Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq:XNET), a leading
cloud-based acceleration technology company in China, today
announced its unaudited financial results for the fourth quarter
and the fiscal year ended December 31, 2017.
Fourth Quarter 2017 Financial
Highlights:
- Total revenues were US$82.4 million, an 128.5%
increase from the corresponding period of last year and up 83.9%
from the previous quarter.
- Online advertising revenues (revenues primarily from
mobile advertising) were US$7.8 million, a 70.6% increase
from the corresponding period of last year and a 36.0% increase
from the previous quarter.
- Other internet value-added services (“IVAS”)
revenues were US$51.9 million, a 431.6% increase from the
corresponding period of last year and a 184.1% increase from the
previous quarter. IVAS consists of cloud computing and services
other than subscription and advertising.
- Net income from continuing
operations was US$3.0 million in the fourth quarter of 2017,
compared with net loss of US$26.8 million in the previous quarter.
The net loss in the previous quarter included impairment of assets
in the amount of $13.6 million.
Fiscal Year Ended December, 31
2017 Financial Highlights:
- Total revenues were US$201.9 million, a 43.2%
increase from 2016.
- Online advertising revenues (revenues primarily from
mobile advertising) were US$22.5 million, a 33.2% increase
from 2016.
- Other internet value-added services (“IVAS”)
revenues were US$94.5 million, a 178.3% increase from
2016. IVAS consists of cloud computing and services other than
subscription and advertising.
- Net loss from continuing operations was
US$44.2 million for fiscal year 2017, compared with net loss of
US$30.8 million for 2016. The net loss for 2017 included
impairment of assets in the amount of $13.6 million.
Recent and Fiscal Year
Developments:
- Expanded cloud computing offering from CDN domain to IaaS
domain and developed solutions with OneThing Cloud nodes
distributed at users' homes.
- Developed a proprietary "Thunder Blockchain" to improve
blockchain performance as well as enable third parties to develop
rich blockchain applications.
- In March and September 2017, signed contracts with a provincial
branch of China Telecom and China Unicom respectively, to
co-develop Smart Home based distributed CDN technology and
products.
- Won industry awards and recognition for our efforts on and
contributions to the sharing economy.
Mr. Lei Chen, Chief Executive Officer of Xunlei,
commented: “We are very pleased that we achieved solid performance
for the fourth quarter of 2017. Our fourth quarter revenues met our
upwardly revised guidance range as our cloud computing business
expanded at a fast pace during the fourth quarter of 2017. Our
priority for 2018 is to gain market shares and continue to improve
the bottom line.” Concluded Mr. Chen.
Fourth Quarter 2017
Financial Results
Total Revenues1
Total revenues were US$82.4 million, increased
83.9% sequentially. The increase in total revenues on a sequential
basis was mainly attributable to the growth of cloud computing
businesses.
Subscription: Revenues from subscriptions were
US$22.7 million, up 9.1% and 4.5% sequentially and on a
year-over-year basis, respectively. The number of subscribers2 was
4.25 million as of December 31, 2017, up from 4.18 million as of
September 30, 2017 and 4.18 million as of December 31, 2016. The
average revenue per subscriber for the fourth quarter was RMB34.4,
up from RMB33.2 as of September 30, 2017 and down from RMB35.7 as
of December 31, 2016.
Online advertising (including mobile advertising):
Revenues from online advertising were US$7.8 million, up 36.0%
sequentially. Mobile advertising revenue increased 44.8% on
sequential basis.
IVAS: Revenues from IVAS (primarily including
revenues from cloud computing) were US$51.9 million, up 431.6% on a
year-over-year basis and up 184.1% sequentially. Cloud computing
revenues grew by 517.2% and 225.8% on a year-over-year basis and
sequentially, respectively. In the fourth quarter of 2017,
the Company generated approximately US$5.8 million revenue related
to the technology solution services provided to Xiaomi.
Although this revenue is one-off in nature, we will continue to
cooperate with Xiaomi and explore further cooperation opportunities
in the future.
Cost of Revenues
Cost of revenues was US$42.0 million, representing
50.9% of total revenues.
Bandwidth costs: Bandwidth costs were US$14.7
million, representing 17.9% of total revenues, compared with
US$17.1 million or 38.2% of total revenues in the previous
quarter.
