eSports

Kinoo ® an all-new video communication system that uses augmented reality and expert-developed collaborative activities to connect remote family members for play and learning, has launched a First Edition Bundle for Holiday 2021 sales, available to order now at Kinoo.com. Offering a significant evolution from ordinary video chat, Kinoo's patented technology, accessed via an app and a patented controller wand, allows remote users to feel like they are in the same room as they play collaboratively in shared activities, learning and growing together. Hailed for its ability to engage grandparents more meaningfully in the lives of far-away grandchildren, Kinoo is a groundbreaking tool for fostering child development while nurturing precious relationships with older loved ones. Whether it's a joint adventure to outer space, exploring a haunted house, reading a story, or virtually baking cookies together, Kinoo transforms video chats into memorable moments of immersive play. Kinoo channels curiosity and learning for children and inspires fun, carefree and caregiving moments for adults; experiences that contribute tremendously to a child's development and an adult's sense of purpose.

Kinoo's app and controller wand allow remote users to feel like they are in the same room as they play collaboratively in shared activities.

Accessible on iPhones or iPads from 2017 forward, running iOS 13 or higher (Android coming soon), the Kinoo app additionally features adorable animated characters who spring to life within activities and game-play. Their happy antics keep kids engaged, and the helpful tips and guidance they offer allow adults to "coach" as needed and connect more meaningfully with younger children. Also, Kinoo offers the handheld Kinoo Controller™ wand (KC), which elevates the experience with the magic of movement. This wireless, rechargeable, motion-sensing wand leverages interpretive motion, transforming on screen into whatever tool is needed for a Kinoo activity or game. Using their very own KC, kids can cast their line while fishing, whisk cookie batter with Grandma, hammer away to create a sculpture, and more. Though not required for play, this optional add-on elevates the interactive experience by encouraging imagination through physical play.

The company behind the Kinoo system was co-founded by Jim Marggraff , creator of the transformational, award-winning LeapPad® Learning System, Mark Schlictling and Barbara Chase , award-winning authors and researchers on children's interactive play and game design, as well as technology experts and entrepreneurs David Stiehr and Jonathon Nostrant . While Kinoo was in development prior to the COVID-19 pandemic, the resulting cultural shifts and evolving family needs have further solidified its relevance.

"Following times of isolation, not only do we as a society have newfound appreciation for social interaction, but we've become more aware of the critical role technology can play in vital human connection," said Jim Marggraff , co-founder and CEO of Kinoo. "The Kinoo app and KC wand create new ways for children to learn and bond with remote loved ones through fresh, stimulating play patterns. Grandparents can more frequently and easily play their critical role in family development and parents can feel the support of a larger, more integrated family. With Kinoo, family just got a whole lot closer."

Kinoo has won several innovation awards, including AARP Innovation Labs' Grand Pitch Finale 2021, and has raised $13MM in funding with investments from Learn Capital, Galaxy Interactive, startup investors from Rotary, and a prominent list of angel investors including leading life and business strategist, Tony Robbins .

"There is nothing more valuable in our lifetime than human connection, and although we can now connect with anyone at the touch of a button, the key social and emotional aspects of connection are easily lost through a screen," said Robbins. "So much of who we are comes from the relationships we build from a young age, which is why Kinoo's mission goes beyond connecting children with loved ones through video chat. It nurtures those precious relationships while stimulating social and emotional growth that is crucial for a child's development. Through the love, memories and skill sets obtained through Kinoo, my investment in this company is an investment in the future of our children."

Kinoo is available for purchase at a limited-time promotional price of $99 , which includes one year of access to the Kinoo Starter Library of games and activities and the Kinoo Controller wand, only at Kinoo.com. Kinoo is sure to be the gift of the season this holiday, and supplies are limited and expected to sell out quickly, so the company encourages early purchase to ensure holiday delivery. The flagship iOS Kinoo app is expected to be available soon on the Apple App Store.. To learn more and purchase Kinoo directly, visit Kinoo.com or connect with the brand on Facebook , Instagram , LinkedIn , and Pinterest .

Contact: Caroline Tobin , carolinet@brilliantprm.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/kinoo-introduces-a-new-way-for-families-to-connect-virtually-available-for-holiday-2021-301414299.html

SOURCE Kinoo, Inc.

