Company News
Mr. Shuang Liu, CEO of
Mr. Edward Lu, CFO of
Second Quarter 2020 Financial Results
DISPOSAL OF EQUITY INTEREST IN TADU
On
REVENUES
Total revenues in the second quarter of 2020 decreased by 9.7% to
Net advertising revenues in the second quarter of 2020 decreased by 7.5% to
Paid services revenues[1] in the second quarter of 2020 decreased by 28.6% to
COST OF REVENUES
Cost of revenues in the second quarter of 2020 decreased by 24.7% to
- Content and operational costs in the second quarter of 2020 decreased by 26.2% to
RMB107.4 million (US$15.3 million ) fromRMB145.6 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 second quarter of 2020 decreased toRMB0.8 million (US$0.1 million ) fromRMB1.5 million in the same period of 2019. - Revenue sharing fees to telecom operators and channel partners in the second quarter of 2020 decreased by 62.9% to
RMB2.3 million (US$0.3 million ) fromRMB6.4 million in the same period of 2019, primarily attributable to the decrease in the MVAS revenues.
The decrease was partially offset by the following:
- Bandwidth costs in the second quarter of 2020 increased to
RMB15.0 million (US$2.1 million ) fromRMB13.6 million in the same period of 2019, mainly caused by the increased costs incurred for cloud servers newly added in the second quarter of 2020, which will replace the current local servers in the future.
GROSS PROFIT
Gross profit in the second quarter of 2020 increased by 4.1% 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 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 in the second quarter of 2020, which excluded share-based compensation, increased to 60.3% from 52.6% in the same period of 2019.
OPERATING EXPENSES AND INCOME OR LOSS FROM OPERATIONS
Total operating expenses in the second quarter of 2020 decreased by 36.7% to
Income from operations in the second quarter of 2020 was
Non-GAAP income from operations in the second quarter of 2020, 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, changes in fair value of forward contract in relation to future disposal of investments in Particle and changes in fair value of loan related to co-sale of Particle shares, and others, net[2]. Total net other loss in the second quarter of 2020 was
- Interest income in the second quarter of 2020 increased to
RMB5.1 million (US$0.7 million ) fromRMB4.3 million in the same period of 2019, mainly caused by more investments in term deposits and short term investments in the second quarter of 2020. - Interest expense in the second quarter of 2020 decreased to
RMB0.1 million (US$0.02 million ), fromRMB1.7 million in the same period of 2019, which was primarily due to the decrease in outstanding short-term bank loans as the Company repaid all of its short-term bank loans in the second quarter of 2019. - Foreign currency exchange gain in the second quarter of 2020 was
RMB0.1 million (US$0.01 million ), compared toRMB2.9 million in the same period of 2019. - Changes in fair value of forward contract in relation to future disposal of investments in Particle were a gain of
RMB1.3 million (US$0.2 million ). - Changes in fair value of loan related to co-sale of Particle shares in the second quarter of 2020 were a loss of
RMB20.0 million (US$2.8 million ), mainly caused by the decline in the fair value of an interest-free loan with the principal of approximatelyUS$9.7 million granted by the Company toRun Liang Tai . The loan was granted to enableRun Liang Tai to pay for the first batch of 4,584,209 series D1 preferred shares of Particle that the other shareholders of Particle sold toRun Liang Tai pursuant to a co-sale agreement entered into among the Company, the other shareholders of Particle andRun Liang Tai .Run Liang Tai pledged the 4,584,209 series D1 preferred shares of Particle to the Company to secure the repayment of the loan and agreed to transfer the pledged shares back to the Company in satisfaction of its obligation to repay theUS$9.7 million loan under the New SPA mentioned below. In view of the nature of the loan which was collateralized by the above mentioned pledged shares, the Company elected to account for the loan under the fair value option. The estimated fair value of the pledged shares was approximatelyUS$6.8 million and the Company recognized a loss of approximatelyRMB20.0 million (US$2.8 million ) in the second quarter of 2020, which was the difference between the loan and estimated fair value of the pledged shares. - Others, net, in the second quarter of 2020 increased to
RMB8.5 million (US$1.2 million ), fromRMB4.6 million in the same period of 2019, mainly caused by more government subsidies received in the second quarter of 2020.
