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Sohu.com Reports First Quarter 2020 Unaudited Financial Results
First Quarter Highlights[1]
- Total revenues were
US$436 million [2], up 6% year-over-year and down 11% quarter-over-quarter. - Brand advertising revenues were
US$26 million , down 40% year-over-year and 39% quarter-over-quarter. - Search and search related advertising revenues[3] were
US$238 million , up 1% year-over-year and down 13% quarter-over-quarter. - Online game revenues were
US$133 million , up 35% year-over-year and 1% quarter-over-quarter. - GAAP net loss attributable to
Sohu.com Limited wasUS$20 million , compared with a net loss ofUS$54 million in the first quarter of 2019 and a net loss ofUS$18 million in the fourth quarter of 2019. - Non-GAAP net loss attributable to
Sohu.com Limited wasUS$18 million , compared with a net loss ofUS$52 million in the first quarter of 2019 and net income ofUS$7 million in the fourth quarter of 2019. - Excluding the profit/loss generated by Sogou, non-GAAP net loss attributable to
Sohu.com Limited wasUS$8 million , compared with a net loss ofUS$51 million in the first quarter of 2019 and a net loss ofUS$6 million in the fourth quarter of 2019.
Dr.
[1] As Changyou's cinema advertising business ceased operations during the third quarter of 2019, its results of operations have been excluded from the Company's results from continuing operations in the condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only, and exclude results from the cinema advertising business. |
[2] On a constant currency (non-GAAP) basis, if the exchange rate in the first quarter of 2020 had been the same as it was in the first quarter of 2019, or |
[3] Search and Search related advertising revenues exclude intra-Group transactions. |
First Quarter Financial Results
Revenues
Total revenues for the first quarter of 2020 were
Total online advertising revenues, which include revenues from the brand advertising and search and search-related advertising businesses, for the first quarter of 2020 were
Brand advertising revenues for the first quarter of 2020 totaled
Search and search-related advertising revenues for the first quarter of 2020 were
Online game revenues for the first quarter of 2020 were
Gross Margin
Both GAAP and non-GAAP[4] gross margin was 37% for the first quarter of 2020, compared with 41% in the first quarter of 2019 and 52% in the fourth quarter of 2019.
Both GAAP and non-GAAP gross margin for the online advertising business for the first quarter of 2020 was 10%, compared with 23% in the first quarter of 2019 and 39% in the fourth quarter of 2019.
Both GAAP and non-GAAP gross margin for the brand advertising business in the first quarter of 2020 was nil, compared with 20% in the first quarter of 2019 and 31% in the fourth quarter of 2019. The margin decrease was mainly due to decreased revenues as a result of the outbreak of the COVID-19.
GAAP gross margin for the search and search-related advertising business in the first quarter of 2020 was 11%, compared with 24% in the first quarter of 2019 and 40% in the fourth quarter of 2019. Non-GAAP gross margin for the search and search-related advertising business in the first quarter of 2020 was 11%, compared with 24% in the first quarter of 2019 and 41% in the fourth quarter of 2019. The year-over-year and quarter-over-quarter decreases primarily resulted from increases in traffic acquisition cost as a percentage of search and search-related advertising revenues.
Both GAAP and non-GAAP gross margin for online games in the first quarter of 2020 was 79%, compared with 86% in the first quarter of 2019 and 75% in the fourth quarter of 2019. The year-over-year decrease in gross margin was mainly due to an increase in revenue-sharing payments related to TLBB Honor.