News Provided by PR Newswire via QuoteMedia

Unique card-collecting game developer, ProDrops, secures $5 million seed investment from Playtika

~Seed investment from mobile gaming, entertainment and technology market leader will allow ProDrops to accelerate game development, and recruit technologists~

ProDrops, a developer of a unique collection and trading card game for the gaming and eSports worlds, today announced a $5 million seed investment from mobile gaming, entertainment and technology market leader, Playtika (NASDAQ: PLTK).

News Provided by PR Newswire via QuoteMedia

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Vanta Leagues Partners with GAPPS to Bring Esports to Schools Across Georgia

- Today, Vanta Leagues, the premier youth esports organization of the United States announced their partnership with the Georgia Association of Private and Parochial Schools. This partnership will allow these organizations to work together to bring scholastic esports to high school and middle schools across the state of Georgia .

We are extremely excited to partner with GAPPS and introduce esports in high school and middle schools across Georgia ," said James Roche , co-founder of Vanta. "Esports is an amazing way to engage students, foster growth, develop valuable life skills, and even open the door to college scholarships. We can't wait to work with GAPPS and its member schools to build out their esports programs starting this fall and build sustainable esports programs for years to come.

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How Did A Hip Hop Legend and A Former Pro Gamer Change The Face of Lo-Fi Music?

When you see an opportunity, you either charge at it and make a choice to change the way things operate, or you let it go past and wonder why you didn't? M.C. Serch and Adam Schmidt are not those who would fall in the latter part of the conversation of this story. Changing the conversation is what they do, and they did that with PRTL.

PRTL stands for Portal. It is a gateway to give listeners the freedom to enjoy music with no hassle. You might ask "No hassle?" DMCA has been a large issue over the past two years with the rise of streaming platforms like Youtube, Twitch, Facebook, Instagram and TikTok. People have been streaming video games, music, talk shows, podcasts,... basically streaming life in general. PRTL clears all of that up with their issue free music.

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SOHU.COM REPORTS FIRST QUARTER 2022 UNAUDITED FINANCIAL RESULTS


Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), China's leading online media, video, and game business group, today reported unaudited financial results for the first quarter ended March 31, 2022.

Sohu logo. (PRNewsFoto/Sohu.com Inc.)

First Q uarter Highlights

  • Total revenues were US$193 million [1] , down 13% year-over-year and flat quarter-over-quarter.
  • Brand advertising revenues were US$24 million, down 23% year-over-year and 29% quarter-over-quarter.
  • Online game revenues were US$158 million, down 11% year-over-year and up 10% quarter-over-quarter.
  • GAAP net income [2] attributable to Sohu.com Limited was US$3 million, compared with net income of US$32 million in the first quarter of 2021 and net income of US$4 million in the fourth quarter of 2021.
  • Non-GAAP [3] net income attributable to Sohu.com Limited was US$9 million, compared with net income of US$37 million in the first quarter of 2021 and net income of US$0 .2 million in the fourth quarter of 2021.

Dr. Charles Zhang , Chairman and CEO of Sohu.com Limited, commented, "In the first quarter of 2022, despite the negative impact of COVID-19 and a challenging macroeconomic environment, we continued to focus on product refinements and improving operational efficiency. Thanks to the excellent performance of our online game business, we delivered better-than-expected bottom-line performance and achieved profitability for the quarter. For Sohu Media Portal, we carried out product upgrades and improvements in the overall quality of our news and content, all of which continued to draw users to our platforms and keep them engaged. For Sohu Video, with the continuous execution of our "Twin Engine" strategy, we proactively extended our live broadcasting to a greater number of scientific fields. We also focused on user acquisition for our key mobile products and explored ways to improve monetization for both Sohu Media Portal and Sohu Video. For Changyou, our online games performed well during the quarter, with revenue exceeding the high-end of our prior guidance."

First Quarter Financial Results

Revenues

Total revenues were US$193 million , down 13% year-over-year and flat quarter-over-quarter.

Brand advertising revenues totaled US$24 million, down 23% year-over-year and 29% quarter-over-quarter. The decrease was mainly due to a decrease in portal advertising revenues.

Online game revenues were US$158 million, down 11% year-over-year and up 10% quarter-over-quarter. The year-over-year decrease was mainly due to the natural decline of TLBB Vintage. The quarter-over-quarter increase was mainly due to improved performance of TLBB PC, as a result of content updates and promotional activities launched during the quarter.

Gross Margin

Both GAAP and non-GAAP gross margin were 75%, compared with 79% in the first quarter of 2021 and 73% in the fourth quarter of 2021.

Both GAAP and non-GAAP gross margin for the brand advertising business were 2%, compared with 20% in the first quarter of 2021 and 28% in the fourth quarter of 2021. The margin decrease was mainly due to the decrease in brand advertising revenues.

