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Sohu.com Reports Fourth Quarter And Fiscal Year 2017 Unaudited Financial Result
Fourth Quarter Highlights
- Total revenues were
US$510 million 1, up 24% year-over-year and down 1% quarter-over-quarter. - Brand advertising revenues were
US$72 million , down 27% year-over-year and 4% quarter-over-quarter. - Search and search related advertising revenues were
US$247 million , up 62% year-over-year and 10% quarter-over-quarter. - Online game revenues were
US$109 million , up 15% year-over-year and down 17% quarter-over-quarter.
Fiscal Year 2017 Highlights
- Total revenues were
US$1.86 billion , up 13% compared with 2016. - Brand advertising revenues were
US$314 million , down 30% compared with 2016. - Search and search related advertising revenues were
US$801 million , up 34% compared with 2016. - Online game revenues were
US$450 million , up 14% compared with 2016.
Dr.
1 On a constant currency (non-GAAP) basis, if the exchange rate in the fourth quarter of 2017 had been the same as it was in the fourth quarter of 2016, or |
Fourth Quarter Financial Results
Revenues
Total revenues for the fourth quarter of 2017 were
Total online advertising revenues, which include revenues from the brand advertising and search and search-related advertising businesses, for the fourth quarter of 2017 were
Brand advertising revenues for the fourth quarter of 2017 totaled
Search and search-related advertising revenues for the fourth quarter of 2017 were
Online game revenues for the fourth quarter of 2017 were
Gross Margin
Both GAAP and non-GAAP2 gross margin was 46% for the fourth quarter of 2017, compared with 44% in the fourth quarter of 2016 and 49% in the third quarter of 2017.
Both GAAP and non-GAAP gross margin for the online advertising business for the fourth quarter of 2017 was 37%, compared with 33% in the fourth quarter of 2016 and 36% in the third quarter of 2017.
GAAP gross margin for the brand advertising business in the fourth quarter of 2017 was -16%, compared with 9% in the fourth quarter of 2016 and -1% in the third quarter of 2017. Non-GAAP gross margin for the brand advertising business was -17%, compared with 9% in the fourth quarter of 2016 and -1% in the third quarter of 2017. The year-over-year decrease was mainly due to a decrease in revenues of the video and media portal businesses. The quarter-over-quarter decrease was mainly due to increased video content cost. In the fourth quarter of 2017, the Company recognized impairment charges of approximately US$26 million in video content cost as a result of softer-than-expected video advertising sales.
Both GAAP and non-GAAP gross margin for the search and search-related advertising business in the fourth quarter of 2017 was 52%, compared with 48% in the fourth quarter of 2016 and 49% in the third quarter of 2017. The increases were mainly a result of slower growth in costs relative to search and search-related advertising revenues.
Both GAAP and non-GAAP gross margin for online games in the fourth quarter of 2017 was 84%, compared with 78% in the fourth quarter of 2016 and 87% in the third quarter of 2017. The year-over-year increase in gross margin was due to Legacy TLBB Mobile, which was launched in the second quarter of 2017 and has a high gross margin as revenue is recognized on a net basis after revenue-sharing with the third-party licensee operator.
2 Non-GAAP results exclude share-based compensation expense, non-cash tax benefits from excess tax deductions related to share-based awards, impairment loss recognized with respect to available-for-sale securities of an investee that is unrelated to the Company's current business operations, income/expense from the adjustment of contingent consideration previously recorded for acquisitions, dividend and deemed dividend to non-controlling preferred shareholders of Sogou, and a one-time income tax expense, offset by a one-time reduction in liability for deferred |
Operating Expenses
For the fourth quarter of 2017, GAAP operating expenses totaled
Operating Loss
GAAP operating loss for the fourth quarter of 2017 was
Non-GAAP operating loss for the fourth quarter of 2017 was
Income Tax Expense
GAAP income tax expense was
Net Loss
Before deducting the share of net income pertaining to non-controlling interest, GAAP net loss for the fourth quarter of 2017 was
GAAP net loss attributable to
Liquidity
As of
Fiscal Year 2017 Financial Results
Revenues
Total revenues for 2017 were
Total online advertising revenues, which include revenues from the brand advertising and search and search-related advertising businesses, for 2017 were
Brand advertising revenues for 2017 were
Search and search-related advertising revenues for 2017 were
Online game revenues for 2017 were
Gross Margin
Both GAAP and non-GAAP gross margin was 44% for 2017, compared with 48% in 2016.
