Autohome Inc. Announces Unaudited Third Quarter 2024 Financial Results
Autohome reported Q3 2024 financial results with net revenues of RMB1,774.5 million (US$252.9 million), down from RMB1,906.0 million in Q3 2023. Net income decreased to RMB441.3 million (US$62.9 million) from RMB578.3 million year-over-year. The company's mobile daily active users grew by 5.6% to 72.87 million in September. The board approved a cash dividend of US$1.15 per ADS. The company has repurchased 244,302 ADSs for approximately US$6.7 million. Online marketplace revenues showed growth while media services revenues declined compared to the previous year.
Autohome ha riportato i risultati finanziari del terzo trimestre del 2024, con ricavi netti di RMB1.774,5 milioni (US$252,9 milioni), in calo rispetto a RMB1.906,0 milioni del terzo trimestre del 2023. Il reddito netto è diminuito a RMB441,3 milioni (US$62,9 milioni) rispetto ai RMB578,3 milioni dell'anno precedente. Gli utenti attivi giornalieri dell'azienda sono aumentati del 5,6%, raggiungendo i 72,87 milioni a settembre. Il consiglio ha approvato un dividendo in contante di US$1,15 per ADS. L'azienda ha riacquistato 244.302 ADS per un valore di circa US$6,7 milioni. I ricavi del mercato online hanno mostrato una crescita, mentre i ricavi dei servizi media sono diminuiti rispetto all'anno precedente.
Autohome reportó los resultados financieros del tercer trimestre de 2024 con ingresos netos de RMB1,774.5 millones (US$252.9 millones), una disminución respecto a RMB1,906.0 millones en el tercer trimestre de 2023. El ingreso neto disminuyó a RMB441.3 millones (US$62.9 millones) desde RMB578.3 millones en comparación con el año anterior. Los usuarios activos diarios móviles de la compañía crecieron un 5.6%, alcanzando los 72.87 millones en septiembre. La junta aprobó un dividendo en efectivo de US$1.15 por ADS. La empresa ha recomprado 244,302 ADS por aproximadamente US$6.7 millones. Los ingresos del mercado en línea mostraron crecimiento, mientras que los ingresos por servicios de medios disminuyeron en comparación con el año anterior.
Autohome은 2024년 3분기 재무 결과를 발표하며, 순 매출이 RMB1,774.5백만(US$252.9백만)으로, 2023년 3분기의 RMB1,906.0백만에서 감소했다고 보고했습니다. 순이익은 작년 대비 RMB441.3백만(US$62.9백만)으로 감소하였으며, 작년의 RMB578.3백만에서 하락했습니다. 회사의 모바일 일일 활성 사용자 수는 5.6% 증가하여 9월에 72.87백만에 달했습니다. 이사회는 ADS당 US$1.15의 현금 배당금을 승인했습니다. 회사는 약 US$6.7백만에 해당하는 244,302 ADS를 재매입했습니다. 온라인 시장 수익은 성장하였으나, 미디어 서비스 수익은 작년과 비교하여 감소했습니다.
Autohome a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus nets de RMB1.774,5 millions (US$252,9 millions), en baisse par rapport à RMB1.906,0 millions au troisième trimestre 2023. Le revenu net a diminué à RMB441,3 millions (US$62,9 millions) contre RMB578,3 millions d'une année sur l'autre. Les utilisateurs actifs quotidiens mobiles de l'entreprise ont augmenté de 5,6%, atteignant 72,87 millions en septembre. Le conseil d'administration a approuvé un dividende en espèces de US$1,15 par ADS. L'entreprise a racheté 244.302 ADS pour un montant d'environ US$6,7 millions. Les revenus du marché en ligne ont montré une croissance, tandis que les revenus des services médiatiques ont diminué par rapport à l'année précédente.
Autohome berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit Nettoumsätzen von RMB1.774,5 Millionen (US$252,9 Millionen), was einem Rückgang von RMB1.906,0 Millionen im dritten Quartal 2023 entspricht. Der Nettogewinn sank auf RMB441,3 Millionen (US$62,9 Millionen) im Vergleich zu RMB578,3 Millionen im Vorjahr. Die mobilen täglichen aktiven Nutzer des Unternehmens wuchsen im September um 5,6% auf 72,87 Millionen. Der Vorstand genehmigte eine Bardividende von US$1,15 pro ADS. Das Unternehmen hat 244.302 ADS für ungefähr US$6,7 Millionen zurückgekauft. Die Umsätze des Online-Marktplatzes zeigten ein Wachstum, während die Einnahmen aus Mediendiensten im Vergleich zum Vorjahr zurückgingen.
