Bitauto Fourth Quarter and Fiscal Year 2019 Highlights
- Revenue in the fourth quarter of 2019 was
RMB2.69 billion (US$385.8 million ), compared toRMB3.12 billion (US$448.1 million ) in the corresponding period in 2018. Revenue in fiscal year 2019 wasRMB10.75 billion (US$1.54 billion ), a 1.6% increase from 2018. - Gross profit in the fourth quarter of 2019 was
RMB1.59 billion (US$228.4 million ), compared toRMB1.69 billion (US$242.9 million ) in the corresponding period in 2018. Gross profit in fiscal year 2019 wasRMB6.51 billion (US$934.8 million ), a 2.7% increase from 2018. - Net loss in the fourth quarter of 2019 was
RMB978.2 million (US$140.5 million ), compared toRMB398.3 million (US$57.2 million ) in the corresponding period in 2018. Net loss in fiscal year 2019 wasRMB1.18 billion (US$169.9 million ), compared toRMB679.3 million (US$97.6 million ) in 2018. - Non-GAAP net loss in the fourth quarter of 2019 was
RMB576.5 million (US$82.8 million ), compared to Non-GAAP net income ofRMB199.0 million (US$28.6 million ) in the corresponding period in 2018. Non-GAAP net income in fiscal year 2019 wasRMB33.6 million (US$4.8 million ), compared toRMB934.7 million (US$134.3 million ) in 2018. - Net loss attributable to
Bitauto in the fourth quarter of 2019 wasRMB922.4 million (US$132.5 million ), compared toRMB416.7 million (US$59.9 million ) in the corresponding period in 2018. Net loss attributable toBitauto in fiscal year 2019 wasRMB1.20 billion (US$172.4 million ), compared toRMB608.4 million (US$87.4 million ) in 2018. - Non-GAAP net loss attributable to
Bitauto in the fourth quarter of 2019 wasRMB573.5 million (US$82.4 million ), compared to Non-GAAP net income attributable toBitauto ofRMB118.6 million (US$17.0 million ) in the corresponding period in 2018. Non-GAAP net loss attributable toBitauto in fiscal year 2019 wasRMB214.1 million (US$30.8 million ), compared to Non-GAAP net income attributable toBitauto ofRMB708.9 million (US$101.8 million ) in 2018.
Mr.
"We were pleased to make further progress in increasing our mobile traffic, as well as improving the quantity and quality of our sales leads. According to QuestMobile, in
"We have been achieving very encouraging progress from our ongoing strategic branding campaign which we started in the fourth quarter of 2019. Based on online awareness metrics such as Baidu Index and third party offline consumer surveys,
"In our transaction services business, despite the unfavourable industry environment in the fourth quarter, Yixin further expanded its loan facilitation services, which grew 3% year-over-year and contributed 82% of total financed transactions. For the full year 2019, Yixin maintained steady growth and further solidified its industry-leading position by leveraging its leadership advantages and trackable credibility. Yixin continued to tighten its risk control standards to better adapt to the changing regulatory environment, as many local governments began to implement stricter rules for the collection of delinquent consumer accounts."
"Looking into 2020, we will remain committed to investing resources in key strategic initiatives that strengthen our long-term competitiveness. First, we will continue enhancing our content, products and services to provide better value and experience to automobile consumers and car owners. We will continue to roll out and optimize our AI-based, result-driven marketing solution to more mainstream automakers. We will also increase our R&D investments to improve functionality and user experience of our business to business (B2B) products for our automaker and dealer customers. Second, to further broaden
Mr.
