FENG Phoenix New Media Limited

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

August 2024

Commission File Number: 001-35158

 

PHOENIX NEW MEDIA LIMITED

 

Sinolight Plaza, Floor 16

No. 4 Qiyang Road

Wangjing, Chaoyang District, Beijing, 100102

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

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TABLE OF CONTENTS

 

Exhibit 99.1 — Press release: Phoenix New Media Reports Second Quarter 2024 Unaudited Financial Results

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		PHOENIX NEW MEDIA LIMITED
		By:		/s/ Edward Lu
		Name:		Edward Lu
		Title:		Chief Financial Officer
Date: August 13, 2024

 

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Exhibit 99.1

 

Phoenix New Media Reports Second Quarter 2024 Unaudited Financial Results

Live Conference Call to be Held at 9:30 PM U.S. Eastern Time on August 13, 2024

BEIJING, China, August 14, 2024 — 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, 2024.

Mr. Yusheng Sun, CEO of Phoenix New Media, stated, “During the second quarter of 2024, we continued to establish ourselves as a leading new media outlet. We focused on strengthening our team's professional capabilities, producing quality content, refining our products, and optimizing user experience. Simultaneously, we kept exploring new commercial opportunities, creating new marketing solutions, attracting new clients, and exploring additional advertising revenue streams. We are committed to further improving our operational efficiency and monetization capabilities to strengthen our position.”

Second Quarter 2024 Financial Results

 

REVENUES

Total revenues in the second quarter of 2024 decreased by 6.6% to RMB168.3 million (US$23.2 million) from RMB180.2 million in the same period of 2023, primarily due to the year-over-year decline in both the Company’s net advertising revenues and paid services revenues.

 

Net advertising revenues in the second quarter of 2024 decreased by 4.4% to RMB154.7 million (US$21.3 million) from RMB161.8 million in the same period of 2023, mainly due to the reduction in advertising spending of advertisers from certain industries and the intensified industry-wide competition.

Paid services revenues in the second quarter of 2024 decreased by 26.1% to RMB13.6 million (US$1.9 million) from RMB18.4 million in the same period of 2023. Paid services revenues comprise (i) revenues from paid contents, mainly including digital reading, audio books, and paid videos, and (ii) revenues from E-commerce and others. Revenues from paid contents in the second quarter of 2024 decreased by 20.3% to RMB5.9 million (US$0.8 million) from RMB7.4 million in the same period of 2023, mainly due to the decrease in the content spending of certain customers in the second quarter of 2024. Revenues from E-commerce and others in the second quarter of 2024 decreased by 30.0% to RMB7.7 million (US$1.1 million) from RMB11.0 million in the same period of 2023, as the Company scaled down its E-commerce business in 2023.

 

COST OF REVENUES AND GROSS PROFIT

Cost of revenues in the second quarter of 2024 decreased by 17.2% to RMB102.9 million (US$14.2 million) from RMB124.3 million in the same period of 2023, as a result of the Company’s strict cost control measures.

Gross profit in the second quarter of 2024 increased by 17.0% to RMB65.4 million (US$9.0 million) from RMB55.9 million in the same period of 2023. Gross margin in the second quarter of 2024 was 38.9%, as compared to 31.0% in the same period of 2023.

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 “Unaudited Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Non-GAAP gross margin in the second quarter of 2024, which excluded share-based compensation, increased to 38.9% from 31.4% in the same period of 2023.

 

 

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OPERATING EXPENSES AND LOSS FROM OPERATIONS

Total operating expenses in the second quarter of 2024 decreased by 18.9% to RMB74.3 million (US$10.2 million) from RMB91.6 million in the same period of 2023, primarily attributable to the decrease in allowance for expected credit losses as the Company reversed some allowance for expected credit losses in the second quarter of 2024 due to the collection of some long-aged accounts receivables and the decrease in certain operating expenses as a result of the Company’s strict cost control measures.

Loss from operations in the second quarter of 2024 was RMB8.9 million (US$1.2 million), compared to loss from operations of RMB35.7 million in the same period of 2023. Operating margin in the second quarter of 2024 was negative 5.3%, compared to negative 19.8% in the same period of 2023.

Non-GAAP loss from operations in the second quarter of 2024, which excluded share-based compensation, was RMB8.9 million (US$1.2 million), compared to non-GAAP loss from operations of RMB33.8 million in the same period of 2023. Non-GAAP operating margin in the second quarter of 2024, which excluded share-based compensation, was negative 5.3%, compared to negative 18.8% in the same period of 2023.

