Autohome Inc. Announces Unaudited Second Quarter Ended June 30, 2019 Financial Results

BEIJING, Aug. 7, 2019 /PRNewswire/ -- 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, 2019.

Second Quarter 2019 Highlights([1])

    --  Net Revenues in the second quarter of 2019 were RMB2,309.0 million
        ($336.3 million), exceeding the high end of the Company's original
        guidance of RMB2,305.0 million ($335.8 million).
    --  Net Income attributable to Autohome Inc. in the second quarter of 2019
        was RMB801.9 million ($116.8 million), compared to RMB691.6 million for
        the corresponding period of 2018.
    --  Mobile Traffic Leadership Continues: In June 2019, the total number of
        average daily active users who accessed the Company's mobile websites,
        primary application and mini-apps reached 37.8 million, representing an
        increase of 48% compared to June 2018, and further solidifying the
        Company's dominant position in the auto vertical sector in China.
    --  818 Global Super Auto Show: In an effort to support OEMs and dealers and
        maintain long- term partnership with them, starting this August, the
        Company has launched various offline activities and online auto show
        events for car owners, auto fans and industry experts in China. In
        particular, the Company worked with top producers from Hunan TV to
        launch the first-ever auto-themed gala on August 18, 2019 (the "818
        Global Super Auto Show"). By the end of July, more than 80 auto brands
        and over 2,400 dealers have signed up for the event.


             [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$1.00 to
              RMB6.8650 on June 28, 2019 in the
              City of New York for cable
              transfers of RMB as certified for
              customs purposes by the Federal
              Reserve Bank of New York. No
              representation is made that the
              RMB amounts could have been, or
              could be, converted into US$ at
              such rate.

Mr. Min Lu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, "I'm pleased to report a solid quarter with total revenue managing to increase by 23.5% year-over-year, despite the continuous decline in new car sales. During the quarter, we strove to expand content offerings while continuing to improve the user experience through a major upgrade of the Autohome App. On the product front, we plan to extend our data services to serve the R&D department of OEMs, and further enable dealer partners through AI-powered new data products. With all the aforementioned progress, we are confident to continue to drive our growth and generate returns for our shareholders over the long-term."

Mr. Jun Zou, Chief Financial Officer of Autohome, added, "In the second quarter, we maintained the solid growth momentum in our core business. Our new initiatives once again picked up steam and gained positive market recognition. In response to the prolonged sales decline in the auto sector, we proactively stepped up our efforts in supporting OEMs/dealers through initiatives such as the "818 Global Super Auto Show". We believe such efforts will bode well with our strategy and benefit to the long-term relationship with our partners."

Overview of Key Financial Results for the Second Quarter 2019

Key Financial Results



       
                
                  (In RMB Millions except for per share data)  2Q2018 2Q2019  % Change

    ---


       Net Revenues                                                            1,868.9 2,309.0      23.5%



       Net Income attributable to Autohome Inc.                                  691.6   801.9      15.9%



       Adjusted Net Income attributable to Autohome Inc.[2] (Non-GAAP)           744.3   855.4      14.9%



       Diluted Earnings Per Share[3]                                              5.79    6.70      15.7%


               [2] 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.


               [3] Each ordinary share equals one ADS.

Unaudited Second Quarter 2019 Financial Results

Net Revenues

Net revenues in the second quarter of 2019 were RMB2,309.0 million ($336.3 million) compared to RMB1,868.9 million in the corresponding period of 2018.

    --  Media services revenues increased by 10.5% to RMB1,028.3 million ($149.8
        million) from RMB930.2 million in the corresponding period of 2018. The
        increase was mainly attributable to an increase in average revenue per
        automaker advertiser as automakers continued to allocate a greater
        portion of their advertising budgets to Autohome, which provides an
        increasingly diversified and optimized product portfolio.
    --  Leads generation services revenues increased by 20.1% to RMB888.8
        million ($129.5 million) from RMB740.0 million in the corresponding
        period of 2018. The increase was primarily attributable to the increase
        in average revenue per paying dealer.
    --  Online marketplace and others revenues increased by 97.2% to RMB391.9
        million ($57.1 million) from RMB198.7 million in the corresponding
        period of 2018. This increase was primarily attributable to the
        increased contribution from data products and auto-financing businesses.

