UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_______________________
FORM 6-K
_______________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2014
Commission File Number: 001-35109
_______________________
Qihoo 360
Technology Co. Ltd.
_______________________
3/F, Building #2, 6 Jiuxianqiao Road
Chaoyang District, Beijing 100015
People’s Republic of China
(86-10) 5878-1000
(Address of principal executive offices)
_______________________
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
| |
Qihoo 360 Technology Co. Ltd. |
|
| |
|
|
|
| |
By: |
/s/ Alex Zuoli Xu |
|
| |
Name: |
Alex Zuoli Xu |
|
| |
Title: |
Co-Chief Financial Officer |
|
Date: August 26, 2014
Exhibit Index
|
Exhibit No. |
|
Description |
| |
|
|
| Exhibit 99.1 |
|
Press Release |
Exhibit 99.1
Qihoo 360 Reports Second Quarter 2014
Unaudited Financial Results
BEIJING, August 24, 2014 -- Qihoo 360 Technology Co. Ltd. (“Qihoo
360” or the “Company”) (NYSE: QIHU), a leading Internet company in China, today reported its unaudited financial
results for the second quarter ended June 30, 2014.
Second Quarter Financial Highlights[1]
| · | Revenues were $317.9 million, a 109.6% increase from $151.7 million in
the second quarter of 2013. |
| · | Net income attributable to Qihoo 360 was $39.1 million, compared to
$33.0 million in the second quarter of 2013. |
| · | Non-GAAP net income attributable to Qihoo 360 (1) was $69.2
million, compared to $51.0 million in the second quarter of 2013. |
| · | Diluted earnings per ADS([2]) (“EPADS”) attributable
to Qihoo 360 was $0.30, compared to $0.26 in the same period last year. |
| · | Non-GAAP diluted EPADS attributable to Qihoo 360 (1) was
$0.50, compared to $0.40 in the same period last year. |
Second Quarter Operating Metrics
| · | Total
monthly active users of Qihoo 360’s PC-based products and services reached a record of 496 million in June 2014, compared
to 461 million in June 2013(3). |
| · | User
penetration of Qihoo 360’s PC-based products was 93.9% in June 2014, compared to 96% in June 2013(3). |
| · | Total
smartphone users of Qihoo 360’s primary mobile security product (4) reached a record of 641 million in June 2014,
compared to 338 million in June 2013(5). |
| · | Monthly
active users of Qihoo 360’s PC browsers were 345 million in June 2014, compared to 330 million in June 2013(3). |
| · | User
penetration of Qihoo 360’s PC browsers was 65.2% in June 2014, compared to 69% in June 2013(3). |
| · | Average
daily unique visitors to the 360 Personal Start-up Page and its sub-pages were 128 million in the second quarter of 2014, compared
to 114 million in the second quarter of 2013(5). |
| · | Average
daily clicks on Qihoo 360’s Personal Start-up Page and its sub-pages were approximately 749 million in the second quarter
of 2014, compared to 590 million in the second quarter of 2013(5). |
______________________
1
Non-GAAP measures and related reconciliations to GAAP measures are described
in the accompanying sections titled “About Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial
Measures to Comparable GAAP Measures” at the end of the press release.
2
American Depositary Shares, which are traded on the NYSE. Every two ADSs
represent three Class A ordinary shares of the Company.
3 User
and market penetration data is based on data from iResearch as of June 2014 and June 2013.
4
360 Mobile Safe is the Company’s primary mobile security
product.
5
Company data as of June 2014 and June 2013.
“We delivered another quarter of strong growth and solid
operational metrics,” said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360. “As we maintain our
leadership position in key PC-related product categories, we are making a significant transition to the ever more-important mobile
Internet market. The number of Chinese smartphone users of our key mobile security product, 360 Mobile Safe, reached 641 million
in the second quarter, further strengthening our indisputable leadership position in Internet security in China. In addition, our
Android-based app store, 360 Mobile Assistant, continues to lead the market with the largest Android app distribution market share.
