Total Free Mobile Map App Users Up More Than 123%
Year-Over-Year to 116 Million Monthly Active Free Mobile Map App
Users Up More Than 93% Year-Over-Year to 56 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 first quarter ended March
31, 2013.
First Quarter 2013 Operational Highlights
- As of the end of the first quarter of 2013, AutoNavi's free
mobile map application had a total of 116 million users and more
than 56 million monthly active users. This compares with a total of
98 million users and more than 49 million monthly active users at
the end of the fourth quarter of 2012, and a total of 52 million
users and over 29 million monthly active users at the end of the
first quarter of 2012.
First Quarter 2013 Financial Highlights
- Net revenues in the first quarter of 2013 were $34.3 million.
- Gross profit in the first quarter of 2013 was $23.9
million.
- Operating income in the first quarter of 2013 was $3.2 million.
Non-GAAP operating income, which excludes share-based compensation
expenses, was $5.9 million in the first quarter of 2013.
- Net income attributable to AutoNavi shareholders was $5.7
million in the first quarter of 2013. Non-GAAP net income
attributable to AutoNavi shareholders, which excludes share-based
compensation expenses, was $8.4 million in the first quarter of
2013.
"Our first quarter results reflect the implementation of our
mobile strategy for 2013 and the degree to which we have reinvested
in our business to advance our product technology and increase our
market share," said Mr. Congwu Cheng, AutoNavi's chief executive
officer. "We remain committed to investing in our people and
products in order to build a world-class location-based service
platform for hundreds of millions of users on the go."
First Quarter 2013 Results
Revenues
Total net revenues in the first quarter of 2013 were $34.3
million, compared to $35.7 million in the first quarter of 2012,
and $43.6 million in the fourth quarter of 2012.
Automotive Navigation
Net revenues from the automotive navigation market in the first
quarter of 2013 were $15.5 million, compared to $21.7 million in
the first quarter of 2012 and $21.6 million in the fourth quarter
of 2012. The changes were largely attributable to a decline in the
number of copies of digital map data licensed for use with in-dash
navigation systems during the quarter.
Mobile and Internet Location-based Solutions
The Company's mobile and Internet location-based solutions
business earned $13.9 million in net revenues in the first quarter
of 2013, compared to $9.9 million in the first quarter of 2012 and
$15.5 million in the fourth quarter of 2012. The year-over-year
increase was primarily due to the growth in revenues derived from
the pre-installation of the Company's premium navigation solutions
on mobile phones and the Company's mobile navigation service with
China Mobile. The sequential fluctuation reflects what were
historically high deliveries with respect to the Company's
pre-installation business in the fourth quarter of last
year.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the first quarter of 2013 were $4.3 million, compared to
$3.6 million in the first quarter of 2012 and $5.8 million in the
fourth quarter of 2012. The year-over-year increase was largely
attributable to certain new map data licensing projects in the
first quarter of 2013. The sequential change was mainly due to a
decline in the number of 3-D modeling applications projects, which
was associated with certain large contracts that neared completion
in the fourth quarter of 2012.
Cost of Revenues
Cost of revenues in the first quarter of 2013 was $10.4 million,
compared to $8.8 million in the first quarter of 2012 and $12.8
million in the fourth quarter of 2012. The year-over-year increase
was mainly due to outsourced data production costs and service
costs associated with certain government and enterprise projects,
as well as a general annual increase in salary and welfare benefits
for employees directly involved in data collection and processing.
The sequential decrease was largely attributable to a decline in
government and enterprise project-related costs, primarily as a
result of certain large contracts that were nearly completed in the
fourth quarter of 2012.
Operating Expenses
Total operating expenses in the first quarter of 2013 were $20.8
million, compared to $17.6 million in the first quarter of 2012 and
$22.6 million in the fourth quarter of 2012. Non-GAAP
operating expenses, which exclude share-based compensation
expenses, were $18.2 million, compared to $14.5 million in the
first quarter of 2012 and $20.5 million in the fourth quarter of
2012.
Research and development ("R&D") expenses were $10.6 million
in the first quarter of 2013, compared to $8.0 million in the first
quarter of 2012 and $10.1 million in the fourth quarter of 2012.
The increases were primarily due to higher salary and benefit
expenses resulting from an increase in the number of R&D staff.
Non-GAAP R&D expenses, which exclude share-based compensation
expenses, were $9.6 million in the first quarter of 2013, compared
to $6.9 million in the first quarter of 2012 and $9.4 million in
the fourth quarter of 2012.
Selling and marketing expenses were $5.8 million in the first
quarter of 2013, compared to $5.3 million in the first quarter of
2012 and $7.1 million in the fourth quarter of 2012. The
year-over-year increase was primarily due to higher promotion and
marketing expenses for brand awareness and product promotion
activities, and a general increase in salary for sales and
marketing talent. The sequential decrease resulted from
decreased marketing, promotion and travelling expenses during the
Chinese New Year holiday period. Non-GAAP selling and marketing
expenses, which exclude share-based compensation expenses,
were $4.9 million in the first quarter of 2013, compared to
$4.0 million in the first quarter of 2012 and $6.3 million in the
fourth quarter of 2012.
