BEIJING, Feb. 28, 2017 /PRNewswire/ -- China Digital TV
Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the
"Company"), a leading provider of cable TV technology which enables
China's cable TV and IPTV markets
to offer diversified TV content services, today announced its
unaudited financial results for the fourth quarter and full year
ended December 31, 2016.
"Last year was a meaningful year in the development of our
company. Given the saturation of the Conditional Access ("CA")
market and our strategic concentration on emerging and diversified
opportunities, we decided to sell our traditional CA and CA related
businesses," commented Mr. Jianhua
Zhu, China Digital TV's chief executive officer. "For our
emerging cloud business, we continued to witness solid growth
momentum during 2016, primarily driven by rapid customer expansion.
In particular, in the fourth quarter of 2016, we further expanded
our geographic footprint to Shandong province through a partnership with
Shandong Cable TV which covers over 20 million provincial users. In
2017, we will continue to optimize our operation and strengthen our
involvement in our current partnerships, as well as expand into
other growth opportunities."
Mr. Zhenwen Liang, China Digital
TV's chief financial officer, stated, "We are glad to end 2016 with
robust growth in our cloud business. Additionally, in December 2016, Beijing Cyber Cloud Technology
Co., Ltd. ("Cyber Cloud"), a subsidiary of China Digital TV,
received a RMB33 million strategic
investment for 10% equity ownership in our cloud computing
business. After the capital injection, China Digital TV now
maintains 58% ownership of the subsidiary's equity. Looking ahead,
we are committed to developing new growth opportunities and
generating further value for our shareholders."
About the Sale of Beijing Super TV
As referred to a press release dated January 11, 2017, the Company received the sales
proceeds from the buyer through its Chinese affiliate. Beijing
Super TV also completed the change of its business registration
with the Beijing Administration for Industry and Commerce. The
buyer is in the process of converting RMB into US dollars. As of
December 31, 2016, the Company no
longer controls the business of Beijing Super TV. As a result, the
Company will no longer conduct CA or CA related businesses, such as
smart cards. The Company will focus on emerging growth
opportunities.
Pursuant to the generally accepted accounting principles in
the United States ("U.S. GAAP"),
the Company's financial statements have reflected the effect of the
discontinued operation of its CA and CA related businesses.
Comparative adjustments to the historical statements of operations
have also been made to provide a consistent basis of comparison for
the financial results. Specifically, the operational results of the
CA and CA related businesses have been excluded from the Company's
financial results from continuing operations and have been
separately presented under discontinued operations.
Fourth Quarter 2016
Results[1]
China Digital TV's net revenues decreased by 34.8% to
US$0.8 million from US$1.2 million in the prior year period. The
decline in net revenues was primarily due to decreased revenues
from system development in the fourth quarter of 2016.
Cost of revenues decreased
by 10.4% to US$0.6 million from
US$0.7 million in the prior year
period. The decline in cost of revenues was primarily due to a
decrease in cost of revenues from system development in the fourth
quarter of 2016.
Gross profit in the fourth quarter of 2016
was US$0.2 million, as compared with
US$0.5 million in the prior year
period. Gross margin, which is equal to
gross profit divided by net revenues, was 24.4% in the fourth
quarter of 2016, compared to 45.0% in the prior year period.
Operating expenses in the fourth quarter of
2016 decreased by 8.2% to US$2.9
million from US$3.2 million in
the prior year period.
-
Research and development expenses
in the fourth quarter of 2016 decreased by 18.8% to US$1.6 million from US$1.9
million in the prior year period. The decline was mainly due
to a decrease in personnel related expenses resulting from lower
headcount, which was partially offset by shared-based compensation
resulting from Cyber Cloud.
-
Selling and marketing expenses in
the fourth quarter of 2016 increased by 24.5% to US$0.9 million from US$0.7
million in the prior year period. The increase was mainly
due to an increase in share-based compensation resulting from Cyber
Cloud.