Gross Profit and Gross Margin
Gross profit for the fourth quarter was US$39.7
million, up 149.8% sequentially. Gross margin was 48.2%, compared
with 35.5% in the previous quarter. The increase in gross profit
and margin was mainly due to improved cloud computing business
during the quarter.
Research and Development
Expenses
Research and development expenses for the fourth
quarter were US$20.6 million, representing 24.9% of total revenues,
compared with US$15.5 million or 34.6% of total revenues in the
previous quarter. This increase was primarily due to the increase
in staff costs for the Company to maintain its competitive edge
Sales and Marketing Expenses
Sales and marketing expenses for the fourth quarter
were US$7.5 million, representing 9.1% of total revenues, compared
with US$5.5 million or 12.2% of total revenues in the previous
quarter. The increase was primarily due to more marketing and
promotion expenses incurred during the quarter.
General and Administrative
Expenses
General and administrative expenses for the fourth
quarter were US$7.7 million, representing 9.4% of total revenues,
compared with US$13.2 million or 29.5% of total revenues in the
previous quarter. The decrease was primarily due to write-offs in
an aggregate amount of US$6.9 million mainly related to a business
(Kankan) the company had sold before and other prior business
transactions, which were one-time in nature in the previous
quarter.
Impairment of assets
No impairment of assets was incurred in the fourth
quarter. Impairment of assets in the third quarter was US$13.6
million, accounting for 30.3% of total revenues. The amount
represented assets written-offs after impairment and recoverability
assessment. Approximately US$8.8 million of the assets
impairment was related to the Kankan business the company had sold
before and US$4.8 million related to the intangible assets from a
prior acquisition of Kuaipan Personal, which were one-time in
nature.
Operating
Income/(Loss)
Operating income was US$3.9 million, compared with
operating loss of US$31.8 million in the previous quarter. The
prior quarter operating loss was comprised of several write-offs in
an aggregate amount of US$21.8 million, of which approximately
US$11.8 million was due to the Kankan business the Company sold
before, US$4.8 million due to write-off of the intangible assets
for a prior business acquisition of Kuaipan Personal, and US$1.3
million for accelerated depreciation of servers, which were
one-time in nature.
Net
Income/(Loss)
and
Earning/(Loss)
Per Share
Net income from continuing operations was US$3.0
million in the fourth quarter of 2017, compared with net loss of
US$26.8 million in the previous quarter. Non-GAAP net income from
continuing operations was US$4.8 million in the fourth quarter of
2017, compared with a loss of US$24.7 million in the previous
quarter. The decreased net loss from continuing operations and
non-GAAP net loss from continuing operations were primarily due to
increase in revenue of cloud computing business and no more
write-offs as discussed above, which were one-time in nature in the
previous quarter.
Diluted income per ADS from continuing operations
in the fourth quarter of 2017 was approximately US$0.05 as compared
with a loss of US$0.13 in the same period last year and a loss of
$0.40 in the third quarter of 2017.
Unaudited Financial Results for the fiscal
year ended December 31, 2017
Total Revenues
Total revenues were US$201.9 million, up 43.2% on a
year-over-year basis. The increase in total revenues was mainly
attributable to the growth of cloud computing, live video and
mobile advertising businesses.
Subscription: Revenues from subscriptions were
US$85.0 million, down 5.8% on a year-over-year basis. The decrease
in subscription revenues was primarily attributable to decline in
the average number of subscribers during the year.
Online advertising (including mobile advertising):
Revenues from online advertising were US$22.5 million, up 33.2% on
a year-over-year basis. Mobile advertising revenues increased 46.7%
on a year-over-year basis.
IVAS: Revenues from IVAS (including revenues from
cloud computing) were US$94.5 million, up 178.3% on a
year-over-year basis. Cloud computing revenues grew by 223.0% on a
year-over-year basis.
Cost of Revenues
Cost of revenues was US$117.9 million, representing
58.4% of total revenues.
Bandwidth costs: Bandwidth costs were US$68.4
million, representing 33.9% of total revenues, compared with
US$55.1 million or 39.1% of total revenues in the previous
year.
Gross Profit and Gross Margin
Gross profit for the year was US$82.7 million, up
37.2% on the year-over-year basis. Gross margin was 41.0%, compared
with 42.8% in the previous year. The increase in gross profit was
mainly due to improved cloud computing business and lower gross
margin was due to change in the revenue structure.
