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Qihoo 360 Reports First Quarter 2012 Unaudited Financial Results and Appoints Co-CFO

BEIJING May 22, 2012 Qihoo 360 Technology Co. Ltd. March 31, 2012

Hongyi Zhou China

First 1)

  • $69.3 million $22.9
  • $14.1 million $21.4 million
  • $25.7 million $6.6 million
  • $0.12
  • $0.21

Xiangdong Qi

First Quarter Operating Metrics

  • March 2012 March 2011
  • March 2012 March 2011
  • March 2012 March 2011
  • March 2012 March 2011
  • Average daily unique visitors to the 360 Personalized Start-up Page and its sub-pages were 77 million in the first quarter of 2012, compared to 34 million in the first quarter of 2011.
  • Average daily clicks on Qihoo 360’s Personalized Start-up Page and its sub-pages were approximately 295 million in the first quarter of 2012, compared to 112 million in the first quarter of 2011.

(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 March 2012.

First Quarter 201 2 Results

R evenues

$69.3 million $62.3 million

$45.4 million Chinese New Year

$20.9 million

Cost of R evenues

$7.6 million $2.8 $7.1 million

Operating E xpenses

$47.2 million $40.5 $40.4 million $35.5 million $12.4 million $31.2 million

Operating Income

$14.4 million $20.2 million $14.8 million

$26.1 million $7.8 million $24.1 million

Operating margin was 20.9%, compared with -88.1% in the first quarter of 2011 and 23.8% in the prior quarter.

Operating margin excluding share-based compensation (non-GAAP) was 37.7%, compared with 34.1% in the first quarter of 2011 and 38.6% in the prior quarter.

Net I ncome

$21.4 $15.0 million

$25.7 million $6.6 million $24.3 million

Net Margin

Net margin was 20.3%, compared with -93.5% in the same period last year, and 24.1% in the prior quarter.

Net margin excluding share-based compensation (non-GAAP) was 37.2%, compared with 28.8% in the same period last year and 38.9% in the prior quarter.

Diluted Earnings per ADS

$0.12 $0.21

Cash Flows and Balance Sheet

$25.8 million March 31, 2012 $363.3 million

Business Outlook

$72 million and $73 million April 2012

Appointment of Co-CFO

Jue Yao Alex Xu Jue Yao

Other Event

December 31, 2011 April 19, 2012 Beijing People’s Republic of China

Conference Call

8:30 p.m. Eastern Time May 22, 2012 8:30 a.m. Beijing May 23, 2012

The dial-in details for the live conference call are:

US Toll Free Dial In:

+1 866-519-4004

US Toll / International Dial In:

+1 718-354-1231

Hong Kong Dial In:

+852-2475-0994

Passcode:

QIHU

11:30 p.m. Eastern Time May 22, 2012 11:30 p.m. Eastern Time May 29, 2012

International Dial In:

+1 718-354-1232

US Toll Free Dial In:

+1 866-214-5335

Passcode:

80257519

http://corp.360.cn

About Qihoo 360

China China China

Forward-looking Statements

April 19, 2012

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:

[email protected]

In the U.S.:

The Piacente Group, Inc. 


Brandi Floberg or Lee Roth


Tel:

(212) 481-2050

E-mail:

[email protected]

 

Qihoo 360 Technology Co. Ltd.

Condensed Consolidated Balance Sheets

(U.S. dollars in thousands, except for shares and per share data)

(Unaudited)

December 31,

March 31,

2011

2012

ASSETS

Current assets:

  Cash and cash equivalents

343,731

363,264

  Trading securities

231

285

      Accounts receivable

16,741

20,865

  Prepaid expenses and other current assets

12,808

10,538

  Deferred tax assets – current

858

1,356

Total current assets

374,369

396,308

Property and equipment, net

16,665

21,391

Acquired intangible assets, net

7,854

7,569

Goodwill

4,580

4,578

Long-term investments

15,561

20,807

Other noncurrent assets

4,415

6,426

Deferred tax assets – noncurrent

514

386

TOTAL ASSETS

423,958

457,465

LIABILITIES

Current liabilities:

  Accounts payable (including accounts payable of the consolidated

    VIEs without recourse to Qihoo 360 Technology Co. Ltd. of

   $5,872 and $3,753 as of December 31, 2011 and March 31, 2012, respectively)

5,872

3,753

  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

   $9,469 and $14,195 as of December 31, 2011 and March 31, 2012, respectively)

21,287

27,798

Deferred revenue-current (including deferred revenue-current of the

consolidated VIEs without recourse to Qihoo 360 Technology Co. Ltd. of

$9,831 and $9,977 as of December 31, 2011 and March 31, 2012, respectively)

12,089

10,882

  Income tax payable (including income tax payable of the consolidated VIEs

    without recourse to Qihoo 360 Technology Co. Ltd. of $3,635 and $2,238

    as of December 31, 2011 and March 31, 2012, respectively)

7,312

7,601

Total current liabilities

46,560

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