BEIJING, Nov. 17, 2020 /PRNewswire/ -- Phoenix New Media
Limited (NYSE: FENG) ("Phoenix New Media", "ifeng" or the
"Company"), a leading new media company in China, today announced its unaudited financial
results for the third quarter ended September 30, 2020.
Mr. Shuang Liu, CEO of Phoenix New Media, commented, "We
remained steadfast in our commitment to providing a superior user
experience, fortifying our content leadership, and augmenting our
monetization capabilities in the third quarter of 2020. To further
improve iFeng's user engagement and user retention levels, we
refined the platform's content recommendation engine while also
enhancing its user experience in turn. At the same time, we
maintained our focus on boosting our leadership in those content
verticals which we believe to have long-term strategic value. On
the innovation front, we maintained focus on the cultivation of our
existing business initiatives while also carefully exploring a
number of other potential business opportunities. Looking ahead, we
are convinced that our professional technical expertise, content
leadership, and brand influence will continue to place us at the
tip of the new media spear, allowing us to capture those segments
of the market with promising growth potential as the world rebounds
from the COVID-19 pandemic."
Mr. Edward Lu, CFO of Phoenix New Media, further stated,
"In the face of macroeconomic uncertainties, the COVID-19 pandemic,
and escalating geopolitical tensions, we maintained our laser-sharp
focus on the refinement of our cost structures during the third
quarter of 2020. In light of the current situation, we expect the
new media industry in China to
continue facing pressure throughout the remainder of the year.
Nevertheless, despite these short-term setbacks, we believe that
our steady progress on multiple fronts will provide us with
additional opportunities to augment our business fundamentals,
enhance our growth quality, and ultimately generate long-term
return to our shareholders."
Third quarter 2020 Financial Results
As disclosed in the second quarter 2020 unaudited financial
results announcement made on August 17,
2020, the Company sold all of its investment in Beijing
Yitian Xindong Network Technology Co., Ltd. ("Yitian Xindong" or
"Tadu") in the second quarter of 2020 and the disposal of Tadu was
qualified for reporting as a "discontinued operation" in the
Company's financial statements. Accordingly, Tadu's results of
operations have been excluded from the Company's results from
continuing operations in the condensed consolidated statements of
comprehensive income/(loss) and are presented in separate line
items as discontinued operations for all prior periods. The related
assets and liabilities associated with the discontinued operations
in the prior year consolidated balance sheets were classified as
assets/liabilities held for sale to provide the comparable
financial information, and the financial information and non-GAAP
financial information disclosed in this press release is presented
on a continuing operations basis, unless otherwise specifically
stated.
REVENUES
Total revenues in the third quarter of 2020 decreased by 10.9%
to RMB303.0 million (US$44.6 million) from RMB339.9 million in the same period of 2019,
which was primarily due to the negative impact of the COVID-19
outbreak and heightened industry competitions.
Net advertising revenues in the third quarter of 2020 decreased
by 10.2% to RMB281.3 million
(US$41.4 million) from RMB313.1 million in the same period of 2019. The
decrease was primarily attributable to the negative impact of the
COVID-19 outbreak and heightened industry competitions.
Paid services revenues[1] in the third quarter
of 2020 decreased by 19.0% to RMB21.7
million (US$3.2 million) from
RMB26.8 million in the same period of
2019. Revenues from paid contents in the third quarter of 2020
decreased by 34.3% to RMB8.9 million
(US$1.3 million) from RMB13.5 million in the same period of 2019, which
was mainly due to the tightening of rules and regulations on
digital reading in China and in
line with the broader market conditions. Revenues from MVAS and
games were small and had been declining for the past years.
Revenues from others in the third quarter of 2020 were RMB9.4 million (US$1.4
million), which remained almost unchanged from the same
period of 2019.
[1] Paid
services revenues comprise of (i) revenues from paid contents
excluding those from Tadu, which includes digital reading, audio
books, paid videos, and other content-related sales activities,
(ii) revenues from games, which includes web-based games and
mobile games, (iii) revenues from MVAS, and (iv) revenues from
others.
|
COST OF REVENUES
Cost of revenues in the third quarter of 2020 decreased by 12.3%
to RMB150.0 million (US$22.1 million) from RMB171.1 million in the same period of 2019. The
decrease in cost of revenues was mainly due to the following:
- Content and operational costs in the third quarter of 2020
decreased by 13.4% to RMB129.7
million (US$19.1 million) from
RMB149.9 million in the same period
of 2019, mainly due to the Company's strict cost control measures
taken to enhance its operating efficiency in 2020. Share-based
compensation included in the content and operational costs in the
third quarter of 2020 decreased to RMB0.4
million (US$0.1 million) from
RMB1.5 million in the same period of
2019.
- Revenue sharing fees to telecom operators and channel partners
in the third quarter of 2020 decreased by 17.7% to RMB6.0 million (US$0.9
million) from RMB7.3 million
in the same period of 2019, primarily attributable to the decrease
in revenue sharing fees paid to content providers.
The decrease was partially offset by the following:
- Bandwidth costs in the third quarter of 2020 increased slightly
to RMB14.3 million (US$2.1 million) from RMB13.9 million in the same period of 2019.
GROSS PROFIT
Gross profit in the third quarter of 2020 decreased by 9.4% to
RMB153.0 million (US$22.5 million) from RMB168.8 million in the same period of 2019.
Gross margin in the third quarter of 2020 increased to 50.5% from
49.7% in the same period of 2019, primarily attributable to the
Company's strict cost control measures taken to enhance its
operating efficiency in 2020, as explained above.
