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Exam Code: CTFA Practice test 2022 by Killexams.com team
CTFA Certified Trust and Financial Advisor (CTFA)

The knowledge areas below are the basis for the Certified Trust and Financial Advisor (CTFA) examination. These knowledge areas were derived from a job analysis study and were validated by the CTFA Advisory Board. Postcertification programs that address these knowledge areas are eligible for CTFA continuing education credits through the American Bankers Association.

I. Fiduciary & Trust Activities (25%)
A. Nature and Characteristics of Account Relationship
1. Trusts
2. Estates
3. Guardianships/ Conservatorships
4. Custodians
5. Financial and Health Care Powers of Attorney
6. Agencies
B. Formal Requisites of Establishing Account
1. Written Agreements or Documents
2. Trust Situs
3. Acceptance of Fiduciary Appointment
4. Disclaiming of Interest
C. Fiduciary Responsibilities
1. Powers
2. Duties
3. Uniform Acts/Codes
4. Safekeeping of Assets
5. Environmental Issues
D. Investment Responsibilities
1. Investment Powers
2. Investment Types & Restrictions
3. Sale/Retention by Bank of Its Own Holding Company Securities
4. Prudent Investor
E. Receipts, Payments and Distributions
1. Duty in Making Payments or Distributions
2. Uniform Principal & Income Act
F. Accounting and Compensation
1. Duty to Keep Records
2. Duty to Furnish Information
to Beneficiaries
3. Duty to Render Court Accountings
4. Fiduciary Compensation
G. Alteration or Termination of the Trust
1. Power to Change Terms
2. Power to Revoke or Terminate
H. Regulatory/Compliance
1. Due Diligence
2. Know Your Customer
3. Privacy Issues
4. Bank Secrecy Act
5. OCC Regulation 9
6. Securities Laws
II. Financial Planning (25%)
A. Personal Finance
1. Time Value of Money Principles
2. Statement of Assets and Liabilities
3. Cash Flow Management
4. Debt Management
5. Investment Planning
6. Education Planning
7. Health Care & Disability Planning
B. Retirement
1. Capital Sufficiency
2. Investment Strategies
3. Wealth Accumulation & Distribution
4. Social Security & Other Programs
5. IRAs
6. Qualified and non-Qualified Plans
7. Income Needs & Sources
C. Insurance
1. Life Insurance
2. Long Term Care Insurance
3. Disability
4. Annuities
5. Health Insurance
6. Property/Casualty Insurance
7. Insurance Company, Product, and Intermediary Selection Criteria
D. Transfer Assistance
1. Wealth Transfer During Lifetime
2. The Flow of Property at Death
3. Business Succession Planning
4. Planning Documents
5. Planning Considerations
6. Charitable Giving Strategies
7. Special Needs Planning
E. Financial Modeling
1. Risk Assessment
2. Asset Allocation
III. Tax Law & Planning (25%)
A. Income Tax
1. Individuals
2. Fiduciaries
3. Charitable Trusts, Private Foundations, and Split Interest Trusts
4. Business
B. Transfer Tax
1. Gift Tax
2. Estate Tax
3. Generation-Skipping Transfers (GST)
IV. Investment Management (20%)
A. Economics and Markets
1. Gross Domestic Product
2. Interest Rates
3. Inflation & Employment
4. Government Fiscal Policy
5. Monetary Policy
6. International Influences
7. Market Operations
8. Currency
B. Portfolio Management Theories and Concepts
1. Modern Portfolio Theory
2. Equity Investment Management Approaches
3. Fixed Income Investment Management Approaches
4. Hedging Strategies
5. Risk Management
6. Total Return
C. Types of Investments/Selection & Analysis
1. Equities
2. Fixed Income
3. Convertible Securities
4. Mutual Funds
5. Common Trust Funds
6. Closely-Held Businesses
7. Real Estate & Farms
8. International
9. Nontraditional
10. Master Limited Partnerships
11. Stock Options
12. ETFs
13. Oil, Gas & Minerals
14. Commodities & Precious Metals
D. Client Objectives & Constraints
1. Investment Objectives
2. Risk Tolerance
3. Time Horizons
4. Tax Considerations
5. Current vs Future Objectives 6. Investment Restrictions & Preferences
7. Asset Allocation
E. Performance Measurement
1. Time-Weighted vs. Dollar-Weighted
2. Risk Adjusted
3. Benchmarks & Indicies
V. Ethics (5%)
A. Advisory
1. Unauthorized Practice of Law
2. Conflict of Interest
3. Confidentiality
4. Undue Influence
5. Related Parties
6. Client Competence/Capacity
B. Fiduciary
1. Duty of Loyalty
2. Breach of Trust
3. Trust Officer as Beneficiary
4. Personal Liability
5. Self Dealing
6. Gifts to/from Clients & Vendors
C. Business Development
1. Business Solicitation
2. Compensation Arrangements
D. Investment
1. Insider Information
2. Equal Treatment of Accounts
3. Directed Brokerage
4. Disclosures
5. Prudent Investor Standard
E. Other
1. Relationship with Other Professionals
2. Fraud Prevention

Certified Trust and Financial Advisor (CTFA)
Financial Certified information search
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Hiring a financial advisor is a great way to help you manage your money, set financial goals and plan for retirement. But if you’re just beginning your search for a financial advisor, you may need some help understanding the different types. Let’s take a look at the most common titles and what they can do for you.

Looking For A Financial Advisor?

Get In Touch With A Pre-screened Financial Advisor In 3 Minutes

What Is an Investment Advisor?

An investment advisor is a company or an individual who provides clients with advice and manages their investments. Whether you’re just starting out with a modest amount of money or you’ve already built up a six- or seven-figure portfolio, an investment advisor can help you choose the right securities and then manage them for you.

An investment advisory firm is called a Registered Investment Advisor (RIA), and employees of a RIA who work as advisors are called Investment Advisor Representatives (IARs). While “advisor” with an “o” is the most common spelling, the laws regulating these professionals generally use the term “adviser” with an “e,” so you may see either when researching RIAs.

Investment advisors who manage $110 million or more in client assets must register with the U.S. Securities and Exchange Commission (SEC). Those who manage less than $110 million in client assets register with the securities regulator in the states where they do business.

How Do Investment Advisors Work with You?

Investment advisors provide you with personalized advice tailored to your goals and risk tolerance. They can help you select investments, rebalance your portfolio or manage your entire investment portfolio. Most offer brokerage services, too.

RIAs have a fiduciary duty to their clients, meaning they must act in their clients’ best interests. In other words, a registered investment advisor must recommend the best investment products and services for each individual, not the products that pay them the highest commissions or fees.

Typically, an investment advisor charges an annual advisory fee that is a percentage of the assets they manage for you. As of 2019, the average investment advisor fee was 1.17% of assets under management. However, some investment advisors offer flat fees or hourly rates for clients who only need more limited advice.

According to Brian R. Littlejohn, a Certified Financial Planner (CFP) and fiduciary financial advisor with Sherwood Investment Management, there are certain designations you should look for when searching for an investment advisor.

“A person who is looking for investing expertise should seek out a Chartered Financial Analyst (CFA),” he said. “This designation is the gold standard for investment management. It takes an average of 1,000+ hours of study, along with four years of professional experience and successful completion of three rigorous exams, to earn the distinction of being called a CFA.”

If you’re looking for broader financial advice speaking to your whole financial life, check out a financial planner.

What Is a Financial Planner?