We intend to continue to invest significant resources in the fast-growing mobile Internet market for the foreseeable future.”
“A few days ago, our share of Internet search traffic
reached over 30% according to third-party data, achieving our year-end target four months ahead of schedule. As we continue to
claim higher market share in PC search, we intend to allocate significantly more resources to support product development and market
penetration of our mobile search. Through continued product improvement and technological innovation, we believe we are in an excellent
position to further grow our share of China’s search market in both PC and mobile traffic and revenue.
Mr. Xiangdong Qi, President of Qihoo 360, added, “We are
excited to see robust growth in key areas of our business. Online advertising grew 89% year-over-year, supported by strong contributions
from both search and mobile monetization and deepening monetization of our user traffic. Internet value-added services continue
to show strong momentum with revenue growth of 140%, driven by strength in PC games and a continued ramp-up in mobile games. Since
we began monetizing our search and mobile products at the beginning of 2013 we have made significant progress, and are encouraged
by the results. While search and mobile monetization are still in their early stages, we believe they represent a substantial long-term
growth opportunity for our company. We will continue to make significant investments in the coming quarters to strengthen our brand
and market position, and to improve our products and technology, particularly in mobile Internet-related areas. At the same time,
we also intend to strengthen and expand our ecosystem through strategic partnerships and investments in the rapidly evolving industry
landscape.”
Second Quarter 2014 Results
Revenues
Revenues were $317.9 million, representing an increase of 109.6%
from $151.7 million in the second quarter of 2013 and an increase of 19.9% from $265.1 million in the first quarter of
2014. The robust year-over-year growth was due to strong performance in both online advertising and Internet value-added services,
driven by continued ramp in search and mobile monetization, as well as strong user traffic growth and monetization.
Online advertising revenues were $171.3 million, up 89.0% from
the same period last year and 22.3% from the prior quarter. The strong year-over-year increase was primarily driven by incremental
contribution from search and mobile advertising and increased monetization of user activities on 360 Personalized Start-up Pages.
Strong momentum in search and seasonal strength in advertising supported solid sequential growth.
Internet value-added service revenues, which are mainly derived
from game platform operations, were $146.2 million, up 140.0% from the same period last year and 17.2% from the prior quarter.
The robust year-over-year growth was mainly driven by the strong growth in both PC and mobile games. Other IVAS and game operations
also drove healthy sequential growth.
Cost of Revenues
Cost of revenues were $66.6 million, compared to $17.8 million in
the second quarter of 2013 and $50.4 million in the first quarter of 2014, representing increases of 273.3% and 32.2%, respectively.
Operating Expenses
Operating expenses were $208.3 million, compared to $97.2 million in
the second quarter of 2013 and $175.1 million in the first quarter of 2014. Non-GAAP operating expenses(1) were $182.6
million, compared to $79.3 million in the second quarter of 2013 and $155.2 million in the prior quarter.
The year-over-year and sequential increases in non-GAAP operating
expenses(1) were mainly driven by increased marketing and promotional expenses, personnel-related costs, and bandwidth
and equipment depreciation expenses, as the Company continued to strengthen its brand and market position, and enhance its technology
and product development capabilities in an increasingly competitive industry.
Operating Income
Operating income was $43.9 million, compared to $36.6 million
in the second quarter of 2013 and $39.6 million in the prior quarter.
Non-GAAP operating income(1) was $69.7 million, compared
to $54.5 million in the second quarter of 2013 and $59.5 million in the prior quarter.
Operating margin was 13.8%, compared to 24.1% in the second
quarter of 2013 and 14.9% in the prior quarter.
Non-GAAP operating margin(1) was 21.9%, compared
to 36.0% in the second quarter of 2013 and 22.5% in the prior quarter.