To supplement the financial measures presented in accordance
with the United States Generally Accepted Accounting Principles
("GAAP"), the Company has presented certain non-GAAP financial
measures in this press release, which excluded the impact of
certain reconciling items as stated in the "Use of Non-GAAP
Financial Measures" section below. The related reconciliations to
GAAP financial measures are presented in the accompanying
"Reconciliations of Non-GAAP Results of Operation Measures to the
Nearest Comparable GAAP Measures."
Non-GAAP gross margin in the third quarter of 2020, which
excluded share-based compensation, increased to 50.6% from 50.1% in
the same period of 2019.
OPERATING EXPENSES AND INCOME OR LOSS FROM
OPERATIONS
Total operating expenses in the third quarter of 2020 decreased
by 20.8% to RMB181.4 million
(US$26.7 million) from RMB229.0 million in the same period of 2019,
primarily attributable to the decreases in both the Company's
traffic acquisition expenses and the personnel-related expenses as
a result of the strict cost control measures taken by the Company
to enhance its operating efficiency in 2020, which was partially
offset by the increase in bad debt expenses caused by the slower
collection of receivables as a result of the COVID-19 outbreak.
Share-based compensation included in operating expenses in the
third quarter of 2020 was RMB1.3
million (US$0.2 million),
compared to RMB1.9 million in the
same period of 2019.
Loss from operations in the third quarter of 2020 was
RMB28.4 million (US$4.2 million), compared to loss from operations
of RMB60.2 million in the same period
of 2019. Operating margin in the third quarter of 2020 was negative
9.4%, compared to negative 17.7% in the same period of 2019.
Non-GAAP loss from operations in the third quarter of 2020,
which excluded share-based compensation, was RMB26.7 million (US$3.9
million), compared to non-GAAP loss from operations of
RMB56.8 million in the same period of
2019. Non-GAAP operating margin in the third quarter of 2020, which
excluded share-based compensation, was negative 8.8%, compared to
negative 16.7% in the same period of 2019.
OTHER INCOME OR LOSS
Other income or loss reflects net interest income, foreign
currency exchange gain or loss, income or loss from equity method
investments, net of impairment, impairment of available-for-sale
debt investments, changes in fair value of loan related to co-sale
of Particle shares, and others, net[2]. Total net other
income in the third quarter of 2020 was RMB30.9 million (US$4.6
million), compared to total net other income of RMB19.2 million in the same period of 2019. The
increase in total net other income was mainly due to the
following:
- Net interest income in the third quarter of 2020 increased to
RMB14.8 million (US$2.2 million) from RMB7.7 million in the same period of 2019, mainly
caused by more investments in term deposits and short term
investments in the third quarter of 2020, as the Company received
the remaining payment of approximately US$99.3 million from Run Liang Tai on
August 10, 2020, as mentioned in the
section headed "CERTAIN BALANCE SHEET ITEMS" below.
- Foreign currency exchange gain in the third quarter of 2020 was
RMB3.2 million (US$0.5 million), compared to RMB6.1 million in the same period of 2019.
- Income from equity method investments, net of impairment in the
third quarter of 2020 was RMB6.0
million (US$0.9 million),
which reflected the gain from disposal of the equity investment in
certain investee incurred in the third quarter of 2020.
- Impairment of available-for-sale debt investment in the third
quarter of 2020 was RMB2.0 million
(US$0.3 million), which reflected the
amount of the impairment related to credit losses on the
available-for-sale debt investment in certain investee incurred in
the third quarter of 2020.
- Changes in fair value of loan related to co-sale of Particle
shares in the third quarter of 2020 were a loss of RMB4.5 million (US$0.7
million), mainly caused by the decline in the fair value of
an interest-free loan with the principal of approximately
US$9.7 million granted by the Company
to Run Liang Tai. Run Liang Tai
pledged 4,584,209 series D1 preferred shares of Particle to the
Company to secure the repayment of the loan and transferred the
pledged shares back to the Company in satisfaction of its
obligation to repay the US$9.7
million loan in August 2020.
In view of the nature of the loan which was collateralized by the
above mentioned pledged shares, the Company elected to account for
the loan under the fair value option.
- Others, net, in the third quarter of 2020 increased to
RMB13.4 million (US$2.0 million), from RMB5.4 million in the same period of 2019, mainly
caused by more government subsidies received in the third quarter
of 2020.
[2]
"Others, net" primarily consists of government subsidies and
litigation loss provisions.
|
NET INCOME OR LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE
TO PHOENIX NEW MEDIA
LIMITED
Net loss from continuing operations attributable to Phoenix New
Media Limited in the third quarter of 2020 was RMB0.9 million (US$0.1
million), compared to net loss from continuing operations
attributable to Phoenix New Media Limited of RMB50.9 million in the same period of 2019. Net
margin from continuing operations in the third quarter of 2020 was
negative 0.3%, compared to negative 15.0% in the same period of
2019. Net loss from continuing operations per diluted
ADS[3] in the third quarter of 2020 was RMB0.01 (US$0.00),
compared to net loss from continuing operations per diluted ADS of
RMB0.70 in the same period of
2019.
Non-GAAP net income from continuing operations attributable to
Phoenix New Media Limited, which excluded share-based compensation,
income or loss from equity method investments, net of impairment,
impairment of available-for-sale debt investments, changes in fair
value of loan related to co-sale of Particle shares and changes in
fair value of forward contract in relation to future disposal of
investments in Particle, was RMB1.3
million (US$0.2 million) in
the third quarter of 2020, compared to non-GAAP net loss from
continuing operations attributable to Phoenix New Media Limited of
RMB47.5 million in the same period of
2019. Non-GAAP net margin from continuing operations in the third
quarter of 2020 was positive 0.4%, compared to negative 14.0% in
the same period of 2019. Non-GAAP net income from continuing
operations per basic and diluted ADS in the third quarter of 2020
was RMB0.02 (US$0.00), compared to non-GAAP net loss from
continuing operations per basic and diluted ADS of RMB0.65 in the same period of 2019.
