SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 UNAUDITED FINANCIAL RESULTS
Sohu.com reported Q4 2024 financial results with total revenues of US$135 million, down 5% year-over-year and 11% quarter-over-quarter. Brand advertising revenues were US$19 million (-7% YoY, +1% QoQ), while online game revenues reached US$110 million (-4% YoY, -14% QoQ).
For fiscal year 2024, total revenues remained flat at US$598 million compared to 2023. Brand advertising revenues declined 17% to US$73 million, while online game revenues grew 5% to US$502 million. The company reported a GAAP net loss of US$100 million for 2024, compared to US$66 million in 2023.
The company maintains a strong liquidity position with approximately US$1.2 billion in cash and investments. Under its share repurchase program, Sohu has repurchased 4,180,158 ADSs for approximately US$52 million as of February 13, 2025.
Sohu.com ha riportato i risultati finanziari del quarto trimestre del 2024 con ricavi totali di 135 milioni di dollari, in calo del 5% rispetto all'anno precedente e dell'11% rispetto al trimestre precedente. I ricavi pubblicitari del marchio sono stati di 19 milioni di dollari (-7% su base annua, +1% su base trimestrale), mentre i ricavi dei giochi online hanno raggiunto i 110 milioni di dollari (-4% su base annua, -14% su base trimestrale).
Per l'anno fiscale 2024, i ricavi totali sono rimasti stabili a 598 milioni di dollari rispetto al 2023. I ricavi pubblicitari del marchio sono diminuiti del 17% a 73 milioni di dollari, mentre i ricavi dei giochi online sono cresciuti del 5% a 502 milioni di dollari. L'azienda ha riportato una perdita netta GAAP di 100 milioni di dollari per il 2024, rispetto ai 66 milioni di dollari del 2023.
L'azienda mantiene una solida posizione di liquidità con circa 1,2 miliardi di dollari in contante e investimenti. Nell'ambito del suo programma di riacquisto di azioni, Sohu ha riacquistato 4.180.158 ADS per circa 52 milioni di dollari al 13 febbraio 2025.
Sohu.com informó sobre los resultados financieros del cuarto trimestre de 2024 con ingresos totales de 135 millones de dólares, una disminución del 5% en comparación con el año anterior y del 11% en comparación con el trimestre anterior. Los ingresos por publicidad de marca fueron de 19 millones de dólares (-7% interanual, +1% trimestral), mientras que los ingresos por juegos en línea alcanzaron los 110 millones de dólares (-4% interanual, -14% trimestral).
Para el año fiscal 2024, los ingresos totales se mantuvieron estables en 598 millones de dólares en comparación con 2023. Los ingresos por publicidad de marca cayeron un 17% a 73 millones de dólares, mientras que los ingresos por juegos en línea crecieron un 5% a 502 millones de dólares. La empresa reportó una pérdida neta GAAP de 100 millones de dólares para 2024, en comparación con los 66 millones de dólares de 2023.
La empresa mantiene una sólida posición de liquidez con aproximadamente 1.2 mil millones de dólares en efectivo e inversiones. En el marco de su programa de recompra de acciones, Sohu ha recomprado 4,180,158 ADS por aproximadamente 52 millones de dólares hasta el 13 de febrero de 2025.
Sohu.com는 2024년 4분기 재무 결과를 보고하며 총 수익이 1억 3천5백만 달러로, 전년 대비 5% 감소하고, 전 분기 대비 11% 감소했다고 발표했습니다. 브랜드 광고 수익은 1천9백만 달러(-7% 전년 대비, +1% 전 분기 대비)였으며, 온라인 게임 수익은 1억 1천만 달러(-4% 전년 대비, -14% 전 분기 대비)에 달했습니다.
2024 회계연도 동안 총 수익은 2023년과 비교해 5억 9천8백만 달러로 유지되었습니다. 브랜드 광고 수익은 17% 감소하여 7천3백만 달러에 달했고, 온라인 게임 수익은 5% 증가하여 5억 2천만 달러에 이르렀습니다. 회사는 2024년 GAAP 기준으로 1억 달러의 순손실을 기록했으며, 이는 2023년의 6천6백만 달러와 비교됩니다.
