Sungy Mobile Limited (Nasdaq:GOMO) ("Sungy Mobile" or the
"Company"), a leading provider of mobile internet products and
services globally with a focus on applications and mobile platform
development, today announced its unaudited financial results for
the fourth quarter and full year ended December 31, 2014.
Fourth Quarter
2014 Highlights
- Total average monthly active users (MAU) of GO series products
increased by 18.3% year over year to 111 million in the fourth
quarter 2014 from 94 million in the prior year period.
Full Year 2014 Highlights
- Total revenue increased by 12.3% to RMB369.2 million (US$59.5
million) from RMB328.8 million in the prior year.
- Revenue from mobile application products and services increased
by 21.9% to RMB186.9 million (US$30.1 million) from RMB153.4
million in the prior year.
Mr. Yuqiang Deng, chief executive officer of Sungy Mobile,
stated, "In 2014, we continued to expand our business, as evidenced
by our popular GO series products experiencing over 18%
year-over-year growth in average MAUs to approximately 111 million
in the fourth quarter of 2014. Our temporarily shift in focus from
monetization to marketing and product development resulted in an
expected slowdown in revenue as we realign our strategy towards
strengthening and expanding our user base and portfolio of
products. We believe that these initiatives have begun to take hold
but will require some time before bearing fruit. Looking ahead, we
will continue to explore new engines of growth that can leverage
our massive user base and we are confident in our ability to
further expand our global footprint and achieving our long-term
goals."
Mr. Longfei Zhou, chief financial officer of Sungy Mobile,
stated, "For the fourth quarter of 2014, we were pleased to deliver
revenue which met our prior guidance. The second half of 2014 was
characterized by a strategic reallocation of resources towards
selling and marketing, as well as product development efforts.
Despite incurring costs from these necessary investments, we were
able to maintain operating expenses at a reasonable level. Looking
ahead, with a growing user base, concrete action plans and focused
execution, we remain confident in the long-term viability of our
business and ability to deliver value to our
shareholders."
Fourth Quarter 2014 Financial Results
REVENUE
Total revenue for the fourth quarter of 2014 was RMB75.1 million
(US$12.1 million), as compared to RMB98.9 million in the prior year
period. Total revenue, excluding the impact of the GetJar
acquisition, for the fourth quarter of 2014 was RMB71.9 million
(US$11.6 million), as compared to RMB98.9 million in the prior year
period.
Revenue from mobile application products and services was
RMB36.4 million (US$5.9 million) in the fourth quarter of 2014,
compared to RMB50.9 million in the prior year period. This decrease
was mainly due to the shift of focus from monetization activities
to improving user experience.
Revenue from mobile reading services was RMB18.6 million (US$3.0
million) in the fourth quarter of 2014, as compared to RMB26.3
million in the prior year period, primarily due to fewer purchases
of the Company's online literary content.
Revenue from mobile portal marketing service was RMB13.6 million
(US$2.2 million) in the fourth quarter of 2014, as compared to
RMB14.5 million in the prior year period, primarily due to the
expected on-going shift in advertisers' preferred mobile marketing
medium to personal mobile applications and away from mobile
internet portals.
Revenue from others, which are primarily revenue from mobile
games, was RMB6.5 million (US$1.0 million) in the fourth quarter of
2014, as compared to RMB7.2 million in the prior year period.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues was RMB30.6 million (US$4.9 million) in the
fourth quarter of 2014, as compared to RMB24.7 million in the prior
year period. This increase was primarily attributable to increased
distribution fees, the amortization of intangible assets associated
with the GetJar acquisition, as well as content acquisition
costs.
