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SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 UNAUDITED FINANCIAL RESULTS March 4,双色球开奖号码 2024 at 12:00 AM EST
Fourth Quarter Highlights[1]
Total revenues wereFiscal Year 2023 Highlights
Total revenues wereDr.
Charles Zhang, Chairman and CEO of
[1] The bankruptcy proceedings of Changyou's wholly-owned subsidiary
[2] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments; the impact of income tax related to changes in the fair value of the Company's investments; and interest expense recognized in connection with the one-time transition tax (the "Toll Charge") imposed by the
Fourth Quarter Financial Results
Revenues
Total revenues were
Brand advertising revenues were US$20 million, down 30% year-over-year and 9% quarter-over-quarter.
Online game revenues were US$115 million, down 5% year-over-year and 2% quarter-over-quarter.
Gross Margin
Both GAAP and non-GAAP gross margin were 76%, compared with 78% in the fourth quarter of 2022 and 76% in the third quarter of 2023.
Both GAAP and non-GAAP gross margin for the brand advertising business were 16%, compared with 51% in the fourth quarter of 2022 and 15% in the third quarter of 2023. The year-over-year margin decrease was mainly due to a waiver of unpaid long-term accounts payable of approximately
Both GAAP and non-GAAP gross margin for online games were 87%, compared with 84% in the fourth quarter of 2022 and 87% in the third quarter of 2023.
Operating Expenses
GAAP operating expenses were US$133 million, up 2% year-over-year and 1% quarter-over-quarter. Non-GAAP operating expenses were US$134 million, up 3% year-over-year and 2% quarter-over-quarter.
Operating Loss
GAAP operating loss was
Non-GAAP operating loss was US$26 million, compared with an operating loss of
Income Tax Expense
GAAP income tax expense was US$14 million, compared with income tax expense of
Net Loss
GAAP net loss attributable to
Non-GAAP net loss attributable to
Liquidity and Capital Resources
As of
Fiscal Year 2023 Financial Results
Revenues
Total revenues were
Brand advertising revenues were
Online game revenues were
Gross Margin
Both GAAP and non-GAAP gross margin was 76%, compared with 74% in 2022.
Both GAAP and non-GAAP gross margin for the brand advertising business was 20%, compared with 16% in 2022.
Both GAAP and non-GAAP gross margin for online games was 86%, compared with 84% in 2022.
Operating Expenses
For 2023, GAAP operating expenses totaled
Operating Profit/(Loss)
GAAP operating loss was
Non-GAAP operating loss was US$87 million, compared with an operating profit of US$4 million in 2022.
Income Tax Expense
GAAP income tax expense was
Net Income/(Loss)
GAAP net loss attributable to
Non-GAAP net loss attributable to
Supplementary Information for Changyou Results[3]
Fourth Quarter 2023 Operating Results
For PC games, total average monthly active user accounts[4] (MAU) were 2.3 million, an increase of 2% year-over-year and 4% quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 0.9 million, a decrease of 4% year-over-year and 9% quarter-over-quarter. The quarter-over-quarter decrease in APA was mainly a result of fewer in-game promotional activities having been launched for TLBB PC during the quarter.Fourth Quarter 2023 Unaudited Financial Results
Total revenues were
GAAP and non-GAAP gross profit were both
GAAP operating expenses were
Non-GAAP operating expenses were
GAAP operating profit was
Non-GAAP operating profit was
Fiscal Year 2023 Unaudited Financial Results
Total revenues were
GAAP and non-GAAP gross profit were both
GAAP operating expenses were
Non-GAAP operating expenses were
GAAP operating profit was
Non-GAAP operating profit was
[3] "Changyou Results" consist of the results of Changyou's online game business and its 17173.com Website.
[4] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.
[5] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.
Sohu today announced that on
Business Outlook
For the first quarter of 2024, Sohu estimates:
Brand advertising revenues to be betweenFor the first quarter 2024 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.