The year-over-year and sequential decline in non-GAAP operating
margin(1) was mainly due to increased marketing and promotional expenses, personnel-related costs, and bandwidth and
equipment depreciation expenses.
Net Income attributable to Qihoo 360
Net income attributable to Qihoo 360 was $39.1 million,
compared to $33.0 million in the second quarter of 2013 and $49.1 million in the prior quarter.
Non-GAAP net income(1) attributable to Qihoo 360
was $69.2 million, compared to $51.0 million in the second quarter of 2013 and $73.3 million
in the prior quarter.
Net Margin
Net margin was 12.3%, compared to 21.8% in the same period last
year, and 18.5% in the prior quarter.
Non-GAAP net margin(1) was 21.8%, compared to 33.6%
in the same period last year and 27.7% in the prior quarter.
Diluted Earnings per ADS
Diluted EPADS for the second quarter of 2014 was $0.30, and
non-GAAP diluted EPADS(1) for the second quarter of 2014 was $0.50. The GAAP weighted average ADS(1) used
in computing diluted EPADS was 131.9 million.
Cash Flows and Balance Sheet
Net cash generated from operations in the second quarter of
2014 was $57.7 million, compared to $86.4 million in the same period last year and $100.5 million in the prior quarter. Cash
capital expenditures were $41.4 million. As of June 30, 2014, the Company had cash and cash equivalents of $786.8 million.
Business Outlook
For the third quarter of 2014, the Company expects revenues
to be between $360 million and $365 million, representing a year-over-year increase of 92% to 94% and quarter-over-quarter increase
of 13% to 15%. These estimates reflect the Company’s current and preliminary view, which is subject to possible material
changes.
Conference Call
Qihoo 360’s management will host a conference call to
discuss the results at 7:30 a.m. Eastern Time on August 25, 2014 (7:30 p.m. Beijing time on August 25, 2014).
The dial-in details for the live conference call are:
| US Toll Free Dial In: |
|
+1 866-519-4004 |
| |
|
|
| International Dial In: |
|
+65 6723 9381 |
| |
|
|
| Hong Kong Dial In: |
|
+852-2475-0994 |
| |
|
|
| Passcode: |
|
87291151 |
A telephone replay of the call will be available after the conclusion
of the conference call at 10:30 a.m. Eastern Time on August 25, 2014 through 09:30 a.m. Eastern Time on September 2, 2014. The
dial-in details for the replay are:
| International Dial In: |
|
+61 2 8199 0299 |
| |
|
|
| US Dial In: |
|
+1 646-254-3697 |
| |
|
|
| Passcode: |
|
87291151 |
| |
|
|
A live webcast of the conference call will be available on the
investor relations section of Qihoo 360’s website at: http://corp.360.cn.
About Qihoo 360
Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) is a leading Internet
company in China. The Company is also the number one provider of Internet and mobile security products in China as measured by
its user base, according to iResearch. Qihoo 360 also provides users with secure access points to the Internet via its market leading
web browsers and application stores. The Company has built one of the largest open Internet platforms in China and monetizes its
massive user base primarily through online advertising and through Internet value-added services on its open platform.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes,"
"anticipates," "intends," "estimates" and similar statements. Among other things, the management’s
quotations and the “Business Outlook” section contain forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections
about Qihoo 360 and the industry. Potential risks and uncertainties include, but are not limited to: the Company’s ability
to continue to innovate and provide attractive products and services to attract and retain users; the Company’s ability to
keep up with rapid changes in technologies and Internet-enabled devices; the Company’s ability to leverage its user base
to attract customers for our revenue-generating services; and the Company’s dependence on online advertising for a substantial
portion of our revenues; and the Company’s ability to compete effectively. All information provided in this press release
is as of the date of the press release, and Qihoo 360 undertakes no obligation to update any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Qihoo
360 believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated
results. Further information regarding risks and uncertainties faced by Qihoo 360 is included in Qihoo 360’s filings with
the U.S. Securities and Exchange Commission, including its annual report on Form 20-F dated April 25, 2014.
