BEIJING, Nov. 28, 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 third quarter ended September 30, 2018[1] .
Bitauto Third Quarter 2018 Highlights
- Revenue in the third quarter of 2018 was RMB2.72 billion (US$396.7
million), a 25.9% increase from the corresponding period in
2017.
- Gross profit in the third quarter of 2018 was
RMB1.67 billion (US$243.3 million), a 12.2% increase from the
corresponding period in 2017.
- Income from operations in the third quarter of 2018 was
RMB66.0 million (US$9.6 million), compared to a loss from
operations of RMB433.3 million
(US$63.1 million) in the
corresponding period in 2017.
- Non-GAAP income from operations in the third quarter of
2018 was RMB408.3 million
(US$59.4 million), a 53.4% increase
from the corresponding period in 2017.
- Net loss in the third quarter of 2018 was RMB20.1 million (US$2.9
million), compared to a net loss of RMB510.2 million (US$74.3
million) in the corresponding period in 2017.
- Non-GAAP net income in the third quarter of 2018 was
RMB345.0 million (US$50.2 million), a 48.8% increase from the
corresponding period in 2017.
- Net loss attributable to Bitauto in the third quarter of
2018 was RMB26.7 million
(US$3.9 million).
- Non-GAAP net income attributable to Bitauto in the third
quarter of 2018 was RMB265.8 million
(US$38.7 million).
- Basic and diluted net loss per ADS in the third quarter
of 2018 was RMB0.44 (US$0.06) and RMB0.47 (US$0.07),
respectively.
- Non-GAAP basic and diluted net income per ADS in the
third quarter of 2018 was RMB3.66
(US$0.53) and RMB3.36 (US$0.49),
respectively.
Mr. Andy Zhang, chief executive officer of Bitauto,
said, "Despite weakening passenger vehicle sales in China since July, we were able to maintain
healthy growth across our businesses in the third quarter of 2018 with
total revenue increasing 25.9% year-over-year to RMB2.72
billion. In our advertising and subscription business, we achieved
7.7% year-over-year growth, with revenue reaching RMB1.06 billion. In particular, our core
advertising and subscription business, which excludes contributions
from subsidiaries in which we hold controlling interests, grew
14.9% year-over-year for the quarter. In our transaction services
business, revenue saw steady growth of 39.6% year-over-year to
RMB1.36 billion. In our digital
marketing solutions business, revenue growth recovered in the third
quarter, recording a 47.7% year-over-year increase to RMB305.0
million."
"In Bitauto's advertising business, our collaboration with key
opinion leaders to provide customized content and services for
automakers continued to gain traction. We will extend this
initiative to a larger group of self-media and automakers as we
explore its long-term potential as a growth driver. In our
subscription business, we converted more members to premium service
packages, and expanded our membership base as we roll out tailored
services to China's vast market of
independent automobile dealers. In our transaction services
business, Yixin posted resilient results amid industry-wide
headwinds, facilitating approximately 123,000 financed automobile
transactions in the third quarter. In October, Yixin's accumulated
financed automobile transactions reached one million, making it the
first independent automobile finance platform in China to reach such a scale. In the third
quarter, 24% of total financed automobile transactions were through
third-party loan facilitation services, up from 19% in the previous
quarter, and we expect this upward trend to continue."
"Looking to the future, despite softer
sales in passenger vehicles over the past few months, we are
confident in the long-term growth of China's automobile industry. In addition,
against the backdrop of slower new car sales, we expect both the
penetration rate of new car financing and used car sales to
continue rising, a trend which will benefit Bitauto and Yixin.
Looking ahead, we will remain dedicated to executing on our core
business strategies. First, we will continue to enhance user
stickiness and Bitauto's brand value through more engaging
content initiatives, especially
targeting China's younger
population. We recently introduced major updates to our Bitauto App
to further enhance user experience, attract traffic from younger
users, and increase user stickiness through more compelling content
and richer social features. Second, we will continue to develop new
business areas with strong potential. For example, our advertising
revenue from new energy automakers saw impressive growth,
increasing nearly ten-fold in the third quarter compared to the
same period last year. We also expanded our dealer network to cover
over 19,000 independent dealers, through
which we service more than 30,000 salespersons.Third, we
will drive further synergies between Bitauto, Yixin, and other
Bitauto ecosystem companies to create more diversified offerings
and better serve consumers and business partners. As part of this,
we will further enable crossover of user accounts and access to
data resources across the Bitauto ecosystem including user profiles
and automobile data generated through the entire automobile
consumption cycle. With strong momentum and a market leading
position, we are confident that we will continue to outgrow the
overall auto media and transaction market, and achieve our goal of
becoming China's top online auto
media and transaction services platform."
