BEIJING, Aug. 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 second quarter ended June 30, 2020.
Mr. Shuang Liu, CEO of Phoenix New Media, commented,
"During the second quarter of 2020, we remained undeterred by the
pandemic and resulting macroeconomic uncertainty to conclude the
period with encouraging results. For our flagship news app, iFeng,
we refined our technology to optimize the platform's user
experience, upgraded our recommendation algorithms to enhance its
content delivery efficiency, and introduced new types of short-form
content while focusing on our content operations to expand its
offerings. We also maintained our focus on expanding our library of
proprietary IP content and organizing high-profile online events in
the period, both of which helped to enrich our brand equity, boost
our advertiser value proposition, and diversify our revenue
streams. On the new initiatives front, we carefully analyzed a
number of business opportunities and boldly stepped out to launch
projects in the fields of in-app ads solutions, video content and
e-commerce. All of these new initiatives showed promising signs of
growth in the quarter, and we remain optimistic about their future
growth potential. Going forward, we plan to leverage our veteran
media talent, abundant working capital, and efficient distribution
networks to further bolster our leadership in China's new media industry and drive
sustainable growth over the long term."
Mr. Edward Lu, CFO of Phoenix New Media, further stated,
"Despite the myriad of challenges we faced as a result of the
COVID-19 outbreak and its impact on China's advertising industry, our ability to
effectively implement a number of cost control measures enabled us
to significantly enhance our operating efficiency. As a result, we
recorded income from operations of RMB25.6
million in the second quarter of 2020. While the current
macroeconomic uncertainty and industry headwinds make forecasting
difficult, we are confident that our progress to date has helped to
lay the foundation for our sustainable growth going forward. We
plan to remain prudent in our investment decisions while allocating
our resources to those initiatives capable of delivering attractive
ROI and lasting shareholder returns."
Second Quarter 2020 Financial Results
DISPOSAL OF EQUITY INTEREST IN TADU
On May 18, 2020, the Company sold
all of its investment in Beijing Yitian Xindong Network Technology
Co., Ltd. ("Yitian Xindong" or "Tadu"), as well as its rights to
contingent returnable consideration under certain price adjustment
mechanisms in connection with its original investment, with a total
consideration of RMB313.6 million and
recognized a disposal loss of RMB14.7
million in the second quarter of 2020. Tadu owns and
operates the Tadu Apps that provide digital reading services. Tadu
was a subsidiary and a separate reporting unit of the Company, and
the disposal of Tadu represents the Company's strategic shift in
operation of online literature business that had a major effect on
the Company's operations and financial results. Therefore, 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 the second
quarter of 2020 and prior periods. Additionally, 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. 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 second quarter of 2020 decreased by 9.7%
to RMB312.3 million (US$44.2 million) from RMB345.9 million in the same period of 2019,
which was primarily due to the negative impact of COVID-19 outbreak
and intensified industry competitions. Total revenues in the second
quarter of 2020 increased by 35.0% from RMB231.4 million in the first quarter of
2020.
Net advertising revenues in the second quarter of 2020 decreased
by 7.5% to RMB286.3 million
(US$40.5 million) from RMB309.5 million in the same period of 2019. The
decrease was primarily attributable to the negative impact of
COVID-19 outbreak and intensified industry competitions.
Paid services revenues[1] in the second quarter
of 2020 decreased by 28.6% to RMB26.0
million (US$3.7 million) from
RMB36.4 million in the same period of
2019. Revenues from paid contents in the second quarter of 2020
decreased by 29.0% to RMB14.2 million
(US$2.0 million) from RMB20.0 million in the same period of 2019,
mainly due to the market condition and the tightening of rules and
regulations on digital reading. Revenues from games in the second
quarter of 2020 decreased by 96.8% to RMB0.1
million (US$0.01 million) from
RMB2.6 million in the same period of
2019 as the Company closed some game related business in
December 2019. Revenues from MVAS in
the second quarter of 2020 decreased by 58.1% to RMB2.8 million (US$0.4
million) from RMB6.7 million
in the same period of 2019 mainly resulting from the decline in
users' demand for services provided through telecom operators in
China. Revenues from others in the
second quarter of 2020 increased by 25.5% to RMB8.9 million (US$1.3
million) from RMB7.1 million
in the same period of 2019, which was mainly caused by the increase
in revenues from online real estate related services.
