Fourth quarter revenue increased 53.8%
year-over-year
Revenue from transaction services increased
115.5% year-over-year
BEIJING, March 15, 2018 /PRNewswire/ -- Bitauto Holdings
Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading
provider of internet content & marketing services, and
transaction services for China's
fast-growing automotive industry, today announced its unaudited
financial results for the fourth quarter and fiscal year ended
December 31, 2017[1].
Bitauto Fourth Quarter and Fiscal Year 2017
Highlights
- Revenue in the fourth quarter of 2017 was RMB2.69 billion (US$413.5
million), a 53.8% increase from the corresponding period in
2016. Revenue in fiscal year 2017 was RMB8.75 billion (US$1.35
billion), a 51.6% increase from 2016.
- Gross profit in the fourth quarter of 2017 was
RMB1.58 billion (US$242.7 million), a 42.4% increase from the
corresponding period in 2016. Gross profit in fiscal year 2017 was
RMB5.52 billion (US$847.9 million), a 49.3% increase from
2016.
- Loss from operations in the fourth quarter of 2017 was
RMB645.2 million (US$99.2 million), compared to a loss from
operations of RMB40.6 million
(US$6.2 million) in the corresponding
period in 2016. Loss from operations in fiscal year 2017 was
RMB1.08 billion (US$165.5 million), compared to a loss from
operations of RMB109.2 million
(US$16.8 million) in 2016. The
increased loss was mainly due to options granted by Yixin Group
Limited ("Yixin") to its employees in the third quarter of
2017.
- Non-GAAP income from operations in the fourth quarter of
2017 was RMB93.5 million
(US$14.4 million), compared to a
Non-GAAP income from operations of RMB140.9
million (US$21.7 million) in
the corresponding period in 2016. Non-GAAP income from operations
in fiscal year 2017 was RMB877.0
million (US$134.8 million), a
48.2% increase from 2016.
- Net loss in the fourth quarter of 2017 was RMB803.4 million (US$123.5
million), compared to a net loss of RMB151.7 million (US$23.3
million) in the corresponding period in 2016. Net
loss in fiscal year 2017 was RMB1.43
billion (US$219.3 million),
compared to a net loss of RMB338.0
million (US$51.9 million) in
2016.
- Non-GAAP net income in the fourth quarter of 2017 was
RMB99.0 million (US$15.2 million), a 26.1% increase from the
corresponding period in 2016. Non-GAAP net income in fiscal year
2017 was RMB718.4 million
(US$110.4 million), a 71.4% increase
from 2016.
- Basic and diluted net loss per ADS in the fourth quarter
of 2017 was RMB10.05 (US$1.54) and RMB10.05 (US$1.54),
respectively. Basic and diluted net loss per ADS in fiscal year
2017 was RMB23.01 (US$3.54) and RMB23.10 (US$3.55),
respectively.
- Non-GAAP basic and diluted net income per ADS in the
fourth quarter of 2017 was RMB0.75
(US$0.12) and RMB0.72 (US$0.11),
respectively. Non-GAAP basic and diluted net income per ADS in
fiscal year 2017 was RMB5.45
(US$0.84) and RMB5.07 (US$0.78),
respectively.
Mr. Andy Zhang, chief executive
officer of Bitauto, said, "We concluded 2017 with robust results,
as full-year revenues increased to RMB8.75
billion, up 51.6% over the previous year. Notably, revenue
from our transaction services business reached RMB3.87 billion, an increase of 149.6%
year-over-year. Our media business continued its ongoing upturn
during the year, as efforts across our three core strategic areas –
traffic, conversion, and
monetization – paid off. Advertising and subscription revenue
achieved a strong close for the year with an 18.2% annual increase
in the fourth quarter."
"In 2018, our strategic focus is three-fold: synergies within
the Bitauto family, integration of content
and user communities, technology and big data enabled
enhancements. Firstly, in my dual role, I will seek to further
activate synergies between Bitauto and Yixin, through allowing
crossover of user accounts, aggregating data resources, and
enabling shared sales and marketing activities among automakers and
dealers across multiple Bitauto and Yixin channels. Secondly, we
will more closely engage users by bridging multi-media content with
user communities that foster both online interaction as well as
offline activities, in order to increase user stickiness throughout
the automotive research, purchasing and ownership cycle. Thirdly,
we will continue to leverage our leading technology and data
capabilities to bring value to our customers and users. Our
recently launched Easy Partners dealer platform and AI assistant
Elita have begun to enable higher transaction efficiency by
producing stronger data sets, increasing
buyer satisfaction and reducing the workload of sales
professionals. With these clear competitive advantages, we are confident in maintaining
our leadership as China's top
online auto media and transaction services ecosystem."
