BEIJING, May 30, 2019 /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 first quarter ended March 31, 2019[1] .
Bitauto First Quarter 2019 Highlights
- Revenue in the first quarter of 2019 was RMB2.73 billion (US$407.5
million), a 26.0% increase from the corresponding period in
2018, exceeding the high-end of Company guidance.
- Gross profit in the first quarter of 2019 was
RMB1.67 billion (US$248.6 million), a 23.6% increase from the
corresponding period in 2018. Income from operations in the
first quarter of 2019 was RMB57.8
million (US$8.6 million),
compared to a loss from operations of RMB313.3 million (US$46.7
million) in the corresponding period in 2018. Non-GAAP income from operations in
the first quarter of 2019 was RMB365.8
million (US$54.5 million),
representing a significant increase from RMB8.0 million (US$1.2
million) in the corresponding period in 2018.
- Net income in the first quarter of 2019 was RMB92.8 million (US$13.8
million), compared to a net loss of RMB288.3 million (US$43.0
million) in the corresponding period in 2018. Non-GAAP
net income in the first quarter of 2019 was RMB284.7 million (US$42.4
million), representing a significant increase from
RMB37.1 million (US$5.5 million) in the corresponding period in
2018.
- Net income attributable to Bitauto in the first quarter
of 2019 was RMB32.5 million
(US$4.8 million), compared to a net
loss attributable to Bitauto of RMB167.6
million (US$25.0 million) in
the corresponding period in 2018. Non-GAAP net income
attributable to Bitauto in the first quarter of 2019 was
RMB152.1 million (US$22.7 million), a 126.3% increase from the
corresponding period in 2018.
- Basic and diluted net income per ADS in the first
quarter of 2019 was RMB0.43
(US$0.06) and RMB0.29 (US$0.04),
respectively. Non-GAAP basic and diluted net income per ADS
in the first quarter of 2019 was RMB2.12 (US$0.32)
and RMB1.68 (US$0.25), respectively.
Mr. Andy Zhang, chief executive officer of Bitauto,
said, "Amidst a challenging auto industry environment, we were
pleased to deliver a set of solid results for the first quarter of
2019, with total revenue growing by 26.0% year-over-year to
RMB2.73 billion. Our advertising and
subscription business continued to see steady growth, with revenue
reaching RMB897.0 million,
representing a 13.9% year-over year increase. Revenue from our core
advertising and subscription business, which excludes contributions
from subsidiaries in which we hold controlling interests, grew by
12.6% year-over-year for the first quarter of 2019. Our transaction
services business continued to expand rapidly and reached
RMB1.65 billion in revenue,
representing a 40.7% year-over-year increase."
"During the quarter, we saw substantial increases in traffic,
user time spent, and number of sales leads generated. According to
Questmobile, in April 2019, daily
active users (DAU) on the Bitauto media app increased by 197% since
the upgrade which we rolled out in October
2018. Moreover, the combined DAU on both the Bitauto media
app and Auto Pricing app rose by approximately 50% over the same
period in 2018. Our total number of sales leads grew by
approximately 15% year-over-year in the first quarter of 2019, with
higher quality attributable to greater contribution from organic
leads. As a result of the improving quantity and quality of sales
leads, average revenue per user (ARPU) in our subscription business
further increased as we continued to migrate members to our premium
and recently launched deluxe premium service packages. We also
expanded our network of independent dealers to over 26,000 during
the first quarter of 2019, of which more than 2,300 were paying
customers as of the end of this May."
"In our transaction services business, Yixin continued to grow
faster than the industry, strengthening its market leadership, and
enhancing its competitive advantages. Yixin facilitated
approximately 147,000 financed automobile transactions in the first
quarter of 2019, a year-over-year increase of approximately 30%.
During the quarter, Yixin's financed new automobile transactions
increased by approximately 23% year-over-year, while China's new passenger vehicles sales decreased
by 14% year-over-year, according to China Association of Automobile
Manufacturers. Yixin's financed
used automobile transactions increased by approximately 39%
year-over-year during the quarter, while China's used passenger vehicle sales increased
by 2% year-over-year, according to China Automobile Dealers
Association. Yixin's loan facilitation services contributed 66% of
its total financed automobile transactions, with transaction volume
up nearly 10 times compared to the same period of last year."
