-=Bitauto Holdings (BITA) reported earnings on Wed 13 June 18 (b/o)

Bitauto Holdings Limited provides Internet content and marketing, and transaction services for the automotive industry in the People's Republic of China. The company operates in three segments: Advertising and Subscription Business, Transaction Services Business, and Digital Marketing Solutions Business.
Sector: Technology
Industry: Internet Content & Information
Full Time Employees: 8,558
Founded in 2000
Headquartered in Beijing, China
http://www.bitauto.com

Bitauto Holdings beats by $0.21, beats on revs; new CFO named 

• Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.21 better thanthe Capital IQ Consensus of ($0.08); revenues rose 54.2% year/year to $346.1 mln vs the $309.85 mln Capital IQ Consensus.
• Bitauto also announced the appointment of Mr. Ming Xu as the chief financial officer of the Company, succeeding Ms. Cynthia He, who will remain with the Company in the coming weeks to ensure a smooth transition. Xu joins Bitauto from UBS AG (UBS), where he covered U.S.- and Hong Kong-listed Chinese internet companies since 2014 and most recently served as the Co-Head of its Hong Kong and China Internet Research
• Additionally, on June 13, 2018, Yixin, the company's controlled subsidiary, entered into the convertible note purchase agreement, the business cooperation agreement, and the framework agreement with Yusheng Holdings Limited. Pursuant to the convertible note purchase agreement, Yusheng agreed to issue to Yixin an interest-free convertible note with a term of 20 years in the principal amount of US$260 million for a consideration of (i) provision of the cooperation to Yusheng and/or its affiliates pursuant to the terms of the business cooperation agreement, and (ii) a cash consideration of US$21 million.
• Co issues guidancefor Q2, sees Q2 revs of $393.8-401.7 mln, may not be comparable to $404.83 mln Capital IQ Consensus Estimate.
  • This forecast reflects revenues net of VAT under the new revenue guidance ASC Topic 606, which has been adopted by Bitauto starting from January 1, 2018. If presented on gross basis, as consistent with in year 2017, forecasted revenues would be between RMB2.66 billion (US$424.1 million) to RMB2.71 billion (US$432.0 million) in the second quarter of 2018, representing a 22.5% to 24.9% increase from the corresponding period in 2017.