-
General and administrative expenses
in the fourth quarter of 2016 decreased by 13.9% to US$0.5 million from US$0.6
million in the prior year period. The decrease was mainly
due to a decrease in rental expenses.
Loss from operations in the
fourth quarter of 2016 was US$2.7
million. It remained relatively stable as compared with the
prior year period.
Income tax expenses in the
fourth quarter of 2016 decreased by 40.0% to US$0.05 million from US$0.09 million in the prior year period.
Net income attributable to holders of ordinary shares in
the fourth quarter of 2016 increased to US$46.3 million from US$2.3 million in the prior year period. The
increase was primarily due to the gain from the sale of Beijing
Super TV.
-
Net loss from continuing operations attributable to China Digital TV Holding Co., Ltd
narrowed by 47.6% to US$1.3 million
from US$2.5 million in the prior year
period.
-
Net income from discontinued operations attributable to China Digital TV Holding Co., Ltd
increased to US$47.7 million from
US$4.8 million in the prior year
period.
Non-GAAP net income[2] attributable to holders of ordinary shares in
the fourth quarter of 2016 increased to US$46.9 million from US$2.3 million in the prior year
period[3].
Balance Sheet
As of December 31, 2016, China
Digital TV had cash and cash equivalents, restricted cash, and term
deposits totaling US$124.4
million.
Full Year 2016 Results
China Digital TV's net revenues increased by 120.2% to
US$4.2 million from US$1.9 million in the prior year. The increase
was primarily due to an increase in revenues from the cloud
platform operations.
Cost of revenues in 2016
increased by 9.9% to US$1.5 million
from US$1.4 million in the prior
year.
Gross profit in 2016 increased by 402.0% to US$2.7 million from US$0.5
million in the prior year. Gross margin, which is
equal to gross profit divided by net revenues, increased to 64.1%
in 2016 from 28.1% in the prior year. The increase in gross margin
was primarily due to an increase in the cloud platform operations,
which have a comparatively higher margin than the Company's other
continuing operations, such as system integration and system
development.
Operating expenses in 2016 decreased by 24.7% to
US$12.1 million from US$16.1million in the prior year.
- Research and development expenses in 2016 decreased by
35.7% to US$5.7 million from
US$8.8 million in the prior year. The
decline was mainly due to a decrease in personnel related expenses
resulting from lower headcount.
- Selling and marketing expenses in 2016 decreased by
33.2% to US$2.7 million from
US$4.1 million in the prior year. The
decline was mainly due to a decrease in personnel related expenses
resulting from lower headcount, as well as decreased marketing
expenses.
- General and administrative expenses in 2016 increased by
16.1% to US$3.7 million from
US$3.2 million in the prior year. The
increase was mainly due to an increase in professional services
fees.
Loss from operations in 2016 narrowed by 39.5% to
US$9.4 million from US$15.6 million loss from operations in the prior
year.
Income tax expenses in 2016
decreased by 61.0% to US$0.1 million
from US$0.3 million in the prior year
period.
Net income attributable to holders of ordinary
shares in 2016 increased to US$45.4
million from US$1.5 million in
the prior year. The increase was primarily due to gain from the
sale of Beijing Super TV.
-
Net loss from continuing operations attributable to China Digital TV Holding Co., Ltd
narrowed by 50.6% to US$7.2 million
in 2016 from US$14.6 million net loss
in the prior year.
-
Net income from discontinued operations attributable to China Digital TV Holding Co., Ltd
increased to US$52.6 million in 2016
from US$16.2 million in the prior
year.
Conference Call Information
China Digital TV's management will host an earnings conference
call at 7:00 p.m. on Tuesday, February 28, 2017, U.S. Eastern Time
(8:00 a.m. on Wednesday, March 1, 2017, Beijing/Hong Kong Time).
Conference Call Dial-in Information:
United States Toll
Free:
|
+1-888-346-8982
|
International:
|
+1-412-902-4272
|
Hong Kong:
|
800-905945
|
China Toll
Free:
|
4001-201203
|
Conference
Name:
|
China Digital TV
Holding Co. Ltd. call.
|
A replay of the call will be available for one week between
9:00 p.m. on February 28, 2017 and March 7, 2017, U.S. Eastern Time.
