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 September 2015
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 office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or 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: |
Chief Financial Officer |
|
Date: September 7, 2015
Exhibit Index
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release |
Exhibit 99.1
Qihoo
360 Reports Second Quarter 2015 Unaudited Financial Results
BEIJING,
September 1, 2015 — 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, 2015.
Second
Quarter Financial Highlights1
| · | Revenues
were $438.3 million, a 37.9% increase from $317.9 million in the second quarter of
2014. |
| · | Net
income attributable to Qihoo 360 was $81.4 million, compared to $39.1 million in the
second quarter of 2014. |
| · | Non-GAAP
net income attributable to Qihoo 360 (1) was $116.9 million, compared to $69.2
million in the second quarter of 2014. |
| · | Diluted
earnings per ADS(2)
(“EPADS”)
attributable to Qihoo 360 was $0.62, compared to $0.30 in the same period last year. |
| · | Non-GAAP
diluted EPADS attributable to Qihoo 360 (1) was $0.82, compared to $0.50 in
the same period last year. |
Second
Quarter Operating Metrics
| · | Total
monthly active users of Qihoo 360’s PC-based products and services reached 514
million in June 2015, compared to 496 million in June 2014(3). |
| · | User
penetration of Qihoo 360’s PC-based products was 96.6% in June 2015, compared to
93.9% in June 2014(3). |
| · | Total
smartphone users of Qihoo 360’s primary mobile security product (4)
reached a record 799 million in June 2015, compared to 641 million in June 2014(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 2015.
4 360
Mobile Safe is the Company’s primary mobile security product.
5 Company
data as of June 2015. Daily clicks include clicks on www.360kan.com, formerly known as v.360.cn
| · | The
number of monthly active users of Qihoo 360’s PC browsers was 388 million and user
penetration was 73.0% in June 2015, compared to 345 million and 65.2% in June 2014 (3),
respectively. |
| · | The
number of average daily unique visitors to the 360 Personal Start-up Page and its sub-pages
was 131 million in the second quarter of 2015, compared to 128 million in the second
quarter of 2014(5). |
| · | Average
daily clicks on Qihoo 360’s Personal Start-up Page and its sub-pages was approximately
677 million in the second quarter of 2015, compared to 749 million in the second quarter
of 2014(5). |
“We are pleased to
report another quarter of solid growth,” said Mr. Hongyi Zhou, Chairman and Chief Executive Officer of Qihoo 360. “As
we continued to maintain our leadership position in key product categories, we took initiatives to further expand our footprint
into some important mobile- Internet-related fields, such as smart hardware and smart phones. During the quarter we launched 360
Auto Guard (automobile data recorder) and a new generation of 360 Kids Guard. These products were well received by users. We believe
that smart hardware and IOT (Internet of Things) devices present emerging opportunities to form deeper relationships with the
massive number of mobile end users in the future.
“Last
week, we launched three smartphone models under the QIKU brand and started to take pre- orders on September 1, 2015. The launch
represents an important milestone for us in our efforts to establish QIKU as one of the leading and most innovative smartphone
brands in China. The new models are designed and built very well, and we received encouraging positive feedback from users and
industry participants. The embedded security features of our smartphones and smart hardware enable us to expand our services and
brand influence from online to offline and from virtual to real settings. We view smartphones and smart hardware as critical components
of our long-term mobile strategy,” concluded Mr. Zhou.
Mr. Xiangdong Qi, President
of Qihoo 360, added, “We are heartened to see continued solid growth in our business. Online advertising grew 71.6% year-over-year,
supported by strong contributions from search monetization. Internet value added services performed largely in line with expectations,
despite continued suspension of online lottery operations. We made further progress in our enterprise security operations and
continued to gain traction among potential institutional clients. We will continue to make investments over the next few quarters
to strengthen our brand and market position, and to improve our product and technology, particularly in new product and service
initiatives. We believe such investments will provide a solid foundation for our future growth.”
