operating
income in the third quarter of 2012 was $13.2 million, an increase
of 16.5% year-over-year.
- Net income attributable to AutoNavi shareholders was $10.1
million in the third quarter of 2012, an increase of 8.8%
year-over-year. Non-GAAP net income attributable to AutoNavi
shareholders was $12.8 million in the third quarter of 2012, an
increase of 20.4% year-over-year.
First Nine Months of 2012 Financial
Highlights
- Net revenues in the first nine months of 2012 were $116.1
million, an increase of 25.8% year-over-year.
- Gross profit in the first nine months of 2012 was $85.8
million, an increase of 28.8% year-over-year.
- Operating income in the first nine months of 2012 was $30.1
million, an increase of 3.9% year-over-year. Non-GAAP operating
income in the first nine months of 2012 was $40.3 million, an
increase of 27.4% year-over-year.
- Net income attributable to AutoNavi shareholders was $27.8
million in the first nine months of 2012, a decrease of 5.6%
year-over-year. Non-GAAP net income attributable to AutoNavi
shareholders was $38.0 million in the first nine months of 2012, an
increase of 22.2% year-over-year.
"AutoNavi grew at a healthy pace during the third quarter,
resulting in net revenues for the first nine months of 2012 of
$116.1 million, representing year-over-year growth of approximately
26%," said Mr. Congwu Cheng, chief executive officer of AutoNavi.
"Our mobile and Internet location-based solutions business
continues to build momentum, growing approximately 80%
year-over-year and accounting for $32.1 million, or 27.6%, of our
total net revenues in the first nine months of 2012, compared to
19.4% of our total revenues a year ago."
Mr. Cheng added, "We consider mobile maps to be the gateway to a
fully connected mobile Internet. In addition, we believe the
ownership of map content and its integration with dynamic lifestyle
content and local services from our vertical partners place us in a
competitively advantageous position, allowing us to utilize our
cloud-based map service platform to provide an enriching user
experience not only to our map users but also to users of our
partners' applications."
Third Quarter 2012 Results
Revenues
Total net revenues in the third quarter of 2012 were $40.2
million, an increase of 18.7% year-over-year from $33.9 million in
the third quarter of 2011, and flat compared to the second quarter
of 2012.
Automotive Navigation
Net revenues from the automotive navigation market in the third
quarter of 2012 were $23.9 million, an increase of 9.2%
year-over-year and a decrease of 4.0% over the previous quarter.
These results are mainly due to changes in the number of copies of
digital map data licensed for use with in-dash navigation systems,
which is directly linked to the number of vehicles sold in China
that are equipped with these systems.
Mobile and Internet Location-based Solutions
The mobile and Internet location-based solutions business in the
third quarter of 2012 achieved $11.1 million in net revenues,
representing an increase of 26.2% year-over-year and 0.8% 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 third quarter of 2012 were $4.4 million, an increase
of 51.4% year-over-year and 12.9% over the previous quarter. The
year-over-year increase was largely attributable to certain new
large aerial photogrammetry contracts entered this year, and to a
lesser degree, the completion of certain large aerial
photogrammetry contracts from a year ago. The sequential increase
was a result of better progress of certain aerial photogrammetry
contracts and an increased number of certain 3-D modeling
application contracts during the quarter.
Cost of Revenues
Cost of revenues in the third quarter of 2012 was $11.4 million,
representing an increase of 28.8% year-over-year and 13.1%
sequentially. The year-over-year increase was mainly due to aerial
photogrammetry-related costs in connection with the new large
aerial photogrammetry contracts entered this year, outsourced data
production and software development costs, and a general annual
increase in salary and welfare for employees directly involved in
data collection and processing. The sequential increase was largely
attributable to a rise in outsourced data production and software
development costs.
Operating Expenses
Total operating expenses in the third quarter of 2012 were $20.0
million, an increase of 33.2% year-over-year and a decrease of 2.7%
over the previous quarter. Non-GAAP operating expenses, which
exclude share-based compensation expenses, were $17.3 million, an
increase of 25.5% year-over-year and 5.6% sequentially.