Financial planners take a holistic approach, providing advice about every aspect of their clients’ financial lives. A financial planner aims to build a plan that encompasses budgeting, emergency savings, college funds for your kids, insurance needs, retirement planning and estate planning.

Some financial planners sell investment or insurance products, and some may also be brokers. There is a very wide variety of different services and offerings among financial planners—and there are no federal or state authorities who directly regulate them. Basically anyone can call themselves a financial planner and begin taking on clients.

For these reasons, when evaluating financial planners it’s best to look for ones who are Certified Financial Planners (CFPs). The CFP designation is the highest professional standard in the financial planning industry. CFP denotes that a financial planner has extensive training and knowledge, as there are rigorous education requirements and a lengthy certification test to earn the certification. In addition, CFPs are now required to always act as fiduciaries for their clients.

To find out if a financial planner is a CFP, you can search for their name on the Certified Financial Planner Board of Standards’ database.

How Do CFPs Work for You?

Like investment advisors, CFPs have a fiduciary responsibility to their clients. They must recommend financial products or plans that are best for the client; they can’t recommend products simply because they would benefit themselves financially.

Many CFPs are fee-only, meaning you’ll pay a rate for their services but they won’t profit off any of the recommendations they provide you. Others are fee-based, so they might earn a commission based on certain recommendations. Even these CFPs, however, cannot recommend a product over another simply because it would net them a higher commission. Still, many CFPs believe that fee-based pay structures can influence their recommendations, so they opt for fee-only payments.

What Is a Wealth Manager?

A wealth manager is a financial advisor that caters to high-net-worth individuals. Wealth managers offer similar services as financial planners—retirement planning, insurance and investment management—but they also specialize in areas like philanthropic planning and estate planning, areas of need among wealthy people with lots of assets.

“A high-net-worth individual should consult a CFP since their situation is likely to be more complex and require knowledge in several different areas of personal finance,” says Littlejohn. “CFP professionals are adept at devising creative solutions that meet the needs of those with significant wealth.”

In addition to professional distinctions, also ask potential wealth managers if they are fiduciaries. As with financial planners, anyone can call themselves a wealth manager, meaning some—but not all—wealth managers are fiduciaries. To find a fee-only wealth manager who has a fiduciary duty to clients, visit the National Association of Personal Financial Advisor’s website or use the SEC’s advisor search tool.

What Is a Broker?

Securities exchanges only allow designated individuals and firms to place orders. When you want to buy or sell securities for your portfolio, like stocks and bonds, you need a broker.

A broker is an individual or brokerage firm that serves as the intermediary between individual investors and a securities exchange. Brokers are usually paid commissions when you buy or sell securities through them. There are two main types of brokers:

  • Full-Service Brokers. Full-service brokerages are more expensive than discount brokerages, but they generally provide personalized investment advice.
  • Discount Brokers. Discount brokerages charge lower fees and commissions, but you typically have to select investments on your own. Increasingly, discount brokers are discontinuing self-directed trading fees entirely.

Before working with a broker, make sure they are licensed in your state. For information about the brokerage, including to see whether there have been any formal complaints filed against your prospective broker, visit BrokerCheck.

Note that many RIAs, financial planners and wealth managers may also be brokers or be affiliated with them. This means you may not have to find a separate broker on your own.

What Is a Robo-Advisor?

Rather than picking investments on your own, robo-advisors simplify the process. Robo-advisors are brokerage firms that provide automated investment portfolios based on your financial goals, timeline and risk tolerance.

When you sign up with a robo-advisor, you typically will have to answer a few questions about your investment needs and comfort with risk. The robo-advisor uses your answers to create a portfolio to help you achieve your goals, usually investing in a mix of exchange-traded funds (ETFs), mutual funds, stocks and bonds.

The robo-advisor monitors your account for market changes and rebalances your portfolio as needed. Some robo-advisors have financial professionals you can meet with to talk about your investment and financial needs and create a plan, though this is not standard. Robo-advisors typically do not charge trading fees, only an advisory fee of usually around 0.25%, which may make their costs lower than other brokerage firms’ and financial advisors’.

Other Things to Consider When Choosing a Financial Advisor

Before selecting a financial advisor, it’s important to do some research to make sure you choose the right one for your needs. When evaluating financial advisors, ask the following questions:

Are They a Fiduciary?

Not all financial advisors are fiduciaries. A fiduciary financial advisor is required to keep your best interest in mind when making recommendations. If a financial advisor is not a fiduciary, they can make recommendations that may profit them. For example, they may recommend certain investment or insurance products that give them a higher commission, even if a similar product might offer you similar performance at a lower cost to you. A fiduciary advisor, in contrast, could not do this.

What Is Their Typical Client Like?

When screening potential advisors, look at their materials and ask about what their typical client is like. You want to select an advisor who has experience with clients in a similar financial position as you. For example, CFPs work with clients at varying income levels while wealth managers usually only work with people with a high net worth.

What Is Their Fee Structure?

Before entering into an agreement with a financial advisor, review their fee structure. The most common types of payments are fee-only, fee-based and commission-based.

  • Fee-Only: A fee-only advisor charges a flat fee, hourly rate or percentage of the assets they manage for you for their services. The fee-only structure is preferred by many CFPs.
  • Fee-Based: Fee-based payments are a mix of commissions and fees. You’ll pay a base fee, but you might also pay a commission on investment trades or other financial products.
  • Commission-Based: With a commission-based structure, the financial advisor makes a commission based on the financial products they sell you. This doesn’t necessarily mean the products they sell you aren’t the best products for you, simply that they don’t have to be.

Do They Have a Disciplinary Record?

You can view a financial advisor’s background, fee structures and disciplinary actions with BrokerCheck. When looking at an advisor’s profile, look for any disciplinary actions or complaints that were lodged against them.

Are They Certified?

While many people may use “financial advisor” as their title, there are professional designations that set some advisors apart. For example, CFPs are required to undergo extensive training and have years of experience before they’re certified.

You can find an advisor and then research their credentials using the following databases:

Be sure to double check an advisor’s credentials and history using BrokerCheck before entering into an advising relationship with them.

Looking For A Financial Advisor?

Get In Touch With A Pre-screened Financial Advisor In 3 Minutes

Thu, 14 Jul 2022 19:32:00 -0500 Kat Tretina en-US text/html https://www.forbes.com/advisor/investing/financial-advisor/types-of-financial-advisor/
Killexams : How to Find a Financial Risk Management Advisor No result found, try new keyword!Risk is a part of life and business, but for most people, less risk is more. When businesses want to minimize risks to their assets, revenues or business model, they'll often turn to financial ... Tue, 05 Jul 2022 02:21:00 -0500 text/html https://money.usnews.com/financial-advisors/articles/how-to-find-a-financial-risk-management-advisor Killexams : How to Find an LGBTQ-Supportive Financial Advisor

Personal finance can feel especially daunting to members of the LGBTQ+ community, who have faced exclusion and discrimination from their families and financial and government institutions.

According to an analysis by the Human Rights Campaign Foundation, gay men earn about 69 cents on the dollar to their straight peers and lesbian women earn about 89 cents on the dollar to their straight peers. And these wage and wealth gaps are larger for queer and trans people of color.

Nevertheless, financial counselors and planners can help LGBTQ+ people navigate the tough financial questions they’re facing.

Seek an advisor who takes your needs seriously

For San Diego-based certified financial planner Marci Bair, financial planning begins with “creating a safe space for each and every client to be able to communicate their life story to you.”

