Company News
"As online content regulation in
Ms. Betty Ho, CFO of
Acquisition of Yitian Xindong
On
On
On
Adoption of ASC606
Beginning from January 1, 2018, the Company adopted a new accounting standard of ASC606, Revenue from Contracts with Customers (the "new accounting standard") by applying the modified retrospective method. The financial data presented in the Company's financial statements for the quarters of 2018 and the fiscal year 2018 are in accordance with the new accounting standard while all financial data presented for the quarters of 2017 and the fiscal year 2017 are in accordance with ASC605, Revenue Recognition (the "prior accounting standard").
The impact of applying the new accounting standard on the Company's unaudited financial results as compared to the prior accounting standard for the quarter ended
Three Months Ended December 31, 2018 |
|||||||||||||||||
Prior Accounting |
Adjustments |
New Accounting |
|||||||||||||||
Sales Taxes And |
Barter |
Contract |
|||||||||||||||
(RMB in thousands) |
|||||||||||||||||
Revenues |
434,068 |
(35,821) |
987 |
- |
399,234 |
||||||||||||
Net advertising revenues |
388,667 |
(33,675) |
987 |
- |
355,979 |
||||||||||||
Paid services revenues |
45,401 |
(2,146) |
- |
- |
43,255 |
||||||||||||
Cost of revenues |
(217,198) |
35,821 |
(52) |
157 |
(181,272) |
||||||||||||
Gross profit |
216,870 |
- |
935 |
157 |
217,962 |
||||||||||||
Operating expenses |
(254,447) |
- |
(2,564) |
- |
(257,011) |
||||||||||||
Sales and marketing expenses |
(152,958) |
- |
(2,564) |
- |
(155,522) |
||||||||||||
Loss from operations |
(37,577) |
- |
(1,629) |
157 |
(39,049) |
||||||||||||
Note:
(1) This financial information for the three months ended
(2) This financial information for the three months ended
Fourth Quarter 2018 Financial Results
REVENUES
Total revenues for the fourth quarter of 2018 were
Net advertising revenues for the fourth quarter of 2018 were
Paid services revenues[1] for the fourth quarter of 2018 were
Under the prior accounting standard ASC605, total revenues for the fourth quarter of 2018 would have been
Under the prior accounting standard ASC605, net advertising revenues for the fourth quarter of 2018 would have been
Under the prior accounting standard ASC605, paid services revenues for the fourth quarter of 2018 would have been
COST OF REVENUES
Cost of revenues for the fourth quarter of 2018 was
- The sales taxes and surcharges were
RMB35.8 million (US$5.2 million ) in the fourth quarter of 2018, which was excluded from cost of revenues and recorded as a reduction item of revenues under the new accounting standard, as compared to sales taxes and surcharges ofRMB39.9 million in the fourth quarter of 2017, which was recorded as a component of cost of revenues under the prior accounting standard ASC605. - Content and operational costs for the fourth quarter of 2018 increased to
RMB153.9 million (US$22.4 million ) fromRMB143.6 million in the fourth quarter of 2017, primarily attributable to an increase in advertisement-related content production cost. - Revenue sharing fees to telecom operators and channel partners for the fourth quarter of 2018 increased to
RMB13.2 million (US$1.9 million ) fromRMB12.4 million in the fourth quarter of 2017, primarily attributable to the increase in fees paid to some channel partners, and partially offset by the decrease in the revenue sharing fees of MVAS products to telecom operators. - Bandwidth costs for the fourth quarter of 2018 increased to
RMB14.2 million (US$2.1 million ) fromRMB12.8 million in the fourth quarter of 2017. - Share-based compensation included in cost of revenues was
RMB2.5 million (US$0.4 million ) in the fourth quarter of 2018, as compared toRMB1.2 million in the fourth quarter of 2017. The change was mainly due to the adjustment of the estimated forfeiture rate of share-based awards as a result of the demission rate of headcounts recorded in the fourth quarter of 2018.
