BEIJING, Aug. 25, 2013 /PRNewswire/ -- Qihoo 360
Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE:
QIHU), a leading Internet company in China, today reported its
unaudited financial results for the quarter ended June 30, 2013.
Second Quarter Financial
Highlights(1)
- Revenues were $151.7 million, a
108% increase from $72.8
million in the second quarter of 2012.
- Net income attributable to Qihoo 360 was $33.0 million, a 372% increase from $7.0 million in the second quarter of 2012.
- Net income excluding share-based compensation
(non-GAAP)(1) was $51.0
million, a 147% increase from $20.6
million in the second quarter of 2012.
- Diluted earnings per ADS(2) ("EPADS")
attributable to Qihoo 360 was $0.26,
compared to $0.06 in the same period
last year.
- Diluted EPADS attributable to Qihoo 360 excluding share-based
compensation (non-GAAP)(1) was $0.40, compared to $0.17 in the same period last year.
Operating Metrics
- Total monthly active users of Qihoo 360's PC-based products and
services reached a record 461 million in June 2013, compared to 425 million in
June 2012(3).
- User penetration of Qihoo 360's PC-based products was 96% in
June 2013, compared to 94% in
June
2012(3).
- Total smartphone users of Qihoo 360's primary mobile
security product(4) reached approximately 338
million in June 2013, compared to 120 million in June
2012.
- Monthly active users of Qihoo 360's browsers were 330 million
in June 2013, compared to 272 million
in June 2012(3).
- User penetration of Qihoo 360's browsers was 69% in
June 2013, compared with 61% in
June 2012(3).
- Average daily unique visitors to the 360 Personalized Start-up
Page and its sub-pages were 114 million in the second quarter of
2013, compared to 83 million in the second quarter of 2012.
- Average daily clicks on the 360 Personalized Start-up Page and
its sub-pages were approximately 590 million in the second quarter
of 2013, compared to 368 million in the second quarter of
2012.
(1) Non-GAAP measures and related reconciliations to
GAAP measures are described in the accompanying sections titled
"About Non-GAAP Financial Measures" and "Reconciliations of
Non-GAAP Financial Measures to Comparable GAAP Measures" at the end
of the press release.
(2) American Depositary Shares, which are traded on
the NYSE. Every two ADSs represent three Class A ordinary shares of
the Company.
(3) User and market penetration data is based on data
from iResearch as of June 2013.
(4) Referring to 360 Mobile Safe, the Company's
primary mobile security product.
"We are extremely pleased to report another record breaking
quarter of robust revenue growth and substantial margin
improvement," said Mr. Hongyi Zhou,
Chairman and Chief Executive Officer of Qihoo 360. "We
continue to strengthen our leadership position in key product
categories, while establishing a foothold in new markets. Our PC
security products already cover nearly 95% of Chinese PC Internet
users, and our mobile security solutions cover approximately 70% of
Chinese smartphone users, making Qihoo the indisputable leader in
Internet security in China. In
addition, monthly active users of our PC browsers reached 330
million, or almost 70% of the Chinese PC Internet population, while
our Android based app store – 360 Mobile Assistant – further
extended its industry-leading market share during the quarter. We
are building upon our leadership position in the PC Internet
market, while making significant progress in the fast growing
mobile Internet market, an area that is particularly
promising."
"During the quarter, we gained notable search traffic share and
we believe that we are well on our way to reaching our year-end
goals. Through continued product improvement and technology
innovation, we believe we are in an excellent position to capture
significant share of the search market and help reshape the
competitive landscape of this vast industry in China. Although we just started monetizing our
search and mobile products a few months ago, we have made very
encouraging progress. As we continue to execute our business plan
and strategy, we believe that search and mobile monetization will
drive substantial long-term growth for our business," concluded Mr.
Zhou.
Mr. Xiangdong Qi, President of
Qihoo 360, added, "We continue to see re-accelerated growth in key
areas of our business. Online advertising grew 78% year-over-year,
supported by further deepening of our monetization process and
incremental contribution from search and mobile monetization.