- Mobile daily active users increased 5.6% YoY to 72.87 million
- Announced cash dividend of US$1.15 per ADS (approximately RMB1 billion total)
- Online marketplace revenues grew to RMB617.8 million from RMB599.1 million YoY
- Strong cash position with RMB23.06 billion in cash and short-term investments
- Net revenues declined 6.9% YoY to RMB1,774.5 million
- Net income decreased 23.7% YoY to RMB441.3 million
- Media services revenues dropped 31.6% YoY to RMB326.0 million
- Operating profit decreased 50.2% YoY to RMB82.6 million
Insights
Autohome's Q3 2024 results show concerning trends with revenue declining
The bright spots include stable leads generation services and slight growth in marketplace revenues. The company maintains a strong balance sheet with
The company's strategic focus on NEV brands and expansion into lower-tier cities through Autohome Space could help offset traditional revenue decline, but near-term headwinds persist in core business segments.
The
The collaboration with Ping An Group and expansion into lower-tier cities through franchise stores represents a significant opportunity to diversify revenue streams beyond traditional advertising. However, rising operational costs and declining media services revenue suggest a challenging transition period as the company adapts to evolving market dynamics in China's automotive sector.
Third Quarter 2024 Highlights[1]
- Net revenues in the third quarter of 2024 were
RMB1,774.5 million (US ), compared to$252.9 million RMB1,906.0 million in the corresponding period of 2023. - Net income attributable to Autohome in the third quarter of 2024 was
RMB441.3 million (US ), compared to$62.9 million RMB578.3 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the third quarter of 2024 wasRMB425.7 million (US ), compared to$60.7 million RMB564.0 million in the corresponding period of 2023. - Adjusted net income attributable to Autohome (Non-GAAP)[2] in the third quarter of 2024 was
RMB497.2 million (US ), compared to$70.8 million RMB603.8 million in the corresponding period of 2023. - Share repurchase: As of November 1, 2024, the Company had repurchased 244,302 American depositary shares ("ADSs") for a total cost of approximately
US .$6.7 million - Cash dividend: The Company's board of directors has approved a cash dividend of
US per ADS (or$1.15 US per ordinary share) payable in$0.28 75U.S. dollars (the "Dividend") to holders of ADSs and ordinary shares of record as of the close of business on December 31, 2024. The aggregate amount of the Dividend will be approximatelyRMB1 billion and is expected to be paid to holders of ordinary shares and ADSs of the Company on or around March 14, 2025 and March 19, 2025, respectively.
Mr. Tao Wu, Chief Executive Officer of Autohome, stated, "In the third quarter, we made substantial progress in advancing our integrated online-to-offline ecosystem strategy, further optimizing our business structure. On the online front, we are leveraging our professional content and product matrix to strengthen our differentiated competitive advantages, leading to a continued growth in the scale of our user base. According to QuestMobile, our average mobile daily active users grew by
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, "The innovative new businesses we have been deploying are beginning to yield results, driving growth in our online marketplace and others business lines this quarter. Notably, revenues from new energy vehicle brands have once again outpaced the sales growth of the broader industry. We remain committed to maximizing shareholder value through our ongoing dividend and share repurchase programs. Looking ahead, we will continue to expand our footprint across the automotive sector while further enhancing operational efficiency in each of our business lines to ensure long-term sustainable value for our shareholders."
Unaudited Third Quarter 2024 Financial Results
Net Revenues
Net revenues were
- Media services revenues were
RMB326.0 million (US ) in the third quarter of 2024, compared to$46.5 million RMB476.9 million in the corresponding period of 2023. - Leads generation services revenues were
RMB830.7 million (US ) in the third quarter of 2024, compared to$118.4 million RMB830.1 million in the corresponding period of 2023. - Online marketplace and others revenues were
RMB617.8 million (US ) in the third quarter of 2024, compared to$88.0 million RMB599.1 million in the corresponding period of 2023.