Mr. Ming Xu, chief financial
officer of Bitauto said, "As Andy mentioned, our
advertising and subscription business maintained healthy revenue
growth in the third quarter, and we further improved its operating
margin through more effective cost control measures. Yixin also
maintained its revenue growth momentum, thanks to greater
accumulated loan volume in its self-operated business as well as
its rapidly expanding loan facilitation business, which is more
scalable and has faster revenue recognition. We were also pleased
to see significant revenue growth in our digital marketing
solutions business, due to a larger customer base, higher customer
spending and a broader range of services. Looking ahead, we are confident that our superior
and ever-improving products and services as well as traffic scale
will continue to win the trust of our automaker and dealer
customers, and we remain committed to driving top-line and
bottom-line growth and creating value for our
shareholders."
Adoption of New Revenue Guidance ASC 606
In May 2014, the FASB issued a new
revenue guidance ASC Topic 606, "Revenue from Contracts with
Customers." Bitauto has completed its assessment and noted the most
significant impact is the change from presentation of value-added
tax ("VAT") on a gross basis to a net basis. Bitauto adopted the
new revenue guidance starting from January
1, 2018 by applying the modified retrospective approach.
Therefore, operating results for reporting periods beginning
after January 1, 2018 are presented under Topic 606,
while prior period amounts are not restated and continue to be
reported in accordance with the Company's historic accounting
method under Topic 605.
To provide investors with a meaningful year-over-year
comparison, Bitauto has provided a reconciliation table for the
impact of adopting this new revenue guidance for the third quarter
of 2018 and the corresponding period in 2017. Other than in the
Company's consolidated statements of operations, the operating
results are discussed and analyzed under the new revenue guidance,
including those for the comparative period in 2017.
|
|
For the Three
Months Ended September 30, 2018
|
|
|
Under ASC
605
|
VAT
adjustments
|
Under ASC
606
|
|
|
RMB
|
RMB
|
RMB
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,935,284
|
(210,691)
|
2,724,593
|
- Advertising
and subscription business
|
|
1,135,678
|
(79,582)
|
1,056,096
|
- Transaction
services business
|
|
1,462,557
|
(99,038)
|
1,363,519
|
- Digital
marketing solutions business
|
|
337,049
|
(32,071)
|
304,978
|
|
|
|
|
|
Cost of
revenue
|
|
(1,246,579)
|
193,276
|
(1,053,303)
|
Gross
profit
|
|
1,688,705
|
(17,415)
|
1,671,290
|
|
|
|
|
|
Income from
operations
|
|
66,030
|
-
|
66,030
|
|
|
|
|
|
Net
loss
|
|
(20,121)
|
-
|
(20,121)
|
|
|
|
|
|
|
|
For the Three
Months Ended September 30, 2017
|
|
|
Under ASC
605
|
VAT
adjustments
|
Under ASC
606
|
|
|
RMB
|
RMB
|
RMB
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,344,869
|
(181,238)
|
2,163,631
|
- Advertising
and subscription business
|
|
1,072,012
|
(91,493)
|
980,519
|
- Transaction
services business
|
|
1,053,991
|
(77,355)
|
976,636
|
- Digital
marketing solutions business
|
|
218,866
|
(12,390)
|
206,476
|
|
|
|
|
|
Cost of
revenue
|
|
(831,978)
|
158,420
|
(673,558)
|
Gross
profit
|
|
1,512,891
|
(22,818)
|
1,490,073
|
|
|
|
|
|
Loss from
operations
|
|
(433,286)
|
-
|
(433,286)
|
|
|
|
|
|
Net
loss
|
|
(510,244)
|
-
|
(510,244)
|
|
Bitauto Third Quarter 2018 Results
Bitauto reported revenue of RMB2.72 billion (US$396.7
million) for the third quarter of 2018, representing a 25.9%
increase from the corresponding period in 2017. The increase in
revenue was attributable to the growth of the Company's transaction
services business, digital marketing solutions business and
advertising and subscription business.