Gross profit was RMB44.6 million (US$7.2 million) in the fourth
quarter of 2014, as compared to RMB74.2 million in the prior year
period. Gross margin was 59.3% in the fourth quarter of 2014, as
compared to 75.1% in the prior year period. Gross profit, excluding
the impact of the GetJar acquisition, was RMB45.7 million (US$7.4
million) in the fourth quarter of 2014, as compared to RMB74.2
million in the prior year period. Gross margin, excluding the
GetJar acquisition, was 63.5% in the fourth quarter of 2014, as
compared to 75.1% in the prior year period. The decrease in gross
margin was mainly due to the higher content acquisition costs
within the mobile reading services business, as well as
amortization of intangible assets associated with the GetJar
acquisition.
OPERATING INCOME (LOSS) AND EXPENSES
Total operating expenses for the fourth quarter of 2014 were
RMB123.1 million (US$19.8 million), as compared to RMB52.8 million
in the prior year period.
- Research and development expenses were RMB25.1 million (US$4.1
million) in the fourth quarter of 2014, as compared to RMB17.1
million in the prior year period. This increase was primarily due
to the headcount expansion in research and development department
and the increased staff-related costs as a result of the GetJar
acquisition.
- Selling and marketing expenses were RMB54.9 million (US$8.8
million) in the fourth quarter of 2014, as compared to RMB12.4
million in the prior year period. This increase was primarily due
to the Company's marketing, commercialization and promotion efforts
to drive new product adoption globally.
- General and administrative expenses were RMB43.1 million
(US$6.9 million) in the fourth quarter of 2014, as compared to
RMB23.3 million in the prior year period. This increase was
primarily attributable to increased share-based compensation
costs.
Operating loss in the fourth quarter of 2014 was RMB78.5 million
(US$12.7 million), compared with operating income of RMB21.4
million in the prior year period. Operating loss, excluding the
impact of the GetJar acquisition, was RMB67.8 million (US$10.9
million), as compared to operating income of RMB21.4 million in the
prior year period. The operating margin, excluding the impact of
the GetJar acquisition, was negative 94.3%, as compared to 21.6% in
the prior year period. The decrease in the operating margin,
excluding the impact of the GetJar acquisition, was primarily due
to the increased share-based compensation costs, increased
marketing expenses to drive new product adoption globally, and
increased staff-related costs in the R&D expenses.
NET INCOME (LOSS)
Net loss was RMB72.9 million (US$11.7 million) in the fourth
quarter of 2014, as compared to net income of RMB30.8 million in
the prior year period. Net loss, excluding the impact of the GetJar
acquisition, was RMB62.0 million (US$10.0 million), as compared to
net income of RMB30.8 million in the prior year period. Net margin,
excluding the impact of the GetJar acquisition, was negative 86.4%
in the fourth quarter of 2014, as compared to 31.2% in the prior
year period.
Adjusted EBIT1 was negative RMB46.1 million (US$7.4 million) in
the fourth quarter of 2014, as compared to RMB34.9 million in the
prior year period. Adjusted EBIT margin2 was negative 61.3% in the
fourth quarter of 2014, as compared to 35.3% in the prior year
period.
Adjusted net loss3 was RMB46.5 million (US$7.5 million) in the
fourth quarter of 2014, as compared to adjusted net income of
RMB44.1 million in the prior year period. Adjusted net margin4 was
negative 61.9% in the fourth quarter of 2014, as compared to 44.6%
in the prior year period.
NET INCOME (LOSS) PER
ADS
Diluted loss per ADS5 in the fourth quarter of 2014 was RMB2.22
(US$0.36), as compared to diluted earnings per ADS of RMB0.76 in
the prior year period.
Adjusted diluted loss per ADS6 in the fourth quarter of 2014 was
RMB1.41 (US$0.23), as compared to adjusted diluted earnings per ADS
of RMB1.19 in the prior year period.
CASH AND CASH EQUIVALENTS AND TIME DEPOSITS
BALANCE
As of December 31, 2014, the Company had cash and cash
equivalents of RMB172.2 million (US$27.8 million) and time deposits
of RMB424.0 million (US$68.3 million), respectively.