Internet value-added services once again outpaced the market with
revenue growth of 181% year-over-year, and we saw strong momentum
in mobile games. While search and mobile monetization are still in
their nascent stages, they have ramped up faster than expected, and
will become key drivers for our future growth. As we continue to
leverage the strength of our platform, we expect the growth
momentum from the first half of 2013 will carry over into the rest
of the year. We will continue to make proactive investments
in product and technology development in order to strengthen our
leadership position and expand our footprint, particularly in
mobile Internet and search technology where we see tremendous
opportunity for future expansion. Meanwhile, we are gradually
building our sales and marketing infrastructure to support our
deepening monetization efforts. We believe these investments will
fortify our foundation, support sustainable growth and drive
long-term shareholder value."
Second Quarter 2012 Results
Revenues
Revenues were $151.7 million,
representing an increase of 108% from $72.8 million in the second quarter of 2012
and an increase of 38% from $109.9
million in the first quarter of 2013. The solid
year-over-year and sequential increases in revenues were due to
strong performance in both online advertising and Internet
value-added services, driven by continued robust user and traffic
growth and contribution from performance based advertising on
Personal Startup Page. In addition, better than expected ramp in
search and mobile monetization provided incremental growth
drivers.
Online advertising revenues were $90.6
million, representing an increase of 78% from the same
period last year and 43% from the prior quarter. The solid
year-over-year increase was primarily driven by increased
monetization of user activities on 360 Personalized Start-up Pages.
The robust quarter-over-quarter growth was in part driven by a
strong ramp-up in search monetization.
Internet value-added service revenues, which are mainly derived
from game platform operations, were $60.9
million, representing an increase of 181% from the same
period last year and 33% from the prior quarter. The robust
year-over-year growth was driven in part by strong momentum in
mobile games, although seasonal softness in Web game operations
limited the upside in sequential growth.
Cost of Revenues
Cost of revenues was $17.8
million, compared with $6.6
million in the second quarter of 2012 and $13.9 million in the prior quarter, representing
increases of 169% and 28%, respectively.
Operating Expenses
Operating expenses were $97.2
million, compared with $56.4
million in the second quarter of 2012 and $89.2 million in the first quarter of 2013.
Operating expenses excluding share-based compensation (non-GAAP)
were $79.3 million, compared with
$42.7 million in the second quarter
of 2012 and $77.2 million in the
prior quarter.
The year-over-year increases in non-GAAP operating expenses were
mainly driven by increased marketing expenses, personnel-related
costs, and bandwidth and equipment depreciation expenses, as the
Company continued to enhance its technology and product development
capabilities, and strengthen its brand in mobile Internet and
search. The modest sequential increases in non-GAAP operating
expenses were mainly due to increases in personnel-related costs,
partially offset by lower marketing expenses.
Operating Income
Operating income was $36.6
million, compared with $9.9
million in the second quarter of 2012 and $6.8 million in the prior quarter.
Operating income excluding share-based compensation (non-GAAP)
was $54.5 million, compared with
$23.6 million in the second quarter
2012 and $18.8 million in the prior
quarter.
Operating margin was 24.1%, compared with 13.6% in the second
quarter of 2012 and 6.2% in the prior quarter.
Operating margin excluding share-based compensation (non-GAAP)
was 36.0%, compared with 32.4% in the second quarter of 2012 and
17.1% in the prior quarter.
The year-over-year and sequential increases in non-GAAP
operating margin were mainly due to leverage from strong revenue
growth while the Company continues to invest in new product and
business initiatives.
Net Income
attributable to Qihoo 360
Net income attributable to Qihoo 360 was $33.0 million, compared with $7.0 million in the second quarter of 2012 and
$5.6 million in the prior
quarter.
Net income attributable to Qihoo 360 excluding share-based
compensation (non-GAAP) was $51.0
million, compared with $20.6
million in the second quarter of 2012 and $17.5 million in the prior quarter.
Net Margin
Net margin was 21.8%, compared with 9.6% in the same period last
year, and 5.1% in the prior quarter.
Net margin excluding share-based compensation (non-GAAP) was
33.6%, compared with 28.4% in the same period last year and 15.9%
in the prior quarter.