GROSS PROFIT
Gross profit for the fourth quarter of 2018 was RMB218.0 million (
To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), the Company has presented certain non-GAAP financial measures in this press release, which excluded the impact of certain reconciling items as stated in the "Use of Non-GAAP Financial Measures" section below. The related reconciliations to GAAP financial measures are presented in the accompanying "Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures."
Non-GAAP gross margin for the fourth quarter of 2018, which excluded share-based compensation, increased slightly to 55.2% from 55.1% in the fourth quarter of 2017.
OPERATING EXPENSES AND LOSS FROM OPERATIONS
Total operating expenses for the fourth quarter of 2018 slightly decreased by 0.6% to
Loss from operations for the fourth quarter of 2018 was
Non-GAAP loss from operations for the fourth quarter of 2018, which excluded share-based compensation, was
OTHER INCOME OR LOSS
Other income or loss reflects interest income, interest expense, foreign currency exchange gain or loss, income or loss from equity method investments, net of impairments, and others, net[4]. Total net other income for the fourth quarter of 2018 was
- Interest income for the fourth quarter of 2018 decreased to
RMB8.6 million (US$1.3 million ) fromRMB13.2 million in the fourth quarter of 2017. - Interest expense for the fourth quarter of 2018 decreased to
RMB2.4 million (US$0.4 million ), fromRMB3.7 million in the fourth quarter of 2017, which was primarily due to the decrease in outstanding short-term bank loans in the fourth quarter of 2018, as compared to that of 2017. - Foreign currency exchange loss for the fourth quarter of 2018 was
RMB0.3 million (US$0.05 million ), as compared to foreign currency exchange loss ofRMB4.5 million in the fourth quarter of 2017, which was mainly caused by the less significant appreciation of Renminbi against US dollars in the fourth quarter of 2018 as compared to that of 2017 that generated less exchange loss in Renminbi denominated borrowings recorded in the Company's subsidiaries whose functional currency is not Renminbi. - Income from equity method investments for the fourth quarter of 2018, net of impairments, was
RMB4.0 million (US$0.6 million ), as compared to income from equity method investments ofRMB4.9 million in the fourth quarter of 2017. - Others, net, for the fourth quarter of 2018 decreased slightly to
RMB9.9 million (US$1.4 million ), fromRMB10.0 million in the fourth quarter of 2017.
NET INCOME/ (LOSS) ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net loss attributable to
Non-GAAP net loss attributable to
For the fourth quarter of 2018, the Company's weighted average number of ADSs used in the computation of diluted net loss per ADS was 72,767,164. As of
CERTAIN BALANCE SHEET ITEMS
As of
Fiscal Year 2018 Financial Results
The impact of applying the new accounting standard on the Company's unaudited financial results as compared to the prior accounting standard for the year ended
Year Ended December 31, 2018 |
|||||||||||||||||
Prior Accounting |
Adjustments |
New Accounting |
|||||||||||||||
Sales Taxes And |
Barter |
Contract |
|||||||||||||||
(RMB in thousands) |
|||||||||||||||||
Revenues |
1,495,691 |
(122,962) |
4,650 |
- |
1,377,379 |
||||||||||||
Net advertising revenues |
1,306,930 |
(113,309) |
4,650 |
- |
1,198,271 |
||||||||||||
