Company News
Mr.
Mr.
Fourth Quarter 2020 Financial Results
As disclosed in the second quarter 2020 unaudited financial results announcement made on
REVENUES
Total revenues in the fourth quarter of 2020 decreased by 9.5% to
Net advertising revenues in the fourth quarter of 2020 decreased by 7.3% to
Paid services revenues[1] in the fourth quarter of 2020 decreased by 31.4% to
COST OF REVENUES
Cost of revenues in the fourth quarter of 2020 decreased by 5.1% to RMB179.2 million (
- Content and operational costs in the fourth quarter of 2020 decreased to
RMB158.4 million (US$24.3 million ) fromRMB172.2 million in the same period of 2019, mainly due to the Company's strict cost control measures taken to enhance its operating efficiency in 2020. Share-based compensation included in the content and operational costs in the fourth quarter of 2020 decreased toRMB0.2 million (US$0.03 million ) fromRMB1.1 million in the same period of 2019.
Bandwidth costs in the fourth quarter of 2020 decreased to
The decrease was partially offset by the following:
- Revenue sharing fees in the fourth quarter of 2020 increased to
RMB6.9 million (US$1.1 million ) fromRMB1.7 million in the same period of 2019, primarily attributable to the increase in revenue sharing fees paid to channel partners.
GROSS PROFIT
Gross profit in the fourth quarter of 2020 decreased to
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 excludes 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 in the fourth quarter of 2020, which excluded share-based compensation, decreased to 50.6% from 53.1% in the same period of 2019.
OPERATING EXPENSES OR GAINS AND LOSS FROM OPERATIONS
Total operating expenses in the fourth quarter of 2020 decreased by 33.7% to
Loss from operations in the fourth quarter of 2020 was
Non-GAAP loss from operations in the fourth quarter of 2020, which excluded share-based compensation and impairment of goodwill, was
OTHER INCOME OR LOSS
Other income or loss reflects net interest income, foreign currency exchange gain or loss, loss from equity method investments, changes in fair value of forward contract in relation to disposal of investments in Particle, gain on disposal of available-for-sale debt investments and others, net[2]. Total net other income in the fourth quarter of 2020 was
- Gain on disposal of available-for-sale debt investments in the fourth quarter of 2020 was
RMB477.3 million (US$73.1 million ), compared toRMB1,001.2 million in the same period of 2019, which represented the gain from the disposal of part of the Company's investments in Particle. The transaction contemplated by the share purchase agreement signed by the Company andRun Liang Tai Management Limited , or Run Liang Tai, and its designated entities (the "Buyers") inAugust 2020 under which the Company agreed to sell a total of 140,248,775 shares of Particle to the Buyers at a total purchase price ofUS$150 million and a per share purchase price ofUS$1.0695 was closed onOctober 19, 2020 . - Net interest income in the fourth quarter of 2020 increased to
RMB9.3 million (US$1.4 million ) fromRMB6.7 million in the same period of 2019, mainly caused by more investments in term deposits and short term investments in the fourth quarter of 2020. - Foreign currency exchange gain in the fourth quarter of 2020 was
RMB3.9 million (US$0.6 million ), compared to foreign currency exchange gain ofRMB1.0 million in the same period of 2019. - Loss from equity method investments in the fourth quarter of 2020 was
RMB0.2 million (US$0.03 million ), compared to nil in the same period of 2019. - Changes in fair value of forward contract in relation to disposal of investments in Particle in the first quarter of 2020 was nil, compared to a gain of
RMB4.4 million in the same period of 2019. - Others, net in the fourth quarter of 2020 increased to
RMB8.8 million (US$1.4 million ) fromRMB3.3 million in the same period of 2019, mainly attributable to more government subsidies received in the fourth quarter of 2019.