NET INCOME OR LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net income from continuing operations attributable to
Non-GAAP net income from continuing operations attributable to
In the second quarter of 2020, the Company's weighted average number of ADSs used in the computation of diluted net income from continuing operations per basic and diluted ADS was 72,790,541. As of
CERTAIN BALANCE SHEET ITEMS
As of
As previously announced by the Company, the Company entered into a share purchase agreement (the "SPA") with
The fair value of the Company's remaining available-for-sale debt investments in Particle was decreased to
Business Outlook
For the third quarter of 2020, the Company expects its total revenues to be between
All of the above forecasts reflect the current and preliminary view of Company management, which are subject to change and substantial uncertainty, particularly in view of the potential impact of the COVID-19 outbreak, the effects of which are difficult to analyse and predict.
[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. |
Conference Call Information
The Company will hold a conference call at 9:00 p.m. U.
To participate in the call, please register in advance of the conference by navigating to http://apac.directeventreg.com/registration/event/1199777. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email. Please dial in 10 minutes prior to the call, using the participant dial-in numbers, Direct Event Passcode and unique registrant ID which would be provided upon registering. You will be automatically linked to the live call after completion of this process.
A replay of the call will be available through
International: |
+61 2 8199 0299 |
|
Mainland |
4006322162 |
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|
+852 30512780 |
|
|
+1 646 254 3697 |
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Conference ID: |
1199777 |
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
ICR, Inc.
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
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||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
(Amounts in thousands) |
||||||
|
|
|
||||
2019 |
2020 |
2020 |
||||
RMB |
RMB |
US$ |
||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
310,876 |
190,596 |
26,977 |
|||
Term deposits and short term investments |
1,271,889 |
1,480,105 |
209,495 |
|||
Restricted cash |
66,234 |
52,290 |
7,401 |
|||
Accounts receivable, net |
609,627 |
611,697 |
86,580 |
|||
Amounts due from related parties |
56,653 |
52,490 |
7,429 |
|||
Prepayment and other current assets |
57,391 |
92,744 |
13,128 |
|||
Assets held for sale |
184,032 |
- |
- |
|||
Total current assets |
2,556,702 |
2,479,922 |
351,010 |
|||
Non-current assets: |
||||||
Property and equipment, net |
97,357 |
79,464 |
11,247 |
|||
Intangible assets, net |
13,633 |
18,300 |
2,590 |
|||
|
22,786 |
22,786 |
3,225 |
|||
Available-for-sale debt investments |
2,014,537 |
1,059,771 |
150,001 |
|||
Equity investments, net |
13,237 |
13,000 |
1,840 |
|||
Deferred tax assets |
73,688 |
77,498 |
10,969 |
|||
Operating lease right-of- use assets, net |
84,550 |
68,262 |
9,662 |
|||
Other non-current assets |
19,859 |
21,226 |
3,005 |
|||
Assets held for sale |
429,468 |
- |
- |
|||
Total non-current assets |
2,769,115 |
1,360,307 |
192,539 |
|||
Total assets |
5,325,817 |
3,840,229 |
543,549 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Accounts payable |
249,018 |
201,922 |
28,580 |
|||
Amounts due to related parties |
34,155 |
25,198 |
3,567 |
|||
Advances from customers |
46,172 |
42,547 |
6,022 |
|||
Taxes payable |
287,765 |
290,192 |
41,074 |
|||
