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, 2013.
Third Quarter 2013 Operational Highlights
-- Mobile Platform Active Users
- Monthly active users of AutoNavi's free mobile map
applications grew 72% year-over-year, and 23%
quarter-over-quarter, to approximately 77 million as of the end of
the third quarter of 2013.
- Monthly active users of AutoNavi's premium navigation
application grew 167% quarter-over-quarter to
approximately 8 million as of the end of the third quarter of
2013.
-- Mobile Platform User Base
- Users of AutoNavi's free mobile map
application grew to 171 million as of the end of the third
quarter of 2013, compared to 85 million as of the end of the third
quarter of 2012, and 137 million as of the end of second quarter of
2013.
- AutoNavi's premium navigation application was
downloaded and pre-loaded on approximately 83 million smartphones
in the third quarter of 2013, compared to 70 million in the second
quarter of 2013.
"We are seeing investment returns in terms of mobile user
adoption and increased mobile traffic," said Mr. Congwu Cheng,
chairman and chief executive officer of AutoNavi. "In the third
quarter, we added a record high of 47 million new mobile users,
while total monthly active users of our map and navigation apps
grew 30%. Thanks to our strategic alliances with a number of
Internet giants, we strengthened the position of AutoNavi Map as a
key mobile gateway for location-based information and services. We
deployed several product enhancements in the quarter, which are
built on the important data-integration and platform improvements
we made as part of our ongoing and deepening cooperation with our
key partners. Looking ahead, we will remain forward-looking in our
mobile transition and related investments, as we continue to expand
the reach of our map and increase user stickiness."
Third Quarter 2013 Results
Revenues
Total net revenues in the third quarter of 2013 were $37.7
million, compared to $40.2 million in the third quarter of 2012 and
$38.2 million in the second quarter of 2013.
Automotive Navigation
Net revenues from the automotive navigation market in the third
quarter of 2013 were $19.4 million, compared to $23.9 million in
the third quarter of 2012 and $19.1 million in the second quarter
of 2013. The year-over-year change was partially attributable to a
decline in the number of copies of digital map data licensed for
use with in-dash navigation systems, which resulted from one of the
Company's existing customers, BMW, shifting some of its newer car
models to another map data provider. The year-over-year
results also reflect a drop in blended average selling prices
("ASP"), as the Company's business began to include more mid-range
automobiles with lower ASPs.
Mobile and Internet Location-based Solutions
The Company's mobile and Internet location-based solutions
business in the third quarter of 2013 reported $14.8 million in net
revenues, compared to $11.1 million in the third quarter of 2012
and $14.7 million in the second quarter of 2013. 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, solutions to mobile operators and map API
solutions.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the third quarter of 2013 were $3.5 million, compared to
$4.4 million in the third quarter of 2012 and $3.9 million in the
second quarter of 2013. The year-over-year change was primarily
caused by a decline in aerial photogrammetry projects due to low
visibility conditions in a number of geographic areas in China. The
sequential decrease was a result of a decline in the number of 3-D
modeling applications projects.
Cost of Revenues
Cost of revenues in the third quarter of 2013 was $11.7 million,
compared to $11.4 million in the third quarter of 2012 and $12.0
million in the second quarter of 2013. The year-over-year increase
was mainly due to an increase in salary and welfare benefits for
employees directly involved in data collection and processing. The
sequential decrease was largely attributed to a decrease in
outsourced data production costs, and lower share-based
compensation expenses in the third quarter of 2013. Non-GAAP cost
of revenues, which exclude share-based compensation expenses, was
$12.0 million in the third quarter of 2013, compared to $11.5
million in the third quarter of 2012 and $11.9 million in the
second quarter of 2013.
Operating Expenses
Total operating expenses in the third quarter of 2013 were $38.2
million, compared to $20.0 million in the third quarter of 2012 and
$26.2 million in the second quarter of 2013. Non-GAAP operating
expenses, which exclude share-based compensation expenses, were
$35.7 million, compared to $17.3 million in the third quarter of
2012 and $23.9 million in the second quarter of 2013.
Research and development ("R&D") expenses were $16.9 million
in the third quarter of 2013, compared to $9.3 million in the third
quarter of 2012 and $12.3 million in the second quarter of
2013. The increases were primarily due to higher salary and
benefit expenses and an increase in outsourced development costs.