In the third quarter of 2020, the Company's weighted average
number of ADSs used in the computation of diluted net income from
continuing operations per basic and diluted ADS was 72,790,541. As
of September 30, 2020, the Company had a total of 582,324,325
ordinary shares outstanding, or the equivalent of 72,790,541
ADSs.
[3] "ADS"
means American Depositary Share of the Company. Each ADS represents
eight Class A ordinary shares of the Company.
|
CERTAIN BALANCE SHEET ITEMS
As of September 30, 2020, the Company's cash and cash
equivalents, term deposits and short term investments and
restricted cash were RMB2.37 billion
(US$349.5 million).
As previously announced by the Company, the Company entered into
a share purchase agreement (the "SPA") with Run Liang Tai
Management Limited, or Run Liang Tai, and its designated entities
(the "Proposed Buyers") on March 22, 2019 and entered into a
series of agreements with Run Liang Tai and the other shareholders
of Particle to resolve certain issues in connection with the sale
of preferred shares in Particle Inc. ("Particle") ("Previous
Agreements"). The Company completed delivery of the first batch of
preferred shares of Particle to the Proposed Buyers in the fourth
quarter of 2019, and the Proposed Buyers were required to pay the
remaining purchase price for the second batch of Particle shares to
the Company on or before August 10,
2020. In August 2020, the
Company announced that it had signed a new share purchase agreement
(the "New SPA") with Run Liang Tai, which replaced the Company's
Previous Agreements with Run Liang Tai. Under the New SPA, the
rights and obligations of both the Proposed Buyers and the Company
with respect to the second batch of shares under the Previous
Agreements were terminated, and instead, the Company agreed to sell
a total of 140,248,775 shares of Particle to the Proposed Buyers at
a total purchase price of US$150
million and a per share purchase price of US$1.0695 (the "Transaction"). On August 10, 2020, the Proposed Buyers paid
approximately US$99.3 million (the
"Remaining Payment") to the Company under the New SPA, which
represents the difference between the total purchase price and the
US$50 million deposit already paid by
the Proposed Buyers to the Company under the Previous Agreements
plus certain other accrued interests. As of today, the closing
conditions for the New SPA have been satisfied. The shareholders of
the Company's parent company, Phoenix Media Investment (Holdings)
Limited ("Phoenix TV"), approved the New SPA on October 14, 2020. The Transaction was closed on
October 19, 2020.
The fair value of the Company's available-for-sale debt
investments in Particle was increased from RMB1,057.8 million as of June 30, 2020 to RMB1,061.3 million (US$156.3 million) as of September 30, 2020. The available-for-sale debt
investments as of September 30, 2020
included both the 140,248,775 shares of Particle to be delivered on
October 19, 2020 and the 4,584,209
series D1 preferred shares of Particle transferred to the Company
by Run Liang Tai in August 2020,
which were previously pledged to the Company to secure the
repayment of an interest-free loan with the principal of
approximately US$9.7 million granted
by the Company to Run Liang Tai. All the changes in fair value of
available-for-sale debt investments in Particle recorded in the
accumulated other comprehensive income or loss in shareholders'
equity related to the 140,248,775 shares of Particle delivered on
October 19, 2020 are expected to be
reclassified into gain on disposal of available-for-sale debt
investments in the Company's consolidated statements of
comprehensive income/(loss) in the fourth quarter of 2020. The fair
value of the investments in Particle as of September 30, 2020 was determined based on a
valuation technique under the market approach, known as the
guideline company method, as well as using observable transactions
of Particle's shares, as the selling price of the Transaction.
Business Outlook
For the fourth quarter of 2020, the Company expects its total
revenues to be between RMB332.4
million and RMB362.4 million;
net advertising revenues are expected to be between RMB309.6 million and RMB334.6 million; and paid services revenues are
expected to be between RMB22.8
million and RMB27.8
million.
All of the above forecasts reflect the current and preliminary
views of Company management, which are subject to change and
substantial uncertainty, particularly in view of the potential
impact of the COVID-19 outbreak, the effects of which are difficult
to analyse and predict.
Conference Call Information
The Company will hold a conference call at 8:00 p.m. U.S.
Eastern Time on November 17, 2020
(November 18, 2020 at 9:00
a.m. Beijing/Hong Kong time)
to discuss its third quarter 2020 unaudited financial results and
operating performance.
To participate in the call, please register in advance of the
conference by navigating to
http://apac.directeventreg.com/registration/event/4731548 . Upon
registering, you will be provided with participant dial-in numbers,
Direct Event passcode and unique registrant ID by email. Please
dial in 10 minutes prior to the call, using the participant dial-in
numbers, Direct Event Passcode and unique registrant ID which would
be provided upon registering. You will be automatically linked to
the live call after completion of this process.
A replay of the call will be available through November 25,
2020 by using the dial-in numbers and conference ID below:
International:
|
|
+61 2 8199
0299
|
Mainland
China:
|
|
4006322162
|
Hong Kong:
|
|
+852
30512780
|
United
States:
|
|
+1 646 254
3697
|
Conference
ID:
|
|
4731548
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.ifeng.com.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with the United States Generally Accepted Accounting
Principles ("GAAP"), Phoenix New Media Limited uses non-GAAP gross
profit, non-GAAP gross margin, non-GAAP income or loss from
operations, non-GAAP operating margin, non-GAAP net income or loss
from continuing operations attributable to Phoenix New Media
Limited, non-GAAP net margin from continuing operations and
non-GAAP net income or loss from continuing operations per diluted
ADS, each of which is a non-GAAP financial measure. Non-GAAP gross
profit is gross profit excluding share-based compensation. Non-GAAP
gross margin is non-GAAP gross profit divided by total revenues.
