UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number:
001-38511
SOHU.COM LIMITED
(Translation of registrant's name into English)
Level 18, Sohu.com Media Plaza
Block 3, No. 2 Kexueyuan South Road, Haidian District
Beijing 100190, People's Republic of China
+86-10-6272-6666
(Address of principal executive office)
Indicate by check mark whetherthe registrant files or will file annual reports
under cover of Form
20-F
or Form
40-F.
Form 20-FForm 40-F
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Press Release
On May 20, 2024, the registrant announced its unaudited financial results for
the first quarter ended March 31, 2024. A copy of thepress release issued by
the registrant regarding the foregoing is furnished herewith as Exhibit 99.1
and is incorporated herein by reference.
Exhibits.
99.1 Press release reporting Sohu.com Limited's unaudited financial results for the first quarter ended March 31, 2024.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf bythe
undersigned, hereunto duly authorized.
SOHU.COM LIMITED
By: /s/ Joanna Lv
Name: Joanna Lv
Title: Chief Financial Officer
Date: May 20, 2024
Exhibit 99.1
SOHU.COM REPORTS FIRST QUARTER 2024 UNAUDITED FINANCIAL RESULTS
BEIJING, May 20, 2024 -Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the
"Company"), a leading Chinese online media, video, andgame business group,
today reported unaudited financial results for the first quarter ended March
31, 2024.
First Quarter Highlights
. Total revenues were US$139 million, down 14% year-over-year and 1% quarter-over-quarter.
. Brand advertising revenues were US$16 million, down 29% year-over-year and 20% quarter-over-quarter.
. Online game revenues were US$118 million, down 9% year-over-year and up 3% quarter-over-quarter.
. GAAP net loss attributable to Sohu.com Limited was US$25 million, compared with a net loss ofUS$18
million in the first quarter of 2023 and a net loss of US$13 million in the fourth quarter of 2023.
. Non-GAAP
1
net lossattributable to Sohu.com Limited was US$22 million, compared with a net loss of US$13
million in the first quarter of 2023 and a net loss of US$11 million in the fourth quarter of 2023.
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, "In the
first quarter of 2024, our
top-line
performance was in line with our expectations, and our bottom-line performance
exceeded our guidance, despite the impact of seasonality. For Sohu Media and
Sohu Video, we continued to enhance userexperience by refining products and
optimizing algorithms. We proactively integrated our product matrix and
resources to stimulate content generation, consumption and social
distribution. Meanwhile, leveraging our unique IPs and differentiatedadvantages,
we continued to host various events and campaigns, which not only stimulated
users' interaction and content provision on our platforms, but also helped us
gain more monetization opportunities. Online games delivered stableperformance,
with revenues in line with our expectations."
First Quarter Financial Results
Revenues
Totalrevenues were US$139 million, down 14% year-over-year and 1%
quarter-over-quarter.
Brand advertising revenues wereUS$16 million, down 29% year-over-year and 20%
quarter-over-quarter.
Online game revenues were US$118 million, down 9%year-over-year and up 3%
quarter-over-quarter.
Gross Margin
Both GAAP and
non-GAAP
gross margin were 77%, compared with 75% in the first quarter of 2023 and 76%
inthe fourth quarter of 2023.
Both GAAP and
non-GAAP
gross margin for the brand advertising businesswere 1%, compared with 17% in
the first quarter of 2023 and 16% in the fourth quarter of 2023.
Both GAAP and
non-GAAP
gross margin for online games were 88%, compared with 85% in the first quarter
of 2023 and 87% in the fourth quarter of 2023.
Operating Expenses
GAAP operating expenses were US$134 million, down 4% year-over-year and up 1%
quarter-over-quarter.
Non-GAAP
operating expenses were US$133 million, down 4% year-over-year and flat
quarter-over-quarter.
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; andinterest expense recognized in connection with 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
"U.S.TCJA"). 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."