OTHER INCOME OR LOSS

Other income or loss reflects net interest income, foreign currency exchange gain or loss, income or loss from equity investments, including impairment, fair value changes in investments, net, and others, net. Total net other income in the second quarter of 2024 was RMB4.7 million (US$0.6 million), compared to total net other income of RMB4.4 million in the same period of 2023, which mainly consisted of the following items:

 

 

 

NET LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED

Net loss attributable to Phoenix New Media Limited in the second quarter of 2024 was RMB5.5 million (US$0.8 million), compared to net loss attributable to Phoenix New Media Limited of RMB31.3 million in the same period of 2023. Net margin in the second quarter of 2024 was negative 3.2%, compared to negative 17.4% in the same period of 2023. Net loss per basic and diluted ordinary share in the second quarter of 2024 was RMB0.01 (US$0.00), compared to net loss per basic and diluted ordinary share of RMB0.05 in the same period of 2023.

Non-GAAP net loss attributable to Phoenix New Media Limited, which excluded share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, was RMB2.1 million (US$0.3 million) in the second quarter of 2024, compared to non-GAAP net loss attributable to Phoenix New Media Limited of RMB29.7 million in the same period of 2023. Non-GAAP net margin in the second quarter of 2024 was negative 1.3%, compared to negative 16.5% in the same period of 2023. Non-GAAP net loss per basic and diluted ADS in the second quarter of 2024 was RMB0.18 (US$0.02), compared to non-GAAP net loss per basic and diluted ADS of RMB2.44 in the same period of 2023. “ADS(s)” refers to the Company's American Depositary Share(s), each representing 48 Class A ordinary shares of the Company.

In the second quarter of 2024, the Company’s weighted average number of ADSs used in the computation of basic and diluted net loss per ADS was 12,010,776. As of June 30, 2024, the Company had a total of 576,517,237 ordinary shares outstanding, or the equivalent of 12,010,776 ADSs.

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CERTAIN BALANCE SHEET ITEMS

 

As of June 30, 2024, the Company’s cash and cash equivalents, term deposits and short term investments and restricted cash were RMB989.1 million (US$136.1 million).

 

Business Outlook

For the third quarter of 2024, the Company expects its total revenues to be between RMB151.6 million and RMB166.6 million; net advertising revenues are expected to be between RMB142.3 million and RMB152.3 million; and paid services revenues are expected to be between RMB9.3 million and RMB14.3 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 uncertainty of macroeconomic environment.

Conference Call Information

The Company will hold a conference call at 9:30 p.m. U.S. Eastern Time on August 13, 2024 (August 14, 2024 at 9:30 a.m. Beijing/Hong Kong time) to discuss its second quarter 2024 unaudited financial results and operating performance.

To participate in the call, please register in advance of the conference by clicking here (https://register.vevent.com/register/BI28e9f14791eb464d974487674f3d00e1). Upon registering, each participant will receive the participant dial-in numbers and a unique access PIN, which will be used to join the conference call. Please dial in 10 minutes before the call is scheduled to begin.

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 basic and 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 investments, including 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 basic and diluted ADS is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by weighted average number of basic and 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 investments, including impairment, and 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.

 

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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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024 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 information 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 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; and relevant government policies and regulations relating to the Company. 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

Muzi Guo

Email: investorrelations@ifeng.com

 

 

 

 

 

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Phoenix New Media Limited

Unaudited Condensed Consolidated Balance Sheets

(Amounts in thousands)

 