The higher salary and benefit expenses reflected the Company's
ongoing commitment to attracting and retaining R&D talent.
Non-GAAP R&D expenses, which exclude share-based compensation
expenses, were $15.7 million in the third quarter of 2013, compared
to $8.2 million in the third quarter of 2012 and $11.4 million in
the second quarter of 2013.
Selling and marketing expenses were $14.9 million in the third
quarter of 2013, compared to $5.9 million in the third quarter of
2012 and $8.5 million in the second quarter of 2013. The increases
were primarily due to promotion and marketing expenses related to
the Company's mobile map application. Non-GAAP selling and
marketing expenses, which exclude share-based compensation
expenses, were $14.3 million in the third quarter of 2013, compared
to $5.0 million in the third quarter of 2012 and $7.9 million in
the second quarter of 2013.
General and administrative expenses were $6.5 million in the
third quarter of 2013, compared to $4.8 million in the third
quarter of 2012 and $5.4 million in the second quarter of
2013. The increases were primarily due to higher salary and
benefit expenses resulting from an increase in the number of
general and administrative personnel, and increased professional
service expenses. Non-GAAP general and administrative expenses,
which exclude share-based compensation expenses, were $5.7 million
in the third quarter of 2013, compared to $4.1 million in the third
quarter of 2012 and $4.6 million in the second quarter of 2013.
Net Loss Attributable
to AutoNavi Shareholders
Net loss attributable to AutoNavi shareholders was $6.7 million
in the third quarter of 2013, compared to net income attributable
to AutoNavi shareholders of $10.1 million in the third quarter of
2012 and $3.8 million in the second quarter of 2013. Diluted net
loss per American depositary share ("ADS") attributable to AutoNavi
shareholders for the third quarter of 2013 was $0.10, as compared
to diluted net income per ADS attributable to AutoNavi shareholders
of $0.20 in the year-ago period, and $0.06 in the second quarter of
2013. One ADS represents four ordinary shares.
Non-GAAP net loss attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $4.4 million in the
third quarter of 2013, as compared to net income attributable to
AutoNavi shareholders of $12.8 million in the third quarter of
2012, and $6.2 million in the second quarter of 2013. Diluted
non-GAAP net loss per ADS attributable to AutoNavi shareholders for
the third quarter of 2013 was $0.07, compared to net income per ADS
attributable to AutoNavi shareholders of $0.25 in the year-ago
period, and $0.10 in the second quarter of 2013.
Cash and Term Deposits
Balance
As of September 30, 2013, the Company had $511.1 million in
cash, cash equivalents and term deposits.
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 November 18, 2013, the
Company had repurchased a total of 596,116 ADSs, representing
2,384,464 ordinary shares, with a total consideration of
approximately $7.2 million at a price range of $11.56 to $12.84 per
ADS, including brokerage commissions.
Other Updates
On September 30, 2013 and October 12, 2013, the Company granted
5,851,800 non-vested ordinary shares and 7,281,300 options to
employees. The total estimated share-based compensation
of $36.2 million will be recognized as expenses over the
vesting period of 4 years starting from the fourth quarter of
2013.
