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 Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2016 Financial Results
   Thursday, March 02, 2017 5:14:49 AM ET

Fourth Quarter Net Revenues Increased 86.3% Year-Over-Year to RMB2.0 Billion

Net Income attributable to Autohome Inc. increased 30.3% year-over-year to RMB376.5 million

Autohome Inc. (ATHM ) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2016.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Fourth Quarter 2016 Financial Highlights</span>

-- Net Revenues increased 86.3% year-over-year to RMB2,014.9 million ($290.2 million).

-- Net Income attributable to Autohome Inc. increased 30.3% year-over-year to RMB376.5 million ($54.2 million).

-- Net Cash Provided by Operating Activities was RMB791.9 million ($114.1 million), an increase of 15.2% year-over-year.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Full Year </span><span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">201</span><span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">6 Financial Highlights</span>

-- Net Revenues increased 72.1% year-over-year to RMB5,961.6 million ($858.7 million).

-- Net Income attributable to Autohome Inc. increased 24.0% year-over-year to RMB1,227.9 million ($176.9 million).

-- Net Cash Provided by Operating Activities was RMB1,625.9 million ($234.2 million), an increase of 11.2% year-over-year.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Fourth Quarter 2016 Operational Highlights</span>

-- Continued Focus on Mobile Traffic: In December 2016, the number of average daily unique visitors who accessed the Company’s mobile websites and mobile applications reached 9.4 million and 8.1 million, respectively. Combined, this represents a 27% increase in the total number of average daily unique visitors on mobile platforms compared with December 2015.

-- Successful "Singles’ Day" Event: Transactions processed through Autohome’s platform during the November 11, 2016 Singles’ Day automobile festival reached approximately 100,000, a 182% increase from the same period last year. The significant increase in sales was driven primarily by the Company’s enhanced ecosystem which efficiently leverages Autohome’s vast resources in media advertising, offline support and auto financing products.

-- Rollout of Autohome’s Asset-Light Vehicle E-commerce Platform Business Model: As part of the Company’s strategic change to an asset-light vehicle e-commerce platform, Autohome sold the majority of its direct sales vehicle inventory during the fourth quarter of 2016 and the first two months of 2017.

Mr. Yan Kang, President of Autohome, commented, "Our solid operational and financial results during the fourth quarter and full year 2016 demonstrates Autohome’s solid foundation for future growth which is driven by robust and sustainable traffic, active user engagement, tailored product offerings, compelling returns on investment for our automaker and dealer clients, and Ping An Group’s continued support of our long-term vision. Looking forward, we will continue to focus on developing our future consumer-centric automotive platform which is composed of four distinct categories: auto-media, auto-ecommerce, auto-finance, and auto-lifestyle. This will transform Autohome from a content-driven vertical media platform into a comprehensive automotive ecosystem which leverages our advanced technology and data analytics. We believe the combination of a well-established ecosystem based on precise data analytics, broad user base and strong brand equity will position us as the clear market leader in all aspects of China’s online automotive market. We are very excited about the opportunities we see ahead in 2017 as we look to further expand our business, drive synergistic value with our partners, and push to the forefront of innovation in the digital automotive category."

Mr. Julian Wang, Chief Financial Officer, added, "While we experienced some management changes and operational difficulties for the online transaction business during 2016, our core media and leads generation businesses remains strong across all key metrics, including user numbers, brand recognition, user engagement, and automaker/dealer partnerships. Our new strategic focus will concentrate on seizing the enormous market opportunities we see and utilize our leading technology to further benefit both our audience and clients. This will also better position Autohome to generate high revenue growth and healthy profitability. We are encouraged by the results we have seen so far and are confident of our ability to re-accelerate the expansion of our business, maintain cost-effective management, invest prudently for sustainable and profitable long-term growth, and generate increased value for our shareholders."