Non-GAAP income or loss from operations is income or loss from
operations excluding share-based compensation. Non-GAAP operating
margin is non-GAAP income or loss from operations divided by total
revenues. Non-GAAP net income or loss from continuing operations
attributable to Phoenix New Media Limited is net income or loss
from continuing operations attributable to Phoenix New Media
Limited excluding share-based compensation, income or loss from
equity method investments, net of impairment, impairment of
available-for-sale debt investments, changes in fair value of loan
related to co-sale of Particle shares, and changes in fair value of
forward contract in relation to future disposal of investments in
Particle. Non-GAAP net margin from continuing operations is
non-GAAP net income or loss from continuing operations attributable
to Phoenix New Media Limited divided by total revenues. Non-GAAP
net income or loss from continuing operations per diluted ADS is
non-GAAP net income or loss from continuing operations attributable
to Phoenix New Media Limited divided by weighted average number of
diluted ADSs. The Company believes that separate analysis and
exclusion of the aforementioned non-GAAP to GAAP reconciling items
add clarity to the constituent parts of its performance. The
Company reviews these non-GAAP financial measures together with the
related GAAP financial measures to obtain a better understanding of
its operating performance. It uses these non-GAAP financial
measures for planning, forecasting and measuring results against
the forecast. The Company believes that using these non-GAAP
financial measures to evaluate its business allows both management
and investors to assess the Company's performance against its
competitors and ultimately monitor its capacity to generate returns
for investors. The Company also believes that these non-GAAP
financial measures are useful supplemental information for
investors and analysts to assess its operating performance without
the effect of items like share-based compensation, income or loss
from equity method investments, net of impairment, which have been
and will continue to be significant recurring items, and without
the effect of impairment of available-for-sale debt investments,
changes in fair value of loan related to co-sale of Particle shares
and changes in fair value of forward contract in relation to future
disposal of investments in Particle which have been significant and
one-time items. However, the use of these non-GAAP financial
measures has material limitations as an analytical tool. One of the
limitations of using these non-GAAP financial measures is that they
do not include all items that impact the Company's gross profit,
income or loss from operations and net income or loss from
continuing operations attributable to Phoenix New Media Limited for
the period. In addition, because these non-GAAP financial measures
are not calculated in the same manner by all companies, they may
not be comparable to other similarly titled measures used by other
companies. In light of the foregoing limitations, you should not
consider these non-GAAP financial measures in isolation from, or as
an alternative to, the financial measures prepared in accordance
with GAAP.
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate
of RMB6.7896 to US$1.00,
the noon buying rate in effect on September
30, 2020 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the RMB or
USD amounts referred could be converted into USD or RMB, as the
case may be, at any particular rate or at all. For analytical
presentation, all percentages are calculated using the numbers
presented in the financial statements contained in this earnings
release.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media
company providing premium content on an integrated Internet
platform, including PC and mobile, in China. Having originated from a leading global
Chinese language TV network based in Hong
Kong, Phoenix TV, the Company enables consumers to access
professional news and other quality information and share
user-generated content on the Internet through their PCs and mobile
devices. Phoenix New Media's platform includes its PC channel,
consisting of ifeng.com website, which comprises interest-based
verticals and interactive services; its mobile channel, consisting
of mobile news applications, mobile video application and mobile
Internet website; and its operations with the telecom operators
that provides mobile value-added services.
Safe Harbor Statement
This announcement contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
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" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Phoenix New Media's strategic and
operational plans, contain forward−looking statements. Phoenix New
Media may also make written or oral forward−looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20−F and 6−K, 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 Phoenix New Media'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 those contained in any
forward−looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of online and mobile advertising,
online video and mobile paid services markets in China; the Company's reliance on online and
mobile advertising and MVAS for a majority of its total revenues;
the Company's expectations regarding demand for and market
acceptance of its services; the Company's expectations regarding
maintaining and strengthening its relationships with advertisers,
partners and customers; the Company's investment plans and
strategies, fluctuations in the Company's quarterly operating
results; the Company's plans to enhance its user experience,
infrastructure and services offerings; the Company's reliance on
mobile operators in China to
provide most of its MVAS; changes by mobile operators in
China to their policies for MVAS;
competition in its industry in China; relevant government policies and
regulations relating to the Company; and the effects of the
COVID-19 on the economy in China
in general and on the Company's business in particular. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F−1, as amended, and its annual reports on Form
20−F. All information provided in this press release and in the
attachments is as of the date of this press release, and Phoenix
New Media does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com
ICR, Inc.