Research and development ("R&D") expenses increased 42.3%
year-over-year and 12.2% sequentially to $9.3 million. The
increases were 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 costs.
Non-GAAP R&D expenses, which exclude share-based compensation
expenses, increased 38.0% year-over-year and 12.2% sequentially to
$8.2 million.
Selling and marketing expenses increased 32.7% year-over-year
and decreased 11.2% sequentially to $5.9 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, increased office facility rent
expenses and travel expenses. The sequential decrease was primarily
due to the decrease of marketing and promotion expenses as well as
share-based compensation expenses. Non-GAAP selling and marketing
expenses, which exclude share-based compensation expenses,
increased 24.2% year-over-year and 2.1% sequentially to $5.0
million.
General and administrative expenses increased 19.2%
year-over-year and decreased 14.5% sequentially to $4.8 million.
The year-over-year increase was primarily due to a general annual
increase in salary and welfare and higher share-based
compensation expenses in the third quarter of 2012. The sequential
decrease was primarily due to the decrease of professional service
expenses and share-based compensation expenses. Non-GAAP general
and administrative expenses, which exclude share-based compensation
expenses, increased 7.1% year-over-year and decreased 1.8%
sequentially to $4.1 million.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders increased 8.8%
year-over-year and 14.5% sequentially to $10.1 million in the third
quarter of 2012. Diluted net income per American depositary share
("ADS") attributable to AutoNavi shareholders for the third quarter
of 2012 was $0.20, as compared to $0.18 from a year ago. One ADS
represents four ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $12.8 million in
the third quarter of 2012, an increase of 20.4% year-over-year and
a decrease of 2.7% sequentially. Diluted non-GAAP net income per
ADS attributable to AutoNavi shareholders for the third quarter of
2012 was $0.25, as compared to $0.21 from a year ago.
Cash and Term Deposits
Balance
As of September 30, 2012, the Company had $202.8 million in cash
and cash equivalents and term deposits.
Business Outlook
The Company maintains its estimate for full year 2012 net
revenues, which is in the range of $152 million to $159 million,
representing an increase of approximately 20% to 25% over the
fiscal year 2011.
Share Repurchase Program
Update
AutoNavi announced a share repurchase plan on February 28, 2012,
pursuant to which the Company is authorized, but not obligated, by
its board of directors to repurchase up to $50 million worth of its
ADSs until February 26, 2013. As of November 14, 2012, the Company
has repurchased a total of 1,730,172 ADSs, representing 6,920,688
ordinary shares, with a total consideration of approximately $20.1
million at a price range of $10.47 to $12.57 per ADS, including
brokerage commissions.