Paid services revenues |
188,761 |
(9,653) |
- |
- |
179,108 |
||||||||||||
Cost of revenues |
(719,213) |
122,962 |
(454) |
157 |
(596,548) |
||||||||||||
Gross profit |
776,478 |
- |
4,196 |
157 |
780,831 |
||||||||||||
Operating expenses |
(900,536) |
- |
(4,317) |
- |
(904,853) |
||||||||||||
Sales and marketing expenses |
(533,245) |
- |
(4,317) |
- |
(537,562) |
||||||||||||
Loss from operations |
(124,058) |
- |
(121) |
157 |
(124,022) |
||||||||||||
Note:
(1) This financial information for the year ended
(2) This financial information for the year ended
REVENUES
Total revenues for fiscal year 2018 were
Net advertising revenues for fiscal year 2018 were
Paid service revenues for fiscal year 2018 were
Under the prior accounting standard ASC605, total revenues for fiscal year 2018 would have decreased by 5.0% to
Under the prior accounting standard ASC605, net advertising revenues (net of advertising agency service fees and sales taxes and surcharges) for fiscal year 2018 would have decreased by 3.4% to
Under the prior accounting standard ASC605, paid service revenues for fiscal year 2018 would have decreased by 14.8% to RMB188.8 million (
COST OF REVENUES AND GROSS PROFIT
Cost of revenues for fiscal year 2018 was
Gross profit for fiscal year 2018 decreased to
OPERATING EXPENSES AND INCOME/(LOSS) FROM OPERATIONS
Total operating expenses for fiscal year 2018 increased to RMB904.8 million (
Loss from operations for fiscal year 2018 was
Non-GAAP loss from operations, which excluded share-based compensation, for fiscal year 2018 was
NET INCOME/(LOSS) ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net loss attributable to
Non-GAAP net loss attributable to
Business Outlook
For the first quarter of 2019, the Company expects its total revenues to be between
All of the above forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.
Conference Call Information
The Company will hold a conference call at 9:00 p.m. U.S. Eastern Time on
To participate in the call, please use the dial-in numbers and conference ID below:
International: |
+65 67135440 |
Mainland China: |
4001200654 |
Hong Kong: |
+852 30186776 |
United States: |
+1 8456750438 |
United Kingdom: |
08000159724 |
Australia: |
1300713759 |
Conference ID: |
7279276 |
A replay of the call will be available through
International: |
+61 290034211 |
Mainland China: |
4006322162 |
Hong Kong: |
+852 30512780 |
United States: |
+1 6462543697 |
Conference ID: |
7279276 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.ifeng.com.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"),
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of
About
Safe Harbor Statement
This announcement contains forward−looking statements. These statements are made under 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, the business outlook and quotations from management in this announcement, as well as
[1] Paid services revenues comprise of (i) revenues from digital entertainment, which includes MVAS and digital reading, and (ii) revenues from games and others, which includes web-based games, mobile games, content sales, and other online and mobile paid services through the Company's own platforms. |
[2] Digital entertainment includes mobile value-added services delivered through telecom operators' platforms, or MVAS, and digital reading. |