NET INCOME OR LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net income from continuing operations attributable to
Non-GAAP net loss from continuing operations attributable to Company in the fourth quarter of 2020, which excluded share-based compensation, changes in fair value of forward contract in relation to disposal of investments in Particle, loss from equity method investments, gain on disposal of available-for-sale debt investments and impairment of goodwill, was
For the fourth quarter of 2020, the Company's weighted average number of ADSs used in the computation of diluted net loss per ADS was 72,790,541. As of
Full Year 2020 Financial Results
REVENUES
Total revenues in 2020 decreased by 9.0% to
Net advertising revenues in 2020 decreased by 6.8% to
Paid services revenues in 2020 decreased by 28.0% to
COST OF REVENUES
Cost of revenues in 2020 decreased by 18.2% to
Gross profit in 2020 increased slightly to
OPERATING EXPENSES OR GAINS AND LOSS FROM OPERATIONS
Total operating expense in 2020 decreased to
Loss from operations in 2020 was
Non-GAAP loss from operations in 2020, which excluded share-based compensation and impairment of goodwill, was
NET INCOME OR LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net income from continuing operations attributable to the Company in 2020 was
Non-GAAP net loss from continuing operations attributable to the Company in the fiscal year of 2020, which excluded share-based compensation, loss/(income) from equity method investments, changes in fair value of forward contract in relation to disposal of investments in Particle, changes in fair value of loan related to co-sale of Particle shares, gain on disposal of available-for-sale debt investments, impairment of available-for-sale debt investment and impairment of goodwill, was
CERTAIN BALANCE SHEET ITEMS
As of
The Company's investments in Particle were recorded as available-for sale debt investments in the balance sheet. The fair value of the Company's available-for-sale debt investments in Particle decreased from
Business Outlook
For the first quarter of 2021, the Company expects its total revenues to be between
All of the above forecasts reflect the Company's management's current and preliminary view, which is subject to change and substantial uncertainty, particularly in view of the potential impact of the COVID-19, the effects of which are difficult to analyse and predict.
Conference Call Information
The Company will hold a conference call at
To participate in the call, please use the dial-in numbers and conference ID below:
International: |
+65 67135090 |
Mainland |
4006208038 |
|
+852 30186771 |
|
+1 8456750437 |
|
+44 2036214779 |
|
+61 290833212 |
Conference ID: |
8338423 |
A replay of the call will be available through
International: |
+61 2 8199 0299 |
Mainland |
4006322162 |
|
+852 30512780 |
|
+1 646 254 3697 |
Conference ID: |
8338423 |
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
About
Safe Harbor Statement
This announcement contains forward−looking statements. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries please contact:
Email: investorrelations@ifeng.com
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
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||||||||||
2019 |
2020 |
2020 |
||||||||||
RMB |
RMB |
US$ |
||||||||||
Audited |
Unaudited |
Unaudited |
||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
310,876 |
357,796 |
54,835 |
|||||||||
Term deposits and short term investments |
1,271,889 |
1,280,033 |
196,174 |
|||||||||
Restricted cash |
66,234 |
31,039 |
4,757 |