Ms. Cynthia He, chief financial
officer of Bitauto, said, "As we continue to make healthy progress
across our business lines, we are optimistic about Bitauto's
profitability outlook for 2018. We expect to expand margins
over the coming quarters as we drive cost saving synergies between
Bitauto and Yixin, increased efficiencies in our media business,
and economies of scale from Yixin."
Bitauto Fourth Quarter 2017 Results
Bitauto reported revenue of RMB2.69 billion (US$413.5
million) for the fourth quarter of 2017, representing a
53.8% increase from the corresponding period in 2016. The increase
in revenue was attributable to the growth of the Company's
transaction services business, advertising and subscription
business and digital marketing solutions business.
- Revenue from the advertising and subscription business
for the fourth quarter of 2017 was RMB1.10
billion (US$168.9 million),
representing an 18.2% increase from RMB929.8
million (US$142.9 million) in
the corresponding period in 2016.
- Revenue from the transaction services business for the
fourth quarter of 2017 was RMB1.27
billion (US$195.2 million),
representing a 115.5% increase from RMB589.2
million (US$90.6 million) in
the corresponding period in 2016. The increase was attributable to
a higher volume of transaction services.
- Revenue from the digital marketing solutions business
for the fourth quarter of 2017 was RMB321.9
million (US$49.5 million),
representing a 39.9% increase from RMB230.0
million (US$35.4 million) in
the corresponding period in 2016.
Cost of revenue for the fourth quarter of 2017 was
RMB1.11 billion (US$170.8 million), representing a year-over-year
increase of 73.5% from the corresponding period in 2016. The
increase was primarily due to increased costs related to
transaction services, such as funding costs. Cost of revenue as a
percentage of revenue in the fourth quarter of 2017 was 41.3%,
compared to 36.6% in the corresponding period in 2016.
Gross profit for the fourth quarter of 2017 was
RMB1.58 billion (US$242.7 million), representing a 42.4% increase
from the corresponding period in 2016.
Selling and administrative expenses were RMB2.09 billion (US$321.0
million) for the fourth quarter of 2017, representing a
103.8% increase from the corresponding period in 2016. This
increase was primarily attributable to the increase in share-based
payment expenses, the Company's marketing efforts, and headcount
and related expenses.
Product development expenses were RMB163.1 million (US$25.1
million) for the fourth quarter of 2017, representing a 9.1%
increase from the corresponding period in 2016.
Share-based payment expenses, which were allocated to
related operating expense line items, were RMB527.7 million (US$81.1
million) in the fourth quarter of 2017, compared to
RMB19.9 million (US$3.1 million) in the corresponding period in
2016. The increase was mainly due to options granted by Yixin to
its employees in the third quarter of 2017.
Loss from operations in the fourth quarter of 2017 was
RMB645.2 million (US$99.2 million), compared to a loss from
operations of RMB40.6 million
(US$6.2 million) in the corresponding
period in 2016.
Non-GAAP income from operations in the fourth quarter of
2017 was RMB93.5 million
(US$14.4 million), compared to a
Non-GAAP income from operations of RMB140.9
million (US$21.7 million) in
the corresponding period in 2016.
Income tax expense in the fourth quarter of 2017 was
RMB2.6 million (US$0.4 million), compared to an income tax
expense of RMB59.1 million
(US$9.1 million) in the corresponding
period in 2016. This decrease was mainly due to the impact of
preferential tax rate in some of the Company's subsidiaries.
Net loss in the fourth quarter of 2017 was RMB803.4 million (US$123.5
million), compared to a net loss of RMB151.7 million (US$23.3
million) in the corresponding period in 2016. Basic and
diluted net loss per ADS, each representing one ordinary share, in
the fourth quarter of 2017 amounted to RMB10.05 (US$1.54)
and RMB10.05 (US$1.54), respectively, taking into
consideration the accretion to redeemable noncontrolling interests
amounting to RMB54.2 million
(US$8.3 million).