Bair wants to hear from clients about what it was like growing up, how a client’s family talked about money, whom the client loves and whom they financially support. These details are especially important for LGBTQ+ people who may be estranged from or not recognized by their family of origin.

“If you don't have your financial and legal house in order, your family's desires can come in and make decisions that exclude the people that you love and leave behind” in the event of an emergency, illness or death, says CFP Cait Howerton.

Finding an advisor who is both culturally and financially competent can help you identify and execute your financial and life goals, be it paying down credit and student loan debt, or financing your transition.

Know there's financial advice for every income level

It's a common misconception that you have to be rich to need a financial planner. In fact, financial counseling and planning can be a tool for supporting LGBTQ+ families and communities to realize their goals, protect them amid challenges to trans and queer personhood and family security, and (potentially) shrink wealth gaps.

While there are many more LGBTQ+ individuals than LGBTQ+ financial planners, financial counselors and planners allied with the community are immersing themselves in the cultures and demographics they seek to serve. They can help you start small with paying off debt, financing a medical procedure and investing for retirement.

Financial counselors help with everything from learning money management and creating financial goals to helping you access tax credits, public assistance agencies and manage debt. This is especially important given that members of the LGBTQ+ community are more likely to live in poverty, experience homelessness and face discrimination and violence, including from their families of origin.

Long term, a certified financial planner can assist in creating a comprehensive financial plan. CFPs hold rigorous financial certifications and are fiduciaries, meaning they are legally required to act in their clients' best interests.

Identify an LGBTQ+ financial ally

However, if you’re not out yet, or not comfortable using a planner you might run into at the grocery store, online or remote financial planning can help connect you to a member of the LGBTQ+ community or an ally.

Finding a financial planner who understands specific financial needs and situations can greatly Excellerate your financial outlook, according to Dasarte Yarnway, co-founder of the Onyx Network, a platform supporting underrepresented financial advisors.

“From a money perspective, alone you go fast, together you can go far,” Yarnway says of the partnership with a financial advisor.

Make sure your wishes are honored

Once you’ve found a financial counselor or planner, the following financial, health and legal tools can help ensure your wishes are carried out in the event of an emergency or death.

  • Advance directives designate someone to act on your behalf in medical decisions if you’re no longer able to communicate, such as during end-of-life care.

  • A power of attorney allows someone else to make decisions on your behalf if you are unable to do so on matters ranging from health care and money management to placing trades on behalf of a company.

  • A will details issues such as guardianship of children, funeral arrangements and distribution of property.

  • A trust ensures your assets go to the intended people (with tax benefits).

These are especially important for LGBTQ+ individuals and families who are not legally married, says Chicago-based CFP candidate Kiersten Peshek.

“If clients aren’t interested in getting married, which is perfectly acceptable in relationships, we need to think about estate planning: that they inherit the house, have the ability to make health care decisions and make sure the law and family members don’t get in the way,” Peshek says.

Legally formalizing your financial, health and other wishes is especially important for children of LGBTQ+ people who may not be biologically related to their parents.

Fri, 15 Jul 2022 14:18:00 -0500 en-US text/html https://www.nerdwallet.com/article/investing/how-to-find-lgbtq-financial-advisor
Killexams : Rallybio Reports Second Quarter 2022 Financial Results No result found, try new keyword!Rallybio Corporation (Nasdaq: RLYB), a clinical-stage biotechnology company committed to identifying and accelerating the development of life-transforming therapies for patients with severe and rare ... Mon, 08 Aug 2022 00:00:00 -0500 https://finance.dailyherald.com/dailyherald/article/bizwire-2022-8-8-rallybio-reports-second-quarter-2022-financial-results Killexams : Do I Need a Divorce Financial Advisor? No result found, try new keyword!You can often recognize a divorce financial advisor by the certified divorce financial ... will then help you collect and organize financial information and become aware of the options available ... Wed, 08 Jun 2022 02:41:00 -0500 text/html https://money.usnews.com/financial-advisors/articles/do-i-need-a-divorce-financial-advisor Killexams : Marin Software Announces Second Quarter 2022 Financial Results

SAN FRANCISCO, August 04, 2022--(BUSINESS WIRE)--Marin Software Incorporated (NASDAQ: MRIN), a leading provider of digital marketing software for performance-driven advertisers and agencies, today announced financial results for the second quarter ended June 30, 2022.

"Having the right automation and optimization tools is increasingly important for advertisers to outperform the competition," said Chris Lien, Marin Software’s Chairman and CEO. "This quarter, we expanding our industry-leading automation tools with improvements to our Rules Engine and Dynamic Actions."

Second Quarter 2022 Product Highlights:

  • Recognized as a Strong Performer in The Forrester Wave™: B2B Advertising Solutions, Q3 2022 , and cited as "best in class" for B2B search and social advertising.

  • Achieved Tested partner status from Amazon Ads with our team of specialists that are certified in Amazon Ads topics. Being part of the Partner Network enables Marin to further develop our Amazon Ads capabilities and engage more deeply with Amazon Advertising with access to select beta programs and tailored training on campaign strategies and new product releases.

  • Upgraded our support for Google's existing campaign formats, including Performance Max, Universal App, Discovery, and Video (YouTube) Campaigns. We also launched support for Yahoo! Japan Responsive Ads for Search (RAS).

  • Completed the rollout of MarinOne Bidding, unlocking better performance and improved accuracy with dynamic clustering and improved intraday optimizations for all customers.

  • Introduced MarinOne support for ad scheduling (dayparting) via multi-edit, allowing advertisers to Excellerate the performance of their ads by adjusting when they are (and are not) shown.

  • Significantly improved our Dimensions aggregation tools by introducing campaign-level rollup views, view Dimension over time, and the ability to segment Dimension data by device, match type, and publisher. These changes further reduce the need for offline data analysis.

  • Introduced two new Insights, including RSA Coverage, which identifies groups without any Responsive Search Ads, and First Page Minimum Bid, which identifies objects performing below the Bid Strategy efficiency goal and whose bids are artificially raised to publisher first-page minimum bids.

  • Made it easier to amplify organic posts by adding the ability to duplicate Message Booster rules.

  • Launched the Social Rules Engine to help automate key workflows. With the Rules Engines, users can set triggers based on any aspect of campaign performance that will adjust bid, status, messaging, and more.

  • Enhanced our Dynamic Actions automation features to allow changes to additional objects, including Project Targets and Dynamic Targets based on internal or external data signals.

  • Streamlined the onboarding of new users, allowing advertisers to get new hires up and running on MarinOne more quickly and efficiently.

  • Introduced chat functionality directly in MarinOne, so it is possible for customers to reach our customer support team and ask for help without ever having to navigate away from their own account.

Second Quarter 2022 Financial Updates:

  • Net revenues totaled $4.7 million, a year-over-year decrease of 23% when compared to $6.1 million in the second quarter of 2021.

  • GAAP loss from operations was ($5.6) million, resulting in a GAAP operating margin of (119%), as compared to a GAAP loss from operations of ($3.0) million and a GAAP operating margin of (49%) for the second quarter of 2021.

  • Non-GAAP loss from operations was ($4.6) million, resulting in a non-GAAP operating margin of (98%), as compared to a non-GAAP loss from operations of ($2.8) million and a non-GAAP operating margin of (46%) for the second quarter of 2021.

Reconciliations of GAAP to non-GAAP financial measures have been provided in the financial statement tables included in this press release. An explanation of these measures is also included below, under the heading "Non-GAAP Financial Measures."

