Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2023 Financial Results

Rhea-AI Summary

Autohome Inc. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. The company reported net revenues of RMB1,911.4 million for Q4 2023 and RMB7,184.1 million for the full year 2023. However, net income attributable to Autohome decreased in Q4 2023 compared to the same period in 2022. The company also completed a share repurchase program of approximately US$200.0 million. Autohome's CEO highlighted solid growth in total revenues and user traffic, with a focus on diversifying content offerings and enhancing service quality. The CFO emphasized strong growth in revenues from data products and new energy vehicle business, as well as increased dividend payout to shareholders.

Positive

• Solid growth in total revenues and user traffic
• Robust increase in user base and engagement
• Significant progress in the new retail business
• Strong growth in revenues from data products and new energy vehicle business
• Increased dividend payout to shareholders

Negative

• Decrease in net income attributable to Autohome in Q4 2023 compared to the same period in 2022

Insights

Financial Analyst

Autohome Inc.'s financial results for the fourth quarter and full year of 2023 demonstrate a mixed financial performance, with an increase in net revenues but a decrease in net income and adjusted net income year-over-year. From a financial perspective, the growth in net revenues, which totaled RMB7.18 billion for the year, suggests that the company's efforts to diversify content and enhance service quality may be positively impacting the top line. However, the decline in net income, including a notable decrease in adjusted net income from RMB668.5 million to RMB502.8 million for the fourth quarter, raises concerns about profitability and the cost structure of the company.

The reported increase in operating expenses, particularly in sales and marketing, which rose to RMB730.1 million from RMB672.6 million year-over-year for the fourth quarter, is indicative of aggressive investment in marketing and promotional activities. Such investments are often necessary to fuel growth, but they must translate into higher revenue growth to justify the increased spend. The share repurchase program and increased dividend payout signal a shareholder-friendly capital allocation policy, yet investors may be wary of the impact of these actions on the company's cash reserves, especially if profitability is under pressure.

In terms of valuation, the earnings per share (EPS) and earnings per ADS metrics show a decrease, which might affect investor sentiment and the stock's performance in the market. The decrease in Non-GAAP EPS from RMB1.36 to RMB1.04 in the fourth quarter further underscores the need to closely monitor the company's operational efficiency and margin pressures.

Market Research Analyst

The automotive industry, particularly in China, has been experiencing a shift towards new energy vehicles (NEVs) and Autohome's report of robust growth in their NEV business is a positive sign that the company is effectively capitalizing on this trend. The impressive 25.4% year-over-year growth in mobile daily active users according to QuestMobile is a strong indicator of the company's market presence and user engagement. This metric is crucial as it reflects the company's ability to attract and retain users, which is essential for driving revenue through media services, leads generation and online marketplace sales.

Despite the overall revenue growth, the reported decline in media services revenue from RMB610.2 million to RMB500.5 million in the fourth quarter could be a point of concern. This decline might suggest a shift in the industry's advertising spend or increased competition affecting this revenue stream. It will be important to monitor how Autohome adjusts its strategy in response to these dynamics.

The expansion of the Autohome Energy Space to 20 cities is a strategic move to increase brand visibility and user engagement. This physical presence, alongside their online platform, provides a hybrid model that could strengthen the company's competitive edge in the market. However, the long-term effectiveness of this strategy should be evaluated against the costs and potential returns.

Economist

Autohome's financial results can be viewed in the context of the broader economic environment in China, which has seen fluctuations due to regulatory changes, trade tensions and the global pandemic. The company's growth in total revenues despite these challenges is a positive indicator of its resilience and adaptability. However, the economic backdrop may have contributed to the reported increase in costs, including operational costs, which have outpaced revenue growth and led to a decline in operating profit from RMB1,247.5 million in 2022 to RMB1,137.4 million in 2023.

The increased income tax expense, primarily due to withholding tax related to cash dividends, reflects the company's distribution policy but also highlights the tax implications of such corporate actions. This is particularly relevant for investors who are interested in the after-tax return on their investments.

From a macroeconomic perspective, the performance of Autohome must be evaluated against the backdrop of China's evolving regulatory framework for technology and internet companies, as well as the automotive industry's transition towards electric and autonomous vehicles. These factors could have significant implications for Autohome's business model and growth trajectory in the long term.

BEIJING, Feb. 6, 2024 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and full year ended December 31, 2023.