GAAP gross margin for online games was 86%, compared with 89% in the first quarter of 2021 and 84% in the fourth quarter of 2021. Non-GAAP gross margin for online games was 86%, compared with 90% in the first quarter of 2021 and 84% in the fourth quarter of 2021.

Operating Expenses

For the first quarter of 2022, GAAP operating expenses totaled US$132 million, up 6% year-over-year and down 9% quarter-over-quarter. Non-GAAP operating expenses were US$130 million, up 6% year-over-year and down 9% quarter-over-quarter. The year-over-year increase was mainly due to increases in traffic and user acquisition cost. The quarter-over-quarter decrease was mainly due to decreases in salary and benefits expenses.

O perating Profit /(Loss)

GAAP operating profit was US$13 million, compared with an operating profit of US$51 million in the first quarter of 2021 and an operating loss of US$3 million in the fourth quarter of 2021.

Non-GAAP operating profit was US$14 million, compared with an operating profit of US$53 million in the first quarter of 2021 and an operating loss of US$3 million in the fourth quarter of 2021.

Income Tax Expense

GAAP income tax expense was US$17 million, compared with income tax expense of US$23 million in the first quarter of 2021 and income tax expense of US$9 million in the fourth quarter of 2021. Non-GAAP income tax expense was US$17 million, compared with income tax expense of US$23 million in the first quarter of 2021 and income tax expense of US$6 million in the fourth quarter of 2021. Income tax expense in the fourth quarter of 2021 included a one-time tax benefit of US$7 million recognized by Changyou after pre-adjustment of its income tax due for 2021.

Net Income

GAAP net income attributable to Sohu.com Limited was US$3 million, or net income of US$0.07 per fully-diluted ADS, compared with net income of US$32 million in the first quarter of 2021 and net income of US$4 million in the fourth quarter of 2021.

Non-GAAP net income attributable to Sohu.com Limited was US$9 million, or net income of US$0 .26 per fully-diluted ADS, compared with net income of US$37 million in the first quarter of 2021 and net income of US$0 .2 million in the fourth quarter of 2021.

Liquidity and Capital Resources

As of March 31, 2022 , cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1 .54 billion.

Supplementary Information for Changyou Results

First Quarter 2022 Operating Results

  • For PC games, total average monthly active user accounts [4] (MAU) were 2.0 million, a decrease of 13% year-over-year and 1% quarter-over-quarter. The year-over-year decrease was mainly due to the natural decline of Changyou's older games. Total quarterly aggregate active paying accounts [5] (APA) were 1.0 million, an increase of 4% year-over-year and quarter-over-quarter.
  • For mobile games, total average MAU were 2.4 million, an increase of 16% year-over-year and a decrease of 6% quarter-over-quarter. The year-over-year increase was mainly from Bright Stars, a game designed for female players launched during the quarter, and Little Raccoon: Heroes launched during the third quarter of 2021. The quarter-over-quarter decrease was mainly due to the natural decline of Changyou's older games, including Little Raccoon: Heroes. Total quarterly APA were 0.5 million, an increase of 14% year-over-year and 6% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly from Bright Stars.

First Quarter 2022 Unaudited Financial Results

Total revenues were US$160 million , a decrease of 11% year-over-year and an increase of 10% quarter-over-quarter. Online game revenues were US$158 million , a decrease of 11% year-over-year and an increase of 10% quarter-over-quarter. Online advertising revenues were US$2 million , a decrease of 37% year-over-year and an increase of 1% quarter-over-quarter.

GAAP and non-GAAP gross profit were both US$137 million , a decrease of 14% year-over-year and an increase of 13% quarter-over-quarter.

GAAP operating expenses were US$54 million , a decrease of 11% year-over-year and 21% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in bonus expenses, partially offset by an increase in marketing and promotional spending for online games. The quarter-over-quarter decrease was mainly due to a decrease in bonus expenses, as well as a decrease in marketing and promotional spending for online games.

Non-GAAP operating expenses were US$53 million , a decrease of 10% year-over-year and 21% quarter-over-quarter.

GAAP operating profit was US$83 million , compared with an operating profit of US$99 million for the first quarter of 2021 and US$53 million for the fourth quarter of 2021.

Non-GAAP operating profit was US$85 million , compared with a non-GAAP operating profit of US$101 million for the first quarter of 2021 and US$55 million for the fourth quarter of 2021.