Salary and welfare payable |
157,784 |
92,937 |
13,154 |
|||
Deposits in relation to future disposal of investment in Particle |
355,212 |
364,266 |
51,559 |
|||
Accrued expenses and other current liabilities |
274,122 |
189,758 |
26,859 |
|||
Operating lease liabilities |
37,874 |
42,830 |
6,062 |
|||
Liabilities held for sale |
63,341 |
- |
- |
|||
Total current liabilities |
1,505,443 |
1,249,650 |
176,877 |
|||
Non-current liabilities: |
||||||
Deferred tax liabilities |
192,142 |
96,511 |
13,660 |
|||
Long-term liabilities |
27,612 |
27,612 |
3,908 |
|||
Operating lease liabilities |
49,929 |
32,509 |
4,601 |
|||
Liabilities held for sale |
5,676 |
- |
- |
|||
Total non-current liabilities |
275,359 |
156,632 |
22,169 |
|||
Total liabilities |
1,780,802 |
1,406,282 |
199,046 |
|||
Shareholders' equity: |
||||||
|
||||||
Class A ordinary shares |
17,499 |
17,499 |
2,477 |
|||
Class B ordinary shares |
22,053 |
22,053 |
3,121 |
|||
Additional paid-in capital |
1,611,484 |
1,615,354 |
228,639 |
|||
Statutory reserves |
88,583 |
88,583 |
12,538 |
|||
Retained earnings |
186,324 |
114,915 |
16,265 |
|||
Accumulated other comprehensive income |
1,405,808 |
548,524 |
77,639 |
|||
|
3,331,751 |
2,406,928 |
340,679 |
|||
Noncontrolling interests |
213,264 |
27,019 |
3,824 |
|||
Total shareholders' equity |
3,545,015 |
2,433,947 |
344,503 |
|||
Total liabilities and shareholders' equity |
5,325,817 |
3,840,229 |
543,549 |
|
|||||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss) |
|||||||||||||
(Amounts in thousands, except for number of shares and per share (or ADS) data) |
|||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|||||||
2019 |
2020 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Revenues: |
|||||||||||||
Net advertising revenues |
309,516 |
208,710 |
286,346 |
40,530 |
518,508 |
495,056 |
70,071 |
||||||
Paid service revenues |
36,338 |
22,666 |
25,935 |
3,671 |
68,990 |
48,601 |
6,879 |
||||||
Total revenues |
345,854 |
231,376 |
312,281 |
44,201 |
587,498 |
543,657 |
76,950 |
||||||
Cost of revenues |
(165,604) |
(105,298) |
(124,728) |
(17,654) |
(323,435) |
(230,026) |
(32,558) |
||||||
Gross profit |
180,250 |
126,078 |
187,553 |
26,547 |
264,063 |
313,631 |
44,392 |
||||||
Operating expenses: |
|||||||||||||
Sales and marketing expenses |
(143,001) |
(81,623) |
(57,247) |
(8,103) |
(242,506) |
(138,870) |
(19,656) |
||||||
General and administrative expenses |
(58,995) |
(70,272) |
(62,161) |
(8,798) |
(102,058) |
(132,433) |
(18,745) |
||||||
Technology and product development expenses |
(53,714) |
(45,111) |
(42,555) |
(6,023) |
(107,326) |
(87,666) |
(12,408) |
||||||
Total operating expenses |
(255,710) |
(197,006) |
(161,963) |
(22,924) |
(451,890) |
(358,969) |
(50,809) |
||||||
(Loss)/income from operations |
(75,460) |
(70,928) |
25,590 |
3,623 |
(187,827) |
(45,338) |
(6,417) |
||||||
Other income/(loss): |
|||||||||||||
Interest income |
4,316 |
6,577 |
5,052 |
715 |
12,954 |
11,629 |
1,646 |
||||||
Interest expense |
(1,730) |
(175) |
(134) |
(19) |
(4,633) |
(309) |
(44) |
||||||
Foreign currency exchange gain/(loss) |
2,922 |
(1,728) |
83 |
12 |
755 |
(1,645) |
(233) |
||||||
Income/(loss) from equity method investments, net |
521 |
(236) |
- |
- |
(3,447) |
(236) |
(33) |
||||||
Changes in fair value of loan related to |
- |
- |
(20,049) |
(2,838) |
- |
(20,049) |
(2,838) |
||||||
Changes in fair value of forward contract in |
- |
14,744 |
1,341 |
190 |
- |
16,085 |
2,277 |
||||||
Others, net |
4,523 |
5,116 |
8,635 |
1,222 |
6,379 |
13,751 |
1,946 |
||||||
(Loss)/income from continuing operations before i |
(64,908) |
(46,630) |
20,518 |
2,905 |
(175,819) |
(26,112) |