About Non-GAAP Financial Measures
To supplement our financial results
presented in accordance with U.S. GAAP, we use non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to
exclude share-based compensation expenses and interest expense of Convertible Senior Notes. Reconciliations of our non-GAAP financial
measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details
on the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional
information to help our investors compare business trends among different reporting periods on a consistent basis and to enhance
investors’ overall understanding of the historical and current financial performance of our continuing operations and our
prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance
with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of
this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability
may be limited.
For investor and media inquiries, please contact:
|
Qihoo 360 Technology Co. Ltd.
In China:
|
| Tel: |
+86 10-5878-1574 |
| |
|
| E-mail: |
ir@360.cn |
In the U.S.:
The Piacente Group, Inc.
Don Markley or Glenn Garmont
Tel: (212) 481-2050
E-mail: qihu@tpg-ir.com
| Qihoo 360 Technology Co. Ltd. |
| |
| Condensed Consolidated Balance Sheets |
| |
| (U.S. dollars in thousands, except for shares and per share data) |
| |
| (Unaudited) |
| | |
| | |
| |
| | |
December 31, | | |
June 30, | |
| | |
2013 | | |
2014 | |
| | |
| | |
| |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
| 1,013,465 | | |
| 786,821 | |
| Restricted cash | |
| 2,368 | | |
| 3,705 | |
| Short-term investments | |
| 748 | | |
| 16,868 | |
| Accounts receivable (net of allowance for doubtful accounts of $145 and $160 as of December 31, 2013 and June 30, 2014, respectively) | |
| 54,598 | | |
| 93,142 | |
| Prepaid expenses and other current assets | |
| 83,409 | | |
| 154,591 | |
| Deferred tax assets – current | |
| 3,129 | | |
| 3,804 | |
| Total current assets | |
| 1,157,717 | | |
| 1,058,931 | |
| Property and equipment, net | |
| 163,864 | | |
| 197,987 | |
| Land use rights, net | |
| 75,698 | | |
| 73,010 | |
| Acquired intangible assets, net | |
| 17,248 | | |
| 41,889 | |
| Goodwill | |
| 29,509 | | |
| 211,931 | |
| Long-term investments | |
| 84,293 | | |
| 256,185 | |
| Other noncurrent assets | |
| 39,621 | | |
| 136,561 | |
| Deferred tax assets – noncurrent | |
| 946 | | |
| 975 | |
| TOTAL ASSETS | |
| 1,568,896 | | |
| 1,977,469 | |
| LIABILITIES | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Short-term loan (including short-term loan of the consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd of $1,322 and $4,514 as of December 31, 2013 and June 30, 2014, respectively) | |
| 1,322 | | |
| 4,514 | |
| Accounts payable (including accounts payable of the consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $22,856 and $72,182 as of December 31, 2013 and June 30, 2014, respectively) | |
| 25,030 | | |
| 84,398 | |
| Accrued expenses and other current liabilities (including accruedexpenses and other current liabilities of the consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $77,170 and $113,635 as of December 31, 2013 and June 30, 2014, respectively) | |
| 120,935 | | |
| 219,126 | |
