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AutoNavi Holdings Limited Reports Fourth Quarter And Fiscal Year 2012 Results

Cost of Revenues

Cost of revenues in the fourth quarter of 2012 was $12.8 million, representing an increase of 35.5% year-over-year and 12.0% sequentially. The year-over-year increase was mainly due to outsourced data production and software development costs, aerial photogrammetry-related costs in connection with the new aerial photogrammetry contracts entered this year, and a general annual increase in salary and welfare benefits for employees directly involved in data collection and processing. The sequential increase was largely attributable to a rise in outsourced data production and software development costs.

Operating Expenses

Total operating expenses in the fourth quarter of 2012 were $22.6 million, an increase of 28.7% year-over-year and 13.1% from the previous quarter. Non-GAAP operating expenses, which exclude share-based compensation expenses, were $20.5 million, an increase of 36.8% year-over-year and 18.5% sequentially.

Research and development ("R&D") expenses increased 34.7% year-over-year and 8.9% sequentially to $10.1 million. The increases were primarily due to higher salary and benefit expenses resulting from an increase in the number of R&D staff. Non-GAAP R&D expenses, which exclude share-based compensation expenses, increased 52.3% year-over-year and 15.6% sequentially to $9.4 million.

Selling and marketing expenses increased 20.2% year-over-year and 20.1% sequentially to $7.1 million. The year-over-year increase was primarily due to higher salary and benefit expenses resulting from increased sales headcount, increased office rental expenses and travel expenses, and higher promotion and marketing expenses for brand awareness and product promotion activities. The sequential increase was mainly attributable to higher promotion and marketing expenses and to travel expenses. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased 27.0% year-over-year and 24.6% sequentially to $6.3 million.

General and administrative expenses increased 30.5% year-over-year and 12.5% sequentially to $5.4 million. The year-over-year increase was primarily due to a general annual increase in salary and welfare benefits, higher share-based compensation expenses and allowance for doubtful accounts provided in the fourth quarter of 2012. The sequential increase was mainly due to allowance for doubtful accounts provided in the fourth quarter. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased 24.4% year-over-year and 16.8% sequentially to $4.7 million.

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