Cost of Revenues

Cost of revenues were RMB263.6 million ($38.4 million) compared to RMB208.7 million in the corresponding period of 2018. In addition, cost of revenues included share-based compensation expenses of RMB4.1 million ($0.6 million) during the second quarter of 2019, compared to RMB7.1 million for the corresponding period of 2018.

Operating Expenses

Operating expenses were RMB1,335.3 million ($194.5 million) in the second quarter of 2019, compared to RMB987.5 million in the corresponding period of 2018. The increase was mainly due to increases in sales and marketing expenses and product development expenses, as the Company continued to invest in future growth opportunities.

    --  Sales and marketing expenses were RMB892.9 million ($130.1 million) in
        the second quarter of 2019, compared to RMB588.0 million in the
        corresponding period of 2018. The increase was primarily due to the
        increased offline execution expenses to support automakers and dealers.
        Sales and marketing expenses for the second quarter of 2019 included
        share-based compensation expenses of RMB12.9 million ($1.9 million),
        compared to RMB13.9 million in the corresponding period of 2018.
    --  General and administrative expenses were RMB81.8 million ($11.9 million)
        in the second quarter of 2019, compared to RMB86.4 million in the
        corresponding period of 2018. General and administrative expenses for
        the second quarter of 2019 included share-based compensation expenses of
        RMB15.2 million ($2.2 million), compared to RMB15.7 million in the
        corresponding period of 2018.
    --  Product development expenses were RMB360.6 million ($52.5 million) in
        the second quarter of 2019 compared to RMB313.1 million in the
        corresponding period of 2018. The increase was primarily due to an
        increase in staff cost related to product development. Product
        development expenses for the second quarter of 2019 included share-based
        compensation expenses of RMB20.2 million ($2.9 million), compared to
        RMB14.9 million in the corresponding period of 2018.

Operating Profit

Operating profit was RMB835.3 million ($121.7million) in the second quarter of 2019, compared to RMB748.4 million in the corresponding period of 2018.

Income tax expense

Income tax expense was RMB147.3 million ($21.5 million) in the second quarter of 2019, compared to RMB145.1 million in the corresponding period of 2018.

Net Income attributable to Autohome Inc. and EPS

Net income attributable to Autohome Inc. was RMB801.9 million ($116.8 million) in the second quarter of 2019, compared to RMB691.6 million in the corresponding period of 2018. Basic and diluted earnings per share/per ADS or "EPS" were RMB6.77 ($0.99) and RMB6.70 ($0.98), respectively, compared to basic and diluted EPS of RMB5.89 and RMB5.79, respectively, in the corresponding period of 2018.

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

Adjusted net income attributable to Autohome Inc. (Non-GAAP), defined as net income attributable to Autohome Inc., excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, was RMB855.4 million ($124.6 million) in the second quarter of 2019, compared to RMB744.3 million in the corresponding period of 2018. Non-GAAP basic and diluted EPS were RMB7.22 ($1.05) and RMB7.15 ($1.04), respectively, compared to non-GAAP basic and diluted EPS of RMB6.33 and RMB6.23, respectively, in the corresponding period of 2018.

Balance Sheet and Cash Flow

As of June 30, 2019, the Company had cash and cash equivalents and short-term investments of RMB10.83 billion ($1,577.8 million). Net cash provided by operating activities in the second quarter of 2019 was RMB372.0 million ($54.2 million).

Employees

The Company had 4,223 employees as of June 30, 2019.

Business Outlook

Autohome currently expects to generate net revenues in the range of RMB2,160.0 million ($314.6 million) to RMB2,190.0 million ($319.0 million) in the third quarter of fiscal year 2019, representing a 14.4% to 16.0% year-over-year increase. This forecast reflects the Company's current and preliminary view on the market and its operating conditions, which are subject to change.