Both GAAP and non-GAAP gross margin for the online advertising business for 2017 was 30%, compared with 37% in 2016.
Both GAAP and non-GAAP gross margin for the brand advertising business for 2017 was -16%, compared with 17% in 2016. The decrease was mainly attributable to the decrease in revenues.
GAAP gross margin for the search and search-related advertising business for 2017 was 48%, compared with 51% in 2016. Non-GAAP gross margin for the search and search-related advertising business for 2017 was 49%, compared with 51% in 2016. The decreases were mainly due to higher traffic acquisition cost as a percentage of search and search-related advertising revenues.
Both GAAP and non-GAAP gross margin for online games for 2017 was 86%, compared with 76% in 2016. The increase in gross margin was mainly due to the impact of Legacy TLBB Mobile, a mobile game launched in mid- 2017 that has a relatively high margin.
Operating Expenses
For 2017, GAAP operating expenses totaled
Operating Loss
GAAP operating loss for 2017 was
Non-GAAP operating loss for 2017 was
Income Tax Expense
GAAP income tax expense for 2017 was
Net Loss
Before deducting the share of net income pertaining to non-controlling interest, GAAP net loss for 2017 was
GAAP net loss attributable to
Other Development
On
Business Outlook
For the first quarter of 2018, Sohu estimates:
- Total revenues to be between
US$410 million andUS$435 million . - Brand advertising revenues to be between
US$55 million andUS$60 million ; this implies an annual decrease of 26% to 32% and a sequential decrease of 16% to 23%. - Sogou revenues to be between
US$218 million andUS$228 million ; this implies an annual increase of 35% to 41% and a sequential decrease of 18% to 22%. - Online game revenues to be between
US$90 million andUS$100 million ; this implies an annual increase of 5% to 17% and a sequential decrease of 9% to 18%. - 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$6 million. Including the impact of these share-based awards, GAAP net loss before non-controlling interest to be between US$51 million andUS$61 million. - Non-GAAP net loss attributable to Sohu.com Inc. to be between US$65 million and
US$75 million , and non-GAAP loss per fully-diluted share to be between US$1.65 andUS$1.90 . Including the impact of the aforementioned share-based awards, and netting off approximately US$3 million of Sohu's economic interests in Changyou and Sogou, GAAP net loss attributable to Sohu.com Inc. to be between US$68 million andUS$78 million , and GAAP loss per fully-diluted share to be between US$1.75 andUS$2.00 .
For the first quarter 2018 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, impairment loss recognized with respect to available-for-sale securities of an investee that is unrelated to the Company's current business operations, 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 net one-time tax expense as a result of the
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: |
8285538 |
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
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, 2017 |
Dec. 31, 2016 |
|||||||
Revenues: |
|||||||||||
Online advertising |
|||||||||||
Brand advertising |
$ |
71,751 |
$ |
74,832 |
$ |
98,695 |
$ |
314,066 |
$ |
447,956 |
|
Search and search-related advertising |
247,054 |
225,363 |
152,500 |
801,199 |
597,133 |
||||||
Subtotal |
318,805 |
300,195 |
251,195 |
1,115,265 |
1,045,089 |
||||||
Online games |
109,383 |
132,427 |
95,400 |
449,533 |
395,709 |