[3] Games and others include web-based and mobile games, content sales, and other online and mobile paid services through the Company's own platforms. |
[4] "Others, net" primarily consists of government subsidies and litigation loss provisions. |
[5] "ADS" means American Depositary Share of the Company. Each ADS represents eight Class A ordinary shares of the Company. |
For investor and media inquiries please contact:
Qing Liu
Email: investorrelations@ifeng.com
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
Phoenix New Media Limited |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Amounts in thousands) |
|||||
December 31, |
December 31, |
December 31, |
|||
2017 |
2018 |
2018 |
|||
RMB |
RMB |
US$ |
|||
Audited* |
Unaudited |
Unaudited |
|||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
362,862 |
174,024 |
25,311 |
||
Term deposits and short term investments |
737,657 |
912,594 |
132,731 |
||
Restricted cash |
336,700 |
269,648 |
39,219 |
||
Accounts receivable, net |
458,744 |
484,113 |
70,411 |
||
Amounts due from related parties |
187,214 |
91,228 |
13,269 |
||
Prepayment and other current assets |
57,458 |
88,963 |
12,938 |
||
Convertible loans due from a related party |
102,631 |
- |
- |
||
Total current assets |
2,243,266 |
2,020,570 |
293,879 |
||
Non-current assets: |
|||||
Property and equipment, net |
64,454 |
95,631 |
13,909 |
||
Intangible assets, net |
6,712 |
97,448 |
14,173 |
||
Goodwill |
- |
338,288 |
49,202 |
||
Available-for-sale debt investments |
1,196,330 |
1,961,474 |
285,285 |
||
Equity investments, net |
15,342 |
33,694 |
4,901 |
||
Deferred tax assets |
60,460 |
60,160 |
8,750 |
||
Other non-current assets |
12,544 |
23,454 |
3,411 |
||
Total non-current assets |
1,355,842 |
2,610,149 |
379,631 |
||
Total assets |
3,599,108 |
4,630,719 |
673,510 |
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Short-term loans |
330,000 |
267,665 |
38,930 |
||
Accounts payable |
262,657 |
264,753 |
38,507 |
||
Amounts due to related parties |
14,140 |
25,218 |
3,668 |
||
Advances from customers |
65,196 |
54,601 |
7,941 |
||
Taxes payable |
92,214 |
101,386 |
14,746 |
||
Salary and welfare payable |
134,471 |
132,316 |
19,245 |
||
Accrued expenses and other current liabilities |
173,253 |
227,328 |
33,063 |
||
Total current liabilities |
1,071,931 |
1,073,267 |
156,100 |
||
Non-current liabilities: |
|||||
Deferred tax liabilities |
1,312 |
140,960 |
20,502 |
||
Long-term liabilities |
24,714 |
26,131 |
3,801 |
||
Total non-current liabilities |
26,026 |
167,091 |
24,303 |
||
Total liabilities |
1,097,957 |
1,240,358 |
180,403 |
||
Shareholders' equity: |
|||||
Phoenix New Media Limited shareholders' equity: |
|||||
Class A ordinary shares |
17,180 |
17,487 |
2,543 |
||
Class B ordinary shares |
22,053 |
22,053 |
3,207 |
||
Additional paid-in capital |
1,587,575 |
1,604,588 |
233,378 |
||
Statutory reserves |
81,237 |
87,620 |
12,744 |
||
Retained earnings |
229,250 |
159,621 |
23,215 |
||
Accumulated other comprehensive income |
570,244 |
1,188,358 |
172,840 |
||
Total Phoenix New Media Limited shareholders' equity |
2,507,539 |
3,079,727 |
447,927 |
||
Noncontrolling interests |
(6,388) |
310,634 |
45,180 |
||
Total shareholders' equity |
2,501,151 |
3,390,361 |
493,107 |
||
Total liabilities and shareholders' equity |
3,599,108 |
4,630,719 |
673,510 |
||
* Derived from audited financial statements included in the Company's Form 20-F dated April 26, 2018. |
Phoenix New Media Limited |