Research and Development
Expenses
Research and development expenses for the year were
US$66.9 million, representing 33.2% of total revenues, compared
with US$61.2 million or 43.4% of total revenues in the previous
year. The increase was primarily due to increase in staff
costs.
Sales and Marketing Expenses
Sales and marketing expenses for the year were
US$19.9 million, representing 9.8% of total revenues, compared with
US$14.6 million or 10.4% of total revenues in the previous year.
The increase was primarily due to more marketing and promotion
expenses incurred during the year as a result of more business
activities.
General and Administrative
Expenses
General and administrative expenses for the year
were US$36.5 million, representing 18.1% of total revenues,
compared with US$26.0 million or 18.4% of total revenues in the
previous year. The increase was primarily due to write-offs in an
aggregate amount of US$6.9 million during the year, mainly related
to a business (Kankan) the company had sold before and other prior
business transactions, which were one-time in nature.
Impairment of assets
Impairment of assets for the year was US$13.6
million, accounting for 6.7% of total revenues. The amount
represented assets written-offs after impairment and recoverability
assessment. Approximately US$8.8 million of the assets
impairment was related to the Kankan business the Company had sold
before and US$4.8 million related to the intangible assets from a
prior acquisition of Kuaipan Personal, which were one-time in
nature.
Operating Loss
Operating loss was US$54.2 million, compared with
operating loss of US$41.5 million in the previous year. The
increase was mainly due to several write-offs in an aggregate
amount of US$21.8 million, of which approximately US$11.8 million
was due to the Kankan business the company sold before, US$4.8
million due to write-off of the intangible assets for a prior
business acquisition of Kuaipan Personal, and US$1.3 million for
accelerated depreciation of servers, which were one-time in
nature.
Net Loss
and Loss Per Share
Net loss from continuing operations was US$44.2
million in 2017, compared with US$30.8 million in the previous
year. Non-GAAP net loss from continuing operations was US$35.9
million in 2017, compared with a loss of US$21.5 million in the
previous year. The increased net loss from continuing operations
and non-GAAP net loss from continuing operations were primarily due
to several write-offs as discussed above, which were one-time in
nature.
Diluted loss per ADS from continuing operations in
2017 was US$0.67 as compared with a loss of US$0.46 in the same
period last year.
Cash Balance
As of December 31, 2017, the Company had cash, cash
equivalents and short-term investments of US$372.4 million,
compared with US$381.5 million as of December 31, 2016.
Guidance for
First Quarter
2018
For the first quarter 2018, Xunlei estimates total
revenues to be between US$81 million and US$85 million, and the
midpoint of the range represents a year-over-year increase of
approximately 129.3%. This estimate represents management’s
preliminary view as of the date of this release, which is subject
to change and any change could be material.
Conference Call Details
Xunlei's management will host a conference call at
8:00 p.m. U.S. Eastern Time on March 14, 2018 (8:00 a.m. March 15,
2018 Beijing/Hong Kong Time), to discuss its quarterly and fiscal
year results and recent business activities.
To participate in the conference call, please dial
the following number five to ten minutes prior to the scheduled
conference call time:
China: |
400-120-0654 |
Hong
Kong: |
+852-3018-6776 |
United
States: |
+1-855-500-8701 |
International: |
+65
6713-5440 |
Passcode: |
4495078 |
The Company will also broadcast a live audio
webcast of the conference call. The webcast will be available at
http://ir.xunlei.com.
Following the earnings conference call, an archive
of the call will be available by dialing:
China
(Mandarin): |
400-602-2065 |
Hong
Kong: |
800-963-117 |
United
States: |
+1-855-452-5696 |
International: |
+61-2-9003-4211 |
Replay
Passcode: |
4495078 |
Replay
End Date: |
March
22, 2018 |
About Xunlei
Xunlei Limited ("Xunlei") is a leading cloud-based
acceleration technology company in China. Xunlei operates a
powerful internet platform in China based on cloud computing to
provide users with quick and easy access to digital media content
through its core products and services, Xunlei Accelerator and the
cloud acceleration subscription services. Xunlei is increasingly
extending into mobile devices in part through potentially
pre-installed acceleration products in mobile phones. Benefitting
from the large user base accumulated by Xunlei Accelerator, Xunlei
has further developed various value-added services to meet a fuller
spectrum of its users' digital media content access and consumption
needs.