"Looking forward, we will remain dedicated to executing on our
core business strategies to build Bitauto into China's top online automobile media and
transaction services platform. First, we will continue to improve
content and user experience on the upgraded Bitauto media app,
which has seen robust improvement in DAU, retention rate, as well
as content generation and consumption. This will greatly strengthen
our ability to bring higher quality sales leads to our automaker
and dealer customers, helping enhance their sales conversion rates,
and demonstrating our value proposition amid the current soft
market of automobile sales. Second, we will drive incremental
revenue growth in our advertising business through data products,
which provide automakers with integrated results-driven marketing
solutions. Our data products enable automakers to analyse real-time
consumer behavior, including browsing, research and purchasing, to
further improve conversion rates. Third, we will further develop
our subscription business this year, as we enhance ARPU from 4S
dealer customers through sales of premium and deluxe premium
service packages, and expand our services to cover more independent
dealers while gradually increasing monetization among this vast and
under-tapped market segment. Fourth, Yixin will remain focused on
rapidly expanding its financed automobile transactions, growing its
loan facilitation business, and developing its technology
capabilities to better understand, connect, and serve consumers,
financial institution partners, and automobile dealers. We believe
that Yixin is well-positioned to gain market share in the
automobile finance industry."
Mr. Ming Xu, chief financial
officer of Bitauto, said, "Despite soft sales in the
automobile industry, our results for the first quarter of 2019
maintained a steady growth trajectory, with strong performances
from both our advertising and subscription business and transaction
services business. We were also able to increase profitability in
the first quarter, mainly attributable to improved profitability at
Yixin, as well as effective control on sales and marketing
expenses. With growing traffic and enhanced user experience, we
believe our upgraded Bitauto media app should continue to
strengthen Bitauto's value proposition, which we believe will be
increasingly recognized by our OEM and dealer customers as they
focus on the effectiveness of their advertising spending. We expect
the growth of our user base and brand value will further solidify
our leading industry position, reduce our customer acquisition
costs and enhance our margins. We remain optimistic about Yixin's
margin outlook for the full year as it further grows its total
financed transaction volume."
Bitauto First Quarter 2019 Results
Bitauto reported revenue of RMB2.73 billion (US$407.5
million) for the first quarter of 2019, representing a 26.0%
increase from the corresponding period in 2018. The increase in
revenue was attributable to the growth of the Company's transaction
services business and advertising and subscription business.
- Revenue from the advertising and subscription business
for the first quarter of 2019 was RMB897.0
million (US$133.7 million),
representing a 13.9% increase from RMB787.5
million (US$117.3 million) in
the corresponding period in 2018.
- Revenue from the transaction services business for the
first quarter of 2019 was RMB1.65
billion (US$245.8 million),
representing a 40.7% increase from RMB1.17
billion (US$174.7 million) in
the corresponding period in 2018, mainly attributable to the
revenue growth of the Company's loan facilitation services and
self-operated financing business.
- Revenue from the digital marketing solutions business
for the first quarter of 2019 was RMB187.9
million (US$28.0 million),
compared to RMB211.3 million
(US$31.5 million) in the
corresponding period in 2018.
Cost of revenue for the first quarter of 2019 was
RMB1.07 billion (US$158.8 million), representing an increase of
29.8% from the corresponding period in 2018. The increase was
primarily due to increased commissions associated with loan
facilitation services and increased costs associated with higher
sales of automobiles. Cost of revenue as a percentage of revenue in
the first quarter of 2019 was 39.0%, compared to 37.8% in the
corresponding period in 2018.
Gross profit for the first quarter of 2019 was
RMB1.67 billion (US$248.6 million), representing a 23.6% increase
from the corresponding period in 2018.
Selling and administrative expenses were RMB1.50 billion (US$223.9
million) for the first quarter of 2019, representing a 0.5%
decrease from the corresponding period in 2018.