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 the Company's investments; the impact of income tax related to changes in the fair value of the Company's investments; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments; the impact of income tax related to changes in the fair value of the Company's investments; 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 share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments, and the impact of income tax related to changes in the fair value of the Company's investments do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact 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, changes in fair value recognized in the Company's consolidated statements of operations with respect to the Company's investments, the impact of income tax related to changes in the fair value of the Company's investments, and also excluded the 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
Conference Call and Webcast
Sohu's management team will host a conference call at
The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu's website at https://investors.sohu.com/
About Sohu
Charles Zhang, one of
Sohu provides online brand advertising services as well as multiple news, information and content services on its matrix of websites and also on its mobile platforms. Sohu's online game business, conducted by its subsidiary Changyou, develops and operates a diverse portfolio of PC and mobile games, such as the well-known
Tian Long Ba Bu("TLBB") PC and Legacy TLBB Mobile.
For investor and media inquiries, please contact:
In
Ms. Huang, Pu
Tel:
+86 (10) 6272-6645
E-mail:
ir@contact.sohu.com
In
Ms. Bergkamp, Linda
Christensen
Tel:
+1 (480) 614-3004
E-mail:
linda.bergkamp@christensencomms.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Twelve Months Ended
Revenues:
Brand advertising
$
20,195
$
22,087
$
28,778
$
88,689
$
103,233
Online games
114,759
117,049
121,381
479,697
585,424
Others
6,405
6,294
10,241
32,286
45,215
Total revenues
141,359
145,430
160,400
600,672
733,872
Cost of revenues:
Brand advertising (includes share-based compensation
expense of
16,966
18,745
14,020
71,103
86,642
Online games (includes share-based compensation expense
of
15,123
15,039
18,888
65,029
91,001
Others
1,733
687
2,888
9,625
13,930
Total cost of revenues
33,822
34,471
35,796
145,757
191,573
Gross profit
107,537
110,959
124,604
454,915
542,299
Operating expenses:
Product development (includes share-based compensation
expense of
69,553
67,749
67,147
279,842
260,772
Sales and marketing (includes share-based compensation
expense of
50,813
53,040
47,067
213,449
225,480
General and administrative (includes share-based
compensation expense of
respectively)
12,450
10,801
15,970
48,934
56,920
Total operating expenses
132,816
131,590
130,184
542,225
543,172
Operating loss
(25,279)
(20,631)
(5,580)
(87,310)
(873)
Other income, net
15,949
10,869
779
35,746
17,643
Interest income
11,578
11,519
6,190
45,222
17,311
Exchange difference
(823)
(478)
(1,071)
692
6,524
Income/(loss) before income tax expense
1,425
1,279
318
(5,650)
40,605
Income tax expense
14,044
15,340
7,413
60,420
57,946
Net loss from continuing operations
(12,619)
(14,061)
(7,095)
(66,070)
(17,341)
Net income from discontinued operations, net of tax [6]
-
35,426
-
35,426
-
Net income/(loss)
(12,619)
21,365
(7,095)
(30,644)
(17,341)
Less: Net income/(loss) from continuing operations
attributable to the noncontrolling interest shareholders
(1)
(2)
(1)
(265)
2
Net loss from continuing operations attributable to
Limited
(12,618)
(14,059)
(7,094)
(65,805)
(17,343)
Net income from discontinued operations attributable to
-
35,426
-
35,426
-
Net income/(loss) attributable to
(12,618)
21,367
(7,094)
(30,379)
(17,343)
Basic net loss from continuing operations per share/ADS
attributable to
$
(0.37)
$
(0.41)
$
(0.21)
(1.93)
$
(0.50)
Basic net income from discontinued operations per share/ADS
attributable to
$
-
$
1.04
$
-
1.04
$
-
Basic net income/(loss) per share/ADS attributable to
$
(0.37)
$
0.63
$
(0.21)
(0.89)
$
(0.50)
Shares/ADSs used in computing basic net income/(loss) per
share/ADS attributable to
34,061
34,190
34,091
34,109
34,945
Diluted net loss from continuing operations per share/ADS
attributable to
$
(0.37)
$
(0.41)
$
(0.21)
(1.93)
$
(0.50)
Diluted net income from discontinued operations per
share/ADS attributable to
$
-
$
1.04
$
-
1.04
$
-
Diluted net income/(loss) per share/ADS attributable to
$
(0.37)
$
0.63
$
(0.21)
(0.89)
$
(0.50)
Shares/ADSs used in computing diluted net income/(loss) per
share/ADS attributable to
34,061
34,190
34,091
34,109
34,945
[6] See Footnote 1.