COST OF REVENUES
Cost of revenues in the second quarter of 2020 decreased by
24.7% to RMB124.7 million
(US$17.7 million) from RMB165.6 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 second quarter of 2020
decreased by 26.2% to RMB107.4
million (US$15.3 million) from
RMB145.6 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
second quarter of 2020 decreased to RMB0.8
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 second quarter of 2020 decreased by 62.9% to RMB2.3 million (US$0.3
million) from RMB6.4 million
in the same period of 2019, primarily attributable to the decrease
in the MVAS revenues.
The decrease was partially offset by the following:
- Bandwidth costs in the second quarter of 2020 increased to
RMB15.0 million (US$2.1 million) from RMB13.6 million in the same period of 2019,
mainly caused by the increased costs incurred for cloud servers
newly added in the second quarter of 2020, which will replace the
current local servers in the future.
GROSS PROFIT
Gross profit in the second quarter of 2020 increased by 4.1% to
RMB187.6 million (US$26.5 million) from RMB180.3 million in the same period of 2019.
Gross margin in the second quarter of 2020 increased to 60.1% from
52.1% 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 second quarter of 2020, which
excluded share-based compensation, increased to 60.3% from 52.6% in
the same period of 2019.
OPERATING EXPENSES AND INCOME OR LOSS FROM
OPERATIONS
Total operating expenses in the second quarter of 2020 decreased
by 36.7% to RMB162.0 million
(US$22.9 million) from RMB255.7 million in the same period of 2019,
primarily attributable to the decrease in the Company's traffic
acquisition expenses and the personnel-related expenses caused by
the strict cost control measures taken to enhance its operating
efficiency in 2020. Share-based compensation included in operating
expenses in the second quarter of 2020 was RMB1.4 million (US$0.2
million), compared to RMB0.9
million in the same period of 2019, which was mainly caused
by those options granted by the Company in July 2019.
Income from operations in the second quarter of 2020 was
RMB25.6 million (US$3.6 million), compared to loss from operations
of RMB75.5 million in the same period
of 2019. Operating margin in the second quarter of 2020 was
positive 8.2%, compared to negative 21.8% in the same period of
2019.
Non-GAAP income from operations in the second quarter of 2020,
which excluded share-based compensation, was RMB27.8 million (US$3.9
million), compared to non-GAAP loss from operations of
RMB73.1 million in the same period of
2019. Non-GAAP operating margin in the second quarter of 2020,
which excluded share-based compensation, was positive 8.9%,
compared to negative 21.1% in the same period of 2019.
OTHER INCOME OR LOSS
Other income or loss reflects interest income, interest expense,
foreign currency exchange gain or loss, income or loss from equity
method investments, net of impairments, changes in fair value of
forward contract in relation to future disposal of investments in
Particle and changes in fair value of loan related to co-sale of
Particle shares, and others, net[2]. Total net other loss in the
second quarter of 2020 was RMB5.1
million (US$0.7 million),
compared to total net other income of RMB10.6 million in the same period of 2019. The
decrease in total net other income or loss was mainly due to the
following:
- Interest income in the second quarter of 2020 increased to
RMB5.1 million (US$0.7 million) from RMB4.3 million in the same period of 2019, mainly
caused by more investments in term deposits and short term
investments in the second quarter of 2020.
- Interest expense in the second quarter of 2020 decreased to
RMB0.1 million (US$0.02 million), from RMB1.7 million in the same period of 2019, which
was primarily due to the decrease in outstanding short-term bank
loans as the Company repaid all of its short-term bank loans in the
second quarter of 2019.
- Foreign currency exchange gain in the second quarter of 2020
was RMB0.1 million (US$0.01 million), compared to RMB2.9 million in the same period of 2019.
- Changes in fair value of forward contract in relation to future
disposal of investments in Particle were a gain of RMB1.3 million (US$0.2
million).
- Changes in fair value of loan related to co-sale of Particle
shares in the second quarter of 2020 were a loss of RMB20.0 million (US$2.8
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. The loan was granted to enable Run Liang Tai to
pay for the first batch of 4,584,209 series D1 preferred shares of
Particle that the other shareholders of Particle sold to Run Liang
Tai pursuant to a co-sale agreement entered into among the Company,
the other shareholders of Particle and Run Liang Tai. Run
Liang Tai pledged the 4,584,209
series D1 preferred shares of Particle to the Company to secure the
repayment of the loan and agreed to transfer the pledged shares
back to the Company in satisfaction of its obligation to repay the
US$9.7 million loan under the New SPA
mentioned below. 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. The
estimated fair value of the pledged shares was approximately
US$6.8 million and the Company
recognized a loss of approximately RMB20.0
million (US$2.8 million) in
the second quarter of 2020, which was the difference between the
loan and estimated fair value of the pledged shares.