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Overview of Key Financial Results for Fourth Quarter 2016 and Full Year 2016</span>

Key Financial Results

(In RMB Millions except for per share data)       4Q2015    4Q2016    % Change    FY2015    FY2016    % Change
Net Revenues                                      1,081.5   2,014.9   86.3 %      3,464.0   5,961.6   72.1 %
Net Income attributable to Autohome Inc.          289.0     376.5     30.3 %      990.6     1,227.9   24.0 %
Adjusted Net Income attributable to Autohome Inc. 322.8     445.7     38.1 %      1,103.1   1,427.9   29.4 %
Diluted Earnings Per Share                        2.50      3.23      29.2 %      8.57      10.58     23.5 %
Net Cash Provided by Operating Activities         687.3     791.9     15.2 %      1,461.8   1,625.9   11.2 %

Unaudited Fourth Quarter 2016 Financial Results

Net Revenues

Net revenues increased 86.3% to RMB2,014.9 million ($290.2 million) from RMB1,081.5 million in the corresponding period of 2015. The increase was mainly due to significant revenue growth from the Company’s online marketplace and a 36.1% increase in revenues from media and leads generation services.

-- Media services revenues increased 33.1% to RMB732.0 million ($105.4 million) from RMB550.1 million in the corresponding period of 2015. The increase was mainly due to an increase in average revenue per automaker advertiser as automakers continue to allocate a greater portion of their advertising budgets to Autohome’s online advertising channels.

-- Leads generation services revenues increased 40.4% to RMB556.4 million ($80.1 million) from RMB396.3 million in the corresponding period of 2015. The increase was primarily attributable to a 25.0% year-over-year increase in average revenue per paying dealer as dealers continue to allocate a greater portion of their budgets to the Company’s services.

-- Online marketplace revenues were RMB726.5 million ($104.6 million) compared to RMB135.1 million in the corresponding period of 2015. In the fourth quarter of 2016, the Company sold 8,792 vehicles and generated RMB704.7 million ($101.5 million) in direct vehicle sales revenues, which accounted for 97.0% of online marketplace revenues.

Cost of Revenues

Cost of revenues increased 257.3% to RMB960.9 million ($138.4 million) from RMB268.9 million in the corresponding period of 2015, primarily due to an increase in cost of goods sold related to direct vehicle sales. In addition, cost of revenues included share-based compensation expenses of RMB3.8 million ($0.5 million) during the fourth quarter of 2016, compared to RMB2.0 million for the corresponding period of 2015.

Operating Expenses

Operating expenses increased 63.2% to RMB780.3 million ($112.4 million) from RMB478.0 million in the corresponding period of 2015. This increase was mainly due to increases in sales and marketing expenses, product development expenses and general and administrative expenses as the Company continues to reinvest in future growth opportunities.

-- Sales and marketing expenses increased 57.1% to RMB517.6 million ($74.5 million) from RMB329.5 million in the corresponding period of 2015. This increase was primarily due to (i) an increase in marketing expenses in connection with the promotion of the Company’s brand through mobile platforms, and (ii) an increase in salaries and benefits in line with the Company’s overall growth. Sales and marketing expenses for the fourth quarter of 2016 included share-based compensation expenses of RMB15.4 million ($2.2 million), compared with RMB11.6 million in the corresponding period of 2015.

-- General and administrative expenses increased 41.4% to RMB95.0 million ($13.7 million) from RMB67.2 million in the corresponding period of 2015. The increase was primarily attributable to an increase in salaries and benefits. General and administrative expenses for the fourth quarter of 2016 included share-based compensation expenses of RMB28.9 million ($4.2 million), compared with RMB11.8 million in the corresponding period of 2015.

-- Product development expenses increased 106.4% to RMB167.7 million ($24.2 million) from RMB81.3 million in the corresponding period of 2015. This increase was primarily attributable to an increase in salaries and benefits associated with growth in product development headcount, which is in line with the Company’s overall growth. Product development expenses for the fourth quarter of 2016 included share-based compensation expenses of RMB20.0 million ($2.9 million), compared with RMB7.3 million in the corresponding period of 2015.

Operating Profit

Operating profit decreased 18.2% to RMB273.6 million ($39.4 million) from RMB334.5 million in the corresponding period of 2015.

