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 second quarter ended June
30, 2013.
Second Quarter 2013
Operational Highlights
- AutoNavi's free mobile map application had a
total of 137 million users and over 62 million monthly active users
as of the end of the second quarter of 2013, compared to a total of
116 million users and over 56 million monthly active users as of
the end of the first quarter of 2013, and a total of 65 million
users and over 36 million monthly active users as of the end of the
second quarter of 2012.
- AutoNavi's premium navigation application had
been downloaded and pre-loaded on more than 70 million smartphones
and had approximately 3 million monthly active users as of the end
of the second quarter of 2013.
Second Quarter 2013
Financial Highlights
- Net revenues in the second quarter of 2013 were $38.2 million,
compared to $40.2 million in the second quarter of 2012.
- Gross profit in the second quarter of 2013 was $26.2 million,
compared to $30.1 million in the second quarter of 2012.
- Operating income in the second quarter of 2013 was nil,
compared to $9.6 million in the second quarter of 2012. Non-GAAP
operating income in the second quarter of 2013 was $2.4 million,
compared to $13.9 million in the second quarter of 2012.
- Net income attributable to AutoNavi shareholders was $3.8
million in the second quarter of 2013, compared to $8.8 million in
the second quarter of 2012. Non-GAAP net income attributable to
AutoNavi shareholders was $6.2 million in the second quarter of
2013, compared to $13.1 million in the second quarter of 2012.
First Six Months of 2013 Financial
Highlights
- Net revenues in the first six months of 2013 were $72.5
million, compared to $75.9 million in the first six months of 2012.
- Gross profit in the first six months of 2013 was $50.1 million,
compared to $57.0 million in the first six months of 2012.
- Operating income in the first six months of 2013 was $3.2
million, compared to $19.6 million in the first six months of 2012.
Non-GAAP operating income in the first six months of 2013 was $8.2
million, compared to $27.1 million in the first six months of
2012.
- Net income attributable to AutoNavi shareholders was $9.5
million in the first six months of 2013, compared to $17.7 million
in the first six months of 2012. Non-GAAP net income attributable
to AutoNavi shareholders was $14.6 million in the first six months
of 2013, compared to $25.3 million in the first six months of
2012.
Second Quarter 2013 Results
Revenues
Total net revenues in the second quarter of 2013 were $38.2
million, compared to $40.2 million in the second quarter of 2012
and $34.3 million in the first quarter of 2013.
Automotive Navigation
Net revenues from the automotive navigation market in the second
quarter of 2013 were $19.1 million, compared to $24.9 million in
the second quarter of 2012 and $15.5 million in the first quarter
of 2013. The year-over-year change was largely attributable to a
decline in the number of copies of digital map data licensed for
use with in-dash navigation systems compared to the second quarter
of 2012. The sequential increase was largely a result of an
increase in the number of such copies licensed for use during the
quarter.
Mobile and Internet Location-based Solutions
The Company's mobile and Internet location-based solutions
business in the second quarter of 2013 reported $14.7 million in
net revenues, compared to $11.0 million in the second quarter of
2012 and $13.9 million in the first quarter of 2013. The increases
were 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.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the second quarter of 2013 were $3.9 million, which was
level compared to the year-ago period and down slightly from $4.3
million in the first quarter of 2013. The sequential decrease was
primarily caused by a decline in aerial photogrammetry projects due
to greater-than-normal rainfall in a number of geographic areas in
China.
Cost of Revenues
Cost of revenues in the second quarter of 2013 was $12.0
million, compared to $10.1 million in the second quarter of 2012
and $10.4 million in the first quarter of 2013. The increases were
mainly due to outsourced data production costs and service costs
associated with certain enterprise projects, as well as an increase
in salary and welfare benefits for employees directly involved in
data collection and processing.
Operating Expenses
Total operating expenses in the second quarter of 2013 were
$26.2 million, compared to $20.6 million in the second quarter of
2012 and $20.8 million in the first quarter of 2013. Non-GAAP
operating expenses, which exclude share-based compensation
expenses, were $23.9 million, compared to $16.3 million in the
second quarter of 2012 and $18.2 million in the first quarter of
2013.