- Others, net, in the second quarter of 2020 increased to
RMB8.5 million (US$1.2 million), from RMB4.6 million in the same period of 2019, mainly
caused by more government subsidies received in the second quarter
of 2020.
NET INCOME OR LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE
TO PHOENIX NEW MEDIA
LIMITED
Net income from continuing operations attributable to Phoenix
New Media Limited in the second quarter of 2020 was RMB2.8 million (US$0.4
million), compared to net loss from continuing operations
attributable to Phoenix New Media Limited of RMB69.8 million in the same period of 2019. Net
margin from continuing operations in the second quarter of 2020 was
positive 0.9%, compared to negative 20.2% in the same period of
2019. Net income from continuing operations per diluted
ADS[3] in the second
quarter of 2020 was RMB0.04
(US$0.01), compared to net loss from
continuing operations per diluted ADS of RMB0.96 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 impairments,
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 RMB23.7 million (US$3.4 million) in the second quarter of
2020, compared to non-GAAP net loss from continuing operations
attributable to Phoenix New Media Limited of RMB67.9 million in the same period of 2019.
Non-GAAP net margin from continuing operations in the second
quarter of 2020 was positive 7.6%, compared to negative
19.6% in the same period of 2019. Non-GAAP net income from
continuing operations per basic and diluted ADS in the second
quarter of 2020 was RMB0.33 (US$0.05), compared to non-GAAP net
loss from continuing operations per basic and diluted ADS of
RMB0.93 in the same period of
2019.
In the second 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 June 30, 2020, the Company had a total of 582,324,325
ordinary shares outstanding, or the equivalent of 72,790,541
ADSs.
CERTAIN BALANCE SHEET ITEMS
As of June 30, 2020, the Company's cash and cash
equivalents, term deposits and short term investments and
restricted cash were RMB1.72 billion
(US$243.9 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 has signed a new share purchase agreement
(the "New SPA") with Run Liang Tai, which replaced the Company's
Previous Agreements with Run Liang Tai for the sale of the
Company's remaining investment in Particle. 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, representing all of the
Particle shares the Company currently holds, to the Proposed Buyers
at a total purchase price of US$150
million and a per share price of US$1.0695 (the "Proposed Transaction"). The
Proposed Buyers paid on August 10,
2020 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 under the Previous Agreements
plus certain other accrued interests. The Company will be required
to deliver the 140,248,775 shares of Particle to the Proposed
Buyers after certain closing conditions are satisfied, including
but not limited to approval by the shareholders of the Company's
parent company, Phoenix Media Investment (Holdings) Limited
("Phoenix TV") (including any related necessary approval by The
Stock Exchange of Hong Kong Limited), as well as the Proposed
Buyers' provision of written evidence satisfactory to the Company
showing that they have fulfilled any additional purchase
obligation. The Company may be required to return US$150 million to the Proposed Buyers and pay
damages of US$50 million if it fails
to obtain approval by the shareholders of Phoenix TV due to reasons
within the Company's reasonable control. The Company may be able to
retain some of the US$150 million if
the Proposed Transaction fails to close due to other reasons. There
is no assurance that the Proposed Transaction will ever be
closed.
The fair value of the Company's remaining available-for-sale
debt investments in Particle was decreased to RMB1,057.8 million (US$149.7 million) as of June 30, 2020 from RMB2,044.0 million as of March 31, 2020, reflecting the decrease in the
price per share stated in the New SPA from that in the Previous
Agreements. The decrease in fair value net of tax of RMB886.1 million (US$125.4
million) was recorded in the accumulated other comprehensive
loss in shareholder's equity for the second quarter of 2020. The
fair value of the investments in Particle as of June 30, 2020 were determined based on a
valuation technique under the market approach, known as guideline
company method, as well as using observable transactions of
Particle's shares, as the selling price of the remaining preferred
shares of Particle has been determined in the New SPA.
Business Outlook
For the third quarter of 2020, the Company expects its total
revenues to be between RMB295.4
million and RMB315.4 million;
net advertising revenues are expected to be between RMB275.0 million and RMB290.0 million; and paid services revenues are
expected to be between RMB20.4
million and RMB25.4
million.