Financial Outlook:

Marin is providing guidance for its third quarter of 2022 as follows:

Forward-Looking Guidance

In millions

Range of Estimate

From

To

Three Months Ending September 30, 2022

Revenues, net

$

4.5

$

5.0

Non-GAAP loss from operations

(4.9

)

(4.5

)

Non-GAAP loss from operations excludes the effects of stock-based compensation, amortization of internally developed software, impairment of long-lived assets, capitalization of internally developed software, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook.

Additionally, the Company does not reconcile its forward-looking non-GAAP loss from operations, due to variability between revenues and non-cash items such as stock-based compensation. The GAAP loss from operations includes stock-based compensation expense, which is affected by hiring and retention needs, as well as the future price of Marin’s stock. As a result, a reconciliation of the forward-looking non-GAAP financial measures to the corresponding GAAP measures cannot be made without unreasonable effort.

Quarterly Results Conference Call

Marin Software will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the Company’s financial results for the quarter ended June 30, 2022, and its outlook for the future. To access the call, please dial (877) 256-3669 in the United States or (201) 231-2913 internationally with reference to conference ID 22019624. A live webcast of the conference call will be accessible at https://viavid.webcasts.com/starthere.jsp?ei=1559041&tp_key=3bf131ecde. Following the completion of the call through 11:59 p.m. Eastern Time on August 11, 2022, a recorded replay will be available on the Company’s website at http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally with the recording access code 22019624.

About Marin Software

Marin Software Incorporated’s (NASDAQ: MRIN) mission is to give advertisers the power to drive higher efficiency and transparency in their paid marketing programs that run on the world’s largest publishers. Marin Software provides enterprise marketing software for advertisers and agencies to integrate, align, and amplify their digital advertising spend across the web and mobile devices. Marin Software offers a unified SaaS advertising management platform for search, social, and eCommerce advertising. The Company helps digital marketers convert precise audiences, Excellerate financial performance, and make better decisions. Headquartered in San Francisco with offices worldwide, Marin Software’s technology powers marketing campaigns around the globe. For more information about Marin Software, please visit www.marinsoftware.com.

Non-GAAP Financial Measures

Marin uses certain non-GAAP financial measures in this release. Marin uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance. Marin believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures that Marin uses may differ from measures that other companies may use.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Non-GAAP expenses, measures and net loss per share. Marin defines non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative, non-GAAP gross profit, non-GAAP operating loss and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation, amortization of internally developed software and intangible assets, impairment of goodwill and long-lived assets, non-cash expenses related to debt agreements, capitalization of internally developed software, CARES Act employee retention credit, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the weighted average shares outstanding.

Adjusted EBITDA. Marin defines Adjusted EBITDA as net loss, adjusted for stock-based compensation expense, depreciation, amortization of internally developed software and intangible assets, capitalization of internally developed software, impairment of goodwill and long-lived assets, benefit from or provision for income taxes, CARES Act employee retention credit, other income, net, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook. These amounts are often excluded by other companies to help investors understand the operational performance of their business. The Company uses Adjusted EBITDA as a measurement of its operating performance because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that Marin believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Marin’s business, impact of investments in product and technology on future operating results, progress on product development efforts, product capabilities, advertiser and customer behavior, effects of the COVID-19 pandemic, and future financial results, including its outlook for the third quarter of 2022. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. genuine results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to any lingering effects of the global outbreak of COVID-19 on demand for our products and services; the amount of digital advertising spend managed by our customers using our products; the extent of customer acceptance and adoption of our MarinOne platform; the productivity of our personnel and other aspects of our business; our ability to maintain or grow sales to new and existing customers; any adverse changes in our relationships with and access to publishers and advertising agencies and strategic business partners, including any adverse changes in our revenue sharing agreement with Google; our ability to raise additional capital; our ability to manage expenses; the success of any increased investments that we may make in our engineering and sales and marketing teams; our ability to retain and attract qualified management, technical and sales and marketing personnel; any delays in the release of updates to our product platform or new features or delays in customer deployment of any such updates or features; competitive factors, including but not limited to pricing pressures, entry of new competitors and new applications; quarterly fluctuations in our operating results due to a number of factors; inability to adequately forecast our future revenues, expenses, Adjusted EBITDA, cash flows or other financial metrics; delays, reductions or slower growth in the amount spent on online and mobile advertising and the development of the market for cloud-based software; progress in our efforts to update our software platform; level of usage and advertising spend managed on our platform; our ability to maintain or expand sales of our solutions in channels other than search advertising; any slow-down in the search advertising market generally; any shift in customer digital advertising budgets from search to segments in which we are not as deeply penetrated; the development of the market for digital advertising; acceptance and continued usage of our platform and services by customers and our ability to provide high-quality technical support to our customers; material defects in our platform including those resulting from any updates we introduce to our platform, service interruptions at our single third-party data center or breaches in our security measures; our ability to develop enhancements to our platform; our ability to protect our intellectual property; our ability to manage risks associated with international operations; the impact of fluctuations in currency exchange rates, particularly an increase in the value of the dollar; near term changes in sales of our software services or spend under management may not be immediately reflected in our results due to our subscription business model; and adverse changes in general economic or market conditions. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including our most accurate report on Form 10-K, accurate reports on Form 10-Q and current reports on Form 8-K, which we may file from time to time, and all of which are available free of charge at the SEC’s website at www.sec.gov. Any of these risks could cause genuine results to differ materially from expectations set forth in the forward-looking statements. All forward-looking statements in this press release reflect Marin’s expectations as of August 4, 2022. Marin assumes no obligation to, and expressly disclaims any obligation to update any such forward-looking statements after the date of this release.

Marin Software Incorporated

Condensed Consolidated Balance Sheets

(On a GAAP basis)

June 30,

December 31,

(Unaudited; in thousands, except par value)

2022

2021

Assets:

Current assets:

Cash and cash equivalents

$

37,267

$

46,842

Restricted cash

215

215

Accounts receivable, net

3,988

4,633

Prepaid expenses and other current assets

1,433

2,324

Total current assets

42,903

54,014

Property and equipment, net

3,228

3,622

Right-of-use assets, operating leases

4,843

1,660

Other non-current assets

591

535

Total assets

$

51,565

$

59,831

Liabilities and Stockholders' Equity:

Current liabilities:

Accounts payable

$

718

$

975

Accrued expenses and other current liabilities

4,392

6,176

Note payable, current

2,226

Operating lease liabilities

1,861

2,006

Total current liabilities

6,971

11,383

Note payable, net of current

1,094

Operating lease liabilities, non-current

3,034

Other long-term liabilities

1,009

1,096

Total liabilities

11,014

13,573

Stockholders’ equity:

Common stock, $0.001 par value

16

15

Additional paid-in capital

353,018

351,394

Accumulated deficit

(311,480

)

(304,107

)

Accumulated other comprehensive loss

(1,003

)

(1,044

)

Total stockholders’ equity

40,551

46,258

Total liabilities and stockholders’ equity

$

51,565

$

59,831

Marin Software Incorporated

Condensed Consolidated Statements of Operations

(On a GAAP basis)

Three Months Ended June 30,

Six Months Ended June 30,

(Unaudited; in thousands, except per share data)

2022

2021

2022

2021

Revenues, net

$

4,720

$

6,094

$

9,881

$

12,402

Cost of revenues

3,203

3,175

6,531

6,416

Gross profit

1,517

2,919

3,350

5,986

Operating expenses:

Sales and marketing

1,588

1,268

3,375

2,514

Research and development

2,980

2,667

5,897

5,066

General and administrative

2,545

1,995

5,014

3,864

Total operating expenses

7,113

5,930

14,286

11,444

Loss from operations

(5,596

)

(3,011

)

(10,936

)

(5,458

)

Other income, net

297

221

3,699

548

Loss before income taxes

(5,299

)

(2,790

)

(7,237

)

(4,910

)

Income tax provision (benefit)

75

(289

)

136

(197

)

Net loss

$

(5,374

)

$

(2,501

)

$

(7,373

)

$

(4,713

)

Net loss per common share, basic and diluted

$

(0.34

)

$

(0.23

)

$

(0.47

)

$

(0.44

)

Weighted-average shares outstanding, basic and diluted

15,651

11,034

15,594

10,669

Marin Software Incorporated

Condensed Consolidated Statements of Cash Flows

(On a GAAP basis)

Six Months Ended June 30,

(Unaudited; in thousands)

2022

2021

Operating activities:

Net loss

$

(7,373

)

$

(4,713

)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation

378

463

Amortization of internally developed software

973

1,220

Amortization of deferred costs to obtain and fulfill contracts

171

268

Forgiveness of Paycheck Protection Program loan

(3,117

)

Interest expense

6

Loss on disposals of property and equipment and right-of-use assets

32

Unrealized foreign currency losses

82

32

Stock-based compensation related to equity awards

1,657

641

Provision for bad debts

(63

)

(51

)

Net change in operating leases

(294

)

(252

)

Deferred income tax benefits

(77

)

Changes in operating assets and liabilities

Accounts receivable

727

724

Prepaid expenses and other assets

748

607

Accounts payable

(253

)

(330

)

Accrued expenses and other liabilities

(1,851

)

(1,424

)

Net cash used in operating activities

(8,292

)

(2,777

)

Investing activities:

Purchases of property and equipment

(13

)

(6

)

Capitalization of internally developed software

(894

)

(632

)

Net cash used in investing activities

(907

)

(638

)

Financing activities:

Proceeds from issuance of common shares through at-the-market offering, net of offering costs

3,120

Payment of principal on finance lease liabilities

(15

)

Repayment of Paycheck Protection Program loan

(203

)

Employee taxes paid for withheld shares upon equity award settlement

(95

)

(120

)

Proceeds from employee stock purchase plan, net

19

15

Net cash (used in) provided by financing activities

(279

)

3,000

Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash

(97

)

(28

)

Net decrease in cash and cash equivalents and restricted cash

(9,575

)

(443

)

Cash and cash equivalents and restricted cash:

Beginning of period

47,057

14,820

End of the period

$

37,482

$

14,377

Marin Software Incorporated

Reconciliation of GAAP to Non-GAAP Expenses

Three Months Ended

Year Ended

Three Months Ended

Mar 31,

Jun 30,

Sep 30,

Dec 31,

Dec 31,

Mar 31,

Jun 30,

(Unaudited; in thousands)

2021

2021

2021

2021

2021

2022

2022

Sales and Marketing (GAAP)

$

1,246

$

1,268

$

1,266

$

1,702

$

5,482

$

1,787

$

1,588

Less Stock-based compensation

(66

)

(70

)

(122

)

(150

)

(408

)

(175

)

(157

)

Less Restructuring related expenses

2

(136

)

(134

)

Plus CARES Act employee retention credit

42

42

60

144

Sales and Marketing (Non-GAAP)

$

1,224

$

1,240

$

1,204

$

1,416

$

5,084

$

1,612

$

1,431

Research and Development (GAAP)

$

2,399

$

2,667

$

2,677

$

3,045

$

10,788

$

2,917

$

2,980

Less Stock-based compensation

(98

)

(133

)

(159

)

(204

)

(594

)

(224

)

(213

)

Less Restructuring related expenses

(2

)

(2

)

(36

)

(59

)

Plus CARES Act employee retention credit

252

238

245

735

Plus Capitalization of internally developed software

434

238

362

343

1,377

512

408

Research and Development (Non-GAAP)

$

2,985

$

3,010

$

3,125

$

3,184

$

12,304

$

3,169

$

3,116

General and Administrative (GAAP)

$

1,869

$

1,995

$

2,312

$

3,151

$

9,327

$

2,469

$

2,545

Less Stock-based compensation

(63

)

(130

)

(248

)

(287

)

(728

)

(334

)

(340

)

Less Restructuring related expenses

(2

)

-

-

(2

)

Plus CARES Act employee retention credit

70

66

67

203

Less Third-party subpoena-related expenses

(87

)

(405

)

...

Thu, 04 Aug 2022 04:20:00 -0500 en-GB text/html https://uk.news.yahoo.com/marin-software-announces-second-quarter-202000650.html
Killexams : Ping An to trial China's first-ever financial data center with PUE<1.25 with the goal to achieve operational carbon neutrality in 2030

HONG KONG and SHANGHAI, Aug. 5, 2022 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318; SSE:601318) announced that its new Ping An Guanlan Data Center No. 3 has set a benchmark for energy-saving and emission-reduction technology in China's financial data centers, marking another step toward Ping An's goal to achieve operational carbon neutrality by 2030. It is the first financial data center in mainland China with a Power Usage Effectiveness (PUE) lower than 1.25, which is expected to save about 10.5 million kilowatt hours (kWh) of electricity and reduce carbon dioxide emissions by 6,406 tons per year[1].

(PRNewsfoto/Ping An Insurance (Group) Company of China, Ltd.)

Data centers are the operating carriers for enterprises' digitalization and the foundation of business development. The PUE is an indicator of the energy efficiency of a data center. Currently in China, the PUE of financial data centers are generally between 1.6 and 2. The level of energy efficiency is better when it is closer to 1, which indicates that most energy from the data center is well consumed by servers, network equipment and storage devices. Ping An Guanlan Data Center No. 3 is the country's first-ever financial data center with a PUE lower than 1.25, at 1.2479 PUE.

Construction of Ping An Guanlan Data Center No. 3 in Shenzhen began in July 2021. Catering to the Group's needs in the next five years, the center is capable of serving more than 500 million users of Ping An by processing data from the Group's subsidiaries covering the core financial services, including insurance, banking services, securities and more. The center covers 5,653 square meters of land with a total construction area of 33,288 square meters. It features numerous energy-saving technologies for electric supply, heating and ventilation and electrical automation, as well as innovation in site layout and effective construction management.

Ping An sees green and low-carbon development as important corporate responsibility and aims to achieve operational carbon neutrality by 2030. With reference to the best international carbon neutral strategies, the Group prioritizes internal emission reduction through energy-saving offices and data centers, followed by reducing external emission through purchasing external green power. After all emission reduction measures are implemented, Ping An will achieve carbon neutrality through multiple approaches, including buying carbon credits.

In 2021, Ping An focused on reducing the impact of its operations on the environment through energy-saving transformation, smart office features and digitalization to reduce energy consumption and carbon emissions. Ping An's total carbon emissions decreased by 19% year-on-year to about 429,000 tons. The electricity consumption of Ping An's own workplaces and leased workplaces was down 2.65% year-on-year to 513,946,880 kWh. Ping An also applied green and environmental technologies to construct green buildings. As of December 31, 2021, more than 10 of Ping An's green building projects, including the Ping An Financial Center in Shenzhen and the Ping An National Customer Service and Support Technology Center in Shanghai, have obtained green building certifications at home and abroad, including the US Leadership in Energy and Environmental Design (LEED) Platinum Certification for Buildings Operations and Maintenance.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") strives to become a world-leading retail financial services group. With over 223 million retail customers and nearly 657 million internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, "integrated finance" and "healthcare", covering the provision of financial and health care services through its integrated financial services platform and ecosystems in financial services, healthcare, auto services and smart city services. The "finance + technology" and "finance + ecosystem" strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 17th in the Forbes Global 2000 list in 2022 and ranked 25th in the Fortune Global 500 list in 2022.