Business Outlook

For the second quarter of 2022, Sohu estimates:

  • Brand advertising revenues to be between US$22 million and US$25 million ; this implies an annual decrease of 32% to 40%, and a sequential decrease of 7% to a sequential increase of 5%.
  • Online game revenues to be between US$150 million and US$160 million ; this implies an annual decrease of 1% to an annual increase of 6%, and a sequential decrease of 5% to a sequential increase of 1%.
  • Non-GAAP net loss attributable to Sohu.com Limited to be between US$15 million and US$5 million ; and GAAP net loss attributable to Sohu.com Limited to be between US$18 million and US$8 million .

For the second quarter 2022 guidance, the Company has adopted a presumed exchange rate of RMB6.59 = US$1.00 , as compared with the actual exchange rate of approximately RMB6.46 = US$1.00 for the second quarter of 2021, and RMB6.35 = US$1 .00 for the first quarter of 2022.

This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United 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 income attributable 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 with respect to equity investments with readily determinable fair values; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should 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 of operations with respect to equity investments with readily determinable fair values; 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 equity investments with readily determinable fair values; 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 the impact of share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values does not involve subsequent cash outflow or is reflected in the cash flows at the equity transaction level, Sohu does not factor this impact in 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 equity investments with readily determinable fair values, 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; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; and interest expense recognized in connection with the Toll Charge is that these excluded items have been and will continue to be significant recurring expenses in Sohu's business for the foreseeable 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 U.S. dollar results; recent slow-downs in the growth of the Chinese economy; the uncertain regulatory landscape in the People's Republic of China ; fluctuations in Sohu's quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in video content and that Changyou 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 online advertising sales and online games for its revenues; the impact of the U.S. TCJA; the effects of the COVID-19 pandemic on the economy in China in general and on Sohu's business in particular; and the possibility that, unless an accommodation is reached between the SEC and the China Securities Regulatory Commission, the U.S. Holding Foreign Companies Accountable Act and rules of the SEC thereunder may cause the SEC to prohibit trading of Sohu's ADSs on NASDAQ, any other U.S. stock exchange, or the U.S. over-the-counter markets beginning in 2024 or, if currently pending legislation becomes law, 2023. Further information regarding these and other risks is included in Sohu's annual report on Form 20-F for the year ended December 31, 2021 , and other filings with and information furnished to the Securities and Exchange Commission.

Conference Call and Webcast

Sohu's management team will host a conference call at 7:30 a.m. U.S. Eastern Time, May 16, 2022 (7:30 p.m. Beijing / Hong Kong time, May 16, 2022) following the quarterly results announcement. Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/5725798 . Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call at 10:30 a.m. Eastern Time May 16 through May 23, 2022 . The dial-in details for the telephone replay are:

International:

+1-646-254-3697

Passcode:

5725798

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.com

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 in China , 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 vast number 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, mobile news portal m.sohu.com , PC portal www.sohu.com ; online video website tv.sohu.com ; and the online games platform www.changyou.com/en/ .

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 Tian Long Ba Bu ("TLBB"), one of the most popular PC games in China . Changyou also owns and operates the 17173.com Website, a game information portal in China .

For investor and media inquiries, please contact:

In China :

Ms. Pu Huang

Sohu.com Limited

Tel:

+86 (10) 6272-6645

E-mail:

ir@contact.sohu.com

In the United States :

Ms. Linda Bergkamp

Christensen

Tel:

+1 (480) 614-3004

E-mail:

lbergkamp@christensenir.com

[1] On a constant currency (non-GAAP) basis, if the exchange rate in the first quarter of 2022 had been the same as it was in the first quarter of 2021, or RMB6.48=US$1.00, US$ total revenues in the first quarter of 2022 would have been US$190 million, or US$3 million less than GAAP total revenues, and down 15% year-over-year.

[2] Following the completion on September 23, 2021 of the transaction with Tencent related to Sogou, Sohu no longer has any ownership interest in Sogou. Unless indicated otherwise, results presented in this release exclude results from Sogou operations. For historical statements, the results of operations of Sogou and the gain from its disposal are presented in separate line items as discontinued operations.

[3] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; and interest 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."