(3,696) |
||||||
Income tax (expense)/benefit |
(3,454) |
757 |
(3,216) |
(455) |
(11,392) |
(2,459) |
(348) |
||||||
Net (loss)/income from continuing operations |
(68,362) |
(45,873) |
17,302 |
2,450 |
(187,211) |
(28,571) |
(4,044) |
||||||
Net loss from discontinued operations, net of |
(2,507) |
(44,497) |
(17,869) |
(2,529) |
(11,394) |
(62,366) |
(8,827) |
||||||
Net loss |
(70,869) |
(90,370) |
(567) |
(79) |
(198,605) |
(90,937) |
(12,871) |
||||||
Net loss/(income) attributable to noncontrolling |
|||||||||||||
Net (income)/loss from continuing operations |
(1,390) |
7,254 |
(14,536) |
(2,057) |
(186) |
(7,282) |
(1,031) |
||||||
Net loss from discontinued operations |
2,144 |
22,875 |
1,884 |
267 |
8,939 |
24,759 |
3,504 |
||||||
Net loss/(income) attributable to noncontrolling |
754 |
30,129 |
(12,652) |
(1,790) |
8,753 |
17,477 |
2,473 |
||||||
Net loss attributable to Phoenix New |
|||||||||||||
Net (loss)/income from continuing operations |
(69,752) |
(38,619) |
2,766 |
393 |
(187,397) |
(35,853) |
(5,075) |
||||||
Net loss from discontinued operations |
(363) |
(21,622) |
(15,985) |
(2,262) |
(2,455) |
(37,607) |
(5,323) |
||||||
Net loss attributable to Phoenix New |
(70,115) |
(60,241) |
(13,219) |
(1,869) |
(189,852) |
(73,460) |
(10,398) |
||||||
Net loss |
(70,869) |
(90,370) |
(567) |
(79) |
(198,605) |
(90,937) |
(12,871) |
||||||
Other comprehensive (loss)/income, net of tax: fair |
(463,083) |
- |
(886,110) |
(125,421) |
262,320 |
(886,110) |
(125,421) |
||||||
Other comprehensive income/(loss), net of tax: |
44,944 |
30,428 |
(1,602) |
(227) |
17,751 |
28,826 |
4,079 |
||||||
Comprehensive (loss)/income |
(489,008) |
(59,942) |
(888,279) |
(125,727) |
81,466 |
(948,221) |
(134,213) |
||||||
Comprehensive loss/(income) attributable to |
754 |
30,129 |
(12,652) |
(1,790) |
8,753 |
17,477 |
2,474 |
||||||
Comprehensive (loss)/income attributable to |
(488,254) |
(29,813) |
(900,931) |
(127,517) |
90,219 |
(930,744) |
(131,739) |
||||||
Basic net (loss)/income per Class A and Class B |
|||||||||||||
-Continuing operations |
(0.12) |
(0.07) |
- |
- |
(0.32) |
(0.06) |
(0.01) |
||||||
-Discontinued operations* |
- |
(0.03) |
(0.02) |
- |
(0.01) |
(0.07) |
(0.01) |
||||||
Basic net (loss)/income per Class A and |
(0.12) |
(0.10) |
(0.02) |
- |
(0.33) |
(0.13) |
(0.02) |
||||||
Diluted net (loss)/income per Class A |
|||||||||||||
-Continuing operations |
(0.12) |
(0.07) |
- |
- |
(0.32) |
(0.06) |
(0.01) |
||||||
-Discontinued operations* |
- |
(0.03) |
(0.02) |
- |
(0.01) |
(0.07) |
(0.01) |
||||||
Diluted net (loss)/income per Class A |
(0.12) |
(0.10) |
(0.02) |
- |
(0.33) |
(0.13) |
(0.02) |
||||||
Basic net (loss)/income per ADS (1 ADS |
|||||||||||||
-Continuing operations |
(0.96) |
(0.53) |
0.04 |
0.01 |
(2.57) |
(0.49) |
(0.07) |
||||||
-Discontinued operations* |
- |
(0.30) |
(0.22) |
(0.04) |
(0.04) |
(0.52) |
(0.07) |
||||||
Basic net (loss)/income per ADS (1 ADS |
(0.96) |
(0.83) |
(0.18) |
(0.03) |
(2.61) |
(1.01) |
(0.14) |
||||||
Diluted net (loss)/income per ADS (1 ADS |
|||||||||||||
-Continuing operations |
(0.96) |
(0.53) |
0.04 |
0.01 |
(2.57) |
(0.49) |
(0.07) |
||||||
-Discontinued operations* |
- |
(0.30) |
(0.22) |
(0.04) |
(0.04) |
(0.52) |
(0.07) |
||||||
Diluted net (loss)/income per ADS (1 ADS |
(0.96) |
(0.83) |
(0.18) |
(0.03) |
(2.61) |
(1.01) |
(0.14) |
||||||
Weighted average number of Class A and Class B |
|||||||||||||
Basic |
582,267,440 |
582,324,325 |
582,324,325 |
582,324,325 |
582,227,496 |
582,324,325 |
582,324,325 |
||||||
Diluted |
582,267,440 |
582,324,325 |
582,324,325 |
582,324,325 |
582,227,496 |
582,324,325 |
582,324,325 |
||||||