For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.

 

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SOURCE Ping An Insurance (Group) Company of China, Ltd.

Thu, 04 Aug 2022 17:50:00 -0500 en text/html https://markets.businessinsider.com/news/stocks/ping-an-to-trial-china-s-first-ever-financial-data-center-with-pue-1-25-with-the-goal-to-achieve-operational-carbon-neutrality-in-2030-1031654801
Killexams : African financial market infrastructure PAPSS now ISO certified

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The centralized Financial Market Infrastructure that enables the efficient flow of money securely across African borders, Pan-African Payment and Settlement System (PAPSS) is now ISO Certified.

In a press release copied to Ghana Business News, the operators of the system, the African Export-Import Bank, the African Continental Free Trade Area Secretariat and the African Union announced that PAPSS is now ISO 27001 Certified, in commitment to global security standards.

The release indicated that PAPSS was recognized as compliant to ISO27001:2013 standard following an external certification audit, by an accredited certification body that was conducted on June 27, 2022.

It further explained that ISO/IEC 27001 is an international standard on how to manage information security.

“The standard was originally published jointly by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) in 2005 and then revised in 2013. The framework specifies the requirements for establishing, implementing, maintaining, and continually improving an information security management system (ISMS) within the context of the organization. It also includes requirements for the assessment and treatment of information security risks associated with people, processes, and technology aspects to create business value and protect business image and reputation,” the release said.

By Emmanuel K. Dogbevi

Copyright ©2022 by NewsBridge Africa
All rights reserved. This article or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in reviews.

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Mon, 18 Jul 2022 21:49:00 -0500 emmakd en-US text/html https://www.ghanabusinessnews.com/2022/07/19/african-financial-market-infrastructure-papss-now-iso-certified/
Killexams : TrueCar to Announce Second Quarter 2022 Financial Results in Stockholder Letter on August 2

 Live call and webcast will occur on August 3 at 9:00 a.m. ET

SANTA MONICA, Calif., July 19, 2022 /PRNewswire/ -- TrueCar, Inc., (NASDAQ:TRUE) will report financial results for the second quarter ended June 30, 2022 on Tuesday, August 2, 2022 after market close, in a stockholder letter that will be accessible from the Company's Investor Relations website at ir.truecar.com.

TrueCar, Inc. Logo

Mike Darrow, President and Chief Executive Officer, and Jantoon Reigersman, Chief Financial Officer and Chief Operating Officer, will host a call on Wednesday, August 3 at 9:00 a.m. Eastern Time to discuss the results. A live webcast of the call will also be accessible through TrueCar's Investor Relations website.

TrueCar Second Quarter 2022 Live Call and Webcast Details:

Date: Wednesday, August 3, 2022  
Time: 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time)  
Dial-In: 1-877-870-4263 (domestic) 1-412-317-0790 (international)  
Webcast: Use this

An archived version of the call will be available upon completion on the Investor Relations section of TrueCar's website at ir.truecar.com.

Stockholder Q&amp;A Platform Available Starting July 27 at 9:00 a.m. ET:

TrueCar invites its stockholders to submit and upvote questions for its management team. To submit questions, please visit the Say Connect platform here, starting on July 27. The Q&amp;A platform will remain open until 24 hours before the call. Management intends to respond to a selection of questions during its earnings call.

About TrueCar

TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry's most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar's marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam's Club, Navy Federal Credit Union and American Express.

For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter. TrueCar media email: pr@truecar.com

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SOURCE TrueCar.com

Tue, 19 Jul 2022 04:08:00 -0500 en text/html https://markets.businessinsider.com/news/stocks/truecar-to-announce-second-quarter-2022-financial-results-in-stockholder-letter-on-august-2-1031597924
Killexams : Autohome Inc. Announces Unaudited 2022 Second Quarter and Interim Financial Results

BEIJING, Aug. 3, 2022 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and six months ended June 30, 2022.

Second Quarter 2022 Highlights[1]

  • Net Revenues in the second quarter of 2022 were RMB1,733.0 million (US$258.7 million), compared to RMB1,938.0 million in the corresponding period of 2021.
  • Net Income attributable to Autohome Inc. in the second quarter of 2022 was RMB435.0 million (US$64.9 million), compared to RMB754.9 million in the corresponding period of 2021, and net income attributable to ordinary shareholders in the second quarter of 2022 was RMB423.4 million (US$63.2 million), compared to RMB746.7 million in the corresponding period of 2021.
  • Adjusted Net Income attributable to Autohome Inc. (Non-GAAP)[2] in the second quarter of 2022 was RMB472.2 million (US$70.5 million), compared to RMB795.4 million in the corresponding period of 2021.
  • Share Repurchase: As of July 31, 2022, the Company has repurchased 1,883,906 American depositary shares (“ADSs”) for a total cost of approximately US$54.2 million.

[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 ("US$"). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of
US$1.00 to RMB6.6981 on June 30, 2022 in the City of New York for cable transfers of RMB as certified for customs purposes by the
Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

[2] 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.

Mr. Quan Long, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, “We are pleased to report a strong operational and financial performance in the second quarter of 2022. Though we faced a rather challenging environment due to the pandemic, Autohome still delivered another solid quarter, clearly demonstrating our business resilience and market-leading position. For users, we continued to promote our core IP strategy and differentiate our offerings to provide users with more choices and services, effectively expanding our user base as we further diversified content ecosystem. In June 2022, our aggregated average daily users grew by 8.1% year-over-year to 47.63 million, according to QuestMobile, setting a new record high and firmly maintaining our leading position in the auto vertical. For our customers, we proactively built new business operation models in response to the cancellation of local offline auto shows due to the pandemic’s resurgence. For example, we added VR functionality to our Intelligent Showroom, helping our customers to expand their user reach. We also normalized online auto shows, providing automakers a platform to promote their localized marketing information. In the first half of the year, we held more than 300 national and local online auto shows, covering over 70 million people throughout China. Moving ahead, we remain committed to enhancing our platform while accelerating new initiatives and deepening synergies with Ping An Group. We look forward to generating additional long-term value for our users, customers, shareholders and other stakeholders across our comprehensive auto search, purchase and use ecosystem.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “We sustained our strong recovery momentum in the second quarter of 2022 with revenues totaling RMB1.73 billion. Notably, the year-over-year revenue growth for our new energy vehicle (“NEV”) business once again significantly outpaced the market. Despite the pandemic, by leveraging our big data and technology capabilities, we enabled our dealer customers to realize contactless sales and marketing with our data products and services, leading to an increase in our product popularity. We are also glad to see that the number of our dealer customers for data products in the second quarter increased by 14% year-over-year while for the first half of this year, the average revenue per dealer store and the average number of data products adopted by each dealer store rose by 20% and 32% year-over-year, respectively, all exhibiting strong growth trends. Looking to the rest of 2022, with government stimulus packages for auto consumption taking effect and supported by our robust balance sheet and abundant cash on hand, we are confident that we are well-positioned to capture new opportunities in strategic areas that will contribute to Autohome’s future growth.”