[4] Non-GAAP results exclude share-based compensation expense; non-cash tax benefits from excess tax deductions related to share-based awards; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; a one-time impairment charge recognized for an investment unrelated to the Company's core businesses; income/expense from the adjustment of contingent consideration previously recorded for acquisitions; dividends and deemed dividends to non-controlling preferred shareholders of Sogou; a one-time income tax expense recognized in the fourth quarter of 2017 as a result of the one-time transition tax (the "Toll Charge") imposed by the |
Operating Expenses
For the first quarter of 2020, GAAP operating expenses totaled
Operating Profit/(Loss)
GAAP operating loss for the first quarter of 2020 was
Non-GAAP operating loss for the first quarter of 2020 was US$20 million, compared with an operating loss of US$39 million in the first quarter of 2019 and an operating profit of
Income Tax Expense
GAAP income tax expense was
The income tax benefit in the fourth quarter of 2019 included a one-time tax benefit of
Net Income/(Loss)
GAAP net loss attributable to
Liquidity
As of
Completion of Changyou Privatization
The previously-announced planned privatization of Changyou was completed on
Supplementary Information for Changyou Results
First Quarter 2020 Operational Results
- For PC games, total average monthly active accounts[5] were 2.1 million, an increase of 11% year-over-year and a decrease of 5% quarter-over-quarter. Total quarterly aggregate active paying accounts[6] were 1.0 million, an increase of 11% year-over-year and flat quarter-over-quarter. The year-over-year increases were due to improved performance of some of the older games, including TLBB PC, as a result of content updates and promotional activities, and higher player engagement resulting from the COVID-19 lockdown during the quarter.
- For mobile games, total average monthly active accounts were 3.4 million, an increase of 26% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor, which was launched during the third quarter of 2019. Total quarterly aggregate active paying accounts were 1.0 million, an increase of 67% year-over-year and a decrease of 9% quarter-over-quarter. The year-over-year increase was mainly due to the contribution of TLBB Honor. The quarter-over-quarter decrease reflected the natural declining life cycles of the older games, including Legacy TLBB Mobile.
[5] Monthly active accounts refers to the number of registered accounts that are logged in to these games at least once during the month. |
[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter. |
First Quarter 2020 Unaudited Financial Results
Total revenues for the first quarter of 2020 were
GAAP and non-GAAP gross profit for the first quarter of 2020 were both
GAAP operating expenses for the first quarter were
Non-GAAP operating expenses for the first quarter were
GAAP operating profit for the first quarter of 2020 was
Non-GAAP operating profit for the first quarter of 2020 was
Business Outlook
For the second quarter of 2020, Sohu estimates:
- Total revenues to be between US$410 million and
US$445 million . - Brand advertising revenues to be between US$32 million and
US$37 million ; this implies an annual decrease of 16% to 27% and a sequential increase of 25% to 45%. - Sogou revenues to be between
US$260 million andUS$280 million ; this implies an annual decrease of 8% to 14% and a sequential increase of 1% to 9%. - Online game revenues to be between
US$102 million andUS$112 million ; this implies an annual increase of nil to 10% and a sequential decrease of 16% to 24%. - Excluding the expected accrual during the second quarter of withholding income tax of approximately
US$88 million discussed above, non-GAAP net income/loss attributable to Sohu.com Limited to be between a net loss ofUS$5 million and a net income ofUS$5 million , and non-GAAP income/loss per fully-diluted ADS to be between a net loss ofUS$0.13 per fully-diluted ADS and a net income ofUS$0.13 per fully-diluted ADS; excluding the expected accrual of withholding income tax, GAAP net loss attributable to Sohu.com Limited to be between nil andUS$10 million , and GAAP loss per fully-diluted ADS to be between nil andUS$0.25 . - Excluding the profit/loss generated by Sogou, and further excluding the expected accrual of withholding income tax, non-GAAP net income attributable to
Sohu.com Limited to be between nil andUS$10 million ; and GAAP net income/loss attributable toSohu.com Limited to be between a net loss ofUS$4 million and a net income ofUS$6 million .