Conference Call Information

The Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 7, 2019 (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



              China Domestic:            
              8009-880-563



              United Kingdom:            
              0800-026-1542



              International:             
              +1 646-722-4977



              Passcode:                  
              34234955#

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 13, 2019:



              United States:             
              +1-646-982-0473



              International:             
              +61-2-8325-2405



              Passcode:                  
              319321410#

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 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 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.

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


                                                                                                                                                        
              AUTOHOME INC.


                                                                                                                                            
              CONSOLIDATED STATEMENTS OF OPERATIONS


                                                                                                                                         
              (Amount in thousands, except per share data)




                                                                                   
              
               For three months ended June 30,                                                                       
     
     For six months ended June 30,



                                                                                          2018                                                                    2019                                      2018                                          2019



                                                                             
       
         RMB                                                  RMB                                                    US$                     RMB                         RMB                        US$


                                                                           
       
       (Unaudited)                                          (Unaudited)                                                                    (Unaudited)                (Unaudited)                (Unaudited)


                                              (Unaudited)



              
                Net revenues:



              Media services                                                          930,228                                             1,028,308                                             149,790                    1,514,378                              1,671,543                   243,488



              Leads generation services                                               739,975                                               888,799                                             129,468                    1,350,805                              1,622,886                   236,400



              Online marketplace and others                                           198,680                                               391,855                                              57,080                      291,754                                626,461                    91,254




              
                Total net revenues                                       1,868,883                                             2,308,962                                             336,338                    3,156,937                              3,920,890                   571,142

                                                                                                                                                                                                                                                                                              ---


              Cost of revenues                                                      (208,691)                                            (263,630)                                           (38,402)                   (354,832)                             (448,084)                 (65,271)

                                                                                                                                                                                                                                                                                              ---


              
                Gross profit                                             1,660,192                                                                                                                            2,802,105                                                         505,871

                                                                                                                                                                                                                                                                                              ---

                                         
              
                2,045,332             297,936      3,472,806

                                                                       ---                 ---                                  ---




              
                Operating expenses:



              Sales and marketing expenses                                          (588,038)                                                                                                                           (986,070)


                                                      
              (892,901)          (130,066)   (1,402,625)                              (204,315)



              General and administrative                                             (86,371)                                                                                                                           (149,251)
    expenses


                                                       
              (81,807)           (11,917)     (149,565)                               (21,787)



              Product development                                                   (313,121)                                                                                                                           (541,911)
    expenses



                                                      
              (360,603)           (52,528)     (629,176)                               (91,650)

                                                                       ---                 ---


              
                Total operating expenses                                 (987,530)                                                                                                                         (1,677,232)



                                       
              
                (1,335,311)          (194,511)   (2,181,366)                              (317,752)

                                                                       ---                 ---


              Other income, net                                                        75,697                                                                                                                              146,693



                                                        
              125,239              18,243        201,277                                  29,319

                                                                       ---                 ---


              
                Operating profit                                           748,359                                               835,260                                             121,668                    1,271,566                              1,492,717                   217,438

                                                                                                                                                                                                                                                                                              ---




              Interest income                                                          88,363        114,206                                  16,636              152,405                         228,427                     33,274



              Loss from equity method                                                 (2,314)                                                 (89)                (13)                        (4,204)   (1,671)              (243)
    investments



              Fair value change of other non-                                                                                                                                                                                                                   (4,026)                    (586)




              current assets



              
                Income before income taxes                                 834,408                                               949,377                                             138,291                    1,419,767                              1,715,447                   249,883

                                                                                                                                                                                                                                                                                              ---




              Income tax expense                                                    (145,054)                                            (147,285)                                           (21,454)                   (248,959)                             (266,810)                 (38,865)

                                                                                                                                                                                                                                                                                              ---


              
                Net income                                                 689,354                                                                                                                            1,170,808                              1,448,637                   211,018

                                                                                                                                                                                                                                                                                              ---

                                           
              
                802,092             116,837

                                                                       ---                                                 ---


              Net loss/(income) attributable                                            2,276                                                 (213)                                               (31)                       3,605                                  (449)                     (65)



              to noncontrolling interests



              
                Net income attributable to                                 691,630                                               801,879                                             116,806                    1,174,413                              1,448,188                   210,953



              
                Autohome Inc.