All of the above forecasts reflect the current and preliminary
view 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.
[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.
|
[2] "Others, net"
primarily consists of government subsidies and litigation loss
provisions.
|
[3] "ADS" means
American Depositary Share of the Company. Each ADS represents eight
Class A ordinary shares of the Company.
|
Conference Call Information
The Company will hold a conference call at 9:00 p.m. U.S.
Eastern Time on August 17, 2020
(August 18, 2020 at 9:00
a.m. Beijing/Hong Kong time)
to discuss its second 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/1199777. 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 August 25,
2020 by using the dial-in numbers and conference ID below:
International:
|
|
+61 2 8199
0299
|
Mainland
China:
|
|
4006322162
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Hong Kong:
|
|
+852
30512780
|
United
States:
|
|
+1 646 254
3697
|
Conference
ID:
|
|
1199777
|
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 impairments, 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 impairments, which have been and will continue
to be significant recurring items, and without the effect of
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 RMB7.0651 to US$1.00,
the noon buying rate in effect on June 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,
|
|
June
30,
|
|
June
30,
|
|
2019
|
2020
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
310,876
|
|
190,596
|
|
26,977
|
Term deposits and
short term investments
|
|
1,271,889
|
|
1,480,105
|
|
209,495
|
Restricted
cash
|
|
66,234
|
|
52,290
|
|
7,401
|
Accounts receivable,
net
|
|
609,627
|
|
611,697
|
|
86,580
|
Amounts due from
related parties
|
|
56,653
|
|
52,490
|
|
7,429
|
Prepayment and other
current assets
|
|
57,391
|
|
92,744
|
|
13,128
|
Assets held for
sale
|
|
184,032
|
|
-
|
|
-
|
Total current
assets
|
|
2,556,702
|
|
2,479,922
|
|
351,010
|
Non-current
assets:
|
|
|
|
|
|
|
Property and
equipment, net
|
|
97,357
|
|
79,464
|
|
11,247
|
Intangible assets,
net
|
|
13,633
|
|
18,300
|
|
2,590
|
Goodwill
|
|
22,786
|
|
22,786
|
|
3,225
|
Available-for-sale
debt investments
|
|
2,014,537
|
|
1,059,771
|
|
150,001
|
Equity investments,
net
|
|
13,237
|
|
13,000
|
|
1,840
|
Deferred tax
assets
|
|
73,688
|
|
77,498
|
|
10,969
|
Operating lease
right-of- use assets, net
|
|
84,550
|
|
68,262
|
|
9,662
|
Other non-current
assets
|
|
19,859
|
|
21,226
|
|
3,005
|
Assets held for
sale
|
|
429,468
|
|
-
|
|
-
|
Total non-current
assets
|
|
2,769,115
|
|
1,360,307
|
|
192,539
|
Total
assets
|
|
5,325,817
|
|
3,840,229
|
|
543,549
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
249,018
|
|
201,922
|
|
28,580
|
Amounts due to
related parties
|
|
34,155
|
|
25,198
|
|
3,567
|
Advances from
customers
|
|
46,172
|
|
42,547
|
|
6,022
|
Taxes
payable
|
|
287,765
|
|
290,192
|
|
41,074
|
Salary and welfare
payable
|
|
157,784
|
|
92,937
|
|
13,154
|
Deposits in relation
to future disposal of investment in Particle
|
|
355,212
|
|
364,266
|
|
51,559
|
Accrued expenses and
other current liabilities
|
|
274,122
|
|
189,758
|
|
26,859
|
Operating
lease liabilities
|
|
37,874
|
|
42,830
|
|
6,062
|
Liabilities held for
sale
|
|
63,341
|