For the second quarter 2020 guidance, the Company has adopted a presumed exchange rate of
This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the COVID-19 virus, which remains difficult to predict.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in
Sohu's management believes excluding share-based compensation expense, changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; the one-time impairment charge recognized for an investment unrelated to the Company's core businesses; non-cash tax benefits from excess tax deductions related to share-based awards; income/expense from the adjustment of contingent consideration previously recorded for acquisitions; dividend and deemed dividend to non-controlling preferred shareholders; and income tax expense, income tax benefit, uncertain tax position, and interest recognized in relation to the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; the one-time impairment charge recognized for an investment unrelated to the Company's core businesses; non-cash tax benefits from excess tax deductions related to share-based awards; income/expense from the adjustment of contingent consideration previously recorded for acquisitions; dividend and deemed dividend to non-controlling preferred shareholders; the one-time income tax expense recognized in the fourth quarter of 2017 as a result of the Toll Charge imposed by the TCJA and the subsequent re-evaluation for the fourth quarter of 2018 and adjustment of the tax expense previously recognized for the Toll Charge; the resulting recognition of a previously unrecognized tax benefit and recording of an uncertain tax position related to the balance of the Toll Charge; and interest expense recognized in connection with the Toll Charge cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As the impact of share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, the one-time impairment charge recognized for an investment unrelated to the Company's core businesses, non-cash tax benefits from excess tax deductions related to share-based awards, income/expense from the adjustment of contingent consideration previously recorded for acquisitions, and dividend and deemed dividend to non-controlling preferred shareholders does not involve subsequent cash outflow or is reflected in the cash flows at the equity transaction level, Sohu does not factor this impact in when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, a one-time impairment charge recognized for an investment unrelated to the Company's core businesses, non-cash tax benefits from excess tax deductions related to share-based awards, income/expense from the adjustment of contingent consideration previously recorded for acquisitions, and dividend and deemed dividend to non-controlling preferred shareholders, and also excluded the one-time income tax expense recognized in the fourth quarter of 2017 as a result of the Toll Charge imposed by the TCJA and the subsequent re-evaluation for the fourth quarter of 2018 and adjustment of the tax expense previously recognized for the Toll Charge, the resulting recognition of a previously unrecognized tax benefit and recording of an uncertain tax position related to the balance of the Toll Charge, and interest expense recognized in connection with the Toll Charge.
The non-GAAP financial measures are provided to enhance investors' overall understanding of Sohu's current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit, net income, net income attributable to
Notes to Financial Information
Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu's unaudited financial statements prepared in accordance with GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu's next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu's beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu's reported US dollar results; recent slow-downs in the growth of the Chinese economy; the uncertain regulatory landscape in
Conference Call and Webcast
Sohu's management team will host a conference call at
Participants can register for the conference call by navigating to https://apac.directeventreg.com/registration/event/5796408. Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.
To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly. Please dial in 10 minutes before the call is scheduled to begin.
A telephone replay of the call will be available after the conclusion of the conference call at
International: |
+1-646-254-3697 |
Passcode: |
5796408 |
The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu's Website at http://investors.sohu.com/.
About
Sohu's corporate services consist of online brand advertising on Sohu's matrix of websites as well as bid listing and home page on its in-house developed search directory and engine. Sohu also provides multiple news and information services on mobile platforms, including Sohu News App and the mobile news portal m.sohu.com. Sohu's online game subsidiary Changyou develops and operates a diverse portfolio of PC and mobile games, such as
For investor and media inquiries, please contact:
In
Ms. |
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Tel: |
+86 (10) 6272-6645 |
E-mail: |
In
Ms. |
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Christensen |
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Tel: |
+1 (480) 614-3004 |
E-mail: |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) |
||||||
Three Months Ended |
||||||
|
|
|
||||
Revenues: |
||||||
Online advertising |
||||||
Brand advertising |
$ |
25,580 |
$ |
41,599 |
$ |
42,981 |
Search and search-related advertising |
237,589 |
274,590 |
234,130 |
|||
Subtotal |
263,169 |
316,189 |
277,111 |
|||
Online games |
133,360 |
131,689 |
99,054 |
|||
Others |
39,471 |
41,769 |
35,106 |
|||
Total revenues |
436,000 |
489,647 |
411,271 |
|||
Cost of revenues: |
||||||
Online advertising |
||||||
Brand advertising (includes stock-based |
25,519 |
28,677 |
34,305 |
|||
Search and search-related advertising (includes |
212,210 |
163,384 |
178,824 |
|||
Subtotal |
237,729 |
192,061 |
213,129 |
|||
Online games (includes stock-based compensation |
28,389 |
33,181 |
14,362 |
|||
Others |
8,568 |
12,198 |
14,051 |
|||
Total cost of revenues |
274,686 |
237,440 |
241,542 |
|||
Gross profit |
161,314 |
252,207 |
169,729 |
|||
Operating expenses: |
||||||
Product development (includes stock-based |
103,412 |
105,425 |
100,434 |
|||
Sales and marketing (includes stock-based |
62,841 |
78,375 |
80,550 |
|||
General and administrative (includes stock-based |
19,296 |
26,901 |
23,088 |
|||
|
- |
- |
7,245 |
|||
Total operating expenses |
185,549 |
210,701 |
211,317 |
|||
Operating profit/(loss) |
(24,235) |
41,506 |
(41,588) |
|||
Other income/(expense) , net |
10,645 |
(13,787)[7] |
14,219 |
|||
Interest income |
2,126 |
1,508 |
3,793 |
|||
Interest expense |
(2,275) |
(2,501) |
(5,501) |
|||
Exchange difference |
2,225 |
(2,324) |
(2,662) |
|||
Income/(loss) before income tax expense/(benefit) |
(11,514) |
24,402 |
(31,739) |
|||
Income tax expense/(benefit) |
13,600 |
(954) |
11,178 |
|||
Net income/(loss) from continuing operations |
(25,114) |
25,356 |
(42,917) |
|||
Net loss from discontinued operations, net of tax |
- |
- |
(4,255) |
|||
Net income/(loss) |
(25,114) |
25,356 |
(47,172) |
|||
Less: Net income/(loss) from continuing operations |