[7] Each ADS represents one ordinary share.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of
As of
ASSETS
Current assets:
Cash and cash equivalents
$
362,504
$
697,821
Restricted cash
3,184
3,641
Short-term investments
597,770
473,624
Accounts receivable, net
71,618
67,541
Prepaid and other current assets
81,971
83,093
Total current assets
1,117,047
1,325,720
Fixed assets, net
269,058
288,226
Goodwill
47,163
47,415
Long-term investments, net
45,198
26,012
Intangible assets, net
2,226
5,394
Long-term time deposits
388,613
265,802
Other assets
12,793
19,207
Total assets
$
1,882,098
$
1,977,776
LIABILITIES
Current liabilities:
Accounts payable
$
44,609
$
56,449
Accrued liabilities
103,779
126,461
Receipts in advance and deferred revenue
50,829
48,080
Accrued salary and benefits
50,330
60,754
Taxes payables
11,363
10,612
Other short-term liabilities
81,482
114,532
Total current liabilities
$
342,392
$
416,888
Long-term other payables
3,924
1,795
Long-term tax liabilities
474,374
448,043
Other long-term liabilities
2,130
340
Total long-term liabilities
$
480,428
$
450,178
Total liabilities
$
822,820
$
867,066
SHAREHOLDERS' EQUITY:
1,058,956
1,109,442
Noncontrolling interest
322
1,268
Total shareholders' equity
$
1,059,278
$
1,110,710
Total liabilities and shareholders' equity
$
1,882,098
$
1,977,776
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS 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
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
-
(a)
15
(a)
(8)
(a)
Brand advertising gross profit
$
3,229
$
-
$
3,229
$
3,342
$
15
$
3,357
$
14,758
$
(8)
$
14,750
Brand advertising gross margin
16 %
16 %
15 %
15 %
51 %
51 %
(44)
(a)
18
(a)
18
(a)
Online games gross profit
$
99,636
$
(44)
$
99,592
$
102,010
$
18
$
102,028
$
102,493
$
18
$
102,511
Online games gross margin
87 %
87 %
87 %
87 %
84 %
84 %
-
(a)
-
(a)
-
(a)
Others gross profit
$
4,672
$
-
$
4,672
$
5,607
$
-
$
5,607
$
7,353
$
-
$
7,353
Others gross margin
73 %
73 %
89 %
89 %
72 %
72 %
(44)
(a)
33
(a)
10
(a)
Gross profit
$
107,537
$
(44)
$
107,493
$
110,959
$
33
$
110,992
$
124,604
$
10
$
124,614
Gross margin
76 %
76 %
76 %
76 %
78 %
78 %
Operating expenses
$
132,816
$
961
(a) $
133,777
$
131,590
$
(677)
(a) $
130,913
$
130,184
$
(528)
(a) $
129,656
(1,005)
(a)
710
(a)
538
(a)
Operating loss
$
(25,279)
$
(1,005)
$
(26,284)
$
(20,631)
$
710
$
(19,921)
$
(5,580)
$
538
$
(5,042)
Operating margin
-18 %
-19 %
-14 %
-14 %
-3 %
-3 %
Income tax expense
$
14,044
$
(3,667)
(d)$
10,377
$
15,340
$
(3,149)
(d)$
12,191
$
7,413
$
(1,954)
(c,d)$
5,459
(1,005)
(a)
710
(a)
538
(a)
(827)
(b)
-
2,442
(b)
-
-
(610)
(c)
3,667
(d)
3,149
(d)
2,564
(d)
Net loss before non-controlling interest
$
(12,619)
$
1,835
$
(10,784)
$
(14,061)
3,859
(10,202)
$
(7,095)
$
4,934
$
(2,161)
(1,005)
(a)
710
(a)
538
(a)
(827)
(b)
-
2,442
(b)
-
-
(610)
(c)
3,667
(d)
3,149
(d)
2,564
(d)
Net loss from continuing operations
attributable to
diluted net loss per share/ADS
$
(12,618)
$
1,835
$
(10,783)
$
(14,059)
3,859
(10,200)
$
(7,094)
$
4,934
$
(2,160)
Net income from discontinued operations
attributable to
diluted net loss per share/ADS [8]
$
-
-
-
$
35,426
-
$
35,426
$
-
-
$
-
Net income/(loss) attributable to
income/(loss) per share/ADS
$
(12,618)
1,835
(10,783)
$
21,367
3,859
25,226
$
(7,094)
$
4,934
$
(2,160)
Diluted net loss from continuing
operations per share/ADS attributable to
Sohu.com Limited
$
(0.37)
$
(0.32)
$
(0.41)
$
(0.30)
$
(0.21)
$
(0.06)
Diluted net income from discontinued
operations per share/ADS attributable to
$
-
-
$
1.04
$
1.04
$
-
$
-
Diluted net income/(loss) per share/ADS
attributable to
$
(0.37)
(0.32)
$
0.63
$
0.74
$
(0.21)
$
(0.06)
Shares/ADSs used in computing diluted
net income/(loss) per share/ADS
attributable to
34,061
34,061
34,190
34,190
34,091
34,091
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company's investments.