||||||
Others |
81,442 |
83,439 |
65,164 |
296,164 |
209,633 |
||||||
Total revenues |
509,630 |
516,061 |
411,759 |
1,860,962 |
1,650,431 |
||||||
Cost of revenues: |
|||||||||||
Online advertising |
|||||||||||
Brand advertising (includes stock-based c |
82,932 |
75,733 |
89,658 |
363,592 |
371,085 |
||||||
Search and search-related (includes stock-based |
118,683 |
115,422 |
79,611 |
412,904 |
290,158 |
||||||
Subtotal |
201,615 |
191,155 |
169,269 |
776,496 |
661,243 |
||||||
Online games (includes stock-based compensation |
17,097 |
17,560 |
20,936 |
62,775 |
96,168 |
||||||
Others |
56,987 |
53,679 |
41,606 |
195,895 |
102,389 |
||||||
Total cost of revenues |
275,699 |
262,394 |
231,811 |
1,035,166 |
859,800 |
||||||
Gross profit |
233,931 |
253,667 |
179,948 |
825,796 |
790,631 |
||||||
Operating expenses: |
|||||||||||
Product development (includes stock-based |
122,767 |
105,162 |
91,499 |
412,173 |
353,144 |
||||||
Sales and marketing (includes stock-based |
116,179 |
111,935 |
116,183 |
413,045 |
434,780 |
||||||
General and administrative (includes stock-based |
35,829 |
31,038 |
23,914 |
122,874 |
119,841 |
||||||
|
- |
86,882 |
- |
86,882 |
- |
||||||
Total operating expenses |
274,775 |
335,017 |
231,596 |
1,034,974 |
907,765 |
||||||
Operating loss |
(40,844) |
(81,350) |
(51,648) |
(209,178) |
(117,134) |
||||||
Other income /(expense) |
4,321 |
(5,068) |
6,258 |
6,658 |
(10,713) |
||||||
Interest income |
7,357 |
6,497 |
5,051 |
24,138 |
22,499 |
||||||
Interest expense |
(2,567) |
(1,141) |
(205) |
(4,088) |
(1,356) |
||||||
Exchange difference |
(4,059) |
(5,032) |
9,257 |
(14,385) |
12,803 |
||||||
Loss before income tax expense |
(35,792) |
(86,094) |
(31,287) |
(196,855) |
(93,901) |
||||||
Income tax expense |
233,785 |
15,927 |
5,800 |
273,148 |
21,072 |
||||||
Net loss |
(269,577) |
(102,021) |
(37,087) |
(470,003) |
(114,973) |
||||||
Less: Net income attributable to the noncontrolling i |
24,558 |
1,939 |
28,810 |
84,523 |
109,048 |
||||||
Net loss attributable to |
(294,135) |
(103,960) |
(65,897) |
(554,526) |
(224,021) |
||||||
Basic net loss per share attributable to |
$ |
(7.56) |
$ |
(2.67) |
$ |
(1.70) |
$ |
(14.27) |
$ |
(5.79) |
|
Shares used in computing basic net loss per share |
38,888 |
38,877 |
38,739 |
38,858 |
38,706 |
||||||
Diluted net loss per share attributable to |
$ |
(7.57) |
$ |
(2.67) |
$ |
(1.71) |
$ |
(14.30) |
$ |
(5.83) |
|
Shares used in computing diluted net loss per share a |
38,888 |
38,877 |
38,739 |
38,858 |
38,706 |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED, IN THOUSANDS) | ||||
As of |
As of | |||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ |
1,366,115 |
$ |
1,050,957 |
Restricted cash |
1,908 |
- | ||
Short-term investments |
818,934 |
247,926 | ||
Accounts receivable, net |
250,468 |
189,167 | ||
Prepaid and other current assets |
192,676 |
260,133 | ||
Assets held for sale (a) |
- |
103,079 | ||
Total current assets |
2,630,101 |
1,851,262 | ||
Long-term investments |
90,145 |
74,273 | ||
Fixed assets, net |
529,717 |
503,631 | ||
|
71,565 |
68,290 | ||
Intangible assets, net |
23,060 |
32,131 | ||
Restricted time deposits |
271 |
269 | ||
Prepaid non-current assets |
4,211 |
4,734 | ||
Other assets |
40,169 |
29,100 | ||
Total assets |
$ |
3,389,239 |
$ |
2,563,690 |
LIABILITIES |
||||
Current liabilities: |
||||
Accounts payable |
$ |
288,394 |
$ |
193,209 |
Accrued liabilities |
343,106 |
324,876 | ||
Receipts in advance and deferred revenue |
127,758 |
118,951 | ||