(5,008) |
42,451 |
10,644 |
|||
Less: Net loss from discontinued operations |
- |
- |
(1,387) |
|||
Net loss from continuing operations attributable to |
(20,106) |
(17,095) |
(53,561) |
|||
Net loss from discontinued operations attributable to |
- |
- |
(2,868) |
|||
Net loss attributable to |
(20,106) |
(17,095) |
(56,429) |
|||
Basic net loss from continuing operations per ADS |
(0.51) |
(0.44) |
(1.37) |
|||
Basic net loss from discontinued operations per ADS |
- |
- |
(0.07) |
|||
Basic net loss per ADS attributable to Sohu.com Limited |
$ |
(0.51) |
$ |
(0.44) |
$ |
(1.44) |
ADS used in computing basic net loss per ADS attributable |
39,270 |
39,263 |
39,236 |
|||
Diluted net loss from continuing operations per ADS |
(0.52) |
(0.45) |
(1.37) |
|||
Diluted net loss from discontinued operations per ADS |
- |
- |
(0.07) |
|||
Diluted net loss per ADS attributable to |
$ |
(0.52) |
$ |
(0.45) |
$ |
(1.44) |
ADS used in computing diluted net loss per ADS |
39,270 |
39,263 |
39,236 |
|||
[7] Other expenses in the fourth quarter of 2019 mainly included an impairment charge of approximately |
|
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
(UNAUDITED, IN THOUSANDS) |
||||
As of |
As of |
|||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ |
571,662 |
$ |
305,126 |
Restricted cash |
8,592 |
8,661 |
||
Short-term investments |
1,039,818 |
1,316,833 |
||
Account and financing receivables, net |
231,862 |
260,716 |
||
Prepaid and other current assets |
130,210 |
124,332 |
||
Total current assets |
1,982,144 |
2,015,668 |
||
Long-term investments, net |
103,895 |
94,332 |
||
Fixed assets, net |
426,632 |
447,688 |
||
|
53,168 |
52,923 |
||
Intangible assets, net |
10,307 |
11,437 |
||
Restricted time deposits |
- |
240 |
||
Prepaid non-current assets |
1,622 |
1,882 |
||
Other assets |
62,498 |
65,620 |
||
Total assets |
$ |
2,640,266 |
$ |
2,689,790 |
LIABILITIES |
||||
Current liabilities: |
||||
Accounts payable |
$ |
321,993 |
$ |
253,403 |
Accrued liabilities |
244,845 |
249,810 |
||
Receipts in advance and deferred revenue |
113,496 |
118,222 |
||
Accrued salary and benefits |
90,730 |
110,833 |
||
Taxes payable |
93,859 |
102,686 |
||
Short-term bank loans |
84,540 |
114,528 |
||
Other short-term liabilities |
145,700 |
149,311 |
||
Total current liabilities |
$ |
1,095,163 |
$ |
1,098,793 |
Long-term accounts payable |
755 |
767 |
||
Long-term tax liabilities |
281,677 |
277,544 |
||
Other long-term liabilities |
4,321 |
5,769 |
||
Total long-term liabilities |
$ |
286,753 |
$ |
284,080 |
Total liabilities |
$ |
1,381,916 |
$ |
1,382,873 |
SHAREHOLDERS' EQUITY: |
||||
|
403,122 |
428,454 |
||
Noncontrolling interest |
855,228 |
878,463 |
||
Total shareholders' equity |
$ |
1,258,350 |
$ |
1,306,917 |
Total liabilities and shareholders' equity |
$ |
2,640,266 |
$ |
2,689,790 |
|
||||||||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES |
||||||||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) |
||||||||||||||||||
Three Months Ended Mar. 31, 2020 |
Three Months Ended Dec. 31, 2019 |
Three Months Ended |
||||||||||||||||
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP |
||||||||||
(40) |
(a) |
2 |
(a) |
38 |
(a) |
|||||||||||||
Brand advertising gross profit |
$ |
61 |
$ |
(40) |
$ |
21 |
$ |
12,922 |
$ |
2 |
$ |
12,924 |
$ |
8,676 |
$ |
38 |
$ |
8,714 |
Brand advertising gross |
0% |
0% |
31% |
31% |
20% |
20% |
||||||||||||
77 |
(a) |
256 |
(a) |
27 |
(a) |
|||||||||||||
Search and search-related |
$ |
25,379 |
$ |
77 |
$ |
25,456 |
$ |
111,206 |
$ |
256 |
$ |
111,462 |
$ |
55,306 |
$ |
27 |
$ |
55,333 |
Search and search-related |
11% |
11% |
40% |
41% |
24% |