Bitauto Fourth Quarter 2019 Results
- Revenue from the advertising and subscription business in the fourth quarter of 2019 was
RMB1.07 billion (US$153.7 million ), compared toRMB1.16 billion (US$167.0 million ) in the corresponding period in 2018, mainly due to the decrease in marketing spending by automakers and dealers caused by the continued decline in new car sales. - Revenue from the transaction services business in the fourth quarter of 2019 was
RMB1.20 billion (US$171.9 million ), compared toRMB1.56 billion (US$224.5 million ) in the corresponding period in 2018, as Yixin continued to tighten its risk control standards and enhance asset quality to better adapt to the changing regulatory environment, which has impacted its transaction volume. - Revenue from the digital marketing solutions business in the fourth quarter of 2019 was
RMB418.8 million (US$60.2 million ), representing a 6.4% increase fromRMB393.7 million (US$56.5 million ) in the corresponding period in 2018.
Cost of revenue in the fourth quarter of 2019 was
Gross profit in the fourth quarter of 2019 was
Selling and administrative expenses in the fourth quarter of 2019 were
Product development expenses in the fourth quarter of 2019 were
Share-based compensation, which was allocated to related operating expense line items, was
Loss from operations in the fourth quarter of 2019 was
Non-GAAP loss from operations in the fourth quarter of 2019 was
Income tax benefit in the fourth quarter of 2019 was
Net loss in the fourth quarter of 2019 was
Non-GAAP net loss in the fourth quarter of 2019 was
Net loss attributable to
Non-GAAP net loss attributable to
Basic and diluted net loss per ADS, each representing one ordinary share, in the fourth quarter of 2019 amounted to
Non-GAAP basic and diluted net loss per ADS in the fourth quarter of 2019 amounted to
Cash provided by operating activities, cash provided by investing activities, and cash used in financing activities in the fourth quarter of 2019 were
Bitauto Fiscal Year 2019 Results
Revenue in 2019 was
- Revenue from the advertising and subscription business in 2019 was
RMB3.90 billion (US$559.8 million ), compared toRMB4.07 billion (US$585.2 million ) in 2018. - Revenue from the transaction services business in 2019 was
RMB5.75 billion (US$826.4 million ), representing a 7.1% increase fromRMB5.37 billion (US$771.5 million ) in 2018, mainly attributable to the growth in the Company's loan facilitation services, partially offset by the decrease in revenues from self-operated financing business. - Revenue from the digital marketing solutions business in 2019 was
RMB1.10 billion (US$158.3 million ), compared toRMB1.13 billion (US$163.0 million ) in 2018.
Cost of revenue in 2019 was
Gross profit in 2019 was
Selling and administrative expenses in 2019 were
Product development expenses in 2019 were
Share-based compensation, which was allocated to related operating expense line items, was
Loss from operations in 2019 was
Non-GAAP income from operations in 2019 was
Income tax expense in 2019 was
Net loss in 2019 was
Non-GAAP net income in 2019 was
Net loss attributable to
Non-GAAP net loss attributable to
Basic and diluted net loss per ADS, each representing one ordinary share, in 2019 amounted to
Non-GAAP basic and diluted net loss per ADS in 2019 amounted to
As of
The number of employees totaled 7,935 as of
As of
Yixin Fourth Quarter and Fiscal Year 2019 Highlights
In the fourth quarter of 2019, Yixin facilitated approximately 109,000 financed transactions, representing a year-over-year decrease of 24%. The total aggregate financing amount facilitated through Yixin's loan facilitation services and self-operated financing business was approximately
In the fourth quarter of 2019, Yixin continued to develop its loan facilitation services and further strengthened its partnership by working with 12 banks and financial institutions including an auto finance company. For the three months ended
In the fourth quarter of 2019, under
For the year ended
In 2019, Yixin cooperated with 12 banks and financial institutions, and facilitated approximately 347,000 financed transactions, representing a 141% year-over-year increase and in aggregate contributed 66% of Yixin's total financed transactions for the full year 2019.