Safe Harbor Statement
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,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Among other things, the management's quotations, the
"Outlook" and "Guidance" sections in this press release, as well as
the Company's strategic, operational and acquisition plans, 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
the Company and the industry. Forward-looking statements involve
inherent risks and uncertainties, including but not limited to: the
Company's ability to continue to innovate and provide attractive
products and services to retain and grow its user base; the
Company's ability to keep up with technological developments and
users' changing demands in the internet industry; the Company's
ability to convert its users into subscribers of its premium
services; the Company's ability to deal with existing and potential
copyright infringement claims and other related claims; the
Company’s ability to react to the governmental actions for its
scrutiny of internet content in China and the Company's ability to
compete effectively. Although the Company 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 the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this press release
is as of the date of the press release, and the Company 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.
About Non-GAAP Financial
Measures
To supplement Xunlei's consolidated financial
results presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), Xunlei uses the following
measures defined as non-GAAP financial measures by the United
States Securities and Exchange Commission: (1) non-GAAP operating
income/(loss), (2) non-GAAP net income/(loss) from continuing
operations, (3) non-GAAP basic and diluted earnings per share for
common shares attributable to continuing operations, and (4)
non-GAAP basic and diluted earnings per ADS attributable to
continuing operations. The presentation of the non-GAAP financial
information is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP.
Xunlei believes that these non-GAAP financial
measures provide meaningful supplemental information to investors
regarding the Company’s operating performance by excluding
share-based compensation expenses, which is not expected to result
in future cash payments. These non-GAAP financial measures also
facilitate management's internal comparisons to Xunlei's historical
performance and assist the Company’s financial and operational
decision making. A limitation of using these non-GAAP financial
measures is that these non-GAAP measures exclude share-based
compensation charge that has been and will continue to be for the
foreseeable future a significant recurring expense in Xunlei’s
results of operations. Management compensates for these limitations
by providing specific information regarding the GAAP amounts
excluded from each non-GAAP measure. The accompanying
reconciliation tables at the end of this release include details on
the reconciliations between GAAP financial measures that are most
directly comparable to the non-GAAP financial measures the Company
has presented.
XUNLEI
LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
(Amounts expressed in thousands of USD, except for
share, per share (or ADS) data) |
|
|
December
31, |
|
December 31, |
|
|
2017 |
|
2016 |
|
|
US$ |
|
US$ |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
Cash
and cash equivalents |
233,479 |
|
199,504 |
|
Short-term investments |
138,915 |
|
181,960 |
|
Accounts receivable, net |
40,632 |
|
14,536 |
|
Inventories |
3,879 |
|
374 |
|
Deferred tax assets |
- |
|
1,221 |
|
Due