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 a.m. Eastern Time on November 19, 2013 (9:00 p.m. Beijing/Hong
Kong time on November 19, 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 November 27, 2013:
U.S. Toll Free: |
+1-855-452-5696 |
International: |
+61-2-8199-0299 |
Passcode: |
94755381 |
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 cost of
revenues, (2) non-GAAP operating expenses, (3) non-GAAP R&D
expenses, (4) non-GAAP selling and marketing expenses, (5) non-GAAP
general and administrative expenses, (6) non-GAAP net income/loss
attributable to AutoNavi shareholders, and (7) non-GAAP diluted net
income/loss 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, |
December 31, |
|
2013 |
2012 |
|
|
|
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
409,996 |
151,543 |
Restricted cash |
118 |
835 |
Term deposits |
101,144 |
64,686 |
|
|
|
Accounts receivable, net of allowance for
doubtful accounts of $2,092 and $1,859 as of September 30, 2013 and
December 31, 2012, respectively |
40,261 |
45,985 |
Due from related parties, trading |
645 |
4,749 |
Due from related parties, non-trading |
443 |
3 |
Prepaid expense and other current
assets |
19,617 |
7,840 |
Deferred tax assets-current |
1,561 |
1,838 |
Total current
assets |
573,785 |
277,479 |
|
|
|
Properties and equipment, net |
48,893 |
47,120 |
Prepayment for acquisition of property |
8,833 |
8,677 |
Equity method investments |
3,730 |
4,164 |
Acquired intangible assets, net |
3,830 |
5,004 |
Goodwill |
8,996 |
8,837 |
Deferred tax assets-non-current |
2,548 |
150 |
Other long term assets |
269 |
373 |
|
|
|
TOTAL ASSETS |
650,884 |
351,804 |
|
|
|
Liabilities |
|
|
Current liabilities |
|
|
|
|
|
Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $3,095 and $2,124 as of September 30,
2013 and December 31, 2012, respectively) |
3,095 |
2,124 |
Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $9,802 and $13,907 as of September 30,
2013 and December 31, 2012, respectively) |
10,512 |
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 $29,431 and $26,230 as of
September 30, 2013 and December 31, 2012, respectively) |
34,520 |
29,613 |
Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $6,097 and $10,082 as of
September 30, 2013 and December 31, 2012, respectively) |
6,533 |
10,417 |
Derivative (including derivative of the
consolidated variable interest entities without recourse to
AutoNavi Holdings Limited nil and nil as of September 30, 2013 and
December 31, 2012, respectively) |
748 |
-- |
|
|
|
Total current
liabilities |
55,408 |
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 $650 and
$862 as of September 30, 2013 and December 31, 2012,
respectively) |
716 |
966 |
|
|
|
Total liabilities |
56,124 |
57,750 |
|
|
|
Series A convertible redeemable preferred
shares |
188,453 |
-- |
|
|
|
Equity |
|
|
Ordinary shares |
23 |
19 |
Additional paid-in capital |
294,142 |
189,373 |
Treasury stock |
(28,446) |
(29,164) |
Statutory reserve |
11,668 |
11,668 |
Retained earnings |
98,551 |
95,715 |
Accumulated other comprehensive
income |
24,598 |
20,546 |
|
|
|
Total AutoNavi Holdings Limited shareholders'
equity |
400,536 |
288,157 |
Noncontrolling interest |
5,771 |
5,897 |
|
|
|
Total equity |
406,307 |
294,054 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
650,884 |
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 nine
months ended |
|
September 30, |
September 30, |
June 30, |
September 30, |
September 30, |
|
2013 |
2012 |
2013 |
2013 |
2012 |
|
|
|
|
|
|
Net revenues |
37,663 |
40,220 |
38,195 |
110,172 |
116,085 |
Cost of revenues |
(11,747) |
(11,406) |
(12,034) |
(34,153) |
(30,248) |
Gross profit |
25,916 |
28,814 |
26,161 |
76,019 |
85,837 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
(16,859) |
(9,251) |
(12,322) |
(39,733) |
(25,504) |
Selling and marketing |
(14,858) |
(5,920) |
(8,496) |
(29,176) |
(17,846) |
General and administrative |
(6,510) |
(4,842) |
(5,362) |
(16,288) |
(14,874) |
Total operating
expenses |
(38,227) |
(20,013) |
(26,180) |
(85,197) |
(58,224) |
Government subsidies |
75 |
1,742 |
19 |
96 |
2,514 |
Operating (loss)/income |
(12,236) |
10,543 |
0 |
(9,082) |
30,127 |