General and administrative expenses were $4.4 million in the
first quarter of 2013, compared to $4.4 million in the first
quarter of 2012 and $5.4 million in the fourth quarter of 2012. The
sequential decrease reflects higher expenses in the fourth quarter
of 2012 related to year-end in-house activities, as well as a
higher bad debt allowance recorded in the fourth quarter. Non-GAAP
general and administrative expenses, which exclude share-based
compensation expenses, were $3.7 million in the first quarter of
2013, compared to $3.5 million in the first quarter of 2012 and
$4.7 million in the fourth quarter of 2012.
Income Tax
Income tax benefit was $0.8 million in the first quarter of
2013, primarily due to the fact that in March 2013, one of
AutoNavi's consolidated entities was certified as a "key software
enterprise" by the relevant PRC government authorities and was
therefore entitled to a retroactive preferential tax rate of 10%
for the years 2011 and 2012, which resulted in a decrease of income
tax expense of approximately $1.5 million. The cumulative effect of
the change in the enacted tax rate was reflected in the first
quarter of 2013 that included the enactment date.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders was $5.7
million in the first quarter of 2013, compared to $8.9 million in
the first quarter of 2012 and $8.7 million in the fourth quarter of
2012. Diluted net income per American depositary share ("ADS")
attributable to AutoNavi shareholders for the first quarter of 2013
was $0.12. One ADS represents four ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $8.4 million in the
first quarter of 2013, compared to $12.2 million in the first
quarter of 2012 and $11.0 million in the fourth quarter of 2012.
Diluted non-GAAP net income per ADS attributable to AutoNavi
shareholders for the first quarter of 2013 was $0.17.
Cash and Term Deposits Balance
As of March 31, 2013, the Company had $220.3 million in cash and
cash equivalents and term deposits.
Business Outlook
The Company expects its full year 2013 net revenues
will be in the range of $168 million to $176 million, representing
an increase of approximately 5% to 10 % over fiscal year 2012.
Recent Developments
On May 10, 2013, AutoNavi entered into definitive
agreements with Alibaba Group ("Alibaba"), pursuant to which
Alibaba, through a wholly owned subsidiary, will invest
approximately $294 million in newly issued preferred and ordinary
AutoNavi shares, representing approximately 28% of the Company's
total issued and outstanding shares on a fully-diluted basis.
Upon the closing of the transaction, Mr. Joseph C.
Tsai, executive vice chairman of Alibaba, and Mr. Eddie Wu,
president of Alibaba's Mobile Products Division, will join
AutoNavi's board of directors ("board") as directors. Meanwhile,
Mr. Jun Hou, AutoNavi's current chairman of the board, will become
the honorary chairman of the board, and Mr. Congwu Cheng, the
Company's chief executive officer and a member of the board, will
become executive chairman of the board.
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 p.m. Eastern Time on May 10, 2013 (8:00 a.m. Beijing/Hong Kong
time on May 11, 2013).
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 May 18, 2013:
U.S. Toll Free: |
+1-855-452-5696 |
International: |
+61-2-8199-0299 |
Passcode: |
64804697 |
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 China market,
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) |
|
|
|
|
|
|
March 31, |
December 31, |
|
2013 |
2012 |
|
|
|
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
126,420 |
151,543 |
Restricted cash |
84 |
835 |
Term deposits |
93,869 |
64,686 |
Accounts receivable, net of allowance for
doubtful accounts of $2,023 and $1,859 as of March 31, 2013 and
December 31, 2012, respectively |
42,237 |
45,985 |
Due from related parties, trading |
3,022 |
4,749 |
Due from related parties, non-trading |
71 |
3 |
Prepaid expense and other current
assets |
11,674 |
7,840 |
Deferred tax assets-current |
1,235 |
1,838 |
Total current
assets |
278,612 |
277,479 |
|
|
|
Properties and equipment, net |
47,039 |
47,120 |
Prepayment for acquisition of property |
8,704 |
8,677 |
Equity method investments |
3,981 |
4,164 |
Acquired intangible assets, net |
4,576 |
5,004 |
Goodwill |
8,864 |
8,837 |
Deferred tax assets-non-current |
115 |
150 |
Other long term assets |
288 |
373 |
|
|
|
TOTAL ASSETS |
352,179 |
351,804 |
|
|
|
Liabilities |
|
|
Current liabilities |
|
|
Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $2,673 and $2,124 as of March 31, 2013
and December 31, 2012, respectively) |
2,681 |
2,124 |
Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $11,946 and $13,907 as of March 31, 2013
