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Nov. 5, 2015, 9:42 AM
- Though it beat Q3 estimates, Autohome (NYSE:ATHM) is guiding for Q4 revenue of RMB942M-RMB979M (+27.4%-32.5% Y/Y, equal to $148.2M-$154M), below an RMB1.05B consensus. The Chinese auto site owner suggests macro pressures are weighing.
- Top-line performance: Ad revenue rose 58.6% Y/Y in Q3 to $96.2M - automaker ads +51.7% to $63.9M, dealer ads +74.2% to $32.3M. Dealer subscription revenue rose 80.1% to $45.2M, with ARPU rising 35.1% and paying dealers 33.4%.
- Financials: Cost of revenue rose 65.2% to $25.1M, nearly even with revenue growth of 64.9%. Operating expenses rose 83.6% to $71.3M - sales/marketing spend +89.2% to $52.8M, R&D +76% to $11.6M, G&A +59.4% to $6.9M. Autohome ended Q3 with $550.6M in cash, and no debt.
- Archrival Bitauto (NYSE:BITA) is following Autohome lower ahead of its Monday Q3 report.
- Q3 results, PR
Nov. 5, 2015, 5:07 AM
- Autohome (NYSE:ATHM): Q3 EPS of RMB2.23 beats by RMB0.12.
- Revenue of RMB898.6M (+64.9% Y/Y) beats by RMB23.17M.
Nov. 4, 2015, 5:30 PM
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Aug. 5, 2015, 2:33 PM
- In addition to beating Q2 estimates, Autohome (NYSE:ATHM) is guiding for Q3 revenue of RMB850M-RMB884M ($137.1M-$142.6M, +55.9%-62.2% Y/Y), mostly above an RMB853.2M consensus. Shares have nonetheless fallen below $36, and taken those of archrival Bitauto (NYSE:BITA) down with them.
- Concerns about still-heavy spending could be weighing: Operating expenses rose 116.1% Y/Y in Q2 to $55.8M (compares with 69.9% revenue growth), thanks in large part to a 157.1% increase in sales/marketing spend to $39.4M. R&D spend rose 72.6% to $9.8M, and G&A 36.3% to $6.5M. Cost of revenue rose 46.9% (less than revenue).
- Ad services revenue rose 63.1% to $96.3M - automaker ads +64.2% to $73M, dealer ads +59.8% to $23.4M. Dealer subscription services revenue rose 87.6% to $42.5M, fueled by a 37.1% increase in paying dealers and a 36.9% increase in average revenue per subscriber. Subscriptions were sold to 18,768 dealers.
- Bitauto's Q2 report arrives after the close on Thursday.
- Autohome's Q2 results, PR
Aug. 5, 2015, 5:42 AM
- Autohome (NYSE:ATHM): Q2 EPS of RMB2.80 beats by RMB0.31.
- Revenue of RMB861.02M (+69.9% Y/Y) beats by RMB15.83M.
Aug. 4, 2015, 5:30 PM
- AMSC, ANSS, ARIA, ARQL, ATHM, ATRO, AVA, AVT, BLT, CEQP, CHK, CLDT, CLH, CMLP, CONE, CRK, CRME, CSTE, CSTM, CTSH, D, DAVE, DISCA, DISH, DNOW, DNR, EE, ENBL, FI, GDP, GTN, HCA, HFC, HSC, ICE, INXN, KATE, KELYA, KERX, LDOS, LG, LINC, LIOX, LL, LPLA, MEMP, MSI, MSO, MWE, PCLN, PWR, RDC, RL, SALE, SBGI, SCMP, SE, SNAK, SODA, SPAR, SPB, SUP, TMHC, TWX, USAC, VC, VLP, VOYA, VSI, WCG, WD, WEN, WIX
May 6, 2015, 5:37 AM
- Autohome (NYSE:ATHM): Q1 EPS of RMB1.71 beats by $0.12.
- Revenue of RMB622.9M (+82.1% Y/Y) beats by $18.44M.
May 5, 2015, 5:30 PM
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Mar. 9, 2015, 12:56 PM
- Up slightly premarket in response to its big Q4 beat and above-consensus Q1 sales guidance, Bitauto (NYSE:BITA) is now off sharply.
- Margin concerns have much to do with the selloff: In spite of a 97% Y/Y Q4 revenue increase, gross margin fell to 68.4% from Q3's 80.3% and the year-ago period's 79.1%. Bitauto blames "an increase in direct costs in new products and services on the EP [auto dealer advertising/CRM] platform, higher-direct-cost services and an increase in tax and related surcharges."
