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/C O R R E C T I O N -- Sohu.com/
In the news release, Sohu.com Reports Fourth Quarter and Fiscal Year 2016 Unaudited Financial Results, issued
Fourth Quarter Highlights
- Total revenues were
US$412 million [1], down 12% year-over-year and flat quarter-over-quarter. - Brand advertising revenues were
US$99 million , down 30% year-over-year and 11% quarter-over-quarter. - Sogou[2] revenues were
US$172 million , up 4% year-over-year and 3% quarter-over-quarter. - Online game revenues were
US$95 million , down 25% year-over-year and 3% quarter-over-quarter. - GAAP net loss attributable to
Sohu.com Inc. wasUS$66 million , orUS$1.71 loss per fully-diluted share. - Non-GAAP[3] net loss attributable to
Sohu.com Inc. wasUS$69 million , orUS$1.79 loss per fully-diluted share.
[1] For the fourth quarter of 2016, on a yearly basis, depreciation of the RMB against the |
Fiscal Year 2016 Highlights
- Total revenues were
US$1.65 billion , down 15% compared with 2015. - Brand advertising revenues were
US$448 million , down 22% compared with 2015. - Sogou revenues were
US$660 million , up 12% compared with 2015. - Online game revenues were
US$396 million , down 38% compared with 2015. - GAAP net loss attributable to
Sohu.com Inc. wasUS$226 million , orUS$5.83 loss per fully-diluted share. - Non-GAAP net loss attributable to
Sohu.com Inc. wasUS$219 million , orUS$5.65 loss per fully-diluted share.
Dr.
Mr.
Fourth Quarter Financial Results
Revenues
Total revenues for the fourth quarter of 2016 were
Total online advertising revenues, which include revenues from the brand advertising and search and search-related businesses, for the fourth quarter of 2016 were
Brand advertising revenues for the fourth quarter of 2016 totaled
Search and search-related revenues for the fourth quarter of 2016 were
Online game revenues for the fourth quarter of 2016 were
Gross Margin
Both GAAP and non-GAAP gross margin was 44% for the fourth quarter of 2016, compared with 57% in the fourth quarter of 2015 and 46% in the third quarter of 2016.
Both GAAP and non-GAAP gross margin for the online advertising business for the fourth quarter of 2016 was 33%, compared with 47% in the fourth quarter of 2015 and 32% in the third quarter of 2016.
Both GAAP and non-GAAP gross margin for the brand advertising business in the fourth quarter of 2016 was 9%, compared with 38% in the fourth quarter of 2015 and 8% in the third quarter of 2016. The year-over-year decrease was mainly due to decreased video revenues and increased video content cost.
Both GAAP and non-GAAP gross margin for the search and search-related business in the fourth quarter of 2016 was 48%, compared with 55% in the fourth quarter of 2015 and 49% in the third quarter of 2016. The year-over-year decrease was mainly due to higher traffic acquisition cost as a percentage of search and search-related revenues.
Both GAAP and non-GAAP gross margin for online games in the fourth quarter of 2016 was 78%, compared with 78% in the fourth quarter of 2015 and 76% in the third quarter of 2016.
Operating Expenses
For the fourth quarter of 2016, GAAP operating expenses totaled
Operating Profit /(Loss)
GAAP operating loss for the fourth quarter of 2016 was
Non-GAAP operating loss for the fourth quarter of 2016 was
Other Income
Other income for the fourth quarter of 2016 was
Income Tax Expense
Both GAAP and non-GAAP income tax expense was
Net Income /(Loss)
Before deducting the share of net income pertaining to non-controlling interest, GAAP net loss for the fourth quarter of 2016 was
GAAP net loss attributable to
Liquidity
As of
Fiscal Year 2016 Financial Results
Revenues
Total revenues for 2016 were
Total online advertising revenues, which include revenues from the brand advertising and search and search-related businesses, for 2016 were
Brand advertising revenues for 2016 were
Search and search-related revenues for 2016 were
Online game revenues for 2016 were
Gross Margin
Both GAAP and non-GAAP gross margin was 48% for 2016, compared with 56% in 2015.