Accrued salary and benefits |
102,087 |
92,475 | ||
Taxes payable |
96,541 |
40,014 | ||
Short-term bank loans |
61,216 |
- | ||
Other short-term liabilities |
136,300 |
159,315 | ||
Liabilities held for sale (a) |
- |
3,902 | ||
Total current liabilities |
$ |
1,155,402 |
$ |
932,742 |
Long-term accounts payable |
1,157 |
744 | ||
Long-term Bank Loans |
122,433 |
- | ||
Long-term tax liabilities |
293,010 |
72,409 | ||
Total long-term liabilities |
$ |
416,600 |
$ |
73,153 |
Total liabilities |
$ |
1,572,002 |
$ |
1,005,895 |
SHAREHOLDERS' EQUITY: |
||||
|
750,634 |
993,580 | ||
Noncontrolling Interest |
1,066,603 |
564,215 | ||
Total shareholders' equity |
$ |
1,817,237 |
$ |
1,557,795 |
Total liabilities and shareholders' equity |
$ |
3,389,239 |
$ |
2,563,690 |
Note:
(a) In the third quarter of 2016, Changyou's management had an intention to divest Changyou's |
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 | ||||||||||
(1,034) |
(a) |
278 |
(a) |
(91) |
(a) |
|||||||||||||
Brand advertising gross profit |
$ |
(11,181) |
$ |
(1,034) |
$ |
(12,215) |
$ |
(901) |
$ |
278 |
$ |
(623) |
$ |
9,037 |
$ |
(91) |
$ |
8,946 |
Brand advertising gross margin |
-16% |
-17% |
-1% |
-1% |
9% |
9% | ||||||||||||
535 |
(a) |
- |
(a) |
168 |
(a) |
|||||||||||||
Search and search-related |
$ |
128,371 |
$ |
535 |
$ |
128,906 |
$ |
109,941 |
$ |
- |
$ |
109,941 |
$ |
72,889 |
$ |
168 |
$ |
73,057 |
Search and search-related |
52% |
52% |
49% |
49% |
48% |
48% | ||||||||||||
(499) |
(a) |
278 |
(a) |
77 |
(a) |
|||||||||||||
Online advertising gross profit |
$ |
117,190 |
$ |
(499) |
$ |
116,691 |
$ |
109,040 |
$ |
278 |
$ |
109,318 |
$ |
81,926 |
$ |
77 |
$ |
82,003 |
Online advertising gross margin |
37% |
37% |
36% |
36% |
33% |
33% | ||||||||||||
1 |
(a) |
4 |
(a) |
(5) |
(a) |
|||||||||||||
Online games gross profit |
$ |
92,286 |
$ |
1 |
$ |
92,287 |
$ |
114,867 |
$ |
4 |
$ |
114,871 |
$ |
74,464 |
$ |
(5) |
$ |
74,459 |
Online games gross margin |
84% |
84% |
87% |
87% |
78% |
78% | ||||||||||||
Others gross profit |
$ |
24,455 |
$ |
- |
(a) $ |
24,455 |
$ |
29,760 |
$ |
- |
(a) $ |
29,760 |
$ |
23,558 |
$ |
- |
(a) $ |
23,558 |
Others gross margin |
30% |
30% |
36% |
36% |
36% |
36% | ||||||||||||
(498) |
(a) |
282 |
(a) |
72 |
(a) |
|||||||||||||
Gross profit |
$ |
233,931 |
$ |
(498) |
$ |
233,433 |
$ |
253,667 |
$ |
282 |
$ |
253,949 |
$ |
179,948 |
$ |
72 |
$ |
180,020 |
Gross margin |
46% |
46% |
49% |
49% |
44% |
44% | ||||||||||||
Operating expenses |
$ |
274,775 |
$ |
(19,510) |
(a) $ |
255,265 |
$ |
335,017 |
$ |
(6,273) |
(a) $ |
328,744 |
$ |
231,596 |
$ |
(2,901) |
(a) $ |
228,695 |
19,012 |
(a) |
6,555 |
(a) |
2,973 |
(a) |
|||||||||||||
Operating loss |
$ |
(40,844) |
$ |
19,012 |
$ |
(21,832) |
$ |
(81,350) |
$ |
6,555 |
$ |
(74,795) |
$ |
(51,648) |
$ |
2,973 |
$ |
(48,675) |
Operating margin |
-8% |
-4% |
-16% |
-14% |
-13% |
-12% | ||||||||||||
Income tax expense |
$ |
(233,785) |
$ |
214,819 |
$ |
(18,966) |
$ |
15,927 |
$ |
- |
$ |
15,927 |
$ |
5,800 |
$ |
- |
$ |
5,800 |
233,831 |
(a) |
12,309 |
(a) |
2,973 |
(a) |
|||||||||||||
Net loss before non-controlling interest |
$ |
(269,577) |
$ |
233,831 |
$ |
(35,746) |
$ |
(102,021) |
$ |
12,309 |
$ |
(89,712) |
$ |
(37,087) |
$ |
2,973 |
$ |
(34,114) |
19,012 |
(a) |
6,555 |
(a) |
2,973 |
(a) |
|||||||||||||
(17,545) |
(b) |
(1,017) |
(b) |
(6,051) |
(b) |
|||||||||||||
- |
5,754 |
(c) |
- |
|||||||||||||||
214,819 |
(d) |
- |
- |
|||||||||||||||
Net loss attributable to |
$ |