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 a.m. Eastern Daylight Time (EDT) on November 15, 2012 (9:00
p.m. Beijing/Hong Kong time on November 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 November 23, 2012:
| U.S. Toll Free: |
+1-866-214-5335 |
| International: |
+61-2-8235-5000 |
| Passcode: |
54174983 |
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 3.6 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 Business Outlook section and 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. 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) |
| |
| |
September 30,
2012 |
December 31,
2011 |
| |
|
|
| Assets |
|
|
| Current assets |
|
|
| Cash and cash equivalents |
155,894 |
199,696 |
| Restricted cash |
827 |
-- |
| Term deposits |
46,939 |
-- |
| Accounts receivable, net of allowance for
doubtful accounts of $1,123 and $823 as of September 30, 2012 and
December 31, 2011, respectively |
45,696 |
36,273 |
| Due from related parties, trading |
3,846 |
1,056 |
| Due from related parties, non-trading |
3 |
221 |
| Prepaid expense and other current
assets |
13,702 |
5,542 |
| Deferred tax assets-current |
1,037 |
1,355 |
| Total current
assets |
267,944 |
244,143 |
| |
|
|
| Properties and equipment, net |
47,578 |
49,245 |
| Equity method investments |
4,373 |
4,442 |
| Prepaid consideration in connection with
equity investment |
-- |
183 |
| Acquired intangible assets, net |
5,419 |
6,855 |
| Goodwill |
8,760 |
8,747 |
| Deferred tax assets-non-current |
198 |
224 |
| Other long term assets |
401 |
628 |
| Prepayment for acquisition of property |
8,602 |
-- |
| |
|
|
| TOTAL ASSETS |
343,275 |
314,467 |
| |
|
|
| Liabilities |
|
|
| Current liabilities |
|
|
| Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $2,809 and $2,358 as of September 30,
2012 and December 31, 2011, respectively) |
2,809 |
2,364 |
| Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $9,289 and $5,567 as of September 30,
2012 and December 31, 2011, respectively) |
10,248 |
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 $21,695 and $23,944 as of
September 30, 2012 and December 31, 2011, respectively) |
24,308 |
26,071 |
| Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $8,290 and $7,394 as of
September 30, 2012 and December 31, 2011, respectively) |
8,438 |
7,481 |
| |
|
|
| Total current
liabilities |
45,803 |
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 $937 and
$1,191 as of September 30, 2012 and December 31, 2011,
respectively) |
1,052 |
1,345 |
| |
|
|
| Total liabilities |
46,855 |
44,589 |
| |
|
|
| Equity |
|
|
| Ordinary shares |
19 |
19 |
| Additional paid-in capital |
186,909 |
175,726 |
| Treasury stock |
(13,425) |
-- |
| Statutory reserve |
9,358 |
9,363 |
| Retained earnings |
89,335 |
61,517 |
| Accumulated other comprehensive
income |
18,729 |
18,262 |
| |
|
|
| Total AutoNavi Holdings Limited shareholders'
equity |
290,925 |
264,887 |
| Noncontrolling interest |
5,495 |
4,991 |
| |
|
|
| Total equity |
296,420 |
269,878 |
| |
|
|
| TOTAL LIABILITIES AND EQUITY |
343,275 |
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 |
For the nine
months ended |
| |
September 30,
2012 |
September 30,
2011 |
June 30, 2012 |
September 30,
2012 |
September 30,
2011 |
| |
|
|
|
|
|
| Revenue |
40,903 |
34,609 |
41,232 |
118,714 |
94,202 |
| Business tax |
(683) |
(718) |
(1,033) |
(2,629) |
(1,938) |
| Net revenues |
40,220 |
33,891 |
40,199 |
116,085 |
92,264 |
| Cost of revenues |
(11,406) |
(8,857) |
(10,085) |
(30,248) |
(25,599) |
| Gross profit |
28,814 |
25,034 |
30,114 |
85,837 |
66,665 |
| |
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
| Research and development |
(9,251) |
(6,503) |
(8,245) |
(25,504) |
(16,239) |
| Selling and marketing |
(5,920) |
(4,462) |
(6,666) |
(17,846) |
(10,509) |