|||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) |
|||||||||||||
(Amounts in thousands, except for number of shares and per share (or ADS) data) |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2017 |
2018 |
2018 |
2018 |
2017 |
2018 |
2018 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited* |
Unaudited |
Unaudited |
|||||||
Revenues: |
|||||||||||||
Net advertising revenues |
410,547 |
281,500 |
355,979 |
51,775 |
1,353,480 |
1,198,271 |
174,281 |
||||||
Paid service revenues |
51,240 |
47,840 |
43,255 |
6,291 |
221,612 |
179,108 |
26,050 |
||||||
Total revenues |
461,787 |
329,340 |
399,234 |
58,066 |
1,575,092 |
1,377,379 |
200,331 |
||||||
Cost of revenues |
(208,679) |
(152,236) |
(181,272) |
(26,365) |
(727,197) |
(596,548) |
(86,764) |
||||||
Gross profit |
253,108 |
177,104 |
217,962 |
31,701 |
847,895 |
780,831 |
113,567 |
||||||
Operating expenses: |
|||||||||||||
Sales and marketing expenses |
(156,590) |
(140,998) |
(155,522) |
(22,620) |
(493,664) |
(537,562) |
(78,185) |
||||||
General and administrative expenses |
(50,457) |
(41,692) |
(44,670) |
(6,497) |
(146,923) |
(162,568) |
(23,645) |
||||||
Technology and product development |
(51,494) |
(50,969) |
(56,819) |
(8,264) |
(192,325) |
(204,723) |
(29,776) |
||||||
Total operating expenses |
(258,541) |
(233,659) |
(257,011) |
(37,381) |
(832,912) |
(904,853) |
(131,606) |
||||||
(Loss)/income from operations |
(5,433) |
(56,555) |
(39,049) |
(5,680) |
14,983 |
(124,022) |
(18,039) |
||||||
Other income/(loss): |
|||||||||||||
Interest income |
13,213 |
12,349 |
8,608 |
1,252 |
54,286 |
47,445 |
6,901 |
||||||
Interest expense |
(3,746) |
(3,080) |
(2,442) |
(355) |
(22,221) |
(13,544) |
(1,970) |
||||||
Foreign currency exchange (loss)/gain |
(4,481) |
6,066 |
(317) |
(46) |
(23,560) |
6,849 |
996 |
||||||
Income from equity method investments, net |
4,865 |
4,240 |
3,977 |
578 |
6,296 |
5,352 |
778 |
||||||
Gain on disposal of convertible loans due |
- |
10,565 |
- |
- |
- |
10,565 |
1,537 |
||||||
Others, net |
10,037 |
5,773 |
9,854 |
1,433 |
19,423 |
21,848 |
3,178 |
||||||
Income/(loss) before tax |
14,455 |
(20,642) |
(19,369) |
(2,818) |
49,207 |
(45,507) |
(6,619) |
||||||
Income tax (expense)/benefit |
(3,294) |
3,889 |
(20,220) |
(2,941) |
(14,783) |
(20,105) |
(2,924) |
||||||
Net income/(loss) |
11,161 |
(16,753) |
(39,589) |
(5,759) |
34,424 |
(65,612) |
(9,543) |
||||||
Net loss attributable to noncontrolling |
660 |
127 |
1,292 |
188 |
3,048 |
2,390 |
348 |
||||||
Net income/(loss) attributable to Phoenix |
11,821 |
(16,626) |
(38,297) |
(5,571) |
37,472 |
(63,222) |
(9,195) |
||||||
Net income/(loss) |
11,161 |
(16,753) |
(39,589) |
(5,759) |
34,424 |
(65,612) |
(9,543) |
||||||
Other comprehensive income, net of tax: fair |
22,227 |
52,111 |
462,558 |
67,276 |
321,538 |
566,320 |
82,368 |
||||||
Other comprehensive (loss)/income, net of |
(14,609) |
39,966 |
(2,534) |
(369) |
(49,640) |
51,794 |
7,533 |
||||||
Comprehensive income |
18,779 |
75,324 |
420,435 |
61,148 |
306,322 |
552,502 |
80,358 |
||||||
Comprehensive loss attributable to |
660 |
127 |
1,292 |
188 |
3,048 |
2,390 |
348 |
||||||
Comprehensive income attributable to |
19,439 |
75,451 |
421,727 |
61,336 |
309,370 |
554,892 |
80,706 |
||||||
Net income/(loss) attributable to Phoenix |
11,821 |
(16,626) |
(38,297) |
(5,571) |
37,472 |
(63,222) |
(9,195) |
||||||
Net income/(loss) per Class A and Class B |
