Autohome Inc. Announces Unaudited Second Quarter and Interim 2024 Financial Results
Autohome Inc. (NYSE: ATHM; HKEX: 2518) reported its unaudited financial results for Q2 2024. Key highlights include:
- Net revenues increased to RMB1,872.6 million (US$257.7 million), up from RMB1,833.0 million in Q2 2023.
- Net income attributable to Autohome rose to RMB524.8 million (US$72.2 million), compared to RMB504.7 million in Q2 2023.
- Adjusted net income (Non-GAAP) was RMB572.4 million (US$78.8 million), up from RMB569.5 million in Q2 2023.
- Average mobile daily active users grew by 8.3% year-over-year to 67.91 million in June.
- The company launched its Satellite Plan to expand into lower-tier cities.
Autohome maintains a strong balance sheet with RMB23.47 billion (US$3.23 billion) in cash and short-term investments as of June 30, 2024.
Autohome Inc. (NYSE: ATHM; HKEX: 2518) ha riportato i suoi risultati finanziari non revisionati per il secondo trimestre del 2024. I punti salienti includono:
- I ricavi netti sono aumentati a RMB1.872,6 milioni (US$257,7 milioni), rispetto ai RMB1.833,0 milioni del secondo trimestre del 2023.
- Il reddito netto attribuibile ad Autohome è salito a RMB524,8 milioni (US$72,2 milioni), rispetto ai RMB504,7 milioni del secondo trimestre del 2023.
- Il reddito netto rettificato (Non-GAAP) è stato di RMB572,4 milioni (US$78,8 milioni), in aumento rispetto ai RMB569,5 milioni del secondo trimestre del 2023.
- Gli utenti attivi giornalieri in mobile sono cresciuti dell'8,3% rispetto all'anno precedente, raggiungendo i 67,91 milioni a giugno.
- L'azienda ha lanciato il suo Piano Satellitare per espandersi nelle città di livello inferiore.
Autohome mantiene un bilancio solido con RMB23,47 miliardi (US$3,23 miliardi) in contante e investimenti a breve termine a partire dal 30 giugno 2024.
Autohome Inc. (NYSE: ATHM; HKEX: 2518) reportó sus resultados financieros no auditados para el segundo trimestre de 2024. Los puntos destacados incluyen:
- Los ingresos netos aumentaron a RMB1,872.6 millones (US$257.7 millones), frente a RMB1,833.0 millones en el segundo trimestre de 2023.
- El ingreso neto atribuible a Autohome creció a RMB524.8 millones (US$72.2 millones), en comparación con RMB504.7 millones en el segundo trimestre de 2023.
- El ingreso neto ajustado (Non-GAAP) fue de RMB572.4 millones (US$78.8 millones), frente a RMB569.5 millones en el segundo trimestre de 2023.
- Los usuarios activos diarios móviles crecieron un 8.3% interanual, alcanzando 67.91 millones en junio.
- La empresa lanzó su Plan Satelital para expandirse a ciudades de menor nivel.
Autohome mantiene un balance sólido con RMB23.47 mil millones (US$3.23 mil millones) en efectivo e inversiones a corto plazo a partir del 30 de junio de 2024.
Autohome Inc. (NYSE: ATHM; HKEX: 2518)는 2024년 2분기 비감사 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 순수익이 RMB1,872.6백만(US$257.7백만)으로 증가했으며, 2023년 2분기의 RMB1,833.0백만에서 증가했습니다.
- Autohome에 귀속된 순이익은 RMB524.8백만(US$72.2백만)으로 증가했으며, 2023년 2분기의 RMB504.7백만과 비교됩니다.
- 조정된 순이익(비GAAP)은 RMB572.4백만(US$78.8백만)으로 증가했으며, 2023년 2분기의 RMB569.5백만에서 증가했습니다.
- 모바일 평균 일일 활성 사용자 수가 작년 대비 8.3% 증가하여 6월에 67.91백만에 도달했습니다.
- 회사는 하위 도시로 확장을 위한 위성 계획을 시작했습니다.
Autohome는 2024년 6월 30일 기준으로 현금 및 단기 투자에서 RMB23.47억(US$3.23억)을 보유하고 있어 강력한 재무 구조를 유지하고 있습니다.