Replay Dial-in Information:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10101718
|
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of China Digital TV's
corporate website at http://ir.chinadtv.cn.
About China Digital TV
Founded in 2004, China Digital TV enables television network
operators to manage, extend and diversify TV content services
across households and public areas in China. Leveraging its legacy corporate
relationships with China's cable
television industry, China Digital TV has become a leading provider
of cable TV technology which enables Chinese cable operators to
offer mobile gaming apps and other entertainment content on
household television sets throughout China, as well as extend cable programming
outside the home to any subscriber's mobile device.
For more information please visit the Investor Relations section
of China Digital TV's website at http://ir.chinadtv.cn.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Such forward-looking
statements are made under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "may," "should" and
similar expressions. Such forward-looking statements include,
without limitation, statements regarding the outlook and comments
by management in this announcement about trends in the cloud
computing, cable television and related industries in the PRC and
China Digital TV's strategic and operational plans and future
market positions. China Digital TV may also make forward-looking
statements in its periodic reports filed with the Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about China
Digital TV's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from projections contained or implied in any
forward-looking statement, including but not limited to the
following: competition in the cloud computing, cable television and
related industries in the PRC and the impact of such competition on
prices, our ability to implement our business strategies, changes
in technology, the progress of the television digitalization in the
PRC, the structure of the cable television industry or television
viewer preferences, changes in PRC laws, regulations or policies
with respect to the cloud computing, cable television and related
industries, including the extent of non-PRC companies'
participation in such industries, and changes in political,
economic, legal and social conditions in the PRC, including the
government's policies with respect to economic growth, foreign
exchange and foreign investment.
Further information regarding these and other risks and
uncertainties is included in our annual report on Form 20-F and
other documents filed with the Securities and Exchange Commission.
China Digital TV does not assume any obligation to update any
forward-looking statements, which apply only as of the date of this
press release.
For investor and media inquiries, please contact:
China Digital TV Holding Co., Ltd.
Nan Hao
Investor Relations Manager
Tel: +86-10-6297-1199 x 9780
Email: ir@chinadtv.cn
ICR, Inc.
Xueli Song
Tel: +1 (646) 328-1950
Email: stv@icrinc.com
[1 ]Unless otherwise
stated, all financial statement measures stated in this press
release are based on "U.S. GAAP".
[2] Non-GAAP net loss is defined as net loss excluding certain
non-cash expenses, such as share-based compensation expenses,
amortization of acquired intangible assets from business
acquisitions.
[3] For more information on these non-GAAP financial measures,
please see the tables captioned "Reconciliations of non-GAAP
measures" set forth at the end of this release.
|
China Digital TV
Holding Co., Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income(Loss)
|
(in thousands of
U.S. dollars, except share and per share data)
|
|
|
For the three months ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