Product development expenses were RMB160.4 million (US$23.9
million) for the first quarter of 2019, largely the same as
such figure in the corresponding period in 2018.
Share-based compensation, which was allocated to the
related line items of operating expenses, was RMB144.2 million (US$21.5
million) in the first quarter of 2019, compared to
RMB150.1 million (US$22.4 million) in the corresponding period in
2018.
Income from operations in the first quarter of 2019 was
RMB57.8 million (US$8.6 million), compared to a loss from
operations of RMB313.3 million
(US$46.7 million) in the
corresponding period in 2018. Operating margin in the first quarter
of 2019 was 2.1%, compared to -14.4% in the corresponding period in
2018. The improvement in operating results and operating margin was
mainly attributable to the growth of loan facilitation services
which feature strong scalability and attractive margin profile.
Non-GAAP income from operations in the first quarter of
2019 was RMB365.8 million
(US$54.5 million), representing a
significant increase from RMB8.0
million (US$1.2 million) in
the corresponding period in 2018. Non-GAAP operating margin in the
first quarter of 2019 was 13.4%, compared to 0.4% in the
corresponding period in 2018.
Investment income in the first quarter of 2019 was
RMB122.6 million (US$18.3 million), compared to an investment
income of RMB6.0 million
(US$0.9 million) in the corresponding
period in 2018. The increase was mainly attributable to a step
acquisition gain arising from the acquisition of the Company's
equity investee in the current quarter, which was a non-cash
investment item.
Income tax expense in the first quarter of 2019 was
RMB82.2 million (US$12.2 million), compared to an income tax
benefit of RMB12.5 million
(US$1.9 million) in the corresponding
period in 2018. This increase was mainly attributable to increased
income from operations from subsidiaries in the People's Republic of China in the first
quarter of 2019.
Net income in the first quarter of 2019 was RMB92.8 million (US$13.8
million), compared to a net loss of RMB288.3 million (US$43.0
million) in the corresponding period in 2018.
Non-GAAP net income in the first quarter of 2019 was
RMB284.7 million (US$42.4 million), representing a significant
increase from RMB37.1 million
(US$5.5 million) in the corresponding
period in 2018.
Net income attributable to Bitauto in the first quarter
of 2019 was RMB32.5 million
(US$4.8 million), compared to a net
loss attributable to Bitauto of RMB167.6
million (US$25.0 million) in
the corresponding period in 2018.
Non-GAAP net income attributable to Bitauto in the first
quarter of 2019 was RMB152.1 million
(US$22.7 million), a 126.3% increase
from the corresponding period in 2018.
Basic and diluted net income per ADS, each representing
one ordinary share, in the first quarter of 2019 amounted to
RMB0.43 (US$0.06) and RMB0.29 (US$0.04),
respectively.
Non-GAAP basic and diluted net income per ADS in the
first quarter of 2019 amounted to RMB2.12 (US$0.32)
and RMB1.68 (US$0.25), respectively.
As of March 31, 2019, the Company
had cash and cash equivalents, time deposits and restricted
cash of RMB9.69 billion
(US$1.44 billion). Cash provided
by operating activities, cash provided by investing activities, and
cash used in financing activities in the first quarter of 2019
were RMB293.7 million (US$43.8 million), RMB1.86
billion (US$276.9 million),
and RMB2.11 billion (US$314.5 million), respectively.
The number of employees totaled 8,570 as of March 31, 2019, including employees of entities
in which Bitauto has acquired and holds controlling interests as of
such date. This represented a 4.4% 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 March 31, 2019, the Company
had a total of 73,761,089 ordinary shares. Non-GAAP basic and
diluted per ADS figures for the first quarter of 2019 were
calculated using a weighted average of 70,658,414 and 87,845,583
ADSs, respectively. Each ADS represents one ordinary share of the
Company.
Yixin First Quarter 2019 Highlights
Bitauto's controlled subsidiary Yixin, the primary operator of
the Company's transaction services business, continued to achieve
faster growth than the industry, strengthen market leadership, and
enhance competitive advantages.