For the year ended
As of
As of
Under
As a controlled subsidiary of
First Quarter 2020 Outlook
This forecast takes into consideration of seasonality factors in
Conference Call Information
Dial-in details for the earnings conference call are as follows:
US: |
+1-845-675-0437 or +1-866-519-4004 |
|
+852-3018-6771 or 800-906-601 |
Mainland |
800-8190-121 or 400-6208-038 |
International: |
+65-6713-5090 |
Conference ID: |
3368478 |
A replay of the conference call may be accessed by phone at the following number until
US: |
+1-855-452-5696 or +1-646-254-3697 |
International: |
+61-2-8199-0299 |
Conference ID: |
3368478 |
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 |
About
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
Use of Non-GAAP Financial Measures
To supplement
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
Reconciliation of these Non-GAAP financial measures to the most directly comparable
For investor and media inquiries, please contact:
Phone: +86-10-6849-2145
Clarisse Pan
Phone: +86-10-8429-9544
SELECTED CONSOLIDATED FINANCIAL DATA |
||||
Unaudited Condensed Consolidated Statements of Operations |
||||
For the Three Months Ended |
||||
|
|
|||
RMB |
RMB |
|||
(in thousands, except for per share data) |
||||
Revenue |
3,119,555 |
2,685,866 |
||
Cost of revenue |
(1,428,243) |
(1,095,776) |
||
Gross profit |
1,691,312 |
1,590,090 |
||
Selling and administrative expenses |
(1,942,155) |
(2,388,001) |
||
Product development expenses |
(133,365) |
(157,764) |
||
Other gains, net |
58,957 |
136,521 |
||
Loss from operations |
(325,251) |
(819,154) |
||
Interest income |
37,227 |
9,337 |
||
Interest expense |
(29,442) |
(23,234) |
||
Share of results of equity investees |
(21,258) |
(20,776) |
||
Investment loss |
(14,310) |
(143,873) |
||
Loss before tax |
(353,034) |
(997,700) |
||
Income tax (expense)/benefit |
(45,263) |
19,482 |
||
Net loss |
(398,297) |
(978,218) |
||
Net income/(loss) attributable to noncontrolling interests |
11,373 |
(63,461) |
||
Accretion to redeemable noncontrolling interests |
7,072 |
7,669 |
||
Net loss attributable to |
(416,742) |
(922,426) |
||
Non-GAAP Financial Data |
||||
Non-GAAP net income/(loss) |
198,970 |
(576,508) |
||
Non-GAAP net income/(loss) attributable to noncontrolling interests |
73,336 |
(10,659) |
||
Accretion to redeemable noncontrolling interests |
7,072 |
7,669 |
||
Non-GAAP net income/(loss) attributable to |
118,562 |
(573,518) |
||
Reconciliation of GAAP to Non-GAAP results |
||||
For the Three Months Ended |
||||
|
|
|||
RMB |
RMB |
|||
Loss from operations |
(325,251) |
(819,154) |
||
Share-based compensation |
421,552 |
81,273 |
||
Amortization of intangible assets resulting from asset and business |
169,118 |
164,357 |
||
Non-GAAP income/(loss) from operations |
265,419 |
(573,524) |
||
Net loss |
(398,297) |
(978,218) |
||
Share-based compensation |
421,552 |
81,273 |
||
Amortization of intangible assets resulting from asset and business |
169,118 |
164,357 |
||
Investment income associated with the share of equity method |
(15,889) |
(2,520) |
||
Impairment on equity investees |
- |
16,386 |
||
Investment loss associated with non-cash investment matters |
17,040 |
143,873 |
||
Amortization of the BCF discount on the convertible notes |