Full Year 2014 Financial Results
For the full year of 2014, total revenues increased by 12.3% to
RMB369.2 million (US$59.5 million) from RMB328.8 million in the
prior year. Total revenues, excluding the impact of the GetJar
acquisition, for the full year of 2014 were RMB351.0 million
(US$56.6 million), as compared to RMB328.8 million in the prior
year.
Revenues from mobile application products and services increased
by 21.9% to RMB186.9 million (US$30.1 million) from RMB153.4
million in the prior year. This increase was primarily driven by a
year-over-year increase in marketing revenues related to GO series
products of 47.4% to RMB131.3 million (US$21.2 million) from
RMB89.1 million in the prior year.
Revenues from mobile reading services were RMB85.0 million
(US$13.7 million) as compared to RMB99.8 million in the prior year,
primarily due to fewer purchases of the Company's online literary
content.
Revenues from mobile portal marketing service increased to
RMB55.4 million (US$8.9 million) from RMB52.2 million in the prior
year.
Revenues from others increased by 78.5% to RMB41.9 million
(US$6.8 million) from RMB23.5 million in the prior year, primarily
attributable to the increase in revenues from mobile games.
Gross profit increased to RMB235.2 million (US$37.9 million)
from RMB234.7 million in the prior year. Gross margin was 63.7%, as
compared to 71.4% in the prior year. Gross profit, excluding the
impact of the GetJar acquisition, was RMB235.5 million (US$38.0
million), as compared to RMB234.7 million in the prior year. Gross
margin, excluding the impact of the GetJar acquisition, was 67.1%,
as compared to 71.4% in the prior year. The decrease in gross
margin was mainly due to the higher content acquisition costs
within the mobile reading services business, as well as
amortization of intangible assets associated with the GetJar
acquisition.
Operating loss for the full year of 2014 was RMB78.5 million
(US$12.7 million), as compared to operating income of RMB89.5
million in the prior year. Operating loss, excluding the impact of
the GetJar acquisition, was RMB46.3 million (US$7.5 million), as
compared to operating income of RMB89.5 million in the prior year.
Operating margin was negative 21.3% in the full year of 2014 as
compared to 27.2% in the prior year. The operating margin,
excluding the impact of the GetJar acquisition, was negative 13.2%
as compared to 27.2% in the prior year. The decrease in operating
margin was primarily due to the increased share-based compensation
costs, increased marketing expenses to drive new product adoption
globally, and increased staff-related costs in the R&D
expenses.
Net loss for the full year of 2014 was RMB47.7 million (US$7.7
million), as compared to net income of RMB91.8 million in the prior
year. Net loss, excluding the impact of the GetJar acquisition, was
RMB15.4 million (US$2.5 million), as compared to net income of
RMB91.8 million in the prior year. Net margin for the full year of
2014, excluding the impact of the GetJar acquisition, was negative
4.4% as compared to 27.9% in the prior year.
Adjusted EBIT was RMB1.6 million (US$0.3 million) in the full
year of 2014, as compared to RMB107.7 million in the prior year.
Adjusted EBIT margin was 0.4% for the full year of 2014, as
compared to 32.8% in the prior year.
Adjusted net income was RMB17.3 million (US$2.8 million), as
compared to RMB109.6 million in the prior year. Adjusted net margin
was 4.7% for the full year of 2014, as compared to 33.3% in the
prior year.
Diluted loss per ADS for the full year of 2014 was RMB1.42
(US$0.23), as compared to diluted earnings per ADS of RMB1.62 in
the prior year.
Adjusted diluted earnings per ADS for the full year of 2014 was
RMB0.52 (US$0.08), as compared to RMB2.33 in the prior year.
SHARES OUTSTANDING7
As of December 31, 2014, the Company had a total of 189.4
million ordinary shares outstanding, or the equivalent of 31.6
million ADSs outstanding, comprised of 66,236,886 Class A ordinary
shares and 123,172,962 Class B ordinary shares8.