|
-
|
|
-
|
Total current
liabilities
|
|
1,505,443
|
|
1,249,650
|
|
176,877
|
Non-current
liabilities:
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
192,142
|
|
96,511
|
|
13,660
|
Long-term
liabilities
|
|
27,612
|
|
27,612
|
|
3,908
|
Operating
lease liabilities
|
|
49,929
|
|
32,509
|
|
4,601
|
Liabilities held for
sale
|
|
5,676
|
|
-
|
|
-
|
Total non-current
liabilities
|
|
275,359
|
|
156,632
|
|
22,169
|
Total
liabilities
|
|
1,780,802
|
|
1,406,282
|
|
199,046
|
Shareholders'
equity:
|
|
|
|
|
|
|
Phoenix New Media
Limited shareholders' equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
17,499
|
|
17,499
|
|
2,477
|
Class B ordinary
shares
|
|
22,053
|
|
22,053
|
|
3,121
|
Additional paid-in
capital
|
|
1,611,484
|
|
1,615,354
|
|
228,639
|
Statutory
reserves
|
|
88,583
|
|
88,583
|
|
12,538
|
Retained
earnings
|
|
186,324
|
|
114,915
|
|
16,265
|
Accumulated other
comprehensive income
|
|
1,405,808
|
|
548,524
|
|
77,639
|
Total Phoenix New
Media Limited shareholders' equity
|
|
3,331,751
|
|
2,406,928
|
|
340,679
|
Noncontrolling
interests
|
|
213,264
|
|
27,019
|
|
3,824
|
Total
shareholders' equity
|
|
3,545,015
|
|
2,433,947
|
|
344,503
|
Total liabilities
and shareholders' equity
|
|
5,325,817
|
|
3,840,229
|
|
543,549
|
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
|
|
Six Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
revenues
|
309,516
|
|
208,710
|
|
286,346
|
|
40,530
|
|
518,508
|
|
495,056
|
|
70,071
|
Paid service
revenues
|
36,338
|
|
22,666
|
|
25,935
|
|
3,671
|
|
68,990
|
|
48,601
|
|
6,879
|
Total
revenues
|
345,854
|
|
231,376
|
|
312,281
|
|
44,201
|
|
587,498
|
|
543,657
|
|
76,950
|
Cost of
revenues
|
(165,604)
|
|
(105,298)
|
|
(124,728)
|
|
(17,654)
|
|
(323,435)
|
|
(230,026)
|
|
(32,558)
|
Gross
profit
|
180,250
|
|
126,078
|
|
187,553
|
|
26,547
|
|
264,063
|
|
313,631
|
|
44,392
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(143,001)
|
|
(81,623)
|
|
(57,247)
|
|
(8,103)
|
|
(242,506)
|
|
(138,870)
|
|
(19,656)
|
General and
administrative expenses
|
(58,995)
|
|
(70,272)
|
|
(62,161)
|
|
(8,798)
|
|
(102,058)
|
|
(132,433)
|
|
(18,745)
|
Technology and
product development expenses
|
(53,714)
|
|
(45,111)
|
|
(42,555)
|
|
(6,023)
|
|
(107,326)
|
|
(87,666)
|
|
(12,408)
|
Total operating
expenses
|
(255,710)
|
|
(197,006)
|
|
(161,963)
|
|
(22,924)
|
|
(451,890)
|
|
(358,969)
|
|
(50,809)
|
(Loss)/income from
operations
|
(75,460)
|
|
(70,928)
|
|
25,590
|
|
3,623
|
|
(187,827)
|
|
(45,338)
|
|
(6,417)
|
Other
income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
4,316
|
|
6,577
|
|
5,052
|
|
715
|
|
12,954
|
|
11,629
|
|
1,646
|
Interest
expense
|
(1,730)
|
|
(175)
|
|
(134)
|
|
(19)
|
|
(4,633)
|
|
(309)
|
|
(44)
|
Foreign currency
exchange gain/(loss)
|
2,922
|
|
(1,728)
|
|
83
|
|
12
|
|
755
|
|
(1,645)
|
|
(233)
|
Income/(loss) from
equity method investments, net
of
impairments
|
521
|
|
(236)
|
|
-
|
|
-
|
|
(3,447)
|
|
(236)
|
|
(33)
|
Changes in fair value
of loan related to
co-sale of Particle shares
|
-
|
|
-
|
|
(20,049)
|
|
(2,838)
|
|
-
|
|
(20,049)
|
|
(2,838)
|
Changes in fair value
of forward contract in
relation to future disposal of investments
in Particle
|
-
|
|
14,744
|
|
1,341
|
|
190
|
|
-
|
|
16,085
|
|
2,277
|