Fourth Quarter 2023 Highlights^[1]

• Net revenues in the fourth quarter of 2023 were RMB1,911.4 million (US$269.2 million), compared to RMB1,893.3 million in the corresponding period of 2022.
• Net income attributable to Autohome in the fourth quarter of 2023 was RMB446.7 million (US$62.9 million), compared to RMB594.1 million in the corresponding period of 2022, and net income attributable to ordinary shareholders in the fourth quarter of 2023 was RMB432.1 million (US$60.9 million), compared to RMB580.9 million in the corresponding period of 2022.
• Adjusted net income attributable to Autohome (Non-GAAP)^[2] in the fourth quarter of 2023 was RMB502.8 million (US$70.8 million), compared to RMB668.5 million in the corresponding period of 2022.
• Share repurchase: As of December 31, 2023, the Company had repurchased 6,726,883 American depositary shares ("ADSs") for a total cost of approximately US$200.0 million.

Full Year 2023 Highlights^[1]

• Net revenues in 2023 were RMB7,184.1 million (US$1,011.9 million), compared to RMB6,940.8 million in 2022.
• Net income attributable to Autohome in 2023 was RMB1,935.3 million (US$272.6 million), compared to RMB1,855.2 million in 2022 and net income attributable to ordinary shareholders in 2023 was RMB1,880.1 million (US$264.8 million), compared to RMB1,807.2 million in 2022.
• Adjusted net income attributable to Autohome (Non-GAAP)^[2] in 2023 was RMB2,159.6 million (US$304.2 million), compared to RMB2,168.3 million in 2022.

Mr. Tao Wu, Chief Executive Officer of Autohome, stated, "Autohome closed out the year with solid growth in total revenues, substantial increase in user traffic and significant progress in the new retail business. Our net revenues for the year totaled RMB7.18 billion, with our online marketplace and others business growing 14.6% year-over-year and contributing significantly to our total revenue. We also saw robust increase in our user base and engagement, as our focus on diversifying our content offerings and enhancing our service quality paid off. According to QuestMobile, our mobile daily active users grew by an impressive 25.4% year-over-year to 68.19 million last December, demonstrating the effectiveness of our content-focused user growth strategy. I'm also thrilled to see the rapid expansion of our Autohome Energy Space, which now has a presence in 20 cities across the country, which helps us build brand awareness among users. Moving ahead, we will maintain our leading position in key areas in the industry while exploring further synergies with Ping An Group to create a unique value proposition and establish a diverse and dynamic ecosystem that supports our long-term growth."

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, "We ended 2023 with solid momentum as new initiatives continued to drive our overall performance. Notably, we continue to see strong growth in revenues from data products which increased by more than 10% compared to 2022. We also saw robust growth in our new energy vehicle ("NEV") business, with revenue growth rate for the year significantly outperforming the growth rate of broader industry sales. Moreover, we completed a US$200 million share repurchase program and significantly increased the dividend payout to shareholders, demonstrating our commitment to generating more returns for investors. Looking ahead, we remain highly committed to creating value for all shareholders and exploring new avenues for growth."

Unaudited Fourth Quarter 2023 Financial Results 

Net Revenues

Net revenues in the fourth quarter of 2023 were RMB1,911.4 million (US$269.2 million), compared to RMB1,893.3 million in the corresponding period of 2022.                                         

• Media services revenues were RMB500.5 million (US$70.5 million) in the fourth quarter of 2023, compared to RMB610.2 million in the corresponding period of 2022.
• Leads generation services revenues were RMB841.5 million (US$118.5 million) in the fourth quarter of 2023, compared to RMB786.8 million in the corresponding period of 2022.
• Online marketplace and others revenues were RMB569.5 million (US$80.2 million) in the fourth quarter of 2023, compared to RMB496.2 million in the corresponding period of 2022.

Cost of Revenues

Cost of revenues was RMB367.9 million (US$51.8 million) in the fourth quarter of 2023, compared to RMB370.6 million in the corresponding period of 2022. Share-based compensation expense included in cost of revenues in the fourth quarter of 2023 was RMB1.4 million (US$0.2 million), compared to RMB1.7 million in the corresponding period of 2022.

Operating Expenses

Operating expenses were RMB1,242.8 million (US$175.0 million) in the fourth quarter of 2023, compared to RMB1,088.3 million in the corresponding period of 2022.