|||||||||
Accounts receivable, net |
609,627 |
675,616 |
103,543 |
|||||||||
Amounts due from related parties |
56,653 |
32,587 |
4,994 |
|||||||||
Prepayment and other current assets |
57,391 |
42,846 |
6,565 |
|||||||||
Assets held for sale |
184,032 |
- |
- |
|||||||||
Total current assets |
2,556,702 |
2,419,917 |
370,868 |
|||||||||
Non-current assets: |
||||||||||||
Property and equipment, net |
97,357 |
62,649 |
9,601 |
|||||||||
Intangible assets, net |
13,633 |
12,396 |
1,900 |
|||||||||
|
22,786 |
- |
- |
|||||||||
Available-for-sale debt investments |
2,014,537 |
36,662 |
5,619 |
|||||||||
Equity investments, net |
13,237 |
94,821 |
14,532 |
|||||||||
Deferred tax assets |
73,688 |
86,867 |
13,313 |
|||||||||
Operating lease right-of- use assets, net |
84,550 |
49,487 |
7,584 |
|||||||||
Other non-current assets |
19,859 |
9,753 |
1,495 |
|||||||||
Assets held for sale |
429,468 |
- |
- |
|||||||||
Total non-current assets |
2,769,115 |
352,635 |
54,044 |
|||||||||
Total assets |
5,325,817 |
2,772,552 |
424,912 |
|||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable |
249,018 |
221,203 |
33,901 |
|||||||||
Amounts due to related parties |
34,155 |
34,420 |
5,275 |
|||||||||
Advances from customers |
46,172 |
38,835 |
5,952 |
|||||||||
Taxes payable |
287,765 |
402,610 |
61,703 |
|||||||||
Salary and welfare payable |
157,784 |
156,599 |
24,000 |
|||||||||
Deposits in relation to future disposal of investment |
355,212 |
- |
- |
|||||||||
Accrued expenses and other current liabilities |
274,122 |
172,376 |
26,417 |
|||||||||
Operating lease liabilities |
37,874 |
36,370 |
5,574 |
|||||||||
Liabilities held for sale |
63,341 |
- |
- |
|||||||||
Total current liabilities |
1,505,443 |
1,062,413 |
162,822 |
|||||||||
Non-current liabilities: |
||||||||||||
Deferred tax liabilities |
192,142 |
1,312 |
201 |
|||||||||
Long-term liabilities |
27,612 |
28,182 |
4,319 |
|||||||||
Operating lease liabilities |
49,929 |
16,672 |
2,555 |
|||||||||
Liabilities held for sale |
5,676 |
- |
- |
|||||||||
Total non-current liabilities |
275,359 |
46,166 |
7,075 |
|||||||||
Total liabilities |
1,780,802 |
1,108,579 |
169,897 |
|||||||||
Shareholders' equity: |
||||||||||||
|
||||||||||||
Class A ordinary shares |
17,499 |
17,499 |
2,682 |
|||||||||
Class B ordinary shares |
22,053 |
22,053 |
3,380 |
|||||||||
Additional paid-in capital |
1,611,484 |
1,620,580 |
248,365 |
|||||||||
Statutory reserves |
88,583 |
92,017 |
14,102 |
|||||||||
Retained earnings |
186,324 |
(88,191) |
(13,516) |
|||||||||
Accumulated other comprehensive income |
1,405,808 |
(28,214) |
(4,324) |
|||||||||
|
3,331,751 |
1,635,744 |
250,689 |
|||||||||
Noncontrolling interests |
213,264 |
28,229 |
4,326 |
|||||||||
Total shareholders' equity |
3,545,015 |
1,663,973 |
255,015 |
|||||||||
Total liabilities and shareholders' equity |
5,325,817 |
2,772,552 |
424,912 |
|
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Three Months Ended |
Twelve Months Ended |
||||||||||||||||||||||||||
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|
|
|
|
|
|||||||||||||||||||||
2019 |
2020 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||||||||||||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||||||||||||||||
Revenues: |
|||||||||||||||||||||||||||
Net advertising revenues |
363,114 |
281,308 |
336,653 |
51,594 |
1,194,761 |
1,113,017 |
170,577 |
||||||||||||||||||||
Paid service revenues |
37,259 |
21,681 |
25,546 |
3,915 |
133,020 |
95,828 |
14,686 |
||||||||||||||||||||
Total revenues |
400,373 |
302,989 |
362,199 |
55,509 |
1,327,781 |
