SOHU.COM LIMITED SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended | ||||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | ||||
Revenues: | 16,070 | 20,195 | 22,524 | |||
Brand advertising | $ | $ | $ | |||
Online games | 117,812 | 114,759 | 129,463 | |||
Others | 5,508 | 6,405 | 9,806 | |||
Total revenues | 139,390 | 141,359 | 161,793 | |||
Cost of revenues: | ||||||
Brand advertising (includes share-based compensation | ||||||
expense of $0, $0, and $13, respectively) | 15,848 | 16,966 | 18,687 | |||
Online games (includes share-based compensation | 14,482 | 15,123 | 19,028 | |||
expense of $0, $-44,and $18, respectively) | ||||||
Others | 2,389 | 1,733 | 2,728 | |||
Total cost of revenues | 32,719 | 33,822 | 40,443 | |||
Gross profit | 106,671 | 107,537 | 121,350 | |||
Operating expenses: | ||||||
Product development (includes share-based compensation | ||||||
expense of $3, $-572,and $269, respectively) | 66,209 | 69,553 | 73,048 | |||
Sales and marketing (includes share-based compensation | 54,806 | 50,813 | 52,443 | |||
expense of $4, $4, and $35, respectively) | ||||||
General and administrative (includes share-based | ||||||
compensation expense of $77, $-393,and $410, | 12,534 | 12,450 | 14,311 | |||
respectively) | ||||||
Total operating expenses | 133,549 | 132,816 | 139,802 | |||
Operating loss | (26,878) | (25,279) | (18,452) | |||
Other income, net | 4,489 | 15,949 | 3,797 | |||
Interest income | 11,358 | 11,578 | 11,084 | |||
Exchange difference | (19) | (823) | (1,074) | |||
Income/(loss) before income tax expense | (11,050) | 1,425 | (4,645) | |||
Income tax expense | 13,924 | 14,044 | 13,289 | |||
Net loss | (24,974) | (12,619) | (17,934) | |||
Less: Net loss attributable to the noncontrolling interest | - | (1) | (1) | |||
shareholders | ||||||
Net loss attributable to Sohu.com Limited | (24,974) | (12,618) | (17,933) | |||
Basic net loss per share/ADS attributable to Sohu.com | ||||||
Limited 5 | $ | (0.76) | $ | (0.37) | $ | (0.53) |
Shares/ADSs used in computing basic net loss per | 33,033 | 34,061 | 34,091 | |||
share/ADS attributable to Sohu.com Limited | ||||||
Diluted net loss per share/ADS attributable to Sohu.com | $ | (0.76) | $ | (0.37) | $ | (0.53) |
Limited | ||||||
Shares/ADSs used in computing diluted net loss per | 33,033 | 34,061 | 34,091 | |||
share/ADS attributable to Sohu.com Limited |
- Each ADS represents one ordinary share.
SOHU.COM LIMITED
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, 2024 | Three Months Ended Dec. 31, 2023 | Three Months Ended Mar. 31, 2023 | ||||||||||||||||
GAAP | Non-GAAP | Non- | GAAP | Non-GAAP | Non- | GAAP | Non-GAAP | Non- | ||||||||||
Adjustment | GAAP | Adjustment | GAAP | Adjustment | GAAP | |||||||||||||
- | (a) | - | (a) | 13 | (a) | |||||||||||||
Brand advertising gross profit | $ | 222 | $ | - | $ | 222 | $ | 3,229 | $ | - | $ | 3,229 | $ | 3,837 | $ | 13 | $ | 3,850 |
Brand advertising gross margin | 1% | 1% | 16% | 16% | 17% | 17% | ||||||||||||
- | (a) | (44) | (a) | 18 | (a) | |||||||||||||
Online games gross profit | $ | 103,330 | $ | - | $ | 103,330 | $ | 99,636 | $ | (44) | $ | 99,592 | $ | 110,435 | $ | 18 | $ | 110,453 |
Online games gross margin | 88% | 88% | 87% | 87% | 85% | 85% | ||||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Others gross profit | $ | 3,119 | $ | - | $ | 3,119 | $ | 4,672 | $ | - | $ | 4,672 | $ | 7,078 | $ | - | $ | 7,078 |
Others gross margin | 57% | 57% | 73% | 73% | 72% | 72% | ||||||||||||
- | (a) | (44) | (a) | 31 | (a) | |||||||||||||
Gross profit | $ | 106,671 | $ | - | $ | 106,671 | $ | 107,537 | $ | (44) | $ | 107,493 | $ | 121,350 | $ | 31 | $ | 121,381 |
Gross margin | 77% | 77% | 76% | 76% | 75% | 75% | ||||||||||||
Operating expenses | $ | 133,549 | $ | (84) | (a) $ | 133,465 | $ | 132,816 | $ | 961 | (a) $ | 133,777 | $ | 139,802 | $ | (714) | (a) $ | 139,088 |
84 | (a) | (1,005) | (a) | 745 | (a) | |||||||||||||
Operating loss | $ | (26,878) | $ | 84 | $ | (26,794) | $ | (25,279) | $ | (1,005) | $ | (26,284) | $ | (18,452) | $ | 745 | $ | (17,707) |
Operating margin | -19% | -19% | -18% | -19% | -11% | -11% | ||||||||||||
Income tax expense | $ | 13,924 | $ | (3,691) | (d)$ | 10,233 | $ | 14,044 | $ | (3,667) | (d)$ | 10,377 | $ | 13,289 | $ | (2,420) | (c,d)$ | 10,869 |
84 | (a) | (1,005) | (a) | 745 | (a) | |||||||||||||
(398) | (b) | (827) | (b) | 2,218 | (b) | |||||||||||||
- | - | (555) | (c) | |||||||||||||||
3,691 | (d) | 3,667 | (d) | 2,975 | (d) | |||||||||||||
Net loss before non-controlling interest | ||||||||||||||||||
$ | (24,974) | $ | 3,377 | $ | (21,597) | $ | (12,619) | $ | 1,835 | $ | (10,784) | $ | (17,934) | $ | 5,383 | $ | (12,551) | |
84 | (a) | (1,005) | (a) | 745 | (a) | |||||||||||||
(398) | (b) | (827) | (b) | 2,218 | (b) | |||||||||||||
- | - | (555) | (c) | |||||||||||||||
3,691 | (d) | 3,667 | (d) | 2,975 | (d) | |||||||||||||
Net loss attributable to Sohu.com | ||||||||||||||||||
Limited for diluted net loss per | ||||||||||||||||||
share/ADS | $ | (24,974) | 3,377 | (21,597) | $ | (12,618) | 1,835 | (10,783) | $ | (17,933) | $ | 5,383 | $ | (12,550) | ||||
Diluted net loss per share/ADS | ||||||||||||||||||
attributable to Sohu.com Limited | $ | (0.76) | (0.65) | $ | (0.37) | (0.32) | $ | (0.53) | $ | (0.37) | ||||||||
Shares/ADSs used in computing | ||||||||||||||||||
diluted net loss per share/ADS | ||||||||||||||||||
attributable to Sohu.com Limited | 33,033 | 33,033 | 34,061 | 34,061 | 34,091 | 34,091 | ||||||||||||
Note:
- To eliminate the impact of share-based awards.
- To adjust for changes in the fair value of the Company's investments.
- To adjust for the impact of income tax related to changes in the fair value of the Company's investments.
- To adjust for the effect of the Toll Charge.
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Sohu.com Ltd. published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 05:29:08 UTC.