• Sales and marketing expenses were RMB730.1 million (US$102.8 million) in the fourth quarter of 2023, compared to RMB672.6 million in the corresponding period of 2022. Share-based compensation expense included in sales and marketing expenses in the fourth quarter of 2023 was RMB11.7 million (US$1.6 million), compared to RMB15.0 million in the corresponding period of 2022.
• General and administrative expenses were RMB156.8 million (US$22.1 million) in the fourth quarter of 2023, compared to RMB102.8 million in the corresponding period of 2022. Share-based compensation expense included in general and administrative expenses in the fourth quarter of 2023 was RMB17.6 million (US$2.5 million), compared to RMB16.2 million in the corresponding period of 2022.
• Product development expenses were RMB355.9 million (US$50.1 million) in the fourth quarter of 2023, compared to RMB312.9 million in the corresponding period of 2022. Share-based compensation expense included in product development expenses in the fourth quarter of 2023 was RMB18.7 million (US$2.6 million), compared to RMB20.3 million in the corresponding period of 2022.

Operating Profit

Operating profit was RMB366.7 million (US$51.7 million) in the fourth quarter of 2023, compared to RMB513.3 million in the corresponding period of 2022. 

Income Tax Expense

There was an income tax expense of RMB127.6 million (US$18.0 million) in the fourth quarter of 2023, compared to an income tax expense of RMB76.9 million in the corresponding period of 2022. The increase of income tax expense was primarily attributable to the withholding tax related to the declared cash dividend in December 2023.

Net Income attributable to Autohome

Net income attributable to Autohome was RMB446.7 million (US$62.9 million) in the fourth quarter of 2023, compared to RMB594.1 million in the corresponding period of 2022.

Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB432.1 million (US$60.9 million) in the fourth quarter of 2023, compared to RMB580.9 million in the corresponding period of 2022. Basic and diluted earnings per share ("EPS") were RMB0.89 (US$0.13) and RMB0.89 (US$0.13), respectively, in the fourth quarter of 2023, compared to basic and diluted EPS of RMB1.18 and RMB1.18, respectively, in the corresponding period of 2022. Basic and diluted earnings per ADS were RMB3.57 (US$0.50) and RMB3.56 (US$0.50), respectively, in the fourth quarter of 2023, compared to basic and diluted earnings per ADS of RMB4.71 and RMB4.70, respectively, in the corresponding period of 2022.

Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB502.8 million (US$70.8 million) in the fourth quarter of 2023, compared to RMB668.5 million in the corresponding period of 2022. Non-GAAP basic and diluted EPS were RMB1.04 (US$0.15) and RMB1.04 (US$0.15), respectively, in the fourth quarter of 2023, compared to non-GAAP basic and diluted EPS of RMB1.36 and RMB1.35, respectively, in the corresponding period of 2022. Non-GAAP basic and diluted earnings per ADS were RMB4.15 (US$0.58) and RMB4.14 (US$0.58), respectively, in the fourth quarter of 2023, compared to non-GAAP basic and diluted earnings per ADS of RMB5.42 and RMB5.41, respectively, in the corresponding period of 2022.

Unaudited Full Year 2023 Financial Results

Net Revenues

Net revenues in 2023 were RMB7,184.1 million (US$1,011.9 million), compared to RMB6,940.8 million in 2022.

• Media services revenues were RMB1,870.8 million (US$263.5 million) in 2023, compared to RMB1,963.3 million in 2022.
• Leads generation services revenues were RMB3,111.8 million (US$438.3 million) in 2023, compared to RMB3,056.9 million in 2022.
• Online marketplace and others revenues were RMB2,201.5 million (US$310.1 million) in 2023, compared to RMB1,920.6 million in 2022, primarily due to increasing revenue contribution from data products.

Cost of Revenues

Cost of revenues was RMB1,411.9 million (US$198.9 million) in 2023, compared to RMB1,235.2 million in 2022. The increase was primarily attributable to the continuous investment in content and operational costs. Share-based compensation expense included in cost of revenues was RMB8.0 million (US$1.1 million) in 2023, compared to RMB8.6 million in 2022.

Operating Expenses

Operating expenses were RMB4,898.9 million (US$690.0 million) in 2023, compared to RMB4,785.6 million in 2022.