회사는 약 12억 달러의 현금 및 투자로 강력한 유동성 위치를 유지하고 있습니다. 자사주 매입 프로그램에 따라, Sohu는 2025년 2월 13일 기준으로 약 5천2백만 달러에 해당하는 4,180,158 ADS를 재매입했습니다.
Sohu.com a rapporté les résultats financiers du quatrième trimestre 2024 avec des revenus totaux de 135 millions de dollars, en baisse de 5 % par rapport à l'année précédente et de 11 % par rapport au trimestre précédent. Les revenus publicitaires de marque s'élevaient à 19 millions de dollars (-7 % en glissement annuel, +1 % en glissement trimestriel), tandis que les revenus des jeux en ligne ont atteint 110 millions de dollars (-4 % en glissement annuel, -14 % en glissement trimestriel).
Pour l'exercice 2024, les revenus totaux sont restés stables à 598 millions de dollars par rapport à 2023. Les revenus publicitaires de marque ont chuté de 17 % à 73 millions de dollars, tandis que les revenus des jeux en ligne ont augmenté de 5 % à 502 millions de dollars. L'entreprise a enregistré une perte nette GAAP de 100 millions de dollars pour 2024, contre 66 millions de dollars en 2023.
L'entreprise maintient une solide position de liquidité avec environ 1,2 milliard de dollars en liquidités et investissements. Dans le cadre de son programme de rachat d'actions, Sohu a racheté 4 180 158 ADS pour environ 52 millions de dollars au 13 février 2025.
Sohu.com berichtete über die finanziellen Ergebnisse des vierten Quartals 2024 mit Gesamterlösen von 135 Millionen US-Dollar, was einem Rückgang von 5% im Vergleich zum Vorjahr und 11% im Vergleich zum Vorquartal entspricht. Die Erlöse aus Markenwerbung betrugen 19 Millionen US-Dollar (-7% im Jahresvergleich, +1% im Quartalsvergleich), während die Erlöse aus Online-Spielen 110 Millionen US-Dollar erreichten (-4% im Jahresvergleich, -14% im Quartalsvergleich).
Für das Geschäftsjahr 2024 blieben die Gesamterlöse mit 598 Millionen US-Dollar im Vergleich zu 2023 stabil. Die Erlöse aus Markenwerbung sanken um 17% auf 73 Millionen US-Dollar, während die Erlöse aus Online-Spielen um 5% auf 502 Millionen US-Dollar stiegen. Das Unternehmen meldete einen GAAP-Nettoverlust von 100 Millionen US-Dollar für 2024, verglichen mit 66 Millionen US-Dollar im Jahr 2023.
Das Unternehmen hält eine starke Liquiditätsposition mit etwa 1,2 Milliarden US-Dollar in Bargeld und Investitionen. Im Rahmen seines Aktienrückkaufprogramms hat Sohu bis zum 13. Februar 2025 insgesamt 4.180.158 ADS für etwa 52 Millionen US-Dollar zurückgekauft.
- Strong liquidity position with US$1.2 billion in cash and investments
- Online game revenues grew 5% to US$502 million in FY2024
- Active share repurchase program with US$52 million in buybacks completed
- Q4 total revenues declined 5% YoY to US$135 million
- Brand advertising revenues dropped 17% in FY2024
- GAAP net loss widened to US$100 million in FY2024 from US$66 million in 2023
- Gross margins declined across all segments in FY2024
Insights
The Q4 2024 results reveal deepening operational challenges at Sohu.com, with concerning implications for its business model sustainability. The company's US$21M GAAP net loss represents a significant deterioration from the US$13M loss in Q4 2023, while full-year losses have nearly doubled.
The brand advertising segment's performance is particularly troubling, with margins collapsing to 6% from 16% year-over-year. This dramatic margin compression, combined with declining revenues, suggests structural challenges in the advertising business that go beyond cyclical factors. The segment's efficiency has deteriorated despite cost control efforts, indicating potential market share losses to competitors.
