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Sohu.com Reports Third Quarter 2019 Unaudited Financial Results
Third Quarter Highlights[1]
- Total revenues were
US$482 million [2], up 9% year-over-year and 4% quarter-over-quarter. - Brand advertising revenues were
US$46 million , down 19% year-over-year and up 5% quarter-over-quarter. - Search and search related advertising revenues[3] were
US$288 million , up 13% year-over-year and 4% quarter-over-quarter. - Online game revenues were
US$108 million , up 13% year-over-year and 6% quarter-over-quarter. - GAAP net loss attributable to
Sohu.com Limited wasUS$21 million , compared with a net loss ofUS$26 million in the third quarter of 2018. - Non-GAAP net loss attributable to
Sohu.com Limited wasUS$17 million , compared with a net loss ofUS$23 million in the third quarter of 2018 and a net loss ofUS$32 million in the second quarter of 2019. - Excluding the profit/loss generated by
Sogou and Changyou, the Non-GAAP net loss attributable toSohu.com Limited wasUS$53 million , compared with a net loss ofUS$77 million in the third quarter of 2018 and a net loss ofUS$68 million in the second quarter of 2019.
Dr.
[1] Changyou's wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. ("Shanghai Jingmao"), which operated Changyou's cinema advertising business, ceased operations and wound down the business during the third quarter of 2019 as a result of a Chinese court having granted a petition by Shanghai Jingmao for bankruptcy relief. Accordingly, the results of operations for Changyou's cinema advertising business and its impact on the noncontrolling interest have been excluded from the Company's results from continuing operations in the condensed consolidated statements of operations for the third quarter 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 Changyou's cinema advertising business. |
[2] On a constant currency (non-GAAP) basis, if the exchange rate in the third quarter of 2019 had been the same as it was in the third quarter of 2018, or RMB6.80=US$1.00, US$ total revenues in the third quarter of 2019 would have been US$496 million, or US$13 million more than GAAP total revenues, and up 12% year-over-year. |
[3] Search and Search related advertising revenues exclude intra-Group transactions. |
Third Quarter Financial Results
Revenues
Total revenues for the third quarter of 2019 were
Total online advertising revenues, which include revenues from the brand advertising and search and search-related advertising businesses, for the third quarter of 2019 were
Brand advertising revenues for the third quarter of 2019 totaled
Search and search-related advertising revenues for the third quarter of 2019 were
Online game revenues for the third quarter of 2019 were
Gross Margin
Both GAAP and non-GAAP[4] gross margin was 48% for the third quarter of 2019, compared with 46% in the third quarter of 2018 and 46% in the second quarter of 2019.
Both GAAP and non-GAAP gross margin for the online advertising business for the third quarter of 2019 was 37%, compared with 32% in the third quarter of 2018 and 33% in the second quarter of 2019.
Both GAAP and non-GAAP gross margin for the brand advertising business in the third quarter of 2019 was 31%, compared with 23% in the third quarter of 2018 and 28% in the second quarter of 2019. The year-over-year margin improvement was mainly due to decreased video content cost.
Both GAAP and non-GAAP gross margin for the search and search-related advertising business in the third quarter of 2019 was 38%, compared with 34% in the third quarter of 2018 and 34% in the second quarter of 2019. The year-over-year and quarter-over-quarter increases primarily resulted from revenue growth outpacing the growth of traffic acquisition cost.
Both GAAP and non-GAAP gross margin for online games in the third quarter of 2019 was 78%, compared with 84% in the third quarter of 2018 and 82% in the second quarter of 2019.
Operating Expenses
For the third quarter of 2019, GAAP operating expenses totaled
Operating Profit/(Loss)
GAAP operating profit for the third quarter of 2019 was
Non-GAAP operating profit for the third quarter of 2019 was
Income Tax Expense
GAAP income tax expense was
Net Loss
GAAP net loss attributable to
Liquidity
As of
[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; 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 U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the "TCJA"); 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 accrued in relation to the previously unrecognized tax benefit. Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Disclosure" and "Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures." |
Business Outlook
For the fourth quarter of 2019, Sohu estimates:
- Total revenues to be between
US$435 million and US$470 million . - Brand advertising revenues to be between
US$40 million and US$45 million ; this implies an annual decrease of 21% to 30% and a sequential decrease of 3% to 14%. Sogou revenues to be betweenUS$290 million and US$310 million ; this implies an annual decrease of 3% to an annual increase of 4% and a sequential decrease of 2 to 8%.- Online game revenues to be between
US$95 million and US$105 million ; this implies an annual increase of 1% to 12% and a sequential decrease of 3% to 12%. - Non-GAAP net loss attributable to Sohu.com Limited. to be between US$12 million and
US$22 million , and non-GAAP loss per fully-diluted ADS to be betweenUS$0.30 and US$0.55 . GAAP net loss attributable to Sohu.com Limited to be between US$17 million andUS$27 million , and GAAP loss per fully-diluted ADS to be between US$0.45 andUS$0.70 . - Excluding the profit/loss generated by
Sogou and Changyou, Non-GAAP net loss attributable toSohu.com Limited . to be betweenUS$45 million and US$50 million , GAAP net loss attributable toSohu.com Limited to be betweenUS$48 million and US$53 million .