Cost of Revenues
Cost of revenues was
Operating Expenses
Operating expenses were
- Sales and marketing expenses were
RMB876.5 million (US ) in the third quarter of 2024, compared to$124.9 million RMB935.2 million in the corresponding period of 2023, primarily due to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the third quarter of 2024 wereRMB15.2 million (US ), compared to$2.2 million RMB15.3 million in the corresponding period of 2023. - General and administrative expenses were
RMB136.5 million (US ) in the third quarter of 2024, compared to$19.5 million RMB141.0 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the third quarter of 2024 wereRMB15.2 million (US ), compared to$2.2 million RMB13.0 million in the corresponding period of 2023. - Product development expenses were
RMB339.2 million (US ) in the third quarter of 2024, compared to$48.3 million RMB355.2 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the third quarter of 2024 wereRMB27.3 million (US ), compared to$3.9 million RMB26.8 million in the corresponding period of 2023.
Operating Profit
Operating profit was
Income Tax Benefit
Income tax benefit 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 September 30, 2024, the Company had cash and cash equivalents and short-term investments of
Cash Dividend
The Company's board of directors has approved the Dividend of US
Employees
The Company had 4,710 employees as of September 30, 2024, including 1,414 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 7:00 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/BIea362620c5254eb58ff269d0c9abdf2d
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.
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. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | ||||||||
(Amount in thousands, except per share / per ADS data) | ||||||||
For three months ended September 30, | ||||||||
2023 | 2024 | |||||||
RMB | RMB | US$ | ||||||
Net revenues: | ||||||||
Media services | 476,869 | 325,967 | 46,450 | |||||
Leads generation services | 830,050 | 830,748 | 118,381 | |||||
Online marketplace and others | 599,112 | 617,817 | 88,038 | |||||
Total net revenues | 1,906,031 | 1,774,532 | 252,869 | |||||
Cost of revenues | (373,552) | (407,668) | (58,092) | |||||
Gross profit | 1,532,479 | 1,366,864 | 194,777 | |||||
Operating expenses: | ||||||||
Sales and marketing expenses | (935,188) | (876,538) | (124,906) | |||||
General and administrative expenses | (141,047) | (136,532) | (19,456) | |||||
Product development expenses | (355,172) | (339,159) | (48,330) | |||||
Total operating expenses | (1,431,407) | (1,352,229) | (192,692) | |||||
Other operating income, net | 64,965 | 67,981 | 9,687 | |||||
Operating profit | 166,037 | 82,616 | 11,772 | |||||
Interest and investment income, net | 207,365 | 193,816 | 27,619 | |||||
Share of results of equity method investments | 54,897 | 12,788 | 1,822 | |||||
Income before income taxes | 428,299 | 289,220 | 41,213 | |||||
Income tax benefit | 145,888 | 138,982 | 19,805 | |||||
Net income | 574,187 | 428,202 | 61,018 | |||||
Net loss attributable to noncontrolling interests | 4,151 | 13,138 | 1,872 | |||||
Net income attributable to Autohome | 578,338 | 441,340 | 62,890 | |||||
Accretion of mezzanine equity | (38,304) | (44,232) | (6,303) | |||||
Accretion attributable to noncontrolling interests | 23,974 | 28,593 | 4,074 | |||||
Net income attributable to ordinary |
564,008 |
425,701 | 60,661 | |||||
Earnings per share attributable to ordinary | ||||||||
Basic | 1.15 | 0.88 | 0.13 | |||||
Diluted | 1.15 | 0.87 | 0.12 | |||||
Earnings per ADS attributable to ordinary | ||||||||
Basic | 4.61 | 3.50 | 0.50 | |||||
Diluted | 4.59 | 3.49 | 0.50 | |||||
Weighted average shares used to compute earnings per share | ||||||||
Basic | 489,632,372 | 486,207,510 | 486,207,510 | |||||
Diluted | 490,986,544 | 487,409,002 | 487,409,002 | |||||
AUTOHOME INC. | |||||||
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS | |||||||
(Amount in thousands, except per share / per ADS data) | |||||||
For three months ended September 30, | |||||||
2023 | 2024 | ||||||
