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 fourth quarter and the
fiscal year ended December 31, 2013.
Fourth Quarter 2013 Operational Highlights
* Mobile Platform Active Users
- Monthly active users of AutoNavi's mobile map
application grew 88% year-over-year, and 20%
quarter-over-quarter, to approximately 92 million as of the end of
the fourth quarter of 2013.
- Monthly active users of AutoNavi's mobile navigation
application grew 31% quarter-over-quarter to approximately
11 million as of the end of the fourth quarter of 2013.
* Mobile Platform User Base
- Users of AutoNavi's mobile map application
grew to over 200 million as of the end of the fourth quarter of
2013, compared to 98 million as of the end of the fourth quarter of
2012, and 171 million as of the end of third quarter of 2013.
- AutoNavi's mobile navigation application was
downloaded and pre-loaded on a total of approximately 98 million
smartphones in the fourth quarter of 2013, compared to 83 million
in the third quarter of 2013.
"The number of online-to-offline service orders through
AutoNavi's free mobile map application increased dramatically in
the fourth quarter," said Mr. Congwu Cheng, the Company's chairman
and chief executive officer. "Although it is still a relatively low
base, our performance in that regard not only reflects a shift in
mobile user behavior in the way consumers search for and order
online-to-offline services, but also underscores the viability of
our strategy of making our mobile maps an important gateway to the
mobile Internet and ultimately monetizing our growing mobile
traffic."
Fourth Quarter 2013 Results
Revenues
Total net revenues in the fourth quarter of 2013 were $31.5
million, compared to $43.6 million in the fourth quarter of 2012,
and $37.7 million in the third quarter of 2013.
Automotive Navigation
Net revenues from the automotive navigation market in the fourth
quarter of 2013 were $18.6 million, compared to $21.6 million in
the fourth quarter of 2012, and $19.4 million in the third 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 change also
reflects a drop in blended average selling prices ("ASP"), as the
Company's business began to include more mid-range automobiles with
lower ASPs. The sequential decrease was largely attributable to a
decrease 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 Company's mobile and Internet location-based solutions
business in the fourth quarter of 2013 reported $8.9 million in net
revenues, compared to $15.5 million in the fourth quarter of 2012,
and $14.8 million in the third quarter of 2013. The changes were
primarily due to the Company's strategic decision to make its
premium navigation app freely available to users.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in the fourth quarter of 2013 were $3.1 million, compared to
$5.8 million in the fourth quarter of 2012 and $3.5 million in the
third quarter of 2013. The yearly change was primarily caused by a
decline in aerial photogrammetry projects, and a decline in the
number of 3-D modeling applications projects. The sequential change
was primarily due to a decline in the Company's aerial
photogrammetry business. Looking ahead, the Company expects to
collect and process aerial photogrammetry images and construct 3-D
modeling applications for supporting the Company's mobile
offerings, instead of satisfying market demand.
Cost of Revenues
Cost of revenues in the fourth quarter of 2013 was $13.7million,
compared to $12.8 million in the year ago quarter and $11.7 million
in the previous quarter. The increases of the Company's cost of
revenues reflect its continuous investment in building its
location-based database. To be more specific, the year-over-year
increase was mainly due to a general annual increase in salary and
welfare benefits for employees directly involved in data collection
and processing; the sequential increase was largely attributable to
a rise in outsourced data production costs. Non-GAAP cost of
revenues, which excludes share-based compensation expenses, was
$14.0 million, compared to $12.6 million in the year ago quarter
and $12.0 million in the last quarter.
Operating Expenses
Total operating expenses in the fourth quarter of 2013 were
$51.2 million, compared to $22.6 million in the fourth quarter of
2012 and $38.2 million in the third quarter of 2013. Non-GAAP
operating expenses, which exclude share-based compensation
expenses, were $44.9 million, compared to $20.5 million in the
year-ago quarter and $35.7 million in the previous quarter. The
increases in total operating expenses mainly reflect the Company's
heavy investments in the mobile Internet space.
Research and development ("R&D") expenses were $20.4 million
in the fourth quarter of 2013, compared to $10.1 million in the
fourth quarter of 2012, and $16.9 million in the third quarter of
2013. The year-over-year increase was primarily due to increased
salary and benefit expenses resulting from both an increase in the
number of R&D staff and a general annual increase in R&D
personnel salary and welfare benefits, higher share-based
compensation expenses, resulting from the Company's recent grant of
non-vested ordinary shares and options to employees, and increased
outsourced development costs. The sequential increase was largely
attributable to increased salary and benefit expenses resulting
from an increase in the number of R&D staff and higher
share-based compensation expenses. Non-GAAP R&D expenses, which
exclude share-based compensation expenses, were $18.0 million in
the quarter, compared to $9.4 million in the year-ago quarter and
$15.7 million in the previous quarter.