Research and development ("R&D") expenses were $12.3 million
in the second quarter of 2013, compared to $8.2 million in the
second quarter of 2012 and $10.6 million in the first quarter of
2013. The increases were primarily due to higher salary and
benefit expenses resulting from an increase in the number of
R&D staff and a general increase in salary expenses. Non-GAAP
R&D expenses, which exclude share-based compensation expenses,
were $11.4 million in the second quarter of 2013, compared to $7.3
million in the second quarter of 2012 and $9.6 million in the first
quarter of 2013.
Selling and marketing expenses were $8.5 million in the second
quarter of 2013, compared to $6.7 million in the second quarter of
2012 and $5.8 million in the first quarter of 2013. The increases
were primarily due to promotion and marketing expenses related to
the Company's mobile map application, an increase in the number of
sales and marketing personnel, and a general increase in salary
expenses, partially offset by a decrease in share-based
compensation expenses. Non-GAAP selling and marketing expenses,
which exclude share-based compensation expenses, were $7.9 million
in the second quarter of 2013, compared to $4.9 million in the
second quarter of 2012 and $4.9 million in the first quarter of
2013.
General and administrative expenses were $5.4 million in the
second quarter of 2013, compared to $5.7 million in the second
quarter of 2012 and $4.4 million in the first quarter of
2013. The year-over-year decrease was primarily due to a
decrease in share-based compensation expenses and bad debt
provision. The sequential increase was primarily due to
expenses associated with the recruitment of talent. Non-GAAP
general and administrative expenses, which exclude share-based
compensation expenses, were $4.6 million in the second quarter of
2013, compared to $4.1 million in the second quarter of 2012 and
$3.7 million in the first quarter of 2013.
Net Income Attributable to AutoNavi
Shareholders
Net income attributable to AutoNavi shareholders was $3.8
million in the second quarter of 2013, compared to $8.8 million in
the second quarter of 2012. Diluted net income per American
depositary share ("ADS") attributable to AutoNavi shareholders for
the second quarter of 2013 was $0.06, as compared to $0.17 in the
year-ago period. One ADS represents four ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $6.2 million in the
second quarter of 2013, compared to $13.1 million in the second
quarter of 2012. Diluted non-GAAP net income per ADS attributable
to AutoNavi shareholders for the second quarter of 2013 was $0.10,
compared to $0.26 in the year-ago period.
Cash and Term Deposits
Balance
As of June 30, 2013, the Company had $517.2 million in cash and
cash equivalents and term deposits.
Business Outlook
AutoNavi believes that while it currently focuses on its
strategic initiatives regarding the mobile Internet, the Company's
previous guidance is no longer a good indicator of its long-term
value. During this transitional period in its business, the Company
will provide new operating metrics to better illustrate its
progress in this regard. Going forward, AutoNavi will share on a
quarterly basis its total number of mobile app users and monthly
active mobile app users. AutoNavi will continue to evaluate its
business and look to introduce additional operational and financial
measurements over time to help investors analyze its progress.
Recent Developments
Management Promotion and New Hire
AutoNavi today announced the promotion of Ms. Catherine Zhang to
director, president, and chief operating officer. Ms. Zhang had
served as AutoNavi's chief financial officer since September 2006,
leading the Company's initial public offering on the NASDAQ Global
Select Market, guiding the Company's strategic alliance with and
approximately $294 million financing from Alibaba Group, and
playing an important role in AutoNavi's strategy development and
execution in its transition into the mobile Internet space. Ms.
Zhang is well-respected for her expertise in financial operations,
investor relations, and operations and management of the Company's
business during her years as the Company's chief financial officer.
In her new role, she will support Mr. Congwu Cheng, AutoNavi's
chairman and chief executive officer, to lead AutoNavi's overall
business operations and focus on building and executing the
Company's strategy in the mobile space. Ms. Zhang will continue to
report to Mr. Cheng.