Business Outlook
For the first quarter of 2015, the Company expects its total
revenues to be between RMB42 million and RMB46 million. These
forecasts reflect the Company's current and preliminary view on the
market and operational conditions, which are subject to change.
Conference Call Information
The Company will hold a conference call on Tuesday, March 18,
2015 at 9:00 pm Eastern Time or Wednesday, March 19, 2015 9:00 am
Beijing Time to discuss the financial results. Listeners may access
the call by dialing the following numbers:
United States (Toll Free): |
1-888-346-8982 |
International: |
1-412-902-4272 |
China (Toll Free): |
4001-201203 |
China: |
86-105-357-3132 |
Hong Kong (Toll Free): |
800-905945 |
Hong Kong: |
852-301-84992 |
To join the conference, please inform the operator you are
joining the "Sungy Mobile conference call."
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.sungymobile.com/ or http://ir.gomo.com/.
Exchange Rate
This press release contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars, in this press release, were made at
a rate of RMB6.2046 to US$1.00, the noon buying rate in effect on
December 31, 2014 in the City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes by the
Federal Reserve Bank of New York. Such translations should not be
construed as representations that RMB amounts could be converted
into U.S. dollars at that rate or any other rate, or to be the
amounts that would have been reported under accounting principles
generally accepted in the United States of America ("U.S.
GAAP").
About Sungy Mobile Limited
Sungy Mobile Limited is a leading provider of mobile internet
products and services globally with a focus on applications and
mobile platform development. Sungy Mobile's platform product, GO
Launcher EX, manages apps, widgets and functions on Android
smartphones and serves as users' first entry point to their phones;
it is the mobile access point from which many Android users are
able to find new and innovative ways to customize their experience,
download apps and interact with their mobile devices every day.
Safe Harbor Statements
This press release contains forward-looking statements.
These statements constitute forward-looking statements under
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.
Such statements involve certain risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements. These
forward-looking statements include, but are not limited to,
statements about: Sungy Mobile's growth strategies; Sungy Mobile's
ability to retain and increase its user base and expand its product
and service offerings; Sungy Mobile's ability to monetize its
platform; Sungy Mobile's future business development, financial
condition and results of operations; competition from companies in
a number of industries including internet companies that provide
mobile internet portal services and operate mobile reading
services; expected changes in Sungy Mobile's revenues and certain
cost or expense items; and general economic and business condition
globally and in China. Further information regarding these and
other risks is included in Sungy Mobile's filings with the U.S.
Securities and Exchange Commission. Sungy Mobile does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under applicable law.
Use of Non-GAAP Financial Measures
To supplement Sungy Mobile's consolidated financial information
presented in accordance with U.S. GAAP, Sungy Mobile uses adjusted
EBIT, adjusted EBIT margin, adjusted net income (loss), adjusted
net margin and adjusted diluted earnings (loss) per ADS, which are
non-GAAP financial measures.
Adjusted earnings (loss) before interest and tax, or adjusted
EBIT, is net income or loss excluding interest income, income tax
expense or benefit, share-based compensation costs and change in
fair value of warrants. Adjusted EBIT margin is adjusted EBIT as a
percentage of total revenues. Adjusted net income is net income
(loss) excluding share-based compensation costs. Adjusted net
margin is adjusted net income (loss) as a percentage of total
revenues. Adjusted diluted earnings (loss) per ADS is adjusted net
income (loss) attributable to ordinary shareholders divided by
weighted average number of diluted ADS.
The Company believes that separate analysis and exclusion of
interest income, income tax expense or benefit, share-based
compensation costs and change in fair value of warrants adds
clarity to the constituent parts of its performance. The Company
reviews these non-GAAP financial measures together with GAAP
financial measures to obtain a better understanding of its
operating performance. It uses the non-GAAP financial measure for
planning, forecasting and measuring results against the forecast.