Jack Wang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
Phoenix New Media
Limited
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
(Amounts in
thousands)
|
|
|
|
|
|
December 31,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
310,876
|
|
|
|
109,386
|
|
|
|
16,111
|
|
Term deposits and
short term investments
|
|
|
1,271,889
|
|
|
|
2,234,406
|
|
|
|
329,092
|
|
Restricted
cash
|
|
|
66,234
|
|
|
|
29,067
|
|
|
|
4,281
|
|
Accounts receivable,
net
|
|
|
609,627
|
|
|
|
624,676
|
|
|
|
92,005
|
|
Amounts due from
related parties
|
|
|
56,653
|
|
|
|
41,617
|
|
|
|
6,130
|
|
Prepayment and other
current assets
|
|
|
57,391
|
|
|
|
48,151
|
|
|
|
7,092
|
|
Assets held for
sale
|
|
|
184,032
|
|
|
|
-
|
|
|
|
-
|
|
Total current
assets
|
|
|
2,556,702
|
|
|
|
3,087,303
|
|
|
|
454,711
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
97,357
|
|
|
|
71,115
|
|
|
|
10,474
|
|
Intangible assets,
net
|
|
|
13,633
|
|
|
|
21,606
|
|
|
|
3,182
|
|
Goodwill
|
|
|
22,786
|
|
|
|
22,786
|
|
|
|
3,356
|
|
Available-for-sale
debt investments
|
|
|
2,014,537
|
|
|
|
1,067,232
|
|
|
|
157,186
|
|
Equity investments,
net
|
|
|
13,237
|
|
|
|
13,000
|
|
|
|
1,915
|
|
Deferred tax
assets
|
|
|
73,688
|
|
|
|
88,955
|
|
|
|
13,102
|
|
Operating lease
right-of- use assets, net
|
|
|
84,550
|
|
|
|
59,103
|
|
|
|
8,705
|
|
Other non-current
assets
|
|
|
19,859
|
|
|
|
19,836
|
|
|
|
2,921
|
|
Assets held for
sale
|
|
|
429,468
|
|
|
|
-
|
|
|
|
-
|
|
Total non-current
assets
|
|
|
2,769,115
|
|
|
|
1,363,633
|
|
|
|
200,841
|
|
Total
assets
|
|
|
5,325,817
|
|
|
|
4,450,936
|
|
|
|
655,552
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
249,018
|
|
|
|
198,422
|
|
|
|
29,224
|
|
Amounts due to related
parties
|
|
|
34,155
|
|
|
|
26,535
|
|
|
|
3,908
|
|
Advances from
customers
|
|
|
46,172
|
|
|
|
38,033
|
|
|
|
5,602
|
|
Taxes
payable
|
|
|
287,765
|
|
|
|
295,564
|
|
|
|
43,532
|
|
Salary and welfare
payable
|
|
|
157,784
|
|
|
|
107,595
|
|
|
|
15,847
|
|
Deposits in relation
to future disposal of investment in Particle
|
|
|
355,212
|
|
|
|
1,021,515
|
|
|
|
150,453
|
|
Accrued expenses and
other current liabilities
|
|
|
274,122
|
|
|
|
181,694
|
|
|
|
26,761
|
|
Operating
lease liabilities
|
|
|
37,874
|
|
|
|
41,349
|
|
|
|
6,090
|
|
Liabilities held for
sale
|
|
|
63,341
|
|
|
|
-
|
|
|
|
-
|
|
Total current
liabilities
|
|
|
1,505,443
|
|
|
|
1,910,707
|
|
|
|
281,417
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
192,142
|
|
|
|
93,774
|
|
|
|
13,811
|
|
Long-term
liabilities
|
|
|
27,612
|
|
|
|
27,612
|
|
|
|
4,067
|
|
Operating
lease liabilities
|
|
|
49,929
|
|
|
|
24,322
|
|
|
|
3,582
|
|
Liabilities held for
sale
|
|
|
5,676
|
|
|
|
-
|
|
|
|
-
|
|
Total non-current
liabilities
|
|
|
275,359
|
|
|
|
145,708
|
|
|
|
21,460
|
|
Total
liabilities
|
|
|
1,780,802
|
|
|
|
2,056,415
|
|
|
|
302,877
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix New Media
Limited shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
|
17,499
|
|
|
|
17,499
|
|
|
|
2,577
|
|
Class B ordinary
shares
|
|
|
22,053
|
|
|
|
22,053
|
|
|
|
3,248
|
|
Additional paid-in
capital
|
|
|
1,611,484
|
|
|
|
1,616,941
|
|
|
|
238,150
|
|
Statutory
reserves
|
|
|
88,583
|
|
|
|
88,583
|
|
|
|
13,047
|
|
Retained
earnings
|
|
|
186,324
|
|
|
|
113,966
|
|
|
|
16,785
|
|
Accumulated other
comprehensive income
|
|
|
1,405,808
|
|
|
|
507,045
|
|
|
|
74,680
|
|
Total Phoenix New
Media Limited shareholders' equity
|
|
|
3,331,751
|
|
|
|
2,366,087
|
|
|
|
348,487
|
|
Noncontrolling
interests
|
|
|
213,264
|
|
|
|
28,434
|
|
|
|
4,188
|
|
Total
shareholders' equity
|
|
|
3,545,015
|
|
|
|
2,394,521
|
|
|
|
352,675
|
|
Total liabilities
and shareholders' equity
|
|
|
5,325,817
|
|
|
|
4,450,936
|
|
|
|
655,552
|
|
Phoenix New Media
Limited
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income/(loss)
|
|
(Amounts in
thousands, except for number of shares and per share (or ADS)
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
revenues
|
|
313,139
|
|
|
|
286,346
|
|
|
|
281,308
|
|
|
|
41,432
|
|
|
|
831,647
|
|
|
|
776,364
|
|
|
|
114,346
|
|
Paid service
revenues
|
|
26,771
|
|
|
|
25,935
|
|
|
|
21,681
|
|
|
|
3,193
|
|
|
|
95,761
|
|
|
|
70,282
|
|
|
|
10,351
|
|
Total
revenues
|
|
339,910
|
|
|
|
312,281
|
|
|
|
302,989
|
|
|
|
44,625
|
|