AutoNavi also announced the appointment of Mr. Ji Ma as chief
financial officer of the Company. Prior to joining AutoNavi, Mr. Ma
served as a vice president of finance of Vancl Corporation
("Vancl"), a leading e-commerce company in China. Prior to joining
Vancl, Mr. Ma was a senior audit manager of Deloitte Touche
Tohmatsu CPA Ltd. Mr. Ma is a U.S. certified public accountant,
licensed in the state of New Hampshire. He is also a member of the
Chinese Institute of Certified Public Accountants. Mr. Ma received
a bachelor's degree in Economics from Peking University in
China.
In addition, Mr. Derong Jiang has resigned as a member of the
Company's board of directors, effective immediately. Mr. Jiang had
served on AutoNavi's board of directors since June 2010. Mr. Jiang
will continue to serve as the Company's senior vice president of
quality control.
Free User Downloads of AutoNavi's Premium Navigation
Application
AutoNavi also announced that it will provide free user downloads
of its premium navigation application starting from today on
Apple's app store and on all official Android app stores in China.
AutoNavi anticipates this strategic move will deepen the
penetration of its mobile products while strengthening the
Company's leading position in China's evolving mobile Internet
industry.
Share Repurchase Program
Update
AutoNavi announced a share repurchase plan on June 5, 2013,
pursuant to which the Company is authorized, but not obligated, by
its board of directors to repurchase up to 2.5 million of the
Company's ADSs within 12 months. As of August 27, 2013, the Company
had repurchased a total of 431,901 ADSs, representing 1,727,604
ordinary shares, with a total consideration of approximately $5.3
million at a price range of $11.77 to $12.84 per ADS, including
brokerage commissions.
Management Commentary
"Our keen focus on our mobile strategy and our investment in
expanding the reach of our mobile offerings continue to generate
gains in market share for our business," said Mr. Congwu Cheng,
AutoNavi's chairman and chief executive officer. "During the
second quarter, we added a record 21 million mobile map users. Our
decision to offer individual users free downloads of our premium
navigation app is part of our strategy to broaden the engagement
between users and local businesses. We anticipate the move will
greatly extend the user reach of our mobile products, allowing us
to reach a critical mass of mobile users more quickly."
Mr. Cheng added, "We believe that AutoNavi will achieve even
greater success under the leadership of our expanded senior
management team. We hold Catherine Zhang in the highest regard for
her invaluable leadership during her tenure as CFO, and we look
forward to her future contributions in the development and
execution of the Company's value-enhancing strategy. We are also
very pleased to welcome Ji as our new CFO, and are confident that
his extensive experience and knowledge in financial operations and
investor communications will serve the Company well. In addition, I
would like to thank Derong for his service as a member of our board
of directors. Derong has been with AutoNavi since our inception and
has been an important part of our success. Although he is stepping
down from our board, he remains a key member of our management team
as well as a good friend and valued colleague."
Ms. Zhang said, "I am honored to be named director, president
and chief operating officer of AutoNavi and I am pleased to welcome
Ji to our team. This is an exciting and transitional time for
AutoNavi as we seek to develop a first-of-its-kind business model
to monetize our growing mobile traffic, and that is something I am
very proud to be a part of."