The year-over-year and sequential increases in non-GAAP net
margin were also mainly due to leverage from strong revenue.
Diluted Earnings per ADS ("EPADS")
Diluted EPADS for the second quarter of 2013 were $0.26, and diluted EPADS for the second quarter
of 2013 excluding share-based compensation (non-GAAP) were
$0.40. Both GAAP and non-GAAP
weighted average ADSs used in computing diluted EPADS were 127.6
million.
Cash Flows and Cash Balance
Net cash provided by operations in the second quarter of 2013
was $86.4 million, compared to
$18.1 million in the same period
last year and net cash outflow from operations of $27.9 million in the prior quarter.
Cash capital expenditures were $13.4 million. As of
June 30, 2013, the Company had cash
and cash equivalents of $378.0
million.
Business Outlook
For the third quarter of 2013, the Company expects revenues to
be between $181 million and $183
million, representing a year-over-year increase of 115% to
118%, and quarter over quarter increase of 19% to 21%. These
estimates reflect the Company's current and preliminary views on
its operations and macro environment, which are subject to possible
material changes.
Conference Call
Qihoo 360's management will host a conference call to discuss
the results at 7:30 a.m. Eastern Time on August 26, 2013
(7:30 p.m. Beijing time on August 26, 2013).
The dial-in details for the live conference call are:
US Toll Free Dial
In:
|
+1
866-519-4004
|
International Dial
In:
|
+65 6723
9381
|
Hong Kong Dial
In:
|
+852-2475-0994
|
Passcode:
|
QIHU
|
A telephone replay of the call will be available after the
conclusion of the conference call at 08:30 a.m. Eastern
Time on August 26,
2013 through 09:30 a.m. Eastern
Time on September 3, 2013. The dial-in details for the
replay are:
International Dial
In:
|
+61 2 8199
0299
|
US Dial
In:
|
+1
646-254-3697
|
Passcode:
|
31866926
|
A live webcast of the conference call will be available on the
investor relations section of Qihoo 360's website at:
http://corp.360.cn.
About Qihoo 360
Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) is a leading Internet
company in China. The Company is
also the number one provider of Internet and mobile security
products in China as measured by
its user base, according to iResearch. Qihoo 360 also provides
users with secure access points to the Internet via its market
leading web browsers and application stores. The Company has built
one of the largest open Internet platforms in China and monetizes its massive user base
primarily through online advertising and through Internet
value-added services on its open platform.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward- looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. Among other things,
the management's quotations and the "Business Outlook" section
contain forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about Qihoo 360 and the industry. Potential risks and
uncertainties include, but are not limited to: the Company's
ability to continue to innovate and provide attractive products and
services to attract and retain users; the Company's ability to keep
up with rapid changes in technologies and Internet-enabled devices;
the Company's ability to leverage its user base to attract
customers for our revenue-generating services; and the Company's
dependence on online advertising for a substantial portion of our
revenues; and the Company's ability to compete effectively. All
information provided in this press release is as of the date of the
press release, and Qihoo 360 undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although Qihoo 360 believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results. Further information
regarding risks and uncertainties faced by Qihoo 360 is included in
Qihoo 360's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F dated
April 19, 2013.
About Non-GAAP Financial Measures
To supplement our financial results presented in accordance with
U.S. GAAP, we use non-GAAP financial measure, which is adjusted
from results based on U.S. GAAP to exclude share-based compensation
expenses. Reconciliations of our non-GAAP financial measures to our
U.S. GAAP financial measures are set forth in tables at the end of
this earnings release, which provide more details on the non-GAAP
financial measures.
Our non-GAAP financial information is provided as additional
information to help our investors compare business trends among
different reporting periods on a consistent basis and to enhance
investors' overall understanding of the historical and current
financial performance of our continuing operations and our
prospects for the future. Our non-GAAP financial information should
be considered in addition to results prepared in accordance with
U.S. GAAP, but should not be considered a substitute for or
superior to U.S. GAAP results. In addition, our calculation of this
non-GAAP financial information may be different from the
calculation used by other companies, and therefore comparability
may be limited.