Income tax (expense)/benefit

There was an income tax benefit of RMB71.0 million ($10.2 million) in the fourth quarter of 2016, compared to income tax expense of RMB70.9 million in the corresponding period of 2015. The income tax benefit was derived from change in the enacted tax rate of one of Autohome’s subsidiaries which resulted in tax benefit of RMB104.1 million ($15.0 million) being recorded in the fourth quarter of 2016.

Net Income attributable to Autohome Inc. and EPS

Net income attributable to Autohome Inc. increased 30.3% to RMB376.5 million ($54.2 million) from RMB289.0 million in the corresponding period of 2015. Basic and diluted earnings per share and per ADS ("EPS") were RMB3.27 ($0.47) and RMB3.23 ($0.47), respectively, compared with basic and diluted EPS in the corresponding period of 2015 of RMB2.56 and RMB2.50, respectively.

Adjusted Net Income attributable to Autohome Inc. and Non-GAAP EPS

Adjusted net income attributable to Autohome Inc., defined as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, increased 38.1% to RMB445.7 million ($64.2 million) from RMB322.8 million in the corresponding period of 2015. Non-GAAP basic and diluted EPS were RMB3.87 ($0.56) and RMB3.82 ($0.55), respectively, compared with non-GAAP basic and diluted EPS in the corresponding period of 2015 of RMB2.86 and RMB2.79, respectively.

Unaudited Full Year 2016 Financial Results

Net Revenues

Net revenues increased 72.1% to RMB5,961.6 million ($858.7 million) from RMB3,464.0 million in 2015. The increase was mainly due to significant revenue growth from the Company’s online marketplace and a 29.9% increase in revenues from media and leads generation services.

-- Media services revenues increased 25.0% to RMB2,347.6 million ($338.1 million) from RMB1,878.4 million in 2015. The increase was mainly due to an increase in average revenue per automaker advertiser as automakers continue to allocate a greater portion of their advertising budgets to Autohome’s online advertising channels.

-- Leads generation services revenues increased 36.5% to RMB1,916.4 million ($276.0 million) from RMB1,403.9 million in 2015. The increase was primarily attributable to a 23.8% year-over-year increase in average revenue per paying dealer as dealers continue to allocate a greater portion of their budgets to the Company’s services.

-- Online marketplace revenues were RMB1,697.6 million ($244.5 million) compared to RMB181.7 million in 2015. For full year 2016, the Company sold 17,738 vehicles and generated RMB1,635.1 million ($235.5 million) in direct vehicle sales revenues, which accounted for 96.3% of online marketplace revenues.

Cost of Revenues

Cost of revenues increased 257.7% to RMB2,393.2 million ($344.7 million) from RMB669.1 million in 2015, primarily due to an increase in cost of goods sold related to direct vehicle sales, which included a write-down of RMB50.2 million ($7.2 million). In addition, cost of revenues included share-based compensation expenses of RMB12.3 million ($1.8 million) compared to RMB6.9 million for the corresponding period of 2015.

Operating Expenses

Operating expenses increased 51.4% to RMB2,415.1 million ($347.8 million) from RMB1,595.0 million in 2015. This increase was mainly due to increases in sales and marketing expenses, product development expenses and general and administrative expenses as the Company continues to reinvest in future growth opportunities.

-- Sales and marketing expenses increased 36.3% to RMB1,536.9 million ($221.4 million) from RMB1,127.5 million 2015. This increase was primarily due to (i) an increase in marketing expenses in connection with the promotion of the Company’s brand through mobile platforms, and (ii) an increase in salaries and benefits in line with the Company’s overall growth. Sales and marketing expenses for full year 2016 included share-based compensation expenses of RMB50.8 million ($7.3 million), compared with RMB36.6 million in 2015.

-- General and administrative expenses increased 58.4% to RMB306.8 million ($44.2 million) from RMB193.7 million in 2015. The increase was primarily attributable to an increase in salaries and benefits. General and administrative expenses of 2016 included share-based compensation expenses of RMB78.0 million ($11.2 million), compared with RMB40.1 million in 2015.