| Deferred revenue-current (including deferred revenue-current of the consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $30,717 and $63,327 as of December 31, 2013 and June 30, 2014, respectively) | |
| 46,632 | | |
| 84,639 | |
| Income tax payable (including income tax payable of the consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $5,546 and $(485) as of December 31, 2013 and June 30, 2014, respectively) | |
| 14,679 | | |
| 13,486 | |
| Total current liabilities | |
| 208,598 | | |
| 406,163 | |
| Deferred tax liabilities – noncurrent | |
| 2,676 | | |
| 5,701 | |
| Deferred revenue-noncurrent (including deferred revenue-noncurrent of the consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $664 and $648 as of December 31, 2013 and June 30, 2014, respectively) | |
| 3,544 | | |
| 2,847 | |
| Long-term debt | |
| 600,000 | | |
| 600,000 | |
| TOTAL LIABILITIES | |
| 814,818 | | |
| 1,014,711 | |
| EQUITY | |
| | | |
| | |
| Total Qihoo 360 Technology Co. Ltd. Shareholders’ equity | |
| 736,893 | | |
| 882,261 | |
| Noncontrolling interest | |
| 17,185 | | |
| 80,497 | |
| Total equity | |
| 754,078 | | |
| 962,758 | |
| TOTAL LIABILITIES AND EQUITY | |
| 1,568,896 | | |
| 1,977,469 | |
| Qihoo 360 Technology Co. Ltd. |
| |
| Condensed Consolidated Statements of Income |
| |
| (U.S. dollars in thousands, except for shares and per share data) |
| |
| (Unaudited) |
| |
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June
30, 2013 | | |
March 31, 2014 | | |
June 30, 2014 | | |
June
30, 2013 | | |
June 30, 2014 | |
| Revenues: | |
| 151,666 | | |
| 265,142 | | |
| 317,914 | | |
| 261,543 | | |
| 583,056 | |
| Cost of revenues: | |
| 17,846 | | |
| 50,390 | | |
| 66,626 | | |
| 31,752 | | |
| 117,016 | |
| Subsidy income | |
| - | | |
| - | | |
| 920 | | |
| 3 | | |
| 920 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling and marketing | |
| 23,997 | | |
| 68,733 | | |
| 84,907 | | |
| 51,059 | | |
| 153,640 | |
| General and administrative | |
| 12,918 | | |
| 21,766 | | |
| 22,511 | | |
| 24,813 | | |
| 44,277 | |
| Product and development | |
| 60,331 | | |
| 84,643 | | |
| 100,931 | | |
| 110,542 | | |
| 185,574 | |
| Total operating expenses | |
| 97,246 | | |
| 175,142 | | |
| 208,349 | | |
| 186,414 | | |
| 383,491 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
| 36,574 | | |
| 39,610 | | |
| 43,859 | | |
| 43,380 | | |
| 83,469 | |
| Interest income | |
| 1,778 | | |
| 4,920 | | |
| 4,999 | | |
| 3,215 | | |
| 9,919 | |
| Interest expenses | |
| - | | |
| (4,315 | ) | |
| (4,462 | ) | |
| - | | |
| (8,777 | ) |
| Other (expense) income | |
| (79 | ) | |
| 251 | | |
| 247 | | |
| 117 | | |
| 498 | |
| Exchange gain (loss) | |
| 1,424 | | |
| (12,289 | ) | |
| 564 | | |
| 1,785 | | |
| (11,725 | ) |
| Impairment loss on long-term investments | |
| (1,301 | ) | |
| - | | |
| (1,956 | ) | |
| (1,301 | ) | |
| (1,956 | ) |
| Gain on sales of short-term and long-term investments | |
| - | | |
| 27,652 | | |
| 8,445 | | |
| - | | |
| 36,097 | |
| Income before income tax expense and loss from equity method investments | |
| 38,396 | | |
| 55,829 | | |
| 51,696 | | |
| 47,196 | | |
| 107,525 | |
| Income tax expense | |
| (4,278 | ) | |
| (5,889 | ) | |
| (10,991 | ) | |
| (6,495 | ) | |
| (16,880 | ) |
| Loss on equity method investments | |
| (905 | ) | |
| (2,018 | ) | |
| (3,730 | ) | |
| (1,926 | ) | |
| (5,748 | ) |