Second Quarter 2015 Results
Revenues
Revenues were $438.3 million,
an increase of 37.9% from $317.9 million in the second quarter of 2014 and 14.0% from $384.4 million in the first quarter of 2015.
The strong year-over-year growth was due to continued solid performance in online advertising.
Online advertising revenues
were $293.9 million, up 71.6% from the same period last year and 19.8% from the prior quarter. The strong year-over-year increase
was primarily driven by incremental contribution from search monetization.
Internet value-added service
revenues, which are mainly derived from game platform operations, were $122.2 million, down 16.4% from the same period last year
and down 8.6% from the prior quarter. The year-over-year and sequential decline was mainly due to continued suspension of online
lottery operations beginning in March.
Cost of Revenues
Cost of revenues were $104.3
million, compared to $66.6 million in the second quarter of 2014 and $79.6 million in the first quarter of 2015, representing
an increase of 56.6% from the same period of last year and an increase of 31.1% from the prior quarter.
Operating Expenses
Operating expenses were
$260.2 million, compared to $208.3 million in the second quarter of 2014 and $230.4 million in the first quarter of 2015. Non-GAAP
operating expenses (1) were $232.5 million, compared to $182.6 million in the second quarter of 2014 and $209.7 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 we continued to strengthen our brand and market position and enhance
our technology and product development capabilities into new initiatives.
Operating Income
Operating income was $81.1
million, compared to $43.9 million in the second quarter of 2014 and $75.9 million in the prior quarter.
Non-GAAP operating income(1)
was $108.9 million, compared to $69.7 million in the second quarter of 2014 and $96.5 million in the prior quarter.
Operating margin was 18.5%,
compared to 13.8% in the second quarter of 2014 and 19.7% in the prior quarter.
Non-GAAP operating margin(1)
was 24.8%, compared to 21.9% in the second quarter of 2014 and 25.1% in the prior quarter.
The year-over-year increase
in non-GAAP operating margin(1) was mainly due to leverage from revenue growth while the Company continues to invest
in new product and business initiatives. The modest sequential decline in non-GAAP operating margin(1) reflected incremental
expenses in marketing and promotional activities.
Net Income attributable
to Qihoo 360
Net income attributable
to Qihoo 360 was $81.4 million, compared to $39.1 million in the second quarter of 2014 and $53.0 million in the prior quarter.
Non-GAAP net income(1)
attributable to Qihoo 360 was $116.9 million, compared to $69.2 million in the second quarter of 2014 and $81.9 million
in the prior quarter.
Net Margin
Net margin was 18.6%, compared
to 12.3% in the same period last year, and 13.8% in the prior quarter.
Non-GAAP net margin(1)
was 26.7%, compared to 21.8% in the same period last year and 21.3% in the prior quarter.
Diluted Earnings per
ADS
Diluted EPADS for the second
quarter of 2015 was $0.62, and non-GAAP diluted EPADS(1) for the second quarter of 2015 was $0.82. The GAAP weighted
average ADS(1) used in computing diluted EPADS was 143 million.
Cash Flows and Balance
Sheet
Net cash generated from
operations in the second quarter of 2015 was $128.8 million, compared to $57.7 million in the same period last year and $72.9
million in the prior quarter. Cash capital expenditures in the second quarter of 2015 were $31.6 million. As of June 30, 2015,
the Company had cash and cash equivalents of approximately $1.2 billion.
Recent Developments
On June 17, 2015, the Company
announced that its board of directors had received a preliminary non-binding “going-private” proposal from a group
of investors led by Mr. Hongyi Zhou, chairman and chief executive officer of the Company.
On June 19, 2015, the Company’s
board of directors formed a special committee consisting of three independent, disinterested directors, Dr. Eric Chen, Dr. Jianwen
Liao and Dr. Ming Huang, to consider the abovementioned non-binding "going private" proposal. Dr. Eric Chen will chair
the special committee. The special committee has retained Skadden, Arps, Slate, Meagher & Flom as its U.S. legal counsel,
and J.P. Morgan Securities (Asia Pacific) Limited as its financial advisor, to assist it in this process.