Both GAAP and non-GAAP gross margin for the online advertising business for 2016 was 37%, compared with 44% in 2015.
Both GAAP and non-GAAP gross margin for the brand advertising business for 2016 was 17%, compared with 34% in 2015. The decrease mainly reflected a decrease in advertising revenues and increasing video content cost.
Both GAAP and non-GAAP gross margin for the search and search-related business for 2016 was 51%, compared with 56% in 2015. The decrease in gross margin was mainly due to higher traffic acquisition costs as a percentage of search and search-related revenues.
Both GAAP and non-GAAP gross margin for online games for 2016 was 76%, compared with 75% in 2015.
Operating Expenses
For 2016, GAAP operating expenses totaled
Operating Profit /(Loss)
GAAP operating loss for 2016 was
Non-GAAP operating loss for 2016 was
Other Income /(Expense)
Other expense for 2016 was
Income Tax Expense
Both GAAP and non-GAAP income tax expense for 2016 was
Net Income /(Loss)
Before deducting the share of net income pertaining to non-controlling interest, GAAP net loss for 2016 was
GAAP net loss attributable to
Business Outlook
For the first quarter of 2017, Sohu estimates:
- Total revenues to be between
US$345 million andUS$375 million . - Brand advertising revenues to be between
US$75 million andUS$85 million ; this implies an annual decrease of 32% to 40% and a sequential decrease of 14% to 24%. - Sogou revenues to be between
US$145 million andUS$155 million ; this implies an annual decrease of 2% to an annual increase of 5% and a sequential decrease of 10% to 15%. - Online game revenues to be between
US$80 million andUS$90 million ; this implies an annual decrease of 12% to 22% and a sequential decrease of 6% to 16%. - Before deducting the share of non-GAAP net income pertaining to non-controlling interest, non-GAAP net loss to be between US$45 million and
US$55 million . Assuming no new grants of share-based awards and that the market price of our shares is unchanged; we estimate that compensation expense relating to share-based awards will be around US$5 million. Including the impact of these share-based awards, GAAP net loss before non-controlling interest to be between US$50 million and US$60 million. - Non-GAAP net loss attributable to Sohu.com Inc. to be between US$60 million and
US$70 million , and non-GAAP loss per fully-diluted share to be between US$1.55 andUS$1.80 . Including the impact of the aforementioned share-based awards, and netting off approximately US$1 million of Sohu's economic interests in Changyou and Sogou, GAAP net loss attributable to Sohu.com Inc. to be between US$64 million and US$74 million, and GAAP loss per fully-diluted share to be between US$1.65 and US$1.90.
For the first quarter 2017 guidance, the Company has adopted a presumed exchange rate of
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in
Sohu's management believes excluding the share-based compensation expense, 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 from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense, 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 cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts, which 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, 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 the share-based compensation expense, 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.
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 interim 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
The dial-in details for the live conference call are:
US Toll-Free: |
+1-866-519-4004 |
International: |
+65-6713-5090 |
|
+852-3018-6771 |
|
+86-800-819-0121 / +86-400-620-8038 |
Passcode: |
SOHU |
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.