|||||||||||||
Basic |
0.02 |
(0.03) |
(0.07) |
(0.01) |
0.07 |
(0.11) |
(0.02) |
||||||
Diluted |
0.02 |
(0.03) |
(0.07) |
(0.01) |
0.06 |
(0.11) |
(0.02) |
||||||
Net income/(loss) per ADS (1 ADS represents |
|||||||||||||
Basic |
0.16 |
(0.23) |
(0.53) |
(0.08) |
0.52 |
(0.87) |
(0.13) |
||||||
Diluted |
0.16 |
(0.23) |
(0.53) |
(0.08) |
0.51 |
(0.87) |
(0.13) |
||||||
Weighted average number of Class A and |
|||||||||||||
Basic |
576,851,243 |
581,962,548 |
582,137,314 |
582,137,314 |
574,786,887 |
581,084,453 |
581,084,453 |
||||||
Diluted |
591,174,724 |
581,962,548 |
582,137,314 |
582,137,314 |
590,433,907 |
581,084,453 |
581,084,453 |
||||||
* Derived from audited financial statements included in the Company's Form 20-F dated April 26, 2018. ** The Company adopted ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities, beginning from January 1, 2018. After the adoption of this new accounting standard, the Company measures long- |
|||||||||||||
There were minor revisions to revenues and cost of revenues for the previous quarters of 2018, which were determined as immaterial adjustment under SEC Staff Accounting Bulletin: No. 99 – Materiality. |
Phoenix New Media Limited |
|||||||||||||
Condensed Segment Information |
|||||||||||||
(Amounts in thousands) |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2017 |
2018 |
2018 |
2018 |
2017 |
2018 |
2018 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited* |
Unaudited |
Unaudited |
|||||||
Revenues: |
|||||||||||||
Net advertising service |
410,547 |
281,500 |
355,979 |
51,775 |
1,353,480 |
1,198,271 |
174,281 |
||||||
Paid service |
51,240 |
47,840 |
43,255 |
6,291 |
221,612 |
179,108 |
26,050 |
||||||
Total revenues |
461,787 |
329,340 |
399,234 |
58,066 |
1,575,092 |
1,377,379 |
200,331 |
||||||
Cost of revenues |
|||||||||||||
Net advertising service |
181,361 |
132,519 |
166,652 |
24,239 |
602,945 |
517,533 |
75,272 |
||||||
Paid service |
27,318 |
19,717 |
14,620 |
2,126 |
124,252 |
79,015 |
11,492 |
||||||
Total cost of revenues |
208,679 |
152,236 |
181,272 |
26,365 |
727,197 |
596,548 |
86,764 |
||||||
Gross profit |
|||||||||||||
Net advertising service |
229,186 |
148,981 |
189,327 |
27,536 |
750,535 |
680,738 |
99,009 |
||||||
Paid service |
23,922 |
28,123 |
28,635 |
4,165 |
97,360 |
100,093 |
14,558 |
||||||
Total gross profit |
253,108 |
177,104 |
217,962 |
31,701 |
847,895 |
780,831 |
113,567 |
||||||
* Derived from audited financial statements included in the Company's Form 20-F dated April 26, 2018. |
Phoenix New Media Limited |
|||||||||||||
Condensed Information of Cost of Revenues |
|||||||||||||
(Amounts in thousands) |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2017 |
2018 |
2018 |
2018 |
2017 |
2018 |
2018 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited* |
Unaudited |
Unaudited |
|||||||
Revenue sharing fees |
12,350 |
14,261 |
13,201 |
1,920 |
72,613 |
47,539 |
6,914 |
||||||
Content and operational costs |
143,588 |
123,281 |
153,866 |
22,379 |
466,379 |
491,868 |
71,539 |
||||||
Bandwidth costs |
12,830 |
14,694 |
14,205 |
2,066 |
55,050 |
57,141 |
8,311 |
||||||
Sales taxes and surcharges** |
39,911 |
- |
- |
- |
133,155 |
- |
- |
||||||
Total cost of revenues |
208,679 |
152,236 |
181,272 |
26,365 |
727,197 |
596,548 |
86,764 |
||||||
* Derived from audited financial statements included in the Company's Form 20-F dated April 26, 2018. |