- Also: The Chinese online auto platform states it plans to "heavily invest in expanding our online and offline service infrastructure," and is "more rapidly expanding and investing into new business areas including automobile transaction services and mobile offerings." It also plans to "continue to build [the] Bitauto brand, with a focus on our mobile offerings," Sales/marketing spend rose 73.9% Y/Y in Q4, and R&D spend 41.2%.
- Autohome (NYSE:ATHM) is following Bitauto lower. Both companies skyrocketed last week thanks to Autohome's Q4 beat and strong Q1 guidance, prior to giving back a chunk of their gains on Friday.
- Bitauto's Q4 results, guidance/details
Mar. 4, 2015, 12:40 PM
- On top of soundly beating Q4 estimates, Autohome (NYSE:ATHM) is guiding for Q1 revenue of RMB573M-RMB602M ($92.4M-$97M), good for 67.5%-76% Y/Y growth and well above an RMB519.1M consensus.
- A 120.2% Y/Y revenue increase for Autohome's dealer yellow page business (covers dealer ads and subscription services, 54.5% of total revenue) fueled the Q4 beat. Automaker ad services revenue (45.5% of total revenue) rose 65.6%. Dealers paying for subscription services rose 69.4% Y/Y to 17,080, aided by Autohome's expansion into Tier 3/4 Chinese cities.
- Gross margin rose to 83.4% from 77.3% a year ago. Operating expenses rose 111.9% Y/Y to $50.8M and made up 42.6% of revenue (up from 38.5% a year ago). Sales/marketing spend rose 129%, R&D 118.8%, and G&A 49.4%.
- Rival Bitauto (NYSE:BITA) is following Autohome higher ahead of its March 9 Q4 report.
- Autohome's Q4 results, PR
Mar. 4, 2015, 6:15 AM
- Autohome (NYSE:ATHM): Q4 EPS of RMB2.37 beats by RMB0.70.
- Revenue of RMB739.11M (+91.5% Y/Y) beats by RMB101.51M.
Mar. 3, 2015, 5:30 PM
Nov. 14, 2014, 10:38 AM
- In addition to beating Q3 estimates, Bitauto (NYSE:BITA) is guiding for Q4 revenue of $117.3M-$120.6M, above a $110.1M consensus. Net profit is expected to rise 52.9%-62.6% Y/Y to $25.7M-$27.4M.
- Q3 ad/subscription revenue totaled $87.6M, and agent service revenue $11.4M. The Bitauto.com advertising and EP platform (marketing/CRM apps for auto dealers) businesses both saw 68% Y/Y growth.
- Gross margin was 80.3%, flat Q/Q and up from 74.4% a year ago. Sales/admin spend rose 64.7% Y/Y to $47.7M, and R&D spend 39.3% to $6.2M.
- Rival Autohome (NYSE:ATHM), which tumbled after posting its Q3 results last week, is following Bitauto higher.
- Q3 results, PR
Nov. 5, 2014, 1:23 PM
- Autohome (NYSE:ATHM) beat Q3 estimates and guided for Q4 revenue of RMB610M-RMB630M ($99.4M-$103.6M), above an RMB580.1M consensus. However, the company also reported a 1360 bps Y/Y drop in op. margin to 37% due to heavy spending, and announced an 8.5M-share stock offering
- 1.65M shares will be sold by Autohome, and 6.85M by existing holders. Underwriters will have a 1.275M-share overallotment option. At current levels, the new shares would yield proceeds of $55.2M.
- Sales/marketing spend rose 209.8% Y/Y in Q3 to $28.9M, easily outpacing revenue growth of 64.6%. The increase is attributed to increased brand marketing spend, including via Autohome's Baidu search partnership, and a general increase in sales/marketing headcount.
- G&A spend rose 44% to $4.5M, and R&D spend 88% to $6.8M. Cost of revenue rose 48.6%, trailing revenue growth and yielding an increase in gross margin.
- Ad revenue +60% Y/Y to $62.8M; dealer subscription revenue +77% to $26M. Mobile daily unique visitors rose 32% Q/Q and 177% Y/Y.
- Fellow Chinese auto site Bitauto (NYSE:BITA) is also lower. Its Q3 results arrive on Nov. 14.
- Q3 results, PR
Nov. 5, 2014, 6:01 AM
- Autohome (NYSE:ATHM): Q3 EPS of RMB1.63 beats by RMB 0.02.
- Revenue of RMB 545.06M (+64.6% Y/Y) beats by RMB 27.02M.
Autohome Inc through its subsidiaries is engaged in providing online advertising and dealer subscription services in China. It offers online destination for automobile consumers through its two websites and through mobile application.
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