Others,
net
|
4,523
|
|
5,116
|
|
8,635
|
|
1,222
|
|
6,379
|
|
13,751
|
|
1,946
|
(Loss)/income from
continuing operations before i
ncome
taxes
|
(64,908)
|
|
(46,630)
|
|
20,518
|
|
2,905
|
|
(175,819)
|
|
(26,112)
|
|
(3,696)
|
Income tax
(expense)/benefit
|
(3,454)
|
|
757
|
|
(3,216)
|
|
(455)
|
|
(11,392)
|
|
(2,459)
|
|
(348)
|
Net (loss)/income
from continuing operations
|
(68,362)
|
|
(45,873)
|
|
17,302
|
|
2,450
|
|
(187,211)
|
|
(28,571)
|
|
(4,044)
|
Net loss from
discontinued operations, net of
income taxes
|
(2,507)
|
|
(44,497)
|
|
(17,869)
|
|
(2,529)
|
|
(11,394)
|
|
(62,366)
|
|
(8,827)
|
Net
loss
|
(70,869)
|
|
(90,370)
|
|
(567)
|
|
(79)
|
|
(198,605)
|
|
(90,937)
|
|
(12,871)
|
Net loss/(income)
attributable to noncontrolling
interests:*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income)/loss
from continuing operations
attributable to noncontrolling interests
|
(1,390)
|
|
7,254
|
|
(14,536)
|
|
(2,057)
|
|
(186)
|
|
(7,282)
|
|
(1,031)
|
Net loss from
discontinued operations
attributable to noncontrolling interests*
|
2,144
|
|
22,875
|
|
1,884
|
|
267
|
|
8,939
|
|
24,759
|
|
3,504
|
Net loss/(income)
attributable to noncontrolling
interests*
|
754
|
|
30,129
|
|
(12,652)
|
|
(1,790)
|
|
8,753
|
|
17,477
|
|
2,473
|
Net loss
attributable to Phoenix New
Media Limited:*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
from continuing operations
attributable to Phoenix New Media Limited
|
(69,752)
|
|
(38,619)
|
|
2,766
|
|
393
|
|
(187,397)
|
|
(35,853)
|
|
(5,075)
|
Net loss from
discontinued operations
attributable to Phoenix New Media Limited*
|
(363)
|
|
(21,622)
|
|
(15,985)
|
|
(2,262)
|
|
(2,455)
|
|
(37,607)
|
|
(5,323)
|
Net loss
attributable to Phoenix New
Media Limited*
|
(70,115)
|
|
(60,241)
|
|
(13,219)
|
|
(1,869)
|
|
(189,852)
|
|
(73,460)
|
|
(10,398)
|
Net
loss
|
(70,869)
|
|
(90,370)
|
|
(567)
|
|
(79)
|
|
(198,605)
|
|
(90,937)
|
|
(12,871)
|
Other comprehensive
(loss)/income, net of tax: fair
value remeasurement for available-for-sale
investments
|
(463,083)
|
|
-
|
|
(886,110)
|
|
(125,421)
|
|
262,320
|
|
(886,110)
|
|
(125,421)
|
Other comprehensive
income/(loss), net of tax:
foreign currency translation adjustment
|
44,944
|
|
30,428
|
|
(1,602)
|
|
(227)
|
|
17,751
|
|
28,826
|
|
4,079
|
Comprehensive
(loss)/income
|
(489,008)
|
|
(59,942)
|
|
(888,279)
|
|
(125,727)
|
|
81,466
|
|
(948,221)
|
|
(134,213)
|
Comprehensive
loss/(income) attributable to
noncontrolling interests*
|
754
|
|
30,129
|
|
(12,652)
|
|
(1,790)
|
|
8,753
|
|
17,477
|
|
2,474
|
Comprehensive
(loss)/income attributable to
Phoenix New Media Limited*
|
(488,254)
|
|
(29,813)
|
|
(900,931)
|
|
(127,517)
|
|
90,219
|
|
(930,744)
|
|
(131,739)
|
Basic net
(loss)/income per Class A and Class B
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
(0.12)
|
|
(0.07)
|
|
-
|
|
-
|
|
(0.32)
|
|
(0.06)
|
|
(0.01)
|
-Discontinued
operations*
|
-
|
|
(0.03)
|
|
(0.02)
|
|
-
|
|
(0.01)
|
|
(0.07)
|
|
(0.01)
|
Basic net
(loss)/income per Class A and
Class B ordinary share
|
(0.12)
|
|
(0.10)
|
|
(0.02)
|
|
-
|
|
(0.33)
|
|
(0.13)
|
|
(0.02)
|
Diluted net
(loss)/income per Class A
and Class B ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
(0.12)
|
|
(0.07)
|
|
-
|
|
-
|
|
(0.32)
|
|
(0.06)
|
|
