Autohome (ATHM) 6-K Second Quarter 2020 Highlights1

Exhibit 99.1

Autohome Inc. Announces Unaudited Second Quarter Ended June 30, 2020 Financial Results

BEIJING, August 25, 2020—Autohome Inc. (NYSE: ATHM) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights¹

• Net Revenues in the second quarter of 2020 were RMB2,313.3 million ($327.4 million), in line with the Company’s guidance.

• Online Marketplace and Others Revenues in the second quarter of 2020 were RMB540.2 million ($76.5 million), which contributed to 23.4% of total revenues, compared to 17.0% in the corresponding period of 2019. Data Products in the online marketplace and other business achieved revenue growth of close to 70% year-over-year in the second quarter of 2020.

• Net Income attributable to Autohome Inc. in the second quarter of 2020 was RMB824.5 million ($116.7 million), compared to RMB801.9 million for the corresponding period of 2019.

• Adjusted Net Income attributable to Autohome Inc. (Non-GAAP)² in the second quarter of 2020 was RMB881.0 million ($124.7 million), compared to RMB855.4 million for the corresponding period of 2019.

Mr. Min Lu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, “Autohome is making steady strides in building an open and diversified automotive ecosystem with its unique product matrix and ongoing innovations. To support OEMs’ digital transformation, we expanded our offerings beyond project-based services, with annual performance-based comprehensive marketing solutions now available, helping our automaker partners plan and carry out their marketing campaigns more efficiently. Our data products also continued their strong growth momentum on the back of proven effectiveness and further product optimization. Looking forward, we remain focused on expanding the breadth and depth of our offerings while providing customers with highly efficient intelligent services that provide even further value to the automotive industry.”

Mr. Jun Zou, Chief Financial Officer of Autohome, added, “Our second-quarter results reflected solid progress in executing our key growth strategy. Data products together with auto-financing and transaction businesses, achieved double-digit revenue growth, contributing to strong year-over-year growth of 38% in the online marketplace and others revenues. Core businesses also registered sequential improvements, which indicate the gradual recovery of the auto market. Meanwhile, net margin for the quarter improved on a year-over-year basis as we remained committed to enhancing operating efficiency across the platform. We will continue to explore new growth opportunities while keeping a disciplined cost structure, in order to deliver positive returns for our shareholders in the long run.”

¹  The reporting currency of the Company is Renminbi (“RMB”). For the convenience of readers, 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$1.00 to RMB7.0651 on June 30, 2020 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

²  Adjusted net income attributable to Autohome Inc. (Non-GAAP) 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.

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Unaudited Second Quarter 2020 Financial Results

Net Revenues

Net revenues in the second quarter of 2020 were RMB2,313.3 million ($327.4 million), compared to RMB2,309.0 million in the corresponding period of 2019.

• Media services revenues were RMB932.1 million ($131.9 million), compared to RMB1,028.3 million in the corresponding period of 2019. The decline was primarily due to the decrease in average revenue per automaker advertiser.

• Leads generation services revenues were RMB841.0 million ($119.0 million), compared to RMB888.8 million in the corresponding period of 2019. The decline was primarily due to the decrease in the number of paying dealers.

• Online marketplace and others revenues increased by 37.8% to RMB540.2 million ($76.5 million) from RMB391.9 million in the corresponding period of 2019. The increase was driven by data products as well as auto-financing and transaction businesses.

Cost of Revenues

Cost of revenues was RMB265.2 million ($37.5 million), compared to RMB263.6 million in the corresponding period of 2019. In addition, cost of revenues included share-based compensation expenses of RMB6.2 million ($0.9 million) during the second quarter of 2020, compared to RMB4.1 million for the corresponding period of 2019.

Operating Expenses

Operating expenses were RMB1,281.3 million ($181.4 million) in the second quarter of 2020, compared to RMB1,335.3 million in the corresponding period of 2019.

• Sales and marketing expenses were RMB872.4 million ($123.5 million) in the second quarter of 2020, compared to RMB892.9 million in the corresponding period of 2019. Sales and marketing expenses for the second quarter of 2020 included share-based compensation expenses of RMB9.3 million ($1.3 million), compared to RMB12.9 million in the corresponding period of 2019.

• General and administrative expenses were RMB82.5 million ($11.7 million) in the second quarter of 2020, compared to RMB81.8 million in the corresponding period of 2019. General and administrative expenses for the second quarter of 2020 included share-based compensation expenses of RMB15.2 million ($2.1 million), relatively flat compared to the corresponding period of 2019.

• Product development expenses were RMB326.4 million ($46.2 million) in the second quarter of 2020, compared to RMB360.6 million in the corresponding period of 2019. Product development expenses for the second quarter of 2020 included share-based compensation expenses of RMB24.8 million ($3.5 million), compared to RMB20.2 million in the corresponding period of 2019.