The online gaming division, while generating 83% gross margins, shows mixed signals. Mobile gaming metrics reveal concerning trends - while MAU increased 53% year-over-year, the 61% quarter-over-quarter decline in paying accounts suggests serious monetization challenges. The success of TLBB PC's content updates appears to be masking broader challenges in the mobile segment.
The company's substantial cash position of US$1.2B provides significant runway, but the allocation of US$52M to share repurchases amid widening operational losses raises questions about capital allocation strategy. The Q1 2025 guidance projecting accelerated revenue declines in brand advertising (13-19% YoY) suggests management sees no immediate catalysts for improvement.
The deteriorating operational metrics, combined with management's focus on share repurchases rather than business reinvestment, point to a company struggling to find sustainable growth drivers in its core markets. While the cash buffer provides time for a turnaround, the trajectory of key performance indicators suggests increasing pressure on the business model's viability.
Fourth Quarter Highlights
- Total revenues were
US , down$135 million 5% year-over-year and11% quarter-over-quarter. - Brand advertising revenues were US
$19 million , down7% year-over-year and up1% quarter-over-quarter. - Online game revenues were US
$110 million , down4% year-over-year and14% quarter-over-quarter. - GAAP net loss attributable to Sohu.com Limited was
US , compared with a net loss of US$21 million $13 million in the fourth quarter of 2023 and a net loss ofUS in the third quarter of 2024.$16 million - Non-GAAP[1] net loss attributable to Sohu.com Limited was
US , compared with a net loss of US$15 million $11 million in the fourth quarter of 2023 and a net loss ofUS in the third quarter of 2024.$12 million
Fiscal Year 2024 Highlights[2]
- Total revenues were
US , flat compared with 2023.$598 million - Brand advertising revenues were
US , down$73 million 17% compared with 2023. - Online game revenues were
US , up$502 million 5% compared with 2023. - GAAP net loss attributable to Sohu.com Limited was
US , compared with a net loss of$100 million US in 2023.$66 million - Non-GAAP net loss attributable to Sohu.com Limited was
US , compared with a net loss of$83 million US in 2023.$51 million
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, "In the fourth quarter of 2024, our brand advertising revenues hit the high end of our previous guidance, while both our online game revenues and bottom line performance were much better than expected. For Sohu media platform, we continued to refine our products, optimized algorithms, and strictly controlled budgets. By integrating the advantages of the Sohu product matrix with our unique IPs and high energy events, we were able to promote the generation and social distribution of premium content, effectively enhance user experience to attract more users, and further unlock monetization potential. The online games business delivered solid performance, thanks to relentless efforts to produce high-quality new games and revitalize legacy games."
Fourth Quarter Financial Results
Revenues
Total revenues were
Brand advertising revenues were US
Online game revenues were US
Gross Margin
Both GAAP and non-GAAP gross margin were
Both GAAP and non-GAAP gross margin for the brand advertising business were
Both GAAP and non-GAAP gross margin for online games were
Operating Expenses
Both GAAP and non-GAAP operating expenses were US
Operating Loss
GAAP operating loss was
Non-GAAP operating loss was US
Income Tax Expense
GAAP income tax expense was US
Non-GAAP income tax expense was
Net Loss
GAAP net loss attributable to Sohu.com Limited was
Non-GAAP net loss attributable to Sohu.com Limited was
Liquidity and Capital Resources
As of December 31, 2024, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately
Fiscal Year 2024 Financial Results
Revenues
Total revenues were
Brand advertising revenues were
Online game revenues were
Gross Margin
Both GAAP and non-GAAP gross margin were
Both GAAP and non-GAAP gross margin for the brand advertising business were
Both GAAP and non-GAAP gross margin for online games were
Operating Expenses
For 2024, both GAAP and non-GAAP operating expenses totaled
Operating Loss
Both GAAP and non-GAAP operating loss were
Income Tax Expense
GAAP income tax expense was
Non-GAAP income tax expense was
Net Loss
GAAP net loss attributable to Sohu.com Limited was
Non-GAAP net loss attributable to Sohu.com Limited was
Supplementary Information for Changyou Results[3]
Fourth Quarter 2024 Operating Results
- For PC games, total average monthly active user accounts[4] (MAU) were 2.3 million, an increase of
2% year-over-year and9% quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 1.0 million, an increase of9% year-over-year and14% quarter-over-quarter. The quarter-over-quarter increase in MAU, and the year-over-year and quarter-over-quarter increases in APA were mainly because the content updates that Changyou launched for TLBB PC during the quarter were well received by players. - For mobile games, total average MAU were 2.6 million, an increase of
53% year-over-year and a decrease of20% quarter-over-quarter. Total quarterly APA were 0.4 million, an increase of25% year-over-year and a decrease of61% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from new games launched during recent quarters, including Journey Renewed: Fate Fantasy, which is the international version of New Westward Journey and was launched inSoutheast Asia during the fourth quarter of 2024. The quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of New Westward Journey in the Chinese mainland market.
