Live Conference Call to be Held at 9:00
PM U.S. Eastern Time on May
9, 2022
BEIJING, May 9, 2022
/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 first quarter ended
March 31, 2022.
Mr. Shuang Liu, CEO of Phoenix
New Media, commented, "During the first quarter of 2022, we faced
an evolving macroeconomic landscape and challenges posed by the
resurgence of Covid. Confronting these pressures, we remained
steadfastly committed to providing premium content, optimizing the
usability of our app, and enhancing our livestreaming capabilities.
In addition, we fortified our leading position in news reporting
and continued to diversify our revenue streams. Going forward, we
will continue to explore new business initiatives and prudently
manage our operations while adapting to the changing market
dynamics."
Mr. Edward Lu, CFO of Phoenix New
Media, further stated, "Our topline came under increased pressure
this quarter due to the impact of the Covid outbreaks in many
cities in China. While we remain
dedicated to expanding our media presence and diversifying our
revenue streams, we are also taking necessary steps to minimize the
negative impact on our bottom line. We have proactively adjusted
our operational strategy and augmented our cost control efforts. We
believe that our continuous endeavors will sustain us through these
adversities and prepare us to achieve a better margin recovery in
the future."
First Quarter 2022 Financial Results
REVENUES
Total revenues in the first quarter of 2022 decreased by 22.4%
to RMB175.4 million (US$27.7 million) from RMB226.1 million in the same period of 2021,
primarily due to the year-over-year decline in the Company's net
advertising revenues.
Net advertising revenues in the first quarter of 2022 decreased
by 21.3% to RMB158.4 million
(US$25.0 million) from RMB201.3 million in the same period of 2021,
mainly due to the reduction in advertising spending of advertisers
from certain industries, the intensified industry-wide competition
and the negative impact of the COVID-19 outbreak in certain regions
in China in the first quarter of
2022.
Paid services revenues[1] in the first quarter
of 2022 decreased by 31.5% to RMB17.0
million (US$2.7 million) from
RMB24.8 million in the same period of
2021. Revenues from paid contents in the first quarter of 2022
decreased by 56.2% to RMB4.6 million
(US$0.7 million) from RMB10.5 million in the same period of 2021,
mainly due to the reduction in the content spending of certain
customers. Revenues from E-commerce and others in the first quarter
of 2022 decreased by 13.3% to RMB12.4
million (US$2.0 million) from
RMB14.3 million in the same period of
2021.
|
[1] Paid
services revenues comprise of (i) revenues from paid contents,
which includes revenues from digital reading, audio books, paid
videos, and other content-related sales activities, (ii) revenues
from E-commerce and others, which mainly includes revenues from
E-commerce, MVAS and others.
|
COST OF REVENUES
Cost of revenues in the first quarter of 2022 increased by 31.6%
to RMB142.3 million (US$22.5 million) from RMB108.1 million in the same period of 2021,
which was mainly attributable to the increase in the content and
operational costs caused by the increase in costs to develop
original content and content costs paid to Phoenix TV Group in the
first quarter of 2022.
GROSS PROFIT
Gross profit in the first quarter of 2022 decreased by 71.9% to
RMB33.1 million (US$5.2 million) from RMB118.0 million in the same period of 2021.
Gross margin in the first quarter of 2022 decreased to 18.9% from
52.2% in the same period of 2021, primarily attributable to the
year-over-year decline in the Company's net advertising revenues as
well as the increase in the Company's content and operational
costs, 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 first quarter of 2022, excluding
share-based compensation, decreased to 19.0% from 52.3% in the same
period of 2021.
OPERATING EXPENSES AND LOSS FROM OPERATIONS
Total operating expenses in the first quarter of 2022 decreased
by 12.5% to RMB139.9 million
(US$22.1 million) from RMB159.9 million in the same period of 2021,
primarily attributable to the decrease in the personnel-related
expenses as a result of the strict cost control measures.
Loss from operations in the first quarter of 2022 was
RMB106.8 million (US$16.8 million), compared to RMB41.9 million in the same period of 2021.
Operating margin in the first quarter of 2022 was negative 60.9%,
compared to negative 18.6% in the same period of 2021.