A telephone replay of the call will be available after the conclusion of the conference call at
International: |
+1-646-254-3697 |
Passcode: |
60086018 |
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 corporate services consist of online brand advertising on its 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 service on mobile platforms, including Sohu News App and mobile news portal m.sohu.com. Sohu's online game subsidiary,
For investor and media inquiries, please contact:
In
Mr. | |
| |
Tel: |
+86 (10) 6272-6593 |
E-mail: |
In
Ms. | |
Christensen | |
Tel: |
+1 (480) 614-3004 |
E-mail: |
| |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | |||||||||||
Three Months Ended |
Twelve Months Ended | ||||||||||
|
|
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 | |||||||
Revenues: |
|||||||||||
Online advertising |
|||||||||||
Brand advertising |
$ |
98,695 |
$ |
110,871 |
$ |
140,927 |
$ |
447,956 |
$ |
577,114 | |
Search and search-related |
152,500 |
150,667 |
151,251 |
597,133 |
539,521 | ||||||
Subtotal |
251,195 |
261,538 |
292,178 |
1,045,089 |
1,116,635 | ||||||
Online games |
95,400 |
98,553 |
127,001 |
395,709 |
636,846 | ||||||
Others |
65,164 |
50,491 |
46,924 |
209,633 |
183,610 | ||||||
Total revenues |
411,759 |
410,582 |
466,103 |
1,650,431 |
1,937,091 | ||||||
Cost of revenues: |
|||||||||||
Online advertising |
|||||||||||
Brand advertising (includes stock-based |
89,658 |
102,137 |
87,625 |
371,085 |
383,187 | ||||||
Search and search-related (includes stock-based |
79,611 |
76,457 |
68,108 |
290,158 |
238,944 | ||||||
Subtotal |
169,269 |
178,594 |
155,733 |
661,243 |
622,131 | ||||||
Online games (includes stock-based compensation |
20,936 |
23,719 |
28,266 |
96,168 |
156,315 | ||||||
Others |
41,606 |
20,571 |
17,552 |
102,389 |
80,618 | ||||||
Total cost of revenues |
231,811 |
222,884 |
201,551 |
859,800 |
859,064 | ||||||
Gross profit |
179,948 |
187,698 |
264,552 |
790,631 |
1,078,027 | ||||||
Operating expenses: |
|||||||||||
Product development (includes stock-based |
91,499 |
90,007 |
102,402 |
353,144 |
398,143 | ||||||
Sales and marketing (includes stock-based |
116,183 |
110,584 |
98,230 |
434,780 |
383,931 | ||||||
General and administrative (includes stock-based |
23,914 |
38,670 |
44,946 |
119,841 |
173,160 | ||||||
|
- |
- |
- |
- |
40,324 | ||||||
Total operating expenses |
231,596 |
239,261 |
245,578 |
907,765 |
995,558 | ||||||
Operating (loss) /profit |
(51,648) |
(51,563) |
18,974 |
(117,134) |
82,469 | ||||||
Other income /(expense) |
6,258 |
3,678 |
1,590 |
(10,713) |
74,526 | ||||||
Interest income |
5,051 |
6,327 |
7,748 |
22,499 |
30,643 | ||||||
Interest expense |
(205) |
(209) |
(1,744) |
(1,356) |
(7,184) | ||||||
Exchange difference |
9,257 |
702 |
1,885 |
12,803 |
5,337 | ||||||
(Loss) /income before income tax expense |
(31,287) |
(41,065) |
28,453 |
(93,901) |
185,791 | ||||||
Income tax expense |
5,800 |
974 |
19,656 |
21,072 |
76,936 | ||||||
Net (loss) /income |
(37,087) |
(42,039) |
8,797 |
(114,973) |
108,855 | ||||||