1,208,845 |
185,263 |
||||||||||||||||||||
Cost of revenues |
(188,819) |
(150,036) |
(179,224) |
(27,467) |
(683,330) |
(559,286) |
(85,714) |
||||||||||||||||||||
Gross profit |
211,554 |
152,953 |
182,975 |
28,042 |
644,451 |
649,559 |
99,549 |
||||||||||||||||||||
Operating expenses: |
|||||||||||||||||||||||||||
Sales and marketing expenses |
(160,581) |
(64,899) |
(75,660) |
(11,595) |
(541,772) |
(279,429) |
(42,824) |
||||||||||||||||||||
General and administrative expenses |
(103,241) |
(74,782) |
(70,716) |
(10,838) |
(242,047) |
(277,931) |
(42,595) |
||||||||||||||||||||
Technology and product development expenses |
(55,816) |
(41,706) |
(42,617) |
(6,531) |
(216,741) |
(171,989) |
(26,358) |
||||||||||||||||||||
Impairment of goodwill |
- |
- |
(22,786) |
(3,492) |
- |
(22,786) |
(3,492) |
||||||||||||||||||||
Total operating expenses |
(319,638) |
(181,387) |
(211,779) |
(32,456) |
(1,000,560) |
(752,135) |
(115,269) |
||||||||||||||||||||
Loss from operations |
(108,084) |
(28,434) |
(28,804) |
(4,414) |
(356,109) |
(102,576) |
(15,720) |
||||||||||||||||||||
Other income/(loss): |
|||||||||||||||||||||||||||
Interest income, net |
6,673 |
14,792 |
9,309 |
1,427 |
22,721 |
35,421 |
5,429 |
||||||||||||||||||||
Foreign currency exchange gain |
1,003 |
3,218 |
3,921 |
601 |
7,892 |
5,494 |
842 |
||||||||||||||||||||
Income/(loss) from equity method investments |
- |
6,013 |
(179) |
(27) |
(3,447) |
5,598 |
858 |
||||||||||||||||||||
Impairment of available-for-sale debt investments |
- |
(2,000) |
- |
- |
- |
(2,000) |
(307) |
||||||||||||||||||||
Gain on disposal of available-for-sale debt investments* |
1,001,181 |
- |
477,254 |
73,142 |
1,001,181 |
477,254 |
73,142 |
||||||||||||||||||||
Changes in fair value of loan related to co-sale of Particle shares |
- |
(4,486) |
- |
- |
- |
(24,535) |
(3,760) |
||||||||||||||||||||
Changes in fair value of forward contract in relation to disposal of investments in Particle |
4,441 |
- |
- |
- |
4,441 |
16,085 |
2,465 |
||||||||||||||||||||
Others, net |
3,351 |
13,360 |
8,770 |
1,343 |
15,031 |
35,881 |
5,499 |
||||||||||||||||||||
Income from continuing operations before income taxes |
908,565 |
2,463 |
470,271 |
72,072 |
691,710 |
446,622 |
68,448 |
||||||||||||||||||||
Income tax expense |
(3,349) |
(1,725) |
(14,793) |
(2,267) |
(21,950) |
(18,977) |
(2,909) |
||||||||||||||||||||
Net income from continuing operations |
905,216 |
738 |
455,478 |
69,805 |
669,760 |
427,645 |
65,539 |
||||||||||||||||||||
Net income/(loss) from discontinued operations, net of income taxes |
15,360 |
- |
- |
- |
54,242 |
(62,366) |
(9,558) |
||||||||||||||||||||
Net income |
920,576 |
738 |
455,478 |
69,805 |
724,002 |
365,279 |
55,981 |
||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests: |
|||||||||||||||||||||||||||
Net (income) from continuing operations attributable to noncontrolling interests |
(2,692) |
(1,687) |
(700) |
(107) |
(5,564) |
(9,669) |
(1,482) |
||||||||||||||||||||
Net (income)/loss from discontinued operations attributable to noncontrolling interests |
(6,130) |
- |
- |
- |
9,391 |
24,759 |
3,795 |
||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests |
(8,822) |
(1,687) |
(700) |
(107) |
3,827 |
15,090 |
2,313 |
||||||||||||||||||||
Net income/(loss) attributable to Phoenix New |
|||||||||||||||||||||||||||
Net income/(loss) from continuing operations attributable to |
902,524 |
(949) |
454,778 |
69,698 |
664,196 |
417,976 |
64,058 |
||||||||||||||||||||
Net income/(loss) from discontinued operations attributable to |
9,230 |
- |
- |
- |
63,633 |