Non-GAAP loss from operations in the first quarter of 2022,
which excluded share-based compensation, was RMB106.1 million (US$16.7
million), compared to non-GAAP loss from operations of
RMB40.7 million in the same period of
2021. Non-GAAP operating margin in the first quarter of 2022,
excluding share-based compensation, was negative 60.5%, compared to
negative 18.0% in the same period of 2021.
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, fair value changes in investments,
net, and others, net[2]. Total net other income in the
first quarter of 2022 was RMB13.5
million (US$2.1 million),
compared to RMB12.5 million in the
same period of 2021. The increase in total net other income was
mainly due to the following:
- Net interest income in the first quarter of 2022 was
RMB8.6 million (US$1.4 million), compared to RMB10.7 million in the same period of 2021.
- Foreign currency exchange gain in the first quarter of 2022 was
RMB1.2 million (US$0.2 million), compared to a foreign currency
exchange loss of RMB2.8 million in
the same period of 2021.
- Loss from equity method investments, net of impairment, in the
first quarter of 2022 was RMB0.2
million (US$0.03 million),
compared to a loss of RMB0.2 million
in the same period of 2021.
- Fair value changes in investments, net in the first quarter of
2022 was a gain of RMB0.8 million
(US$0.1 million), compared to a gain
of RMB0.1 million in the same period
of 2021, which represented changes in fair value of investments in
certain private equity funds.
- Others, net, in the first quarter of 2022 was RMB3.1 million (US$0.4
million), compared to RMB4.7
million in the same period of 2021.
|
[2] "Others,
net" primarily consists of government subsidies and litigation loss
provisions.
|
NET LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net loss attributable to Phoenix New Media Limited in the first
quarter of 2022 was RMB79.7 million
(US$12.6 million), compared to net
loss attributable to Phoenix New Media Limited of RMB29.2 million in the same period of 2021. Net
margin in the first quarter of 2022 was negative 45.4%, compared to
negative 12.9% in the same period of 2021. Net loss per diluted
ordinary share in the first quarter of 2022 was RMB0.14 (US$0.02),
compared to RMB0.05 in the same
period of 2021.
Non-GAAP net loss attributable to Phoenix New Media Limited,
which excluded share-based compensation, income or loss from equity
method investments, net of impairment, and fair value changes in
investments, net, was RMB79.6 million
(US$12.6 million) in the first
quarter of 2022, compared to RMB27.8
million in the same period of 2021. Non-GAAP net margin in
the first quarter of 2022 was negative 45.4%, compared to negative
12.3% in the same period of 2021. Non-GAAP net loss per diluted
ADS[3] in the first quarter of 2022 was RMB1.09 (US$0.17),
compared to RMB0.38 in the same
period of 2021.
In the first quarter of 2022, the Company's weighted average
number of ADSs used in the computation of diluted net loss per ADS
was 72,790,541. As of March 31, 2022, 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 March 31, 2022, the Company's cash and cash
equivalents, term deposits and short term investments and
restricted cash were RMB1.41 billion
(US$222.8 million).
Business Outlook
For the second quarter of 2022, the Company expects its total
revenues to be between RMB198.6
million and RMB218.6 million;
net advertising revenues are expected to be between RMB167.0 million and RMB182.0 million; and paid services revenues are
expected to be between RMB31.6
million and RMB36.6
million.
All of the above forecasts reflect the current and preliminary
view of the Company's management, which are subject to changes 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 9:00 p.m. U.S.