Non-GAAP net income in the fourth quarter of 2017 was
RMB99.0 million (US$15.2 million), representing a 26.1% increase
from the corresponding period in 2016. Non-GAAP basic and diluted
net income per ADS in the fourth quarter of 2017 amounted to
RMB0.75 (US$0.12) and RMB0.72 (US$0.11),
respectively, taking into consideration the accretion to redeemable
noncontrolling interests amounting to RMB54.2 million (US$8.3
million).
Cash provided by operating activities, cash used in investing
activities, and cash provided by financing activities in
the fourth quarter of 2017 were RMB1.03 billion (US$157.9 million), RMB3.19 billion
(US$490.8 million), and RMB8.34 billion (US$1.28
billion), respectively.
Bitauto Fiscal Year 2017 Results
Revenue in 2017 was RMB8.75
billion (US$1.35 billion),
representing a 51.6% increase from 2016. The increase in revenue
was attributable to the growth of the Company's transaction
services business, advertising and subscription business and
digital marketing solutions business.
- Revenue from the advertising and subscription business
in 2017 was RMB3.92 billion
(US$602.8 million), representing a
14.2% increase from RMB3.43 billion
(US$527.6 million) in 2016.
- Revenue from the transaction services business in 2017
was RMB3.87 billion (US$595.2 million), representing a 149.6% increase
from RMB1.55 billion (US$238.5 million) in 2016. The increase was
attributable to a higher volume of transaction services.
- Revenue from the digital marketing solutions business in
2017 was RMB956.9 million
(US$147.1 million), representing a
21.4% increase from RMB788.3 million
(US$121.2 million) in 2016.
Cost of revenue in 2017 was RMB3.23 billion (US$497.2
million), representing a year-over-year increase of 55.7%
from 2016. The increase was primarily due to increased costs
related to transaction services, such as funding costs. Cost of
revenue as a percentage of revenue in 2017 was 37.0%, compared to
36.0% in 2016.
Gross profit in 2017 was RMB5.52
billion (US$847.9 million),
representing a 49.3% increase from 2016.
Selling and administrative expenses were RMB6.06 billion (US$931.3
million) in 2017, representing a 77.3% increase from 2016.
This increase was primarily attributable to the increase in
share-based payment expenses, the Company's marketing efforts, and
headcount and related expenses.
Product development expenses were RMB565.7 million (US$86.9
million) in 2017, representing a 23.7% increase from 2016.
The increase was primarily due to the increase in product
development headcount and related expenses, and share-based payment
expenses.
Share-based payment expenses, which were allocated to
related operating expense line items, were RMB1.19 billion (US$182.3
million) in 2017, compared to RMB77.0
million (US$11.8 million) in
2016. The increase was mainly due to options granted by Yixin to
its employees in the third quarter of 2017.
Loss from operations in 2017 was RMB1.08 billion (US$165.5
million), compared to a loss from operations of RMB109.2 million (US$16.8
million) in 2016.
Non-GAAP income from operations in 2017 was RMB877.0 million (US$134.8
million), representing a 48.2% increase from 2016.
Income tax expense in 2017 was RMB203.8 million (US$31.3
million), compared to an income tax expense of RMB147.6 million (US$22.7
million) in 2016.
Net loss in 2017 was RMB1.43
billion (US$219.3 million),
compared to a net loss of RMB338.0
million (US$51.9 million) in
2016. Basic and diluted net loss per ADS, each representing one
ordinary share, in 2017 amounted to RMB23.01 (US$3.54)
and RMB23.10 (US$3.55), respectively, taking into
consideration the accretion to redeemable noncontrolling interests
amounting to RMB332.1 million
(US$51.0 million).
Non-GAAP net income in 2017 was RMB718.4 million (US$110.4
million), representing a 71.4% increase from 2016. Non-GAAP
basic and diluted net income per ADS in 2017 amounted to
RMB5.45 (US$0.84) and RMB5.07 (US$0.78),
respectively, taking into consideration the accretion to redeemable
noncontrolling interests amounting to RMB332.1 million (US$51.0
million).