(37,607) |
(5,764) |
||||||||||||||||||||
Net income/(loss) attributable to Phoenix New |
911,754 |
(949) |
454,778 |
69,698 |
727,829 |
380,369 |
58,294 |
||||||||||||||||||||
Net income |
920,576 |
738 |
455,478 |
69,805 |
724,002 |
365,279 |
55,981 |
||||||||||||||||||||
Other comprehensive income/(loss), net of tax: fair value remeasurement for available-for-sale investments |
191,511 |
1,598 |
(2,736) |
(419) |
1,188,762 |
(887,248) |
(135,977) |
||||||||||||||||||||
Other comprehensive loss, net of tax: reclassification adjustment for disposal of available-for-sale debt investments |
(1,008,795) |
- |
(491,197) |
(75,279) |
(1,008,795) |
(491,197) |
(75,279) |
||||||||||||||||||||
Other comprehensive (loss)/income, net of tax: foreign currency translation adjustment |
(31,312) |
(43,077) |
(41,326) |
(6,333) |
37,483 |
(55,577) |
(8,517) |
||||||||||||||||||||
Comprehensive income/(loss) |
71,980 |
(40,741) |
(79,781) |
(12,226) |
941,452 |
(1,068,743) |
(163,792) |
||||||||||||||||||||
Comprehensive (income)/loss attributable to noncontrolling interests |
(8,822) |
(1,687) |
(700) |
(107) |
3,827 |
15,090 |
2,313 |
||||||||||||||||||||
Comprehensive income/(loss) attributable to |
63,158 |
(42,428) |
(80,481) |
(12,333) |
945,279 |
(1,053,653) |
(161,479) |
||||||||||||||||||||
Basic net income/(loss) per Class A and Class B ordinary share: |
|||||||||||||||||||||||||||
-Continuing operations |
1.55 |
- |
0.78 |
0.12 |
1.14 |
0.72 |
0.11 |
||||||||||||||||||||
-Discontinued operations |
0.02 |
- |
- |
- |
0.11 |
(0.07) |
(0.01) |
||||||||||||||||||||
Basic net income/(loss) per Class A and Class B ordinary share |
1.57 |
- |
0.78 |
0.12 |
1.25 |
0.65 |
0.10 |
||||||||||||||||||||
Diluted net income/(loss) per Class A and Class B ordinary share: |
|||||||||||||||||||||||||||
-Continuing operations |
1.55 |
- |
0.78 |
0.12 |
1.14 |
0.72 |
0.11 |
||||||||||||||||||||
-Discontinued operations |
0.02 |
- |
- |
- |
0.11 |
(0.07) |
(0.01) |
||||||||||||||||||||
Diluted net income/(loss) per Class A and Class B ordinary share |
1.57 |
- |
0.78 |
0.12 |
1.25 |
0.65 |
0.10 |
||||||||||||||||||||
Basic income/(loss) per ADS (1 ADS represents 8 Class A ordinary shares): |
|||||||||||||||||||||||||||
-Continuing operations |
12.40 |
(0.01) |
6.25 |
0.96 |
9.13 |
5.74 |
0.88 |
||||||||||||||||||||
-Discontinued operations |
0.13 |
- |
- |
- |
0.87 |
(0.51) |
(0.08) |
||||||||||||||||||||
Basic net income/(loss) per ADS (1 ADS represents 8 Class A ordinary shares) |
12.53 |
(0.01) |
6.25 |
0.96 |
10.00 |
5.23 |
0.80 |
||||||||||||||||||||
Diluted net income/(loss) per ADS (1 ADS represents 8 Class A ordinary shares): |
|||||||||||||||||||||||||||
-Continuing operations |
12.40 |
(0.01) |
6.25 |
0.96 |
9.13 |
5.74 |
0.88 |
||||||||||||||||||||
-Discontinued operations |
0.13 |
- |
- |
- |
0.87 |
(0.51) |
(0.08) |
||||||||||||||||||||
Diluted net income/(loss) per ADS (1 ADS represents 8 Class A ordinary shares) |
12.53 |
(0.01) |
6.25 |
0.96 |
10.00 |
5.23 |
0.80 |
||||||||||||||||||||
Weighted average number of Class A and Class B ordinary shares used in computing net income/(loss) per share: |
|||||||||||||||||||||||||||
Basic |
582,324,325 |
582,324,325 |
582,324,325 |
582,324,325 |
582,275,800 |
582,324,325 |
582,324,325 |
||||||||||||||||||||
Diluted |
582,324,325 |
582,324,325 |
582,324,325 |
582,324,325 |
582,275,800 |
582,324,325 |
582,324,325 |