- Revenue from the advertising and subscription business
for the third quarter of 2018 was RMB1.06
billion (US$153.8 million),
representing a 7.7% increase from RMB980.5
million (US$142.8 million) in
the corresponding period in 2017.
- Revenue from the transaction services business for the
third quarter of 2018 was RMB1.36
billion (US$198.5 million),
representing a 39.6% increase from RMB976.6
million (US$142.2 million) in
the corresponding period in 2017, mainly attributable to the
revenue growth of loan facilitation services and self-operated
financing business.
- Revenue from the digital marketing solutions business
for the third quarter of 2018 was RMB305.0
million (US$44.4 million),
representing a 47.7% increase from RMB206.5
million (US$30.1 million) in
the corresponding period in 2017.
Cost of revenue for the third quarter of 2018 was
RMB1.05 billion (US$153.4 million), representing a year-over-year
increase of 56.4% from the corresponding period in 2017. The
increase was primarily due to increased funding costs related to
the growth of transaction services. Cost of revenue as a percentage
of revenue in the third quarter of 2018 was 38.7%, compared to
31.1% in the corresponding period in 2017.
Gross profit for the third quarter of 2018 was
RMB1.67 billion (US$243.3 million), representing a 12.2% increase
from the corresponding period in 2017.
Selling and administrative expenses were RMB1.52 billion (US$221.3
million) for the third quarter of 2018, representing a 15.0%
decrease from the corresponding period in 2017. This decrease was
primarily due to the decreases in share-based compensation,
marketing expenses, which was offset by the increase in provision
for credit losses of finance receivables.
Product development expenses were RMB154.6 million (US$22.5
million) for the third quarter of 2018, compared to
RMB156.5 million (US$22.8 million) in the corresponding period in
2017.
Share-based compensation, which was allocated to related
operating expense line items, was RMB173.1
million (US$25.2 million) in
the third quarter of 2018, compared to RMB522.0 million (US$76.0
million) in the corresponding period in 2017, which was
incurred as a result of the options granted by Yixin Group Limited
("Yixin") (SEHK: 2858) to its employees in the third quarter of
2017.
Income from operations in the third quarter of 2018 was
RMB66.0 million (US$9.6 million), compared to a loss from
operations of RMB433.3 million
(US$63.1 million) in the
corresponding period in 2017.
Non-GAAP income from operations in the third quarter of
2018 was RMB408.3 million
(US$59.4 million), a 53.4% increase
from the corresponding period in 2017.
Income tax expense in the third quarter of 2018 was
RMB69.2 million (US$10.1 million), compared to an income tax
expense of RMB38.9 million
(US$5.7 million) in the corresponding
period in 2017. This increase was mainly attributable to the impact
of increased income from operations in certain subsidiaries of the
Company.
Net loss in the third quarter of 2018 was RMB20.1 million (US$2.9
million), compared to a net loss of RMB510.2 million (US$74.3
million) in the corresponding period in 2017. Net loss
attributable to Bitauto in the third quarter of 2018 was
RMB26.7 million (US$3.9 million). Basic and diluted net loss per
ADS, each representing one ordinary share, in the third quarter of
2018 amounted to RMB0.44 (US$0.06) and RMB0.47 (US$0.07),
respectively, taking into consideration of the accretion to
redeemable noncontrolling interests amounting to RMB7.1 million (US$1.0
million).
Non-GAAP net income in the third quarter of 2018 was
RMB345.0 million (US$50.2 million), a 48.8% increase from the
corresponding period in 2017. Non-GAAP net income attributable
to Bitauto in the third quarter of 2018 was RMB265.8 million (US$38.7
million). Non-GAAP basic and diluted net income per ADS in
the third quarter of 2018 amounted to RMB3.66 (US$0.53)
and RMB3.36 (US$0.49), respectively, taking into
consideration of the accretion to redeemable noncontrolling
interests amounting to RMB7.1 million
(US$1.0 million).