As of December 31, 2017, the
Company had cash and cash equivalents and restricted
cash of RMB11.04 billion
(US$1.70 billion). Cash
provided by operating activities, cash used in investing
activities, and cash provided by financing activities in
2017 were RMB928.2 million (US$142.7
million), RMB13.10 billion (US$2.01 billion), and RMB19.84 billion (US$3.05
billion), respectively.
Accounts receivable, net was RMB2.85 billion (US$438.7
million) as of December 31,
2017, compared to RMB2.07
billion (US$317.9 million) as
of December 31, 2016.
As of December 31, 2017, the
Company's transaction services business had cash and cash
equivalents and restricted cash of RMB6.69
billion (US$1.03 billion),
finance receivables of RMB29.91
billion (US$4.60 billion) and
borrowings and asset-backed securitization debt of RMB25.10 billion (US$3.86
billion).
The number of employees totaled 8,558 as of December 31, 2017, including employees of
entities in which Bitauto has acquired and holds controlling
interests. This represented a 12.3% increase from December 31, 2016, primarily due to customer
service teams supporting the Company's fast-growing transaction
service business and higher headcount in product development.
As of December 31, 2017, the
Company had a total of 72,739,966 ordinary shares, with 37,439,685
ADSs issued and outstanding. Each ADS represents one ordinary share
of the Company. Non-GAAP basic and diluted per ADS figures for the
fourth quarter of 2017 were calculated using a weighted average of
71,146,291 and 73,189,071 ADSs, respectively. Non-GAAP basic and
diluted per ADS figures for fiscal year 2017 were calculated using
a weighted average of 70,154,910 and 78,281,462 ADSs,
respectively.
Recent Updates
Bitauto today announced the appointment of Mr. Xiaoke Liu, the Company's senior vice president,
to the position of chief operating officer, effective immediately.
Mr. Liu served as Bitauto's senior vice president since
February 2017. Prior to joining
Bitauto, Mr. Liu served as general manager of the auto business
division of Sina.com since 2014, responsible for the division
management and operation. From 2012 to 2014, Mr. Liu was the
general manager of the auto business division of Phoenix.com. Prior
to this, Mr. Liu worked at Sohu.com from 2004 to 2012 and was the
associate editor-in-chief of the automobile channel from 2008 to
2012. Mr. Liu holds a bachelor's degree in Business Administration
from the University of Luton in
England.
In addition, the Company also announced the appointment of Mr.
Xiangzhi Kong, the Company's Vice President, to the position of
chief strategy officer, effective immediately. Prior to this, Mr.
Kong served as Bitauto's vice president from 2015, Assistant Vice
President from 2013 to 2015, and Business Development Director from
2008 to 2012. Mr. Kong has been responsible for Bitauto's strategic
planning, investments and development of strategic partnerships.
Prior to joining Bitauto, Mr. Kong had approximately 10 years of
experience in management consulting, providing strategic planning
and marketing consulting services to the Fortune 500 and leading
technology companies. Mr. Kong received a bachelor's degree in
Economics from the University of International Business and
Economics in 1999.
First Quarter 2018 Outlook
Bitauto currently expects to generate revenue in the range of
RMB1.96 billion (US$301.8 million) to RMB2.01 billion (US$309.5 million) in the first quarter of
2018, representing a 37.8% to 41.3% increase from the
corresponding period in 2017.
This forecast reflects revenues net of value-added tax under the
new revenue recognition standard ASC 606, which Bitauto adopted on
January 1, 2018. If presented on
gross basis, as consistent with the year 2017, forecasted revenues
would be between RMB2.12 billion
(US$325.6 million) to
RMB2.17 billion (US$333.8 million) in the first quarter of
2018, representing a 37.1% to 40.5% increase from the
corresponding period in 2017.
This forecast takes into consideration seasonality factors in
Bitauto's business, and excludes any impact of foreign currency
fluctuation. It reflects management's current and preliminary view,
which is subject to change.
Conference Call Information
Bitauto's management will hold an earnings conference call at
8:15 AM on March 15, 2018 U.S. Eastern Time (8:15 PM on March 15,
2018 Beijing/Hong Kong
time).
Dial-in details for the earnings conference call are as
follows:
US:
|
+1-845-675-0437 or
+1-866-519-4004
|
Hong Kong:
|
+852-3018-6771 or
800-906-601
|
China:
|
800-8190-121 or
400-6208-038
|
International:
|
+65-6713-5090
|
|
|
Conference
ID:
|
6952819
|
A replay of the conference call may be accessed by phone at the
following number until March 23,
2018:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
|
|
Conference
ID:
|
6952819
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.bitauto.com.