| Net income | |
| 33,213 | | |
| 47,922 | | |
| 36,975 | | |
| 38,775 | | |
| 84,897 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Less: Net (gain) loss attributable to noncontrolling interest | |
| (216 | ) | |
| 1,199 | | |
| 2,149 | | |
| (227 | ) | |
| 3,348 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to Qihoo 360 Technology Co. Ltd | |
| 32,997 | | |
| 49,121 | | |
| 39,124 | | |
| 38,548 | | |
| 88,245 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income per ordinary share-basic | |
| 0.18 | | |
| 0.27 | | |
| 0.21 | | |
| 0.22 | | |
| 0.48 | |
| Net income per ordinary share-diluted | |
| 0.17 | | |
| 0.25 | | |
| 0.20 | | |
| 0.20 | | |
| 0.45 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average shares used in calculating net income per ordinary share- basic (in millions)
| |
| 179 | | |
| 184 | | |
| 185 | | |
| 179 | | |
| 184 | |
| Weighted average shares used in calculating net income per ordinary share-diluted (in millions) | |
| 191 | | |
| 197 | | |
| 198 | | |
| 190 | | |
| 198 | |
| Qihoo 360 Technology Co. Ltd. |
| |
| Condensed Consolidated Statements of Cash Flows |
| |
| (U.S. dollars in thousands) |
| |
| (Unaudited) |
| | |
Three-months period ended | |
| | |
June 30, 2013 | | |
June 30, 2014 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net income | |
| 33,213 | | |
| 36,975 | |
| Share-based compensation | |
| 17,962 | | |
| 25,798 | |
| Depreciation and amortization | |
| 9,694 | | |
| 19,705 | |
| Amortization of land use right | |
| 422 | | |
| 427 | |
| Loss on disposal of fixed assets | |
| - | | |
| 90 | |
| Loss on equity method investments | |
| 905 | | |
| 3,730 | |
| Impairment loss on long-term investments | |
| 1,301 | | |
| 1,956 | |
| Gain on sales of short-term and long-term investments | |
| - | | |
| (8,445 | ) |
| (Gain) loss resulting from nonoperating activities | |
| (31 | ) | |
| 48 | |
| Provision of allowance for doubtful accounts | |
| 36 | | |
| 125 | |
| Changes in operating assets and liabilities | |
| 22,870 | | |
| (22,754 | ) |
| Net cash provided by operating activities | |
| 86,372 | | |
| 57,655 | |
| Cash flows from investing activities: | |
| | | |
| | |
| Decrease (increase) in restricted cash | |
| 1,625 | | |
| (3,370 | ) |
| Purchase of property and equipment and intangible assets | |
| (13,383 | ) | |
| (41,443 | ) |
| Proceeds from disposal of property and equipment and intangible assets | |
| - | | |
| 19 | |
| Payment for short-term and long-term investments | |
| (5,061 | ) | |
| (81,627 | ) |
| Proceeds from sales of short-term and long-term investments | |
| - | | |
| 31,317 | |
| Dividend proceeds received by company | |
| 174 | | |
| - | |
| Net cash paid in connection with business acquisition | |
| (483 | ) | |
| (74,989 | ) |
| Net cash used in investing activities | |
| (17,128 | ) | |
| (170,093 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Capital contribution from noncontrolling interest | |
| 3 | | |
| - | |
| Proceeds from exercise of share option | |
| 5,933 | | |
| 1,565 | |
| Payment for short-term loans | |
| - | | |
| (4,075 | ) |
| | |
| | | |
| | |
| Net cash provided by (used in) financing activities | |
| 5,936 | | |
| (2,510 | ) |
| | |
| | | |
| | |
| Effect of exchange rate changes | |
| 1,866 | | |
| 202 | |
| INCREASE (DECREASE) IN CASH | |