The Company believes that non-GAAP financial measure is useful
supplemental information for investors and analysts to assess its
operating performance without the effect of interest income, income
tax expense or benefit, share-based compensation costs and change
in fair value of warrants, which have been and will continue to be
significant recurring factors in its business. However, the use of
non-GAAP financial measures has material limitations as an
analytical tool. One of the limitations of using non-GAAP financial
measures is that they do not include all items that impact the
Company's net income for the period. In addition, because non-GAAP
financial measures are not measured in the same manner by all
companies, they may not be comparable to other similar titled
measures used by other companies. In light of the foregoing
limitations, you should not consider non-GAAP financial measure in
isolation from or as an alternative to the financial measure
prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Sungy Mobile Limited
Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end
of this release.
|
1 Adjusted earnings before interest and tax,
or adjusted EBIT, is a non-GAAP financial measure, which is defined
as net income or loss excluding interest income, income tax expense
or benefit, share-based compensation costs and change in fair value
of warrants. |
2 Adjusted EBIT margin is a non-GAAP
financial measure, which is defined as adjusted EBIT as a
percentage of total revenues. |
3 Adjusted net income (loss) is a non-GAAP
financial measure, which is defined as net income (loss) excluding
share-based compensation costs. |
4 Adjusted net margin is a non-GAAP financial
measure, which is defined as adjusted net income (loss) as a
percentage of total revenues. |
5 ADS is American Depositary Share. Each ADS
represents six Class A ordinary shares of the Company. Diluted
earnings (loss) per ADS is net income (loss) attributable to
ordinary shareholders divided by weighted average number of diluted
ADS. |
6 Adjusted diluted earnings (loss) per ADS is
a non-GAAP financial measure, which is defined as adjusted net
income (loss) attributable to ordinary shareholders divided by
weighted average number of diluted ADS. |
7 Shares outstanding excluded the bulk shares
issued for the future exercise of options, which were 629,502
shares as of December 31, 2014. |
8 Each Class B ordinary share is convertible
into one Class A ordinary share at any time by the holder
thereof. |
|
|
SUNGY MOBILE
LIMITED |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$") except for number of ADSs
and per ADS data) |
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
December 31,
2013 |
December 31,
2014 |
December 31,
2014 |
December 31,
2013 |
December 31,
2014 |
December 31,
2014 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
Revenues |
98,850 |
75,137 |
12,110 |
328,843 |
369,220 |
59,507 |
Cost of revenues |
(24,660) |
(30,567) |
(4,927) |
(94,145) |
(134,038) |
(21,603) |
Gross profit |
74,190 |
44,570 |
7,183 |
234,698 |
235,182 |
37,904 |
|
|
|
|
|
|
|
Research and development expenses |
(17,128) |
(25,132) |
(4,050) |
(46,641) |
(89,679) |
(14,454) |
Selling and marketing expenses |
(12,417) |
(54,890) |
(8,846) |
(47,294) |