The Board cautions the Company's
shareholders and others considering trading in the Company's securities that no decision has been made on the response to the
proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or
any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with
respect to this or any other transaction, except as required under applicable law.
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 that express the Company’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections
regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements”
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (the “Act”). The following cautionary
statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefit of the “safe
harbor” provisions of the Act. You can identify these forward- looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates," or in each case,
their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this press release and include statements regarding the Company’s
intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, liquidity,
prospects, growth, strategies and the industry in which it operates.
By their nature, forward-looking
statements relate to events that involve known and unknown risks and uncertainties and are based on current expectations, assumptions,
estimates and projections about Qihoo 360 and the industry in which it operates. Potential risks and uncertainties include, but
are not limited to, those under “Risk Factors” in the Company’s most recent annual report on Form 20-F filed
with the SEC, and the following: 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. Although the
Company has based these forward-looking statements on assumptions that it believes are reasonable when made, it cautions you that
forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations,
financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made
in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company’s results
of operations, financial condition and liquidity, and the development of the industry in which it operates, are consistent with
the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments
in subsequent periods.
Given these risks and uncertainties,
you are cautioned not to place undue reliance on these forward- looking statements. Any forward-looking statement that the Company
makes in this press release speaks only as of the date of such statement, and the Company undertakes no obligation to update any
forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events
or developments.
About Non-GAAP Financial
Measures
To supplement
our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, which are 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 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
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, | |
| | |
2014 | | |
2015 | |
| ASSETS | |
| | | |
| | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
| 1,645,234 | | |
| 1,180,407 | |
| Restricted cash | |
| 2,053 | | |
| 1,074 | |
| Short-term investments | |
| 58,736 | | |
| 99,322 | |
| Accounts receivable (net of allowance for doubtful
accounts of $2,410 and $2,251 as of December 31, 2014 and June 30, 2015, respectively) | |
| 154,287 | | |
| 220,432 | |
| Prepaid expenses and other current assets | |
| 230,995 | | |
| 176,840 | |
Deferred tax assets – current
| |
| 4,844 | | |
| 2,045 | |
| Total current assets | |
| 2,096,149 | | |
| 1,680,120 | |
| Property and equipment, net | |
| 272,026 | | |
| 264,734 | |
| Land use rights, net | |
| 139,107 | | |
| 137,555 | |
| Acquired intangible assets, net | |
| 51,289 | | |
| 70,687 | |
| Goodwill | |
| 344,630 | | |
| 313,815 | |
| Long-term investments | |
| 314,979 | | |
| 918,566 | |
| Other noncurrent assets | |
| 97,025 | | |
| 67,597 | |
Deferred tax assets – noncurrent
| |
| 16,365 | | |
| 19,162 | |
| TOTAL ASSETS | |
| 3,331,570 | | |
| 3,472,236 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Current liabilities (including amounts of the consolidated
VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $367,837 and $284,277 as of December 31, 2014 and June 30, 2015,
respectively): | |
| | | |
| | |
| | |
| | | |
| | |
| Accounts payable | |
| 121,115 | | |
| 147,947 | |
| Accrued expenses and other current liabilities | |