• Sales and marketing expenses were RMB3,012.5 million (US$424.3 million) in 2023, compared to RMB2,866.2 million in 2022, primarily due to an increase in marketing and promotional spending. Share-based compensation expense included in sales and marketing expenses in 2023 was RMB49.3 million (US$6.9 million), compared to RMB38.3 million in 2022.
• General and administrative expenses were RMB538.0 million (US$75.8 million) in 2023, compared to RMB502.3 million in 2022. Share-based compensation expense included in general and administrative expenses in 2023 was RMB51.9 million (US$7.3 million), compared to RMB53.2 million in 2022.
• Product development expenses were RMB1,348.5 million (US$189.9 million) in 2023, compared to RMB1,417.1 million in 2022. Share-based compensation expense included in product development expenses in 2023 was RMB85.9 million (US$12.1 million), compared to RMB68.8 million in 2022.

Operating Profit

Operating profit was RMB1,137.4 million (US$160.2 million) in 2023, compared to RMB1,247.5 million in 2022.

Income Tax Expense/Benefit

There was an income tax expense of RMB72.2 million (US$10.2 million) in 2023, compared to an income tax benefit of RMB61.8 million in 2022. The increase of income tax expense was primarily attributable to the withholding tax related to the declared cash dividend in December 2023.

Net Income attributable to Autohome 

Net income attributable to Autohome was RMB1,935.3 million (US$272.6 million) in 2023, compared to RMB1,855.2 million in 2022.

Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB1,880.1 million (US$264.8 million) in 2023, compared to RMB1,807.2 million in 2022. Basic and diluted EPS were RMB3.84 (US$0.54) and RMB3.83 (US$0.54), respectively, in 2023 as compared to basic and diluted EPS of RMB3.62 and RMB3.62, respectively, in 2022. Basic and diluted earnings per ADS were RMB15.35 (US$2.16) and RMB15.31 (US$2.16), respectively, in 2023 as compared to basic and diluted earnings per ADS of RMB14.48 and RMB14.47, respectively, in 2022.

Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP Earnings per Share/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB2,159.6 million (US$304.2 million) in 2023, compared to RMB2,168.3 million in 2022. Non-GAAP basic and diluted EPS were RMB4.41 (US$0.62) and RMB4.40 (US$0.62), respectively, in 2023 as compared to non-GAAP basic and diluted EPS of RMB4.34 and RMB4.34, respectively, in 2022. Non-GAAP basic and diluted earnings per ADS were RMB17.63 (US$2.48) and RMB17.58 (US$2.48), respectively, in 2023 as compared to non-GAAP basic and diluted earnings per ADS of RMB17.38 and RMB17.36, respectively, in 2022.

Balance Sheet and Cash Flow

As of December 31, 2023, the Company had cash and cash equivalents and short-term investments of RMB23.55 billion (US$3.32 billion). Net cash provided by operating activities in the year of 2023 was RMB2,451.4 million (US$345.3 million).

Employees 

The Company had 5,511 employees as of December 31, 2023, including 2,189 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 7:00 AM U.S. Eastern Time on Tuesday, February 6, 2024 (8:00 PM Beijing Time on the same day).

Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Registration Link: https://register.vevent.com/register/BI4ad2c3b61e424ef682823390b3c2cdc1

Please use the conference access information to join the call ten minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.

About Autohome

Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company's dealer subscription and advertising services allow dealers to market their inventory and services through Autohome's platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.

Safe Harbor Statement 

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Among other things, Autohome's business outlook, Autohome's strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), 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 Autohome'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: Autohome's goals and strategies; Autohome's future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome's ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome's expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures 

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss/(gain) relating to non-operating impact of a write-down of the initial investment in a financial product, loss/(gain) pickup of equity method investments, and impairment of long-term investments, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of non-GAAP and GAAP Results" set forth at the end of this press release.

For investor and media inquiries, please contact:

Autohome Inc.
Investor Relations
Sterling Song
Investor Relations Director  
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn

Christensen China Limited 
Suri Cheng
Tel: +86-185-0060-8364
E-mail:  suri.cheng@christensencomms.com

 

 

 

AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except per share / per ADS data)
		For three months ended December 31,												For year ended December 31,
		2022					2023							2022								2023
		RMB					RMB				US$			RMB								RMB					US$
Net revenues:
Media services		610,181					500,477				70,491			1,963,289								1,870,819					263,499
Leads generation services		786,831					841,486				118,521			3,056,924								3,111,805					438,289
Online marketplace and others		496,244					569,478				80,209			1,920,615								2,201,511					310,076
Total net revenues		1,893,256					1,911,441				269,221			6,940,828								7,184,135					1,011,864
Cost of revenues		(370,631)					(367,888)				(51,816)			(1,235,173)								(1,411,881)					(198,859)
Gross profit		1,522,625					1,543,553				217,405			5,705,655								5,772,254					813,005
Operating expenses:
Sales and marketing expenses		(672,601)					(730,094)				(102,832)			(2,866,206)								(3,012,479)					(424,299)
General and administrative     expenses		(102,775)					(156,797)				(22,084)			(502,340)								(537,979)					(75,773)
Product development    expenses		(312,903)					(355,924)				(50,131)			(1,417,094)								(1,348,472)					(189,928)
Total operating expenses		(1,088,279)					(1,242,815)				(175,047)			(4,785,640)								(4,898,930)					(690,000)
Other operating income, net		78,943					65,976				9,293			327,507								264,101					37,198
Operating profit		513,289					366,714				51,651			1,247,522								1,137,425					160,203
Interest and investment income,     net		172,066					195,813				27,580			565,090								831,006					117,045
(Loss) / gain from equity     method investments		(13,680)					7,361				1,037			(49,766)								29,133					4,103
Income before income taxes		671,675					569,888				80,268			1,762,846								1,997,564					281,351
Income tax (expense)/benefit		(76,914)					(127,566)				(17,967)			61,780								(72,155)					(10,163)
Net income		594,761					442,322				62,301			1,824,626								1,925,409					271,188
Net (income)/loss attributable to     noncontrolling interests		(695)					4,414				622			30,548								9,901					1,395
Net income attributable to     Autohome		594,066					446,736				62,923			1,855,174								1,935,310					272,583
Accretion of mezzanine equity		(37,787)					(39,805)				(5,606)			(137,611)								(153,294)					(21,591)
Accretion attributable to     noncontrolling interests		24,595					25,184				3,547			89,613								98,071					13,813
Net income attributable to     ordinary shareholders		580,874					432,115				60,864			1,807,176								1,880,087					264,805
Earnings per share for     ordinary shares
Basic		1.18					0.89				0.13			3.62								3.84					0.54
Diluted		1.18					0.89				0.13			3.62								3.83					0.54
Earnings per ADS     attributable to ordinary     shareholders (one ADS     equals for four ordinary     shares)
Basic		4.71					3.57				0.50			14.48								15.35					2.16
Diluted		4.70					3.56				0.50			14.47								15.31					2.16
Weighted average shares used to compute     earnings   per share attributable to ordinary shareholders:
Basic		493,234,844					484,419,222				484,419,222			499,160,564								489,952,172					489,952,172
Diluted		494,178,784					485,701,134				485,701,134			499,666,792								491,252,460					491,252,460

 

 

 

AUTOHOME INC
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share / per ADS data)
				For three months ended December 31,														For year ended December 31,
				2022					2023									2022							2023
				RMB					RMB				US$					RMB							RMB					US$
Net income attributable to     Autohome				594,066					446,736				62,923					1,855,174							1,935,310					272,583
Plus: income tax expense/(benefit)				78,255					128,906				18,156					(56,417)							77,515					10,918
Plus: depreciation of property and     equipment				53,158					36,886				5,195					223,504							165,820					23,355
Plus: amortization of intangible     assets				10,846					9,654				1,360					43,365							40,949					5,768
EBITDA				736,325					622,182				87,634					2,065,626							2,219,594					312,624
Plus: share-based compensation     expenses				53,135					49,345				6,950					168,890							195,092					27,478
Adjusted EBITDA				789,460					671,527				94,584					2,234,516							2,414,686					340,102
Net income attributable to     Autohome				594,066					446,736				62,923					1,855,174							1,935,310					272,583
Plus: amortization of intangible assets     resulting from business acquisition				10,722					9,583				1,350					42,888							40,610					5,720
Plus: share-based compensation     expenses				53,135					49,345				6,950					168,890							195,092					27,478
Plus: investment loss arising from one     of financial products[3]				-					5,813				819					73,264							23,252					3,275
Plus: loss/(gain) on equity method     investments, net				13,680					(7,361)				(1,037)					49,766							(29,133)					(4,103)
Plus: impairment of long-term     investments				-					-				-					1,696							-					-
Plus: tax effects of the adjustments				(3,075)					(1,329)				(187)					(23,415)							(5,581)					(786)
Adjusted net income attributable     to Autohome				668,528					502,787				70,818					2,168,263							2,159,550					304,167
Net income attributable to     Autohome				594,066					446,736				62,923					1,855,174							1,935,310					272,583
Net margin				31.4 %					23.4 %				23.4 %					26.7 %							26.9 %					26.9 %
Adjusted net income attributable    to Autohome				668,528					502,787				70,818					2,168,263							2,159,550					304,167
Adjusted net margin				35.3 %					26.3 %				26.3 %					31.2 %							30.1 %					30.1 %
Non-GAAP earnings per share
Basic				1.36					1.04				0.15					4.34							4.41					0.62
Diluted				1.35					1.04				0.15					4.34							4.40					0.62
Non-GAAP earnings per ADS (one ADS equals for four ordinary shares)
Basic				5.42					4.15				0.58					17.38							17.63					2.48
Diluted				5.41					4.14				0.58					17.36							17.58					2.48
Weighted average shares used to     compute non-GAAP earnings     per share:
Basic				493,234,844					484,419,222				484,419,222					499,160,564							489,952,172					489,952,172
Diluted				494,178,784					485,701,134				485,701,134					499,666,792							491,252,460					491,252,460