from related parties |
6,986 |
|
1,097 |
|
Prepayments and other current assets |
6,866 |
|
13,593 |
|
Held-for-sale assets |
26 |
|
20 |
|
Total current assets |
430,783 |
|
412,305 |
|
|
|
|
Non-current assets: |
|
|
Long-term investments |
42,741 |
|
40,792 |
|
Deferred tax assets |
6,072 |
|
3,272 |
|
Property and equipment, net |
24,685 |
|
20,996 |
|
Intangible assets, net |
5,511 |
|
10,746 |
|
Goodwill |
21,760 |
|
20,497 |
|
Other
long-term prepayments and receivables |
1,885 |
|
1,187 |
|
Total assets |
533,437 |
|
509,795 |
|
|
|
|
Liabilities |
|
|
Current liabilities: |
|
|
Accounts payable |
49,819 |
|
33,376 |
|
Due
to a related party |
10 |
|
45 |
|
Deferred revenue and income, current portion |
28,046 |
|
23,194 |
|
Income tax payable |
3,128 |
|
2,321 |
|
Accrued liabilities and other payables |
59,871 |
|
33,131 |
|
Held-for-sale liabilities |
822 |
|
1,338 |
|
Total current liabilities |
141,696 |
|
93,405 |
|
|
|
|
Non-current liabilities: |
|
|
Deferred revenue and income |
3,242 |
|
4,082 |
|
Deferred tax liability, non-current portion |
- |
|
635 |
|
Due
to related parties, non-current portion |
4,737 |
|
4,537 |
|
Other
long-term payable |
925 |
|
886 |
|
Total liabilities |
150,600 |
|
103,545 |
|
|
|
|
Equity |
|
|
Common shares (USD0.00025 par value, 1,000,000,000 shares
authorized, 368,877,209 shares issued and 330,545,000 shares
outstanding as at December 31, 2016; 368,877,209 issued and
333,643,560 shares outstanding as at December 31, 2017) |
83 |
|
83 |
|
Additional paid-in-capital |
461,330 |
|
453,347 |
|
Accumulated other comprehensive loss |
(7,031 |
) |
(13,629 |
) |
Statutory reserves |
5,132 |
|
5,132 |
|
Treasury shares (38,332,209 shares and 35,233,649 shares as at
December 31,2016 and December 31, 2017, respectively) |
9 |
|
9 |
|
Accumulated deficits |
(74,526 |
) |
(36,704 |
) |
Total Xunlei Limited's shareholders' equity |
384,997 |
|
408,238 |
|
Non-controlling interests |
(2,160 |
) |
(1,988 |
) |
Total liabilities and shareholders' equity |
533,437 |
|
509,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XUNLEI LIMITED |
Unaudited Condensed Consolidated Statements of
Income |
(Amounts expressed in thousands of USD, except for
share, per share (or ADS) data) |
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
|
|
|
Dec 31, |
|
Sept 30, |
|
Dec 31, |
|
Dec 31, |
|
Dec 31, |
|
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Revenues, net of rebates and discounts |
82,416 |
|
44,810 |
|
36,065 |
|
201,911 |
|
140,985 |
|
Business taxes and surcharges |
(702 |
) |
(256 |
) |
(214 |
) |
(1,328 |
) |
(779 |
) |
Net
revenues |
81,714 |
|
44,554 |
|
35,851 |
|
200,583 |
|
140,206 |
|
Cost
of revenues |
(41,983 |
) |
(28,650 |
) |
(20,148 |
) |
(117,876 |
) |
(79,928 |
) |
Gross profit |
39,731 |
|
15,904 |
|
15,703 |
|
82,707 |
|
60,278 |
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Research and development expenses |
(20,558 |
) |
(15,497 |
) |
(17,157 |
) |
(66,947 |
) |
(61,169 |
) |
Sales
and marketing expenses |
(7,486 |
) |
(5,456 |
) |
(4,260 |
) |
(19,888 |
) |
(14,601 |
) |
General and administrative expenses |
(7,744 |
) |
(13,216 |
) |
(6,123 |
) |
(36,517 |
) |
(26,010 |
) |
Impairment of assets |
- |
|
(13,556 |
) |
- |
|
(13,556 |
) |
- |
|
Total operating expenses |
(35,788 |
) |
(47,725 |
) |
(27,540 |
) |
(136,908 |
) |
(101,780 |
) |
|
|
|
|
|
|
Operating (loss)/income |
3,943 |
|
(31,821 |
) |
(11,837 |
) |
(54,201 |
) |
(41,502 |
) |
Interest income |
460 |
|
399 |
|
448 |
|
1,967 |
|
2,158 |
|
Interest expense |
(60 |
) |
(60 |
) |
(60 |
) |
(239 |
) |
(239 |
) |
Other
income/(loss), net |
833 |
|