| 299,920 | | |
| 345,546 | |
| Deferred revenue-current | |
| 72,890 | | |
| 50,264 | |
| Income tax payable | |
| 46,304 | | |
| 46,938 | |
| Total current liabilities | |
| 540,229 | | |
| 590,695 | |
| | |
| | | |
| | |
| Non-current liabilities (including amounts of the
consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of $9,611 and $21,440 as of December 31,2014 and June
30, 2015, respectively): | |
| | | |
| | |
| | |
| | | |
| | |
Deferred tax liabilities – noncurrent
| |
| 8,516 | | |
| 19,345 | |
| Deferred revenue-noncurrent | |
| 2,281 | | |
| 1,792 | |
| Long-term debt | |
| 1,635,000 | | |
| 1,635,000 | |
| Other noncurrent liabilities | |
| 3,276 | | |
| 3,279 | |
| | |
| | | |
| | |
| TOTAL LIABILITIES | |
| 2,189,302 | | |
| 2,250,111 | |
| EQUITY | |
| | | |
| | |
| Total Qihoo 360 Technology
Co. Ltd. shareholders’ equity | |
| 1,028,598 | | |
| 1,089,860 | |
| Noncontrolling interest | |
| 113,670 | | |
| 132,265 | |
| Total equity | |
| 1,142,268 | | |
| 1,222,125 | |
| TOTAL LIABILITIES AND EQUITY | |
| 3,331,570 | | |
| 3,472,236 | |
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, 2014 | | |
March 31, 2015 | | |
June 30, 2015 | | |
June 30, 2014 | | |
June 30, 2015 | |
| Revenues: | |
| 317,914 | | |
| 384,359 | | |
| 438,328 | | |
| 583,056 | | |
| 822,687 | |
| Cost of revenues: | |
| 66,626 | | |
| 79,605 | | |
| 104,335 | | |
| 117,016 | | |
| 183,940 | |
| Subsidy income | |
| 920 | | |
| 1,463 | | |
| 7,347 | | |
| 920 | | |
| 8,810 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling and marketing | |
| 84,907 | | |
| 90,564 | | |
| 106,242 | | |
| 153,640 | | |
| 196,806 | |
| General and administrative | |
| 22,511 | | |
| 27,814 | | |
| 37,279 | | |
| 44,277 | | |
| 65,093 | |
| Product and development | |
| 100,931 | | |
| 111,979 | | |
| 116,676 | | |
| 185,574 | | |
| 228,655 | |
| Total operating expenses | |
| 208,349 | | |
| 230,357 | | |
| 260,197 | | |
| 383,491 | | |
| 490,554 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
| 43,859 | | |
| 75,860 | | |
| 81,143 | | |
| 83,469 | | |
| 157,003 | |
| Interest income | |
| 4,999 | | |
| 7,269 | | |
| 6,942 | | |
| 9,919 | | |
| 14,211 | |
| Interest expenses | |
| (4,462 | ) | |
| (8,483 | ) | |
| (7,946 | ) | |
| (8,777 | ) | |
| (16,429 | ) |
| Other income | |
| 295 | | |
| 362 | | |
| 435 | | |
| 502 | | |
| 797 | |
| Exchange gain (loss) | |
| 564 | | |
| 1,912 | | |
| 40 | | |
| (11,725 | ) | |
| 1,952 | |
| Gain (loss) in connection with short-term investments | |
| 7,304 | | |
| (9,708 | ) | |
| 57,995 | | |
| 7,348 | | |
| 48,287 | |
| (Loss) gain in connection with long-term investments | |
| (863 | ) | |
| 2,721 | | |
| (26,296 | ) | |
| 26,789 | | |
| (23,575 | ) |
| Income before income tax expense and loss from equity method
investments | |
| 51,696 | | |
| 69,933 | | |
| 112,313 | | |
| 107,525 | | |
| 182,246 | |
| Income tax expense | |
| (10,991 | ) | |
| (18,167 | ) | |
| (25,600 | ) | |
| (16,880 | ) | |
| (43,767 | ) |
| Loss on equity method investment s | |
| (3,730 | ) | |
| (5,604 | ) | |
| (15,130 | ) | |
| (5,748 | ) | |
| (20,734 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 36,975 | | |
| 46,162 | | |
| 71,583 | | |
| 84,897 | | |
| 117,745 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Add: Net loss attributable to noncontrolling interest | |
| 2,149 | | |
| 6,868 | | |
| 9,768 | | |
| 3,348 | | |
| 16,636 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to Qihoo 360 Technology
Co. Ltd. | |
| 39,124 | | |
| 53,030 | | |
| 81,351 | | |
| 88,245 | | |
| 134,381 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income per ordinary share-basic | |
| 0.21 | | |
| 0.28 | | |
| 0.44 | | |
| 0.48 | | |
| 0.72 | |
| Net income per ordinary share-diluted | |
| 0.20 | | |
| 0.27 | | |
| 0.42 | | |
| 0.45 | | |
| 0.69 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares used in calculating net income per ordinary
share- basic (in millions) | |
| 185 | | |
| 187 | | |
| 185 | | |
| 184 | | |
| 186 | |
| Weighted average shares used in calculating net income per ordinary
share-diluted (in millions) | |
| 198 | | |
| 196 | | |
| 214 | | |
| 198 | | |
| 195 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
Qihoo 360
Technology Co. Ltd.