In the first quarter of 2019, Yixin facilitated approximately
147,000 financed automobile transactions, increased by
approximately 30% from the corresponding period in 2018. The total
aggregate automobile financing amount facilitated through its loan
facilitation services and self-operated financing business was
approximately RMB11.30 billion
(US$1.68 billion).
In the quarter, Yixin's financed new automobile transactions
increased by approximately 23% from the corresponding period in
2018, while China's new passenger
vehicles sales decreased by 14% from the corresponding period in
2018, according to China Association of Automobile Manufacturers; and Yixin's financed used
automobile transactions increased by approximately 39% from the
corresponding period in 2018, while China's used passenger vehicle sales increased
by 2% from the corresponding period in 2018, according to China
Automobile Dealers Association. In the quarter, through its loan
facilitation services for financing partners, Yixin facilitated
approximately 97,000 financed automobile transactions, representing
a year-over-year increase of nearly 10 times and approximately 66%
of Yixin's total financed automobile transactions.
In the first quarter of 2019, under U.S. GAAP, Yixin's total
revenues reached RMB1.66 billion
(US$247.6 million), representing a
35.3% increase from the corresponding period in 2018; gross profit
reached RMB843.0 million
(US$125.6 million), representing a
40.8% increase from the corresponding period in 2018; net income
was RMB104.5 million (US$15.6 million), compared to a net loss of
RMB221.4 million (US$33.0 million) in the corresponding period in
2018; and Non-GAAP net income was RMB233.4
million (US$34.8 million),
compared to a Non-GAAP net loss of RMB62.3
million (US$9.3 million) in
the corresponding period in 2018.
In the first quarter of 2019, Yixin's Non-GAAP net income is
calculated as net income excluding share-based compensation of
RMB85.3 million (US$12.7 million), amortization of intangible
assets resulting from asset and business acquisitions of
RMB43.6 million (US$6.5 million), and offset by tax effect of
RMB0.04 million (US$0.01 million). In the first quarter of 2019,
Yixin entered into certain transactions with other subsidiaries of
Bitauto, which have been eliminated upon Bitauto's consolidation of
Yixin. The cost of revenue and expenses that Yixin recorded for the
services purchased from those subsidiaries of Bitauto amounted to
RMB7.0 million (US$1.0 million).
As of March 31, 2019, Yixin had
cash and cash equivalents and restricted cash of RMB5.63 billion (US$839.5
million), total finance receivables of RMB34.64 billion (US$5.16
billion), and total borrowings, including bank borrowings
and asset-backed securitization debt, of RMB28.17 billion (US$4.20
billion).
As of March 31, 2019, 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 0.90% and 0.43%, respectively; 90+ days
(including 180+ days) past due ratio and 180+ days past due ratio
for Yixin's self-operated financing business were 1.17% and 0.58%,
respectively.
Under U.S. GAAP, Yixin's provision for credit losses of finance
receivables for the first quarter of 2019 was RMB81.1 million (US$12.1
million). The balance of provision for credit losses of
finance receivables was RMB361.5
million (US$53.9 million) as
of March 31, 2019.
Recent Updates
- Early Redemption of 2.00% Convertible Notes due
2021
In May 2019, Bitauto has agreed
with PA Grand Opportunity Limited, or PAG, as a seller and a seller
representative for and on behalf of certain affiliates of PAG, to
repurchase the outstanding US$125,500,000 aggregate principal amount of the
2.00% Convertible Notes due 2021 issued by Bitauto on August 2, 2016 (the "Notes") prior to the
scheduled maturity date of the Notes. The total purchase price of
US$126,755,000 (corresponding to the
principal of, and the interest on, the Notes) was paid and settled
as of May 22, 2019. The Notes have
been cancelled and there are no Notes outstanding.
Second Quarter 2019 Outlook
Bitauto currently expects to generate revenue in the range of
RMB2.70 billion (US$402.3 million) to RMB2.80 billion (US$417.2 million) in the second quarter of
2019, representing a 5.3% to 9.2% increase from the
corresponding period in 2018.
This forecast takes into consideration of seasonality factors in
Bitauto's business, and excludes any impact of foreign currency
fluctuation. It reflects the management's current and preliminary
view, which is subject to change.
