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2021-08-09

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Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":898871843,"tweetId":"898871843","gmtCreate":1628488350782,"gmtModify":1631891018541,"author":{"id":3575843294634388,"idStr":"3575843294634388","authorId":3575843294634388,"authorIdStr":"3575843294634388","name":"Tenghooi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":19,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>go go go</body></html>","htmlText":"<html><head></head><body>go go go</body></html>","text":"go go go","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/898871843","repostId":1164323845,"repostType":4,"repost":{"id":"1164323845","kind":"news","pubTimestamp":1628487986,"share":"https://www.laohu8.com/m/news/1164323845?lang=zh_CN&edition=full","pubTime":"2021-08-09 13:46","market":"us","language":"en","title":"Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164323845","media":"搜狐","summary":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video","content":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.<blockquote>北京，八月。2021 年 9 月 9 日/美通社/ --中国领先的在线媒体、视频、游戏和搜索业务集团搜狐网有限公司（纳斯达克：搜狐）今天公布了截至 2021 年 6 月 30 日的第二季度未经审计的财务业绩。</blockquote> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].<blockquote>鉴于先前公布腾讯控股控股有限公司（「腾讯控股」）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（「搜狐搜索」）就搜狐搜索的搜狗股份有限公司（「搜狗」）股份（「搜狗股份购买」）订立股份购买协议（「搜狗股份购买」），搜狗的经营业绩已于本公司简明综合经营报表的本公司持续经营业绩中剔除，并作为已终止经营业务以独立项目呈列。已对历史报表作出追溯调整，以提供一致的比较基准。除非另有说明，否则本新闻稿中呈现的结果仅与持续操作相关[1]。</blockquote> Second Quarter Highlights<blockquote>第二季度亮点</blockquote> <ul> <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li> <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li> <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li> <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li> <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"<blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非公认会计准则[4]搜狐网有限公司应占持续经营业务净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官Charles Zhang博士评论道：“2021年第二季度，尽管受到COVID-19的负面影响，我们在严格控制预算的同时，继续探索新的货币化机会。得益于我们在线游戏业务的优异表现，我们的盈利能力超过了之前的指导。对于搜狐传媒，我们专注于产品和技术的创新，并有效促进高质量内容的生成和分发。在搜狐视频方面，我们继续执行“双引擎”战略，开发高质量的长格式和短格式内容，同时完善我们先进的直播技术，并将其推广到各种应用中。透过将直播技术整合到我们独特的活动中，我们亦得以实现收入来源多元化，并更好地获取广告预算。对于畅游来说，本季度网络游戏表现良好，营收超过了我们此前指导的高端。”</blockquote> <table> <tbody> <tr> <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.<blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，前提是交易的所有条件得到满足或豁免。</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.<blockquote><tr><td>[2]按固定汇率（非美国通用会计准则）计算，若2021年第二季度汇率与2020年第二季度相同，orRMB7.08=1.00美元，2021年第二季度美元总收入将为1.86亿美元，比美国通用会计准则总收入少1800万美元，同比增长17%。</td></tr></blockquote></td> </tr> <tr> <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.<blockquote><tr><td>[3]本新闻稿中提及的搜狐网有限公司2020年第二季度的GAAP和非GAAP持续经营业务净利润均不包括畅游私有化完成后该季度确认的额外预提所得税8800万美元的影响，因为畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></td> </tr> <tr> <td>[4] 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; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 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.\"<blockquote><tr><td>[4] 非 GAAP 业绩不包括基于股票的薪酬费用；本公司合并经营报表中就公允价值可随时厘定的股权投资确认的公允价值变动；就与本公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关确认的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非 GAAP 财务指标的解释以及与 GAAP 财务指标的相关调节包含在随附的“非 GAAP 披露”和“非 GAAP 经营业绩指标与最接近的可比 GAAP 指标的调节”中。</td></tr></blockquote></td> </tr> </tbody> </table> Second Quarter Financial Results<blockquote>第二季度财务业绩</blockquote> Revenues<blockquote>收入</blockquote> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.<blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.<blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.<blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要得益于2020年第四季度推出的TLBB Vintage。环比下降主要是由于TLBB PC的自然下降。</blockquote> Gross Margin<blockquote>毛利率</blockquote> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.