Additional Information - Condensed Financial Statements of the Company

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Additional Information - Condensed Financial Statements of the Company

26.  Additional Information - Condensed Financial Statements of the Company

The condensed financial statements of Phoenix New Media Limited have been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04.

The Company records its investments in subsidiaries and VIEs under the equity method of accounting. Such investments are presented on the balance sheets as “Investments in subsidiaries and VIEs”, and the net profit or loss of subsidiaries and VIEs is presented as “Share of loss from subsidiaries and VIEs” in the statement of comprehensive income/(loss).

As of December 31, 2020 and 2021, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those, if any, which have been separately disclosed in the consolidated financial statements.

Phoenix New Media Limited

Condensed Financial Information of the Company

Balance Sheets

(Amounts in thousands, except for number of shares and per share data)

	As of December 31,
	2020			2021
	RMB			RMB
ASSETS
Current assets:
Cash and cash equivalents		24,932			34,027
Amounts due from subsidiaries and VIEs		867,801			835,428
Prepayments and other current assets		968			1,117
Total current assets		893,701			870,572
Non-current assets:
Investments in subsidiaries and VIEs		975,487			794,149
Available-for-sale debt investments		36,662			29,401
Total non-current assets		1,012,149			823,550
Total assets		1,905,850			1,694,122
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Amounts due to subsidiaries and VIEs		16,429			44,244
Taxes payable		225,960			220,794
Accrued expenses and other current liabilities		27,717			1,701
Total current liabilities		270,106			266,739
Total liabilities		270,106			266,739
Shareholders’ equity:
Class A ordinary shares (US$0.01 par value, 680,000,000 shares authorized; 264,998,965 and     264,998,965 shares issued and outstanding as of December 31, 2020 and 2021, respectively)		17,499			17,499
Class B ordinary shares (US$0.01 par value, 320,000,000 shares authorized; 317,325,360 and    317,325,360 shares issued and outstanding as of December 31, 2020 and 2021, respectively)		22,053			22,053
Additional paid-in capital		1,620,580			1,629,014
Statutory reserves		92,017			98,482
Accumulated deficits		(88,191	)		(300,357	)
Accumulated other comprehensive loss		(28,214	)		(39,308	)
Total shareholders’ equity		1,635,744			1,427,383
Total liabilities and shareholders’ equity		1,905,850			1,694,122

Phoenix New Media Limited

Condensed Financial Information of the Company

Statements of Comprehensive Income/(Loss)

(Amounts in thousands)

	For the Years Ended December 31,
	2019			2020			2021
	RMB			RMB			RMB
Operating expenses:
General and administrative expenses		(40,621	)		(39,303	)		(16,556	)
Total operating expenses		(40,621	)		(39,303	)		(16,556	)
Loss from operations		(40,621	)		(39,303	)		(16,556	)
Other income/(loss):
Net interest income/(expense)		(2,714	)		1			3
Foreign currency exchange (loss)/gain		(3,877	)		17,010			5,775
Income from equity method investments, net of impairments		—			6,013			—
Gain on disposal of available-for-sale debt investments		1,001,181			477,254			—
Changes in fair value of loan related to co-sale of Particle shares		—			(24,535	)		—
Changes in fair value of forward contract in relation to disposal of investments in Particle		4,441			16,085			—
Others, net		2,701			5,580			5,152
Share of loss from subsidiaries and VIEs		(233,282	)		(77,736	)		(200,075	)
Net income/(loss)		727,829			380,369			(205,701	)
Other comprehensive income/(loss)		217,450			(1,434,022	)		(11,094	)
Comprehensive income/(loss)		945,279			(1,053,653	)		(216,795	)

Phoenix New Media Limited

Condensed Financial Information of the Company

Statements of Cash Flows

(Amounts in thousands)

	For the Years Ended December 31,
	2019			2020			2021
	RMB			RMB			RMB
Cash flows from operating activities:
Net cash used in operating activities		(46,388	)		(44,706	)		(34,801	)
Cash flows from investing activities:
Placement of term deposits and short term investments		(673,350	)		—			—
Maturity of term deposits and short term investments		788,056			—			—
Loans provided to a third party related to co-sale of Particle shares		—			(68,867	)		—
Net proceeds from disposal of available-for-sale debt investments		1,403,046			695,937			—
Deposits received from proposed buyers of investments in Particle		357,974			—			—
Net cash provided by investing activities		1,875,726			627,070			—
Cash flows from financing activities:
Repayment of short-term bank loans		(267,886	)		—			—
(Payment to)/repayment from subsidiaries and VIEs		(877,312	)		72,262			39,171
Proceeds from exercise of stock options		511			—			—
Dividends paid to shareholders		(703,145	)		(637,375	)		4,725
Net cash (used in)/provided by financing activities		(1,847,832	)		(565,113	)		43,896
Net (decrease)/increase in cash and cash equivalents		(18,494	)		17,251			9,095
Cash and cash equivalents at the beginning of the year		26,175			7,681			24,932
Cash and cash equivalents at the end of the year		7,681			24,932			34,027

Revision to Previously Reported Cash Flow Information of Parent Company

The Company revised certain previously reported parent company information for the year ended December 31, 2020 to correct a classification error. During 2020, the Company advanced funds in the amount of RMB68.9 million relating to the transfer of shares of Particle, Inc (see Note 10). The advance by the Company relating to this transaction was an investing activity incorrectly classified as an operating activity of the parent company, resulting in a misclassification in the condensed statements of cash flows.

The transaction is correctly disclosed in consolidation and the misclassification error therefore had no impact on the previously reported consolidated financial statements. Management has determined that the error was immaterial and should be corrected through a revision of previously reported information.

	For the Year Ended December 31, 2020
	As previously reported			Adjustments			As revised
	RMB			RMB			RMB
Net cash used in operating activities		(113,573	)		68,867			(44,706	)
Net cash provided by investing activities		695,937			(68,867	)		627,070
Net cash used in financing activities		(565,113	)		—			(565,113	)
Net increase in cash and cash equivalents		17,251			—			17,251
Cash and cash equivalents at the beginning of the year		7,681			—			7,681
Cash and cash equivalents at the end of the year		24,932			—			24,932