[1] This
announcement contains translations of certain amounts in Renminbi
into U.S. dollars at specified rates solely for the convenience of
the readers. Unless otherwise noted, all translations from Renminbi
to U.S. dollars are made at a rate of RMB6.5063 to US$1.00, the
effective noon buying rate as of December 29, 2017 in The City of
New York for cable transfers of Renminbi as certified for customs
purposes by the Federal Reserve Bank of New York.
|
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of
internet content & marketing services, and transaction services
for China's fast-growing
automotive industry. Bitauto manages its businesses in three
segments: its advertising and subscription business, transaction
services business and digital marketing solutions business.
Bitauto's advertising and subscription business provides a
variety of advertising services mainly to automakers through its
bitauto.com website as well as corresponding mobile applications,
which provide consumers with up-to-date automobile pricing and
promotional information, specifications, reviews and consumer
feedback. Bitauto also offers subscription services via its SaaS
platform, which provides web-based and mobile-based integrated
digital marketing solutions to automobile dealers in China. The platform enables dealer subscribers
to create their own online showrooms, list pricing and promotional
information, provide dealer contact information, place
advertisements and manage customer relationships to help them reach
a broad set of purchase-minded customers and effectively market
their automobiles to consumers online.
Bitauto's transaction services business is primarily conducted
by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a
leading online automobile retail transaction platform in
China, which provides transaction
platform services as well as self-operated financing services.
Bitauto's digital marketing solutions business provides
automakers with one-stop digital marketing solutions, including
website creation and maintenance, online public relations, online
marketing campaigns and advertising.
For more information, please visit ir.bitauto.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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," "confident" and similar statements. Among
other things, the business outlook of the Company and the
quotations from management in this announcement, as well as
Bitauto's strategic and operational plans, contain forward-looking
statements. Bitauto may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Bitauto'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: our goals
and strategies; our future business development, financial
condition and results of operations; the expected growth of the
automobile industry and the internet marketing industry in
China; our expectations regarding
demand for and market acceptance of our services and service
delivery model; our expectations regarding enhancing our brand
recognition; our expectations regarding keeping and strengthening
our relationships with major customers, partner websites and media
vendors; relevant government policies and regulations relating to
our businesses, automobile purchases and ownership in China; our ability to attract and retain
quality employees; our ability to stay abreast of market trends and
technological advances; competition in our industry in China and internationally; general economic
and business conditions in China;
and our ability to effectively protect our intellectual property
rights and not infringe on the intellectual property rights of
others. Further information regarding these and other risks is
included in Bitauto's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F. Bitauto does
not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under applicable law. All information
provided in this press release and in the attachments is as of the
date of this press release, and Bitauto undertakes no duty to
update such information, except as required under applicable
law.
Use of Non-GAAP Financial Measures
To supplement Bitauto's consolidated financial results presented
in accordance with U.S. GAAP, Bitauto uses Non-GAAP income from
operations, Non-GAAP net income and Non-GAAP basic and diluted net
income per ADS as non-GAAP financial measures. Non-GAAP income from
operations is defined as income from operations excluding (i)
share-based payments; (ii) amortization of intangible assets
resulting from asset and business acquisitions; and (iii)
professional expenses incurred for the initial public offering of
Yixin and the issuance of preferred shares. Non-GAAP net income is
defined as net income excluding (i) share-based payments; (ii)
amortization of intangible assets resulting from asset and business
acquisitions; (iii) professional expenses incurred for the initial
public offering of Yixin and the issuance of preferred shares; (iv)
share of amortization of equity investments' intangible assets not
on their books; (v) impairment on equity investees; (vi) investment
loss associated with non-cash investment matters; (vii)
amortization of the BCF discount on the convertible notes; (viii)
fair value adjustment of contingent considerations; and (ix) tax
impact related to professional expenses incurred for the initial
public offering of Yixin. Non-GAAP basic and diluted net income per
ADS is defined as Non-GAAP net income attributable to ordinary
shareholders of the parent company divided by basic and diluted
weighted average number of ADS. These non-GAAP financial measures
provide Bitauto's management with the ability to assess its
operating results by excluding certain items that may not be
indicative of the performance of its business such as non-cash and
non-recurring items. Bitauto believes these non-GAAP financial
measures are useful to investors by understanding supplemental
information used by management in its assessment of operating
results.