For investor and media inquiries, please contact:
Qihoo 360 Technology Co. Ltd.
In China:
Tel: +86
10-5878-1574
E-mail: ir@360.cn
In the U.S.:
The Piacente Group, Inc.
Lee Roth
Tel: (212) 481-2050
E-mail: qihu@tpg-ir.com
Qihoo 360
Technology Co. Ltd.
|
Condensed
Consolidated Balance Sheets
|
(U.S. dollars in
thousands, except for shares and per share data)
|
(Unaudited)
|
|
December
31,
|
June
30,
|
|
2012
|
2013
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
380,664
|
377,981
|
Restricted
Cash
|
1,905
|
300
|
Short-term
investments
|
179
|
721
|
Accounts
receivable (net of allowance for doubtful accounts of
|
|
|
$213 and $30 as of December 31, 2012 and June 30, 2013,
respectively)
|
23,591
|
34,048
|
Prepaid
expenses and other current assets
|
26,802
|
21,216
|
Amount due
from related party
|
-
|
1,521
|
Deferred tax
assets – current
|
2,131
|
2,714
|
Total current
assets
|
435,272
|
438,501
|
Property and
equipment, net
|
126,035
|
138,684
|
Land use rights,
net
|
73,645
|
75,533
|
Acquired intangible
assets, net
|
12,310
|
12,157
|
Goodwill
|
4,628
|
6,060
|
Long-term
investments
|
27,559
|
31,659
|
Other noncurrent
assets
|
9,335
|
10,209
|
Deferred tax assets –
noncurrent
|
745
|
1,015
|
TOTAL
ASSETS
|
689,529
|
713,818
|
LIABILITIES
|
|
|
Current
liabilities:
|
|
|
Accounts
payable (including accounts payable of the
consolidated
|
|
|
VIEs without recourse to Qihoo 360 Technology Co. Ltd.
of
|
|
|
$7,109 and $17,843 as
of December 31, 2012 and June 30, 2013, respectively)
|
7,109
|
17,992
|
Accrued
expenses and other current liabilities (including
accrued
|
|
|
expenses and other current liabilities of the consolidated
VIEs
|
|
|
without recourse to Qihoo 360 Technology Co. Ltd. of
|
|
|
$41,636 and $54,646
as of December 31, 2012 and June 30, 2013, respectively)
|
168,694
|
84,211
|
Deferred revenue –
current (including deferred revenue-current of the
|
|
|
consolidated VIEs
without resource to Qihoo 360 Technology Co. Ltd of
|
|
|
$17,520 and $25,762
as of December 31, 2012 and June 30, 2013, respectively)
|
21,049
|
33,729
|
Income tax
payable (including income tax payable of the consolidated
VIEs
|
|
|
without recourse to Qihoo 360 Technology Co. Ltd. of $2,710 and
$(352)
|
|
|
as
of December 31, 2012 and June 30, 2013, respectively)
|
6,862
|
7,054
|
Total current
liabilities
|
203,714
|
142,986
|
Deferred tax
liabilities – noncurrent
|
790
|
1,227
|
Deferred
revenue-noncurrent (including deferred revenue-noncurrent of
the
|
|
|
consolidated VIEs
without recourse to Qihoo Technology Co., Ltd of
|
|
|
$3,242 and $658 as of
December 31, 2012 and June 30, 2013, respectively
|
6,762
|
3,998
|
TOTAL
LIABILITIES
|
211,266
|
148,211
|
EQUITY
|
|
|
Total Qihoo 360
Technology Co. Ltd. Shareholders' equity
|
478,096
|
561,062
|
Noncontrolling
interest
|
167
|
4,545
|
Total
equity
|
478,263
|
565,607
|
TOTAL LIABILITIES AND
EQUITY
|
689,529
|
713,818
|
Qihoo 360
Technology Co. Ltd.