| General and administrative |
(4,842) |
(4,061) |
(5,663) |
(14,874) |
(10,939) |
| Total operating
expenses |
(20,013) |
(15,026) |
(20,574) |
(58,224) |
(37,687) |
| Government subsidies |
1,742 |
11 |
10 |
2,514 |
22 |
| Operating income |
10,543 |
10,019 |
9,550 |
30,127 |
29,000 |
| |
|
|
|
|
|
| Gain on re-measurement of fair value of the
equity method investment |
-- |
-- |
-- |
-- |
995 |
| Interest income |
1,570 |
1,228 |
1,563 |
4,749 |
3,843 |
| Change in fair value of forward contract |
-- |
2,753 |
-- |
-- |
2,465 |
| Foreign exchange gains/(loss) |
545 |
(2,631) |
(438) |
77 |
(2,079) |
| Other Income |
47 |
47 |
47 |
141 |
141 |
| Income before income taxes and share
of net (loss)/income of equity method investments |
12,705 |
11,416 |
10,722 |
35,094 |
34,365 |
| Income tax expense |
(2,133) |
(1,643) |
(1,196) |
(5,422) |
(3,704) |
| Share of net (loss)/income of equity method
investments |
(29) |
13 |
(263) |
(530) |
65 |
| Net income |
10,543 |
9,786 |
9,263 |
29,142 |
30,726 |
| Less: Net income attributable to
noncontrolling interest |
463 |
523 |
458 |
1,324 |
1,267 |
| Net income attributable to AutoNavi
Holdings Limited shareholders |
10,080 |
9,263 |
8,805 |
27,818 |
29,459 |
| |
|
|
|
|
|
| Net income per ordinary share
attributable to AutoNavi Holdings Limited shareholders |
|
|
|
|
| Basic |
0.05 |
0.05 |
0.05 |
0.15 |
0.16 |
| Diluted |
0.05 |
0.05 |
0.04 |
0.14 |
0.15 |
| |
|
|
|
|
|
| Weighted average number of shares
used in calculating net income per ordinary share |
|
|
|
|
| Basic |
191,292,003 |
190,404,199 |
192,206,265 |
191,765,831 |
189,760,381 |
| Diluted |
201,738,628 |
201,191,706 |
202,499,739 |
202,212,802 |
201,245,560 |
| |
|
|
|
|
|
| Other comprehensive income/(loss), net of
tax |
|
|
|
|
|
| Foreign currency translation
adjustment |
2,286 |
1,972 |
(1,676) |
471 |
4,797 |
| |
|
|
|
|
|
| Comprehensive income |
12,829 |
11,758 |
7,587 |
29,613 |
35,523 |
| Less: comprehensive income
attributable to noncontrolling interest |
522 |
580 |
406 |
1,328 |
1,402 |
| Comprehensive income attributable to
AutoNavi Holdings Limited shareholders |
12,307 |
11,178 |
7,181 |
28,285 |
34,121 |
| |
|
|
|
| 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 |
| |
September 30, 2012 |
September 30, 2011 |
June 30, 2012 |
| |
|
|
|
| Total operating expenses |
20,013 |
15,026 |
20,574 |
| Share-based compensation |
(2,750) |
(1,265) |
(4,228) |
| Non-GAAP total operating expenses |
17,263 |
13,761 |
16,346 |
| |
|
|
|
| R&D expenses |
9,251 |
6,503 |
8,245 |
| Share-based compensation |
(1,088) |
(589) |
(971) |
| Non-GAAP R&D expenses |
8,163 |
5,914 |
7,274 |
| |
|
|
|
| Selling and marketing expenses |
5,920 |
4,462 |
6,666 |
| Share-based compensation |
(877) |
(402) |
(1,725) |
| Non-GAAP selling and marketing
expenses |
5,043 |
4,060 |
4,941 |
| |
|
|
|
| General and administrative expenses |
4,842 |
4,061 |
5,663 |
| Share-based compensation |
(785) |
(274) |
(1,532) |
| Non-GAAP general and administrative
expenses |
4,057 |
3,787 |
4,131 |
| |
|
|
|
| Operating income |
10,543 |
10,019 |
9,550 |
| Share-based compensation |
2,684 |
1,338 |
4,313 |
| Non-GAAP operating income |
13,227 |
11,357 |
13,863 |
| |
|
|
|
| Net income attributable to AutoNavi Holdings
Limited shareholders |
10,080 |
9,263 |
8,805 |
| Share-based compensation |
2,684 |
1,338 |
4,313 |
| Non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders |
12,764 |
10,601 |
13,118 |
| |
|
|
|
| |
For the three
months ended September 30, 2012 |
| |
GAAP |
Adjustments |
Non-GAAP(a) |
| Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.20 |
0.05 |
0.25 |
| |
|
|
|
| (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 (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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