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AutoNavi Holdings Limited Reports First Quarter 2013 Results

About Non-GAAP Financial Measures

To supplement AutoNavi's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), AutoNavi uses in this press release the following non-GAAP financial measures: (1) non-GAAP operating expenses, (2) non-GAAP R&D expenses, (3) non-GAAP selling and marketing expenses, (4) non-GAAP general and administrative expenses, (5) non-GAAP operating income, (6) non-GAAP net income attributable to AutoNavi shareholders, and (7) non-GAAP diluted net income per ADS attributable to AutoNavi shareholders, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

AutoNavi believes that these non-GAAP financial measures facilitate investors' and management's comparisons to AutoNavi's historical performance and assist management's financial and operational decision making. A limitation of using these non-GAAP financial measures is that share-based compensation expenses are recurring expenses that will continue to exist in AutoNavi's business for the foreseeable future. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table has more details on the reconciliation between non-GAAP financial measures and their most directly comparable GAAP financial measures to provide investors with context as to how the adjustments impact the GAAP amounts.

     
AUTONAVI HOLDINGS LIMITED    
Consolidated Balance Sheet (unaudited)    
(In thousands of U.S. dollars)    
     
  March 31, December 31,
  2013 2012
     
     
Assets    
Current assets    
Cash and cash equivalents 126,420 151,543
Restricted cash  84 835
Term deposits 93,869 64,686
Accounts receivable, net of allowance for doubtful accounts of $2,023 and $1,859 as of March 31, 2013 and December 31, 2012, respectively 42,237 45,985
Due from related parties, trading 3,022 4,749
Due from related parties, non-trading 71 3
Prepaid expense and other current assets  11,674 7,840
Deferred tax assets-current  1,235 1,838
Total current assets  278,612 277,479
     
Properties and equipment, net  47,039 47,120
Prepayment for acquisition of property 8,704 8,677
Equity method investments  3,981 4,164
Acquired intangible assets, net  4,576 5,004
Goodwill  8,864 8,837
Deferred tax assets-non-current  115 150
Other long term assets  288 373
     
TOTAL ASSETS  352,179 351,804
     
Liabilities    
Current liabilities    
Accounts payable (including accounts payable of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $2,673 and $2,124 as of March 31, 2013 and December 31, 2012, respectively) 2,681 2,124
Deferred revenue (including deferred revenue of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $11,946 and $13,907 as of March 31, 2013 and December 31, 2012, respectively) 12,812 14,630
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $21,296 and $26,230 as of March 31, 2013 and December 31, 2012, respectively) 24,226 29,613
Income tax payable (including income tax payable of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $7,748 and $10,082 as of March 31, 2013 and December 31, 2012, respectively) 8,177 10,417
     
Total current liabilities  47,896 56,784
     
Non-current liabilities    
Deferred tax liability-non-current (including deferred tax liability of the consolidated variable interest entities without recourse to AutoNavi Holdings Limited $786 and $862 as of March 31, 2013 and December 31, 2012, respectively) 877 966
     
Total liabilities  48,773 57,750
     
Equity    
Ordinary shares 20 19
Additional paid-in capital  192,225 189,373
Treasury stock (29,164) (29,164)
Statutory reserve  11,668 11,668
Retained earnings  101,426 95,715
Accumulated other comprehensive income  21,234 20,546
     
Total AutoNavi Holdings Limited shareholders' equity  297,409 288,157
Noncontrolling interest  5,997 5,897
     
Total equity  303,406 294,054
     
TOTAL LIABILITIES AND EQUITY  352,179 351,804
 
 
AUTONAVI HOLDINGS LIMITED
Consolidated Statements of Comprehensive Income (unaudited)
(In thousands of U.S. dollars, except share and per share data)
       
  For the three months ended
  March 31, March 31, December 31,
  2013 2012 2012
       
Net revenues 34,314 35,666 43,608
Cost of revenues (10,372) (8,757) (12,771)
Gross profit 23,942 26,909 30,837
       