RMB | RMB | US$ | |||||
Net income attributable to Autohome | 578,338 | 441,340 | 62,890 | ||||
Plus: income tax benefit | (144,548) | (137,642) | (19,614) | ||||
Plus: depreciation of property and equipment | 38,737 | 28,527 | 4,065 | ||||
Plus: amortization of intangible assets | 9,657 | 9,650 | 1,375 | ||||
EBITDA | 482,184 | 341,875 | 48,716 | ||||
Plus: share-based compensation | 57,934 | 60,786 | 8,662 | ||||
Adjusted EBITDA | 540,118 | 402,661 | 57,378 | ||||
Net income attributable to Autohome | 578,338 | 441,340 | 62,890 | ||||
Plus: amortization of intangible assets resulting from | 9,583 | 9,583 | 1,366 | ||||
Plus: share-based compensation | 57,934 | 60,786 | 8,662 | ||||
Plus: investment loss/(gain) arising from one of | 8,719 | (2,286) | (326) | ||||
Plus: gain on equity method investments, net | (54,897) | (12,788) | (1,822) | ||||
Plus: tax effects of the adjustments | 4,108 | 527 | 75 | ||||
Adjusted net income attributable to Autohome | 603,785 | 497,162 | 70,845 | ||||
Net income attributable to Autohome | 578,338 | 441,340 | 62,890 | ||||
Net margin | 30.3 % | 24.9 % | 24.9 % | ||||
Adjusted net income attributable to Autohome | 603,785 | 497,162 | 70,845 | ||||
Adjusted net margin | 31.7 % | 28.0 % | 28.0 % | ||||
Non-GAAP earnings per share | |||||||
Basic | 1.23 | 1.02 | 0.15 | ||||
Diluted | 1.23 | 1.02 | 0.15 | ||||
Non-GAAP earnings per ADS (one ADS equals | |||||||
Basic | 4.93 | 4.09 | 0.58 | ||||
Diluted | 4.92 | 4.08 | 0.58 | ||||
Weighted average shares used to compute | |||||||
Basic | 489,632,372 | 486,207,510 | 486,207,510 | ||||
Diluted | 490,986,544 | 487,409,002 | 487,409,002 | ||||
AUTOHOME INC. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET | |||||
(Amount in thousands, except as noted) | |||||
As of December 31, | As of September 30, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 4,996,353 | 2,529,304 | 360,423 | ||
Restricted cash | 126,794 | 102,629 | 14,625 | ||
Short-term investments | 18,552,354 | 20,531,286 | 2,925,685 | ||
Accounts receivable, net | 1,472,489 | 1,224,993 | 174,560 | ||
Amounts due from related parties, current | 16,439 | 43,653 | 6,221 | ||
Prepaid expenses and other current assets | 360,559 | 379,246 | 54,042 | ||
Total current assets | 25,524,988 | 24,811,111 | 3,535,556 | ||
Non-current assets | |||||
Restricted cash, non-current | 5,000 | 5,000 | 712 | ||
Property and equipment, net | 200,860 | 187,878 | 26,772 | ||
Goodwill and intangible assets, net | 4,143,968 | 4,088,213 | 582,566 | ||
Long-term investments | 448,341 | 416,636 | 59,370 | ||
Deferred tax assets | 295,598 | 275,261 | 39,224 | ||
Amounts due from related parties, non-current | 16,048 | 11,899 | 1,696 | ||
Other non-current assets | 200,928 | 125,893 | 17,940 | ||
Total non-current assets | 5,310,743 | 5,110,780 | 728,280 | ||
Total assets | 30,835,731 | 29,921,891 | 4,263,836 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Accrued expenses and other payables | 2,932,227 | 2,562,739 | 365,187 | ||
Advance from customers | 105,379 | 96,492 | 13,750 | ||
Deferred revenue | 801,581 | 619,883 | 88,333 | ||
Income tax payable | 227,260 | 68,066 | 9,699 | ||
Amounts due to related parties | 24,572 | 31,845 | 4,538 | ||
Dividends payable | 984,332 | - | - | ||
Total current liabilities | 5,075,351 | 3,379,025 | 481,507 | ||
Non-current liabilities | |||||
Other liabilities | 89,187 | 39,394 | 5,614 | ||
Deferred tax liabilities | 497,955 | 468,472 | 66,757 | ||
Total non-current liabilities | 587,142 | 507,866 | 72,371 | ||
Total liabilities | 5,662,493 | 3,886,891 | 553,878 | ||
MEZZANINE EQUITY | |||||
Convertible redeemable noncontrolling interests | 1,758,933 | 1,887,523 | 268,970 | ||
EQUITY | |||||
Total Autohome shareholders' equity | 23,928,187 | 24,794,511 | 3,533,190 | ||
Noncontrolling interests | (513,882) | (647,034) | (92,202) | ||
Total equity | 23,414,305 | 24,147,477 | 3,440,988 | ||
Total liabilities, mezzanine equity and equity | 30,835,731 | 29,921,891 | 4,263,836 |
[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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