For the fourth quarter 2019 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 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; 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; 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, 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, 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 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 |
Hong Kong: |
+852-3018-6771 |
China Mainland |
+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: |
2176139 |
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,
For investor and media inquiries, please contact:
In
Ms. Pu Huang |
|
Sohu.com Limited |
|
Tel: |
+86 (10) 6272-6645 |
E-mail: |
In
Ms. Linda Bergkamp |
|
Christensen |
|
Tel: |
+1 (480) 614-3004 |
E-mail: |
SOHU.COM LIMITED |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) |
||||||
Three Months Ended |
||||||
Sep. 30, 2019 |
Jun. 30, 2019 |
Sep. 30, 2018 |
||||
Revenues: |
||||||
Online advertising |
||||||
Brand advertising |
$ |
46,323 |
$ |
43,958 |
$ |
56,958 |
Search and search-related advertising |
288,198 |
275,942 |
255,130 |
|||
Subtotal |
334,521 |
319,900 |
312,088 |
|||
Online games |
108,012 |
102,147 |
95,971 |
|||
Others |
39,750 |
40,199 |
35,951 |
|||
Total revenues |
482,283 |
462,246 |
444,010 |
|||
Cost of revenues: |
||||||
Online advertising |
||||||
Brand advertising (includes stock-based |
31,992 |
31,432 |
44,058 |
|||
Search and search-related (includes stock-based |
178,343 |
182,593 |
167,664 |
|||
Subtotal |
210,335 |
214,025 |
211,722 |
|||
Online games (includes stock-based compensation |
23,286 |
18,163 |
14,902 |
|||
Others |
17,680 |
19,624 |
12,086 |
|||
Total cost of revenues |
251,301 |
251,812 |
238,710 |
|||
Gross profit |
230,982 |
210,434 |
205,300 |
|||
Operating expenses: |
||||||
Product development (includes stock-based |
104,207 |
109,048 |
107,164 |
|||
Sales and marketing (includes stock-based |
91,335 |
90,580 |
100,496 |
|||
General and administrative (includes stock-based |
23,797 |
21,987 |
33,980 |
|||
Total operating expenses |
219,339 |
221,615 |
241,640 |
|||
Operating profit/(loss) |
11,643 |
(11,181) |
(36,340) |
|||
Other income |
15,832 |
5,684 |
28,790 |
|||
Interest income |
1,959 |
3,286 |
4,656 |
|||
Interest expense |
(2,631) |
(3,737) |
(6,174) |
|||
Exchange difference |
4,714 |
3,551 |
7,970 |
|||
Income/(loss) before income tax expense |
31,517 |
(2,397) |
(1,098) |
|||
Income tax expense |
17,011 |
3,941 |
(13,145) |
|||
Income from continuing operations |
14,506 |
(6,338) |
12,047 |
|||
Net loss from discontinued operations |
(2,706) |
(27,037) |
(12,443) |
|||
Net income/(loss) |
11,800 |
(33,375) |
(396) |
|||
Less: Net income from continuing operations |
35,615 |
28,467 |
37,926 |
|||
Less: Net income from discontinued operations |
(896) |
(8,949) |
(4,056) |
|||
Net loss from continuing operations attributable to |
(21,109) |
(34,805) |
(25,879) |
|||
Net loss from discontinued operations attributable to |
(1,810) |
(18,088) |
(8,387) |
|||
Net loss attributable to Sohu.com Limited |
(22,919) |
(52,893) |
(34,266) |
|||
Basic net loss from continuing operations per ADS |
(0.54) |
(0.89) |
(0.66) |
|||
Basic net loss from discontinued operations per ADS |
(0.04) |
(0.46) |
(0.22) |
|||
Basic net loss per ADS attributable to Sohu.com Limited |
$ |
(0.58) |
$ |
(1.35) |
$ |
(0.88) |
ADS used in computing basic net loss per ADS attributable |
