Autohome Registers 24% Revenue Decline In Q3, Launches $200M Share Buyback

  • Autohome Inc ATHM reported a third-quarter FY21 revenue decline of 23.8% year-on-year to $273.7 million, beating the consensus of $271.3 million.
  • In September 2021, the mobile daily active users increased by 12.3% Y/Y. 
  • Revenues from new energy vehicle (NEV) brands more than doubled Y/Y as it increased its efforts to engage with NEV automakers.
  • Segments: Online Marketplace and Others Revenues grew 2.5% Y/Y to $87.1 million due to TTP's consolidation.
  • Leads generation services revenues declined 8.6% Y/Y to $119.3 million due to decreased dealer advertising spending.
  • Due to the semiconductor chip crisis that resulted in lower average revenue per automaker advertiser, Media services revenues reduced 53.2% Y/Y to $67.4 million.
  • Margin: The adjusted net margin contracted 580 bps to 33.1%.
  • Non-GAAP earnings per ADS of $0.72 were in line with the consensus.
  • Autohome held $2.98 billion in cash and equivalents and generated $88.1 million in operating cash flow.
  • Share buyback: Autohome launched a $200 million share repurchase program.
  • Price Action: ATHM shares traded higher by 0.23% at $34.52 in the premarket session on the last check Thursday.
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