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O
perating Loss
GAAP operating loss was US$27 million, compared with an operating loss of
US$18 million in the first quarter of 2023 and an operatingloss of US$25
million in the fourth quarter of 2023.
Non-GAAP
operating loss wasUS$27 million, compared with an operating loss of US$18
million in the first quarter of 2023 and an operating loss of US$26 million in
the fourth quarter of 2023.
Income Tax Expense
GAAP income tax expense was US$14 million, compared with income tax expense of
US$13 million in the first quarter of 2023 and incometax expense of US$14
million in the fourth quarter of 2023.
Non-GAAP
income tax expense was US$10 million, compared with income tax expense of
US$11 million in the first quarter of 2023 andincome tax expense of US$10
million in the fourth quarter of 2023.
Net Loss
GAAP net loss attributable to Sohu.com Limited was US$25 million, or a net
loss of US$0.76 per fully-diluted American depositary share("ADS," each ADS
representing one Sohu ordinary share), compared with a net loss of US$18
million in the first quarter of 2023 and a net loss of US$13 million in the
fourth quarter of 2023.
Non-GAAP
net loss attributable to Sohu.com Limited was US$22 million, or a net loss of
US$0.65 perfully-diluted ADS, compared with a net loss of US$13 million in the
first quarter of 2023 and a net loss of US$11million in the fourth quarter of
2023.
Liquidity and Capital Resources
As of March 31, 2024, cash and cash equivalents, short-term investments and
long-term time deposits totaled approximatelyUS$1.3 billion.
Supplementary Information for Changyou Results
2
First Quarter 2024 Operating Results
. For PC games, total average
monthly active user accounts
3
(MAU) were 2.3 million, an increase of 5% year-over-year and a decrease of
1% quarter-over-quarter. Total quarterly aggregate active paying accounts
4
(APA) were 0.9 million, an increaseof 1%
year-over-year and 3% quarter-over-quarter.
. For mobile games, total average MAU were 2.8 million, an increase of 71% year-over-year and
63%quarter-over-quarter. The year-over-year and quarter-over-quarter increases in MAU were mainly
from Haikyu!!FLY HIGH that we launched in Japan and South Korea during the quarter. Total
quarterly APA were 0.3 million, flat year-over-year and adecrease of 2% quarter-over-quarter.
First Quarter 2024 Unaudited Financial Results
Total revenues
were US$119 million, a decrease of 9% year-over-year and an increase of 3%
quarter-over-quarter. Online gamerevenues were US$118 million, a decrease of
9% year-over-year and an increase of 3% quarter-over-quarter. Online
advertising revenues were US$1 million, a decrease of 31% year-over-year and
13% quarter-over-quarter.
GAAP and
non-GAAP
gross profit
were both US$104 million, a decrease of 7% year-over-yearand an increase of 3%
quarter-over-quarter.
GAAP operating expenses
were US$49 million, a decrease of 14% year-over-year and7% quarter-over-quarter.
The year-over-year and quarter-over-quarter decreases were mainly due to a
decrease in outsourcing and licensing fees related to product development.
Non-GAAP
operating expenses
were US$49 million, a decrease of 13% year-over-year and 9%quarter-over-quarter.
GAAP operating profit
was US$55 million, compared with an operating profit of US$54 million for
thefirst quarter of 2023 and US$48 million for the fourth quarter of 2023.
2 "Changyou Results" consist of the results of Changyou's online game business and its 17173.comWebsite.
3 Monthly active user accounts refers to the number of registered accounts
that are logged in to these games atleast once during the month.
4 Quarterly aggregate active paying accounts refers to the number of accounts
from which game points are utilizedat least once during the quarter.
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Non-GAAP
operating profit
wasUS$55 million, compared with a
non-GAAP
operating profit of US$55 million for the first quarter of 2023 and US$47
million for the fourth quarter of 2023.
Recent Development
Under the previously-announced sharerepurchase program of up to US$150 million
of the outstanding ADSs, as of May 16, 2024, Sohu had repurchased 1,726,718
ADSs for an aggregate cost of approximately US$17 million.