39,254 |
39,244 |
38,936 |
|||
Diluted net loss from continuing operations per ADS |
(0.55) |
(0.89) |
(0.68) |
|||
Diluted net loss from discontinued operations per ADS |
(0.04) |
(0.46) |
(0.21) |
|||
Diluted net loss per ADS attributable to Sohu.com Limited |
$ |
(0.59) |
$ |
(1.35) |
$ |
(0.89) |
ADS used in computing diluted net loss per ADS |
39,254 |
39,244 |
38,936 |
SOHU.COM LIMITED |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
(UNAUDITED, IN THOUSANDS) |
||||
As of Sep. 30, 2019 |
As of Dec. 31, 2018 |
|||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ |
252,592 |
$ |
819,485 |
Restricted cash |
5,521 |
3,539 |
||
Short-term investments |
1,305,243 |
1,041,395 |
||
Accounts receivable, net |
194,667 |
264,411 |
||
Prepaid and other current assets |
215,538 |
225,744 |
||
Current assets associated with discontinued operations |
- |
34,324 |
||
Total current assets |
1,973,561 |
2,388,898 |
||
Long-term investments |
123,681 |
108,356 |
||
Fixed assets, net |
460,572 |
504,647 |
||
Goodwill |
52,641 |
53,263 |
||
Intangible assets, net |
12,474 |
24,071 |
||
Restricted time deposits |
1,654 |
244,179 |
||
Prepaid non-current assets |
2,107 |
3,107 |
||
Other assets[5] |
63,265 |
43,928 |
||
Non-current assets associated with discontinued operations |
- |
398 |
||
Total assets |
$ |
2,689,955 |
$ |
3,370,847 |
LIABILITIES |
||||
Current liabilities: |
||||
Accounts payable |
$ |
280,059 |
$ |
286,745 |
Accrued liabilities |
254,503 |
292,282 |
||
Receipts in advance and deferred revenue |
126,188 |
120,404 |
||
Accrued salary and benefits |
99,277 |
108,011 |
||
Taxes payable |
99,414 |
93,073 |
||
Short-term bank loans |
84,686 |
129,677 |
||
Other short-term liabilities[5] |
151,272 |
123,921 |
||
Current liabilities associated with discontinued operations |
- |
101,105 |
||
Total current liabilities |
$ |
1,095,399 |
$ |
1,255,218 |
Long-term accounts payable |
730 |
752 |
||
Long-term Bank Loans |
28,277 |
302,323 |
||
Long-term tax liabilities |
269,810 |
259,603 |
||
Other long-term liabilities[5] |
7,459 |
- |
||
Total long-term liabilities |
$ |
306,276 |
$ |
562,678 |
Total liabilities |
$ |
1,401,675 |
$ |
1,817,896 |
SHAREHOLDERS' EQUITY: |
||||
Sohu.com Limited shareholders' equity |
450,509 |
588,840 |
||
Noncontrolling Interest |
837,771 |
964,111 |
||
Total shareholders' equity |
$ |
1,288,280 |
$ |
1,552,951 |
Total liabilities and shareholders' equity |
$ |
2,689,955 |
$ |
3,370,846 |
[5] We have adopted ASU No. 2016-02, "Leases," beginning January 1, 2019. As a result of adoption of the standard, we recognized a right-of-use asset |
SOHU.COM LIMITED |
||||||||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES |
||||||||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) |
||||||||||||||||||
Three Months Ended Sep. 30, 2019 |
Three Months Ended Jun. 30, 2019 |
Three Months Ended Sep. 30, 2018 |
||||||||||||||||
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP |
GAAP |
Non-GAAP |
Non-GAAP |
||||||||||
4 |
(a) |
(22) |
(a) |
(14) |
(a) |
|||||||||||||
Brand advertising gross profit |
$ |
14,331 |
$ |
4 |
$ |
14,335 |
$ |
12,526 |
$ |
(22) |
$ |
12,504 |
$ |
12,900 |
$ |
(14) |
$ |
12,886 |
Brand advertising gross |
31% |
31% |
28% |
28% |
23% |
23% |
||||||||||||
64 |
(a) |
127 |
(a) |
235 |
(a) |
|||||||||||||
Search and search-related |
$ |
109,855 |
$ |
64 |
$ |
109,919 |
$ |
93,349 |
