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TheStreet Open House

AutoNavi Holdings Limited Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: AMAP

Cost of Revenues

Cost of revenues in fiscal year 2012 was $43.0 million, representing an increase of 22.8% from fiscal year 2011. The increase was mainly due to aerial photogrammetry-related costs in connection with the new large aerial photogrammetry contracts entered this year, outsourced data production and software development costs, and a general annual increase in salary and welfare for employees directly involved in data collection and processing.

Operating Expenses

Total operating expenses in fiscal year 2012 were $80.9 million, an increase of 46.3% from fiscal year 2011. Non-GAAP operating expenses, which exclude share-based compensation expenses, were $68.5 million, an increase of 36.7% from fiscal year 2011.

Research and development ("R&D") expenses increased 50.0% from fiscal year 2011 to $35.6 million. The increase was primarily due to higher salary and benefit expenses, a result of an increase in the number of R&D staff, higher share-based compensation expenses and outsourced development costs. Non-GAAP R&D expenses, which exclude share-based compensation expenses, increased 49.6% from fiscal year 2011 to $31.8 million.

Selling and marketing expenses increased 51.9% from fiscal year 2011 to $25.0 million. The increase was primarily due to higher salary and benefit expenses resulting from increased sales headcount, higher share-based compensation expenses, the increase of promotion and marketing expenses, office facility rental expenses and travel expenses. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased 37.9% from fiscal year 2011 to $20.3 million.

General and administrative expenses increased 34.5% from fiscal year 2011 to $20.3 million. The increase was primarily due to a general annual increase in salary and welfare, higher share-based compensation expenses and allowance for doubtful accounts provided in fiscal year 2012. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased 16.2% from fiscal year 2011 to $16.4 million.

Net Income Attributable to AutoNavi Shareholders

Net income attributable to AutoNavi shareholders was $36.5 million in fiscal year 2012, flat from fiscal year 2011. Diluted net income per American depositary share ("ADS") attributable to AutoNavi shareholders for the fiscal year 2012 was $0.73, flat with $0.73 from a year ago. One ADS represents four ordinary shares.

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