|
|
927,408
|
|
|
|
846,646
|
|
|
|
124,697
|
|
Cost of
revenues
|
|
(171,076)
|
|
|
|
(124,728)
|
|
|
|
(150,036)
|
|
|
|
(22,098)
|
|
|
|
(494,511)
|
|
|
|
(380,062)
|
|
|
|
(55,977)
|
|
Gross
profit
|
|
168,834
|
|
|
|
187,553
|
|
|
|
152,953
|
|
|
|
22,527
|
|
|
|
432,897
|
|
|
|
466,584
|
|
|
|
68,720
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(138,685)
|
|
|
|
(57,247)
|
|
|
|
(64,899)
|
|
|
|
(9,559)
|
|
|
|
(381,191)
|
|
|
|
(203,769)
|
|
|
|
(30,012)
|
|
General and
administrative expenses
|
|
(36,748)
|
|
|
|
(62,161)
|
|
|
|
(74,782)
|
|
|
|
(11,014)
|
|
|
|
(138,806)
|
|
|
|
(207,215)
|
|
|
|
(30,519)
|
|
Technology and product
development
expenses
|
|
(53,599)
|
|
|
|
(42,555)
|
|
|
|
(41,706)
|
|
|
|
(6,143)
|
|
|
|
(160,925)
|
|
|
|
(129,372)
|
|
|
|
(19,054)
|
|
Total operating
expenses
|
|
(229,032)
|
|
|
|
(161,963)
|
|
|
|
(181,387)
|
|
|
|
(26,716)
|
|
|
|
(680,922)
|
|
|
|
(540,356)
|
|
|
|
(79,585)
|
|
(Loss)/income from
operations
|
|
(60,198)
|
|
|
|
25,590
|
|
|
|
(28,434)
|
|
|
|
(4,189)
|
|
|
|
(248,025)
|
|
|
|
(73,772)
|
|
|
|
(10,865)
|
|
Other
income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
7,727
|
|
|
|
4,918
|
|
|
|
14,792
|
|
|
|
2,179
|
|
|
|
16,048
|
|
|
|
26,112
|
|
|
|
3,846
|
|
Foreign currency
exchange gain
|
|
6,134
|
|
|
|
83
|
|
|
|
3,218
|
|
|
|
474
|
|
|
|
6,889
|
|
|
|
1,573
|
|
|
|
232
|
|
Income/(loss) from
equity method
investments, net of impairment
|
|
-
|
|
|
|
-
|
|
|
|
6,013
|
|
|
|
886
|
|
|
|
(3,447)
|
|
|
|
5,777
|
|
|
|
851
|
|
Impairment of
available-for-sale debt
investments
|
|
-
|
|
|
|
-
|
|
|
|
(2,000)
|
|
|
|
(295)
|
|
|
|
-
|
|
|
|
(2,000)
|
|
|
|
(295)
|
|
Changes in fair value
of loan related to
co-sale of Particle shares
|
|
-
|
|
|
|
(20,049)
|
|
|
|
(4,486)
|
|
|
|
(661)
|
|
|
|
-
|
|
|
|
(24,535)
|
|
|
|
(3,614)
|
|
Changes in fair value
of forward contract in
relation to
future disposal of investments
in
Particle
|
|
-
|
|
|
|
1,341
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
16,085
|
|
|
|
2,369
|
|
Others, net
|
|
5,301
|
|
|
|
8,635
|
|
|
|
13,360
|
|
|
|
1,968
|
|
|
|
11,680
|
|
|
|
27,111
|
|
|
|
3,993
|
|
(Loss)/income from
continuing operations
before income taxes
|
|
(41,036)
|
|
|
|
20,518
|
|
|
|
2,463
|
|
|
|
362
|
|
|
|
(216,855)
|
|
|
|
(23,649)
|
|
|
|
(3,483)
|
|
Income tax
expense
|
|
(7,209)
|
|
|
|
(3,216)
|
|
|
|
(1,725)
|
|
|
|
(254)
|
|
|
|
(18,601)
|
|
|
|
(4,184)
|
|
|
|
(616)
|
|
Net (loss)/income
from continuing operations
|
|
(48,245)
|
|
|
|
17,302
|
|
|
|
738
|
|
|
|
108
|
|
|
|
(235,456)
|
|
|
|
(27,833)
|
|
|
|
(4,099)
|
|
Net income/(loss)
from discontinued
operations, net of income taxes
|
|
50,276
|
|
|
|
(17,869)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
38,882
|
|
|
|
(62,366)
|
|
|
|
(9,186)
|
|
Net
income/(loss)
|
|
2,031
|
|
|
|
(567)
|
|
|
|
738
|
|
|
|
108
|
|
|
|
(196,574)
|
|
|
|
(90,199)
|
|
|
|
(13,285)
|
|
Net loss/(income)
attributable to
noncontrolling interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
attributable to
noncontrolling interests
|
|
(2,686)
|
|
|
|
(14,536)
|
|
|
|
(1,687)
|
|
|
|
(248)
|
|
|
|
(2,872)
|
|
|
|
(8,969)
|
|
|
|
(1,321)
|
|
Net loss from
discontinued operations
attributable to
noncontrolling interests
|
|
6,582
|
|
|
|
1,884
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,521
|
|
|
|
24,759
|
|
|
|
3,647
|
|
Net loss/(income)
attributable to
noncontrolling interests
|
|
3,896
|
|
|
|
(12,652)
|
|
|
|
(1,687)
|
|
|
|
(248)
|
|
|
|
12,649
|
|
|
|
15,790
|
|
|
|
2,326
|
|
Net income/(loss)
attributable to Phoenix
New Media Limited:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income from
continuing
operations attributable to Phoenix New
Media Limited
|
|
(50,931)
|
|
|
|
2,766
|
|
|
|
(949)
|
|
|
|
(140)
|
|
|
|
(238,328)
|
|
|
|
(36,802)
|
|
|
|
(5,420)
|
|
Net income/(loss) from
discontinued
operations attributable to Phoenix New
Media Limited
|
|
56,858
|
|
|
|
(15,985)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
54,403
|
|
|
|
(37,607)
|
|
|
|
(5,539)
|
|
Net income/(loss)
attributable to Phoenix
New Media Limited
|
|
5,927
|
|
|
|
(13,219)
|
|
|
|
(949)
|
|
|
|
(140)
|
|
|
|
(183,925)
|
|
|
|
(74,409)
|
|
|
|
(10,959)
|
|
Net
income/(loss)
|
|
2,031
|
|
|
|
(567)
|
|
|
|
738
|
|
|
|
108
|
|
|
|
(196,574)
|
|
|
|
(90,199)
|
|
