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TheStreet Open House

AutoNavi Holdings Limited Reports First Quarter 2013 Results

Stocks in this article: AMAP

Operating Expenses

Total operating expenses in the first quarter of 2013 were $20.8 million, compared to $17.6 million in the first quarter of 2012 and $22.6 million in the fourth quarter of 2012. Non-GAAP operating expenses, which exclude share-based compensation expenses, were $18.2 million, compared to $14.5 million in the first quarter of 2012 and $20.5 million in the fourth quarter of 2012.

Research and development ("R&D") expenses were $10.6 million in the first quarter of 2013, compared to $8.0 million in the first quarter of 2012 and $10.1 million in the fourth quarter of 2012. 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, were $9.6 million in the first quarter of 2013, compared to $6.9 million in the first quarter of 2012 and $9.4 million in the fourth quarter of 2012.

Selling and marketing expenses were $5.8 million in the first quarter of 2013, compared to $5.3 million in the first quarter of 2012 and $7.1 million in the fourth quarter of 2012. The year-over-year increase was primarily due to higher promotion and marketing expenses for brand awareness and product promotion activities, and a general increase in salary for sales and marketing talent. The sequential decrease resulted from decreased marketing, promotion and travelling expenses during the Chinese New Year holiday period. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, were $4.9 million in the first quarter of 2013, compared to $4.0 million in the first quarter of 2012 and $6.3 million in the fourth quarter of 2012.

General and administrative expenses were $4.4 million in the first quarter of 2013, compared to $4.4 million in the first quarter of 2012 and $5.4 million in the fourth quarter of 2012. The sequential decrease reflects higher expenses in the fourth quarter of 2012 related to year-end in-house activities, as well as a higher bad debt allowance recorded in the fourth quarter. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, were $3.7 million in the first quarter of 2013, compared to $3.5 million in the first quarter of 2012 and $4.7 million in the fourth quarter of 2012.

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