奇虎360第二季度财报英文版.docx
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奇虎360第二季度财报英文版
【奇虎360】2013年第二季度财报(英文版)
BEIJING,August26,2013/PRNewswire/--Qihoo360TechnologyCo.Ltd.("Qihoo360"orthe"Company")(NYSE:
QIHU),aleadingInternetcompanyinChina,todayreporteditsunauditedfinancialresultsforthequarterendedJune30,2013.
SecondQuarterFinancialHighlights
∙Revenueswere$151.7million,a108%increasefrom$72.8millioninthesecondquarterof2012.
∙NetincomeattributabletoQihoo360was$33.0million,a372%increasefrom$7.0millioninthesecondquarterof2012.
∙Netincomeexcludingshare-basedcompensation(non-GAAP)was$51.0million,a147%increasefrom$20.6millioninthesecondquarterof2012.
∙DilutedearningsperADS("EPADS")attributabletoQihoo360was$0.26,comparedto$0.06inthesameperiodlastyear.
∙DilutedEPADSattributabletoQihoo360excludingshare-basedcompensation(non-GAAP)was$0.40,comparedto$0.17inthesameperiodlastyear.
OperatingMetrics
∙TotalmonthlyactiveusersofQihoo360'sPC-basedproductsandservicesreachedarecord461millioninJune2013,comparedto425millioninJune2012.
∙UserpenetrationofQihoo360'sPC-basedproductswas96%inJune2013,comparedto94%inJune2012.
∙TotalsmartphoneusersofQihoo360'sprimarymobilesecurityproductreachedapproximately338millioninJune2013,comparedto120millioninJune2012.
∙MonthlyactiveusersofQihoo360'sbrowserswere330millioninJune2013,comparedto272millioninJune2012.
∙UserpenetrationofQihoo360'sbrowserswas69%inJune2013,comparedwith61%inJune2012.
∙Averagedailyuniquevisitorstothe360PersonalizedStart-upPageanditssub-pageswere114millioninthesecondquarterof2013,comparedto83millioninthesecondquarterof2012.
∙Averagedailyclicksonthe360PersonalizedStart-upPageanditssub-pageswereapproximately590millioninthesecondquarterof2013,comparedto368millioninthesecondquarterof2012.
Non-GAAPmeasuresandrelatedreconciliationstoGAAPmeasuresaredescribedintheaccompanyingsectionstitled"AboutNon-GAAPFinancialMeasures"and"ReconciliationsofNon-GAAPFinancialMeasurestoComparableGAAPMeasures"attheendofthepressrelease.
AmericanDepositaryShares,whicharetradedontheNYSE.EverytwoADSsrepresentthreeClassAordinarysharesoftheCompany.
UserandmarketpenetrationdataisbasedondatafromiResearchasofJune2013.
Referringto360MobileSafe,theCompany'sprimarymobilesecurityproduct.
"Weareextremelypleasedtoreportanotherrecordbreakingquarterofrobustrevenuegrowthandsubstantialmarginimprovement,"saidMr.HongyiZhou,ChairmanandChiefExecutiveOfficerofQihoo360."Wecontinuetostrengthenourleadershippositioninkeyproductcategories,whileestablishingafootholdinnewmarkets.OurPCsecurityproductsalreadycovernearly95%ofChinesePCInternetusers,andourmobilesecuritysolutionscoverapproximately70%ofChinesesmartphoneusers,makingQihootheindisputableleaderinInternetsecurityinChina.Inaddition,monthlyactiveusersofourPCbrowsersreached330million,oralmost70%oftheChinesePCInternetpopulation,whileourAndroidbasedappstore-360MobileAssistant-furtherextendeditsindustry-leadingmarketshareduringthequarter.WearebuildinguponourleadershippositioninthePCInternetmarket,whilemakingsignificantprogressinthefastgrowingmobileInternetmarket,anareathatisparticularlypromising."
"Duringthequarter,wegainednotablesearchtrafficshareandwebelievethatwearewellonourwaytoreachingouryear-endgoals.Throughcontinuedproductimprovementandtechnologyinnovation,webelieveweareinanexcellentpositiontocapturesignificantshareofthesearchmarketandhelpreshapethecompetitivelandscapeofthisvastindustryinChina.Althoughwejuststartedmonetizingoursearchandmobileproductsafewmonthsago,wehavemadeveryencouragingprogress.Aswecontinuetoexecuteourbusinessplanandstrategy,webelievethatsearchandmobilemonetizationwilldrivesubstantiallong-termgrowthforourbusiness,"concludedMr.Zhou.
Mr.XiangdongQi,PresidentofQihoo360,added,"Wecontinuetoseere-acceleratedgrowthinkeyareasofourbusiness.Onlineadvertisinggrew78%year-over-year,supportedbyfurtherdeepeningofourmonetizationprocessandincrementalcontributionfromsearchandmobilemonetization.Internetvalue-addedservicesonceagainoutpacedthemarketwithrevenuegrowthof181%year-over-year,andwesawstrongmomentuminmobilegames.Whilesearchandmobilemonetizationarestillintheirnascentstages,theyhaverampedupfasterthanexpected,andwillbecomekeydriversforourfuturegrowth.Aswecontinuetoleveragethestrengthofourplatform,weexpectthegrowthmomentumfromthefirsthalfof2013willcarryoverintotherestoftheyear.Wewillcontinuetomakeproactiveinvestmentsinproductandtechnologydevelopmentinordertostrengthenourleadershippositionandexpandourfootprint,particularlyinmobileInternetandsearchtechnologywhereweseetremendousopportunityforfutureexpansion.Meanwhile,wearegraduallybuildingoursalesandmarketinginfrastructuretosupportourdeepeningmonetizationefforts.Webelievetheseinvestmentswillfortifyourfoundation,supportsustainablegrowthanddrivelong-termshareholdervalue."