* The gain on disposal of available-for-sale debt investments had been net of accrued PRC withholding tax, which was calculated based on 10% of the gain recognized from the disposal of available-for-sale debt investments in Particle, with any relevant tax adjustments if applicable, as regulated by the Public Notice on Several Issues regarding Enterprise Income Tax for Indirect Property Transfer by
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Three Months Ended |
Twelve Months Ended |
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|||||||||||||||||||||
2019 |
2020 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||||||||||||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||||||||||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited* |
Unaudited |
Unaudited |
|||||||||||||||||||||
Revenues: |
|||||||||||||||||||||||||||
Net advertising service |
363,114 |
281,308 |
336,653 |
51,594 |
1,194,761 |
1,113,017 |
170,577 |
||||||||||||||||||||
Paid services |
37,259 |
21,681 |
25,546 |
3,915 |
133,020 |
95,828 |
14,686 |
||||||||||||||||||||
Total revenues |
400,373 |
302,989 |
362,199 |
55,509 |
1,327,781 |
1,208,845 |
185,263 |
||||||||||||||||||||
Cost of revenues |
|||||||||||||||||||||||||||
Net advertising service |
181,057 |
143,463 |
165,581 |
25,376 |
623,787 |
523,813 |
80,278 |
||||||||||||||||||||
Paid services |
7,762 |
6,573 |
13,643 |
2,091 |
59,543 |
35,473 |
5,436 |
||||||||||||||||||||
Total cost of revenues |
188,819 |
150,036 |
179,224 |
27,467 |
683,330 |
559,286 |
85,714 |
||||||||||||||||||||
Gross profit |
|||||||||||||||||||||||||||
Net advertising service |
182,057 |
137,845 |
171,072 |
26,218 |
570,974 |
589,204 |
90,299 |
||||||||||||||||||||
Paid services |
29,497 |
15,108 |
11,903 |
1,824 |
73,477 |
60,355 |
9,250 |
||||||||||||||||||||
Total gross profit |
211,554 |
152,953 |
182,975 |
28,042 |
644,451 |
649,559 |
99,549 |
|
|||||||||||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||
2019 |
2020 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||||||||||||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||||||||||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Audited* |
Unaudited |
Unaudited |
|||||||||||||||||||||
Revenue sharing fees |
1,761 |
6,026 |
6,897 |
1,057 |
25,157 |
19,550 |
2,996 |
||||||||||||||||||||
Content and operational costs |
172,152 |
129,749 |
158,458 |
24,284 |
603,573 |
482,641 |
73,968 |
||||||||||||||||||||
Bandwidth costs |
14,906 |
14,261 |
13,869 |
2,126 |
54,600 |
57,095 |
8,750 |
||||||||||||||||||||
Total cost of revenues |
188,819 |
150,036 |
179,224 |
27,467 |
683,330 |
559,286 |
85,714 |
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 |
Three Months Ended |
Three Months Ended |
|||||||||||||||
GAAP |
Non-GAAP |
Non- |
GAAP |
Non-GAAP |
Non- |
GAAP |
Non-GAAP |
Non- |
|||||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
|||||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||||
Gross profit |
211,554 |
1,074 |
(1) |
212,628 |
152,953 |
401 |
(1) |
153,354 |
182,975 |
229 |
(1) |
183,204 |
|||||
Gross margin |
52.8% |
53.1% |
50.5% |
50.6% |
50.5% |
50.6% |
|||||||||||
3,928 |
(1) |
1,758 |
(1) |
2,734 |
(1) |
||||||||||||
- |
(2) |
- |
(2) |
22,786 |
(2) |
||||||||||||
Loss from operations |
(108,084) |
3,928 |
(104,156) |
(28,434) |
1,758 |
(26,676) |
(28,804) |
25,520 |
(3,284) |
||||||||
Operating margin |
(27.0)% |
(26.0)% |
(9.4)% |
(8.8)% |
(8.0)% |
(0.9)% |
|||||||||||
3,928 |
(1) |
1,758 |
(1) |
2,734 |
(1) |
||||||||||||
- |
(2) |
- |
(2) |
22,786 |
(2) |
||||||||||||
- |
(3) |
(6,013) |
(3) |
179 |
(3) |
||||||||||||
(1,143,755) |
(4) |
- |
(4) |
(573,860) |
(4) |
||||||||||||
(4,441) |
(5) |
- |
(5) |
- |
(5) |
||||||||||||
- |
(6) |
4,486 |
(6) |
- |
(6) |