$ |
127 |
$ |
93,476 |
$ |
87,466 |
$ |
235 |
$ |
87,701 |
Search and search-related |
38% |
38% |
34% |
34% |
34% |
34% |
||||||||||||
68 |
(a) |
105 |
(a) |
221 |
(a) |
|||||||||||||
Online advertising gross profit |
$ |
124,186 |
$ |
68 |
$ |
124,254 |
$ |
105,875 |
$ |
105 |
$ |
105,980 |
$ |
100,366 |
$ |
221 |
$ |
100,587 |
Online advertising gross |
37% |
37% |
33% |
33% |
32% |
32% |
||||||||||||
- |
(a) |
(17) |
(a) |
(3) |
(a) |
|||||||||||||
Online games gross profit |
$ |
84,726 |
$ |
- |
$ |
84,726 |
$ |
83,984 |
$ |
(17) |
$ |
83,967 |
$ |
81,069 |
$ |
(3) |
$ |
81,066 |
Online games gross margin |
78% |
78% |
82% |
82% |
84% |
84% |
||||||||||||
Others gross profit |
$ |
22,070 |
$ |
- |
(a) $ |
22,070 |
$ |
20,575 |
$ |
- |
(a) $ |
20,575 |
$ |
23,865 |
$ |
- |
(a) $ |
23,865 |
Others gross margin |
56% |
56% |
51% |
51% |
66% |
66% |
||||||||||||
68 |
(a) |
88 |
(a) |
218 |
(a) |
|||||||||||||
Gross profit |
$ |
230,982 |
$ |
68 |
$ |
231,050 |
$ |
210,434 |
$ |
88 |
$ |
210,522 |
$ |
205,300 |
$ |
218 |
$ |
205,518 |
Gross margin |
48% |
48% |
46% |
46% |
46% |
46% |
||||||||||||
Operating expenses |
$ |
219,339 |
$ |
(4,306) |
(a) $ |
215,033 |
$ |
221,615 |
$ |
(4,370) |
(a) $ |
217,245 |
$ |
241,640 |
$ |
(1,501) |
(a) $ |
240,139 |
4,374 |
(a) |
4,458 |
(a) |
1,719 |
(a) |
|||||||||||||
Operating profit/(loss) |
$ |
11,643 |
$ |
4,374 |
$ |
16,017 |
$ |
(11,181) |
$ |
4,458 |
$ |
(6,723) |
$ |
(36,340) |
$ |
1,719 |
$ |
(34,621) |
Operating margin |
2% |
3% |
-2% |
-1% |
-8% |
-8% |
||||||||||||
Income tax expense |
$ |
(17,011) |
$ |
2,468 |
(c,d)$ |
(14,543) |
$ |
(3,941) |
$ |
1,566 |
(c,d)$ |
(2,375) |
$ |
13,145 |
$ |
(1,286) |
$ |
11,859 |
4,374 |
(a) |
4,458 |
(a) |
1,719 |
(a) |
|||||||||||||
448 |
(c) |
794 |
(c) |
3,861 |
(c) |
|||||||||||||
2,618 |
(d) |
1,831 |
(d) |
- |
||||||||||||||
Net income/(loss) before non- |
$ |
14,506 |
7,440 |
21,946 |
$ |
(6,338) |
7,083 |
745 |
$ |
12,047 |
$ |
5,580 |
$ |
17,627 |
||||
4,374 |
(a) |
4,458 |
(a) |
1,719 |
(a) |
|||||||||||||
(2,863) |
(b) |
(3,733) |
(b) |
(2,583) |
(b) |
|||||||||||||
448 |
(c) |
794 |
(c) |
3,861 |
(c) |
|||||||||||||
2,618 |
(d) |
1,831 |
(d) |
- |
||||||||||||||
Net loss from continuing |
$ |
(21,400) |
4,577 |
(16,823) |
$ |
(34,932) |
3,350 |
(31,582) |
$ |
(26,361) |
$ |
2,997 |
(23,364) |
|||||
Net loss from discontinued |
(1,807) |
- |
(1,807) |
(18,062) |
- |
(18,062) |
(8,324) |
12 |
(8,312) |
|||||||||
Net loss attributable to |
(23,207) |
4,577 |
(18,630) |
(52,994) |
3,350 |
(49,644) |
(34,685) |
3,009 |
(31,676) |
|||||||||
Diluted net loss from |
$ |
(0.55) |
(0.43) |
$ |
(0.89) |
(0.80) |
$ |
(0.68) |
(0.60) |
|||||||||
Diluted net loss from |
(0.04) |
(0.04) |
(0.46) |
(0.46) |
(0.21) |
(0.21) |
||||||||||||
Diluted net loss per ADS |
(0.59) |
(0.47) |
(1.35) |
(1.27) |
(0.89) |
(0.81) |
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Shares used in computing |
39,254 |
39,254 |
39,244 |
39,244 |
38,936 |
38,936 |
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Note: |
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(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. |
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(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. |
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(d) To adjust for the effect of the U.S. TCJA. |
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