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 a.m. Eastern Time on August 28, 2013 (8:00 p.m. Beijing/Hong
Kong time on August 28, 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 |
China, Domestic: |
800-819-0121 |
United Kingdom: |
+44-203-059-8139 |
Passcode: |
AutoNavi |
A replay of the conference call may be accessed by phone at the
following number until September 5, 2013:
U.S. Toll Free: |
+1-855-452-5696 |
International: |
+61-2-8199-0299 |
Passcode: |
35772146 |
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 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) |
|
|
June 30, |
December 31, |
|
2013 |
2012 |
|
|
|
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
431,009 |
151,543 |
Restricted cash |
85 |
835 |
Term deposits |
86,193 |
64,686 |
Accounts receivable, net of allowance for
doubtful accounts of $2,092 and $1,859 as of June 30, 2013 and
December 31, 2012, respectively |
41,848 |
45,985 |
Due from related parties, trading |
2,567 |
4,749 |
Due from related parties, non-trading |
328 |
3 |
Prepaid expense and other current
assets |
16,019 |
7,840 |
Deferred tax assets-current |
1,696 |
1,838 |
Total current
assets |
579,745 |
277,479 |
|
|
|
Properties and equipment, net |
48,385 |
47,120 |
Prepayment for acquisition of property |
8,808 |
8,677 |
Equity method investments |
3,898 |
4,164 |
Acquired intangible assets, net |
4,225 |
5,004 |
Goodwill |
8,970 |
8,837 |
Deferred tax assets-non-current |
489 |
150 |
Other long term assets |
280 |
373 |
|
|
|
TOTAL ASSETS |
654,800 |
351,804 |
|
|
|
Liabilities |
|
|
Current liabilities |
|
|
|
|
|
Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $2,330 and $2,124 as of June 30, 2013 and
December 31, 2012, respectively) |
2,330 |
2,124 |
Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $10,329 and $13,907 as of June 30, 2013
and December 31, 2012, respectively) |
11,154 |
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 $25,775 and $26,230 as of
June 30, 2013 and December 31, 2012, respectively) |
29,823 |
29,613 |
Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $5,123 and $10,082 as of June
30, 2013 and December 31, 2012, respectively) |
5,557 |
10,417 |
Derivative (including derivative of the
consolidated variable interest entities without recourse to
AutoNavi Holdings Limited nil and nil as of June 30, 2013 and
December 31, 2012, respectively) |
1,008 |
-- |
|
|
|
Total current
liabilities |
49,872 |
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 $722 and
$862 as of June 30, 2013 and December 31, 2012, respectively) |
800 |
966 |
|
|
|
Total liabilities |
50,672 |
57,750 |
|
|
|
Series A convertible redeemable preferred
shares |
188,453 |
-- |
|
|
|
Equity |
|
|
Ordinary shares |
23 |
19 |
Additional paid-in capital |
296,902 |
189,373 |
Treasury stock |
(28,639) |
(29,164) |
Statutory reserve |
11,668 |
11,668 |
Retained earnings |
105,209 |
95,715 |
Accumulated other comprehensive
income |
23,967 |
20,546 |
|
|
|
Total AutoNavi Holdings Limited shareholders'
equity |
409,130 |
288,157 |
Noncontrolling interest |
6,545 |
5,897 |
|
|
|
Total equity |
415,675 |
294,054 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
654,800 |
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 |
For the six
months ended |
|
June 30, |
June 30, |
March 31, |
June 30, |
June 30, |
|
2013 |
2012 |
2013 |
2013 |
2012 |
|
|
|
|
|
|
Net revenues |
38,195 |
40,199 |
34,314 |
72,509 |
75,865 |
Cost of revenues |
(12,034) |
(10,085) |
(10,372) |
(22,406) |
(18,842) |
Gross profit |
26,161 |
30,114 |
23,942 |
50,103 |
57,023 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
(12,322) |
(8,245) |
(10,552) |
(22,874) |
(16,253) |
Selling and marketing |
(8,496) |
(6,666) |
(5,822) |