| 77,046 | | |
| (114,746 | ) |
| CASH, BEGINNING OF PERIOD | |
| 300,935 | | |
| 901,567 | |
| CASH, END OF PERIOD | |
| 377,981 | | |
| 786,821 | |
Reconciliations of Non-GAAP Financial
Measures to Comparable GAAP Measures
| | |
Three
Months Ended June 30, 2013 | | |
Three
Months Ended March 31, 2014 | | |
Three
Months Ended June 30, 2014 | |
| | |
GAAP | | |
Adjustment(a) | | |
Non-GAAP | | |
GAAP | | |
Adjustment(a) | | |
Adjustment
(b) | | |
Non-GAAP | | |
GAAP | | |
Adjustment(a) | | |
Adjustment
(b) | | |
Non-GAAP | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Operating
expenses | |
$ | 97,246 | | |
$ | (17,962 | ) | |
$ | 79,284 | | |
$ | 175,142 | | |
$ | (19,932 | ) | |
| | | |
$ | 155,210 | | |
$ | 208,349 | | |
$ | (25,798 | ) | |
| | | |
$ | 182,551 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
from operations
| |
$ | 36,574 | | |
$ | 17,962 | | |
$ | 54,536 | | |
$ | 39,610 | | |
$ | 19,932 | | |
| | | |
$ | 59,542 | | |
$ | 43,859 | | |
$ | 25,798 | | |
| | | |
$ | 69,657 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating
margin | |
| 24.1 | % | |
| | | |
| 36.0 | % | |
| 14.9 | % | |
| | | |
| | | |
| 22.5 | % | |
| 13.8 | % | |
| | | |
| | | |
| 21.9 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
income attributable to Qihoo 360 Technology Co. Ltd. | |
$ | 32,997 | | |
$ | 17,962 | | |
$ | 50,959 | | |
$ | 49,121 | | |
$ | 19,932 | | |
$ | 4,279 | | |
$ | 73,332 | | |
$ | 39,124 | | |
$ | 25,798 | | |
$ | 4,325 | | |
$ | 69,247 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
margin | |
| 21.8 | % | |
| | | |
| 33.6 | % | |
| 18.5 | % | |
| | | |
| | | |
| 27.7 | % | |
| 12.3 | % | |
| | | |
| | | |
| 21.8 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted
earnings per ADS | |
$ | 0.26 | | |
| | | |
$ | 0.40 | | |
$ | 0.37 | | |
| | | |
| | | |
$ | 0.54 | | |
$ | 0.30 | | |
| | | |
| | | |
$ | 0.50 | |
| | |
Six Months Ended June 30, 2013 | | |
Six Months Ended June 30, 2014 |
| | |
GAAP | | |
Adjustment(a) | | |
Non-GAAP | | |
GAAP | | |
Adjustment(a) | | |
Adjustment (b) | | |
Non-GAAP | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Operating expenses | |
$ | 186,414 | | |
$ | (29,929 | ) | |
$ | 156,485 | | |
$ | 383,491 | | |
$ | (45,730 | ) | |
| | | |
$ | 337,761 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
$ | 43,380 | | |
$ | 29,929 | | |
$ | 73,309 | | |
$ | 83,469 | | |
$ | 45,730 | | |
| | | |
$ | 129,199 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating margin | |
| 16.6 | % | |
| | | |
| 28.0 | % | |
| 14.3 | % | |
| | | |
| | | |
| 22.2 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to Qihoo 360 Technology Co. Ltd. | |
$ | 38,548 | | |
$ | 29,929 | | |
$ | 68,477 | | |
$ | 88,245 | | |
$ | 45,730 | | |
$ | 8,604 | | |
$ | 142,579 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net margin | |
| 14.7 | % | |
| | | |
| 26.2 | % | |
| 15.1 | % | |
| | | |
| | | |
| 24.5 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted earnings per ADS | |
$ | 0.30 | | |
| | | |
$ | 0.54 | | |
$ | 0.67 | | |
| | | |
| | | |
$ | 1.04 | |
(a): Adjustment to exclude the share-based
compensation expense of each period.
(b): Adjustment to exclude the interest expense of Convertible
Senior Notes of each period.
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