Fourth Quarter 2024 Unaudited Financial Results
Total revenues were
Both GAAP and non-GAAP gross profit were
GAAP operating expenses were
Non-GAAP operating expenses were
GAAP operating profit was
Non-GAAP operating profit was
Fiscal Year 2024 Unaudited Financial Results
Total revenues were
Both GAAP and non-GAAP gross profit were
GAAP operating expenses were
Non-GAAP operating expenses were
GAAP operating profit was
Non-GAAP operating profit was
Recent Development
Under the previously-announced share repurchase program of up to
Business Outlook
For the first quarter of 2025, Sohu estimates:
- Brand advertising revenues to be between
US and$13 million US ; this implies an annual decrease of$14 million 13% to19% , and a sequential decrease of26% to31% . - Online game revenues to be between US
$105 million and US$115 million ; this implies an annual decrease of2% to11% , and a sequential decrease of4% to a sequential increase of5% . - Non-GAAP net loss attributable to Sohu.com Limited to be between US
$16 million and US$26 million ; and GAAP net loss attributable to Sohu.com Limited to be between US$20 million and US$30 million .
For the first quarter 2025 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, 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 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/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense and interest expense recognized in connection with the Toll Charge is that share-based compensation expense and interest expense recognized in connection with the Toll Charge have been and can be expected to continue to be significant recurring expenses in Sohu's business. It is also possible that 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, will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.
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 4:30 a.m.
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
Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of
As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content such as news, information, text, picture, video and live broadcasting. Sohu also attracts users to be highly engaged in content generation and distribution, and actively interact with each other on the platform. Sohu's online game business is conducted by its subsidiary Changyou which 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
Sohu.com Limited
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
[1] 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 |
[2] The bankruptcy proceedings of Changyou's wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. ("Shanghai Jingmao"), which operated Changyou's cinema advertising business, were concluded by a Chinese mainland bankruptcy court in the third quarter of 2023. The Company recognized a |
[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.COM LIMITED | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |||||||
Revenues: | |||||||||||
Brand advertising | $ | 18,865 | $ | 18,677 | $ | 20,195 | $ | 73,465 | $ | 88,689 | |
Online games | 109,859 | 127,721 | 114,759 | 502,389 | 479,697 | ||||||
Others | 5,960 | 5,594 | 6,405 | 22,545 | 32,286 | ||||||
Total revenues | 134,684 | 151,992 | 141,359 | 598,399 | 600,672 | ||||||
Cost of revenues: | |||||||||||
Brand advertising (includes share-based compensation | 17,787 | 17,040 | 16,966 | 66,579 | 71,103 | ||||||