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Operating Profit

Operating profit was RMB870.7 million ($123.2 million) in the second quarter of 2020, compared to RMB835.3 million in the corresponding period of 2019.

Income Tax Expense

Income tax expense was RMB174.4 million ($24.7 million) in the second quarter of 2020, compared to RMB147.3 million in the corresponding period of 2019.

Net Income Attributable to Autohome Inc. and EPS

Net income attributable to Autohome Inc. was RMB824.5 million ($116.7 million) in the second quarter of 2020, compared to RMB801.9 million in the corresponding period of 2019. Basic and diluted earnings per share/per ADS or “EPS” were RMB6.92 ($0.98) and RMB6.89 ($0.97), respectively, compared to basic and diluted EPS of RMB6.77 and RMB6.70, respectively, in the corresponding period of 2019.

Adjusted Net Income Attributable to Autohome Inc. (Non-GAAP) and Non-GAAP EPS

Adjusted net income attributable to Autohome Inc. (Non-GAAP) was RMB881.0 million ($124.7 million) in the second quarter of 2020, compared to RMB855.4 million in the corresponding period of 2019. Non-GAAP basic and diluted EPS were RMB7.39 ($1.05) and RMB7.36 ($1.04), respectively, compared to non-GAAP basic and diluted EPS of RMB7.22 and RMB7.15, respectively, in the corresponding period of 2019.

Balance Sheet and Cash Flow

As of June 30, 2020, the Company had cash and cash equivalents and short-term investments of RMB13.0 billion ($1,843.9 million). Net cash provided by operating activities in the second quarter of 2020 was RMB465.7 million ($65.9 million).

Employees

The Company had 4,006 employees as of June 30, 2020.

Business Outlook

Autohome currently expects to generate net revenues in the range of RMB2,240 million ($317.1 million) to RMB2,280 million ($322.7 million) in the third quarter of fiscal year 2020. This forecast reflects the Company’s current and preliminary view on the market and its operating conditions, which are subject to change, particularly as a result of uncertainties surrounding the ongoing COVID-19 pandemic.

Conference Call Information

The Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 25, 2020 (8:00 PM Beijing Time on the same day).

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

United States:	+1-855-824-5644
Hong Kong:	+852-3027-6500
Mainland China:	8009-880-563 / 400-821-0637
United Kingdom:	0800-026-1542
International:	+1-646-722-4977
Passcode:	22378791#

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

A replay of the conference call may be accessed by phone at the following numbers until August 31, 2020:

United States:	+1-646-982-0473
International:	+61-2-8325-2405
Passcode:	319335127#

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

About Autohome Inc.

Autohome Inc. (NYSE: 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 original generated content, professionally generated content, user-generated content, AI-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. Autohome operates its “Autohome Mall,” a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites 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.

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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/(benefit), depreciation expenses of property and equipment and amortization expenses of intangible assets and 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.

For investor and media inquiries, please contact:

In China:

Autohome Inc.

Investor Relations

Anita Chen

Tel: +86-10-5985-7483

Email: ir@autohome.com.cn

The Piacente Group, Inc.

Xi Zhang

Tel: +86-10-6508-0677

E-mail: autohome@tpg-ir.com

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: autohome@tpg-ir.com

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AUTOHOME INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in thousands, except per share data)

	For three months ended June 30,									For six months ended June 30,
	2019			2020						2019			2020
	RMB			RMB			US$			RMB			RMB			US$
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net revenues:
Media services		1,028,308			932,078			131,927			1,671,543			1,498,388			212,083
Leads generation services		888,799			841,020			119,039			1,622,886			1,511,479			213,936
Online marketplace and others		391,855			540,170			76,456			626,461			850,030			120,314
Total net revenues		2,308,962			2,313,268			327,422			3,920,890			3,859,897			546,333
Cost of revenues		(263,630	)		(265,217	)		(37,539	)		(448,084	)		(443,079	)		(62,714	)
Gross profit		2,045,332			2,048,051			289,883			3,472,806			3,416,818			483,619
Operating expenses:
Sales and marketing expenses		(892,901	)		(872,426	)		(123,484	)		(1,402,625	)		(1,396,647	)		(197,683	)
General and administrative expenses		(81,807	)		(82,482	)		(11,675	)		(149,565	)		(171,634	)		(24,293	)
Product development expenses		(360,603	)		(326,385	)		(46,197	)		(629,176	)		(618,323	)		(87,518	)
Total operating expenses		(1,335,311	)		(1,281,293	)		(181,356	)		(2,181,366	)		(2,186,604	)		(309,494	)
Other income, net		125,239			103,991			14,719			201,277			226,462			32,054
Operating profit		835,260			870,749			123,246			1,492,717			1,456,676			206,179
Interest income		114,206			128,869			18,240			228,427			266,260			37,687
Loss from equity method investments		(89	)		(360	)		(51	)		(1,671	)		(1,815	)		(257	)
Fair value change of other non-current assets		—			—			—			(4,026	)		(9,116	)		(1,290	)
Income before income taxes		949,377			999,258			141,435			1,715,447			1,712,005			242,319
Income tax expense		(147,285	)		(174,430	)		(24,689	)		(266,810	)		(299,914	)		(42,450	)
Net income		802,092			824,828			116,746			1,448,637			1,412,091			199,869
Net income attributable to noncontrolling interests		(213	)		(351	)		(50	)		(449	)		(435	)		(62	)
Net income attributable to Autohome Inc.		801,879			824,477			116,696			1,448,188			1,411,656			199,807
Earnings per share for ordinary share
Basic		6.77			6.92			0.98			12.24			11.85			1.68
Diluted		6.70			6.89			0.97			12.12			11.79			1.67
Weighted average shares used to compute earnings per share attributable to common stockholders:
Basic		118,463,582			119,160,448			119,160,448			118,347,380			119,114,768			119,114,768
Diluted		119,632,344			119,746,398			119,746,398			119,494,603			119,696,812			119,696,812