<blockquote>GAAP 和非 GAAP 毛利率均为 76%，而 2020 年第二季度为 67%，2021 年第一季度为 79%。</blockquote> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.<blockquote>品牌广告业务的GAAP毛利率为27%，而2020年第二季度为40%，2021年第一季度为20%。品牌广告业务的非GAAP毛利率为28%，而2020年第二季度为40%，2021年第一季度为20%。同比减少主要由于2021年第二季度举办的活动成本增加，而随着COVID-19的缓解，这些活动已在很大程度上恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.<blockquote>网络游戏的 GAAP 毛利率为 89%，而 2020 年第二季度为 77%，2021 年第一季度为 89%。网络游戏的非 GAAP 毛利率为 89%，而 2020 年第二季度为 78%，2021 年第一季度为 90%。毛利率同比增加主要由于电脑游戏的收入贡献百分比较高，而电脑游戏通常需要较低的收入分成付款。</blockquote> Operating Expenses<blockquote>营运开支</blockquote> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.<blockquote>2021年第二季度，GAAP运营费用总计1.3亿美元，同比增长23%，环比增长5%。非 GAAP 运营费用为 1.27 亿美元，同比增长 25%，环比增长 4%。同比增加主要是由于市场营销费用及薪资福利费用增加所致。</blockquote> Operating Profit<blockquote>O盈利预测</blockquote> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.<blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.<blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote> Income Tax Expense<blockquote>所得税开支</blockquote> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.<blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税开支包括畅游于2020年到期所得税最终结算后确认的900万美元的一次性税收优惠。于二零二零年第二季度，畅游确认额外预提所得税8,800万美元，原因是畅游在完成私有化后改变了其中国附属公司有关现金股息分派的政策。</blockquote> Net Income<blockquote>净收入</blockquote> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.<blockquote>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.<blockquote>归属于搜狐网有限公司的非公认会计准则持续经营业务净利润为 2500 万美元，即每股完全稀释美国存托凭证净利润为 0.63 美元，而 2020 年第二季度净利润为 1200 万美元，2021 年第一季度净利润为 3700 万美元。</blockquote> Liquidity<blockquote>流动性</blockquote> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.<blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote> Supplementary Information for Changyou Results<blockquote>畅游业绩补充资料</blockquote> Second&nbsp;Quarter 2021 Operating Results<blockquote>2021年第二季度经营业绩</blockquote> <ul> <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li> <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table> <tbody> <tr> <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.<blockquote><ul><li>PC游戏方面，月均活跃用户账户[5]（MAU）总数为210万，同比增长9%，环比下降8%。同比增长主要是由于2020年第四季度推出的TLBB Vintage，部分被Warframe运营的终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6]（APA）为90万个，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的 TLBB Mobile 和 TLBB Honor。环比下降主要是由于TLBB荣誉。季度APA总额为50万，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户帐户是指当月内至少登陆该等游戏一次的注册帐户数量。</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.<blockquote><tr><td>[6]季度累计活跃支付账户是指在季度内至少使用一次游戏积分的账户数量。</td></tr></blockquote></td> </tr> </tbody> </table> Second Quarter 2021 Unaudited Financial Results<blockquote>2021年第二季度未经审计财务业绩</blockquote> Total revenues&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.<blockquote>收入总额为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote> GAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.<blockquote>公认会计准则和非公认会计准则毛利润均为 1.36 亿美元，同比增长 61%，环比下降 15%。</blockquote> GAAP operating expenses&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.<blockquote>GAAP 运营费用为6300万美元，同比增长24%，环比增长4%。同比增加主要是由于与收入增长相关的奖金支出增加，以及网络游戏的营销和推广支出增加。</blockquote> Non-GAAP operating expenses&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.<blockquote>非 GAAP 运营费用为 6100 万美元，同比增长 28%，环比增长 4%。</blockquote> GAAP operating profit&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.<blockquote>GAAP 营业利润为7300万美元，而2020年第二季度的营业利润为3300万美元，2021年第一季度的营业利润为9900万美元。</blockquote> Non-GAAP operating profit&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.<blockquote>非 GAAP 营业利润为 7500 万美元，而 2020 年第二季度非 GAAP 营业利润为 3700 万美元，2021 年第一季度为 1.01 亿美元。</blockquote> Business Outlook<blockquote>业务展望</blockquote> For the third quarter of 2021, Sohu estimates:<blockquote>对于2021年第三季度，搜狐预计：</blockquote> <ul> <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li> <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li> <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.<blockquote><ul><li>品牌广告收入将在3500万美元至3900万美元之间；这意味着每年减少5%至15%，连续减少5%至连续增加6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着每年增长43%至53%，连续下降4%至连续增长2%。