Eastern Time on May 9, 2022
(May 10, 2022 at 9:00
a.m. Beijing/Hong Kong time)
to discuss its first quarter 2022 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/4731568. 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 that will
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 May 17, 2022 by using the dial-in numbers and
conference ID below:
|
International:
|
|
+61 2 8199
0299
|
|
Mainland
China:
|
|
4008209703
|
|
Hong Kong:
|
|
+852
30512780
|
|
United
States:
|
|
+1 646 254
3697
|
|
Conference
ID:
|
|
4731568
|
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
attributable to Phoenix New Media Limited, non-GAAP net margin and
non-GAAP net income or loss 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 attributable to Phoenix New Media Limited is net
income or loss attributable to Phoenix New Media Limited excluding
share-based compensation, income or loss from equity method
investments, net of impairment, and fair value changes in
investments, net. Non-GAAP net margin is non-GAAP net income or
loss attributable to Phoenix New Media Limited divided by total
revenues. Non-GAAP net income or loss per diluted ADS is non-GAAP
net income or loss 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, fair value changes in investments,
net, which have been and will continue to be significant recurring
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 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 readers. Unless otherwise stated, all
translations from RMB to USD were made at the rate of RMB6.3393 to US$1.00, the noon buying rate in effect on
March 31, 2022 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 presentations, 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, digital
reading applications and mobile Internet website; and its
operations with third-party business partners, including 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 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; 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, LLC
Robin Yang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
|
Phoenix New Media
Limited
|
|
Condensed
Consolidated Balance Sheets
|
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2021*
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
188,980
|
|
90,776
|
|
14,320
|
|
Term deposits and short
term investments
|
|
1,309,028
|
|
1,306,523
|
|
206,099
|
|
Restricted
cash
|
|
15,618
|
|
15,225
|
|
2,402
|
|
Accounts receivable,
net
|
|
456,935
|
|
409,334
|
|
64,571
|
|
Amounts due from
related parties
|
|
57,079
|
|
43,239
|
|
6,821
|
|
Prepayment and other
current assets
|
|
49,363
|
|
55,098
|
|
8,691
|
|
Total current
assets
|
|
2,077,003
|
|
1,920,195
|
|
302,904
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
29,051
|
|
26,930
|
|
4,248
|
|
Intangible assets,
net
|
|
22,495
|
|
22,847
|
|
3,604
|
|
Available-for-sale debt
investments
|
|
29,401
|
|
23,146
|
|
3,651
|
|
Equity investments,
net
|
|
111,128
|
|
120,722
|
|
19,044
|
|
Deferred tax
assets
|
|
92,189
|
|
97,931
|
|
15,448
|
|
Operating lease
right-of-use assets, net
|
|
41,361
|
|
31,362
|
|
4,947
|
|
Other non-current
assets
|
|
3,218
|
|
3,021
|
|
476
|
|
Total non-current
assets
|
|
328,843
|
|
325,959
|
|
51,418
|
|
Total
assets
|
|
2,405,846
|
|
2,246,154
|
|
354,322
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
217,172
|
|
216,492
|
|
34,151
|
|
Amounts due to related
parties
|
|
34,735
|
|
37,721
|
|
5,950
|
|
Advances from
customers
|
|
33,461
|
|
33,643
|
|
5,307
|
|
Taxes
payable
|
|
412,776
|
|
411,840
|
|
64,966
|
|
Salary and welfare
payable
|
|
119,812
|
|
85,011
|
|
13,410
|
|
Accrued expenses and
other current liabilities
|
|
123,243
|
|
105,326
|
|
16,615
|
|
Operating
lease liabilities
|
|
25,780
|
|
14,173
|
|
2,236
|
|
Total current
liabilities
|
|
966,979
|
|
904,206
|
|
142,635
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
1,312
|
|
1,312
|
|
207
|
|
Long-term
liabilities
|
|
28,330
|
|
28,329
|
|
4,469
|
|
Operating
lease liabilities
|
|
20,070
|
|
18,193
|
|
2,870
|
|
Total non-current
liabilities
|
|
49,712
|
|
47,834
|
|
7,546
|
|
Total
liabilities
|
|
1,016,691
|
|
952,040
|
|
150,181
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Phoenix New Media
Limited shareholders' equity:
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
17,499
|
|
17,499
|
|
2,760
|
|
Class B ordinary
shares
|
|
22,053
|
|
22,053
|
|
3,479
|
|
Additional paid-in
capital
|
|
1,629,014
|
|
1,629,703
|
|
257,079
|
|
Statutory
reserves
|
|
98,482
|
|
98,482
|
|
15,535
|
|
Accumulated
deficit
|
|
(300,357)
|
|
(380,054)
|
|
(59,952)
|
|
Accumulated other
comprehensive loss
|
|
(39,308)
|
|
(45,914)
|
|
(7,243)
|
|
Total Phoenix New Media
Limited shareholders' equity
|
|
1,427,383
|
|
1,341,769
|
|
211,658
|
|
Noncontrolling
interests
|
|
(38,228)
|
|
(47,655)
|
|
(7,517)
|
|
Total shareholders'
equity
|
|
1,389,155
|
|
1,294,114
|
|
204,141
|
|
Total liabilities
and shareholders' equity
|
|
2,405,846
|
|
2,246,154
|
|
354,322
|
|
|
|
|
|
|
|
|
* Derived from audited
financial statements included in the Company's Form 20-F dated
April 28, 2022.