Condensed
Consolidated Statements of Cash Flows
(U.S. dollars
in thousands)
(Unaudited)
| | |
Three-months
period ended | |
| |
June 30,
2014 | | |
June 30,
2015 | |
| Cash flows from operating activities: | |
| | |
| |
| Net income | |
| 36,975 | | |
| 71,583 | |
| Share-based compensation | |
| 25,798 | | |
| 27,741 | |
| Depreciation and amortization | |
| 19,705 | | |
| 31,032 | |
| Loss on disposal of fixed assets | |
| 90 | | |
| 150 | |
| Amortization of land use right | |
| 427 | | |
| 822 | |
| Loss from impairment of intangible assets | |
| - | | |
| 1,165 | |
| Loss from impairment of goodwill | |
| - | | |
| 7,751 | |
| Provision of allowance for doubtful accounts | |
| 125 | | |
| (197 | ) |
| Gain in connection with short-term investments | |
| (7,304 | ) | |
| (57,995 | ) |
| Loss on equity method investments | |
| 3,730 | | |
| 15,130 | |
| Loss in connection with long-term investments | |
| 863 | | |
| 26,296 | |
Changes
in operating assets and liabilities | |
| (22,754 | ) | |
| 5,335 | |
| Net
cash provided by operating activities | |
| 57,655 | | |
| 128,813 | |
| Cash flows from investing activities: | |
| | | |
| | |
| (Increase) decrease in restricted cash | |
| (3,370 | ) | |
| 1,509 | |
| Purchase of property and equipment and intangible assets | |
| (41,443 | ) | |
| (31,569 | ) |
| Proceeds from disposal of property and equipment and intangible
assets | |
| 19 | | |
| 83 | |
| Payment for short-term investment and long-term investments | |
| (81,627 | ) | |
| (531,734 | ) |
| Cash collected from sale of long-term investments and
a subsidiary | |
| 3,965 | | |
| 18,341 | |
| Proceeds from sale of short-term investments | |
| 27,352 | | |
| 88,065 | |
| Dividend proceeds received by company | |
| - | | |
| 2,015 | |
| Net cash paid in connection with business
acquisitions | |
| (74,989 | ) | |
| (649 | ) |
| Net
cash used in investing activities | |
| (170,093 | ) | |
| (453,939 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: |
| | | |
| | |
| Proceeds from exercise of share option | |
| 1,565 | | |
| 5,255 | |
| Payment for short term loans | |
| (4,075 | ) | |
| - | |
| Deferred payment for acquisition of business | |
| - | | |
| (14,243 | ) |
| Capital
contribution from noncontrolling interest | |
| - | | |
| 20,635 | |
Net
cash (used in) provided by financing activities | |
| (2,510 | ) | |
| 11,647 | |
| | |
| | | |
| | |
| Effect of exchange rate changes | |
| 202 | | |
| 140 | |
| DECREASE IN CASH | |
| (114,746 | ) | |
| (313,339 | ) |
| CASH, BEGINNING OF PERIOD | |
| 901,567 | | |
| 1,493,746 | |
| CASH, END OF PERIOD | |
| 786,821 | | |
| 1,180,407 | |
Reconciliations
of Non-GAAP Financial Measures to Comparable GAAP Measures
(U.S. dollars
in thousands, except for per share data)
| | |
Three Months Ended June 30, 2014 | | |
Three
Months Ended March 31, 2015 | | |