As of September 30, 2018, the
Company had cash and cash equivalents and restricted cash of
RMB8.98 billion (US$1.31 billion). Cash provided by operating
activities, cash used in investing activities, and cash provided by
financing activities in the third quarter of 2018 were
RMB246.9 million (US$35.9 million), RMB2.15
billion (US$312.7 million),
and RMB2.83 billion (US$412.4 million), respectively.
The number of employees totaled 7,739 as of September 30, 2018, including employees of
entities in which Bitauto has acquired and holds controlling
interests. This represented a 7.64% year-over-year decrease,
primarily due to the decreased headcount in Yixin, following its
strategic de-emphasis of used automobile transaction facilitation
services.
As of September 30, 2018, the
Company had a total of 72,739,966 ordinary shares. Non-GAAP basic
and diluted per ADS figures for the third quarter of 2018 were
calculated using a weighted average of 70,897,859 and 77,433,787
ADSs, respectively. Each ADS represents one ordinary share of the
Company.
Yixin Third Quarter 2018 Highlights
In the third quarter of 2018, Bitauto's
controlled subsidiary Yixin, the primary operator of the Company's
transaction services business, facilitated approximately 123,000
financed automobile transactions, with the aggregate loan amount of
approximately RMB9.8 billion,
through its loan facilitation services and self-operated financing
business. In particular, Yixin's third-party loan facilitation
transactions continued to gain momentum, contributing approximately
24% of the total financed automobile transaction volume in the
third quarter, up from 19% in the previous quarter. In the third
quarter of 2018, through its loan facilitation services for partner
banks, Yixin facilitated approximately 30,000 financed automobile
transactions, a year-over-year increase of approximately 300 times,
and approximately RMB2.2 billion
amount in auto financing.
In the third quarter of 2018, under U.S. GAAP, Yixin's total
revenues reached RMB1.38 billion
(US$200.7 million); gross profit
reached RMB610.5 million
(US$88.9 million); net loss was
RMB3.9 million (US$0.6 million) and Non-GAAP net income was
RMB121.6 million (US$17.7 million). Yixin's Non-GAAP net income is
calculated as net loss excluding share-based compensation of
RMB89.9 million (US$13.1 million), amortization of intangible
assets resulting from asset and business acquisitions of
RMB35.7 million (US$5.2 million), and offset by tax effect of
RMB0.04 million (US$0.01 million). In the third quarter of 2018,
Yixin entered into certain transactions with other subsidiaries of
Bitauto, which have been eliminated upon Bitauto's consolidation of
Yixin. The revenue that Yixin recorded for the services provided to
those subsidiaries of Bitauto amounted to RMB4.1 million (US$0.6
million).
As of September 30, 2018, Yixin
had cash and cash equivalents and restricted cash of RMB5.73 billion (US$834.9
million), total finance receivables of RMB38.00 billion (US$5.53
billion), and total borrowings, including bank borrowings
and asset-backed securitization debt, of RMB31.65 billion (US$4.61
billion).
As of September
30, 2018, 90+ days (including 180+ days) past due ratio and
180+ days past due ratio for Yixin's self-operated financing
business were 1.04% and 0.53% respectively; 90+ days (including
180+ days) past due ratio and 180+ days past due ratio for all
financed transactions including the third-party loan facilitations
were 0.97% and 0.49% respectively.
Under U.S. GAAP, Yixin's provision for credit losses of finance
receivables in the third quarter of 2018 was RMB130.6 million (US$19.0
million). The balance of provision for credit losses of
finance receivables was RMB276.3
million (US$40.2 million) as
of September 30, 2018.
Fourth Quarter 2018 Outlook
Bitauto currently expects to generate revenue in the range of
RMB2.92 billion (US$425.2 million) to RMB2.97 billion (US$432.4 million) in the fourth quarter of
2018, representing a 17.2% to 19.2% increase from the
corresponding period in 2017.
This forecast reflects revenues net of VAT under the new revenue
guidance ASC Topic 606, which has been adopted by Bitauto starting
from January 1, 2018. If presented on
gross basis, as consistent with in year 2017, forecasted revenues
would be between RMB3.14 billion
(US$457.6 million) to
RMB3.20 billion (US$465.3 million) in the fourth quarter of
2018, representing a 16.8% to 18.8% increase from the
corresponding period in 2017.