		December 31,				June 30,				June 30,
		2023				2024				2024
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			527,407				387,096				53,266
Term deposits and short term investments			558,765				595,193				81,901
Restricted cash			7,049				6,840				941
Accounts receivable, net			293,854				301,245				41,453
Amounts due from related parties			57,445				123,410				16,982
Prepayment and other current assets			34,108				23,819				3,277
Total current assets			1,478,628				1,437,603				197,820
Non-current assets:
Property and equipment, net			7,237				5,866				807
Intangible assets, net			20,050				16,137				2,221
Available-for-sale debt investments			309				311				42
Equity investments, net			101,221				97,646				13,437
Deferred tax assets			70,170				70,170				9,656
Operating lease right-of-use assets, net			67,950				51,296				7,059
Other non-current assets			13,179				11,341				1,561
Total non-current assets			280,116				252,767				34,783
Total assets			1,758,744				1,690,370				232,603
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			122,133				129,515				17,822
Amounts due to related parties			22,170				23,921				3,292
Advances from customers			34,197				24,697				3,398
Taxes payable			170,479				170,699				23,489
Salary and welfare payable			86,444				70,958				9,764
Accrued expenses and other current liabilities			71,656				64,670				8,899
Operating lease liabilities			19,915				17,471				2,404
Total current liabilities			526,994				501,931				69,068
Non-current liabilities:
Long-term liabilities			18,598				18,598				2,559
Operating lease liabilities			49,529				35,378				4,868
Total non-current liabilities			68,127				53,976				7,427
Total liabilities			595,121				555,907				76,495
Shareholders' equity:
Phoenix New Media Limited shareholders' equity:
Class A ordinary shares			17,499				17,499				2,408
Class B ordinary shares			22,053				22,053				3,035
Additional paid-in capital			1,640,535				1,641,950				225,940
Treasury stock			(655	)			(1,480	)			(204	)
Statutory reserves			99,342				99,342				13,670
Accumulated deficit			(513,365	)			(544,840	)			(74,972	)
Accumulated other comprehensive loss			(40,397	)			(38,826	)			(5,343	)
Total Phoenix New Media Limited shareholders' equity			1,225,012				1,195,698				164,534
Noncontrolling interests			(61,389	)			(61,235	)			(8,426	)
Total shareholders' equity			1,163,623				1,134,463				156,108
Total liabilities and shareholders' equity			1,758,744				1,690,370				232,603

 

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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,
	2023				2024				2024				2024				2023				2024				2024
	RMB				RMB				RMB				US$				RMB				RMB				US$
Revenues:
Net advertising revenues		161,807				138,573				154,691				21,286				288,002				293,264				40,354
Paid service revenues		18,400				14,419				13,627				1,875				38,571				28,046				3,859
Total revenues		180,207				152,992				168,318				23,161				326,573				321,310				44,213
Cost of revenues		(124,270	)			(108,963	)			(102,918	)			(14,162	)			(242,358	)			(211,881	)			(29,156	)
Gross profit		55,937				44,029				65,400				8,999				84,215				109,429				15,057
Operating expenses:
Sales and marketing expenses		(28,476	)			(36,882	)			(39,592	)			(5,448	)			(68,526	)			(76,474	)			(10,523	)
General and administrative expenses		(42,146	)			(26,131	)			(17,071	)			(2,349	)			(79,709	)			(43,202	)			(5,945	)
Technology and product development expenses		(20,988	)			(17,550	)			(17,676	)			(2,432	)			(46,057	)			(35,226	)			(4,847	)
Total operating expenses		(91,610	)			(80,563	)			(74,339	)			(10,229	)			(194,292	)			(154,902	)			(21,315	)
Loss from operations		(35,673	)			(36,534	)			(8,939	)			(1,230	)			(110,077	)			(45,473	)			(6,258	)
Other income/(loss):
Interest income, net		9,005				10,137				8,751				1,204				17,599				18,888				2,599
Foreign currency exchange loss		(7,279	)			(402	)			(659	)			(91	)			(5,895	)			(1,061	)			(146	)
Income/(loss) from equity method investments, including impairment		159				(189	)			(5,675	)			(781	)			(102	)			(5,864	)			(807	)
Fair value changes in investments, net		54				80				2,415				332				98				2,495				343
Others, net		2,501				86				(91	)			(13	)			2,540				(5	)			(1	)
Loss before income taxes		(31,233	)			(26,822	)			(4,198	)			(579	)			(95,837	)			(31,020	)			(4,270	)
Income tax (expense)/benefit		(429	)			(208	)			(93	)			(13	)			1,052				(301	)			(41	)
Net loss		(31,662	)			(27,030	)			(4,291	)			(592	)			(94,785	)			(31,321	)			(4,311	)
Net loss/(income) attributable to noncontrolling interests		331				1,016				(1,170	)			(161	)			5,666				(154	)			(21	)
Net loss attributable to Phoenix New Media Limited		(31,331	)			(26,014	)			(5,461	)			(753	)			(89,119	)			(31,475	)			(4,332	)
Net loss		(31,662	)			(27,030	)			(4,291	)			(592	)			(94,785	)			(31,321	)			(4,311	)
Other comprehensive income, net of tax: foreign currency translation adjustment		13,468				619				952				131				10,826				1,571				216
Comprehensive loss		(18,194	)			(26,411	)			(3,339	)			(461	)			(83,959	)			(29,750	)			(4,095	)
Comprehensive loss/(income) attributable to noncontrolling interests		331				1,016				(1,170	)			(161	)			5,666				(154	)			(21	)
Comprehensive loss attributable to Phoenix New Media Limited		(17,863	)			(25,395	)			(4,509	)			(622	)			(78,293	)			(29,904	)			(4,116	)
Net loss per Class A and Class B ordinary share:
Basic		(0.05	)			(0.05	)			(0.01	)			(0.00	)			(0.15	)			(0.05	)			(0.01	)
Diluted		(0.05	)			(0.05	)			(0.01	)			(0.00	)			(0.15	)			(0.05	)			(0.01	)
Net loss per ADS (1 ADS represents 48 Class A ordinary shares):
Basic		(2.58	)			(2.16	)			(0.45	)			(0.06	)			(7.35	)			(2.62	)			(0.36	)
Diluted		(2.58	)			(2.16	)			(0.45	)			(0.06	)			(7.35	)			(2.62	)			(0.36	)
Weighted average number of Class A and Class B ordinary shares used in computing net loss per share:
Basic		582,324,325				577,630,597				576,517,237				576,517,237				582,324,325				577,059,358				577,059,358
Diluted		582,324,325				577,630,597				576,517,237				576,517,237				582,324,325				577,059,358				577,059,358