782
|
|
|
985
|
|
|
1,195
|
Business and
related taxes
|
|
(4)
|
|
|
-
|
|
|
(2)
|
Net
revenues
|
|
778
|
|
|
985
|
|
|
1,193
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(588)
|
|
|
(220)
|
|
|
(656)
|
|
|
190
|
|
|
765
|
|
|
537
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(1,553)
|
|
|
(1,142)
|
|
|
(1,912)
|
Selling and
marketing expenses
|
|
(898)
|
|
|
(559)
|
|
|
(721)
|
General and
administrative expenses
|
|
(488)
|
|
|
(1,317)
|
|
|
(567)
|
Total operating
expenses
|
|
(2,939)
|
|
|
(3,018)
|
|
|
(3,200)
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(2,749)
|
|
|
(2,253)
|
|
|
(2,663)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
79
|
|
|
13
|
|
|
6
|
Other income,
net
|
|
877
|
|
|
57
|
|
|
347
|
Loss before income
tax expenses
|
|
(1,793)
|
|
|
(2,183)
|
|
|
(2,310)
|
Income tax
expenses
|
|
(51)
|
|
|
(46)
|
|
|
(85)
|
Net loss before
share of loss on equity method investments
|
|
(1,844)
|
|
|
(2,229)
|
|
|
(2,395)
|
Share of loss on
equity method investments, net of income taxes
|
|
-
|
|
|
-
|
|
|
(101)
|
Net loss from
continuing operations
|
|
(1,844)
|
|
|
(2,229)
|
|
|
(2,496)
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
Income from the
operations of discontinued operations, net of income
taxes
|
|
5,165
|
|
|
1,746
|
|
|
4,840
|
Gain on disposal of
discontinued operation, net of tax
|
|
43,190
|
|
|
|
|
|
|
Income from
discontinued operations, net of income taxes
|
|
48,355
|
|
|
1,746
|
|
|
4,840
|
Net
income/(loss)
|
|
46,511
|
|
|
(483)
|
|
|
2,344
|
Net(income)/loss
attributable to noncontrolling interest
|
|
(175)
|
|
|
25
|
|
|
(46)
|
Net loss from
continuing operations attributable to China Digital TV Holding Co.,
Ltd
|
|
(1,333)
|
|
|
(2,014)
|
|
|
(2,542)
|
Net income from
discontinued operations attributable to China Digital TV Holding
Co., Ltd
|
|
47,669
|
|
|
1,556
|
|
|
4,840
|
Net Income/(loss)
attributable to holders of ordinary shares
|
$
|
46,336
|
|
$
|
(458)
|
|
$
|
2,298
|
|
|
|
|
|
|
|
|
|
Net loss per share
from continuing operations attributable to ordinary shareholders of
China Digital TV Holding Co., Ltd:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.02)
|
|
$
|
(0.03)
|
|
$
|
(0.04)
|
Diluted
|
$
|
(0.02)
|
|
$
|
(0.03)
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
|
Net income per
share from discontinued operations attributable to ordinary
shareholders of China Digital TV Holding Co., Ltd:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.79
|
|
$
|
0.03
|
|
$
|
0.08
|
Diluted
|
$
|
0.79
|
|
$
|
0.03
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per share attributable to ordinary shareholders of China Digital TV
Holding Co., Ltd:
|
Basic
|
$
|
0.77
|
|
$
|
(0.01)
|
|
$
|
0.04
|
Diluted
|
$
|
0.76
|
|
$
|
(0.01)
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
$
|
46,511
|
|
$
|
(483)
|
|
$
|
2,344
|
Foreign currency
translation adjustment
|
|
(2,680)
|
|
|
(453)
|
|
|
(1,892)
|
|
|
43,831
|
|
|
(936)
|
|
|
452
|
Comprehensive
income/(loss)
|
Comprehensive
loss/(income) attributable to noncontrolling interest
|
|
120
|
|
|
50
|
|
|
(42)
|
|
$
|
43,951
|
|
$
|
(886)
|
|
$
|
410
|
Comprehensive
income/(loss) attributable to
|
holders of
ordinary shares
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating net income per ordinary share from
continuing operation:
|
|
|
|
|
|
|
|
|
Basic
|
|
60,233,803
|
|
|
60,194,546
|
|
|
60,156,157
|
Diluted
|
|
60,233,803
|
|
|
60,194,546
|
|
|
60,156,157
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating net income per ordinary share from
discontinued operation:
|
|
|
|
|
|
|
|
|
Basic
|
|
60,233,803
|
|
|
60,194,546
|
|
|
60,156,157
|
Diluted
|
|
60,702,052
|
|
|
60,625,915
|
|
|
61,126,154
|
China Digital TV
Holding Co., Ltd.