Selling and marketing expenses were $17.0 million in the fourth
quarter of 2013, compared to $7.1 million in the fourth quarter of
2012 and $14.9 million in the third quarter of 2013. The
year-over-year increase was primarily due to increased promotion
and marketing expenses related to the Company's mobile offerings,
and higher salary and benefit expenses resulting from increased
sales-related headcount and a general annual increase in sales and
marketing personnel salary and welfare benefits. The sequential
increase was mainly attributable to increased promotion and
marketing expenses related to the Company's mobile offerings.
Non-GAAP selling and marketing expenses, which exclude share-based
compensation expenses, were $16.6 million in the quarter, compared
to $6.3 million in the year ago quarter and $14.3 million in the
previous quarter.
General and administrative expenses were $13.8 million in the
fourth quarter of 2013, compared to $5.4 million in the fourth
quarter of 2012 and $6.5 million in the third quarter of 2013.The
year-over-year increase was primarily due to higher salary and
benefit expenses resulting from an increase in the number of
general and administrative personnel and a general annual increase
in the Company's general and administrative staff salary and
welfare, higher share-based compensation expenses, and increased
professional service expenses largely related to the Alohar
acquisition. The sequential increase was mainly due to higher
share-based compensation expenses, increased professional service
expenses 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 $10.2 million in
the quarter, compared to $4.7 million in the year-ago quarter and
$5.7 million in the previous quarter.
Income Tax Expense
The income tax expense of $2.9 million in the
fourth quarter of 2013arose mainly from valuation allowances of
approximately $3.5 million provided on the deferred tax assets of
some of the Company's consolidated entities which incurred loss in
the year 2013, due to the uncertainty surrounding their realization
before expiration.
Net Loss Attributable to AutoNavi
Shareholders
Net loss attributable to AutoNavi shareholders was $28.2 million
in the fourth quarter of 2013, compared to net income of $8.7
million in the fourth quarter of 2012 and a net loss of $6.7
million in the third quarter of 2013. Diluted net loss per American
depositary share ("ADS") attributable to AutoNavi shareholders for
the fourth quarter of 2013 was $0.52, as compared to diluted net
income per ADS attributable to AutoNavi shareholders of $0.18 in
the year-ago period, and net loss per ADS attributable to AutoNavi
shareholders of $0.12 in the previous quarter. One ADS represents
four ordinary shares.
Non-GAAP net loss attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $22.1million in the
fourth quarter of 2013, compared to non-GAAP net income
attributable to AutoNavi shareholders of $11.0 million in the
fourth quarter of 2012, and non-GAAP net loss attributable to
AutoNavi shareholders of $4.4 million in the third quarter of 2013.
Diluted non-GAAP net loss per ADS attributable to AutoNavi
shareholders for the fourth quarter of 2013 was $0.41, compared to
diluted non-GAAP net income per ADS of $0.22 in the year-ago
period, and diluted non-GAAP net loss per ADS of $0.08 in the
previous quarter.
Fiscal Year 2013
Results
Revenues
Total net revenues in fiscal year 2013 were $141.7 million,
compared to $159.7 million in fiscal year 2012.
Automotive Navigation
Net revenues from the automotive navigation market in fiscal
year 2013 were $72.6 million, compared to $92.1 million in fiscal
year 2012.The change was primarily due 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 change also reflects
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 mobile and Internet location-based solutions business in
fiscal year 2013generated $52.4 million in net revenues, compared
to $47.6 million in fiscal year 2012.The increase was primarily due
to the growth in revenues derived from the mobile map and
navigation solutions for mobile operators, and the Company's
Internet-based map API solutions.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications
market in fiscal year 2013 were $14.8 million, compared to $17.7
million in fiscal year 2012. The change was largely attributable to
a decline in aerial photogrammetry projects, and a decline in the
number of 3-D modeling applications projects.
Cost of Revenues
Cost of revenues in fiscal year 2013 was $47.8 million, compared
to $43.0 million in fiscal year 2012. The increase was mainly due
to a general annual increase in salary and welfare for employees
directly involved in data collection and processing, and increased
outsourced data production cost.