* During the course of preparing unaudited condensed consolidated financial information for the second quarter of 2020, the Company discovered an error in connection |
|
|||||||||||||
Unaudited Condensed Segment Information |
|||||||||||||
(Amounts in thousands) |
|||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|||||||
2019 |
2020 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Revenues: |
|||||||||||||
Net advertising service |
309,516 |
208,710 |
286,346 |
40,530 |
518,508 |
495,056 |
70,071 |
||||||
Paid services |
36,338 |
22,666 |
25,935 |
3,671 |
68,990 |
48,601 |
6,879 |
||||||
Total revenues |
345,854 |
231,376 |
312,281 |
44,201 |
587,498 |
543,657 |
76,950 |
||||||
Cost of revenues |
|||||||||||||
Net advertising service |
146,242 |
97,233 |
117,536 |
16,636 |
285,676 |
214,769 |
30,399 |
||||||
Paid services |
19,362 |
8,065 |
7,192 |
1,018 |
37,759 |
15,257 |
2,159 |
||||||
Total cost of revenues |
165,604 |
105,298 |
124,728 |
17,654 |
323,435 |
230,026 |
32,558 |
||||||
Gross profit |
|||||||||||||
Net advertising service |
163,274 |
111,477 |
168,810 |
23,894 |
232,832 |
280,287 |
39,672 |
||||||
Paid services |
16,976 |
14,601 |
18,743 |
2,653 |
31,231 |
33,344 |
4,720 |
||||||
Total gross profit |
180,250 |
126,078 |
187,553 |
26,547 |
264,063 |
313,631 |
44,392 |
|
|||||||||||||
Unaudited Condensed Information of Cost of Revenues |
|||||||||||||
(Amounts in thousands) |
|||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|||||||
2019 |
2020 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Revenue sharing fees |
6,398 |
4,256 |
2,371 |
336 |
16,077 |
6,627 |
938 |
||||||
Content and operational costs |
145,627 |
87,030 |
107,404 |
15,202 |
281,550 |
194,434 |
27,520 |
||||||
Bandwidth costs |
13,579 |
14,012 |
14,953 |
2,116 |
25,808 |
28,965 |
4,100 |
||||||
Total cost of revenues |
165,604 |
105,298 |
124,728 |
17,654 |
323,435 |
230,026 |
32,558 |
Unaudited 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 |
|||||||||
Gross profit |
180,250 |
1,531 |
(1) |
181,781 |
126,078 |
1,141 |
(1) |
127,219 |
187,553 |
842 |
(1) |
188,395 |
|||||
Gross margin |
52.1% |
52.6% |
54.5% |
55.0% |
60.1% |
60.3% |
|||||||||||
(Loss)/income from operations |
(75,460) |
2,389 |
(1) |
(73,071) |
(70,928) |
2,666 |
(1) |
(68,262) |
25,590 |
2,225 |
(1) |
27,815 |
|||||
Operating margin |
(21.8)% |
(21.1)% |
(30.7)% |
(29.5)% |
8.2% |
8.9% |
|||||||||||
2,389 |
(1) |
2,666 |
(1) |
2,225 |
(1) |
||||||||||||
(521) |
(2) |
236 |
(2) |
- |
(2) |
||||||||||||
- |
(3) |
(14,744) |
(3) |
(1,341) |
(3) |
||||||||||||
- |
(4) |
- |
(4) |
20,049 |
(4) |
||||||||||||
Net (loss)/income from |
(69,752) |
1,868 |
(67,884) |
(38,619) |
(11,842) |
(50,461) |
2,766 |
20,933 |
23,699 |
||||||||
Net margin from continuing |
(20.2)% |
(19.6)% |
(16.7)% |
(21.8)% |
0.9% |
7.6% |
|||||||||||
Net (loss)/income from |
(0.96) |
(0.93) |
(0.53) |
(0.69) |
0.04 |
0.33 |
|||||||||||
Weighted average number of |
72,783,430 |
72,783,430 |
72,790,541 |
72,790,541 |
72,790,541 |
72,790,541 |
|||||||||||
(1) Share-based compensation |
|||||||||||||||||
(2) Loss/(income) from equity method investments, including impairments |
|||||||||||||||||
(3) Changes in fair value of forward contract in relation to future disposal of investments in Particle |
|||||||||||||||||
(4) Changes in fair value of loan related to co-sale of Particle shares |
|||||||||||||||||
Non-GAAP to GAAP reconciling items have no income tax effect. |
View original content:http://www.prnewswire.com/news-releases/phoenix-new-media-reports-second-quarter-2020-unaudited-financial-results-301113218.html
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