Online games (includes share-based compensation | 18,133 | 20,292 | 15,123 | 88,495 | 65,029 | ||||||
Others | 1,113 | 2,283 | 1,733 | 10,759 | 9,625 | ||||||
Total cost of revenues | 37,033 | 39,615 | 33,822 | 165,833 | 145,757 | ||||||
Gross profit | 97,651 | 112,377 | 107,537 | 432,566 | 454,915 | ||||||
Operating expenses: | |||||||||||
Product development (includes share-based | 61,584 | 62,231 | 69,553 | 255,233 | 279,842 | ||||||
Sales and marketing (includes share-based | 48,588 | 48,494 | 50,813 | 235,824 | 213,449 | ||||||
General and administrative (includes share-based | 12,672 | 14,692 | 12,450 | 50,910 | 48,934 | ||||||
Total operating expenses | 122,844 | 125,417 | 132,816 | 541,967 | 542,225 | ||||||
Operating loss | (25,193) | (13,040) | (25,279) | (109,401) | (87,310) | ||||||
Other income, net | 8,448 | 3,635 | 15,949 | 22,144 | 35,746 | ||||||
Interest income | 8,632 | 9,074 | 11,578 | 38,625 | 45,222 | ||||||
Exchange difference | 1,240 | (988) | (823) | 464 | 692 | ||||||
Income/(loss) before income tax expense | (6,873) | (1,319) | 1,425 | (48,168) | (5,650) | ||||||
Income tax expense | 14,387 | 15,028 | 14,044 | 52,070 | 60,420 | ||||||
Net loss from continuing operations | (21,260) | (16,347) | (12,619) | (100,238) | (66,070) | ||||||
Net income from discontinued operations, net of tax [6] | - | - | - | - | 35,426 | ||||||
Net loss | (21,260) | (16,347) | (12,619) | (100,238) | (30,644) | ||||||
Less: Net income/(loss) from continuing operations | 31 | - | (1) | 31 | (265) | ||||||
Net loss from continuing operations attributable to | (21,291) | (16,347) | (12,618) | (100,269) | (65,805) | ||||||
Net income from discontinued operations attributable to | - | - | - | - | 35,426 | ||||||
Net loss attributable to Sohu.com Limited | (21,291) | (16,347) | (12,618) | (100,269) | (30,379) | ||||||
Basic net loss from continuing operations per share/ADS | $ | (0.69) | $ | (0.52) | $ | (0.37) | (3.13) | $ | (1.93) | ||
Basic net income from discontinued operations per | $ | - | $ | - | $ | - | - | $ | 1.04 | ||
Basic net loss per share/ADS attributable to Sohu.com | $ | (0.69) | $ | (0.52) | $ | (0.37) | (3.13) | $ | (0.89) | ||
Shares/ADSs used in computing basic net income/(loss) | 30,799 | 31,729 | 34,061 | 32,009 | 34,109 | ||||||
Diluted net loss from continuing operations per share/ADS | $ | (0.69) | $ | (0.52) | $ | (0.37) | (3.13) | $ | (1.93) | ||
Diluted net income from discontinued operations per | $ | - | $ | - | $ | - | - | $ | 1.04 | ||
Diluted net loss per share/ADS attributable to Sohu.com | $ | (0.69) | $ | (0.52) | $ | (0.37) | (3.13) | $ | (0.89) | ||
Shares/ADSs used in computing diluted net income/(loss) | 30,799 | 31,729 | 34,061 | 32,009 | 34,109 | ||||||
[6] See Footnote 2. | |||||||||||
[7] Each ADS represents one ordinary share. |
SOHU.COM LIMITED | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(UNAUDITED, IN THOUSANDS) | ||||
As of Dec. 31, 2024 | As of Dec. 31, 2023 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 159,927 | $ | 362,504 |
Restricted cash | - | 3,184 | ||
Short-term investments | 744,498 | 597,770 | ||
Accounts receivable, net | 53,762 | 71,618 | ||
Prepaid and other current assets | 83,575 | 81,971 | ||
Total current assets | 1,041,762 | 1,117,047 | ||