(294,543) |
$ |
216,286 |
(78,257) |
$ |
(103,960) |
$ |
11,292 |
$ |
(92,668) |
$ |
(66,411) |
$ |
(3,078) |
$ |
(69,489) | |
Diluted net loss per share |
$ |
(7.57) |
(2.01) |
$ |
(2.67) |
$ |
(2.38) |
$ |
(1.71) |
$ |
(1.79) | |||||||
Shares used in computing |
38,888 |
38,888 |
38,877 |
38,877 |
38,739 |
38,739 | ||||||||||||
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 attributable to the above non-GAAP adjustments. (c) To adjust impairment loss of available-for-sale securities of an investee that is unrelated to the Company's current business operations (d) To adjust for one-time effect of the
|
3 Above Non-GAAP adjustment does not have impact on income tax expense. |
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 | |||||||
(415) |
(a) |
163 |
(a) |
|||||||||
Brand advertising gross profit |
$ |
(49,526) |
$ |
(415) |
$ |
(49,941) |
$ |
76,871 |
$ |
163 |
$ |
77,034 |
Brand advertising gross margin |
-16% |
-16% |
17% |
17% | ||||||||
540 |
(a) |
172 |
(a) |
|||||||||
Search and search-related |
$ |
388,295 |
$ |
540 |
$ |
388,835 |
$ |
306,975 |
$ |
172 |
$ |
307,147 |
Search and search-related |
48% |
49% |
51% |
51% | ||||||||
125 |
(a) |
335 |
(a) |
|||||||||
Online advertising gross profit |
$ |
338,769 |
$ |
125 |
$ |
338,894 |
$ |
383,846 |
$ |
335 |
$ |
384,181 |
Online advertising gross margin |
30% |
30% |
37% |
37% | ||||||||
73 |
(a) |
31 |
(a) |
|||||||||
Online games gross profit |
$ |
386,758 |
$ |
73 |
$ |
386,831 |
$ |
299,541 |
$ |
31 |
$ |
299,572 |
Online games gross margin |
86% |
86% |
76% |
76% | ||||||||
Others gross profit |
$ |
100,269 |
$ |
- |
(a)$ |
100,269 |
$ |
107,244 |
$ |
- |
(a)$ |
107,244 |
Others gross margin |
34% |
34% |
51% |
51% | ||||||||
198 |
(a) |
366 |
(a) |
|||||||||
Gross profit |
$ |
825,796 |
$ |
198 |
$ |
825,994 |
$ |
790,631 |
$ |
366 |
$ |
790,997 |
Gross margin |
44% |
44% |
48% |
48% | ||||||||
Operating expenses |
$ |
1,034,974 |
$ |
(45,278) |
(a)$ |
989,696 |
$ |
907,765 |
$ |
(18,754) |
(a)$ |
889,011 |
45,476 |
(a) |
19,120 |
(a) |
|||||||||
Operating loss |
$ |
(209,178) |
$ |
45,476 |
$ |
(163,702) |
$ |
(117,134) |
$ |
19,120 |
$ |
(98,014) |
Operating margin |
-11% |
-9% |
-7% |
-6% | ||||||||
Income tax expense |
$ |
(273,148) |
$ |
214,819 |
$ |
(58,329) |
$ |
21,072 |
$ |
- |
$ |
21,072 |
45,476 |
(a) |
19,118 |
(a) |
|||||||||
5754 |
(c) |
- |
(c) |
|||||||||
214,819 |
(d) |
- |
||||||||||
Net loss before |
$ |
(470,003) |
$ |
266,049 |
$ |
(203,954) |
$ |
(114,973) |
$ |
19,118 |
$ |
(95,855) |
45,476 |
(a) |
19,118 |
(a) |
|||||||||
(20,624) |
(b) |
(12,260) |
(b) |
|||||||||
5754 |
(c) |
- |
||||||||||
214,819 |
(d) |
- |
||||||||||
Net loss attributable to |
$ |
(555,791) |
$ |
245,425 |
$ |
(310,366) |
$ |
(225,660) |
$ |
6,858 |
$ |
(218,802) |
Diluted net loss per share |
$ |
(14.30) |
$ |
(7.99) |
$ |
(5.83) |
$ |
(5.65) | ||||
Shares used in computing |
38,858 |
38,858 |
38,706 |
38,706 | ||||||||
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 attributable to the above non-GAAP adjustments. (c) To adjust impairment loss of available-for-sale securities of an investee that is unrelated to the Company's current business operations. (d) To adjust for the one-time effect of the
|
4 Above Non-GAAP adjustment does not have impact on income tax expense |
View original content:http://www.prnewswire.com/news-releases/sohucom-reports-fourth-quarter-and-fiscal-year-2017-unaudited-financial-result-300589320.html
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