||||||||||||
- |
(7) |
2,000 |
(7) |
- |
(7) |
||||||||||||
- |
(8) |
- |
(8) |
(11,393) |
(8) |
||||||||||||
142,574 |
(9) |
- |
(9) |
96,606 |
(9) |
||||||||||||
Net income/(loss) attributable |
902,524 |
(1,001,694) |
(99,170) |
(949) |
2,231 |
1,282 |
454,778 |
(462,948) |
(8,170) |
||||||||
Net margin |
225.4% |
(24.8)% |
(0.3)% |
0.4% |
125.6% |
(2.3)% |
|||||||||||
Net income/(loss) per |
12.40 |
(1.36) |
(0.01) |
0.02 |
6.25 |
(0.11) |
|||||||||||
Weighted average number |
72,790,541 |
72,790,541 |
72,790,541 |
72,790,541 |
72,790,541 |
72,790,541 |
(1) Share-based compensation
(2) Impairment of goodwill
(3) (Income)/loss from equity method investments
(4) Gain on disposal of available-for-sale debt investments
(5) Changes in fair value of forward contract in relation to disposal of investments in Particle
(6) Changes in fair value of loan related to co-sale of Particle shares
(7) Impairment of available-for-sale debt investments
(8) Loss attributable to noncontrolling interest related to item (2)
(9) Accrued withholding taxes of item (4). Other 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 |
Twelve Months Ended |
||||||||||
GAAP |
Non-GAAP |
Non- |
GAAP |
Non-GAAP |
Non- |
||||||
RMB |
RMB |
RMB |
RMB |
RMB |
RMB |
||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
||||||
Gross profit |
644,451 |
5,173 |
(1) |
649,624 |
649,559 |
2,613 |
(1) |
652,172 |
|||
Gross margin |
48.5% |
48.9% |
53.7% |
54.0% |
|||||||
11,859 |
(1) |
9,383 |
(1) |
||||||||
- |
(2) |
22,786 |
(2) |
||||||||
Loss from operations |
(356,109) |
11,859 |
(344,250) |
(102,576) |
32,169 |
(70,407) |
|||||
Operating margin |
(26.8)% |
(25.9)% |
(8.5)% |
(5.8)% |
|||||||
11,859 |
(1) |
9,383 |
(1) |
||||||||
- |
(2) |
22,786 |
(2) |
||||||||
3,447 |
(3) |
(5,598) |
(3) |
||||||||
(1,143,755) |
(4) |
(573,860) |
(4) |
||||||||
(4,441) |
(5) |
(16,085) |
(5) |
||||||||
- |
(6) |
24,535 |
(6) |
||||||||
- |
(7) |
2,000 |
(7) |
||||||||
- |
(8) |
(11,393) |
(8) |
||||||||
142,574 |
(9) |
96,606 |
(9) |
||||||||
Net income/(loss) attributable to Phoenix New |
664,196 |
(990,316) |
(326,120) |
417,976 |
(451,626) |
(33,650) |
|||||
Net margin |
50.0% |
(24.6)% |
34.6% |
(2.8)% |
|||||||
Net income/(loss) per ADS-diluted |
9.13 |
(4.48) |
5.74 |
(0.46) |
|||||||
Weighted average number of ADSs used in computing diluted net income/(loss) per ADS |
72,784,475 |
72,784,475 |
72,790,541 |
72,790,541 |
(1) Share-based compensation
(2) Impairment of goodwill
(3) Loss/(income) from equity method investments
(4) Gain on disposal of available-for-sale debt investments
(5) Changes in fair value of forward contract in relation to disposal of investments in Particle
(6) Changes in fair value of loan related to co-sale of Particle shares
(7) Impairment of available-for-sale debt investments
(8) Loss attributable to noncontrolling interest related to item (2)
(9) Accrued withholding taxes of item (4). Other non-GAAP to GAAP reconciling items have no income tax effect.
[1] Paid services revenues comprise of (i) revenues from paid contents excluding those from Tadu, which includes digital reading, audio books, paid videos, and other content-related sales activities, (ii) revenues from games, which includes web-based games and mobile games, (iii) revenues from MVAS, and (iv) revenues from others.
[2] "Others, net" primarily consists of government subsidies and litigation loss provisions.
[3] "ADS" means American Depositary Share of the Company. Each ADS represents eight Class A ordinary shares of the Company.
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