(0.01)
|
-Discontinued
operations*
|
-
|
|
(0.03)
|
|
(0.02)
|
|
-
|
|
(0.01)
|
|
(0.07)
|
|
(0.01)
|
Diluted net
(loss)/income per Class A
and Class B ordinary share
|
(0.12)
|
|
(0.10)
|
|
(0.02)
|
|
-
|
|
(0.33)
|
|
(0.13)
|
|
(0.02)
|
Basic net
(loss)/income per ADS (1 ADS
represents 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
(0.96)
|
|
(0.53)
|
|
0.04
|
|
0.01
|
|
(2.57)
|
|
(0.49)
|
|
(0.07)
|
-Discontinued
operations*
|
-
|
|
(0.30)
|
|
(0.22)
|
|
(0.04)
|
|
(0.04)
|
|
(0.52)
|
|
(0.07)
|
Basic net
(loss)/income per ADS (1 ADS
represents 8 Class A ordinary shares)
|
(0.96)
|
|
(0.83)
|
|
(0.18)
|
|
(0.03)
|
|
(2.61)
|
|
(1.01)
|
|
(0.14)
|
Diluted net
(loss)/income per ADS (1 ADS
represents 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing
operations
|
(0.96)
|
|
(0.53)
|
|
0.04
|
|
0.01
|
|
(2.57)
|
|
(0.49)
|
|
(0.07)
|
-Discontinued
operations*
|
-
|
|
(0.30)
|
|
(0.22)
|
|
(0.04)
|
|
(0.04)
|
|
(0.52)
|
|
(0.07)
|
Diluted net
(loss)/income per ADS (1 ADS
represents 8 Class A ordinary shares)
|
(0.96)
|
|
(0.83)
|
|
(0.18)
|
|
(0.03)
|
|
(2.61)
|
|
(1.01)
|
|
(0.14)
|
Weighted average
number of Class A and Class B
ordinary shares used in computing net (loss)/income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
582,267,440
|
|
582,324,325
|
|
582,324,325
|
|
582,324,325
|
|
582,227,496
|
|
582,324,325
|
|
582,324,325
|
Diluted
|
582,267,440
|
|
582,324,325
|
|
582,324,325
|
|
582,324,325
|
|
582,227,496
|
|
582,324,325
|
|
582,324,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* During the course
of preparing unaudited condensed consolidated financial information
for the second quarter of 2020, the Company discovered an error in
connection
with the allocation of net loss between the Company's shareholders
and noncontrolling interests in the first quarter 2020 unaudited
financial results announcement made
on May 12, 2020 (the "2020 Q1 ER"), and as a result, the Company
revised the unaudited condensed consolidated statements of
comprehensive income (loss) for the
three months ended March 31, 2020 included in this announcement.
Such revision caused an increase of RMB19.3 million in the "Net
loss attributable to noncontrolling
interests" item and a decrease of RMB19.3 million in the "Net loss
attributable to Phoenix New Media Limited" item, a decrease of
RMB0.03 per share in the "Net loss
per Class A and Class B ordinary share" item and a decrease of
RMB0.26 per share in the "Net loss per diluted ADS" item on the
unaudited condensed consolidated
statements of comprehensive income/(loss) for the three months
ended March 31, 2020, as well as an increase of RMB19.3 million in
the "Retained earnings" item and a
decrease of RMB19.3 million in the "Noncontrolling interests" item
on the unaudited condensed consolidated balance sheets as of March
31, 2020 from the amounts
previously reported in the 2020 Q1 ER. The revision had no impact
on other items of the Company's unaudited condensed consolidated
financial information in the 2020
Q1 ER. The Company concluded that there was no misleading financial
information contained in the Q1 2020 Results Announcement taken as
a whole based on
assessment under the relevant guidance. The Company will evaluate
the control implications of the error.