 

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Phoenix New Media Limited

Unaudited Condensed Segments Information

(Amounts in thousands)

	Three Months Ended																Six Months Ended
	June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
	2023				2024				2024				2024				2023				2024				2024
	RMB				RMB				RMB				US$				RMB				RMB				US$
Revenues:
Net advertising service		161,807				138,573				154,691				21,286				288,002				293,264				40,354
Paid services		18,400				14,419				13,627				1,875				38,571				28,046				3,859
Total revenues		180,207				152,992				168,318				23,161				326,573				321,310				44,213
Cost of revenues
Net advertising service		114,651				98,709				94,728				13,035				221,921				193,437				26,618
Paid services		9,619				10,254				8,190				1,127				20,437				18,444				2,538
Total cost of revenues		124,270				108,963				102,918				14,162				242,358				211,881				29,156
Gross profit
Net advertising service		47,156				39,864				59,963				8,251				66,081				99,827				13,736
Paid services		8,781				4,165				5,437				748				18,134				9,602				1,321
Total gross profit		55,937				44,029				65,400				8,999				84,215				109,429				15,057

 

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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,
	2023				2024				2024				2024				2023				2024				2024
	RMB				RMB				RMB				US$				RMB				RMB				US$
Revenue sharing fees		3,316				4,135				2,585				356				6,854				6,720				925
Content and operational costs		113,484				98,500				93,630				12,884				218,834				192,130				26,438
Bandwidth costs		7,470				6,328				6,703				922				16,670				13,031				1,793
Total cost of revenues		124,270				108,963				102,918				14,162				242,358				211,881				29,156

 

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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, 2023												Three Months Ended March 31, 2024												Three Months Ended June 30, 2024
	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		55,937				642		(1)		56,579				44,029				628		(1)		44,657				65,400				53		(1)		65,453
Gross margin		31.0	%							31.4	%			28.8	%							29.2	%			38.9	%							38.9	%
Loss from operations		(35,673	)			1,884		(1)		(33,789	)			(36,534	)			1,334		(1)		(35,200	)			(8,939	)			81		(1)		(8,858	)
Operating margin		(19.8	)%							(18.8	)%			(23.9	)%							(23.0	)%			(5.3	)%							(5.3	)%
						1,884		(1)										1,334		(1)										81		(1)
						(159	)	(2)										189		(2)										5,675		(2)
						(54	)	(3)										(80	)	(3)										(2,415	)	(3)
Net loss attributable to Phoenix New Media Limited		(31,331	)			1,671				(29,660	)			(26,014	)			1,443				(24,571	)			(5,461	)			3,341				(2,120	)
Net margin		(17.4	)%							(16.5	)%			(17.0	)%							(16.1	)%			(3.2	)%							(1.3	)%
Net loss per ADS-basic and diluted		(2.58	)							(2.44	)			(2.16	)							(2.04	)			(0.45	)							(0.18	)
Weighted average number of ADSs used in computing basic and diluted net loss per ADS		12,131,757								12,131,757				12,033,971								12,033,971				12,010,776								12,010,776

 

(1) Share-based compensation

(2) (Income)/loss from equity investments, including impairment

(3) Fair value changes in investments, net

 

 

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