-- Product development expenses increased 108.6% to RMB571.4 million ($82.3 million) from RMB273.9 million in 2015. This increase was primarily attributable to an increase in salaries and benefits as a result of growth in product development headcount, which is in line with the Company’s overall growth. Product development expenses of 2016 included share-based compensation expenses of RMB54.3 million ($7.8 million), compared with RMB24.3 million in 2015.

Operating Profit

Operating profit slightly decreased 3.9% to RMB1,153.4 million ($166.1 million) from RMB1,199.8 million in 2015.

Income tax expense

Income tax expense was RMB32.6 million ($4.7 million) in 2016, a significant decrease from RMB285.5 million in 2015. The decrease was primarily attributable to change in the enacted tax rate of one of Autohome’s subsidiaries which resulted in tax benefit of RMB173.6 million ($25.0 million) being recorded in 2016.

Net Income attributable to Autohome Inc. and EPS

Net income attributable to Autohome Inc. increased 24.0% to RMB 1,227.9 million ($176.9 million) from RMB990.6 million in 2015. Basic and diluted earnings per share and per ADS ("EPS") were RMB10.75 ($1.55) and RMB10.58 ($1.52), respectively, compared with basic and diluted EPS in 2015 of RMB8.83 and RMB8.57, respectively.

Adjusted Net Income attributable to Autohome Inc. and Non-GAAP EPS

Adjusted net income attributable to Autohome Inc., defined as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, increased 29.4% to RMB1,427.9 million ($205.7 million) from RMB1,103.1 million in 2015. Non-GAAP basic and diluted EPS were RMB12.50 ($1.80) and RMB12.31 ($1.77), respectively, compared with non-GAAP basic and diluted EPS in 2015 of RMB9.83 and RMB9.54, respectively

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Balance Sheet and Cash Flow</span>

As of December 31, 2016, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB5,733.3 million ($825.8 million). Net cash provided by operating activities in the year of 2016 was RMB1,625.9 million ($234.2 million), compared with RMB1,461.8 million in the year of 2015.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Employees </span>

The Company had 3,752 employees as of December 31, 2016.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Business Outlook </span>

Autohome currently expects to generate net revenues in the range of RMB1,268 million ($182.6 million) to RMB1,319 million ($190.0 million) in the first quarter of fiscal year 2017, representing a 16.0% to 20.6% year-over-year increase.

This forecast reflects the Company’s current and preliminary view on the market and operating conditions, which are subject to change.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Conference Call Information</span>

The Company will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, March 2, 2017 (8:00 PM Beijing Time on the same day).

Dial-in details for the earnings conference call are as follows:

United States:  +1-855-298-3404
Hong Kong:      +852-5808-3202
China Domestic: 400-120-0539
United Kingdom: 0800-015-9725
International:  +1-631-514-2526

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is 2909118.

A replay of the conference call may be accessed by phone at the following numbers until March 8, 2017:

United States: +1-866-846-0868
International: +61-2-9641-7900
Passcode:      2909118

Additionally, a live and archived webcast of the conference call will be available at http://ir.autohome.com.cn .

About Autohome Inc.

Autohome Inc. (ATHM ) is the leading online destination for automobile consumers in China. Its mission is to enhance the car-buying and ownership experience for auto consumers in China. Autohome provides professionally produced and user-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. As a transaction-centric company, Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its website and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit www.autohome.com.cn.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to 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" and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), 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 Autohome’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: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome Inc., Non-GAAP basic and diluted EPS and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome Inc. as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions. We define Non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome Inc. divided by the basic and diluted weighted average number of ordinary shares. We define Adjusted EBITDA as net income attributable to Autohome Inc. before income tax expense, depreciation expenses of property and equipment and amortization expenses of intangible assets and interest expense, excluding share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of non-GAAP and GAAP Results" set forth at the end of this press release.