|
Unaudited
Condensed Consolidated Balance Sheets
|
(in thousands of
U.S. dollars)
|
|
|
|
|
|
|
ASSETS
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
Current
assets:
|
|
|
|
|
|
Cash and
cash equivalents
|
$
|
117,292
|
|
$
|
70,138
|
Restricted
cash
|
|
4,753
|
|
|
34
|
Term
deposits
|
|
2,344
|
|
|
-
|
Notes
receivable
|
|
81
|
|
|
4,851
|
Accounts
receivable, net
|
|
378
|
|
|
38,211
|
Inventories
|
|
4
|
|
|
4,857
|
Prepaid
expenses and other current assets
|
|
1,231
|
|
|
3,782
|
Amount due
from related parties
|
|
284
|
|
|
-
|
Total current
assets
|
|
126,367
|
|
|
121,873
|
Property
and equipment, net
|
|
421
|
|
|
680
|
Intangible
assets, net
|
|
258
|
|
|
348
|
Goodwill
|
|
655
|
|
|
1,343
|
Equity
method investments
|
|
-
|
|
|
3,055
|
Deferred
income tax assets
|
|
52
|
|
|
3,451
|
Total
assets
|
|
127,753
|
|
|
130,750
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
445
|
|
|
1,665
|
Accrued
expenses and other current liabilities
|
|
2,557
|
|
|
11,806
|
Deferred
revenue - current
|
|
1,382
|
|
|
3,635
|
Income tax
payable
|
|
-
|
|
|
2,401
|
Government
subsidies - current
|
|
81
|
|
|
819
|
Total current
liabilities
|
|
4,465
|
|
|
20,326
|
Deferred
revenue - non-current
|
|
125
|
|
|
173
|
Government
subsidies - non-current
|
|
310
|
|
|
3,024
|
Deferred
income taxes liabilities
|
|
-
|
|
|
5,421
|
Total
liabilities
|
|
4,900
|
|
|
28,944
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
122,853
|
|
|
101,806
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
127,753
|
|
$
|
130,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Digital TV
Holding Co., Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
(in thousands of
U.S. dollars, except share and per share data )
|
|
|
|
|
|
|
|
For the year
ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Total
revenues
|
|
4,240
|
|
|
1,922
|
Business and
sales related taxes
|
|
(12)
|
|
|
(2)
|
Net
revenues
|
|
4,228
|
|
|
1,920
|
Total Cost of
Revenues
|
|
(1,517)
|
|
|
(1,380)
|
|
|
2,711
|
|
|
540
|
Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development expenses
|
|
(5,655)
|
|
|
(8,798)
|
Selling and
marketing expenses
|
|
(2,747)
|
|
|
(4,114)
|
General and
administrative expenses
|
|
(3,739)
|
|
|
(3,220)
|
Total operating
expenses
|
|
(12,141)
|
|
|
(16,132)
|
|
|
|
|
|
|
Loss from
operations
|
|
(9,430)
|
|
|
(15,592)
|
|
|
|
|
|
|
Interest
income
|
|
105
|
|
|
104
|
Gain from disposal of
an equity method investments
|
|
95
|
|
|
-
|
Other income,
net
|
|
1,088
|
|
|
354
|
Loss before income
taxes
|
|
(8,142)
|
|
|
(15,134)
|
Income tax
expenses
|
|
(114)
|
|
|
(292)
|
Net loss before
share of loss on equity method investments
|
|
(8,256)
|
|
|
(15,426)
|
Share of loss on
equity method investments, net of nil income taxes
|
|
-
|
|
|
(101)
|
Net loss from
continuing operations
|
|
(8,256)
|
|
|
(15,527)
|
Discontinued
operations
|
|
|
|
|
|
Income from the
operations of discontinued operations, net of income
taxes
|
|
10,445
|
|
|
16,155
|
Gain on disposal of
discontinued operation, net of tax
|
|
43,190
|
|
|
|
Income from
discontinued operations, net of income taxes
|
|
53,635
|
|
|
16,155
|
Net
income
|
|
45,379
|
|
|
628
|
Net loss attributable
to noncontrolling interest
|
|
39
|
|
|
900
|
Net loss from
continuing operations attributable to China Digital TV Holding Co.,
Ltd
|
|
(7,226)
|
|
|
(14,627)
|
Net income from
discontinued operations attributable to China Digital TV Holding
Co., Ltd
|
|
52,644
|
|
|
16,155
|
Net income
attributable to China Digital TV
|