The use of non-GAAP financial measures has certain limitations.
These non-GAAP measures exclude certain items that have been and
will continue to be incurred in the future and are not reflected in
the presentation of the non-GAAP financial measures. These non-GAAP
financial measures should be considered in addition to results
prepared in accordance with U.S. GAAP, and should not be considered
a substitute for or superior to U.S. GAAP results. In addition,
these non-GAAP financial measures may not be comparable to
similarly titled measures utilized by other companies since such
other companies may not calculate such measures in the same manner
as Bitauto does.
Reconciliation of these non-GAAP financial measures to the most
directly comparable U.S. GAAP financial measure is set forth at the
end of this release.
For investor and media inquiries, please contact:
China
Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com
Clarisse Pan
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Condensed
Consolidated Statements of Operations
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2016
|
|
December 31,
2017
|
|
|
RMB
|
|
RMB
|
|
|
Unaudited
|
|
Unaudited
|
|
|
(in thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,749,003
|
|
2,690,316
|
Cost of
revenue
|
|
(640,314)
|
|
(1,111,036)
|
Gross
profit
|
|
1,108,689
|
|
1,579,280
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(1,024,870)
|
|
(2,088,212)
|
Product development
expenses
|
|
(149,502)
|
|
(163,058)
|
Other gains,
net
|
|
25,130
|
|
26,813
|
Loss from
operations
|
|
(40,553)
|
|
(645,177)
|
|
|
|
|
|
Interest
income
|
|
21,819
|
|
31,941
|
Interest
expense
|
|
(22,216)
|
|
(37,265)
|
Share of results of
equity investees
|
|
(3,900)
|
|
(32,085)
|
Investment
loss
|
|
(47,758)
|
|
(118,208)
|
Loss before
tax
|
|
(92,608)
|
|
(800,794)
|
|
|
|
|
|
Income tax
expense
|
|
(59,061)
|
|
(2,567)
|
Net
loss
|
|
(151,669)
|
|
(803,361)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
|
(5,289)
|
|
(144,996)
|
Accretion to
redeemable noncontrolling interests
|
|
80,186
|
|
54,183
|
Net loss
attributable to Bitauto Holdings Limited
|
|
(226,566)
|
|
(712,548)
|
|
|
|
|
|
|
|
|
|
|
Other financial
data (Unaudited)
|
|
|
|
|
Non-GAAP net
income
|
|
78,490
|
|
99,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2016
|
|
December 31,
2017
|
|
|
RMB
|
|
RMB
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
Loss from
operations
|
|
(40,553)
|
|
(645,177)
|
Share-based
payments
|
|
19,941
|
|
527,694
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
161,493
|
|
170,551
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
-
|
|
40,418
|
Non-GAAP income
from operations
|
|
140,881
|
|
93,486
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(151,669)
|
|
(803,361)
|
Share-based
payments
|
|
19,941
|
|
527,694
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
161,493
|
|
170,551
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
-
|
|
40,418
|
Share of amortization
of equity investments' intangible assets not on their
books
|
|
626
|
|
11
|
Impairment on equity
investees
|
|
-
|
|
21,223
|
Investment loss
associated with non-cash investment matters
|
|
40,099
|
|
115,773
|
Amortization of the
BCF discount on the convertible notes
|
|
8,000
|
|
31,362
|
Tax impact related to
professional expenses incurred for the initial public offering
of
Yixin
|
|
-
|
|
(4,669)
|
Non-GAAP net
income
|
|
78,490
|
|
99,002
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
Basic
|
|
-
|
|
0.75
|
Diluted
|
|
-
|
|
0.72
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Condensed
Consolidated Statements of Operations
|
|
|
For the Year
Ended
|
|
|
December 31,
2016
|
|
December 31,
2017
|
|
|
RMB
|
|
RMB
|
|
|
Audited
|
|
Unaudited
|
|
|