Operating expenses:      
Research and development (10,552) (8,008) (10,077)
Selling and marketing (5,822) (5,260) (7,112)
General and administrative (4,416) (4,369) (5,448)
Total operating expenses (20,790) (17,637) (22,637)
Government subsidies  2  762  597
Operating income 3,154 10,034 8,797
       
Interest income 1,883 1,616 1,707
Foreign exchange gains/(loss) 149 (30) 377
Other Income 47 47 201
Income before income taxes and share of net loss of equity method investments 5,233 11,667 11,082
Income tax benefit/(expense) 820 (2,093) (1,792)
Share of net loss of equity method investments (260) (238) (248)
Net income 5,793 9,336 9,042
Less: Net income attributable to noncontrolling interest 82 403 352
Net income attributable to AutoNavi Holdings Limited shareholders 5,711 8,933 8,690
       
Net income per ordinary share      
Basic 0.03 0.05 0.05
Diluted 0.03 0.04 0.04
       
Weighted average number of shares used in calculating net income per ordinary share      
Basic 186,115,424 191,804,433 188,136,499
Diluted 196,523,224 202,405,245 198,054,969
       
Other comprehensive income, net of tax      
 Foreign currency translation adjustment 706 (139) 1,867
       
Comprehensive income  6,499  9,197  10,909
 Less: comprehensive income attributable to noncontrolling interest  100  400  402
Comprehensive income attributable to AutoNavi Holdings Limited shareholders  6,399  8,797  10,507
 
AUTONAVI HOLDINGS LIMITED
Reconciliation of non-GAAP measures to most directly comparable GAAP measures (unaudited)
(In thousands of U.S. dollars, except per ADS data)
       
  For the three months ended
  March 31, March 31, December 31,
  2013 2012 2012
       
Total operating expenses 20,790 17,637 22,637
Share-based compensation (2,574) (3,157) (2,180)
Non-GAAP total operating expenses 18,216 14,480 20,457
       
R&D expenses 10,552 8,008 10,077
Share-based compensation (945) (1,082) (644)
Non-GAAP R&D expenses 9,607 6,926 9,433
       
Selling and marketing expenses  5,822 5,260 7,112
Share-based compensation (902) (1,221) (828)
Non-GAAP selling and marketing expenses  4,920 4,039 6,284
       
General and administrative expenses 4,416 4,369 5,448
Share-based compensation (726) (854) (708)
Non-GAAP general and administrative expenses 3,690 3,515 4,740
       
Operating income 3,154 10,034 8,797
Share-based compensation 2,705 3,223 2,316
Non-GAAP operating income 5,859 13,257 11,113
       
Net income attributable to AutoNavi Holdings Limited shareholders 5,711 8,933 8,690
Share-based compensation 2,705 3,223 2,316
Non-GAAP net income attributable to AutoNavi Holdings Limited shareholders 8,416 12,156 11,006
   
  For the three months ended March 31, 2013
  GAAP Adjustments Non-GAAP (a)
Diluted net income per ADS attributable to AutoNavi Holdings Limited shareholders 0.12 0.05 0.17
       
(a) Non-GAAP diluted net income per ADS attributable to AutoNavi Holdings Limited shareholders is computed by dividing non-GAAP net income attributable to AutoNavi Holdings Limited shareholders by the weighted average number of diluted ordinary shares outstanding used in computing the GAAP diluted net income per ordinary share attributable to AutoNavi Holdings Limited shareholders (after adjusting for the ADS to ordinary share ratio).
CONTACT: For investor and media inquiries please contact:

         In China:

         Investor Relations
         AutoNavi Holdings Limited
         Tel: +86-10-8410-7883
         E-mail: ir@autonavi.com 

         Derek Mitchell
         Ogilvy Financial, Beijing
         Tel: +86-10-8520-3073
         E-mail: amap@ogilvy.com

         In the U.S.:

         Jessica Barist Cohen
         Ogilvy Financial, New York
         Tel: +1-646-460-9989
         E-mail: amap@ogilvy.com

AutoNavi Holdings Limited logo

Stock quotes in this article: AMAP 

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