|
Condensed
Consolidated Statements of Income
|
(U.S. dollars in
thousands, except for shares and per share data)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,2012
|
March 31,
2013
|
June 30,
2013
|
|
June
30,2012
|
June 30,
2013
|
Revenues:
|
|
|
|
|
|
|
Internet
services
|
72,751
|
109,877
|
151,666
|
|
141,903
|
261,543
|
Sales of third
party anti-virus software
|
19
|
-
|
-
|
|
143
|
-
|
Total
revenues
|
72,770
|
109,877
|
151,666
|
|
142,046
|
261,543
|
Cost of
revenues:
|
|
|
|
|
|
|
Internet
services
|
6,629
|
13,906
|
17,846
|
|
14,212
|
31,752
|
Sales of third
party anti-virus software
|
8
|
-
|
-
|
|
37
|
-
|
Total cost of
revenues
|
6,637
|
13,906
|
17,846
|
|
14,249
|
31,752
|
Subsidy
income
|
135
|
3
|
-
|
|
142
|
3
|
Operating
expenses:
|
|
|
|
|
|
|
Selling and
marketing
|
13,799
|
27,062
|
23,997
|
|
25,653
|
51,059
|
General and
administrative
|
7,681
|
11,895
|
12,918
|
|
15,310
|
24,813
|
Product and
development
|
34,883
|
50,211
|
60,331
|
|
62,625
|
110,542
|
Total operating
expenses
|
56,363
|
89,168
|
97,246
|
|
103,588
|
186,414
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
9,905
|
6,806
|
36,574
|
|
24,351
|
43,380
|
Interest income,
net
|
1,846
|
1,437
|
1,778
|
|
3,358
|
3,215
|
Other income
(expense)
|
82
|
(1)
|
(110)
|
|
416
|
(111)
|
Exchange gain
(loss)
|
(1,920)
|
361
|
1,424
|
|
(2,019)
|
1,785
|
Impairment loss on
long-term investments
|
-
|
-
|
(1,301)
|
|
-
|
(1,301)
|
Change on fair value
of trading securities
|
(68)
|
23
|
31
|
|
(14)
|
54
|
Dividend income from
a cost method investee
|
-
|
174
|
-
|
|
-
|
174
|
Gain on disposal of
a subsidiary and long-term investments
|
1,460
|
-
|
-
|
|
5,026
|
-
|
Income before income
tax expense and loss from equity method
investments
|
11,305
|
8,800
|
38,396
|
|
31,118
|
47,196
|
Income tax
expense
|
(3,400)
|
(2,217)
|
(4,278)
|
|
(8,443)
|
(6,495)
|
Loss on equity method
investments
|
(878)
|
(1,021)
|
(905)
|
|
(1,558)
|
(1,926)
|
|
|
|
|
|
|
|
Net income
|
7,027
|
5,562
|
33,213
|
|
21,117
|
38,775
|
|
|
|
|
|
|
|
Add: Net loss
(income) attributable to noncontrolling interest
|
(30)
|
(11)
|
(216)
|
|
(54)
|
(227)
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Qihoo 360 Technology Co. Ltd
|
6,997
|
5,551
|
32,997
|
|
21,063
|
38,548
|
|
|
|
|
|
|
|
Net income per
ordinary share-basic
|
0.04
|
0.03
|
0.18
|
|
0.12
|
0.22
|
Net income per
ordinary share-diluted
|
0.04
|
0.03
|
0.17
|
|
0.12
|
0.20
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating net
income per ordinary share- basic (in millions)
|
176
|
178
|
179
|
|
176
|
179
|
Weighted average
shares used in calculating net
income per ordinary share-diluted (in millions)
|
183
|
189
|
191
|
|
183
|
190
|
(a): 3 Ordinary Shares = 2 ADSs
Qihoo 360
Technology Co. Ltd.