              
                Earnings per share for



              
                ordinary share



              Basic                                                                      5.89                                                  6.77                                                0.99                        10.00                                  12.24                      1.78



              Diluted                                                                    5.79                                                  6.70                                                0.98                         9.85                                  12.12                      1.77





              
                Weighted average shares used to compute



              
                earnings per share attributable to common



              
                stockholders:





               Basic                                                              117,523,601                                           118,463,582                                         118,463,582                  117,424,250                            118,347,380                           118,347,380



               Diluted                                                            119,396,482                                           119,632,344                                         119,632,344                  119,287,838                            119,494,603                           119,494,603


                                                                                                                                
              AUTOHOME INC.


                                                                                                                        
       RECONCILIATION OF NON-GAAP AND GAAP RESULTS


                                                                                                                        
       (Amount in thousands, except per share data)




                                                                                 For three months ended June 3
       0                                                      For six months ended June 3
         0
                                                                                                          ,                                                                                       ,



                                                                                       2018                                                        2019                                                        2018           2019



                                                                            
     
         RMB                                   
           
                RMB                                        
             
         US$           RMB                  
     
         RMB                     US$


                                                                                (Unaudited)                                                (Unaudited)                                                (Unaudited)   (Unaudited)                  (Unaudited)             (Unaudited)





              
                Net income
                 
           attributable to         691,630                                                                                                                            1,174,413
    Autohome Inc.
                                                                                                                801,879                                                     116,806                                                1,448,188                     210,953



              Plus: income tax expense                                             145,054                                                     147,285                                                      21,454        248,959                       266,810                   38,865



              Plus: depreciation of property and                                    20,168                                                                                                                               41,431
    equipment
                                                                                                                 25,681                                                       3,741                                                   51,007                       7,430



              Plus: amortization of intangible                                       2,904                                                                                                                                5,808
    assets
                                                                                                                  2,917                                                         425                                                    5,834                         850



              
                EBITDA                                                  859,756                                                                                                                            1,470,611

                                                                                                                977,762                                                     142,426                                                1,771,839                     258,098




              Plus: share-based compensation                                        51,564                                                      52,397                                                       7,632         87,599                       105,584                   15,380
    expenses



              
                Adjusted EBITDA                                         911,320                                                   1,030,159                                                     150,058      1,558,210                     1,877,423                  273,478






              Net income attributable to Autohome Inc.                             691,630                                                     801,879                                                     116,806      1,174,413                     1,448,188                  210,953



              Plus: amortization of acquired                                         1,138                                                       1,139                                                         166          2,276                         2,278                      332
    intangible assets of Cheerbright,
    China Topside and Norstar



              Plus: share-based compensation expenses                               51,564                                                      52,397                                                       7,632         87,599                       105,584                   15,380



              
                Adjusted Net Income                                     744,332                                                     855,415                                                     124,604      1,264,288                     1,556,050                  226,665

                attributable to Autohome Inc.






              
                Non-GAAP Earnings per share for


              
                ordinary shares



              Basic                                                                   6.33                                                        7.22                                                        1.05          10.77                         13.15                     1.92



              Diluted                                                                 6.23                                                        7.15                                                        1.04          10.60                         13.02                     1.90





              
                Weighted average shares used
    to compute earnings per share
    attributable to common stockholders:





              Basic                                                            117,523,601                                                 118,463,582                                                 118,463,582    117,424,250                   118,347,380              118,347,380



              Diluted                                                          119,396,482                                                 119,632,344                                                 119,632,344    119,287,838                   119,494,603              119,494,603


                                                                                                          
              AUTOHOME INC.