|
|
(13,285)
|
|
Other comprehensive
income/(loss), net of
tax: fair value remeasurement for
available-for-sale investments
|
|
734,931
|
|
|
|
(886,110)
|
|
|
|
1,598
|
|
|
|
235
|
|
|
|
997,251
|
|
|
|
(884,512)
|
|
|
|
(130,275)
|
|
Other comprehensive
income/(loss), net of
tax: foreign currency translation
adjustment
|
|
51,044
|
|
|
|
(1,602)
|
|
|
|
(43,077)
|
|
|
|
(6,345)
|
|
|
|
68,795
|
|
|
|
(14,251)
|
|
|
|
(2,099)
|
|
Comprehensive
income/(loss)
|
|
788,006
|
|
|
|
(888,279)
|
|
|
|
(40,741)
|
|
|
|
(6,002)
|
|
|
|
869,472
|
|
|
|
(988,962)
|
|
|
|
(145,659)
|
|
Comprehensive
loss/(income) attributable to
noncontrolling
interests
|
|
3,896
|
|
|
|
(12,652)
|
|
|
|
(1,687)
|
|
|
|
(248)
|
|
|
|
12,649
|
|
|
|
15,790
|
|
|
|
2,326
|
|
Comprehensive
income/(loss) attributable to
Phoenix New
Media Limited
|
|
791,902
|
|
|
|
(900,931)
|
|
|
|
(42,428)
|
|
|
|
(6,250)
|
|
|
|
882,121
|
|
|
|
(973,172)
|
|
|
|
(143,333)
|
|
Basic net
income/(loss) per Class A and Class
B ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
|
(0.09)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(0.41)
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
|
-Discontinued
operations
|
|
0.10
|
|
|
|
(0.02)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.09
|
|
|
|
(0.07)
|
|
|
|
(0.01)
|
|
Basic net
income/(loss) per Class A and
Class B
ordinary share
|
|
0.01
|
|
|
|
(0.02)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(0.32)
|
|
|
|
(0.13)
|
|
|
|
(0.02)
|
|
Diluted net
income/(loss) per Class A
and Class B
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
|
(0.09)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(0.41)
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
|
-Discontinued
operations
|
|
0.10
|
|
|
|
(0.02)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.09
|
|
|
|
(0.07)
|
|
|
|
(0.01)
|
|
Diluted net
income/(loss) per Class A
and
Class B ordinary share
|
|
0.01
|
|
|
|
(0.02)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
(0.32)
|
|
|
|
(0.13)
|
|
|
|
(0.02)
|
|
Basic
income/(loss) per ADS (1 ADS
represents
8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
|
(0.70)
|
|
|
|
0.04
|
|
|
|
(0.01)
|
|
|
|
0.00
|
|
|
|
(3.27)
|
|
|
|
(0.50)
|
|
|
|
(0.07)
|
|
-Discontinued
operations
|
|
0.78
|
|
|
|
(0.22)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.74
|
|
|
|
(0.52)
|
|
|
|
(0.08)
|
|
Basic net
income/(loss) per ADS (1 ADS
represents 8 Class A ordinary
shares)
|
|
0.08
|
|
|
|
(0.18)
|
|
|
|
(0.01)
|
|
|
|
0.00
|
|
|
|
(2.53)
|
|
|
|
(1.02)
|
|
|
|
(0.15)
|
|
Diluted net
income/(loss) per ADS (1 ADS
represents
8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
|
(0.70)
|
|
|
|
0.04
|
|
|
|
(0.01)
|
|
|
|
0.00
|
|
|
|
(3.27)
|
|
|
|
(0.50)
|
|
|
|
(0.07)
|
|
-Discontinued
operations
|
|
0.78
|
|
|
|
(0.22)
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.74
|
|
|
|
(0.52)
|
|
|
|
(0.08)
|
|
Diluted net
income/(loss) per ADS (1 ADS
represents 8 Class A ordinary
shares)
|
|
0.08
|
|
|
|
(0.18)
|
|
|
|
(0.01)
|
|
|
|
0.00
|
|
|
|
(2.53)
|
|
|
|
(1.02)
|
|
|
|
(0.15)
|
|
Weighted average
number of Class A and Class
B ordinary shares used in computing net
income/(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,259,624
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
Diluted
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,259,624
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
Phoenix New Media
Limited
|
|
Unaudited
Condensed Segment Information
|
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
|
313,139
|
|
|
|
286,346
|
|
|
|
281,308
|
|
|
|
41,432
|
|
|
|
831,647
|
|
|
|
776,364
|
|
|
|
114,346
|
|
Paid
services
|
|
26,771
|
|
|
|
25,935
|
|
|
|
21,681
|
|
|
|
3,193
|
|
|
|
95,761
|
|
|
|
70,282
|
|
|
|
10,351
|
|
Total
revenues
|
|
339,910
|
|
|
|
312,281
|
|
|
|
302,989
|
|
|
|
44,625
|
|
|
|
927,408
|
|
|
|
846,646
|
|
|
|
124,697
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
|
157,054
|
|
|
|
117,536
|
|
|
|
143,463
|
|
|
|
21,130
|
|
|
|
442,730
|
|
|
|
358,232
|
|
|
|
52,762
|
|
Paid
services
|
|
14,022
|
|
|
|
7,192
|
|
|
|
6,573
|
|
|
|
968
|
|
|
|
51,781
|
|
|
|
21,830
|
|
|
|
3,215
|
|
Total cost of
revenues
|
|
171,076
|
|
|
|
124,728
|
|
|
|
150,036
|
|
|
|
22,098
|
|
|
|
494,511
|
|
|
|
380,062
|
|
|
|
55,977
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