This forecast takes into consideration of 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
7:00 AM on November 28, 2018 U.S. Eastern Time (8:00 PM on November 28,
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:
|
5695098
|
A replay of the conference call may be accessed by phone at the
following number until December 6,
2018:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
|
|
Conference
ID:
|
5695098
|
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 RMB6.8680 to US$1.00, the
effective noon buying rate as of September 28, 2018 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's business consists of three segments:
advertising and subscription business, transaction services
business and digital marketing solutions business.
Bitauto's advertising and subscription business provides a
variety of advertising services to automakers through the
bitauto.com website and corresponding mobile apps. The website and
mobile apps provide consumers with up-to-date automobile pricing
and promotional information, specifications, reviews and consumer
feedback. Bitauto also provides transaction-focused online
advertisements and promotional services to its business partners
via Yixin's online platform for automakers, automobile dealers,
auto finance partners and insurance companies. Bitauto offers
subscription services via its SaaS platform, which provides
web-based and mobile-based integrated digital marketing solutions
to automobile dealers in China.
The SaaS platform enables automobile dealer subscribers to create
their own online showrooms, list pricing and promotional
information, provide automobile 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 finance 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, advertising agent services, big data
applications and digital image creation.
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, and uses Yixin's
Non-GAAP net income as Non-GAAP financial measures to supplement
the disclosure of financial performance of Yixin. Non-GAAP income
from operations is defined as income/(loss) from operations
excluding (i) share-based compensation; (ii) amortization of
intangible assets resulting from asset and business acquisitions;
and (iii) professional expenses incurred for the initial public
offering of Yixin. Non-GAAP net income is defined as net loss
excluding (i) share-based compensation; (ii) amortization of
intangible assets resulting from asset and business acquisitions;
(iii) professional expenses incurred for the initial public
offering of Yixin; (iv) share of amortization of equity
investments' intangible assets not on their books; (v) investment
loss associated with non-cash investment matters; (vi) impairment
on equity investees; (vii) fair value adjustment of contingent
considerations; (viii) amortization of the BCF discount on the
convertible notes; and (ix) tax effect of Non-GAAP line items.
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. Yixin's Non-GAAP net income is defined as net loss
excluding (i) share-based compensation; (ii) amortization of
intangible assets resulting from asset and business acquisitions;
and (iii) tax effect of Non-GAAP line items. 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 or Yixin 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
|
Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
For the Three
Months Ended
|
|
|
September 30, 2017
*
|
|
September 30,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,344,869
|
|
2,724,593
|
Cost of
revenue
|
|
(831,978)
|
|
(1,053,303)
|
Gross
profit
|
|
1,512,891
|
|
1,671,290
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(1,787,348)
|
|
(1,519,880)
|
Product development
expenses
|
|
(156,544)
|
|
(154,643)
|
Other (losses)/gains,
net
|
|
(2,285)
|
|
69,263
|
(Loss)/Income from
operations
|
|
(433,286)
|
|
66,030
|
|
|
|
|
|
Interest
income
|
|
22,105
|
|
38,202
|
Interest
expense
|
|
(17,483)
|
|
(24,819)
|
Share of results of
equity investees
|
|
(11,117)
|
|
(30,304)
|
Investment
loss
|
|
(31,612)
|
|
-
|
(Loss)/Profit
before tax
|
|
(471,393)
|
|
49,109
|
|
|
|
|
|
Income tax
expense
|
|
(38,851)
|
|
(69,230)
|
Net
loss
|
|
(510,244)
|
|
(20,121)
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to noncontrolling interests