</li><li>Sohu.com Limited 应占的非 GAAP 持续经营业务净利润在零至 1000 万美元之间；Sohu.com Limited 应占的 GAAP 持续经营业务净利润/（亏损）介于净亏损 400 万美元至净利润 600 万美元之间。</li></ul>就2021年第三季度指引而言，本公司采用人民币6.47元=1.00美元的假设汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote> 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.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"><blockquote>该预测反映了搜狐管理层的当前和初步观点，该观点存在重大不确定性，特别是考虑到全球范围内的 COVID-19 大流行的潜在持续影响，这仍然难以预测。</blockquote>","source":"sh","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网报告2021年第二季度未经审计财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n搜狐2021-08-09 13:46\n\n</h4>\n</header>\n<article>\nBEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.<blockquote>北京，八月。2021 年 9 月 9 日/美通社/ --中国领先的在线媒体、视频、游戏和搜索业务集团搜狐网有限公司（纳斯达克：搜狐）今天公布了截至 2021 年 6 月 30 日的第二季度未经审计的财务业绩。</blockquote> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].<blockquote>鉴于先前公布腾讯控股控股有限公司（「腾讯控股」）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（「搜狐搜索」）就搜狐搜索的搜狗股份有限公司（「搜狗」）股份（「搜狗股份购买」）订立股份购买协议（「搜狗股份购买」），搜狗的经营业绩已于本公司简明综合经营报表的本公司持续经营业绩中剔除，并作为已终止经营业务以独立项目呈列。已对历史报表作出追溯调整，以提供一致的比较基准。除非另有说明，否则本新闻稿中呈现的结果仅与持续操作相关[1]。</blockquote> Second Quarter Highlights<blockquote>第二季度亮点</blockquote> <ul> <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li> <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li> <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li> <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li> <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"<blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非公认会计准则[4]搜狐网有限公司应占持续经营业务净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官Charles Zhang博士评论道：“2021年第二季度，尽管受到COVID-19的负面影响，我们在严格控制预算的同时，继续探索新的货币化机会。得益于我们在线游戏业务的优异表现，我们的盈利能力超过了之前的指导。对于搜狐传媒，我们专注于产品和技术的创新，并有效促进高质量内容的生成和分发。在搜狐视频方面，我们继续执行“双引擎”战略，开发高质量的长格式和短格式内容，同时完善我们先进的直播技术，并将其推广到各种应用中。透过将直播技术整合到我们独特的活动中，我们亦得以实现收入来源多元化，并更好地获取广告预算。对于畅游来说，本季度网络游戏表现良好，营收超过了我们此前指导的高端。”</blockquote> <table> <tbody> <tr> <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.<blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，前提是交易的所有条件得到满足或豁免。</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.<blockquote><tr><td>[2]按固定汇率（非美国通用会计准则）计算，若2021年第二季度汇率与2020年第二季度相同，orRMB7.08=1.00美元，2021年第二季度美元总收入将为1.86亿美元，比美国通用会计准则总收入少1800万美元，同比增长17%。</td></tr></blockquote></td> </tr> <tr> <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.<blockquote><tr><td>[3]本新闻稿中提及的搜狐网有限公司2020年第二季度的GAAP和非GAAP持续经营业务净利润均不包括畅游私有化完成后该季度确认的额外预提所得税8800万美元的影响，因为畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></td> </tr> <tr> <td>[4] 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; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 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.\"<blockquote><tr><td>[4] 非 GAAP 业绩不包括基于股票的薪酬费用；本公司合并经营报表中就公允价值可随时厘定的股权投资确认的公允价值变动；就与本公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关确认的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非 GAAP 财务指标的解释以及与 GAAP 财务指标的相关调节包含在随附的“非 GAAP 披露”和“非 GAAP 经营业绩指标与最接近的可比 GAAP 指标的调节”中。</td></tr></blockquote></td> </tr> </tbody> </table> Second Quarter Financial Results<blockquote>第二季度财务业绩</blockquote> Revenues<blockquote>收入</blockquote> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.<blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.<blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.<blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要得益于2020年第四季度推出的TLBB Vintage。环比下降主要是由于TLBB PC的自然下降。</blockquote> Gross Margin<blockquote>毛利率</blockquote> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.<blockquote>GAAP 和非 GAAP 毛利率均为 76%，而 2020 年第二季度为 67%，2021 年第一季度为 79%。</blockquote> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.<blockquote>品牌广告业务的GAAP毛利率为27%，而2020年第二季度为40%，2021年第一季度为20%。品牌广告业务的非GAAP毛利率为28%，而2020年第二季度为40%，2021年第一季度为20%。同比减少主要由于2021年第二季度举办的活动成本增加，而随着COVID-19的缓解，这些活动已在很大程度上恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.<blockquote>网络游戏的 GAAP 毛利率为 89%，而 2020 年第二季度为 77%，2021 年第一季度为 89%。