|
|
Phoenix New Media
Limited
|
|
Condensed
Consolidated Statements of Comprehensive
Income/(loss)
|
|
(Amounts in
thousands, except for number of shares and per share (or ADS)
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Net advertising
revenues
|
201,313
|
|
279,163
|
|
158,376
|
|
24,983
|
|
Paid service
revenues
|
24,778
|
|
23,750
|
|
17,005
|
|
2,682
|
|
Total
revenues
|
226,091
|
|
302,913
|
|
175,381
|
|
27,665
|
|
Cost of
revenues
|
(108,104)
|
|
(197,539)
|
|
(142,319)
|
|
(22,450)
|
|
Gross
profit
|
117,987
|
|
105,374
|
|
33,062
|
|
5,215
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(64,843)
|
|
(83,881)
|
|
(59,394)
|
|
(9,369)
|
|
General and
administrative expenses
|
(54,828)
|
|
(33,757)
|
|
(45,446)
|
|
(7,169)
|
|
Technology and product
development expenses
|
(40,275)
|
|
(40,771)
|
|
(35,041)
|
|
(5,528)
|
|
Total operating
expenses
|
(159,946)
|
|
(158,409)
|
|
(139,881)
|
|
(22,066)
|
|
Loss from
operations
|
(41,959)
|
|
(53,035)
|
|
(106,819)
|
|
(16,851)
|
|
Other
income/(loss):
|
|
|
|
|
|
|
|
|
Interest income,
net
|
10,740
|
|
10,957
|
|
8,583
|
|
1,354
|
|
Foreign currency
exchange (loss)/gain
|
(2,765)
|
|
6,392
|
|
1,173
|
|
185
|
|
(Loss)/income
from equity method investments,net of impairment
|
(220)
|
|
1,152
|
|
(180)
|
|
(28)
|
|
Fair value changes in
investments, net
|
113
|
|
(1,318)
|
|
774
|
|
122
|
|
Others, net
|
4,670
|
|
12,122
|
|
3,183
|
|
502
|
|
Loss before income
taxes
|
(29,421)
|
|
(23,730)
|
|
(93,286)
|
|
(14,716)
|
|
Income tax
(expense)/benefit
|
(250)
|
|
(6,823)
|
|
4,124
|
|
651
|
|
Net
loss
|
(29,671)
|
|
(30,553)
|
|
(89,162)
|
|
(14,065)
|
|
Net loss/(income)
attributable to noncontrolling interests
|
498
|
|
(4,874)
|
|
9,465
|
|
1,493
|
|
Net loss
attributable to Phoenix New Media Limited
|
(29,173)
|
|
(35,427)
|
|
(79,697)
|
|
(12,572)
|
|
Net
loss
|
(29,671)
|
|
(30,553)
|
|
(89,162)
|
|
(14,065)
|
|
Other comprehensive
loss, net of tax: fair value remeasurement for
available-for-sale
debt investments
|
(1,730)
|
|
(4,881)
|
|
(6,154)
|
|
(971)
|
|
Other comprehensive
income/(loss), net of tax: foreign currency translation
adjustment
|
2,017
|
|
(3,590)
|
|
(452)
|
|
(71)
|
|
Comprehensive
loss
|
(29,384)
|
|
(39,024)
|
|
(95,768)
|
|
(15,107)
|
|
Comprehensive
loss/(income) attributable to noncontrolling interests
|
498
|
|
(4,874)
|
|
9,465
|
|
1,493
|
|
Comprehensive loss
attributable to Phoenix New Media Limited
|
(28,886)
|
|
(43,898)
|
|
(86,303)
|
|
(13,614)
|
|
Net loss per Class A
and Class B ordinary share:
|
|
|
|
|
|
|
|
|
Basic
|
(0.05)
|
|
(0.06)
|
|
(0.14)
|
|
(0.02)
|
|
Diluted
|
(0.05)
|
|
(0.06)
|
|
(0.14)
|
|
(0.02)
|
|
Net loss per ADS (1 ADS
represents 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
Basic
|
(0.40)
|
|
(0.49)
|
|
(1.09)
|
|
(0.17)
|
|
Diluted
|
(0.40)
|
|
(0.49)
|
|
(1.09)
|
|
(0.17)
|
|
Weighted average number
of Class A and Class B ordinary shares used in computing
net loss per share:
|
|
|
|
|
|
|
|
|
Basic
|
582,324,325
|
|
582,324,325
|