SecondQuarter2012Results
Revenues
Revenueswere$151.7million,representinganincreaseof108%from$72.8millioninthesecondquarterof2012andanincreaseof38%from$109.9millioninthefirstquarterof2013.Thesolidyear-over-yearandsequentialincreasesinrevenueswereduetostrongperformanceinbothonlineadvertisingandInternetvalue-addedservices,drivenbycontinuedrobustuserandtrafficgrowthandcontributionfromperformancebasedadvertisingonPersonalStartupPage.Inaddition,betterthanexpectedrampinsearchandmobilemonetizationprovidedincrementalgrowthdrivers.
Onlineadvertisingrevenueswere$90.6million,representinganincreaseof78%fromthesameperiodlastyearand43%fromthepriorquarter.Thesolidyear-over-yearincreasewasprimarilydrivenbyincreasedmonetizationofuseractivitieson360PersonalizedStart-upPages.Therobustquarter-over-quartergrowthwasinpartdrivenbyastrongramp-upinsearchmonetization.
Internetvalue-addedservicerevenues,whicharemainlyderivedfromgameplatformoperations,were$60.9million,representinganincreaseof181%fromthesameperiodlastyearand33%fromthepriorquarter.Therobustyear-over-yeargrowthwasdriveninpartbystrongmomentuminmobilegames,althoughseasonalsoftnessinWebgameoperationslimitedtheupsideinsequentialgrowth.
CostofRevenues
Costofrevenueswas$17.8million,comparedwith$6.6millioninthesecondquarterof2012and$13.9millioninthepriorquarter,representingincreasesof169%and28%,respectively.
OperatingExpenses
Operatingexpenseswere$97.2million,comparedwith$56.4millioninthesecondquarterof2012and$89.2millioninthefirstquarterof2013.Operatingexpensesexcludingshare-basedcompensation(non-GAAP)were$79.3million,comparedwith$42.7millioninthesecondquarterof2012and$77.2millioninthepriorquarter.
Theyear-over-yearincreasesinnon-GAAPoperatingexpensesweremainlydrivenbyincreasedmarketingexpenses,personnel-relatedcosts,andbandwidthandequipmentdepreciationexpenses,astheCompanycontinuedtoenhanceitstechnologyandproductdevelopmentcapabilities,andstrengthenitsbrandinmobileInternetandsearch.Themodestsequentialincreasesinnon-GAAPoperatingexpensesweremainlyduetoincreasesinpersonnel-relatedcosts,partiallyoffsetbylowermarketingexpenses.
OperatingIncome
Operatingincomewas$36.6million,comparedwith$9.9millioninthesecondquarterof2012and$6.8millioninthepriorquarter.
Operatingincomeexcludingshare-basedcompensation(non-GAAP)was$54.5million,comparedwith$23.6millioninthesecondquarter2012and$18.8millioninthepriorquarter.
Operatingmarginwas24.1%,comparedwith13.6%inthesecondquarterof2012and6.2%inthepriorquarter.
Operatingmarginexcludingshare-basedcompensation(non-GAAP)was36.0%,comparedwith32.4%inthesecondquarterof2012and17.1%inthepriorquarter.
Theyear-over-yearandsequentialincreasesinnon-GAAPoperatingmarginweremainlyduetoleveragefromstrongrevenuegrowthwhiletheCompanycontinuestoinvestinnewproductandbusinessinitiatives.
NetIncomeattributabletoQihoo360
NetincomeattributabletoQihoo360was$33.0million,comparedwith$7.0millioninthesecondquarterof2012and$5.6millioninthepriorquarter.
NetincomeattributabletoQihoo360excludingshare-basedcompensation(non-GAAP)was$51.0million,comparedwith$20.6millioninthesecondquarterof2012and$17.5millioninthepriorquarter.
NetMargin
Netmarginwas21.8%,comparedwith9.6%inthesameperiodlastyear,and5.1%inthepriorquarter.
Netmarginexcludingshare-basedcompensation(non-GAAP)was33.6%,comparedwith28.4%inthesameperiodlastyearand15.9%inthepriorquarter.
Theyear-over-yearandsequentialincreasesinnon-GAAPnetmarginwerealsomainlyduetoleveragefromstrongrevenue.
DilutedEarningsperADS("EPADS")
DilutedEPADSforthesecondquarterof2013were$0.26,anddilutedEPADSforthesecondquarterof2013excludingshare-basedcompensation(non-GAAP)were$0.40.BothGAAPandnon-GAAPweightedaverageADSsusedincomputingdilutedEPADSwere127.6million.
CashFlowsandCashBalance
Netcashprovidedbyoperationsinthesecondquarterof2013was$86.4million,comparedto$18.1millioninthesameperiodlastyearandnetcashoutflowfrom