Autohome Inc. (NYSE: ATHM; HKEX: 2518) a annoncé ses résultats financiers non audités pour le deuxième trimestre de 2024. Les points clés incluent :
- Les revenus nets ont augmenté à RMB1 872,6 millions (US$257,7 millions), contre RMB1 833,0 millions au deuxième trimestre 2023.
- Le résultat net attribuable à Autohome a augmenté pour atteindre RMB524,8 millions (US$72,2 millions), contre RMB504,7 millions au deuxième trimestre 2023.
- Le résultat net ajusté (Non-GAAP) s'élevait à RMB572,4 millions (US$78,8 millions), en hausse par rapport à RMB569,5 millions au deuxième trimestre 2023.
- Le nombre moyen d'utilisateurs actifs quotidiens sur mobile a augmenté de 8,3 % d'une année sur l'autre, atteignant 67,91 millions en juin.
- L'entreprise a lancé son Plan Satellite pour s'étendre dans les villes de moindre niveaux.
Autohome dispose d'un bilan solide avec RMB23,47 milliards (US$3,23 milliards) en liquidités et en investissements à court terme au 30 juin 2024.
Autohome Inc. (NYSE: ATHM; HKEX: 2518) hat seine unauditierten Finanzzahlen für das zweite Quartal 2024 veröffentlicht. Die wichtigsten Highlights sind:
- Die Nettoerlöse stiegen auf RMB1.872,6 Millionen (US$257,7 Millionen), verglichen mit RMB1.833,0 Millionen im zweiten Quartal 2023.
- Der der Autohome zurechenbare Nettogewinn stieg auf RMB524,8 Millionen (US$72,2 Millionen), im Vergleich zu RMB504,7 Millionen im zweiten Quartal 2023.
- Der bereinigte Nettogewinn (Non-GAAP) betrug RMB572,4 Millionen (US$78,8 Millionen), ein Anstieg gegenüber RMB569,5 Millionen im zweiten Quartal 2023.
- Die durchschnittlichen mobilen täglichen aktiven Nutzer wuchsen im Jahresvergleich um 8,3 % auf 67,91 Millionen im Juni.
- Das Unternehmen hat seinen Satellitenplan gestartet, um sich in kleineren Städten auszubreiten.
Autohome weist eine starke Bilanz mit RMB23,47 Milliarden (US$3,23 Milliarden) an Bar- und kurzfristigen Investments per 30. Juni 2024 auf.
- Net revenues increased by 2.2% year-over-year to RMB1,872.6 million
- Net income attributable to Autohome grew by 4% year-over-year to RMB524.8 million
- Average mobile daily active users increased by 8.3% year-over-year to 67.91 million
- Leads generation services revenues grew to RMB820.3 million from RMB759.6 million year-over-year
- Online marketplace and others revenues increased to RMB619.4 million from RMB541.4 million year-over-year
- Operating profit rose to RMB412.4 million from RMB341.5 million year-over-year
- Strong balance sheet with RMB23.47 billion in cash and short-term investments
- Media services revenues decreased to RMB432.9 million from RMB532.0 million year-over-year
- Income tax expense increased to RMB102.2 million from RMB35.8 million year-over-year
- Cost of revenues increased to RMB346.1 million from RMB330.2 million year-over-year
Insights
Autohome's Q2 2024 results show modest growth and stable performance. Net revenues increased by
The company's focus on innovative businesses is paying off, with double-digit growth in data products and NEV business revenues. This diversification strategy is important in the evolving automotive industry landscape. However, the decline in media services revenues from
Autohome's strong balance sheet, with
Investors should note the increase in income tax expense, primarily due to withholding tax related to the declared cash dividend plan. This could impact future net income figures, but also signals the company's commitment to returning value to shareholders.
Overall, Autohome's financial performance remains solid, with promising growth in innovative segments balancing out challenges in traditional revenue streams.
Autohome's Q2 results reflect its strong position in China's automotive digital ecosystem. The
The launch of the Satellite Plan is a strategic move to penetrate lower-tier cities, which are becoming increasingly important in China's automotive market. This expansion could drive future growth by tapping into underserved markets and leveraging the company's established brand in these regions.
The double-digit growth in data products and NEV business revenues aligns with broader industry trends, particularly the rapid expansion of China's electric vehicle market. Autohome's ability to capitalize on these trends suggests adaptability and foresight in product development.
However, the decline in media services revenues indicates potential challenges in the traditional advertising model. This could be due to broader economic factors affecting automotive advertising budgets or shifts in marketing strategies among automakers.