8,002 |
- |
||
Tax effect of Non-GAAP line items |
(2,556) |
(1,659) |
||
Non-GAAP net income/(loss) |
198,970 |
(576,508) |
||
Non-GAAP net income/(loss) per ADS |
||||
Basic |
1.58 |
(8.07) |
||
Diluted |
1.45 |
(8.07) |
SELECTED CONSOLIDATED FINANCIAL DATA |
||||
Unaudited Condensed Consolidated Statements of Operations |
||||
For the Year Ended |
||||
|
|
|||
RMB |
RMB |
|||
(in thousands, except for per share data) |
||||
Revenue |
10,579,609 |
10,752,917 |
||
Cost of revenue |
(4,244,398) |
(4,244,752) |
||
Gross profit |
6,335,211 |
6,508,165 |
||
Selling and administrative expenses |
(6,370,718) |
(7,160,276) |
||
Product development expenses |
(611,113) |
(609,908) |
||
Other gains, net |
181,114 |
305,782 |
||
Loss from operations |
(465,506) |
(956,237) |
||
Interest income |
125,875 |
114,391 |
||
Interest expense |
(79,090) |
(147,387) |
||
Share of results of equity investees |
(76,810) |
(74,111) |
||
Investment loss |
(7,889) |
(28,677) |
||
Loss before tax |
(503,420) |
(1,092,021) |
||
Income tax expense |
(175,896) |
(91,019) |
||
Net loss |
(679,316) |
(1,183,040) |
||
Net loss attributable to noncontrolling interests |
(99,021) |
(13,349) |
||
Accretion to redeemable noncontrolling interests |
28,057 |
30,427 |
||
Net loss attributable to |
(608,352) |
(1,200,118) |
||
Non-GAAP Financial Data |
||||
Non-GAAP net income |
934,720 |
33,637 |
||
Non-GAAP net income attributable to noncontrolling interests |
197,759 |
217,330 |
||
Accretion to redeemable noncontrolling interests |
28,057 |
30,427 |
||
Non-GAAP net income/(loss) attributable to |
708,904 |
(214,120) |
||
Reconciliation of GAAP to Non-GAAP results |
||||
For the Year Ended |
||||
|
|
|||
RMB |
RMB |
|||
Loss from operations |
(465,506) |
(956,237) |
||
Share-based compensation |
896,416 |
426,372 |
||
Amortization of intangible assets resulting from asset and business |
679,857 |
656,870 |
||
Non-GAAP income from operations |
1,110,767 |
127,005 |
||
Net loss |
(679,316) |
(1,183,040) |
||
Share-based compensation |
896,416 |
426,372 |
||
Amortization of intangible assets resulting from asset and business |
679,857 |
656,870 |
||
Investment (income)/loss associated with the share of equity method |
(15,889) |
5,812 |
||
Impairment on equity investees |
17,589 |
16,386 |
||
Investment loss associated with non-cash investment matters |
17,040 |
28,677 |
||
Amortization of the BCF discount on the convertible notes |
30,092 |
89,058 |
||
Tax effect of Non-GAAP line items |
(11,069) |
(6,498) |
||
Non-GAAP net income |
934,720 |
33,637 |
||
Non-GAAP net income/(loss) per ADS |
||||
Basic |
9.62 |
(3.05) |
||
Diluted |
8.90 |
(3.15) |
SELECTED CONSOLIDATED FINANCIAL DATA |
||||
Unaudited Condensed Consolidated Balance Sheets |
||||
|
|
|||
RMB |
RMB |
|||
(in thousands) |
||||
Assets |
||||
Current assets |
||||
Cash and cash equivalents |
4,576,820 |
4,260,533 |
||
Restricted cash |
4,344,291 |
3,136,926 |
||
Accounts receivable, net |
3,890,712 |
3,792,641 |
||
Uncollateralized finance receivables - current portion, net |
5,226,642 |
4,451,575 |
||
Collateralized finance receivables - current portion, net |
13,546,137 |
12,301,329 |
||
Other current assets |
2,590,245 |
2,720,558 |
||
34,174,847 |