|||||||||||||
** The sales taxes and surcharges in the quarters of 2018 and the fiscal year 2018 were excluded from cost of revenues and recorded as a reduction of revenues under the new revenue recognition accounting standard (ASC606), while sales taxes and surcharges in the quarters of 2017 and fiscal year 2017 were recorded as a component of cost of revenues under the prior accounting standard (ASC605). |
Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures |
|||||||||||||||||
(Amounts in thousands, except for number of ADSs and per ADS data) |
|||||||||||||||||
Three Months Ended December 31, 2017 |
Three Months Ended September 30, 2018 |
Three Months Ended December 31, 2018 |
|||||||||||||||
Non-GAAP |
Non-GAAP |
Non-GAAP |
|||||||||||||||
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
|||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
|||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||||
Gross profit |
253,108 |
1,221 |
(1) |
254,329 |
177,104 |
442 |
(1) |
177,546 |
217,962 |
2,469 |
(1) |
220,431 |
|||||
Gross margin |
54.8% |
55.1% |
53.8% |
53.9% |
54.6% |
55.2% |
|||||||||||
(Loss)/income from |
(5,433) |
4,677 |
(1) |
(756) |
(56,555) |
2,535 |
(1) |
(54,020) |
(39,049) |
4,614 |
(1) |
(34,435) |
|||||
Operating margin |
(1.2%) |
(0.2%) |
(17.2%) |
(16.4%) |
(9.8%) |
(8.6%) |
|||||||||||
4,677 |
(1) |
2,535 |
(1) |
4,614 |
(1) |
||||||||||||
(4,865) |
(2) |
(4,240) |
(2) |
(3,977) |
(2) |
||||||||||||
Net income/(loss) |
11,821 |
(188) |
11,633 |
(16,626) |
(1,705) |
(18,331) |
(38,297) |
637 |
(37,660) |
||||||||
Net margin |
2.6% |
2.5% |
(5.0%) |
(5.6%) |
(9.6%) |
(9.4%) |
|||||||||||
Net income/(loss) per |
0.16 |
0.16 |
(0.23) |
(0.25) |
(0.53) |
(0.52) |
|||||||||||
Weighted average |
73,896,840 |
73,896,840 |
72,745,318 |
72,745,318 |
72,767,164 |
72,767,164 |
|||||||||||
(1) Share-based compensation |
|||||||||||||||||
(2) Income from equity method investments, net of impairments |
|||||||||||||||||
Non-GAAP to GAAP reconciling items have no income tax effect. |
Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures |
|||||||||||
(Amounts in thousands, except for number of ADSs and per ADS data) |
|||||||||||
Twelve Months Ended December 31, 2017 |
Twelve Months Ended December 31, 2018 |
||||||||||
Non-GAAP |
Non-GAAP |
||||||||||
GAAP |
Adjustments |
Non-GAAP |
GAAP |
Adjustments |
Non-GAAP |
||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
||||||
Gross profit |
847,895 |
5,017 |
(1) |
852,912 |
780,831 |
3,750 |
(1) |
784,581 |
|||
Gross margin |
53.8% |
54.2% |
56.7% |
57.0% |
|||||||
Income/(loss) from operations |
14,983 |
20,852 |
(1) |
35,835 |
(124,022) |
13,989 |
(1) |
(110,033) |
|||
Operating margin |
1.0% |
2.3% |
(9.0%) |
(8.0%) |
|||||||
20,852 |
(1) |
13,989 |
(1) |
||||||||
(6,296) |
(2) |
(5,352) |
(2) |
||||||||
Net income/(loss) attributable to Phoenix |
37,472 |
14,556 |
52,028 |
(63,222) |
8,637 |
(54,585) |
|||||
Net margin |
2.4% |
3.3% |
(4.6%) |
(4.0%) |
|||||||
Net income/(loss) per ADS—diluted |
0.51 |
0.70 |
(0.87) |
(0.75) |
|||||||
Weighted average number of ADSs used in |
73,804,238 |
73,804,238 |
72,635,557 |
72,635,557 |
|||||||
(1) Share-based compensation |
|||||||||||
(2) Income from equity method investments, net of impairments |
|||||||||||
Non-GAAP to GAAP reconciling items have no income tax effect. |
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