Fixed assets, net | 252,860 | 269,058 | ||
Goodwill | 46,944 | 47,163 | ||
Long-term investments, net | 43,120 | 45,198 | ||
Intangible assets, net | 7,695 | 2,226 | ||
Long-term time deposits | 331,290 | 388,613 | ||
Other assets | 10,995 | 12,793 | ||
Total assets | $ | 1,734,666 | $ | 1,882,098 |
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ | 36,043 | $ | 44,609 |
Accrued liabilities | 97,138 | 103,779 | ||
Receipts in advance and deferred revenue | 51,007 | 50,829 | ||
Accrued salary and benefits | 47,232 | 50,330 | ||
Taxes payables | 14,225 | 11,363 | ||
Other short-term liabilities | 76,322 | 81,482 | ||
Total current liabilities | $ | 321,967 | $ | 342,392 |
Long-term other payables | 2,807 | 3,924 | ||
Long-term tax liabilities | 485,545 | 474,374 | ||
Other long-term liabilities | 1,659 | 2,130 | ||
Total long-term liabilities | $ | 490,011 | $ | 480,428 |
Total liabilities | $ | 811,978 | $ | 822,820 |
SHAREHOLDERS' EQUITY: | ||||
Sohu.com Limited shareholders' equity | 922,335 | 1,058,956 | ||
Noncontrolling interest | 353 | 322 | ||
Total shareholders' equity | $ | 922,688 | $ | 1,059,278 |
Total liabilities and shareholders' equity | $ | 1,734,666 | $ | 1,882,098 |
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 Dec. 31, 2024 | Three Months Ended Sep. 30, 2024 | Three Months Ended Dec. 31, 2023 | ||||||||||||||||
GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | ||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Brand advertising gross profit | $ | 1,078 | $ | - | $ | 1,078 | $ | 1,637 | $ | - | $ | 1,637 | $ | 3,229 | $ | - | $ | 3,229 |
Brand advertising gross margin | 6 % | 6 % | 9 % | 9 % | 16 % | 16 % | ||||||||||||
- | (a) | - | (a) | (44) | (a) | |||||||||||||
Online games gross profit | $ | 91,726 | $ | - | $ | 91,726 | $ | 107,429 | $ | - | $ | 107,429 | $ | 99,636 | $ | (44) | $ | 99,592 |
Online games gross margin | 83 % | 83 % | 84 % | 84 % | 87 % | 87 % | ||||||||||||
- | (a) | - | (a) | - | (a) | |||||||||||||
Others gross profit | $ | 4,847 | $ | - | $ | 4,847 | $ | 3,311 | $ | - | $ | 3,311 | $ | 4,672 | $ | - | $ | 4,672 |
Others gross margin | 81 % | 81 % | 59 % | 59 % | 73 % | 73 % | ||||||||||||
- | (a) | - | (a) | (44) | (a) | |||||||||||||
Gross profit | $ | 97,651 | $ | - | $ | 97,651 | $ | 112,377 | $ | - | $ | 112,377 | $ | 107,537 | $ | (44) | $ | 107,493 |
Gross margin | 73 % | 73 % | 74 % | 74 % | 76 % | 76 % | ||||||||||||
Operating expenses | $ | 122,844 | $ | (242) | (a) $ | 122,602 | $ | 125,417 | $ | (44) | (a) $ | 125,373 | $ | 132,816 | $ | 961 | (a) $ | 133,777 |
242 | (a) | 44 | (a) | (1,005) | (a) | |||||||||||||
Operating loss | $ | (25,193) | $ | 242 | $ | (24,951) | $ | (13,040) | $ | 44 | $ | (12,996) | $ | (25,279) | $ | (1,005) | $ | (26,284) |
Operating margin | -19 % | -19 % | -9 % | -9 % | -18 % | -19 % | ||||||||||||
Income tax expense | $ | 14,387 | $ | (3,961) | (c)$ | 10,426 | $ | 15,028 | $ | (3,883) | (c)$ | 11,145 | $ | 14,044 | $ | (3,667) | (c)$ | 10,377 |
242 | (a) | 44 | (a) | (1,005) | (a) | |||||||||||||
2,087 | (b) | - | (827) | (b) | ||||||||||||||
3,961 | (c) | 3,883 | (c) | 3,667 | (c) | |||||||||||||
Net loss before non-controlling | $ | (21,260) | $ | 6,290 | $ | (14,970) | $ | (16,347) | $ | 3,927 | $ | (12,420) | $ | (12,619) | $ | 1,835 | $ | (10,784) |