24% |
||||||||||||
37 |
(a) |
258 |
(a) |
65 |
(a) |
|||||||||||||
Online advertising gross profit |
$ |
25,440 |
$ |
37 |
$ |
25,477 |
$ |
124,128 |
$ |
258 |
$ |
124,386 |
$ |
63,982 |
$ |
65 |
$ |
64,047 |
Online advertising gross |
10% |
10% |
39% |
39% |
23% |
23% |
||||||||||||
161 |
(a) |
137 |
(a) |
- |
(a) |
|||||||||||||
Online games gross profit |
$ |
104,971 |
$ |
161 |
$ |
105,132 |
$ |
98,508 |
$ |
137 |
$ |
98,645 |
$ |
84,692 |
$ |
- |
$ |
84,692 |
Online games gross margin |
79% |
79% |
75% |
75% |
86% |
86% |
||||||||||||
Others gross profit |
$ |
30,903 |
$ |
- |
(a) $ |
30,903 |
$ |
29,571 |
$ |
- |
(a) $ |
29,571 |
$ |
21,055 |
$ |
- |
(a) $ |
21,055 |
Others gross margin |
78% |
78% |
71% |
71% |
60% |
60% |
||||||||||||
198 |
(a) |
395 |
(a) |
65 |
(a) |
|||||||||||||
Gross profit |
$ |
161,314 |
$ |
198 |
$ |
161,512 |
$ |
252,207 |
$ |
395 |
$ |
252,602 |
$ |
169,729 |
$ |
65 |
$ |
169,794 |
Gross margin |
37% |
37% |
52% |
52% |
41% |
41% |
||||||||||||
Operating expenses |
$ |
185,549 |
$ |
(3,575) |
(a) $ |
181,974 |
$ |
210,701 |
$ |
(6,909) |
(a) $ |
203,792 |
$ |
211,317 |
$ |
(2,050) |
(a) $ |
209,267 |
3,773 |
(a) |
7,304 |
(a) |
2,115 |
(a) |
|||||||||||||
Operating profit/(loss) |
$ |
(24,235) |
$ |
3,773 |
$ |
(20,462) |
$ |
41,506 |
$ |
7,304 |
$ |
48,810 |
$ |
(41,588) |
$ |
2,115 |
$ |
(39,473) |
Operating margin |
-6% |
-5% |
8% |
10% |
-10% |
-10% |
||||||||||||
Income tax expense |
$ |
(13,600) |
$ |
2,195 |
(c,d) $ |
(11,405) |
$ |
954 |
$ |
2,737 |
(c,d) $ |
3,691 |
$ |
(11,178) |
$ |
1,778 |
$ |
(9,400) |
3,773 |
(a) |
7,304 |
(a) |
2,115 |
(a) |
|||||||||||||
(855) |
(c) |
(2,490) |
(c) |
(744) |
(c) |
|||||||||||||
1,910 |
(d) |
1,907 |
(d) |
1,531 |
(d) |
|||||||||||||
- |
23,154 |
(e) |
- |
|||||||||||||||
Net income/(loss) before non- |
$ |
(25,114) |
4,828 |
(20,286) |
$ |
25,356 |
29,875 |
55,231 |
$ |
(42,917) |
$ |
2,902 |
$ |
(40,015) |
||||
3,773 |
(a) |
7,304 |
(a) |
2,115 |
(a) |
|||||||||||||
(2,761) |
(b) |
(5,416) |
(b) |
(798) |
(b) |
|||||||||||||
(855) |
(c) |
(2,490) |
(c) |
(744) |
(c) |
|||||||||||||
1,910 |
(d) |
1,907 |
(d) |
1,531 |
(d) |
|||||||||||||
- |
23,154 |
(e) |
- |
|||||||||||||||
Net income/(loss) from |
$ |
(20,441) |
2,067 |
(18,374) |
$ |
(17,613) |
24,459 |
6,846 |
$ |
(53,808) |
$ |
2,104 |
(51,704) |
|||||
Net loss from discontinued |
- |
- |
- |
- |
- |
- |
(2,842) |
- |
(2,842) |
|||||||||
Net income/(loss) attributable |
(20,441) |
2,067 |
(18,374) |
(17,613) |
24,459 |
6,846 |
(56,650) |
2,104 |
(54,546) |
|||||||||
Diluted net income/(loss) |
$ |
(0.52) |
(0.47) |
$ |
(0.45) |
0.17 |
$ |
(1.37) |
(1.32) |
|||||||||
Diluted net loss from |
- |
- |
- |
- |
(0.07) |
(0.07) |
||||||||||||
Diluted net income/(loss) per |
(0.52) |
(0.47) |
(0.45) |
0.17 |
(1.44) |
(1.39) |
||||||||||||
Shares used in computing |
39,270 |
39,270 |
39,263 |
39,396 |
39,236 |
39,236 |
||||||||||||
Note: |
||||||||||||||||||
(a) To eliminate the impact of share-based awards as measured using the fair value method. This adjustment does not have an impact on income tax expense. |
||||||||||||||||||
(b) To adjust Sohu's economic interests in Changyou and Sogou attributable to the above non-GAAP adjustments. This adjustment does not have an impact on income tax expense. |
||||||||||||||||||
(c) To adjust for a change in the fair value of the Company's investment in Hylink and the income tax effect. |
||||||||||||||||||
(d) To adjust for the effect of the |
||||||||||||||||||
(e) To adjust for a one-time impairment charge recognized for an investment unrelated to the Company's core businesses |
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