Less: Net income attributable to the noncontrolling |
28,810 |
32,775 |
39,197 |
109,048 |
146,542 | ||||||
Deemed dividend to non-controlling Sogou |
- |
- |
- |
- |
11,911 | ||||||
Net loss attributable to |
(65,897) |
(74,814) |
(30,400) |
(224,021) |
(49,598) | ||||||
Basic net loss per share attributable to |
$ |
(1.70) |
$ |
(1.93) |
$ |
(0.79) |
$ |
(5.79) |
$ |
(1.28) | |
Shares used in computing basic net loss per share |
38,739 |
38,728 |
38,646 |
38,706 |
38,598 | ||||||
Diluted net loss per share attributable to |
$ |
(1.71) |
$ |
(1.94) |
$ |
(0.80) |
$ |
(5.83) |
$ |
(1.32) | |
Shares used in computing diluted net loss per share |
38,739 |
38,728 |
38,646 |
38,706 |
38,598 |
| ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(UNAUDITED, IN THOUSANDS) | ||||
As of |
As of | |||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ |
1,050,957 |
$ |
1,245,205 |
Restricted time deposits (a) |
- |
227,285 | ||
Short-term investments |
247,926 |
174,515 | ||
Accounts receivable, net |
189,167 |
273,617 | ||
Prepaid and other current assets (b) |
260,133 |
154,217 | ||
Assets held for sale (c) |
103,079 |
- | ||
Total current assets |
1,851,262 |
2,074,839 | ||
Long-term investments |
74,273 |
62,093 | ||
Fixed assets, net |
503,631 |
508,692 | ||
|
68,290 |
154,219 | ||
Intangible assets, net |
32,131 |
55,415 | ||
Restricted time deposits (a) |
269 |
136,694 | ||
Prepaid non-current assets |
4,734 |
6,254 | ||
Other assets (b) |
29,100 |
43,988 | ||
Total assets |
$ |
2,563,690 |
$ |
3,042,194 |
LIABILITIES |
||||
Current liabilities: |
||||
Accounts payable |
$ |
193,209 |
$ |
129,025 |
Accrued liabilities |
324,876 |
309,657 | ||
Receipts in advance and deferred revenue |
118,951 |
135,385 | ||
Accrued salary and benefits |
92,475 |
99,631 | ||
Taxes payable |
40,014 |
67,480 | ||
Short-term bank loans (a) |
- |
344,500 | ||
Other short-term liabilities |
159,315 |
154,017 | ||
Liabilities held for sale (c) |
3,902 |
- | ||
Total current liabilities |
$ |
932,742 |
$ |
1,239,695 |
Long-term accounts payable |
744 |
4,600 | ||
Long-term tax payable |
32,625 |
24,732 | ||
Deferred tax liabilities (b) |
39,784 |
42,415 | ||
Total long-term liabilities |
$ |
73,153 |
$ |
71,747 |
Total liabilities |
$ |
1,005,895 |
$ |
1,311,442 |
SHAREHOLDERS' EQUITY: |
||||
|
993,580 |
1,241,022 | ||
Noncontrolling Interest |
564,215 |
489,730 | ||
Total shareholders' equity |
$ |
1,557,795 |
$ |
1,730,752 |
Total liabilities and shareholders' equity |
$ |
2,563,690 |
$ |
3,042,194 |
Note: | |
(a) |
Changyou had repaid all of the remaining bank loans of |
(b) |
The Company early adopted the Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes, retrospectively from the fourth quarter of 2016. The guidance requires current deferred income tax assets and liabilities to be classified as non-current assets and liabilities in balance sheet. As a result of the adoption of this guidance, |
(c) |