Three Months Ended June 30, 2015 | |
| | |
| | |
Adjustment | | |
Adjustment | | |
Non- | | |
| | |
Adjustment | | |
Adjustment | | |
Non- | | |
| | |
Adjustment | | |
Adjustment | | |
Non- | |
| | |
GAAP | | |
(b) | | |
(c) | | |
GAAP | | |
GAAP | | |
(b) | | |
(c) | | |
GAAP | | |
GAAP | | |
(b) | | |
(c) | | |
GAAP | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating
expenses | |
| 208,349 | | |
| (25,798 | ) | |
| - | | |
| 182,551 | | |
| 230,357 | | |
| (20,625 | ) | |
| | | |
| 209,732 | | |
| 260,197 | | |
| (27,741 | ) | |
| - | | |
| 232,456 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
| 43,859 | | |
| 25,798 | | |
| | | |
| 69,657 | | |
| 75,860 | | |
| 20,625 | | |
| | | |
| 96,485 | | |
| 81,143 | | |
| 27,741 | | |
| - | | |
| 108,884 | |
| Operating margin | |
| 13.8 | % | |
| | | |
| | | |
| 21.9 | % | |
| 19.7 | % | |
| | | |
| | | |
| 25.1 | % | |
| 18.5 | % | |
| | | |
| | | |
| 24.8 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable
to Qihoo 360 Technology Co. Ltd. | |
| 39,124 | | |
| 25,798 | | |
| 4,325 | | |
| 69,247 | | |
| 53,030 | | |
| 20,476 | | |
| 8,371 | | |
| 81,877 | | |
| 81,351 | | |
| 27,594 | | |
| 7,940 | | |
| 116,885 | |
| Net margin | |
| 12.3 | % | |
| | | |
| | | |
| 21.8 | % | |
| 13.8 | % | |
| | | |
| | | |
| 21.3 | % | |
| 18.6 | % | |
| | | |
| | | |
| 26.7 | % |
| Diluted earnings per ADS | |
| 0.30 | | |
| | | |
| | | |
| 0.50 | | |
| 0.41 | | |
| | | |
| | | |
| 0.57 | | |
| 0.62 | | |
| | | |
| | | |
| 0.82 | |
| | |
Six Months Ended June 30, 2014 | | |
Six
Months Ended June 30, 2015 | |
| | |
GAAP | | |
Adjustment
(b) | | |
Adjustment
(c) | | |
Non-
GAAP | | |
GAAP | | |
Adjustment
(b) | | |
Adjustment
(c) | | |
Non-
GAAP | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Operating
expenses | |
| 383,491 | | |
| (45,730 | ) | |
| - | | |
| 337,761 | | |
| 490,554 | | |
| (48,366 | ) | |
| - | | |
| 442,188 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
| 83,469 | | |
| 45,730 | | |
| - | | |
| 129,199 | | |
| 157,003 | | |
| 48,366 | | |
| - | | |
| 205,369 | |
| Operating margin | |
| 14.3 | % | |
| | | |
| | | |
| 22.2 | % | |
| 19.1 | % | |
| | | |
| | | |
| 25.0 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable
to Qihoo 360 Technology Co. Ltd. | |
| 88,245 | | |
| 45,730 | | |
| 8,604 | | |
| 142,579 | | |
| 134,381 | | |
| 48,070 | | |
| 16,311 | | |
| 198,762 | |
| Net margin | |
| 15.1 | % | |
| | | |
| | | |
| 24.5 | % | |
| 16.3 | % | |
| | | |
| | | |
| 24.2 | % |
| Diluted earnings per ADS | |
| 0.67 | | |
| | | |
| | | |
| 1.04 | | |
| 1.03 | | |
| | | |
| | | |
| 1.38 | |
(b): Adjustment to exclude the share-based
compensation expense of each period.
(c): Adjustment to exclude the interest
expense of Convertible Senior Notes of each period.
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