$
|
45,418
|
|
$
|
1,528
|
Net loss per share
from continuing operations attributable to ordinary shareholders of
China Digital TV Holding Co., Ltd:
|
|
|
|
|
|
Basic
|
|
(0.12)
|
|
|
(0.24)
|
Diluted
|
|
(0.12)
|
|
|
(0.24)
|
|
|
|
|
|
|
Net income per
share from discontinued operations attributable to ordinary
shareholders of China Digital TV Holding Co., Ltd:
|
|
|
|
|
|
Basic
|
|
0.87
|
|
|
0.27
|
Diluted
|
|
0.87
|
|
|
0.26
|
|
|
|
|
|
|
Net income per
share attributable to ordinary shareholders of China Digital TV
Holding Co., Ltd:
|
|
|
|
|
|
Basic
|
$
|
0.75
|
|
$
|
0.03
|
Diluted
|
$
|
0.75
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
45,379
|
|
$
|
628
|
Foreign currency
translation adjustment
|
|
(5,652)
|
|
|
(3,892)
|
Comprehensive
income/(loss)
|
|
39,727
|
|
|
(3,264)
|
|
|
|
|
|
|
Comprehensive loss
attributable to noncontrolling interest
|
|
437
|
|
|
933
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to ordinary shareholders of China
Digital TV Holding Co., Ltd
|
$
|
40,164
|
|
$
|
(2,331)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating net income per ordinary share from
continuing operation:
|
|
|
|
|
|
Basic
|
|
60,199,096
|
|
|
59,968,346
|
Diluted
|
|
60,199,096
|
|
|
59,968,346
|
|
|
|
|
|
|
Weighted average
shares used in calculating net income per ordinary share from
discontinued operation:
|
|
|
|
|
|
Basic
|
|
60,199,096
|
|
|
59,968,346
|
Diluted
|
|
60,716,234
|
|
|
62,133,669
|
Reconciliation of Non-GAAP Measures
Non-GAAP net income attributable to holders of ordinary shares
excludes certain non-cash expenses, such as share-based
compensation expenses, amortization of intangible assets acquired
from business acquisitions. The Company believes that the Non-GAAP
net income provides meaningful supplemental information regarding
the Company's performance by excluding certain non-cash expenses
that may not be indicative of its operating performance from a cash
flow perspective. The Company believes that both management and
investors benefit from referring to this additional information in
assessing the Company's performance and when planning and
forecasting future periods.
However, the use of non-GAAP financial measures has material
limitations as an analytical tool. One of the limitations of using
non-GAAP financial measures is that they do not include all items
that impact the Company's net income for the period. In addition,
because non-GAAP financial measures are not measured in the same
manner by all companies, they may not be comparable to other
similar titled measures used by other companies. In light of the
foregoing limitations, you should not consider non-GAAP financial
measure in isolation from or as an alternative to the financial
measure prepared in accordance with U.S. GAAP.
|
|
For the three
months ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
2016
|
2016
|
2015
|
|
|
(in U.S. dollars,
in thousands)
|
Net income/(loss)
attributable to China Digital TV Holding Co., Ltd shareholders -
GAAP
|
|
$
|
46,336
|
|
$
|
(458)
|
|
$
|
2,298
|
Share-based
compensation expenses
|
|
|
590
|
|
|
3
|
|
|
16
|
Amortization of
intangible assets from business acquisitions
|
|
|
11
|
|
|
12
|
|
|
12
|
Net income/(loss)
attributable to China Digital TV Holding Co., Ltd shareholders -
Non-GAAP
|
|
$
|
46,937
|
|
$
|
(443)
|
|
$
|
2,326
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-digital-tv-announces-unaudited-fourth-quarter-and-full-year-2016-results-300415035.html
SOURCE China Digital TV Holding Co., Ltd.