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

BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video

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

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":898638505,"tweetId":"898638505","gmtCreate":1628491174307,"gmtModify":1631889131385,"author":{"id":4088588911249380,"idStr":"4088588911249380","authorId":4088588911249380,"authorIdStr":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Go go go&nbsp;</body></html>","htmlText":"<html><head></head><body>Go go go&nbsp;</body></html>","text":"Go go go","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/898638505","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>搜狐网公布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>北京，8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”）就搜狐搜索的搜狗公司（“搜狗”）股份（“搜狗股份购买”）先前公布的股份购买协议，搜狗的经营业绩已从本公司简明综合经营报表中的持续经营业绩中剔除，并作为已终止经营业务在单独项目中呈列。已对历史报表作出追溯调整，以提供一致的比较基础。除非另有说明，本新闻稿中提供的结果仅与持续运营相关[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Tosohu.com Limited的GAAP持续经营净利润为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GAAP[4]归属于Tosohu.com Limited的持续经营净利润为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张博士评论道：“2021年第二季度，尽管受到新冠肺炎的负面影响，我们在严格控制预算的同时，不断探索新的货币化机会。得益于网络游戏业务的优异表现，我们的盈利能力超出了之前的指导。对于搜狐传媒，我们专注于创新产品和技术，有效促进优质内容的生成和分发。搜狐视频方面，我们继续执行开发优质长短内容的“双引擎”战略，同时完善我们先进的直播技术并将其推广到各种应用中。我们亦透过将直播技术整合至我们独特的活动中，使我们的收入来源多元化及更好地获取广告预算。对于畅游来说，网络游戏在本季度表现良好，其收入超过了我们之前指导的高端。”</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，惟须待交易的所有条件达成或豁免后方可作实。</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GAAP）计算，如果2021年第二季度的汇率与2020年第二季度相同，或7.08=1.00美元，则2021年第二季度的美元总收入为1.86亿美元，比GAAP总收入减少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]本新闻稿中提到的2020年第二季度归属于Tosohu.com Limited的GAAP和非GAAP持续经营净利润均不包括畅游在该季度确认的额外应计预扣所得税8800万美元的影响畅游私有化完成后，由于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]非公认会计准则业绩不包括股权激励费用；就公允价值易于确定的股权投资在公司合并经营报表中确认的公允价值变动；就与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表包含在随附的“非GAAP披露”和“非GAAP运营指标结果与最接近的可比GAAP指标的调节表”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%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献。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年第二季度和2021年第一季度分别为67%和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GAAP毛利率为27%，2020年第二季度为40%，2021年第一季度为20%，非GAAP品牌广告业务毛利率为28%，2020年第二季度为40%，2021年第一季度为20%。同比下降主要是由于2021年第二季度举办的活动成本增加，随着COVID-19的缓解，这些活动在很大程度上已恢复。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年第二季度和2021年第一季度分别为77%和89%。网络游戏的非美国通用会计准则毛利率为89%，2020年第二季度为78%，2021年第一季度为90%。毛利率同比增长主要是由于PC游戏的收入贡献百分比较高，而PC游戏通常需要较低的收入分成付款。</blockquote> Operating Expenses<blockquote>营业费用</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运营费用总额为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%。同比增长主要是由于营销费用以及工资和福利费用的增加。</blockquote> Operating Profit<blockquote>O营业利润</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>所得税费用</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费用包括畅游在最终结算2020年到期所得税后确认的一次性税收优惠900万美元。2020年第二季度，畅游确认了8,800万美元的额外应计预扣所得税，原因是畅游在完成畅游私有化后改变了其中国子公司的现金股息分配政策。</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Tosohu.com Limited的GAAP持续经营净利润为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Tosohu.com Limited的非GAAP持续经营净利润为2500万美元，即每股完全稀释ADS净利润为0.63美元，而2020年第二季度净利润为1200万美元，第一季度净利润为3700万美元2021年。</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，平均月活跃用户账户[5](MAU)总数为210万，同比增长9%，环比下降8%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献，部分被Warframe运营终止所抵消。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，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。季度预约定价总额为50万份，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]月活跃用户账户是指在一个月内至少登录一次这些游戏的注册账户数量。</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]季度总活跃付费账户是指在季度内至少使用过一次游戏点数的账户数量。</td></tr></blockquote></td> </tr> </tbody> </table> Second Quarter 2021 Unaudited Financial Results<blockquote>2021年第二季度未经审计的财务业绩</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>总收入为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>GAAP和非GAAP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运营费用我们为6300万美元，同比增长24%，环比增长4%。同比增长主要是由于与收入增长相关的奖金支出增加，以及在线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>非公认会计准则运营费用我们为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年第二季度营业利润为3300万美元，2021年第一季度营业利润为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>非公认会计准则营业利润为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>品牌广告收入在3500万美元至3900万美元之间；这意味着每年下降5%至15%，环比下降5%至环比增长6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着同比增长43%至53%，环比下降4%至环比增长2%。</li><li>归属于Tosohu.com Limited的非公认会计准则持续经营净利润在零至1000万美元之间；归属于搜狐网有限公司的GAAP持续经营净利润/（亏损）介于净亏损400万美元和净利润600万美元之间。