The company's focus on cost control while investing in growth areas demonstrates a balanced approach to management. This strategy could position Autohome well for sustainable long-term growth in a competitive and evolving market.
Second Quarter 2024 Highlights[1]
- Net revenues in the second quarter of 2024 were
RMB1,872.6 million (US ), compared to$257.7 million RMB1,833.0 million in the corresponding period of 2023. - Net income attributable to Autohome in the second quarter of 2024 was
RMB524.8 million (US ), compared to$72.2 million RMB504.7 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the second quarter of 2024 wasRMB509.7 million (US ), compared to$70.1 million RMB491.2 million in the corresponding period of 2023. - Adjusted net income attributable to Autohome (Non-GAAP)[2] in the second quarter of 2024 was
RMB572.4 million (US ), compared to$78.8 million RMB569.5 million in the corresponding period of 2023.
Mr. Tao Wu, Chief Executive Officer of Autohome, stated, "We are pleased to deliver another solid quarter, highlighted by sustained growth in net revenues, a substantial increase in user traffic, and remarkable progress made in our innovative business initiatives. On content, our diverse and high-quality offerings, bolstered by our strong IP content matrix, has worked to consistently expand our user base and enhance user engagement. According to QuestMobile, our number of average mobile daily active users grew by
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, "Our focus on innovative businesses has led to robust growth in our data products and new energy vehicle ("NEV") business, with double-digit year-over-year increases in quarterly revenues. We have maintained a healthy balance sheet while driving the development of our businesses and fulfilling our commitment to provide stable shareholder returns. Moving forward, we will continue to focus on areas of emerging growth while maintaining stringent cost controls to ensure long-term shareholder value."
Unaudited Second Quarter 2024 Financial Results
Net Revenues
Net revenues in the second quarter of 2024 were
- Media services revenues were
RMB432.9 million (US ) in the second quarter of 2024, compared to$59.6 million RMB532.0 million in the corresponding period of 2023. - Leads generation services revenues were
RMB820.3 million (US .9 million) in the second quarter of 2024, compared to$112 RMB759.6 million in the corresponding period of 2023. - Online marketplace and others revenues were RMB619.4 million (
US million) in the second quarter of 2024, compared to$85.2 RMB541.4 million in the corresponding period of 2023.
Cost of Revenues
Cost of revenues was
Operating Expenses
Operating expenses were
- Sales and marketing expenses were
RMB752.5 million (US ) in the second quarter of 2024, compared to$103.6 million RMB824.1 million in the corresponding period of 2023, due primarily to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the second quarter of 2024 wereRMB10.1 million (US ), compared to$1.4 million RMB12.3 million in the corresponding period of 2023. - General and administrative expenses were
RMB117.6 million (US ) in the second quarter of 2024, compared to$16.2 million RMB91.0 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the second quarter of 2024 wereRMB10.4 million (US ), compared to$1.4 million RMB8.9 million in the corresponding period of 2023. - Product development expenses were
RMB315.2 million (US ) in the second quarter of 2024, compared to$43.4 million RMB313.0 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the second quarter of 2024 wereRMB18.8 million (US ), compared to$2.6 million RMB18.7 million in the corresponding period of 2023.
Operating Profit
Operating profit was
Income Tax Expense
Income tax expense was
Net Income Attributable to Autohome
Net income attributable to Autohome was
Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was
Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of
Employees
The Company had 5,078 employees as of June 30, 2024, including 1,755 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 8:00 a.m.