Business Outlook
For the second quarter of 2024, Sohuestimates:
. Brand advertising revenues to be between US$18 million and US$20 million; this
implies an annualdecrease of 16% to 25%, and a sequential increase of 12% to 24%.
. Online game revenues to be between US$133 million and US$143 million; this implies
an annual increaseof 12% to 21%, and a sequential increase of 13% to 21%.
. Non-GAAP
net loss attributable to Sohu.com Limited to be betweenUS$27 million and US$37 million; and
GAAP net loss attributable to Sohu.com Limited to be between US$30 million and US$40 million.
For the second quarter 2024 guidance, the Company has adopted a presumed
exchange rate of RMB7.10=US$1.00, as compared with the actual exchange rate
ofapproximately RMB7.00=US$1.00 for the second quarter of 2023, and
RMB7.10=US$1.00 for the first quarter of 2024.
This forecast reflects Sohu'smanagement'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 theUnited States
of America ("GAAP"), Sohu's management uses
non-GAAP
measures of gross profit, operating profit, net income, net income
attributable to Sohu.com Limited and diluted net incomeattributable to
Sohu.com Limited per ADS, which are adjusted from results based on GAAP to
exclude the impact of share-based compensation expense; changes in fair value
recognized in the Company's consolidated statements of operations withrespect
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 imposed by the U.S. TCJA. These
measuresshould be considered in addition to results prepared in accordance
with GAAP, but should not be considered a substitute for, or superior to, GAAP
results.
Sohu's management believes excluding share-based compensation expense; changes
in fair value recognized in the Company's consolidated statements ofoperations
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 operationswith 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 managementand 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-basedcompen
sation 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 theCompany'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 allocationof 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
financialmeasures 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 thefair 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
Sohu.com Limited, and diluted net income attributable to Sohu.com Limited per
ADS excluding share-based compensation expense andinterest 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 expensesin 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
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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 theGAAP 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 fromSohu'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
nextquarterly 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-lookingstatements. 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 ofimportant 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 itspotential impact on the Chinese
economy; exchange rate fluctuations, including their potential impact on the
Chinese economy and on Sohu's reported U.S. dollar results; fluctuations in
Sohu's quarterly operating results; the possibilitiesthat Sohu will be unable
to recoup its investment in video content and will be unable to develop a
series of successful games for mobile platforms or successfully monetize
mobile games it develops or acquires; Sohu's reliance on onlineadvertising
sales and online games for its revenues; and the impact of the U.S. TCJA.
Further information regarding these and other risks is included in Sohu's
annual report on Form
20-F
for the yearended December 31, 2023, and other filings with and information
furnished to the U.S. Securities and Exchange Commission.
Conference Call andWebcast
Sohu's management team will host a conference call at 7:30 a.m. U.S. Eastern
Time, May 20, 2024 (7:30 p.m. Beijing/Hong Kong time,May 20, 2024) following
the quarterly results announcement. Participants can register for the
conference call by clicking
here
, which will lead them to the conference registration website. Upon
registration, participants will receive detailsfor the conference call,
including the
dial-in
numbers and a unique access PIN. Please dial in 10 minutes before the call is
scheduled to begin.
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
China's internet pioneers, in the 1990s. As a mainstream media platform,Sohu
is indispensable to the daily life of millions of Chinese, providing a network
of web properties and community based products which continually offer a broad
array of choices regarding information, entertainment and communication to the
vastnumber of Sohu users. Sohu has built one of the most comprehensive
matrices of Chinese language web properties, consisting of the leading online
media destinations Sohu News App, Sohu Video App, the mobile news portal
m.sohu.com
, the PCportal
www.sohu.com
, and the online video website
tv.sohu.com
; and the online games platform
www.changyou.com/en/
.
Sohu providesonline 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 adiverse portfolio of PC and mobile games,
such as the well-known Tian Long Ba Bu ("TLBB") PC and Legacy TLBB Mobile.