[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




Mar. 31, 2022


Dec. 31, 2021


Mar. 31, 2021


Revenues:








Brand advertising

$

23,770

$

33,638

$

30,741


Online games


157,854


143,708


176,495


Others


11,794


15,645


14,857


Total revenues


193,418


192,991


222,093










Cost of revenues:








Brand advertising (includes share-based
compensation expense of $23,  $-115, and $19,
respectively)


23,413


24,214


24,532


Online games (includes share-based compensation
expense of $41,  $43,  and $77, respectively)


21,971


23,053


18,560


Others


3,725


4,477


3,784


Total cost of revenues


49,109


51,744


46,876










Gross profit


144,309


141,247


175,217










Operating expenses:








Product development (includes share-based
compensation expense of $607, $437, and $1,051,
respectively)


63,839


68,392


69,319


Sales and marketing (includes share-based
compensation expense of  $58, $-186, and $59,
respectively)


51,707


54,793


36,988


General and administrative (includes share-based
compensation expense of $843, $110, and $1,093,
respectively)


16,092


20,970


18,127


Total operating expenses


131,638


144,155


124,434










Operating profit/(loss)


12,671


(2,908)


50,783










Other income, net


4,879


12,982


3,882


Interest income


2,593


3,359


3,861


Interest expense


-


-


(2,511)


Exchange difference


(477)


(1,150)


(1,304)


Income before income tax expense


19,666


12,283


54,711










Income tax expense

16,997

8,695

23,177


Net income from continuing operations


2,669


3,588


31,534


Net income from discontinued operations, net of tax [6]


-


-


52,252


Net income


2,669


3,588


83,786










Less: Net income/( loss) from continuing operations
attributable to the noncontrolling interest
shareholders


3


(1)


(1)


Less: Net income from discontinued operations
attributable to the noncontrolling interest
shareholders


-


-


34,591










Net income from continuing operations attributable to
Sohu.com Limited


2,666


3,589


31,535


Net income from discontinued operations attributable
to Sohu.com Limited


-


-


17,661


Net income attributable to Sohu.com Limited


2,666


3,589


49,196










Basic net income from continuing operations per
share/ADS attributable to Sohu.com Limited [7]

$

0.07

$

0.09

$

0.80


Basic net income from discontinued operations per
share/ADS attributable to Sohu.com Limited

$

-

$

-

$

0.45


Basic net income per share/ADS attributable to
Sohu.com Limited

$

0.07

$

0.09

$

1.25


Shares/ADSs used in computing basic net income per
share/ADS attributable to Sohu.com Limited


36,802


39,373


39,509










Diluted net income from continuing operations per
share/ADS attributable to Sohu.com Limited

$

0.07

$

0.09

$

0.80


Diluted net income from discontinued operations per
share/ADS attributable to Sohu.com Limited

$

-

$

-

$

0.44


Diluted net income per share/ADS attributable to
Sohu.com Limited

$

0.07

$

0.09

$

1.24


Shares/ADSs used in computing diluted net income per
share/ADS attributable to Sohu.com Limited


36,802


39,373


39,509


















[6] Following the completion on September 23, 2021 of the transaction with Tencent related to Sogou, Sohu no longer has any ownership
interest in Sogou. Unless indicated otherwise, results presented in this release exclude results from Sogou operations. For historical
statements, the results of operations of Sogou and the gain from its disposal are presented in separate line items as discontinued operations.

[7] Each ADS represents one ordinary share.









SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)








As of Mar. 31, 2022


As of Dec. 31, 2021

ASSETS





Current assets:





Cash and cash equivalents

$

534,244

$

998,949

Restricted cash


5,207


1,969

Short-term investments


816,282


399,345

Accounts receivable, net


78,949


82,550

Prepaid and other current assets


106,445


107,311

Total current assets


1,541,127


1,590,124

Fixed assets, net


326,328


329,997

Goodwill


48,883


48,811

Long-term investments, net


46,959


53,121

Intangible assets, net


7,983


9,136

Long-term time deposits


191,141


189,007

Other assets


25,302


25,589

Total assets

$

2,187,723

$

2,245,785






LIABILITIES





Current liabilities:





Accounts payable

$

88,459

$

87,447

Accrued liabilities


137,749


138,196

Receipts in advance and deferred revenue


52,940


57,041

Accrued salary and benefits


77,207


91,485

Taxes payables


15,607


16,714

Other short-term liabilities


114,783


112,568

Total current liabilities

$

486,745

$

503,451






Long-term other payables


4,360


3,922

Long-term tax liabilities


450,325


443,083

Other long-term liabilities


2,670


3,142

Total long-term liabilities

$

457,355

$

450,147

Total liabilities

$

944,100

$

953,598











SHAREHOLDERS' EQUITY:





Sohu.com Limited shareholders' equity


1,242,302


1,290,869

Noncontrolling interest


1,321


1,318

Total shareholders' equity

$

1,243,623

$

1,292,187






Total liabilities and shareholders' equity

$

2,187,723

$

2,245,785






SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OFOPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)






















Three Months Ended Mar. 31, 2022


Three Months Ended Dec. 31, 2021


Three Months Ended Mar. 31, 2021



GAAP


Non-GAAP Adjustments


Non-GAAP


GAAP


Non-GAAP Adjustments


Non-GAAP


GAAP


Non-GAAP Adjustments


Non-GAAP
























23

(a)





(115)

(a)





19

(a)


Brand advertising gross profit

$

357

$

23

$

380

$

9,424

$

(115)

$

9,309

$

6,209

$

19

$

6,228

Brand advertising gross margin


2%




2%


28%




28%


20%




20%
























41

(a)





43

(a)





77

(a)


Online games gross profit

$

135,883

$

41

$

135,924

$

120,655

$

43

$

120,698

$

157,935

$

77

$

158,012

Online games gross margin


86%




86%


84%




84%


89%




90%
























-

(a)





-

(a)





-

(a)


Others gross profit

$

8,069

$

-

$

8,069

$

11,168

$

-

$

11,168

$

11,073

$

-

$

11,073

Others gross margin


68%




68%


71%




71%


75%




75%
























64

(a)





(72)

(a)





96

(a)


Gross profit

$

144,309

$

64

$

144,373

$

141,247

$

(72)

$

141,175

$

175,217

$

96

$

175,313

Gross margin


75%




75%


73%




73%


79%




79%







































Operating expenses

$

131,638

$

(1,499)

(a) $

130,139

$

144,155

$

(361)

(a) $

143,794

$

124,434

$

(2,203)

(a) $

122,231
























1,563

(a)





289

(a)





2,299

(a)


Operating profit/(loss)

$

12,671

$

1,563

$

14,234

$

(2,908)

$

289

$

(2,619)

$

50,783

$

2,299

$

53,082

Operating margin


7%




7%


-2%




-1%


23%




24%




















Income tax expense

$

16,997

$

125

(b,c)$

17,122

$

8,695

$

(2,863)

(b,c)$

5,832

$

23,177

$

(618)

(b,c)$

22,559
























1,563

(a)





289

(a)





2,299

(a)






4,010

(b)





(4,900)

(b)





1,677

(b)






1,213

(c)





1,230

(c)





1,178

(c)


Net income before non-controlling interest

$

2,669

$

6,786

$

9,455

$

3,588

$

(3,381)

$

207

$

31,534

$

5,154

$

36,688
























1,563

(a)





289

(a)





2,299

(a)






4,010

(b)





(4,900)

(b)





1,677

(b)






1,213

(c)





1,230

(c)





1,178

(c)


Net income from continuing
operations attributable to Sohu.com
Limited for diluted net loss per
share/ADS

$

2,666

$

6,786

$

9,452

$

3,589

$

(3,381)

$

208

$

31,535

$

5,154

$

36,689

Net income from discontinued
operations attributable to Sohu.com
Limited for diluted net loss per
share/ADS [8]

$

-

$

-

$

-

$

-

$

-

$

-

$

17,556

$

405

$

17,961

Net income attributable to Sohu.com
Limited for diluted net loss per
share/ADS

$

2,666

$

6,786

$

9,452

$

3,589

$

(3,381)

$

208

$

49,091

$

5,559

$

54,650

Diluted net income from continuing
operations per share/ADS
attributable to Sohu.com Limited

$

0.07



$

0.26

$

0.09



$

0.01

$

0.80



$

0.93

Diluted net income from
discontinued operations per
share/ADS attributable to Sohu.com
Limited

$

-



$

-

$

-



$

-

$

0.44



$

0.45

Diluted net income per share/ADS
attributable to Sohu.com Limited

$

0.07



$

0.26

$

0.09



$

0.01

$

1.24



$

1.38

Shares/ADSs used in computing
diluted net income per share/ADS
attributable to Sohu.com Limited


36,802




36,802


39,373




39,373


39,509




39,509







































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.




















[8] Following the completion on September 23, 2021 of the transaction with Tencent related to Sogou, Sohu no longer has any ownership interest in Sogou. Unless indicated otherwise, results
presented in this release exclude results from Sogou operations. For historical statements, the results of operations of Sogou and the gain from its disposal are presented in separate line items as
discontinued operations.


Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/sohucom-reports-first-quarter-2022-unaudited-financial-results-301547618.html

SOURCE Sohu.com Limited

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