(c) To adjust for the impact of income tax related to changes in the fair value of the Company's investments.
(d) To adjust for the effect of the Toll Charge.
[8] See Footnote 1.
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
Adjustments
Non-GAAP
GAAP
Non-GAAP
Adjustments
Non-GAAP
7
(a)
48
(a)
Brand advertising gross profit
$
17,586
$
7
$
17,593
$
16,591
$
48
$
16,639
Brand advertising gross margin
20 %
20 %
16 %
16 %
10
(a)
143
(a)
Online games gross profit
$
414,668
$
10
$
414,678
$
494,423
$
143
$
494,566
Online games gross margin
86 %
86 %
84 %
84 %
-
(a)
-
(a)
Others gross profit
$
22,661
$
-
$
22,661
$
31,285
$
-
$
31,285
Others gross margin
70 %
70 %
69 %
69 %
17
(a)
191
(a)
Gross profit
$
454,915
$
17
$
454,932
$
542,299
$
191
$
542,490
Gross margin
76 %
76 %
74 %
74 %
Operating expenses
$
542,225
$
(691)
(a)$
541,534
$
543,172
$
(4,748)
(a)$
538,424
708
(a)
4,939
(a)
Operating profit/(loss)
$
(87,310)
$
708
$
(86,602)
$
(873)
$
4,939
$
4,066
Operating margin
-15 %
-14 %
0 %
1 %
Income tax expense
$
60,420
$
(12,297)
(c,d)$
48,123
$
57,946
$
(5,118)
(c,d)$
52,828
708
(a)
4,939
(a)
1,391
(b)
9,659
(b)
(555)
(c)
(2,416)
(c)
12,852
(d)
7,534
(d)
Net income/(loss) before non-controlling
interest
$
(66,070)
14,396
(51,674)
$
(17,341)
$
19,716
$
2,375
708
(a)
4,939
(a)
1,391
(b)
9,659
(b)
(555)
(c)
(2,416)
(c)
12,852
(d)
7,534
(d)
Net income/(loss) from continuing operations
attributable to
income/(loss) per share/ADS
$
(65,805)
$
14,396
$
(51,409)
$
(17,343)
$
19,716
$
2,373
Net income from discontinued operations
attributable to
income per share/ADS [9]
$
35,426
-
35,426
$
-
$
-
$
-
Net income/(loss) attributable to
Limited
share/ADS
$
(30,379)
14,396
(15,983)
$
(17,343)
$
19,716
$
2,373
Diluted net income/(loss) from continuing
operations per share/ADS attributable to
$
(1.93)
$
(1.51)
$
(0.50)
$
0.07
Diluted net income from discontinued
operations per share/ADS attributable to
$
1.04
1.04
$
-
-
Diluted net income/(loss) per share/ADS
attributable to
$
(0.89)
(0.47)
$
(0.50)
0.07
Share/ADS used in computing diluted net
income/(loss) per share/ADS attributable to
Sohu.com Limited
34,109
34,109
34,945
34,945
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company's investments.
(c) To adjust for the impact of income tax related to changes in the fair value of the Company's investments.
(d) To adjust for the effect of the
[9] See Footnote 1.
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