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/BIfd7c475745884d119c4c12c24ed8f0f5
Please use the conference access information to join the call 10 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
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with
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
Suri Cheng
Tel: +86-185-0060-8364
E-mail: suri.cheng@christensencomms.com
AUTOHOME INC. | |||||||||||||
For three months ended June 30, | For six months ended June 30, | ||||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
Net revenues: | |||||||||||||
Media services | 532,005 | 432,858 | 59,563 | 893,473 | 760,289 | 104,619 | |||||||
Leads generation services | 759,635 | 820,271 | 112,873 | 1,440,269 | 1,546,694 | 212,832 | |||||||
Online marketplace and others | 541,394 | 619,425 | 85,236 | 1,032,921 | 1,174,636 | 161,635 | |||||||
Total net revenues | 1,833,034 | 1,872,554 | 257,672 | 3,366,663 | 3,481,619 | 479,086 | |||||||
Cost of revenues | (330,227) | (346,102) | (47,625) | (670,441) | (646,994) | (89,029) | |||||||
Gross profit | 1,502,807 | 1,526,452 | 210,047 | 2,696,222 | 2,834,625 | 390,057 | |||||||
Operating expenses: | |||||||||||||
Sales and marketing expenses | (824,081) | (752,543) | (103,553) | (1,347,197) | (1,393,819) | (191,796) | |||||||
General and administrative | (90,979) |
(117,564) |
(16,177) | (240,135) |
(267,109) |
(36,755) | |||||||
Product development expenses | (313,010) | (315,230) | (43,377) | (637,376) | (651,297) | (89,621) | |||||||
Total operating expenses | (1,228,070) | (1,185,337) | (163,107) | (2,224,708) | (2,312,225) | (318,172) | |||||||
Other operating income, net | 66,772 | 71,279 | 9,808 | 133,160 | 166,072 | 22,852 | |||||||
Operating profit | 341,509 | 412,394 | 56,748 | 604,674 | 688,472 | 94,737 | |||||||
Interest and investment income, | 202,813 |
189,053 | 26,015 | 427,828 |
409,027 |
56,284 | |||||||
(Loss)/income from equity method |
(1,690) |
4,640 | 638 | (33,125) |
(44,493) |
(6,122) | |||||||
Income before income taxes | 542,632 | 606,087 | 83,401 | 999,377 | 1,053,006 | 144,899 | |||||||
Income tax expense | (35,796) | (102,165) | (14,058) | (90,477) | (170,566) | (23,471) | |||||||
Net income | 506,836 | 503,922 | 69,343 | 908,900 | 882,440 | 121,428 | |||||||
Net (income)/loss attributable to | (2,102) | 20,839 | 2,868 | 1,336 |
36,820 |
5,067 | |||||||
Net income attributable to |
504,734 | 524,761 | 72,211 | 910,236 |
919,260 |
126,495 | |||||||
Accretion of mezzanine equity | (38,686) | (42,687) | (5,874) | (75,185) | (84,358) | (11,608) | |||||||
Accretion attributable to |
25,164 |
27,599 | 3,798 | 48,913 |
54,547 |
7,506 | |||||||
Net income attributable to |
491,212 |
509,673 | 70,135 | 883,964 |
889,449 |
122,393 | |||||||
Earnings per share attributable to | |||||||||||||
Basic | 1.00 | 1.05 | 0.14 | 1.79 | 1.84 | 0.25 | |||||||
Diluted | 1.00 | 1.05 | 0.14 | 1.79 | 1.83 | 0.25 | |||||||
Earnings per ADS attributable | |||||||||||||
Basic | 3.99 | 4.20 | 0.58 | 7.17 | 7.34 | 1.01 | |||||||
Diluted | 3.98 | 4.19 | 0.58 | 7.15 | 7.32 | 1.01 | |||||||
Weighted average shares used to compute | |||||||||||||
Basic | 492,534,428 | 484,860,625 | 484,860,625 | 492,927,049 | 484,569,763 | 484,569,763 | |||||||
Diluted | 493,624,704 | 486,591,693 | 486,591,693 | 494,261,429 | 486,029,303 | 486,029,303 | |||||||
AUTOHOME INC. | ||||||||||||
For three months ended June 30, | For six months ended June 30, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income attributable to | 504,734 | 524,761 | 72,211 | 910,236 |
919,260 |
126,495 | ||||||
Plus: income tax expense | 37,136 | 103,505 | 14,243 | 93,157 | 173,247 | 23,840 | ||||||
Plus: depreciation of property and | 42,259 | 31,750 | 4,369 | 90,197 |
65,284 |
8,983 | ||||||
Plus: amortization of intangible | 10,798 | 9,650 | 1,328 | 21,638 |
19,300 |
2,656 | ||||||
EBITDA | 594,927 | 669,666 | 92,151 | 1,115,228 | 1,177,091 | 161,974 | ||||||
Plus: share-based compensation | 41,628 | 41,188 | 5,668 | 87,813 |
89,495 |
12,315 | ||||||
Adjusted EBITDA | 636,555 | 710,854 | 97,819 | 1,203,041 | 1,266,586 | 174,289 | ||||||
Net income attributable to | 504,734 | 524,761 | 72,211 | 910,236 |
919,260 |
126,495 | ||||||