For investor and mediainquiries, please contact:
In China:
Ms. Huang, Pu
Sohu.com Limited
Tel:+86 (10) 6272-6645
E-mail:
ir@contact.sohu.com
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In the United States:
Ms. Bergkamp, Linda
Christensen
Tel:+1 (480)
614-3004
E-mail:
linda.bergkamp@christensencomms.com
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SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Mar. 31, Dec. 31, Mar. 31,
2024 2023 2023
Revenues:
Brand $ 16,070 $ 20,195 $ 22,524
advertising
Online 117,812 114,759 129,463
games
Others 5,508 6,405 9,806
Total 139,390 141,359 161,793
revenues
Cost of
revenues:
Brand advertising (includes share-based compensation 15,848 16,966 18,687
expense of $0, $0, and $13,respectively)
Online games (includes share-based 14,482 15,123 19,028
compensation expense of $0,
$-44,and
$18,
respectively)
Others 2,389 1,733 2,728
Total cost 32,719 33,822 40,443
of revenues
Gross 106,671 107,537 121,350
profit
Operating
expenses:
Product development (includes 66,209 69,553 73,048
share-based compensation expense of $3,
$-572,and
$269,
respectively)
Sales and marketing (includes share-based 54,806 50,813 52,443
compensation expense of $4, $4, and $35,respectively)
General and administrative (includes 12,534 12,450 14,311
share-based compensation expense of $77,
$-393,and
$410,
respectively)
Total operating 133,549 132,816 139,802
expenses
Operating (26,878 ) (25,279 ) (18,452 )
loss
Other 4,489 15,949 3,797
income, net
Interest 11,358 11,578 11,084
income
Exchange (19 ) (823 ) (1,074 )
difference
Income/(loss) before (11,050 ) 1,425 (4,645 )
income tax expense
Income tax 13,924 14,044 13,289
expense
Net loss (24,974 ) (12,619 ) (17,934 )
Less: Net loss attributable to the -- (1 ) (1 )
noncontrolling interest shareholders
Net loss attributable (24,974 ) (12,618 ) (17,933 )
to Sohu.com Limited
Basic net loss per share/ADS $ (0.76 ) $ (0.37 ) $ (0.53 )
attributable to Sohu.com Limited
5
Shares/ADSs used in computing basic net loss 33,033 34,061 34,091
per share/ADS attributable to Sohu.comLimited
Diluted net loss per share/ADS $ (0.76 ) $ (0.37 ) $ (0.53 )
attributable to Sohu.com Limited
Shares/ADSs used in computing diluted net loss 33,033 34,061 34,091
per share/ADS attributable to Sohu.comLimited
5 Each ADS represents one ordinary share.
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SOHU.COM LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of Mar. 31, 2024 As of Dec. 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $ 318,716 $ 362,504
Restricted cash 1,769 3,184
Short-term investments 624,456 597,770
Accounts receivable, net 55,398 71,618
Prepaid and other current assets 86,754 81,971
Total current assets 1,087,093 1,117,047
Fixed assets, net 265,508 269,058
Goodwill 47,137 47,163
Long-term investments, net 45,527 45,198
Intangible assets, net 1,314 2,226
Long-term time deposits 390,496 388,613
Other assets 14,552 12,793
Total assets $ 1,851,627 $ 1,882,098