|
|
|
|
|
|
Interest income |
4,846 |
1,570 |
3,283 |
10,012 |
4,749 |
Foreign exchange gains |
807 |
545 |
13 |
969 |
77 |
Other Income |
307 |
47 |
33 |
387 |
141 |
(Loss)/income before income taxes and
share of net loss of equity method investment |
(6,276) |
12,705 |
3,329 |
2,286 |
35,094 |
Income tax benefit/(expense) |
132 |
(2,133) |
1,058 |
2,010 |
(5,422) |
Share of net loss of equity method
investment |
(245) |
(29) |
(130) |
(635) |
(530) |
Net (loss)/income |
(6,389) |
10,543 |
4,257 |
3,661 |
29,142 |
Less: Net income attributable
to noncontrolling interest |
269 |
463 |
474 |
825 |
1,324 |
Net (loss)/income attributable to
AutoNavi Holdings Limited shareholders |
(6,658) |
10,080 |
3,783 |
2,836 |
27,818 |
Less: Net (loss)/income
attributable to AutoNavi Holdings Limited Series A preferred
shareholder |
(1,260) |
-- |
424 |
319 |
-- |
Net (loss)/income attributable to
AutoNavi Holdings Limited ordinary shareholders |
(5,398) |
10,080 |
3,359 |
2,517 |
27,818 |
|
|
|
|
|
|
Net (loss)/income per ordinary share |
|
|
|
|
|
Basic |
(0.03) |
0.05 |
0.02 |
0.01 |
0.15 |
Diluted |
(0.03) |
0.05 |
0.02 |
0.01 |
0.14 |
|
|
|
|
|
|
Weighted average number of shares used in
calculating net (loss)/income per ordinary share |
|
|
|
|
|
Basic |
215,860,040 |
191,292,003 |
202,028,830 |
201,443,719 |
191,765,831 |
Diluted |
215,860,040 |
201,738,628 |
211,788,058 |
208,166,062 |
202,212,802 |
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
Foreign currency translation
adjustment |
651 |
2,286 |
2,807 |
4,164 |
471 |
|
|
|
|
|
|
Comprehensive
(loss)/income |
(5,738) |
12,829 |
7,064 |
7,825 |
29,613 |
Less: comprehensive income
attributable to noncontrolling interest |
289 |
522 |
548 |
937 |
1,328 |
Comprehensive (loss)/income
attributable to AutoNavi Holdings Limited
shareholders |
(6,027) |
12,307 |
6,516 |
6,888 |
28,285 |
|
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, |
September 30, |
June 30, |
|
2013 |
2012 |
2013 |
|
|
|
|
Total operating expenses |
38,227 |
20,013 |
26,180 |
Share-based compensation |
(2,519) |
(2,750) |
(2,254) |
Non-GAAP total operating expenses |
35,708 |
17,263 |
23,926 |
|
|
|
|
Research and development expenses |
16,859 |
9,251 |
12,322 |
Share-based compensation |
(1,134) |
(1,088) |
(930) |
Non-GAAP research and development
expenses |
15,725 |
8,163 |
11,392 |
|
|
|
|
Selling and marketing expenses |
14,858 |
5,920 |
8,496 |
Share-based compensation |
(563) |
(877) |
(585) |
Non-GAAP selling and marketing
expenses |
14,295 |
5,043 |
7,911 |
|
|
|
|
General and administrative expenses |
6,510 |
4,842 |
5,362 |
Share-based compensation |
(822) |
(785) |
(739) |
Non-GAAP general and administrative
expenses |
5,688 |
4,057 |
4,623 |
|
|
|
|
Operating (loss)/income |
(12,236) |
10,543 |
0 |
Share-based compensation |
2,228 |
2,684 |
2,373 |
Non-GAAP operating (loss)/income |
(10,008) |
13,227 |
2,373 |
|
|
|
|
Net (loss)/income attributable to AutoNavi
Holdings Limited shareholders |
(6,658) |
10,080 |
3,783 |
Share-based compensation |
2,228 |
2,684 |
2,373 |
Non-GAAP net (loss)/income attributable to
AutoNavi Holdings Limited shareholders |
(4,430) |
12,764 |
6,156 |
|
|
|
|
Net (loss)/income attributable to AutoNavi
Holdings Limited ordinary shareholders |
(5,398) |
10,080 |
3,359 |
Share-based compensation |
1,808 |
2,684 |
2,107 |
Non-GAAP net (loss)/income attributable to
AutoNavi Holdings Limited ordinary shareholders |
(3,590) |
12,764 |
5,466 |
|
|
|
|
|
For the three
months ended September 30, 2013 |
|
GAAP |
Adjustments |
Non-GAAP(a) |
Diluted net loss per ADS attributable to
AutoNavi Holdings Limited ordinary shareholders |
(0.10) |
0.03 |
(0.07) |
|
|
|
|
|
|
|
|
(a) Non-GAAP diluted net loss per
ADS attributable to AutoNavi Holdings Limited ordinary shareholders
is computed by dividing non-GAAP net loss attributable to AutoNavi
Holdings Limited ordinary shareholders by the weighted average
number of diluted ordinary shares outstanding used in computing the
GAAP diluted net loss per ordinary share attributable to AutoNavi
Holdings Limited ordinary 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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