Conference Call Information
Bitauto's management will hold an earnings conference call at
8:00 AM on May
30, 2019 U.S. Eastern Time (8:00
PM on May 30, 2019
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:
|
9686039
|
A replay of the conference call may be accessed by phone at the
following number until June 6,
2019:
US:
|
+1-855-452-5696 or
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
9686039
|
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 RMB6.7112 to US$1.00, the
effective noon buying rate as of March 29, 2019 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 which provide
consumers with up-to-date automobile pricing and promotional
information, specifications, reviews and consumer feedback. Bitauto
also provides transaction-focused online advertisements and
services for promotional activities to its business partners,
including 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 new car 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, Non-GAAP net income attributable
to Bitauto and Non-GAAP basic and diluted net income per ADS as
Non-GAAP financial measures, and uses Yixin's Non-GAAP net
income/(loss) as Non-GAAP financial measures to supplement the
disclosure of financial performance of Yixin. Non-GAAP income from
operations is defined as (loss)/income from operations excluding
(i) share-based compensation; (ii) amortization of intangible
assets resulting from asset and business acquisitions. Non-GAAP net
income and Non-GAAP net income attributable to Bitauto,
respectively, are defined as net (loss)/income and net
(loss)/income attributable to Bitauto excluding (i) share-based
compensation; (ii) amortization of intangible assets resulting from
asset and business acquisitions; (iii) investment income associated
with the share of equity method investments; (iv) investment income
associated with non-cash investment matters; (v) amortization of
the BCF discount on the convertible notes; and (vi) 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/(loss)
is defined as net income/(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
|
|
|
March 31,
2018
|
|
March 31,
2019
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in thousands,
except for per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
2,171,145
|
|
2,734,761
|
Cost of
revenue
|
|
(821,386)
|
|
(1,066,053)
|
Gross
profit
|
|
1,349,759
|
|
1,668,708
|
|
|
|
|
|
Selling and
administrative expenses
|
|
(1,510,233)
|
|
(1,502,323)
|
Product development
expenses
|
|
(160,435)
|
|
(160,446)
|
Other gains,
net
|
|
7,582
|
|
51,900
|
(Loss)/Income from
operations
|
|
(313,327)
|
|
57,839
|
|
|
|
|
|
Interest
income
|
|
29,544
|
|
35,319
|
Interest
expense
|
|
(12,112)
|
|
(29,047)
|
Share of results of
equity investees
|
|
(10,857)
|
|
(11,646)
|
Investment
income
|
|
6,000
|
|
122,580
|
(Loss)/Income
before tax
|
|
(300,752)
|
|
175,045
|
|
|
|
|
|
Income tax
benefit/(expense)
|
|
12,468
|
|
(82,197)
|
Net
(loss)/income
|
|
(288,284)
|
|
92,848
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to noncontrolling interests
|
|
(127,638)
|
|
52,858
|
Accretion to
redeemable noncontrolling interests
|
|
6,918
|
|
7,503
|
Net (loss)/income
attributable to Bitauto Holdings Limited
|
|
(167,564)
|
|
32,487
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
per share/ADS
|
|
|
|
|
Basic
|
|
(2.34)
|
|
0.43
|
Diluted
|
|
(2.35)
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
data
|
|
|
|
|
Non-GAAP net
income
|
|
37,059
|
|
284,691
|
Non-GAAP net
(loss)/income attributable to noncontrolling interests
|
|
(37,081)
|
|
125,082
|
Accretion to
redeemable noncontrolling interests
|
|
6,918
|
|
7,503
|
Non-GAAP net
income attributable to Bitauto Holdings Limited
|
|
67,222
|
|
152,106
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per share/ADS
|
|
|
|
|
Basic
|
|
0.88
|
|
2.12