242 | (a) | 44 | (a) | (1,005) | (a) | |||||||||||||
2,087 | (b) | - | (827) | (b) | ||||||||||||||
3,961 | (c) | 3,883 | (c) | 3,667 | (c) | |||||||||||||
Net loss attributable to Sohu.com | $ | (21,291) | 6,290 | (15,001) | $ | (16,347) | 3,927 | (12,420) | $ | (12,618) | 1,835 | (10,783) | ||||||
Diluted net loss per share/ADS | $ | (0.69) | (0.49) | $ | (0.52) | (0.39) | $ | (0.37) | (0.32) | |||||||||
Shares/ADSs used in computing | 30,799 | 30,799 | 31,729 | 31,729 | 34,061 | 34,061 | ||||||||||||
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 effect of the Toll Charge. |
SOHU.COM LIMITED | ||||||||||||
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | ||||||||||||
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) | ||||||||||||
Twelve Months Ended Dec. 31, 2024 | Twelve Months Ended Dec. 31, 2023 | |||||||||||
GAAP | Non-GAAP | Non-GAAP | GAAP | Non-GAAP | Non-GAAP | |||||||
1 | (a) | 7 | (a) | |||||||||
Brand advertising gross profit | $ | 6,886 | $ | 1 | $ | 6,887 | $ | 17,586 | $ | 7 | $ | 17,593 |
Brand advertising gross margin | 9 % | 9 % | 20 % | 20 % | ||||||||
- | (a) | 10 | (a) | |||||||||
Online games gross profit | $ | 413,894 | $ | - | $ | 413,894 | $ | 414,668 | $ | 10 | $ | 414,678 |
Online games gross margin | 82 % | 82 % | 86 % | 86 % | ||||||||
- | (a) | - | (a) | |||||||||
Others gross profit | $ | 11,786 | $ | - | $ | 11,786 | $ | 22,661 | $ | - | $ | 22,661 |
Others gross margin | 52 % | 52 % | 70 % | 70 % | ||||||||
1 | (a) | 17 | (a) | |||||||||
Gross profit | $ | 432,566 | $ | 1 | $ | 432,567 | $ | 454,915 | $ | 17 | $ | 454,932 |
Gross margin | 72 % | 72 % | 76 % | 76 % | ||||||||
Operating expenses | $ | 541,967 | $ | 31 | (a)$ | 541,998 | $ | 542,225 | $ | (691) | (a)$ | 541,534 |
(30) | (a) | 708 | (a) | |||||||||
Operating loss | $ | (109,401) | $ | (30) | $ | (109,431) | $ | (87,310) | $ | 708 | $ | (86,602) |
Operating margin | -18 % | -18 % | -15 % | -14 % | ||||||||
Income tax expense | $ | 52,070 | $ | (15,299) | (d)$ | 36,771 | $ | 60,420 | $ | (12,297) | (c,d)$ | 48,123 |
(30) | (a) | 708 | (a) | |||||||||
1,820 | (b) | 1,391 | (b) | |||||||||
- | (555) | (c) | ||||||||||
15,299 | (d) | 12,852 | (d) | |||||||||
Net loss before non-controlling interest | $ | (100,238) | 17,089 | (83,149) | $ | (66,070) | $ | 14,396 | $ | (51,674) | ||
(30) | (a) | 708 | (a) | |||||||||
1,820 | (b) | 1,391 | (b) | |||||||||
- | (555) | (c) | ||||||||||
15,299 | (d) | 12,852 | (d) | |||||||||
Net loss from continuing operations | $ | (100,269) | $ | 17,089 | $ | (83,180) | $ | (65,805) | $ | 14,396 | $ | (51,409) |
Net income from discontinued operations | $ | - | - | - | $ | 35,426 | - | 35,426 | ||||
Net loss attributable to Sohu.com Limited | $ | (100,269) | 17,089 | (83,180) | $ | (30,379) | 14,396 | (15,983) | ||||
Diluted net loss from continuing operations | $ | (3.13) | $ | (2.60) | $ | (1.93) | $ | (1.51) | ||||
Diluted net income from discontinued | $ | - | - | $ | 1.04 | 1.04 | ||||||
Diluted net loss per share/ADS attributable | $ | (3.13) | (2.60) | $ | (0.89) | (0.47) | ||||||
Share/ADS used in computing diluted net | 32,009 | 32,009 | 34,109 | 34,109 | ||||||||
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 2. |
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SOURCE Sohu.com Limited
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