(104,196) |
(16,793) |
General and administrative expenses |
(23,254) |
(43,094) |
(6,946) |
(51,246) |
(119,855) |
(19,317) |
Operating income (loss) |
21,391 |
(78,546) |
(12,659) |
89,517 |
(78,548) |
(12,660) |
|
|
|
|
|
|
|
Share of losses of equity method
investments |
-- |
(514) |
(83) |
-- |
(623) |
(100) |
Investment income |
192 |
231 |
37 |
361 |
9,381 |
1,512 |
Interest income |
113 |
6,620 |
1,067 |
280 |
29,389 |
4,737 |
Other income |
-- |
6,407 |
1,033 |
-- |
6,407 |
1,033 |
Income (loss) before income
taxes |
21,696 |
(65,802) |
(10,605) |
90,158 |
(33,994) |
(5,478) |
|
|
|
|
|
|
|
Income tax benefit (expense) |
9,139 |
(7,072) |
(1,140) |
1,657 |
(13,674) |
(2,204) |
Net income (loss) |
30,835 |
(72,874) |
(11,745) |
91,815 |
(47,668) |
(7,682) |
|
|
|
|
|
|
|
Net loss attributable to noncontrolling
interests |
-- |
505 |
81 |
-- |
505 |
81 |
Net income (loss) attributable to
Sungy Mobile Limited |
30,835 |
(72,369) |
(11,664) |
91,815 |
(47,163) |
(7,601) |
|
|
|
|
|
|
|
Accretion of redeemable convertible preferred
shares |
(7,714) |
-- |
-- |
(50,711) |
-- |
-- |
Net income (loss) applicable to
common stock |
23,121 |
(72,369) |
(11,664) |
41,104 |
(47,163) |
(7,601) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
30,835 |
(72,874) |
(11,745) |
91,815 |
(47,668) |
(7,682) |
Other comprehensive
income |
|
|
|
|
|
|
Unrealized gains on available-for-sale
investments |
-- |
11,213 |
1,807 |
-- |
11,213 |
1,807 |
Foreign currency translation adjustment, net
of nil income taxes |
(5,759) |
(2,967) |
(478) |
4,686 |
3,423 |
551 |
Comprehensive income
(loss) |
25,076 |
(64,628) |
(10,416) |
96,501 |
(33,032) |
(5,324) |
|
|
|
|
|
|
|
Earnings (loss) per ADS |
|
|
|
|
|
|
- Basic |
0.85 |
(2.22) |
(0.36) |
1.70 |
(1.42) |
(0.23) |
- Diluted |
0.76 |
(2.22) |
(0.36) |
1.62 |
(1.42) |
(0.23) |
|
|
|
|
|
|
|
Weighted average number of ADS used
in calculating earnings (loss) per ADS |
|
|
|
|
|
|
- Basic |
19,090,855 |
32,654,877 |
32,654,877 |
11,275,557 |
33,251,498 |
33,251,498 |
- Diluted |
21,436,030 |
32,654,877 |
32,654,877 |
11,825,035 |
33,251,498 |
33,251,498 |
|
|
SUNGY MOBILE
LIMITED |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")) |
|
|
|
|
|
December 31,
2013 |
December 31,
2014 |
December 31,
2014 |
|
RMB |
RMB |
US$ |
|
|
|
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
759,388 |
172,246 |
27,761 |
Time deposits |
-- |
424,000 |
68,336 |
Short-term investments |
12,500 |
20,000 |
3,223 |
Accounts receivable, net |
84,345 |
72,566 |
11,696 |
Prepaid expenses and other current
assets |
14,546 |
35,123 |
5,661 |
Deferred income tax assets |
16,421 |
10,729 |
1,729 |
Total current
assets |
887,200 |
734,664 |
118,406 |
|
|
|
|
Property and equipment, net |
9,215 |
16,851 |
2,716 |
Intangible assets, net |
2,071 |
26,711 |
4,305 |
Goodwill |
-- |
11,256 |
1,814 |
Long-term investments |
-- |
92,282 |
14,873 |
Deferred income tax assets |
-- |
1,960 |
316 |
Other non-current assets |
4,518 |
9,657 |
1,557 |
Total
assets |
903,004 |
893,381 |
143,987 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
9,355 |
10,633 |
1,714 |
Accrued expenses and other current
liabilities |
50,798 |
89,621 |
14,444 |
Income tax payable |
7,861 |
16,074 |
2,590 |
Total current