|
156,085
|
|
|
|
168,810
|
|
|
|
137,845
|
|
|
|
20,302
|
|
|
|
388,917
|
|
|
|
418,132
|
|
|
|
61,584
|
|
Paid
services
|
|
12,749
|
|
|
|
18,743
|
|
|
|
15,108
|
|
|
|
2,225
|
|
|
|
43,980
|
|
|
|
48,452
|
|
|
|
7,136
|
|
Total gross
profit
|
|
168,834
|
|
|
|
187,553
|
|
|
|
152,953
|
|
|
|
22,527
|
|
|
|
432,897
|
|
|
|
466,584
|
|
|
|
68,720
|
|
Phoenix New Media
Limited
|
|
Unaudited
Condensed Information of Cost of Revenues
|
|
(Amounts in
thousands)
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
June
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Revenue sharing
fees
|
|
7,319
|
|
|
|
2,371
|
|
|
|
6,026
|
|
|
|
888
|
|
|
|
23,396
|
|
|
|
12,653
|
|
|
|
1,864
|
|
Content and
operational costs
|
|
149,871
|
|
|
|
107,404
|
|
|
|
129,749
|
|
|
|
19,110
|
|
|
|
431,421
|
|
|
|
324,183
|
|
|
|
47,746
|
|
Bandwidth
costs
|
|
13,886
|
|
|
|
14,953
|
|
|
|
14,261
|
|
|
|
2,100
|
|
|
|
39,694
|
|
|
|
43,226
|
|
|
|
6,367
|
|
Total cost of
revenues
|
|
171,076
|
|
|
|
124,728
|
|
|
|
150,036
|
|
|
|
22,098
|
|
|
|
494,511
|
|
|
|
380,062
|
|
|
|
55,977
|
|
Unaudited
Reconciliations of Non-GAAP Results of Operations Measures to the
Nearest Comparable GAAP
Measures
|
|
(Amounts in
thousands, except for number of ADSs and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2019
|
|
|
Three Months Ended
June 30, 2020
|
|
|
Three Months Ended
September 30, 2020
|
|
|
GAAP
|
|
|
Non-GAAP
Adjustments
|
|
|
|
|
Non-
GAAP
|
|
|
GAAP
|
|
|
Non-GAAP
Adjustments
|
|
|
|
|
Non-
GAAP
|
|
|
GAAP
|
|
|
Non-GAAP
Adjustments
|
|
|
|
|
Non-
GAAP
|
|
|
RMB
|
|
|
RMB
|
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
|
|
RMB
|
|
Gross
profit
|
|
168,834
|
|
|
|
1,476
|
|
|
(1)
|
|
|
170,310
|
|
|
|
187,553
|
|
|
|
842
|
|
|
(1)
|
|
|
188,395
|
|
|
|
152,953
|
|
|
|
401
|
|
|
(1)
|
|
|
153,354
|
|
Gross
margin
|
|
49.7
|
%
|
|
|
|
|
|
|
|
|
50.1
|
%
|
|
|
60.1
|
%
|
|
|
|
|
|
|
|
|
60.3
|
%
|
|
|
50.5
|
%
|
|
|
|
|
|
|
|
|
50.6
|
%
|
(Loss)/income
from
operations
|
|
(60,198)
|
|
|
|
3,429
|
|
|
(1)
|
|
|
(56,769)
|
|
|
|
25,590
|
|
|
|
2,225
|
|
|
(1)
|
|
|
27,815
|
|
|
|
(28,434)
|
|
|
|
1,758
|
|
|
(1)
|
|
|
(26,676)
|
|
Operating
margin
|
|
(17.7)
|
%
|
|
|
|
|
|
|
|
|
(16.7)
|
%
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
8.9
|
%
|
|
|
(9.4)
|
%
|
|
|
|
|
|
|
|
|
(8.8)
|
%
|
|
|
|
|
|
|
3,429
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
2,225
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
1,758
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
(6,013)
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
(1,341)
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
20,049
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
4,486
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
(5)
|
|
|
|
|
Net
(loss)/income
from
continuing
operations
attributable to
Phoenix
New
Media
Limited
|
|
(50,931)
|
|
|
|
3,429
|
|
|
|
|
|
(47,502)
|
|
|
|
2,766
|
|
|
|
20,933
|
|
|
|
|
|
23,699
|
|
|
|
(949)
|
|
|
|
2,231
|
|
|
|
|
|
1,282
|
|
Net margin from
continuing
operations
|
|
(15.0)
|
%
|
|
|
|
|
|
|
|
|
(14.0)
|
%
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
7.6
|
%
|
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
|
0.4
|
%
|
Net (loss)/income
from
continuing
operations
per
ADS—diluted
|
|
(0.70)
|
|
|
|
|
|
|
|
|
|
(0.65)
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
0.33
|
|
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
0.02
|
|
Weighted average
number of
ADSs used
in
computing
diluted
net
(loss)/income
per
ADS
|
|
72,790,541
|
|
|
|
|
|
|
|
|
|
72,790,541
|
|
|
|
72,790,541
|
|
|
|
|
|
|
|
|
|
72,790,541
|
|
|
|
72,790,541
|
|
|
|
|
|
|
|
|
|
72,790,541
|
|
|
(1) Share-based
compensation
|
(2) Income from
equity method investments, net of impairment
|
(3) Changes in fair
value of forward contract in relation to future disposal of
investments in Particle
|
(4) Changes in fair
value of
loan related to co-sale of Particle
shares
|
(5) Impairment of
available-for-sale debt investments
|
|
Non-GAAP to GAAP
reconciling items have no income tax effect.
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content:http://www.prnewswire.com/news-releases/phoenix-new-media-reports-third-quarter-2020-unaudited-financial-results-301174587.html
SOURCE Phoenix New Media Limited