Operating Expenses
Total operating expenses in fiscal year2013 were $136.4 million,
compared to $80.9 million in fiscal year 2012. Non-GAAP operating
expenses, which exclude share-based compensation expenses, were
$122.7 million, compared to $68.5 million in fiscal year 2012.
Research and development ("R&D") expenses were $60.1 million
in fiscal year 2013, compared to $35.6 million in fiscal year 2012.
The increase was primarily due to higher salary and benefit
expenses, a result of an increase in the number of R&D staff
and a general annual increase in R&D personnel salary and
welfare benefits, higher share-based compensation expenses, and
increased outsourced development costs. Non-GAAP R&D expenses,
which exclude share-based compensation expenses, were $54.8 million
in fiscal year 2013, compared to $31.8 million in fiscal year
2012.
Selling and marketing expenses were $46.2 million in fiscal year
2013, compared to $25.0 million in fiscal year 2012. The increase
was primarily due to an increase in promotion and marketing
expenses related to the Company's mobile offerings and higher
salary and benefit expenses resulting from increased sales-related
headcount and a general annual increase in sales and marketing
personnel salary and welfare benefits. Non-GAAP selling and
marketing expenses, which exclude share-based compensation
expenses, were $43.8 million, compared to $20.3 million in fiscal
year 2012.
General and administrative expenses were $30.1 million in fiscal
year 2013, compared to $20.3 million in fiscal year 2012. The
increase was primarily due to higher salary and benefit expenses
resulting from an increase in the number of general and
administrative personnel along with a general annual increase in
general and administrative staff salary and welfare benefits,
higher share-based compensation expenses and increased professional
services expenses. Non-GAAP general and administrative expenses,
which exclude share-based compensation expenses, were $24.2
million, compared to $16.4 million in fiscal year 2012.
Net Loss Attributable to AutoNavi
Shareholders
Net loss attributable to AutoNavi shareholders was $25.4 million
in fiscal year 2013, compared to net income attributable to
AutoNavi shareholders of$36.5 million in fiscal year 2012. Diluted
net loss per American depositary share ("ADS") attributable to
AutoNavi shareholders for the fiscal year 2013 was $0.49, as
compared to diluted net income per ADS attributable to AutoNavi
shareholders of $0.73 in fiscal year 2012. One ADS represents four
ordinary shares.
Non-GAAP net loss attributable to AutoNavi shareholders, which
excludes share-based compensation expenses, was $12.0 million in
fiscal year 2013, compared to non-GAAP net income attributable to
AutoNavi shareholders of $49.0 million in fiscal year 2012. Diluted
non-GAAP net loss per ADS attributable to AutoNavi shareholders for
the fiscal year 2013 was $0.23, as compared to non-GAAP net income
per ADS attributable to AutoNavi shareholders of $0.98 in fiscal
year 2012.
Cash and Term Deposits Balance
As of December 31, 2013, the Company had $480.3 million in cash
and cash equivalents and term deposits.
Conference Call Information
AutoNavi's management will hold an earnings conference call at
8:00 a.m. Eastern Time on February 28, 2014(9:00 p.m. Beijing/Hong
Kong time on February 28, 2014).