 

 

 

AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted)
			As of  December 31,		As of  December 31,
			2022		2023
			RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents			2,801,299		4,996,353		703,722
Restricted cash			9,175		126,794		17,859
Short-term investments			19,279,592		18,552,354		2,613,044
Accounts receivable, net			1,927,699		1,472,489		207,396
Amounts due from related parties, current			49,644		16,439		2,315
Prepaid expenses and other current assets			357,522		360,559		50,784
Total current assets			24,424,931		25,524,988		3,595,120
Non-current assets
Restricted cash, non-current			5,000		5,000		704
Property and equipment, net			255,298		200,860		28,291
Goodwill and intangible assets, net			4,220,305		4,143,968		583,666
Long-term investments			419,208		448,341		63,148
Deferred tax assets			265,606		295,598		41,634
Amounts due from related parties, non-current			9,419		16,048		2,260
Other non-current assets			116,052		200,928		28,300
Total non-current assets			5,290,888		5,310,743		748,003
Total assets			29,715,819		30,835,731		4,343,123
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables			2,537,281		2,932,227		412,997
Advance from customers			96,047		105,379		14,842
Deferred revenue			1,147,131		801,581		112,900
Income tax payable			251,121		227,260		32,009
Amounts due to related parties			27,096		24,572		3,461
Dividends payable			-		984,332		138,640
Total current liabilities			4,058,676		5,075,351		714,849
Non-current liabilities
Other liabilities			50,591		89,187		12,562
Deferred tax liabilities			517,926		497,955		70,135
Total non-current liabilities			568,517		587,142		82,697
Total liabilities			4,627,193		5,662,493		797,546
MEZZANINE EQUITY
Convertible redeemable noncontrolling interests			1,605,639		1,758,933		247,741
EQUITY
Total Autohome shareholders' equity			23,888,842		23,928,187		3,370,215
Noncontrolling interests			(405,855)		(513,882)		(72,379)
Total equity			23,482,987		23,414,305		3,297,836
Total liabilities, mezzanine equity and equity			29,715,819		30,835,731		4,343,123

 

[1] The reporting currency of the Company is Renminbi ("RMB"). For readers' convenience, certain amounts throughout the release are presented in US dollars ("US$"). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.0999 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

[2] For more information on this and other non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Unaudited Reconciliations of Non-GAAP and GAAP Results" set forth at the end of this release.

[3] It represented the loss of an investment with fair value below its initial investment, which was recognized at "interest and investment income, net". The impact was considered to be not directly related to the Company's operating activities.

 

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SOURCE Autohome Inc.

FAQ

What were Autohome's net revenues for Q4 2023?

Autohome reported net revenues of RMB1,911.4 million (US$269.2 million) for the fourth quarter of 2023.

How did net income attributable to Autohome change in Q4 2023 compared to 2022?

Net income attributable to Autohome decreased in the fourth quarter of 2023 compared to the corresponding period of 2022.

What was the total cost of the share repurchase program completed by Autohome?

Autohome completed a share repurchase program for a total cost of approximately US$200.0 million.

What areas did the CEO emphasize in the financial results announcement?

The CEO highlighted solid growth in total revenues, user traffic, and the new retail business.

What did the CFO emphasize in the financial results announcement?

The CFO emphasized strong growth in revenues from data products and the new energy vehicle business, as well as increased dividend payout to shareholders.