|
Condensed
Consolidated Statements of Cash Flows
|
(U.S. dollars in
thousands)
|
(Unaudited)
|
|
|
Three-months
period ended
|
|
|
June 30,
2012
|
June 30,
2013
|
Cash flows from
operating activities:
|
|
|
Net income
|
7,027
|
33,213
|
Share-based
compensation
|
13,647
|
17,962
|
Depreciation and
amortization
|
3,034
|
9,694
|
Amortization of land
use right
|
-
|
422
|
Loss on equity method
investments
|
878
|
905
|
Gain on disposal of
long-term investments
|
(1,460)
|
-
|
Impairment loss on
long-term investments
|
-
|
1,301
|
Unrealized holding
(gain) loss on trading securities
|
68
|
(31)
|
Provision of
allowance for doubtful accounts
|
-
|
36
|
Changes in operating
assets and liabilities
|
(5,049)
|
22,870
|
Net cash provided
by operating activities
|
18,145
|
86,372
|
Cash flows from
investing activities:
|
|
|
Purchase of property
and equipment and intangible assets
|
(14,652)
|
(13,383)
|
Consideration paid in
connection with business acquisition
|
(185)
|
(483)
|
Payment for
short-term and long-term investments
|
(9,018)
|
(5,061)
|
Proceeds from sale of
a long-term investment
|
1,500
|
-
|
(Increase) Decrease
in restricted cash
|
-
|
1,625
|
Dividends
received from an investee
|
313
|
174
|
Net cash used in
investing activities
|
(22,042)
|
(17,128)
|
|
|
|
|
|
Capital contribution
from noncontrolling interest
|
-
|
3
|
Proceeds from
exercise of stock option
|
514
|
5,933
|
Net cash provided
by financing activities
|
514
|
5,936
|
|
|
|
|
|
Effect of exchange
rate changes
|
(986)
|
1,866
|
INCREASE IN
CASH
|
(4,369)
|
77,046
|
CASH, BEGINNING OF
PERIOD
|
363,264
|
300,935
|
CASH, END OF
PERIOD
|
358,895
|
377,981
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Financial Measures to Comparable
GAAP Measures
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2012
|
|
Three Months Ended
March 31, 2013
|
|
Three Months Ended
June 30, 2013
|
|
GAAP
|
Adjustment(b)
|
Non-
GAAP
|
|
GAAP
|
Adjustment(b)
|
Non-
GAAP
|
|
GAAP
|
Adjustment(b)
|
Non-
GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
$56,363
|
($13,647)
|
$42,716
|
|
$89,168
|
($11,967)
|
$77,201
|
|
$97,246
|
($17,962)
|
$79,284
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$9,905
|
$13,647
|
$23,552
|
|
$6,806
|
$11,967
|
$18,773
|
|
$36,574
|
$17,962
|
$54,536
|
Operating
margin
|
13.6%
|
|
32.4%
|
|
6.2%
|
|
17.1%
|
|
24.1%
|
|
36.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Qihoo 360 Technology Co. Ltd.
|
$6,997
|
$13,647
|
$20,644
|
|
$5,551
|
$11,967
|
$17,518
|
|
$32,997
|
$17,962
|
$50,959
|
Net margin
|
9.6%
|
|
28.4%
|
|
5.1%
|
|
15.9%
|
|
21.8%
|
|
33.6%
|
Diluted earnings per
ADS(c)
|
$0.06
|
|
$0.17
|
|
$0.04
|
|
$0.14
|
|
$0.26
|
|
$0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2012
|
|
Six Months Ended June
30, 2013
|
|
GAAP
|
Adjustment(b)
|
Non-GAAP
|
|
GAAP
|
Adjustment(b)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Operating
expenses
|
$103,588
|
($25,326)
|
$78,262
|
|
$186,414
|
($29,929)
|
$156,485
|
|
|
|
|
|
|
|
|
(Loss) income from
operations
|
$24,351
|
$25,330
|
$49,681
|
|
$43,380
|
$29,929
|
$73,309
|
Operating
margin
|
17.1%
|
|
35.0%
|
|
16.6%
|
|
28.0%
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Qihoo 360 Technology Co. Ltd.
|
$21,063
|
$25,330
|
$46,393
|
|
$38,548
|
$29,929
|
$68,477
|
Net margin
|
14.8%
|
|
32.7%
|
|
14.7%
|
|
26.2%
|
Diluted (loss)
earnings per ADS(c)
|
$0.17
|
|
$0.38
|
|
$0.30
|
|
$0.54
|
(b): Adjustment to exclude the share-based compensation expense
of each period.
(c): 1 ADS = 1.5 Ordinary Shares
SOURCE Qihoo 360 Technology Co. Ltd.