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 March 8, 2014:
U.S. Toll Free: |
+1-855-452-5696 |
International: |
+61-2-8199-0299 |
Passcode: |
27359343 |
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) |
|
|
|
|
December
31, |
December
31, |
|
2013 |
2012 |
|
|
|
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
399,316 |
151,543 |
Restricted cash |
149 |
835 |
Term deposits |
80,942 |
64,686 |
Accounts receivable, net of allowance for
doubtful accounts of $3,882 and $1,859 as of December 31, 2013 and
December 31, 2012, respectively |
36,777 |
45,985 |
Due from related parties, trading |
7 |
4,749 |
Due from related parties, non-trading |
448 |
3 |
Prepaid expense and other current
assets |
18,644 |
7,840 |
Deferred tax assets-current |
554 |
1,838 |
Total current
assets |
536,837 |
277,479 |
|
|
|
Properties and equipment, net |
52,022 |
47,120 |
Prepayment for acquisition of property |
8,930 |
8,677 |
Equity method investments |
3,611 |
4,164 |
Acquired intangible assets, net |
8,637 |
5,004 |
Goodwill |
35,391 |
8,837 |
Deferred tax assets-non-current |
113 |
150 |
Other long term assets |
189 |
373 |
|
|
|
TOTAL ASSETS |
645,730 |
351,804 |
|
|
|
Liabilities |
|
|
Current liabilities |
|
|
Accounts payable (including accounts payable
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $3,488 and $2,124 as of December 31, 2013
and December 31, 2012, respectively) |
3,493 |
2,124 |
Deferred revenue (including deferred revenue
of the consolidated variable interest entities without recourse to
AutoNavi Holdings Limited $13,743 and $13,907 as of December 31,
2013 and December 31, 2012, respectively) |
14,440 |
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 $33,263 and $26,230 as of
December 31, 2013 and December 31, 2012, respectively) |
43,058 |
29,613 |
Income tax payable (including income tax
payable of the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $6,602and $10,082 as of
December 31, 2013 and December 31, 2012, respectively) |
6,438 |
10,417 |
Derivative (including derivative of the
consolidated variable interest entities without recourse to
AutoNavi Holdings Limited nil and nil as of December 31, 2013 and
December 31, 2012, respectively) |
776 |
-- |
|
|
|
Total current
liabilities |
68,205 |
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 $583 and
$862 as of December 31, 2013 and December 31, 2012,
respectively) |
2,745 |
966 |
|
|
|
Total liabilities |
70,950 |
57,750 |
|
|
|
Series A convertible redeemable preferred
shares |
188,453 |
-- |
|
|
|
Equity |
|
|
Ordinary shares |
23 |
19 |
Additional paid-in capital |
298,476 |
189,373 |
Treasury stock |
(27,003) |
(29,164) |
Statutory reserve |
13,229 |
11,668 |
Retained earnings |
68,784 |
95,715 |
Accumulated other comprehensive
income |
26,785 |
20,546 |
|
|
|
Total AutoNavi Holdings Limited shareholders'
equity |
380,294 |
288,157 |
Noncontrolling interest |
6,033 |
5,897 |
|
|
|
Total equity |
386,327 |
294,054 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
645,730 |
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 year
ended |
|
December 31, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2013 |
2012 |
2013 |
2013 |
2012 |
|
|
|
|
|
|
Net revenues |
31,502 |
43,608 |
37,663 |
141,674 |
159,693 |
Cost of revenues |
(13,666) |
(12,771) |
(11,747) |
(47,819) |
(43,019) |
Gross profit |
17,836 |
30,837 |
25,916 |
93,855 |
116,674 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
(20,401) |
(10,077) |
(16,859) |
(60,134) |
(35,581) |
Selling and marketing |
(17,035) |
(7,112) |
(14,858) |
(46,211) |
(24,958) |
General and administrative |
(13,811) |
(5,448) |
(6,510) |
(30,099) |
(20,322) |
Total operating
expenses |
(51,247) |
(22,637) |
(38,227) |
(136,444) |
(80,861) |
Government subsidies |
1,350 |
597 |
75 |
1,446 |
3,111 |
Operating (loss)/income |
(32,061) |
8,797 |
(12,236) |
(41,143) |
38,924 |
|
|
|
|
|
|
Interest income |
4,552 |
1,707 |
4,846 |
14,564 |
6,456 |
Foreign exchange gains |
2,583 |
377 |
807 |
3,552 |
454 |
Other Income |
19 |
201 |
307 |
406 |
342 |
(Loss)/income before income taxes and
share of net loss of equity method investment |
(24,907) |
11,082 |
(6,276) |
(22,621) |
46,176 |
Income tax (expense)/benefit |