Unaudited Second Quarter 2022 Financial Results

Net Revenues

Net revenues in the second quarter of 2022 were RMB1,733.0 million (US$258.7 million), compared to RMB1,938.0 million in the corresponding period of 2021.

  • Media services revenues were RMB530.6 million (US$79.2 million), compared to RMB599.8 million in the corresponding period of 2021. The decline was attributable to the decrease in average revenue per automaker advertiser, which was primarily due to the impact of the COVID-19 pandemic on certain cities in China in the first half of 2022.
  • Leads generation services revenues were RMB752.8 million (US$112.4 million), compared to RMB744.0 million in the corresponding period of 2021.
  • Online marketplace and others revenues were RMB449.6 million (US$67.1 million), compared to RMB594.3 million in the corresponding period of 2021. The decrease was primarily attributable to the impact of the COVID-19 pandemic on certain cities in China in the first half of 2022.

Cost of Revenues

Cost of revenues was RMB278.9 million (US$41.6 million) in the second quarter of 2022, compared to RMB261.6 million in the corresponding period of 2021. The increase was primarily attributable to the continuous investment in content. Share-based compensation expense included in cost of revenues in the second quarter of 2022 was RMB1.3 million (US$0.2 million), compared to RMB5.1 million in the corresponding period of 2021.

Operating Expenses

Operating expenses were RMB1,227.5 million (US$183.3 million) in the second quarter of 2022, compared to RMB1,073.8 million in the corresponding period of 2021.

  • Sales and marketing expenses were RMB738.7 million (US$110.3 million) in the second quarter of 2022, compared to RMB562.4 million in the corresponding period of 2021. The increase was primarily attributable to the escalation of marketing and promotional spending. Share-based compensation expense included in sales and marketing expenses in the second quarter of 2022 was RMB5.4 million (US$0.8 million), compared to RMB10.8 million in the corresponding period of 2021.
  • General and administrative expenses were RMB126.6 million (US$18.9 million) in the second quarter of 2022, compared to RMB176.8 million in the corresponding period of 2021. The decrease was primarily attributable to the reduction of expected credit losses. Share-based compensation expense included in general and administrative expenses in the second quarter of 2022 was RMB10.1 million (US$1.5 million), compared to RMB10.2 million in the corresponding period of 2021.
  • Product development expenses were RMB362.2 million (US$54.1 million) in the second quarter of 2022, compared to RMB334.7 million in the corresponding period of 2021. The increase was primarily attributable to greater investment in research and development activities for digital products. Share-based compensation expense included in product development expenses in the second quarter of 2022 was RMB11.6 million (US$1.7 million), compared to RMB18.8 million in the corresponding period of 2021.

Operating Profit

Operating profit was RMB301.3 million (US$45.0 million) in the second quarter of 2022, compared to RMB673.0 million in the corresponding period of 2021.

Income Tax Expense

There was an income tax expense of RMB34.1 million (US$5.1 million) in the second quarter of 2022, compared to income tax expense of RMB70.2 million in the corresponding period of 2021. The decrease was primarily attributable to the lower profit before income tax.

Net Income attributable to Autohome Inc.

Net income attributable to Autohome Inc. was RMB435.0 million (US$64.9 million) in the second quarter of 2022, compared to RMB754.9 million in the corresponding period of 2021.

Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB423.4 million (US$63.2 million) in the second quarter of 2022, compared to RMB746.7 million in the corresponding period of 2021. Basic and diluted earnings per share (“EPS”) were RMB0.85 (US$0.13) and RMB0.84 (US$0.13), respectively, in the second quarter of 2022, as compared to basic and diluted EPS of RMB1.48 and RMB1.48, respectively, in the corresponding period of 2021. Basic and diluted earnings per ADS were RMB3.38 (US$0.50) and RMB3.38 (US$0.50), respectively, in the second quarter of 2022 as compared to basic and diluted earnings per ADS of RMB5.92 and RMB5.91, respectively, in the corresponding period of 2021.

Adjusted Net Income attributable to Autohome Inc. (Non-GAAP) and Non-GAAP Earnings per Share/ADS

Adjusted net income attributable to Autohome Inc. (Non-GAAP) was RMB472.2 million (US$70.5 million) in the second quarter of 2022, compared to RMB795.4 million in the corresponding period of 2021. Non-GAAP basic and diluted EPS were RMB0.94 (US$0.14) and RMB0.94 (US$0.14), respectively, in the second quarter of 2022 as compared to non-GAAP basic and diluted EPS of RMB1.58 and RMB1.57, respectively, in the corresponding period of 2021. Non-GAAP basic and diluted earnings per ADS were RMB3.77 (US$0.56) and RMB3.77 (US$0.56), respectively, in the second quarter of 2022, compared to non-GAAP basic and diluted earnings per ADS of RMB6.31 and RMB6.30, respectively, in the corresponding period of 2021.

Balance Sheet and Cash Flow

As of June 30, 2022, the Company had cash and cash equivalents and short-term investments of RMB20.94 billion (US$3,125.8 million). Net cash provided by operating activities in the second quarter of 2022 was RMB488.3 million (US$72.9 million).

Employees

The Company had 5,631 employees as of June 30, 2022, including 2,075 employees from TTP Car, Inc. (“TTP”).

Conference Call Information

The Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 3, 2022 (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, China:

+852-3027-6500

Mainland China:

8009-880-563/ 400-821-0637

United Kingdom:

0800-026-1542

International:

+1-646-722-4977

Passcode:

41836568#

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 10, 2022:

United States:

+1-646-982-0473

International:

+61-2-8325-2405

Passcode:

520002963#

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; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to engage, educate and inform consumers about everything auto. Autohome provides original generated content, professionally generated content, user-generated content, and 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 announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), 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 genuine 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; relevant government policies and regulatory environment of China; 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 and announcements on the website of the Hong Kong Stock Exchange. 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 earnings per ADS, Adjusted net margin 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, amortization of intangible assets resulting from business acquisition, certain noncontrolling interests adjustments for TTP (starting in the first quarter of 2021 for the first time, which included interest income related to convertible bond investment to TTP that is eliminated in consolidation), investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, (gain)/loss pickup of equity method investments, and impairment of long-term investments, with all the reconciliation items adjusted for related income tax effects. 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 non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome Inc. divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome Inc. divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome Inc. before income tax expense, depreciation expenses of property and equipment, 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 non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items 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
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn

The Piacente Group, Inc.
Jenny Cai
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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(Amount in thousands, except per share / per ADS data)














For three months ended June 30,


For six months ended June 30,


2021


2022


2021


2022


RMB


RMB


US$


RMB


RMB


US$


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Net revenues:











Media services

599,812


530,561


79,211


1,204,636


797,363


119,043

Leads generation services

743,953


752,813


112,392


1,441,587


1,461,017


218,124

Online marketplace and others

594,278


449,619


67,126


1,133,401


945,905


141,220

Total net revenues

1,938,043


1,732,993


258,729


3,779,624


3,204,285


478,387

Cost of revenues

(261,587)


(278,864)


(41,633)


(504,710)


(533,881)


(79,706)

Gross profit

1,676,456


1,454,129


217,096


3,274,914


2,670,404


398,681













Operating expenses:











Sales and marketing
expenses

(562,362)


(738,729)


(110,289)


(1,244,995)


(1,330,983)


(198,711)

General and administrative
expenses

(176,782)


(126,616)


(18,903)


(305,407)


(263,178)


(39,291)

Product development
expenses

(334,662)


(362,194)


(54,074)


(639,213)


(717,441)


(107,111

Total operating expenses

(1,073,806)


(1,227,539)


(183,266)


(2,189,615)


(2,311,602)


(345,113)

Other operating income, net

70,337


74,661


11,147


154,322


183,685


27,423

Operating profit

672,987


301,251


44,977


1,239,621


542,487


80,991













Interest and investment
income, net

138,859


149,398


22,305


268,562


240,166


35,856

Gain/(loss) from equity method
investments, net

(763)


5,882


878


(960)


(20,347)


(3,038)

Income before income taxes

811,083


456,531


68,160


1,507,223


762,306


113,809

Income tax expense

(70,216)


(34,108)


(5,092)


(135,249)


(42,148)


(6,293)

Net income

740,867


422,423


63,068


1,371,974


720,158


107,516

Net loss attributable to
noncontrolling interests

14,073


12,593


1,880


87,255


33,106


4,943

Net income attributable to
Autohome Inc.