</li></ul>对于2021年第三季度的指引，公司采用了人民币6.47元=1.00美元的假定汇率，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>这一预测反映了搜狐管理层目前的初步观点，该观点存在很大的不确定性，特别是考虑到全球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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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”）就搜狐搜索的搜狗公司（“搜狗”）股份（“搜狗股份购买”）先前公布的股份购买协议，搜狗的经营业绩已从本公司简明综合经营报表中的持续经营业绩中剔除，并作为已终止经营业务在单独项目中呈列。已对历史报表作出追溯调整，以提供一致的比较基础。除非另有说明，本新闻稿中提供的结果仅与持续运营相关[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Tosohu.com Limited的GAAP持续经营净利润为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GAAP[4]归属于Tosohu.com Limited的持续经营净利润为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张博士评论道：“2021年第二季度，尽管受到新冠肺炎的负面影响，我们在严格控制预算的同时，不断探索新的货币化机会。得益于网络游戏业务的优异表现，我们的盈利能力超出了之前的指导。对于搜狐传媒，我们专注于创新产品和技术，有效促进优质内容的生成和分发。搜狐视频方面，我们继续执行开发优质长短内容的“双引擎”战略，同时完善我们先进的直播技术并将其推广到各种应用中。我们亦透过将直播技术整合至我们独特的活动中，使我们的收入来源多元化及更好地获取广告预算。对于畅游来说，网络游戏在本季度表现良好，其收入超过了我们之前指导的高端。”</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，惟须待交易的所有条件达成或豁免后方可作实。</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GAAP）计算，如果2021年第二季度的汇率与2020年第二季度相同，或7.08=1.00美元，则2021年第二季度的美元总收入为1.86亿美元，比GAAP总收入减少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]本新闻稿中提到的2020年第二季度归属于Tosohu.com Limited的GAAP和非GAAP持续经营净利润均不包括畅游在该季度确认的额外应计预扣所得税8800万美元的影响畅游私有化完成后，由于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]非公认会计准则业绩不包括股权激励费用；就公允价值易于确定的股权投资在公司合并经营报表中确认的公允价值变动；就与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表包含在随附的“非GAAP披露”和“非GAAP运营指标结果与最接近的可比GAAP指标的调节表”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%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献。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年第二季度和2021年第一季度分别为67%和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GAAP毛利率为27%，2020年第二季度为40%，2021年第一季度为20%，非GAAP品牌广告业务毛利率为28%，2020年第二季度为40%，2021年第一季度为20%。同比下降主要是由于2021年第二季度举办的活动成本增加，随着COVID-19的缓解，这些活动在很大程度上已恢复。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年第二季度和2021年第一季度分别为77%和89%。网络游戏的非美国通用会计准则毛利率为89%，2020年第二季度为78%，2021年第一季度为90%。毛利率同比增长主要是由于PC游戏的收入贡献百分比较高，而PC游戏通常需要较低的收入分成付款。</blockquote> Operating Expenses<blockquote>营业费用</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运营费用总额为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%。同比增长主要是由于营销费用以及工资和福利费用的增加。</blockquote> Operating Profit<blockquote>O营业利润</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>所得税费用</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费用包括畅游在最终结算2020年到期所得税后确认的一次性税收优惠900万美元。2020年第二季度，畅游确认了8,800万美元的额外应计预扣所得税，原因是畅游在完成畅游私有化后改变了其中国子公司的现金股息分配政策。</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Tosohu.com Limited的GAAP持续经营净利润为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Tosohu.com Limited的非GAAP持续经营净利润为2500万美元，即每股完全稀释ADS净利润为0.63美元，而2020年第二季度净利润为1200万美元，第一季度净利润为3700万美元2021年。</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，平均月活跃用户账户[5](MAU)总数为210万，同比增长9%，环比下降8%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献，部分被Warframe运营终止所抵消。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，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。季度预约定价总额为50万份，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]月活跃用户账户是指在一个月内至少登录一次这些游戏的注册账户数量。</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]季度总活跃付费账户是指在季度内至少使用过一次游戏点数的账户数量。</td></tr></blockquote></td> </tr> </tbody> </table> Second Quarter 2021 Unaudited Financial Results<blockquote>2021年第二季度未经审计的财务业绩</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>总收入为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>GAAP和非GAAP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运营费用我们为6300万美元，同比增长24%，环比增长4%。同比增长主要是由于与收入增长相关的奖金支出增加，以及在线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>非公认会计准则运营费用我们为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年第二季度营业利润为3300万美元，2021年第一季度营业利润为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>非公认会计准则营业利润为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>品牌广告收入在3500万美元至3900万美元之间；这意味着每年下降5%至15%，环比下降5%至环比增长6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着同比增长43%至53%，环比下降4%至环比增长2%。</li><li>归属于Tosohu.com Limited的非公认会计准则持续经营净利润在零至1000万美元之间；归属于搜狐网有限公司的GAAP持续经营净利润/（亏损）介于净亏损400万美元和净利润600万美元之间。</li></ul>对于2021年第三季度的指引，公司采用了人民币6.47元=1.00美元的假定汇率，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>这一预测反映了搜狐管理层目前的初步观点，该观点存在很大的不确定性，特别是考虑到全球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":1522,"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":[],"hasMoreComment":false,"orderType":2}

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

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