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AUTOHOME INC.

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share data)

	For three months ended June 30,						For six months ended June 30,
	2019		2020				2019		2020
	RMB		RMB		US$		RMB		RMB		US$
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income attributable to Autohome Inc.		801,879		824,477		116,696		1,448,188		1,411,656		199,807
Plus: income tax expense		147,285		174,430		24,689		266,810		299,914		42,450
Plus: depreciation of property and equipment		25,681		38,289		5,419		51,007		70,694		10,006
Plus: amortization of intangible assets		2,917		2,921		413		5,834		6,151		871
EBITDA		977,762		1,040,117		147,217		1,771,839		1,788,415		253,134
Plus: share-based compensation expenses		52,397		55,420		7,844		105,584		113,277		16,033
Adjusted EBITDA		1,030,159		1,095,537		155,061		1,877,423		1,901,692		269,167
Net income attributable to Autohome Inc.		801,879		824,477		116,696		1,448,188		1,411,656		199,807
Plus: amortization of acquired intangible assets of Cheerbright, China Topside and Norstar		1,139		1,139		161		2,278		2,278		322
Plus: share-based compensation expenses		52,397		55,420		7,844		105,584		113,277		16,033
Adjusted net income attributable to Autohome Inc.		855,415		881,036		124,701		1,556,050		1,527,211		216,162
Non-GAAP earnings per share for ordinary shares
Basic		7.22		7.39		1.05		13.15		12.82		1.81
Diluted		7.15		7.36		1.04		13.02		12.76		1.81
Weighted average shares used to compute earnings per share attributable to common stockholders:
Basic		118,463,582		119,160,448		119,160,448		118,347,380		119,114,768		119,114,768
Diluted		119,632,344		119,746,398		119,746,398		119,494,603		119,696,812		119,696,812

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AUTOHOME INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

	As of December 31,			As of June 30,
	2019			2020
	RMB			RMB			US$
	(Audited)			(Unaudited)			(Unaudited)
ASSETS
Current assets
Cash and cash equivalents		1,988,298			2,004,278			283,687
Short-term investments		10,806,812			11,022,952			1,560,198
Accounts receivable, net		3,231,486			2,967,765			420,060
Amounts due from related parties, current		29,501			36,877			5,220
Prepaid expenses and other current assets		302,285			517,357			73,227
Total current assets		16,358,382			16,549,229			2,342,392
Non-current assets
Restricted cash, non-current		5,200			5,200			736
Property and equipment, net		281,773			359,799			50,926
Goodwill and intangible assets, net		1,532,024			1,526,772			216,101
Long-term investments		71,664			69,849			9,886
Deferred tax assets		27,782			27,782			3,932
Other non-current assets		879,040			1,093,914			154,833
Total non-current assets		2,797,483			3,083,316			436,414
Total assets		19,155,865			19,632,545			2,778,806
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables		2,417,438			2,149,244			304,206
Advance from customers		95,636			91,175			12,905
Deferred revenue		1,370,953			1,084,236			153,464
Income tax payable		45,489			118,349			16,751
Amounts due to related parties		36,387			46,538			6,587
Total current liabilities		3,965,903			3,489,542			493,913
Non-current liabilities
Other liabilities		45,534			106,128			15,021
Deferred tax liabilities		538,487			495,697			70,161
Total non-current liabilities		584,021			601,825			85,182
Total liabilities		4,549,924			4,091,367			579,095
Equity
Total Autohome Inc. shareholders’ equity		14,629,097			15,563,899			2,202,927
Noncontrolling interests		(23,156	)		(22,721	)		(3,216	)
Total equity		14,605,941			15,541,178			2,199,711
Total liabilities and equity		19,155,865			19,632,545			2,778,806

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