2,068 |
|
1,642 |
|
7,880 |
|
6,502 |
|
Share of
income/(loss) from equity investee |
(1,567 |
) |
(75 |
) |
(187 |
) |
(1,875 |
) |
(194 |
) |
(Loss) / Income from continuing operations before income
taxes |
3,609 |
|
(29,489 |
) |
(9,994 |
) |
(46,468 |
) |
(33,275 |
) |
Income tax (expense)/benefit |
(560 |
) |
2,728 |
|
1,518 |
|
2,252 |
|
2,469 |
|
Net (loss) / income from continuing
operations |
3,049 |
|
(26,761 |
) |
(8,476 |
) |
(44,216 |
) |
(30,806 |
) |
|
|
|
|
|
|
Discontinued operations |
|
|
|
|
|
(Loss) / gain from discontinued operations before income taxes |
1,279 |
|
1,419 |
|
1,748 |
|
7,538 |
|
7,791 |
|
Income tax benefit/(expense) |
(192 |
) |
(213 |
) |
(269 |
) |
(1,131 |
) |
(1,168 |
) |
Net income from
discontinued operations |
1,087 |
|
1,206 |
|
1,479 |
|
6,407 |
|
6,623 |
|
|
|
|
|
|
|
Net (loss)/income |
4,136 |
|
(25,555 |
) |
(6,997 |
) |
(37,809 |
) |
(24,183 |
) |
Less:
net profit/(loss) attributable to non-controlling interest |
(4 |
) |
5 |
|
(33 |
) |
13 |
|
(72 |
) |
Net (loss)/income attributable to common
shareholders |
4,140 |
|
(25,560 |
) |
(6,964 |
) |
(37,822 |
) |
(24,111 |
) |
|
|
|
|
|
|
Earnings/(loss) per share for common shares,
basic |
|
|
|
|
|
Continuing operations |
0.0092 |
|
(0.0805 |
) |
(0.0256 |
) |
(0.1333 |
) |
(0.0919 |
) |
Discontinued operations |
0.0033 |
|
0.0036 |
|
0.0045 |
|
0.0193 |
|
0.0198 |
|
Total
earnings/(loss) per share for common shares, basic |
0.0125 |
|
(0.0769 |
) |
(0.0211 |
) |
(0.1140 |
) |
(0.0721 |
) |
|
|
|
|
|
|
Earnings/(loss) per share for common shares,
diluted |
|
|
|
|
|
Continuing operations |
0.0090 |
|
(0.0805 |
) |
(0.0256 |
) |
(0.1333 |
) |
(0.0919 |
) |
Discontinued operations |
0.0032 |
|
0.0036 |
|
0.0045 |
|
0.0193 |
|
0.0198 |
|
Total
earnings/(loss) per share for common shares, diluted |
0.0122 |
|
(0.0769 |
) |
(0.0211 |
) |
(0.1140 |
) |
(0.0721 |
) |
|
|
|
|
|
|
Earnings/(loss) per ADS, basic |
|
|
|
|
|
Continuing operations |
0.0460 |
|
(0.4027 |
) |
(0.1279 |
) |
(0.6665 |
) |
(0.4596 |
) |
Discontinued operations |
0.0163 |
|
0.0182 |
|
0.0224 |
|
0.0966 |
|
0.0991 |
|
Total
earnings/(loss) per ADS, basic |
0.0623 |
|
(0.3845 |
) |
(0.1055 |
) |
(0.5699 |
) |
(0.3605 |
) |
|
|
|
|
|
|
Earnings/(loss) per ADS, diluted |
|
|
|
|
|
Continuing operations |
0.0450 |
|
(0.4027 |
) |
(0.1279 |
) |
(0.6665 |
) |
(0.4596 |
) |
Discontinued operations |
0.0161 |
|
0.0182 |
|
0.0224 |
|
0.0966 |
|
0.0991 |
|
Total
earnings/(loss) per ADS, diluted |
0.0611 |
|
(0.3845 |
) |
(0.1055 |
) |
(0.5699 |
) |
(0.3605 |
) |
|
|
|
|
|
|
Weighted average number of common shares used in
calculating continuing operations: |
|
|
|
|
|
Basic |
332,986,916 |
|
332,273,676 |
|
330,397,477 |
|
331,731,963 |
|
334,155,668 |
|
Diluted |
338,685,290 |
|
332,273,676 |
|
330,397,477 |
|
331,731,963 |
|
334,155,668 |
|
|
|
|
|
|
|
Weighted average number of ADSs used in calculating
continuing operations : |
|
|
|
|
|
Basic |
66,597,383 |
|
66,454,735 |
|
66,079,495 |
|
66,346,393 |
|
66,831,134 |
|
Diluted |
67,737,058 |
|
66,454,735 |
|
66,079,495 |
|
66,346,393 |
|
66,831,134 |
|
|
|
|
XUNLEI LIMITED |
Reconciliation of GAAP and Non-GAAP Results (Excluding
discontinued operations) |
(Amounts expressed in thousands of USD, except for
share, per share (or ADS) data) |
|
|
Three months ended |
|
Twelve months ended |
|
|
|
|
|
Dec 31, |
|
Sept 30, |
|
Dec 31, |
|
Dec 31, |
|
Dec 31, |
|
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
GAAP
operating (loss)/income |
3,943 |
|
(31,821 |
) |
(11,837 |
) |
(54,201 |
) |
(41,502 |
) |
Share-based compensation expenses |
1,718 |
|
2,108 |
|