网络游戏的非 GAAP 毛利率为 89%，而 2020 年第二季度为 78%，2021 年第一季度为 90%。毛利率同比增加主要由于电脑游戏的收入贡献百分比较高，而电脑游戏通常需要较低的收入分成付款。</blockquote> Operating Expenses<blockquote>营运开支</blockquote> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.<blockquote>2021年第二季度，GAAP运营费用总计1.3亿美元，同比增长23%，环比增长5%。非 GAAP 运营费用为 1.27 亿美元，同比增长 25%，环比增长 4%。同比增加主要是由于市场营销费用及薪资福利费用增加所致。</blockquote> Operating Profit<blockquote>O盈利预测</blockquote> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.<blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.<blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote> Income Tax Expense<blockquote>所得税开支</blockquote> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.<blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税开支包括畅游于2020年到期所得税最终结算后确认的900万美元的一次性税收优惠。于二零二零年第二季度，畅游确认额外预提所得税8,800万美元，原因是畅游在完成私有化后改变了其中国附属公司有关现金股息分派的政策。</blockquote> Net Income<blockquote>净收入</blockquote> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.<blockquote>归属于sohu.com Limited的GAAP持续经营业务净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.<blockquote>归属于搜狐网有限公司的非公认会计准则持续经营业务净利润为 2500 万美元，即每股完全稀释美国存托凭证净利润为 0.63 美元，而 2020 年第二季度净利润为 1200 万美元，2021 年第一季度净利润为 3700 万美元。</blockquote> Liquidity<blockquote>流动性</blockquote> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.<blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote> Supplementary Information for Changyou Results<blockquote>畅游业绩补充资料</blockquote> Second&nbsp;Quarter 2021 Operating Results<blockquote>2021年第二季度经营业绩</blockquote> <ul> <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li> <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table> <tbody> <tr> <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.<blockquote><ul><li>PC游戏方面，月均活跃用户账户[5]（MAU）总数为210万，同比增长9%，环比下降8%。同比增长主要是由于2020年第四季度推出的TLBB Vintage，部分被Warframe运营的终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6]（APA）为90万个，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的 TLBB Mobile 和 TLBB Honor。环比下降主要是由于TLBB荣誉。季度APA总额为50万，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户帐户是指当月内至少登陆该等游戏一次的注册帐户数量。</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.<blockquote><tr><td>[6]季度累计活跃支付账户是指在季度内至少使用一次游戏积分的账户数量。</td></tr></blockquote></td> </tr> </tbody> </table> Second Quarter 2021 Unaudited Financial Results<blockquote>2021年第二季度未经审计财务业绩</blockquote> Total revenues&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.<blockquote>收入总额为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote> GAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.<blockquote>公认会计准则和非公认会计准则毛利润均为 1.36 亿美元，同比增长 61%，环比下降 15%。</blockquote> GAAP operating expenses&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.<blockquote>GAAP 运营费用为6300万美元，同比增长24%，环比增长4%。同比增加主要是由于与收入增长相关的奖金支出增加，以及网络游戏的营销和推广支出增加。</blockquote> Non-GAAP operating expenses&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.<blockquote>非 GAAP 运营费用为 6100 万美元，同比增长 28%，环比增长 4%。</blockquote> GAAP operating profit&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.<blockquote>GAAP 营业利润为7300万美元，而2020年第二季度的营业利润为3300万美元，2021年第一季度的营业利润为9900万美元。</blockquote> Non-GAAP operating profit&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.<blockquote>非 GAAP 营业利润为 7500 万美元，而 2020 年第二季度非 GAAP 营业利润为 3700 万美元，2021 年第一季度为 1.01 亿美元。</blockquote> Business Outlook<blockquote>业务展望</blockquote> For the third quarter of 2021, Sohu estimates:<blockquote>对于2021年第三季度，搜狐预计：</blockquote> <ul> <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li> <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li> <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.<blockquote><ul><li>品牌广告收入将在3500万美元至3900万美元之间；这意味着每年减少5%至15%，连续减少5%至连续增加6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着每年增长43%至53%，连续下降4%至连续增长2%。</li><li>Sohu.com Limited 应占的非 GAAP 持续经营业务净利润在零至 1000 万美元之间；Sohu.com Limited 应占的 GAAP 持续经营业务净利润/（亏损）介于净亏损 400 万美元至净利润 600 万美元之间。</li></ul>就2021年第三季度指引而言，本公司采用人民币6.47元=1.00美元的假设汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote> 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.