The reporting currency of the Company is Renminbi ("RMB"). For the convenience of the reader, certain amounts throughout the release are presented in US dollars ("$"). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB6.9430 on December 31, 2016 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Adjusted net income attributable to Autohome Inc. is defined as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions. For more information on this and other non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliations of Non-GAAP and GAAP Results" set forth at the end of this release.

Each ordinary share equals one ADS.

AUTOHOME INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amount in thousands, except per share data)
                                                                                                                    For three months ended December 31,                For year ended December 31,
                                                                                                                    2015              2016                             2015              2016
                                                                                                                    RMB               RMB               US$            RMB               RMB            US$
                                                                                                                    (Unaudited)       (Unaudited)       (Unaudited)    (Audited)         (Unaudited)    (Unaudited)
Net revenues:
Media services                                                                                                      550,074           731,996           105,429        1,878,397         2,347,626      338,128
Leads generation services                                                                                           396,327           556,392           80,137         1,403,892         1,916,445      276,026
Online marketplace                                                                                                  135,069           726,477           104,634        181,686           1,697,550      244,498
Total net revenues                                                                                                  1,081,470         2,014,865         290,200        3,463,975         5,961,621      858,652
Cost of revenues                                                                                                    (268,948    )     (960,933    )     (138,403    )  (669,121    )     (2,393,165  )  (344,687    )
Gross profit                                                                                                        812,522           1,053,932         151,797        2,794,854         3,568,456      513,965
Operating expenses:
Sales and marketing expenses                                                                                        (329,514    )     (517,581    )     (74,547     )  (1,127,484  )     (1,536,939  )  (221,365    )
General and administrative expenses                                                                                 (67,220     )     (95,021     )     (13,686     )  (193,655    )     (306,794    )  (44,188     )
Product development expenses                                                                                        (81,268     )     (167,701    )     (24,154     )  (273,908    )     (571,354    )  (82,292     )
Operating profit                                                                                                    334,520           273,629           39,410         1,199,807         1,153,369      166,120
Interest income                                                                                                     16,461            26,246            3,780          63,218            88,168         12,699
Earnings/(loss) from equity method investments                                                                      617               (1,898      )     (273        )  102               (6,638      )  (956        )
Other income, net                                                                                                   8,353             6,558             945            13,064            13,953         2,010
Income before income taxes                                                                                          359,951           304,535           43,862         1,276,191         1,248,852      179,873
Income tax (expense)/benefit                                                                                        (70,937     )     71,035            10,231         (285,542    )     (32,629     )  (4,700      )
Net income                                                                                                          289,014           375,570           54,093         990,649           1,216,223      175,173
Net loss attributable to noncontrolling interests                                                                   -                 925               133            -                 11,691         1,684
Net income attributable to Autohome Inc.                                                                            289,014           376,495           54,226         990,649           1,227,914      176,857
Earnings per share for ordinary shares
Basic                                                                                                               2.56              3.27              0.47           8.83              10.75          1.55
Diluted                                                                                                             2.50              3.23              0.47           8.57              10.58          1.52
Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic                                                                                                               112,921,508       115,135,658       115,135,658    112,227,405       114,237,600    114,237,600
Diluted                                                                                                             115,634,721       116,546,201       116,546,201    115,646,826       116,036,327    116,036,327
Other comprehensive income attributable to Autohome Inc., net of tax of nil
Foreign currency translation adjustments                                                                            18,975            35,850            5,163          56,821            62,256         8,967
Comprehensive income attributable to Autohome Inc.                                                                  307,989           412,345           59,389         1,047,470         1,290,170      185,824
AUTOHOME INC.
RECONCILIATION OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share data)
                                                                                                                    For three months ended December 31,              For year ended December 31,