Changyou's management had an intention to divest its interest in MoboTap in the third quarter of 2016. Therefore, the assets and liabilities of MoboTap were recognized as "Assets held for sale" and "Liabilities held for sale," respectively, since the third quarter of 2016. |
| ||||||||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | ||||||||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | ||||||||||||||||||
Three Months Ended |
Three Months Ended |
Three Months Ended | ||||||||||||||||
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP | ||||||||||
(91) |
(a) |
265 |
(a) |
534 |
(a) |
|||||||||||||
Brand advertising gross profit |
$ |
9,037 |
$ |
(91) |
$ |
8,946 |
$ |
8,734 |
$ |
265 |
$ |
8,999 |
$ |
53,302 |
$ |
534 |
$ |
53,836 |
Brand advertising gross |
9% |
9% |
8% |
8% |
38% |
38% | ||||||||||||
168 |
(a) |
4 |
(a) |
211 |
(a) |
|||||||||||||
Search and search-related |
$ |
72,889 |
$ |
168 |
$ |
73,057 |
$ |
74,210 |
$ |
4 |
$ |
74,214 |
$ |
83,143 |
$ |
211 |
$ |
83,354 |
Search and search-related |
48% |
48% |
49% |
49% |
55% |
55% | ||||||||||||
77 |
(a) |
269 |
(a) |
745 |
(a) |
|||||||||||||
Online advertising gross profit |
$ |
81,926 |
$ |
77 |
$ |
82,003 |
$ |
82,944 |
$ |
269 |
$ |
83,213 |
$ |
136,445 |
$ |
745 |
$ |
137,190 |
Online advertising gross |
33% |
33% |
32% |
32% |
47% |
47% | ||||||||||||
(5) |
(a) |
26 |
(a) |
45 |
(a) |
|||||||||||||
Online games gross profit |
$ |
74,464 |
$ |
(5) |
$ |
74,459 |
$ |
74,834 |
$ |
26 |
$ |
74,860 |
$ |
98,735 |
$ |
45 |
$ |
98,780 |
Online games gross margin |
78% |
78% |
76% |
76% |
78% |
78% | ||||||||||||
Others gross profit |
$ |
23,558 |
$ |
- |
(a) $ |
23,558 |
$ |
29,920 |
$ |
- |
(a) $ |
29,920 |
$ |
29,372 |
$ |
- |
(a)$ |
29,372 |
Others gross margin |
36% |
36% |
59% |
59% |
63% |
63% | ||||||||||||
72 |
(a) |
295 |
(a) |
790 |
(a) |
|||||||||||||
Gross profit |
$ |
179,948 |
$ |
72 |
$ |
180,020 |
$ |
187,698 |
$ |
295 |
$ |
187,993 |
$ |
264,552 |
$ |
790 |
$ |
265,342 |
Gross margin |
44% |
44% |
46% |
46% |
57% |
57% | ||||||||||||
Operating expenses |
$ |
231,596 |
$ |
(2,901) |
(a) $ |
228,695 |
$ |
239,261 |
$ |
(12,875) |
(a)$ |
226,386 |
$ |
245,578 |
$ |
(24,189) |
(a)$ |
221,389 |
2,973 |
(a) |
13,170 |
(a) |
24,979 |
(a) |
|||||||||||||
Operating (loss) /profit |
$ |
(51,648) |
$ |
2,973 |
$ |
(48,675) |
$ |
(51,563) |
$ |
13,170 |
$ |
(38,393) |
$ |
18,974 |
$ |
24,979 |
$ |
43,953 |
Operating margin |
-13% |
-12% |
-13% |
-9% |
4% |
9% | ||||||||||||
Income tax expense |
$ |
5,800 |
$ |
- |
(a)$ |
5,800 |
$ |
974 |
$ |
- |
(a)$ |
974 |
$ |
19,656 |
$ |
- |
(a)$ |
19,656 |
2,973 |
(a) |
13,147 |
(a) |
25,047 |
(a) |
|||||||||||||
Net (loss) /income |
$ |
(37,087) |
$ |
2,973 |
$ |
(34,114) |
$ |
(42,039) |
$ |
13,147 |
$ |
(28,892) |
$ |
8,797 |
$ |
25,047 |
$ |
33,844 |
2,973 |
(a) |
13,147 |
(a) |
25,047 |
(a) |
|||||||||||||
(6,051) |
(b) |
(2,806) |
(b) |
(7,352) |
(b) |
|||||||||||||
Net loss attributable to |
$ |
(66,411) |
$ |
(3,078) |
$ |
(69,489) |
$ |
(75,286) |
$ |
10,341 |
$ |
(64,945) |
$ |
(30,746) |
$ |
17,695 |
$ |
(13,051) |
Diluted net loss per share |
$ |