(14,318) |
(11,926) |
General and administrative |
(5,362) |
(5,663) |
(4,416) |
(9,778) |
(10,032) |
Total operating
expenses |
(26,180) |
(20,574) |
(20,790) |
(46,970) |
(38,211) |
Government subsidies |
19 |
10 |
2 |
21 |
772 |
Operating income |
0 |
9,550 |
3,154 |
3,154 |
19,584 |
|
|
|
|
|
|
Interest income |
3,283 |
1,563 |
1,883 |
5,166 |
3,179 |
Foreign exchange gains/(loss) |
13 |
(438) |
149 |
162 |
(468) |
Other Income |
33 |
47 |
47 |
80 |
94 |
Income before income taxes and share
of net loss of equity method investment |
3,329 |
10,722 |
5,233 |
8,562 |
22,389 |
Income tax benefit/(expense) |
1,058 |
(1,196) |
820 |
1,878 |
(3,289) |
Share of net loss of equity method
investment |
(130) |
(263) |
(260) |
(390) |
(501) |
Net income |
4,257 |
9,263 |
5,793 |
10,050 |
18,599 |
Less: Net income attributable
to noncontrolling interest |
474 |
458 |
82 |
556 |
861 |
Net income attributable to AutoNavi
Holdings Limited shareholders |
3,783 |
8,805 |
5,711 |
9,494 |
17,738 |
Less: Net income attributable
to AutoNavi Holdings Limited Series A preferred
shareholder |
424 |
-- |
-- |
588 |
-- |
Net income attributable to AutoNavi
Holdings Limited ordinary shareholders |
3,359 |
-- |
-- |
8,906 |
-- |
|
|
|
|
|
|
Net income per ordinary share |
|
|
|
|
|
Basic |
0.02 |
0.05 |
0.03 |
0.05 |
0.09 |
Diluted |
0.02 |
0.04 |
0.03 |
0.04 |
0.09 |
|
|
|
|
|
|
Weighted average number of shares used in
calculating net income per ordinary share |
|
|
|
|
|
Basic |
202,028,830 |
192,206,265 |
186,115,424 |
194,116,087 |
192,005,349 |
Diluted |
211,788,058 |
202,499,739 |
196,523,224 |
204,199,600 |
202,452,492 |
|
|
|
|
|
|
Other comprehensive income/(loss), net of
tax |
|
|
|
|
|
Foreign currency translation
adjustment |
2,807 |
(1,676) |
706 |
3,513 |
(1,815) |
|
|
|
|
|
|
Comprehensive income |
7,064 |
7,587 |
6,499 |
13,563 |
16,784 |
Less: comprehensive income
attributable to noncontrolling interest |
548 |
406 |
100 |
648 |
806 |
Comprehensive income attributable to
AutoNavi Holdings Limited shareholders |
6,516 |
7,181 |
6,399 |
12,915 |
15,978 |
|
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 |
|
June 30, |
June 30, |
March 31, |
|
2013 |
2012 |
2013 |
|
|
|
|
Total operating expenses |
26,180 |
20,574 |
20,790 |
Share-based compensation |
(2,254) |
(4,228) |
(2,574) |
Non-GAAP total operating expenses |
23,926 |
16,346 |
18,216 |
|
|
|
|
Research and development expenses |
12,322 |
8,245 |
10,552 |
Share-based compensation |
(930) |
(971) |
(945) |
Non-GAAP research and development
expenses |
11,392 |
7,274 |
9,607 |
|
|
|
|
Selling and marketing expenses |
8,496 |
6,666 |
5,822 |
Share-based compensation |
(585) |
(1,725) |
(902) |
Non-GAAP selling and marketing
expenses |
7,911 |
4,941 |
4,920 |
|
|
|
|
General and administrative expenses |
5,362 |
5,663 |
4,416 |
Share-based compensation |
(739) |
(1,532) |
(727) |
Non-GAAP general and administrative
expenses |
4,623 |
4,131 |
3,689 |
|
|
|
|
Operating income |
-- |
9,550 |
3,154 |
Share-based compensation |
2,373 |
4,313 |
2,705 |
Non-GAAP operating income |
2,373 |
13,863 |
5,859 |
|
|
|
|
Net income attributable to AutoNavi Holdings
Limited shareholders |
3,783 |
8,805 |
5,711 |
Share-based compensation |
2,373 |
4,313 |
2,705 |
Non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders |
6,156 |
13,118 |
8,416 |
|
|
|
|
|
For the three
months ended June 30, 2013 |
|
GAAP |
Adjustments |
Non-GAAP(a) |
Diluted net income per ADS attributable to
AutoNavi Holdings Limited shareholders |
0.06 |
0.04 |
0.10 |
|
|
|
|
(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.:
Justin Knapp
Ogilvy Financial, New York
Tel: +1-616-551-9714
E-mail: amap@ogilvy.com
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