2022-05-23 16:00Financial Performance - Net revenues for Q1 2022 were RMB1,471.3 million (US$232.1 million), a decrease of 20% from RMB1,841.6 million in Q1 2021[3] - Net income attributable to Autohome Inc. was RMB318.2 million (US$50.2 million), down 55.1% from RMB704.3 million in the same period last year[13] - Adjusted net income (Non-GAAP) was RMB437.5 million (US$69.0 million), a decline of 40.5% compared to RMB735.1 million in Q1 2021[16] - Operating profit was RMB241.2 million (US$38.1 million), a decrease of 57.5% from RMB566.6 million in Q1 2021[11] - Total net revenues for the three months ended March 2022 were RMB 1,471,292, a decrease of 20% compared to RMB 1,841,581 for the same period in 2021[25] - Net income attributable to Autohome Inc. for the three months ended March 2022 was RMB 318,248, down from RMB 704,289 in the same period of 2021, representing a decline of 55%[25] - Adjusted net income attributable to Autohome Inc. for the three months ended March 2022 was RMB 437,533, compared to RMB 735,056 for the same period in 2021, a decrease of 40%[26] - Adjusted EBITDA for the three months ended March 2022 was RMB 436,555, down from RMB 876,822 in the same period of 2021, a decline of 50%[26] - The net margin for the three months ended March 2022 was 21.6%, compared to 38.2% for the same period in 2021[26] - Basic earnings per share for ordinary shares for the three months ended March 2022 was 0.61, down from 1.31 in the same period of 2021[25] - The company reported a gross profit of RMB 1,216,275 for the three months ended March 2022, compared to RMB 1,598,458 for the same period in 2021, a decrease of 24%[25] Revenue Breakdown - Revenues from new energy vehicle (NEV) brands surged by 156.1% year-over-year in Q1 2022[4] - Media services revenues fell to RMB266.8 million (US$42.1 million), down 55.8% from RMB604.8 million in Q1 2021 due to the chip shortage and COVID-19 impacts[7] - Media services revenue for the three months ended March 2022 was RMB 266,802, a significant drop from RMB 604,824 in the same period of 2021, representing a decline of 56%[25] - Leads generation services revenue for the three months ended March 2022 was RMB 708,204, slightly up from RMB 697,634 in the same period of 2021, an increase of 1%[25] Cash and Investments - Cash and cash equivalents and short-term investments totaled RMB20.27 billion (US$3,197.3 million) as of March 31, 2022[17] - The company has repurchased 1,574,674 American depositary shares for approximately US$43.9 million as of May 20, 2022[3] Asset and Liability Changes - Total current assets decreased from RMB 23,325,718 in 2021 to RMB 22,416,286 in 2022, a decline of approximately 3.9%[27] - Cash and cash equivalents dropped significantly from RMB 4,236,501 in 2021 to RMB 2,786,456 in 2022, a decrease of about 34.2%[27] - Total liabilities decreased from RMB 4,591,636 in 2021 to RMB 4,275,108 in 2022, reflecting a reduction of approximately 6.9%[27] - Total equity for Autohome Inc. shareholders decreased from RMB 22,754,419 in 2021 to RMB 22,503,791 in 2022, a decline of about 1.1%[27] - Accounts receivable, net fell from RMB 2,139,471 in 2021 to RMB 1,570,959 in 2022, a decrease of approximately 26.5%[27] - Deferred revenue increased from RMB 1,553,013 in 2021 to RMB 1,692,177 in 2022, an increase of about 9.0%[27] - Non-current assets rose from RMB 5,203,288 in 2021 to RMB 5,535,810 in 2022, an increase of approximately 6.4%[27] - Goodwill and intangible assets, net slightly decreased from RMB 4,428,822 in 2021 to RMB 4,409,042 in 2022, a decline of about 0.4%[27] - Total assets decreased from RMB 28,529,006 in 2021 to RMB 27,952,096 in 2022, a decline of approximately 2.0%[27] - Current liabilities decreased from RMB 3,986,219 in 2021 to RMB 3,711,291 in 2022, a reduction of about 6.9%[27] User Engagement - Daily active users increased by 7.5% year-over-year to 45.21 million in March 2022, reinforcing Autohome's leadership in the auto media sector[4] Investment Losses - The company experienced a loss from equity method investments of RMB 26,229 for the three months ended March 2022, compared to a loss of RMB 197 in the same period of 2021[25]