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"><blockquote>该预测反映了搜狐管理层的当前和初步观点，该观点存在重大不确定性，特别是考虑到全球范围内的 COVID-19 大流行的潜在持续影响，这仍然难以预测。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results\">搜狐</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOHU":"搜狐"},"source_url":"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164323845","content_text":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.\nIn view of the previously-announced Share Purchase Agreement between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"), the results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].\nSecond Quarter Highlights\n\nTotal revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\n\nDr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"\n\n\n\n[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.\n\n\n[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.\n\n\n[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.\n\n\n[4] 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; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 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.\"\n\n\n\nSecond Quarter Financial Results\nRevenues\nTotal revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.\nGross Margin\nBoth GAAP and non-GAAP gross margin was 76%, compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.\nGAAP gross margin for the brand advertising business was 27%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021. Non-GAAP gross margin for the brand advertising business was 28%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.\nGAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.\nOperating Expenses\nFor the second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.\nOperating Profit\nGAAP operating profit wasUS$25 million, compared with an operating profit of US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.\nNon-GAAP operating profit was US$28 million, compared with an operating profit of US$5 million in the second quarter of 2020 and an operating profit ofUS$53million in the first quarter of 2021.\nIncome Tax Expense\nGAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.\nNet Income\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55 per fully-diluted ADS, compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedwas US$25 million, or net income ofUS$0.63 per fully-diluted ADS, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\nLiquidity\nAs ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.\nSupplementary Information for Changyou Results\nSecond Quarter 2021 Operating Results\n\nFor PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.\nFor mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.\n\n\n\n\n[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.\n\n\n[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.\n\n\n\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.\nGAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.\nGAAP operating expenses wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.\nNon-GAAP operating expenses wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.\nGAAP operating profit wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.\nNon-GAAP operating profit wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.\nBusiness Outlook\nFor the third quarter of 2021, Sohu estimates:\n\nBrand advertising revenues to be between US$35 million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential decrease of 5% to a sequential increase 6%.\nOnline game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential increase 2%.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.\n\nFor the third quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third quarter of 2020, andRMB6.46=US$1.00 for the second quarter of 2021.\nThis 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.","news_type":1,"symbols_score_info":{"SOHU":0.9}},"isVote":1,"tweetType":1,"viewCount":2281,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/898871843"}