|
Phoenix New Media
Limited
|
Unaudited
Condensed Segment Information
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
309,516
|
|
208,710
|
|
286,346
|
|
40,530
|
|
518,508
|
|
495,056
|
|
70,071
|
Paid
services
|
36,338
|
|
22,666
|
|
25,935
|
|
3,671
|
|
68,990
|
|
48,601
|
|
6,879
|
Total
revenues
|
345,854
|
|
231,376
|
|
312,281
|
|
44,201
|
|
587,498
|
|
543,657
|
|
76,950
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
146,242
|
|
97,233
|
|
117,536
|
|
16,636
|
|
285,676
|
|
214,769
|
|
30,399
|
Paid
services
|
19,362
|
|
8,065
|
|
7,192
|
|
1,018
|
|
37,759
|
|
15,257
|
|
2,159
|
Total cost of
revenues
|
165,604
|
|
105,298
|
|
124,728
|
|
17,654
|
|
323,435
|
|
230,026
|
|
32,558
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
163,274
|
|
111,477
|
|
168,810
|
|
23,894
|
|
232,832
|
|
280,287
|
|
39,672
|
Paid
services
|
16,976
|
|
14,601
|
|
18,743
|
|
2,653
|
|
31,231
|
|
33,344
|
|
4,720
|
Total gross
profit
|
180,250
|
|
126,078
|
|
187,553
|
|
26,547
|
|
264,063
|
|
313,631
|
|
44,392
|
Phoenix New Media
Limited
|
Unaudited
Condensed Information of Cost of Revenues
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenue sharing
fees
|
6,398
|
|
4,256
|
|
2,371
|
|
336
|
|
16,077
|
|
6,627
|
|
938
|
Content and
operational costs
|
145,627
|
|
87,030
|
|
107,404
|
|
15,202
|
|
281,550
|
|
194,434
|
|
27,520
|
Bandwidth
costs
|
13,579
|
|
14,012
|
|
14,953
|
|
2,116
|
|
25,808
|
|
28,965
|
|
4,100
|
Total cost of
revenues
|
165,604
|
|
105,298
|
|
124,728
|
|
17,654
|
|
323,435
|
|
230,026
|
|
32,558
|
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
June 30, 2019
|
|
Three Months Ended
March 31, 2020
|
|
Three Months Ended
June 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
|
180,250
|
|
1,531
|
(1)
|
181,781
|
|
126,078
|
|
1,141
|
(1)
|
127,219
|
|
187,553
|
|
842
|
(1)
|
188,395
|
Gross
margin
|
52.1%
|
|
|
|
52.6%
|
|
54.5%
|
|
|
|
55.0%
|
|
60.1%
|
|
|
|
60.3%
|
(Loss)/income from
operations
|
(75,460)
|
|
2,389
|
(1)
|
(73,071)
|
|
(70,928)
|
|
2,666
|
(1)
|
(68,262)
|
|
25,590
|
|
2,225
|
(1)
|
27,815
|
Operating
margin
|
(21.8)%
|
|
|
|
(21.1)%
|
|
(30.7)%
|
|
|
|
(29.5)%
|
|
8.2%
|
|
|
|
8.9%
|
|
|
|
2,389
|
(1)
|
|
|
|
|
2,666
|
(1)
|
|
|
|
|
2,225
|
(1)
|
|
|
|
|
(521)
|
(2)
|
|
|
|
|
236
|
(2)
|
|
|
|
|
-
|
(2)
|
|
|
|
|
-
|
(3)
|
|
|
|
|
(14,744)
|
(3)
|
|
|
|
|
(1,341)
|
(3)
|
|
|
|
|
-
|
(4)
|
|
|
|
|
-
|
(4)
|
|
|
|
|
20,049
|
(4)
|
|
Net (loss)/income
from
continuing operations
attributable to Phoenix
New Media Limited
|
(69,752)
|
|
1,868
|
|
(67,884)
|
|
(38,619)
|
|
(11,842)
|
|
(50,461)
|
|
2,766
|
|
20,933
|
|
23,699
|
Net margin from
continuing
operations
|
(20.2)%
|
|
|
|
(19.6)%
|
|
(16.7)%
|
|
|
|
(21.8)%
|
|
0.9%
|
|
|
|
7.6%
|
Net (loss)/income
from
continuing operations
per ADS—diluted
|
(0.96)
|
|
|
|
(0.93)
|
|
(0.53)
|
|
|
|
(0.69)
|
|
0.04
|
|
|
|
0.33
|
Weighted average
number of
ADSs used in computing
diluted net (loss)/income
per ADS
|
72,783,430
|
|
|
|
72,783,430
|
|
72,790,541
|
|
|
|
72,790,541
|
|
72,790,541
|
|
|
|
72,790,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Loss/(income)
from equity method investments, including impairments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP
reconciling items have no income tax effect.
|
View original
content:http://www.prnewswire.com/news-releases/phoenix-new-media-reports-second-quarter-2020-unaudited-financial-results-301113218.html
SOURCE Phoenix New Media Limited