Plus: amortization of intangible assets | 10,722 | 9,583 | 1,319 | 21,444 |
19,166 |
2,637 | ||||||
Plus: share-based compensation | 41,628 | 41,188 | 5,668 | 87,813 |
89,495 |
12,315 | ||||||
Plus: investment loss arising from one of | 14,532 | 2,906 | 400 | 8,719 |
2,906 |
400 | ||||||
Plus: loss/(gain) on equity method | 1,690 | (4,640) | (638) | 33,125 |
44,493 |
6,122 | ||||||
Plus: tax effects of the adjustments | (3,840) | (1,360) | (187) | (8,360) | (8,954) | (1,232) | ||||||
Adjusted net income attributable | 569,466 | 572,438 | 78,773 |
1,052,977 |
1,066,366 |
146,737 | ||||||
Net income attributable to | 504,734 | 524,761 | 72,211 | 910,236 |
919,260 |
126,495 | ||||||
Net margin | 27.5 % | 28.0 % | 28.0 % | 27.0 % | 26.4 % | 26.4 % | ||||||
Adjusted net income attributable | 569,466 | 572,438 | 78,773 | 1,052,977 | 1,066,366 | 146,737 | ||||||
Adjusted net margin | 31.1 % | 30.6 % | 30.6 % | 31.3 % | 30.6 % | 30.6 % | ||||||
Non-GAAP earnings per share | ||||||||||||
Basic | 1.16 | 1.18 | 0.16 | 2.14 | 2.20 | 0.30 | ||||||
Diluted | 1.15 | 1.18 | 0.16 | 2.13 | 2.19 | 0.30 | ||||||
Non-GAAP earnings per ADS | ||||||||||||
Basic | 4.62 | 4.72 | 0.65 | 8.54 | 8.80 | 1.21 | ||||||
Diluted | 4.61 | 4.71 | 0.65 | 8.52 | 8.78 | 1.21 | ||||||
Weighted average shares used to | ||||||||||||
Basic | 492,534,428 | 484,860,625 | 484,860,625 | 492,927,049 | 484,569,763 | 484,569,763 | ||||||
Diluted | 493,624,704 | 486,591,693 | 486,591,693 | 494,261,429 | 486,029,303 | 486,029,303 | ||||||
AUTOHOME INC. | |||||
As of | As of June 30, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 4,996,353 | 3,881,952 | 534,174 | ||
Restricted cash | 126,794 | 107,964 | 14,856 | ||
Short-term investments | 18,552,354 | 19,593,011 | 2,696,088 | ||
Accounts receivable, net | 1,472,489 | 1,350,567 | 185,844 | ||
Amounts due from related parties, current | 16,439 | 30,233 | 4,160 | ||
Prepaid expenses and other current assets | 360,559 | 423,411 | 58,263 | ||
Total current assets | 25,524,988 | 25,387,138 | 3,493,385 | ||
Non-current assets | |||||
Restricted cash, non-current | 5,000 | 5,000 | 688 | ||
Property and equipment, net | 200,860 | 194,067 | 26,705 | ||
Goodwill and intangible assets, net | 4,143,968 | 4,106,799 | 565,114 | ||
Long-term investments | 448,341 | 403,848 | 55,571 | ||
Deferred tax assets | 295,598 | 295,598 | 40,676 | ||
Amounts due from related parties, non-current | 16,048 | 13,839 | 1,904 | ||
Other non-current assets | 200,928 | 157,102 | 21,619 | ||
Total non-current assets | 5,310,743 | 5,176,253 | 712,277 | ||
Total assets | 30,835,731 | 30,563,391 | 4,205,662 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Accrued expenses and other payables | 2,932,227 | 2,227,929 | 306,573 | ||
Advance from customers | 105,379 | 102,623 | 14,121 | ||
Deferred revenue | 801,581 | 1,156,160 | 159,093 | ||
Income tax payable | 227,260 | 338,306 | 46,552 | ||
Amounts due to related parties | 24,572 | 31,878 | 4,387 | ||
Dividends payable | 984,332 | 493,881 | 67,960 | ||
Total current liabilities | 5,075,351 | 4,350,777 | 598,686 | ||
Non-current liabilities | |||||
Other liabilities | 89,187 | 58,622 | 8,067 | ||
Deferred tax liabilities | 497,955 | 472,481 | 65,016 | ||
Total non-current liabilities | 587,142 | 531,103 | 73,083 | ||
Total liabilities | 5,662,493 | 4,881,880 | 671,769 | ||
MEZZANINE EQUITY | |||||
Convertible redeemable noncontrolling interests | 1,758,933 | 1,843,291 | 253,645 | ||
EQUITY | |||||
Total Autohome shareholders' equity | 23,928,187 | 24,443,437 | 3,363,529 | ||
Noncontrolling interests | (513,882) | (605,217) | (83,281) | ||
Total equity | 23,414,305 | 23,838,220 | 3,280,248 | ||
Total liabilities, mezzanine equity and equity | 30,835,731 | 30,563,391 | 4,205,662 |
UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS
The unaudited condensed consolidated statements of income for the six month ended June 30, 2024 and the unaudited condensed consolidated balance sheets as of June 30, 2024 (collectively, the "Unaudited Interim Financial Statements") of Autohome Inc., its subsidiaries,the variable interest entities, and the subsidiaries of the variable interest entities (collectively, the "Company") are prepared in accordance with the accounting principles generally accepted in