liabilities |
68,014 |
116,328 |
18,748 |
Deferred income tax
liabilities |
-- |
2,587 |
417 |
Other non-current
liabilities |
-- |
2,258 |
364 |
Total
liabilities |
68,014 |
121,173 |
19,529 |
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
Class A ordinary shares |
36 |
41 |
7 |
Class B ordinary shares |
97 |
86 |
14 |
Treasury shares |
-- |
(2,852) |
(460) |
Additional paid-in capital |
1,111,259 |
1,084,367 |
174,768 |
Accumulated other comprehensive
income |
45,022 |
59,658 |
9,615 |
Accumulated deficit |
(321,424) |
(368,587) |
(59,405) |
Total Sungy Mobile Limited
shareholders' equity |
834,990 |
772,713 |
124,539 |
Noncontrolling interests |
-- |
(505) |
(81) |
Total shareholders'
equity |
834,990 |
772,208 |
124,458 |
|
|
|
|
Total liabilities and shareholders'
equity |
903,004 |
893,381 |
143,987 |
|
|
SUNGY MOBILE
LIMITED |
Unaudited
Reconciliations of GAAP and Non-GAAP Results |
(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$") except for number of ADSs
and per ADS data) |
|
|
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
December 31,
2013 |
December 31,
2014 |
December 31,
2014 |
December 31,
2013 |
December 31,
2014 |
December 31,
2014 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
Net income (loss) |
30,835 |
(72,874) |
(11,745) |
91,815 |
(47,668) |
(7,682) |
Deduct: interest income |
(113) |
(6,620) |
(1,067) |
(280) |
(29,389) |
(4,737) |
Add back: income tax expense (benefit) |
(9,139) |
7,072 |
1,140 |
(1,657) |
13,674 |
2,204 |
Add back: share-based compensation costs |
13,284 |
26,370 |
4,250 |
17,823 |
64,972 |
10,471 |
Adjusted EBIT |
34,867 |
(46,052) |
(7,422) |
107,701 |
1,589 |
256 |
|
|
|
|
|
|
|
Total revenues |
98,850 |
75,137 |
12,110 |
328,843 |
369,220 |
59,507 |
|
|
|
|
|
|
|
Adjusted EBIT margin |
35.3% |
(61.3%) |
|
32.8% |
0.4% |
|
|
|
|
|
|
|
|
Net income (loss) |
30,835 |
(72,874) |
(11,745) |
91,815 |
(47,668) |
(7,682) |
Add back: share-based compensation costs |
13,284 |
26,370 |
4,250 |
17,823 |
64,972 |
10,471 |
Adjusted net income
(loss) |
44,119 |
(46,504) |
(7,495) |
109,638 |
17,304 |
2,789 |
|
|
|
|
|
|
|
Total revenues |
98,850 |
75,137 |
12,110 |
328,843 |
369,220 |
59,507 |
|
|
|
|
|
|
|
Adjusted net margin |
44.6% |
(61.9%) |
|
33.3% |
4.7% |
|
|
|
|
|
|
|
|
Adjusted net income (loss) |
44,119 |
(46,504) |
(7,495) |
109,638 |
17,304 |
2,789 |
Add back: Net loss attributable to
noncontrolling interests |
-- |
505 |
81 |
-- |
505 |
81 |
Deduct: Accretion of redeemable convertible
preferred shares |
(7,714) |
-- |
-- |
(50,711) |
-- |
-- |
Deduct: Allocation of Adjusted net income to
participating redeemable convertible preferred shares |
(10,906) |
-- |
-- |
(31,401) |
-- |
-- |
Adjusted net income (loss) attributable to
ordinary shareholders |
25,499 |
(45,999) |
(7,414) |
27,526 |
17,809 |
2,870 |
|
|
|
|
|
|
|
Adjusted diluted earnings (loss) per
ADS |
1.19 |
(1.41) |
(0.23) |
2.33 |
0.52 |
0.08 |
|
|
|
|
|
|
|
Weighted average number of ADS used
in calculating adjusted earnings (loss) per ADS |
21,436,030 |
32,654,877 |
32,654,877 |
11,825,035 |
34,336,696 |
34,336,696 |
CONTACT: Investor Relations Contact
ICR, Inc.
Chenjiazi Zhong
Tel: +1-646-417-5388
Email: IR@sungymobile.com
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