LIABILITIES
Current liabilities:
Accounts payable $ 46,264 $ 44,609
Accrued liabilities 106,052 103,779
Receipts in advance and deferred revenue 48,114 50,829
Accrued salary and benefits 44,574 50,330
Taxes payables 10,600 11,363
Other short-term liabilities 82,139 81,482
Total current liabilities $ 337,743 $ 342,392
Long-term other payables 3,493 3,924
Long-term tax liabilities 481,620 474,374
Other long-term liabilities 2,936 2,130
Total long-term liabilities $ 488,049 $ 480,428
Total liabilities $ 825,792 $ 822,820
SHAREHOLDERS' EQUITY:
Sohu.com Limited shareholders' equity 1,025,513 1,058,956
Noncontrolling interest 322 322
Total shareholders' equity $ 1,025,835 $ 1,059,278
Total liabilities and shareholders' equity $ 1,851,627 $ 1,882,098
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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 Three Months Three Months
Ended Ended Ended
Mar. 31, 2024 Dec. 31, 2023 Mar. 31, 2023
GAAP Non-GAAP Non-GAAP GAAP Non-GAAP Non-GAAP GAAP Non-GAAP
Adjustment Adjustment Adjustment
-- (a) -- (a) 13 (a)
Brand $ 222 $ -- $ 222 $ 3,229 $ -- $ 3,229 $ 3,837 $ 13 $
advertising
gross
profit
Brand 1 % 1 % 16 % 16 % 17 %
advertising
gross
margin
-- (a) (44 ) 18 (a)
(a)
Online $ 103,330 $ -- $ 103,330 $ 99,636 $ (44 ) $ 99,592 $ 110,435 $ 18
games
gross
profit
Online 88 % 88 % 87 % 87 % 85 %
games
gross
margin
-- (a) -- (a) -- (a)
Others $ 3,119 $ -- $ 3,119 $ 4,672 $ -- $ 4,672 $ 7,078 $ -- $ 7,
gross
profit
Others 57 % 57 % 73 % 73 % 72 %
gross
margin
-- (a) (44 ) 31 (a)
(a)
Gross $ 106,671 $ -- $ 106,671 $ 107,537 $ (44 ) $ 107,493 $ 121,350 $ 31
profit
Gross 77 % 77 % 76 % 76 % 75 %
margin
Operating $ 133,549 $ (84 ) $ 133,465 $ 132,816 $ 961 (a) $ 133,777 $ 139,802 $ (714 )
expenses (a) (a
84 (a) (1,005 ) 745 (a
(a)
Operating $ (26,878 ) $ 84 $ (26,794 ) $ (25,279 ) $ (1,005 ) $ (26,284 ) $ (18,452 ) $ 745
loss
Operating -19 % -19 % -18 % -19 % -11 %
margin
Income $ 13,924 $ (3,691 )(d) $ 10,233 $ 14,044 $ (3,667 )(d) $ 10,377 $ 13,289 $ (2,420 )(
tax
expense
84 (a) (1,005 ) 745 (a
(a)
(398 ) (827 ) 2,218 (b
(b) (b)
-- -- (555 )
(c)
3,691 (d) 3,667 (d) 2,975 (d
Net $ (24,974 ) $ 3,377 $ (21,597 ) $ (12,619 ) $ 1,835 $ (10,784 ) $ (17,934 ) $ 5,383
loss
before
non-controlling
interest
84 (a) (1,005 ) 745 (a
(a)
(398 ) (827 ) 2,218 (b
(b) (b)
-- -- (555 )
(c)
3,691 (d) 3,667 (d) 2,975 (d
Net $ (24,974 ) 3,377 (21,597 ) $ (12,618 ) 1,835 (10,783 ) $ (17,933 ) $ 5,383
loss
attributable
to
Sohu.com
Limited
for
diluted
net
loss
per
share/ADS
Diluted $ (0.76 ) (0.65 ) $ (0.37 ) (0.32 ) $ (0.53 )
net
loss
per
share/ADS
attributable
to
Sohu.com
Limited
Shares/ADSs 33,033 33,033 34,061 34,061 34,091
used
in
computing
diluted
net
loss
per
share/ADS
attributable
to
Sohu.comLimited
Non-GAAP
3,850
17 %
$ 110,453
85 %
078
72 %
$ 121,381
75 %
$ 139,088
)
)
$ (17,707 )
-11 %
c,d) $ 10,869
)
)
)
$ (12,551 )
)
)
)
$ (12,550 )
$ (0.37 )
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.