|
Diluted
|
|
0.84
|
|
1.68
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP results
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
March 31,
2018
|
|
March 31,
2019
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations
|
|
(313,327)
|
|
57,839
|
Share-based
compensation
|
|
150,141
|
|
144,229
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
171,149
|
|
163,755
|
Non-GAAP income
from operations
|
|
7,963
|
|
365,823
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
(288,284)
|
|
92,848
|
Share-based
compensation
|
|
150,141
|
|
144,229
|
Amortization of
intangible assets resulting from asset and business
acquisitions
|
|
171,149
|
|
163,755
|
Investment income
associated with the share of equity method investments
|
|
-
|
|
(409)
|
Investment income
associated with non-cash investment matters
|
|
-
|
|
(122,580)
|
Amortization of the
BCF discount on the convertible notes
|
|
7,116
|
|
8,357
|
Tax effect of
Non-GAAP line items
|
|
(3,063)
|
|
(1,509)
|
Non-GAAP net
income
|
|
37,059
|
|
284,691
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
March 31,
2019
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
4,576,820
|
|
5,432,807
|
Time
deposits
|
|
-
|
|
324,555
|
Restricted
cash
|
|
4,344,291
|
|
3,826,589
|
Accounts
receivable, net
|
|
3,890,712
|
|
3,533,319
|
Uncollateralized finance receivables - current portion,
net
|
|
5,226,642
|
|
5,077,467
|
Collateralized
finance receivables - current portion, net
|
|
13,546,137
|
|
13,425,138
|
Other current
assets
|
|
2,590,245
|
|
2,481,078
|
|
|
34,174,847
|
|
34,100,953
|
Non-current
assets
|
|
|
|
|
Restricted
cash
|
|
446,108
|
|
109,104
|
Investments in
equity investees
|
|
1,907,171
|
|
1,968,106
|
Investment in
convertible notes
|
|
1,789,470
|
|
1,789,320
|
Property,
plant and equipment, net
|
|
449,387
|
|
297,760
|
Intangible
assets, net
|
|
996,941
|
|
870,610
|
Goodwill
|
|
532,130
|
|
861,527
|
Uncollateralized finance receivables - non-current portion,
net
|
|
6,609,474
|
|
5,473,397
|
Collateralized
finance receivables - non-current portion, net
|
|
11,494,820
|
|
10,634,631
|
Other
non-current assets *
|
|
1,343,590
|
|
1,694,777
|
|
|
25,569,091
|
|
23,699,232
|
|
|
|
|
|
Total
assets
|
|
59,743,938
|
|
57,800,185
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short term
borrowings
|
|
12,274,038
|
|
12,733,307
|
Asset-backed
securitization debt
|
|
10,021,333
|
|
9,997,499
|
Accounts
payable
|
|
2,909,051
|
|
2,511,343
|
Other current
liabilities *
|
|
3,433,227
|
|
3,643,188
|
|
|
28,637,649
|
|
28,885,337
|
Non-current
liabilities
|
|
|
|
|
Long term
borrowings
|
|
4,626,756
|
|
3,542,529
|
Asset-backed
securitization debt
|
|
3,764,348
|
|
2,401,934
|
Other
non-current liabilities *
|
|
2,406,748
|
|
2,434,378
|
|
|
10,797,852
|
|
8,378,841
|
|
|
|
|
|
Total
liabilities
|
|
39,435,501
|
|
37,264,178
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
360,010
|
|
367,512
|
|
|
|
|
|
Total
equity
|
|
19,948,427
|
|
20,168,495
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests
and equity
|
|
59,743,938
|
|
57,800,185
|
|
|
|
|
|
|
|
|
|
|
* The Company has
adopted ASU No. 2016-02, ''Leases" beginning January 1, 2019
applying a modified retrospective
transition approach with prior comparative periods not adjusted.
The Company has elected not to recognize right-of-use
assets and lease liabilities arising from short-term leases. As of
March 31, 2019, the Company recognized a total of RMB201.3
million for operating lease right-of-use assets, a total of
RMB105.8 million for current operating lease liabilities and a
total of
RMB88.1 million for non-current operating lease liabilities on
consolidated balance sheets.
|
View original
content:http://www.prnewswire.com/news-releases/bitauto-announces-first-quarter-2019-results-300859003.html
SOURCE Bitauto Holdings Limited