(in thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
5,772,948
|
|
8,751,259
|
Cost of
revenue
|
|
(2,077,979)
|
|
(3,234,680)
|
Gross
profit
|
|
3,694,969
|
|
5,516,579
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(3,417,811)
|
|
(6,059,046)
|
Product development
expenses
|
|
(457,367)
|
|
(565,702)
|
Other gains,
net
|
|
70,981
|
|
31,576
|
Loss from
operations
|
|
(109,228)
|
|
(1,076,593)
|
|
|
|
|
|
Interest
income
|
|
41,651
|
|
93,025
|
Interest
expense
|
|
(52,155)
|
|
(92,633)
|
Share of results of
equity investees
|
|
(25,640)
|
|
(71,866)
|
Investment
loss
|
|
(45,012)
|
|
(75,097)
|
Loss before
tax
|
|
(190,384)
|
|
(1,223,164)
|
|
|
|
|
|
Income tax
expense
|
|
(147,569)
|
|
(203,824)
|
Net
loss
|
|
(337,953)
|
|
(1,426,988)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
|
(1,895)
|
|
(147,991)
|
Accretion to
redeemable noncontrolling interests
|
|
205,287
|
|
332,117
|
Net loss
attributable to Bitauto Holdings Limited
|
|
(541,345)
|
|
(1,611,114)
|
|
|
|
|
|
|
|
|
|
|
Other financial
data (Unaudited)
|
|
|
|
|
Non-GAAP net
income
|
|
419,194
|
|
718,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
December 31,
2016
|
|
December 31,
2017
|
|
|
RMB
|
|
RMB
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
Loss from
operations
|
|
(109,228)
|
|
(1,076,593)
|
Share-based
payments
|
|
76,981
|
|
1,185,840
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
624,150
|
|
677,343
|
Professional expenses incurred
for the initial public offering of Yixin and the issuance
of preferred shares
|
|
-
|
|
90,413
|
Non-GAAP income
from operations
|
|
591,903
|
|
877,003
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(337,953)
|
|
(1,426,988)
|
Share-based
payments
|
|
76,981
|
|
1,185,840
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
624,150
|
|
677,343
|
Professional expenses
incurred for the initial public offering of Yixin and the
issuance of preferred shares
|
|
-
|
|
90,413
|
Share of amortization
of equity investments' intangible assets not on their
books
|
|
2,505
|
|
692
|
Impairment on equity
investees
|
|
-
|
|
21,223
|
Investment loss
associated with non-cash investment matters
|
|
40,351
|
|
109,986
|
Amortization of the
BCF discount on the convertible notes
|
|
13,160
|
|
57,244
|
Fair value adjustment
of contingent considerations
|
|
-
|
|
8,333
|
Tax impact related to
professional expenses incurred for the initial public offering
of
Yixin
|
|
-
|
|
(5,728)
|
Non-GAAP net
income
|
|
419,194
|
|
718,358
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
Basic
|
|
3.15
|
|
5.45
|
Diluted
|
|
3.08
|
|
5.07
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
December 31,
2016
|
|
December 31,
2017
|
|
|
RMB
|
|
RMB
|
|
|
Audited
|
|
Unaudited
|
|
|
(in
thousands)
|
|
|
|
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
2,021,989
|
|
9,555,027
|
Time
deposits
|
|
2,000
|
|
-
|
Restricted
cash
|
|
5,475,576
|
|
811,596
|
Accounts
receivable, net
|
|
2,068,615
|
|
2,854,410
|
Bills
receivable
|
|
110,236
|
|
330,544
|
Other current
assets
|
|
6,796,543
|
|
14,565,792
|
Non-current
assets
|
|
13,459,797
|
|
23,398,363
|
Total
assets
|
|
29,934,756
|
|
51,515,732
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Accounts
payable
|
|
1,603,577
|
|
2,176,627
|
Other current
liabilities
|
|
10,350,339
|
|
20,522,612
|
Non-current
liabilities
|
|
4,219,129
|
|
8,578,822
|
Total
liabilities
|
|
16,173,045
|
|
31,278,061
|
Redeemable
noncontrolling interests
|
|
3,939,646
|
|
301,953
|
Total
equity
|
|
9,822,065
|
|
19,935,718
|
Total liabilities,
redeemable noncontrolling
interests and equity
|
|
29,934,756
|
|
51,515,732
|
View original
content:http://www.prnewswire.com/news-releases/bitauto-announces-fourth-quarter-and-fiscal-year-2017-results-300614496.html
SOURCE Bitauto Holdings Limited