754,940


435,016


64,948


1,459,229


753,264


112,459

Accretion of mezzanine equity

(29,218)


(33,383)


(4,984)


(356,291)


(64,259)


(9,594)

Accretion attributable to
noncontrolling interests

20,984


21,743


3,246


277,567


41,861


6,250

Net income attributable to
ordinary shareholders

746,706


423,376


63,210


1,380,505


730,866


109,115













Earnings per share for
ordinary share










Basic

1.48


0.85


0.13


2.79


1.45


0.22

Diluted

1.48


0.84


0.13


2.79


1.45


0.22

Earnings per ADS
attributable to ordinary
shareholders (one ADS
equals for four ordinary
shares)






Basic

5.92


3.38


0.50


11.18


5.82


0.87

Diluted

5.91


3.38


0.50


11.15


5.81


0.87













Weighted average shares used to compute
earnings per share attributable to ordinary
shareholders:

















Basic

504,293,912


500,676,420


500,676,420


493,953,692


502,552,188


502,552,188

Diluted

505,183,728


501,112,704


501,112,704


495,253,000


502,882,428


502,882,428

AUTOHOME INC.

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share / per ADS data)














For three months ended June 30,


For six months ended June 30,


2021


2022


2021


2022


RMB


RMB


US$


RMB


RMB


US$


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Net income attributable to
Autohome Inc.

754,940


435,016


64,946


1,459,229


753,264


112,459

Plus: income tax expense

72,198


35,448


5,292


137,231


44,829


6,693

Plus: depreciation of property and
equipment

53,816


57,596


8,599


104,510


114,824


17,143

Plus: amortization of intangible
assets

8,307


10,837


1,618


11,276


21,674


3,236

EBITDA

889,261


538,897


80,455


1,712,246


934,591


139,531

Plus: share-based compensation
expenses

44,966


28,396


4,239


98,803


69,257


10,340

Adjusted EBITDA

934,227


567,293


84,694


1,811,049


1,003,848


149,871













Net income attributable to
Autohome Inc.

754,940


435,016


64,946


1,459,229


753,264


112,459

Plus: amortization of intangible assets
resulting from business acquisition

6,444


10,722


1,601


7,583


21,444


3,202

Plus: share-based compensation
expenses

44,966


28,396


4,239


98,803


69,257


10,340

Plus: investment loss arising from
one of financial products[3]

-


4,021


600


-


58,441


8,725

Plus: (gain)/loss on equity method
investments, net

763


(5,882)


(878)


960


20,347


3,038

Plus: certain noncontrolling interests
adjustments for TTP

(10,826)


-


-


(35,196)


-


-

Plus: impairment of long-term
investments

-


1,696


253


-


1,696


253

Plus: tax effects of the
adjustments

(931)


(1,746)


(261)


(968)


(14,693)


(2,194)

Adjusted net income
attributable to Autohome Inc.

795,356


472,223


70,500


1,530,411


909,756


135,823













Net income attributable to
Autohome Inc.

754,940


435,016


64,946


1,459,229


753,264


112,459

Net margin

39.0 %


25.1 %


25.1 %


38.6 %


23.5 %


23.5 %

Adjusted net income
attributable to Autohome Inc.

795,356


472,223


70,500


1,530,411


909,756


135,823

Adjusted net margin

41.0 %


27.2 %


27.2 %


40.5 %


28.4 %


28.4 %

























Non-GAAP earnings per share











Basic

1.58


0.94


0.14


3.10


1.81


0.27

Diluted

1.57


0.94


0.14


3.09


1.81


0.27

Non-GAAP earnings per ADS
(one ADS equals for four
ordinary shares)









Basic

6.31


3.77


0.56


12.39


7.24


1.08

Diluted

6.30


3.77


0.56


12.36


7.24


1.08













Weighted average shares used
to compute non-GAAP
earnings per share:









Basic

504,293,912


500,676,420


500,676,420


493,953,692


502,552,188


502,552,188

Diluted

505,183,728


501,112,704


501,112,704


495,253,000


502,882,428


502,882,428













[3] It represented the investment loss of an overdue financial product in the second quarter and first half of 2022, which was recognized at
"interest and investment income, net". The impact was considered to be not directly related to the Company's operating activities.

AUTOHOME INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)








As of

December 31,







As of June 30,


2021


2022


RMB


RMB


US$


(Audited)


(Unaudited)


(Unaudited)

ASSETS






Current assets






Cash and cash equivalents

4,236,501


3,851,719


575,047

Restricted Cash

89,855


9,175


1,370

Short-term investments

16,496,267


17,085,149


2,550,746

Accounts receivable, net

2,139,471


1,444,055


215,592

Amounts due from related parties, current

83,376


45,529


6,797

Prepaid expenses and other current assets

280,248


431,000


64,347

Total current assets

23,325,718


22,866,627


3,413,899

Non-current assets






Restricted cash, non-current

5,200


5,200


776

Property and equipment, net

381,496


305,036


45,541

Goodwill and intangible assets, net

4,428,822


4,389,280


655,302

Long-term investments

70,720


448,677


66,986

Deferred tax assets

176,138


173,414


25,890

Amounts due from related parties, non-current

7,529


14,182


2,117

Other non-current assets

133,383


151,367


22,598

Total non-current assets

5,203,288


5,487,156


819,210

Total assets

28,529,006


28,353,783


4,233,109







LIABILITIES AND EQUITY






Current liabilities






Accrued expenses and other payables

2,044,597


1,962,191


292,946

Advance from customers

123,370


97,537


14,562

Deferred revenue

1,553,013


1,274,556


190,286

Income tax payable

233,342


163,922


24,473

Amounts due to related parties

31,897


26,838


4,007

Total current liabilities

3,986,219


3,525,044


526,274

Non-current liabilities






Other liabilities

28,619


52,300


7,810

Deferred tax liabilities

576,798


518,548


77,417

Total non-current liabilities

605,417


570,848


85,227

Total liabilities

4,591,636


4,095,892


611,501







MEZZANINE EQUITY






Convertible redeemable noncontrolling interests

1,468,029


1,532,287


228,764







EQUITY






Total Autohome Inc. shareholders' equity

22,754,419


23,085,878


3,446,631

Noncontrolling interests

(285,078)


(360,274)


(53,787)

Total equity

22,469,341


22,725,604


3,392,844

Total liabilities, mezzanine equity and equity

28,529,006


28,353,783


4,233,109

View original content: https://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-2022-second-quarter-and-interim-financial-results-301598789.html

SOURCE Autohome Inc.

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