                                                                                                                    2015          2016                               2015      2016
                                                                                                                    RMB           RMB              US$            RMB          RMB          US$
                                                                                                                    (Unaudited)   (Unaudited)      (Unaudited)    (Audited)    (Unaudited)  (Unaudited)
Net income attributable to Autohome Inc                                                                             289,014       376,495          54,226         990,649      1,227,914    176,857
Plus: income tax expense/(benefit)                                                                                  70,937        (71,035     )    (10,231     )  285,542      32,629       4,700
Plus: depreciation of property and equipment                                                                        14,368        18,308           2,637          51,337       65,246       9,397
Plus: amortization of intangible assets                                                                             1,139         1,142            164            5,248        4,558        656
EBITDA                                                                                                              375,458       324,910          46,796         1,332,776    1,330,347    191,610
Plus: share-based compensation expenses                                                                             32,608        68,046           9,801          107,945      195,393      28,142
Adjusted EBITDA                                                                                                     408,066       392,956          56,597         1,440,721    1,525,740    219,752
Net income attributable to Autohome Inc                                                                             289,014       376,495          54,226         990,649      1,227,914    176,857
Plus: amortization of acquired intangible assets of Cheerbright, China Topside and Norstar                          1,139         1,139            164            4,554        4,555        656
Plus: share-based compensation expenses                                                                             32,608        68,046           9,801          107,945      195,393      28,142
Adjusted Net Income attributable to Autohome Inc.                                                                   322,761       445,680          64,191         1,103,148    1,427,862    205,655
Non-GAAP Earnings per share for ordinary shares
Basic                                                                                                               2.86          3.87             0.56           9.83         12.50        1.80
Diluted                                                                                                             2.79          3.82             0.55           9.54         12.31        1.77
Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic                                                                                                               112,921,508   115,135,658      115,135,658    112,227,405  114,237,600  114,237,600
Diluted                                                                                                             115,634,721   116,546,201      116,546,201    115,646,826  116,036,327  116,036,327
AUTOHOME INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands, except as noted)
                                           As of December 31,  As of December 31,
                                           2015                2016
                                           RMB                 RMB             US$
                                           (Audited)           (Unaudited)     (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents                  2,152,647           3,293,911       474,422
Restricted cash                            61,091              9,319           1,342
Short-term investments                     1,955,315           2,430,091       350,006
Accounts receivable, net                   1,075,456           1,205,924       173,689
Inventories, net                           111,667             95,617          13,772
Amounts due from related parties           1,645               20,451          2,946
Prepaid expenses and other current assets  338,677             377,219         54,331
Deferred tax assets, current               45,977              99,228          14,292
Total current assets                       5,742,475           7,531,760       1,084,800
Non-current assets:
Property and equipment, net                103,554             134,574         19,383
Goodwill and intangible assets, net        1,538,433           1,533,945       220,934
Long-term investments                      124,102             134,466         19,367
Deferred tax assets, non-current           -                   22,435          3,231
Other non-current assets                   21,512              34,846          5,019
Total non-current assets                   1,787,601           1,860,266       267,934
Total assets                               7,530,076           9,392,026       1,352,734
LIABILITIES AND EQUITY
Current liabilities:
Accrued expenses and other payables        833,473             1,151,547       165,859
Advance from customers                     27,214              75,882          10,929
Deferred revenue                           872,487             1,012,143       145,779
Notes payable                              174,943             31,063          4,474
Income tax payable                         224,973             256,775         36,983
Amounts due to related parties             23,444              16,630          2,395
Total current liabilities                  2,156,534           2,544,040       366,419
Non-current liabilities:
Other liabilities                          32,596              34,977          5,038
Deferred tax liabilities                   489,910             461,796         66,512
Total non-current liabilities              522,506             496,773         71,550
Total liabilities                          2,679,040           3,040,813       437,969
Equity:
Total Autohome Inc. Shareholders’ equity   4,851,036           6,360,404       916,089
Noncontrolling interests                   -                   (9,191    )     (1,324    )
Total equity                               4,851,036           6,351,213       914,765
Total liabilities and equity               7,530,076           9,392,026       1,352,734
For investor and media inquiries, please contact:

Vivian Xu
Investor Relations
Autohome Inc.
Tel: +86-10-5985-7017
Email: ir@autohome.com.cn

Christian Arnell
Christensen
Tel: +86-10-5900-1548
Email: carnell@christensenir.com

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