(1.71) |
$ |
(1.79) |
$ |
(1.94) |
$ |
(1.68) |
$ |
(0.80) |
$ |
(0.34) | ||||||
Shares used in computing |
38,739 |
38,739 |
38,728 |
38,728 |
38,646 |
38,646 |
Note: | |
(a) |
To eliminate the impact of share-based awards as measured using the fair value method. |
(b) |
To adjust Sohu's economic interests in Changyou and Sogou under the treasury stock method. |
| ||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | ||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | ||||||||||||
Twelve Months Ended |
Twelve Months Ended | |||||||||||
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP | |||||||
163 |
(a) |
1,381 |
(a) |
|||||||||
Brand advertising gross profit |
$ |
76,871 |
$ |
163 |
$ |
77,034 |
$ |
193,927 |
$ |
1,381 |
$ |
195,308 |
Brand advertising gross |
17% |
17% |
34% |
34% | ||||||||
172 |
(a) |
330 |
(a) |
|||||||||
Search and search-related |
$ |
306,975 |
$ |
172 |
$ |
307,147 |
$ |
300,577 |
$ |
330 |
$ |
300,907 |
Search and search-related |
51% |
51% |
56% |
56% | ||||||||
335 |
(a) |
1,711 |
(a) |
|||||||||
Online advertising gross profit |
$ |
383,846 |
$ |
335 |
$ |
384,181 |
$ |
494,504 |
$ |
1,711 |
$ |
496,215 |
Online advertising gross |
37% |
37% |
44% |
44% | ||||||||
31 |
(a) |
37 |
(a) |
|||||||||
Online games gross profit |
$ |
299,541 |
$ |
31 |
$ |
299,572 |
$ |
480,531 |
$ |
37 |
$ |
480,568 |
Online games gross margin |
76% |
76% |
75% |
75% | ||||||||
Others gross profit |
$ |
107,244 |
$ |
- |
(a)$ |
107,244 |
$ |
102,992 |
$ |
- |
(a)$ |
102,992 |
Others gross margin |
51% |
51% |
56% |
56% | ||||||||
366 |
(a) |
1,748 |
(a) |
|||||||||
Gross profit |
$ |
790,631 |
$ |
366 |
$ |
790,997 |
$ |
1,078,027 |
$ |
1,748 |
$ |
1,079,775 |
Gross margin |
48% |
48% |
56% |
56% | ||||||||
Operating expenses |
$ |
907,765 |
$ |
(18,754) |
(a)$ |
889,011 |
$ |
995,558 |
$ |
(51,695) |
(a)$ |
943,863 |
19,120 |
(a) |
53,443 |
(a) |
|||||||||
Operating (loss) /profit |
$ |
(117,134) |
$ |
19,120 |
$ |
(98,014) |
$ |
82,469 |
$ |
53,443 |
$ |
135,912 |
Operating margin |
-7% |
-6% |
4% |
7% | ||||||||
Income tax expense |
$ |
21,072 |
$ |
- |
(a)$ |
21,072 |
$ |
76,936 |
$ |
- |
(a)$ |
76,936 |
19,118 |
(a) |
53,511 |
(a) |
|||||||||
Net (loss) /profit before non- |
$ |
(114,973) |
$ |
19,118 |
$ |
(95,855) |
$ |
108,855 |
$ |
53,511 |
$ |
162,366 |
53,511 |
(a) |
|||||||||||
19,118 |
(a) |
(18,230) |
(b) |
|||||||||
(12,260) |
(b) |
11,911 |
(c) |
|||||||||
Net loss attributable to |
$ |
(225,660) |
$ |
6,858 |
$ |
(218,802) |
$ |
(50,829) |
$ |
47,192 |
$ |
(3,637) |
Diluted net loss per share |
$ |
(5.83) |
$ |
(5.65) |
$ |
(1.32) |
$ |
(0.09) | ||||
Shares used in computing |
38,706 |
38,706 |
38,598 |
38,693 |
Note: | |
(a) |
To eliminate the impact of share-based awards measured using the fair value method. |
(b) |
To adjust Sohu's economic interests in Changyou and Sogou under the treasury stock method. |
(c) |
Dividend or deemed dividend to non-controlling Sogou series A preferred shareholders. |
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