2,543 |
|
8,318 |
|
9,336 |
|
Non-GAAP operating (loss)/ income |
5,661 |
|
(29,713 |
) |
(9,294 |
) |
(45,883 |
) |
(32,166 |
) |
|
|
|
|
|
|
GAAP
net (loss)/income from continuing operations |
3,049 |
|
(26,761 |
) |
(8,476 |
) |
(44,216 |
) |
(30,806 |
) |
Share-based compensation expenses |
1,718 |
|
2,108 |
|
2,543 |
|
8,318 |
|
9,336 |
|
Non-GAAP net (loss)/income from continuing
operations |
4,767 |
|
(24,653 |
) |
(5,933 |
) |
(35,898 |
) |
(21,470 |
) |
|
|
|
|
|
|
GAAP earnings/(loss) per share for common shares
attributable to continuing operations: |
|
|
|
|
|
Basic |
0.0092 |
|
(0.0805 |
) |
(0.0256 |
) |
(0.1333 |
) |
(0.0919 |
) |
Diluted |
0.0090 |
|
(0.0805 |
) |
(0.0256 |
) |
(0.1333 |
) |
(0.0919 |
) |
|
|
|
|
|
|
GAAP earnings/(loss) per ADS attributable to continuing
operations: |
|
|
|
|
|
Basic |
0.0460 |
|
(0.4027 |
) |
(0.1279 |
) |
(0.6665 |
) |
(0.4596 |
) |
Diluted |
0.0450 |
|
(0.4027 |
) |
(0.1279 |
) |
(0.6665 |
) |
(0.4596 |
) |
|
|
|
|
|
|
Non-GAAP earnings/(loss) per share for common shares
attributable to continuing operations: |
|
|
|
|
|
Basic |
0.0143 |
|
(0.0742 |
) |
(0.0179 |
) |
(0.1083 |
) |
(0.0640 |
) |
Diluted |
0.0141 |
|
(0.0742 |
) |
(0.0179 |
) |
(0.1083 |
) |
(0.0640 |
) |
|
|
|
|
|
|
Non-GAAP earnings/(loss) per ADS attributable to
continuing operations: |
|
|
|
|
|
Basic |
0.0715 |
|
(0.3710 |
) |
(0.0895 |
) |
(0.5415 |
) |
(0.3200 |
) |
Diluted |
0.0705 |
|
(0.3710 |
) |
(0.0895 |
) |
(0.5415 |
) |
(0.3200 |
) |
|
|
|
|
|
|
Weighted average number of common shares used in
calculating: |
|
|
|
|
|
Basic |
332,986,916 |
|
332,273,676 |
|
330,397,477 |
|
331,731,963 |
|
334,155,668 |
|
Diluted |
338,685,290 |
|
332,273,676 |
|
330,397,477 |
|
331,731,963 |
|
334,155,668 |
|
|
|
|
|
|
|
Weighted average number of ADSs used in
calculating: |
|
|
|
|
|
Basic |
66,597,383 |
|
66,454,735 |
|
66,079,495 |
|
66,346,393 |
|
66,831,134 |
|
Diluted |
67,737,058 |
|
66,454,735 |
|
66,079,495 |
|
66,346,393 |
|
66,831,134 |
|
CONTACT: IR Contact:Xunlei LimitedEmail:
ir@xunlei.comTel: +86 755 8633 8443Website:
http://ir.xunlei.com
1 Due to the strategic shift of our operations, we entered into
agreement to sell our web game business in December 2017.
According to applicable accounting standards, assets and
liabilities related to web game business, including comparatives,
are reclassified as assets/liabilities held for sale, while the
result related to web game business, including comparatives, are
reported as discontinued operations. Figures presented in
this earning release are related to continuing operations only and
exclude results from web game business unless indicated
otherwise. We believe the disposal can let us better arrange
our internal resources and focus on the Company’s current
strategy.
2 The calculation is based on the number of users who can assess
our premium acceleration services, including accounts temporarily
suspended but excluding sub-accounts and accounts on a trial basis.
In order to promote customer loyalty, we may elevate the VIP levels
of our subscribers if they actively engage in our services, for
example, frequently participating in reviewing and rating of our
products. Once upgraded to certain higher VIP levels, our
subscribers may be offered additional independent accounts,
internally termed as sub-accounts. Such sub-accounts allow users to
access to our premium acceleration services, at no additional
charges. Average revenues per subscriber refer to subscription
revenues for the quarter divided by the number of subscriber as of
the quarter end.
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