and December 31, 2012, respectively) |
12,812 |
14,630 |
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 $21,296 and $26,230 as of
March 31, 2013 and December 31, 2012, respectively) |
24,226 |
29,613 |
Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $7,748 and $10,082 as of
March 31, 2013 and December 31, 2012, respectively) |
8,177 |
10,417 |
|
|
|
Total current
liabilities |
47,896 |
56,784 |
|
|
|
Non-current liabilities |
|
|
Deferred tax liability-non-current (including
deferred tax liability of the consolidated variable interest
entities without recourse to AutoNavi Holdings Limited $786 and
$862 as of March 31, 2013 and December 31, 2012, respectively) |
877 |
966 |
|
|
|
Total liabilities |
48,773 |
57,750 |
|
|
|
Equity |
|
|
Ordinary shares |
20 |
19 |
Additional paid-in capital |
192,225 |
189,373 |
Treasury stock |
(29,164) |
(29,164) |
Statutory reserve |
11,668 |
11,668 |
Retained earnings |
101,426 |
95,715 |
Accumulated other comprehensive
income |
21,234 |
20,546 |
|
|
|
Total AutoNavi Holdings Limited shareholders'
equity |
297,409 |
288,157 |
Noncontrolling interest |
5,997 |
5,897 |
|
|
|
Total equity |
303,406 |
294,054 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
352,179 |
351,804 |
|
|
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, |
|
2013 |
2012 |
2012 |
|
|
|
|
Net revenues |
34,314 |
35,666 |
43,608 |
Cost of revenues |
(10,372) |
(8,757) |
(12,771) |
Gross profit |
23,942 |
26,909 |
30,837 |
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
(10,552) |
(8,008) |
(10,077) |
Selling and marketing |
(5,822) |
(5,260) |
(7,112) |
General and administrative |
(4,416) |
(4,369) |
(5,448) |
Total operating
expenses |
(20,790) |
(17,637) |
(22,637) |
Government subsidies |
2 |
762 |
597 |
Operating income |
3,154 |
10,034 |
8,797 |
|
|
|
|
Interest income |
1,883 |
1,616 |
1,707 |
Foreign exchange gains/(loss) |
149 |
(30) |
377 |
Other Income |
47 |
47 |
201 |
Income before income taxes and share
of net loss of equity method investments |
5,233 |
11,667 |
11,082 |
Income tax benefit/(expense) |
820 |
(2,093) |
(1,792) |
Share of net loss of equity method
investments |
(260) |
(238) |
(248) |
Net income |
5,793 |
9,336 |
9,042 |
Less: Net income attributable to
noncontrolling interest |
82 |
403 |
352 |
Net income attributable to AutoNavi
Holdings Limited shareholders |
5,711 |
8,933 |
8,690 |
|
|
|
|
Net income per ordinary share |
|
|
|
Basic |
0.03 |
0.05 |
0.05 |
Diluted |
0.03 |
0.04 |
0.04 |
|
|
|
|
Weighted average number of shares used in
calculating net income per ordinary share |
|
|
|
Basic |
186,115,424 |
191,804,433 |
188,136,499 |
Diluted |
196,523,224 |
202,405,245 |
198,054,969 |
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
Foreign currency
translation adjustment |
706 |
(139) |
1,867 |
|
|
|
|
Comprehensive income |
6,499 |
9,197 |
10,909 |
Less: comprehensive
income attributable to noncontrolling interest |
100 |
400 |
402 |
Comprehensive income attributable to
AutoNavi Holdings Limited shareholders |
6,399 |
8,797 |
10,507 |
|
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, |
|
2013 |
2012 |
2012 |
|
|
|
|
Total operating expenses |
20,790 |
17,637 |
22,637 |
Share-based compensation |
(2,574) |
(3,157) |
(2,180) |
Non-GAAP total operating expenses |
18,216 |
14,480 |
20,457 |
|
|
|
|
R&D expenses |
10,552 |
8,008 |
10,077 |
Share-based compensation |
(945) |
(1,082) |
(644) |
Non-GAAP R&D expenses |
9,607 |
6,926 |
9,433 |
|
|
|
|
Selling and marketing expenses |
5,822 |
5,260 |
7,112 |
Share-based compensation |
(902) |
(1,221) |
(828) |
Non-GAAP selling and marketing
expenses |
4,920 |
4,039 |
6,284 |
|
|
|
|
General and administrative expenses |
4,416 |
4,369 |
5,448 |
Share-based compensation |
(726) |
(854) |
(708) |
Non-GAAP general and administrative
expenses |
3,690 |
3,515 |
4,740 |
|
|
|
|
Operating income |
3,154 |
10,034 |
8,797 |
Share-based compensation |
2,705 |
3,223 |
2,316 |
Non-GAAP operating income |
5,859 |
13,257 |
11,113 |
|
|
|
|
Net income attributable to AutoNavi Holdings
Limited shareholders |
5,711 |
8,933 |
8,690 |
Share-based compensation |
2,705 |
3,223 |
2,316 |
Non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders |
8,416 |
12,156 |
11,006 |
|
|
|
For the three
months ended March 31, 2013 |
|
GAAP |
Adjustments |
Non-GAAP(a) |
Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.12 |
0.05 |
0.17 |
|
|
|
|
(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:
Investor Relations
AutoNavi Holdings Limited
Tel: +86-10-8410-7883
E-mail: ir@autonavi.com
Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
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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