30,663,562 |
|||
Non-current assets |
||||
Restricted cash |
446,108 |
114,318 |
||
Investments in equity investees |
1,907,171 |
1,912,803 |
||
Investment in convertible notes |
1,789,470 |
2,153,790 |
||
Property, plant and equipment, net |
449,387 |
205,394 |
||
Intangible assets, net |
996,941 |
381,749 |
||
|
532,130 |
861,583 |
||
Uncollateralized finance receivables - non-current portion, net |
6,609,474 |
2,906,280 |
||
Collateralized finance receivables - non-current portion, net |
11,494,820 |
7,330,610 |
||
Other non-current assets * |
1,343,590 |
1,846,955 |
||
25,569,091 |
17,713,482 |
|||
Total assets |
59,743,938 |
48,377,044 |
||
Liabilities |
||||
Current liabilities |
||||
Short term borrowings |
12,274,038 |
10,860,862 |
||
Asset-backed securitization debt |
10,021,333 |
6,201,021 |
||
Accounts payable |
2,909,051 |
3,081,405 |
||
Other current liabilities * |
3,433,227 |
3,499,449 |
||
28,637,649 |
23,642,737 |
|||
Non-current liabilities |
||||
Long term borrowings |
4,626,756 |
2,263,614 |
||
Asset-backed securitization debt |
3,764,348 |
1,167,910 |
||
Other non-current liabilities * |
2,406,748 |
1,546,562 |
||
10,797,852 |
4,978,086 |
|||
Total liabilities |
39,435,501 |
28,620,823 |
||
Redeemable noncontrolling interests |
360,010 |
390,437 |
||
Total equity |
19,948,427 |
19,365,784 |
||
Total liabilities, redeemable noncontrolling interests |
59,743,938 |
48,377,044 |
||
* The Company has adopted ASU No. 2016-02, ''Leases" beginning |
Yixin |
||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||
(in thousands) |
||||||
For the Year Ended |
||||||
|
|
|
||||
RMB |
RMB |
RMB |
||||
IFRS |
Reconcilation |
|
||||
Revenue |
5,799,982 |
(7,359) |
5,792,623 |
|||
Cost of revenue |
(3,033,524) |
- |
(3,033,524) |
|||
Gross profit |
2,766,458 |
(7,359) |
2,759,099 |
|||
Selling and administrative expenses |
(2,675,515) |
(36,048) |
(2,711,563) |
|||
Product development expenses |
(195,689) |
(114) |
(195,803) |
|||
Other gains, net |
154,516 |
(6,278) |
148,238 |
|||
Income/(Loss) from operations |
49,770 |
(49,799) |
(29) |
|||
Interest income |
66,913 |
- |
66,913 |
|||
Interest expense |
(38,780) |
2,868 |
(35,912) |
|||
Share of results of equity investees |
(1,887) |
- |
(1,887) |
|||
Income before tax |
76,016 |
(46,931) |
29,085 |
|||
Income tax expense |
(45,080) |
12,688 |
(32,392) |
|||
Net income/(loss) |
30,936 |
(34,243) |
(3,307) |
|||
Reconciliation of GAAP to Non-GAAP results |
||||||
For the Year Ended |
||||||
|
|
|
||||
RMB |
RMB |
RMB |
||||
IFRS |
Reconcilation |
|
||||
Income/(Loss) from operations |
49,770 |
(49,799) |
(29) |
|||
Share-based compensation |
233,124 |
- |
233,124 |
|||
Amortization of intangible assets resulting from asset and business acquisitions |
175,555 |
(2,585) |
172,970 |
|||
Non-GAAP income from operations |
458,449 |
(52,384) |
406,065 |
|||
Net income/(loss) |
30,936 |
(34,243) |
(3,307) |
|||
Share-based compensation |
233,124 |
- |
233,124 |
|||
Amortization of intangible assets resulting from asset and business acquisitions |
175,555 |
(2,585) |
172,970 |
|||
Tax effect of Non-GAAP line items |
(163) |
- |
(163) |
|||
Non-GAAP net income |
439,452 |
(36,828) |
402,624 |
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