(2,942) |
(1,792) |
132 |
(932) |
(7,214) |
Share of net loss of equity method
investment |
(160) |
(248) |
(245) |
(795) |
(778) |
Net (loss)/income |
(28,009) |
9,042 |
(6,389) |
(24,348) |
38,184 |
Less: Net income attributable to
noncontrolling interest |
197 |
352 |
269 |
1,022 |
1,676 |
Net (loss)/income attributable to
AutoNavi Holdings Limited shareholders |
(28,206) |
8,690 |
(6,658) |
(25,370) |
36,508 |
Less: Net loss attributable to AutoNavi
Holdings Limited Series A preferred shareholder |
-- |
-- |
-- |
-- |
-- |
Net (loss)/income attributable to
AutoNavi Holdings Limited ordinary shareholders |
(28,206) |
8,690 |
(6,658) |
(25,370) |
36,508 |
|
|
|
|
|
|
Net (loss)/income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.13) |
0.05 |
(0.03) |
(0.12) |
0.19 |
Diluted |
(0.13) |
0.04 |
(0.03) |
(0.12) |
0.18 |
|
|
|
|
|
|
Weighted average number of shares used in
calculating net (loss)/income per ordinary share |
|
|
|
|
|
Basic |
216,857,856 |
188,136,499 |
215,860,040 |
205,328,926 |
190,853,540 |
Diluted |
216,857,856 |
198,054,969 |
215,860,040 |
205,328,926 |
201,168,386 |
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
Foreign currency translation
adjustment |
2,252 |
1,867 |
651 |
6,416 |
2,338 |
|
|
|
|
|
|
Comprehensive
(loss)/income |
(25,757) |
10,909 |
(5,738) |
(17,932) |
40,522 |
Less: comprehensive income
attributable to noncontrolling interest |
262 |
402 |
289 |
1,199 |
1,730 |
Comprehensive (loss)/income
attributable to AutoNavi Holdings Limited
shareholders |
(26,019) |
10,507 |
(6,027) |
(19,131) |
38,792 |
|
|
|
|
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 |
For the year
ended |
|
|
December 31, |
December 31, |
September 30, |
December 31, |
December 31, |
|
|
2013 |
2012 |
2013 |
2013 |
2012 |
|
|
|
|
|
|
|
|
Total operating expenses |
51,247 |
22,637 |
38,227 |
136,444 |
80,861 |
|
Share-based compensation |
(6,382) |
(2,180) |
(2,519) |
(13,728) |
(12,315) |
|
Non-GAAP total operating expenses |
44,865 |
20,457 |
35,708 |
122,716 |
68,546 |
|
|
|
|
|
|
|
|
Research and development expenses |
20,401 |
10,077 |
16,859 |
60,134 |
35,581 |
|
Share-based compensation |
(2,373) |
(644) |
(1,134) |
(5,382) |
(3,785) |
|
Non-GAAP research and development
expenses |
18,028 |
9,433 |
15,725 |
54,752 |
31,796 |
|
|
|
|
|
|
|
|
Selling and marketing expenses |
17,035 |
7,112 |
14,858 |
46,211 |
24,958 |
|
Share-based compensation |
(389) |
(828) |
(563) |
(2,439) |
(4,651) |
|
Non-GAAP selling and marketing
expenses |
16,646 |
6,284 |
14,295 |
43,772 |
20,307 |
|
|
|
|
|
|
|
|
General and administrative expenses |
13,811 |
5,448 |
6,510 |
30,099 |
20,322 |
|
Share-based compensation |
(3,620) |
(708) |
(822) |
(5,907) |
(3,879) |
|
Non-GAAP general and administrative
expenses |
10,191 |
4,740 |
5,688 |
24,192 |
16,443 |
|
|
|
|
|
|
|
|
Operating (loss)/income |
(32,061) |
8,797 |
(12,236) |
(41,143) |
38,924 |
|
Share-based compensation |
6,065 |
2,316 |
2,228 |
13,372 |
12,536 |
|
Non-GAAP operating (loss)/income |
(25,996) |
11,113 |
(10,008) |
(27,771) |
51,460 |
|
|
|
|
|
|
|
|
Net (loss)/income attributable to AutoNavi
Holdings Limited shareholders |
(28,206) |
8,690 |
(6,658) |
(25,370) |
36,508 |
|
Share-based compensation |
6,065 |
2,316 |
2,228 |
13,372 |
12,536 |
|
Non-GAAP net (loss)/income attributable to
AutoNavi Holdings Limited shareholders |
(22,141) |
11,006 |
(4,430) |
(11,998) |
49,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended December 31, 2013 |
For the year
ended December 31, 2013 |
|
GAAP |
Adjustments |
Non-GAAP(a) |
GAAP |
Adjustments |
Non-GAAP(a) |
Diluted net loss per ADS attributable to
AutoNavi Holdings Limited shareholders |
(0.52) |
0.11 |
(0.41) |
(0.49) |
0.26 |
(0.23) |
|
|
|
|
|
|
|
(a) Non-GAAP diluted net loss per
ADS attributable to AutoNavi Holdings Limited shareholders is
computed by dividing non-GAAP net loss attributable to AutoNavi
Holdings Limited 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 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, U.S.
Tel: +1-616-551-9714
E-mail: amap@ogilvy.com
(MM) (NASDAQ:AMAP)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
(MM) (NASDAQ:AMAP)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024