|
|
2,963
|
|
(458)
|
Accretion to
redeemable noncontrolling interests
|
|
105,757
|
|
7,072
|
Net loss
attributable to Bitauto Holdings Limited
|
|
(618,964)
|
|
(26,735)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
data
|
|
|
|
|
Non-GAAP net
income
|
|
231,839
|
|
344,973
|
Non-GAAP net income
attributable to noncontrolling interests
|
|
5,450
|
|
72,097
|
Accretion to
redeemable noncontrolling interests
|
|
105,757
|
|
7,072
|
Non-GAAP net
income attributable to Bitauto Holdings Limited
|
|
120,632
|
|
265,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
September 30,
2017
|
|
September 30,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations
|
|
(433,286)
|
|
66,030
|
Share-based
compensation
|
|
522,014
|
|
173,133
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
169,114
|
|
169,118
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
8,357
|
|
-
|
Non-GAAP income
from operations
|
|
266,199
|
|
408,281
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(510,244)
|
|
(20,121)
|
Share-based
compensation
|
|
522,014
|
|
173,133
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
169,114
|
|
169,118
|
Professional expenses
incurred for the initial public offering of Yixin
|
|
8,357
|
|
-
|
Share of amortization
of equity investments' intangible assets not on their
books
|
|
27
|
|
-
|
Investment loss
associated with non-cash investment matters
|
|
31,987
|
|
-
|
Impairment on equity
investees
|
|
-
|
|
17,589
|
Fair value adjustment
of contingent considerations
|
|
3,114
|
|
-
|
Amortization of the
BCF discount on the convertible notes
|
|
8,528
|
|
7,810
|
Tax effect of
Non-GAAP line items
|
|
(1,058)
|
|
(2,556)
|
Non-GAAP net
income
|
|
231,839
|
|
344,973
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
Basic
|
|
1.70
|
|
3.66
|
Diluted
|
|
1.56
|
|
3.36
|
|
|
|
|
|
|
|
|
|
|
*The operating
results for the third quarter of 2017 are not restated and are
presented on a gross basis under Topic 605, while those for the
third
quarter of 2018 are presented on a net basis under Topic
606.
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
December 31,
2017
|
|
September 30,
2018
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
9,555,027
|
|
5,280,490
|
Restricted
cash
|
|
811,596
|
|
1,949,477
|
Accounts
receivable, net
|
|
2,854,410
|
|
3,658,503
|
Uncollateralized finance receivables - current portion,
net
|
|
2,963,926
|
|
4,847,677
|
Collateralized
finance receivables - current portion, net
|
|
10,289,972
|
|
13,571,100
|
Other current
assets
|
|
1,642,438
|
|
2,251,545
|
|
|
28,117,369
|
|
31,558,792
|
Non-current
assets
|
|
|
|
|
Restricted
cash
|
|
672,736
|
|
1,754,196
|
Investments in
equity investees
|
|
1,184,196
|
|
1,824,450
|
Investment in
convertible notes
|
|
-
|
|
1,793,641
|
Property,
plant and equipment, net
|
|
1,296,196
|
|
708,662
|
Intangible
assets, net
|
|
1,726,321
|
|
1,167,851
|
Uncollateralized finance receivables - non-current portion,
net
|
|
4,181,627
|
|
6,883,109
|
Collateralized
finance receivables - non-current portion, net
|
|
12,356,080
|
|
12,582,255
|
Other
non-current assets
|
|
1,981,207
|
|
2,275,105
|
|
|
23,398,363
|
|
28,989,269
|
|
|
|
|
|
Total
assets
|
|
51,515,732
|
|
60,548,061
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short term
borrowings
|
|
11,243,614
|
|
12,421,135
|
Asset-backed
securitization debt
|
|
6,165,429
|
|
9,352,579
|
Accounts
payable
|
|
2,176,627
|
|
2,384,050
|
Other current
liabilities
|
|
3,113,569
|
|
3,225,792
|
|
|
22,699,239
|
|
27,383,556
|
Non-current
liabilities
|
|
|
|
|
Long term
borrowings
|
|
5,074,273
|
|
6,184,650
|
Asset-backed
securitization debt
|
|
2,611,821
|
|
4,127,661
|
Other
non-current liabilities
|
|
892,728
|
|
2,459,690
|
|
|
8,578,822
|
|
12,772,001
|
|
|
|
|
|
Total
liabilities
|
|
31,278,061
|
|
40,155,557
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
301,953
|
|
352,938
|
|
|
|
|
|
Total
equity
|
|
19,935,718
|
|
20,039,566
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests
and equity
|
|
51,515,732
|
|
60,548,061
|
View original
content:http://www.prnewswire.com/news-releases/bitauto-announces-third-quarter-2018-results-300756678.html
SOURCE Bitauto Holdings Limited