PricewaterhouseCoopers, the auditor of the Company in
Appendix
The Unaudited Interim Financial Statements of the Company are prepared in accordance with
Reconciliation of unaudited condensed consolidated statements of income:
For six months ended June 30, | |||
2023 | 2024 | ||
RMB | RMB | ||
Reconciliation of net income in the consolidated statements of income | (in thousands) | ||
Net income as reported under | 908,900 | 882,440 | |
IFRS adjustments: | |||
Preferred shares (Note a) | (64,555) | 126,264 | |
Leases (Note b) | (521) | (285) | |
Share-based compensations (Note c) | (36,304) | (16,419) | |
Net income as reported under IFRS | 807,520 | 992,000 |
Reconciliation of unaudited condensed consolidated balance sheets:
As of | As of | ||
2023 | 2024 | ||
RMB | RMB | ||
Reconciliation of total equity in the consolidated balance sheets | (in thousands) | ||
Total equity as reported under | 23,414,305 | 23,838,220 | |
IFRS adjustments: | |||
Preferred shares (Note a) | 1,182,018 | 1,409,285 | |
Leases (Note b) | (9,536) | (9,821) | |
Total equity as reported under IFRS | 24,586,787 | 25,237,684 |
Notes:
Basis of Preparation
The Directors of the Company are responsible for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules. The Reconciliation Statement was prepared based on the Company's unaudited interim condensed consolidated financial information for the six months ended June 30, 2024 prepared under
(a) Preferred Shares
Under U.S. GAAP, the preferred shares of the Company are accounted for as mezzanine equity, which is subsequently accreted to the amount which equals to redemption value of each series of preferred shares.
Under IFRS, the preferred shares, which are redeemable at the option of the holder, represent a financial liability. And the financial liability is measured at fair value and changes in the fair value are reflected in the consolidated statements of comprehensive income. The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of the liability shall be presented in the consolidated balance sheets as accumulated other comprehensive income; the remaining amount of change in the fair value of the liability shall be presented in the consolidated statements of comprehensive income.
Accordingly, the reconciliation includes a fair value profit change of
(b) Leases
For operating leases under U.S. GAAP, the subsequent measurement of the lease liability is based on the present value of the remaining lease payments using the discount rate determined at lease commencement, while the right-of-use asset is remeasured at the amount of the lease liability, adjusted for the remaining balance of any lease incentives received, cumulative prepaid or accrued rents, unamortized initial direct costs and any impairment. This treatment under U.S. GAAP results in straight line expense being incurred over the lease term, as opposed to IFRS which generally yields a "front-loaded" expense with more expense recognized in earlier years of the lease.
Accordingly, the reconciliation includes an expenses difference recognized in the consolidated statements of comprehensive income of
(c) Share-based Compensation
Under U.S. GAAP, the Company has elected to recognize compensation expense using the straight-line method for all share-based awards granted with service conditions that have a graded vesting schedule. For awards with performance condition and multiple service dates, if the performance conditions are all set at inception and independent for each year, each tranche is accounted for as a separate award with its own requisite service period. Compensation cost is recognized over the respective requisite service period separately for each separately-vesting tranche as though each tranche of the award is, in substance, a separate award.
Under IFRS, the accelerated method is required to recognize compensation expense for all employee equity awards granted with graded vesting.
Accordingly, the reconciliation includes an expense recognition difference in the consolidated statements of comprehensive income of
[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 |
[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.
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