                                                                                             
              CONDENSED CONSOLIDATED BALANCE SHEET[4]


                                                                                             
              (Amount in thousands, except as noted)




                                                                                                    
              
                As of December 31,                                         As of June 30,

                                                                                                                                                                                                  ---

                                                                                                                                             2018                                                 2019



                                                                                                            
              
                RMB                              
              
                RMB                       
       
         US$


                                                                                                         
              
                (Audited)                                               (Unaudited)                         (Unaudited)



          
                ASSETS



          
                Current assets



          Cash and cash equivalents                                                                                                      211,970                                            1,606,520                             234,016



          Short-term investments                                                                                                       9,849,488                                            9,224,736                           1,343,734



          Accounts and notes receivable, net                                                                                           2,795,835                                            2,930,444                             426,867



          Amounts due from related parties, current                                                                                       34,047                                               43,882                               6,392



          Prepaid expenses and other current assets                                                                                      249,977                                              336,245                              48,980




          
                Total current assets                                                                                           13,141,317                                           14,141,827                           2,059,989




          
                Non-current assets



          Restricted cash, non-current                                                                                                     5,000                                                5,000                                 728



          Property and equipment, net                                                                                                    170,198                                              159,627                              23,252



          Goodwill and intangible assets, net                                                                                          1,543,682                                            1,537,849                             224,013



          Long-term investments                                                                                                           70,979                                               69,308                              10,096



          Deferred tax assets                                                                                                             90,179                                              147,565                              21,495



          Other non-current assets                                                                                                       734,846                                              890,428                             129,705




          
                Total non-current assets                                                                                        2,614,884                                            2,809,777                             409,289




          
                Total assets                                                                                                   15,756,201                                           16,951,604                           2,469,278






          
                LIABILITIES AND EQUITY



          
                Current liabilities



          Accrued expenses and other payables                                                                                          2,439,948                                            2,364,244                             344,389



          Advance from customers                                                                                                          75,017                                               90,831                              13,231



          Deferred revenue                                                                                                             1,510,726                                            1,086,144                             158,215



          Income tax payable                                                                                                             119,210                                              181,387                              26,422



          Amounts due to related parties                                                                                                  19,868                                               19,525                               2,844



          
                Total current liabilities                                                                                       4,164,769                                            3,742,131                             545,101




          
                Non-current liabilities



          Other liabilities                                                                                                               24,068                                               46,255                               6,738



          Deferred tax liabilities                                                                                                       455,921                                              452,167                              65,866




          
                Total non-current liabilities                                                                                     479,989                                              498,422                              72,604




          
                Total liabilities                                                                                               4,644,758                                            4,240,553                             617,705






          
                Equity



          
                Total Autohome Inc. Shareholders'                                                                              11,135,278                                           12,734,437                           1,854,980
    equity



          Noncontrolling interests                                                                                                      (23,835)                                            (23,386)                            (3,407)




          
                Total equity                                                                                                   11,111,443                                           12,711,051                           1,851,573




          
                Total liabilities and equity                                                                                   15,756,201                                           16,951,604                           2,469,278







           [4] In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02, Leases ("ASU 2016-02"). Under the new provisions, all lessees will report a right-of-use asset and a liability for
            the obligation to make payments for all leases with the exception of those leases with a term of 12 months or less. The Company has finalized its analysis and the most significant impact is the recognition
            of right-of-use assets and lease liabilities for operating lease related to office buildings and internet data center ("IDC") facilities. The Company adopted this guidance effective January 1, 2019 using
            the modified retrospective method, with the comparative information not being restated and continues to be reported under the accounting standards in effect for those periods. As of June 30, 2019, operating
            lease right-of-use assets (included in other non-current assets) of RMB124.3 million (US$18.1 million), operating lease liabilities, current (included in accrued expenses and other payables) of RMB98.5
            million (US$14.4 million) and operating lease liabilities, non-current (included in other liabilities) of RMB22.2 million (US$3.2 million) was recognized on the consolidated balance sheet.

View original content:http://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-second-quarter-ended-june-30-2019-financial-results-300897864.html

SOURCE Autohome Inc.