|
582,324,325
|
|
582,324,325
|
|
Diluted
|
582,324,325
|
|
582,324,325
|
|
582,324,325
|
|
582,324,325
|
|
Phoenix New Media
Limited
|
|
Condensed Segments
Information
|
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Net advertising
service
|
201,313
|
|
279,163
|
|
158,376
|
|
24,983
|
|
Paid
services
|
24,778
|
|
23,750
|
|
17,005
|
|
2,682
|
|
Total
revenues
|
226,091
|
|
302,913
|
|
175,381
|
|
27,665
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
Net advertising
service
|
101,255
|
|
189,306
|
|
136,097
|
|
21,469
|
|
Paid
services
|
6,849
|
|
8,233
|
|
6,222
|
|
981
|
|
Total cost of
revenues
|
108,104
|
|
197,539
|
|
142,319
|
|
22,450
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
Net advertising
service
|
100,058
|
|
89,857
|
|
22,279
|
|
3,514
|
|
Paid
services
|
17,929
|
|
15,517
|
|
10,783
|
|
1,701
|
|
Total gross
profit
|
117,987
|
|
105,374
|
|
33,062
|
|
5,215
|
|
Phoenix New Media
Limited
|
|
Condensed
Information of Cost of Revenues
|
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Revenue sharing
fees
|
2,571
|
|
14,380
|
|
3,646
|
|
575
|
|
Content and operational
costs
|
91,717
|
|
169,141
|
|
124,387
|
|
19,622
|
|
Bandwidth
costs
|
13,816
|
|
14,018
|
|
14,286
|
|
2,253
|
|
Total cost of
revenues
|
108,104
|
|
197,539
|
|
142,319
|
|
22,450
|
|
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
March 31, 2021
|
|
Three Months Ended
December 31, 2021
|
|
Three Months Ended
March 31, 2022
|
|
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
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Gross
profit
|
117,987
|
|
268
|
(1)
|
118,255
|
|
105,374
|
|
1,261
|
(1)
|
106,635
|
|
33,062
|
|
315
|
(1)
|
33,377
|
|
Gross
margin
|
52.2%
|
|
|
|
52.3%
|
|
34.8%
|
|
|
|
35.2%
|
|
18.9%
|
|
|
|
19.0%
|
|
Loss from
operations
|
(41,959)
|
|
1,288
|
(1)
|
(40,671)
|
|
(53,035)
|
|
2,079
|
(1)
|
(50,956)
|
|
(106,819)
|
|
727
|
|
(106,092)
|
|
Operating
margin
|
(18.6)%
|
|
|
|
(18.0)%
|
|
(17.5)%
|
|
|
|
(16.8)%
|
|
(60.9)%
|
|
|
|
(60.5)%
|
|
|
|
1,288
|
(1)
|
|
|
|
|
2,079
|
(1)
|
|
|
|
|
727
|
(1)
|
|
|
|
|
220
|
(2)
|
|
|
|
|
(1,152)
|
(2)
|
|
|
|
|
180
|
(2)
|
|
|
|
|
(113)
|
(3)
|
|
|
|
|
1,318
|
(3)
|
|
|
|
|
(774)
|
(3)
|
|
|
Net loss
attributable to Phoenix New
Media Limited
|
(29,173)
|
|
1,395
|
|
(27,778)
|
|
(35,427)
|
|
2,245
|
|
(33,182)
|
|
(79,697)
|
|
133
|
|
(79,564)
|
|
Net
margin
|
(12.9)%
|
|
|
|
(12.3)%
|
|
(11.7)%
|
|
|
|
(11.0)%
|
|
(45.4)%
|
|
|
|
(45.4)%
|
|
Net loss per
ADS-diluted
|
(0.40)
|
|
|
|
(0.38)
|
|
(0.49)
|
|
|
|
(0.46)
|
|
(1.09)
|
|
|
|
(1.09)
|
|
Weighted average
number of ADSs
used in computing diluted net loss 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) Loss/(income) from
equity method investments, net of impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Fair value changes
in investments, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/phoenix-new-media-reports-first-quarter-2022-unaudited-financial-results-301542545.html
SOURCE Phoenix New Media Limited
