Technology
SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 UNAUDITED FINANCIAL RESULTS
Published
1 year agoon
By
BEIJING, Feb. 18, 2025 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter Highlights
Total revenues were US$135 million, down 5% year-over-year and 11% quarter-over-quarter.Brand advertising revenues were US$19 million, down 7% year-over-year and up 1% quarter-over-quarter.Online game revenues were US$110 million, down 4% year-over-year and 14% quarter-over-quarter.GAAP net loss attributable to Sohu.com Limited was US$21 million, compared with a net loss of US$13 million in the fourth quarter of 2023 and a net loss of US$16 million in the third quarter of 2024.Non-GAAP[1] net loss attributable to Sohu.com Limited was US$15 million, compared with a net loss of US$11 million in the fourth quarter of 2023 and a net loss of US$12 million in the third quarter of 2024.
Fiscal Year 2024 Highlights[2]
Total revenues were US$598 million, flat compared with 2023. Brand advertising revenues were US$73 million, down 17% compared with 2023. Online game revenues were US$502 million, up 5% compared with 2023.GAAP net loss attributable to Sohu.com Limited was US$100 million, compared with a net loss of US$66 million in 2023.Non-GAAP net loss attributable to Sohu.com Limited was US$83 million, compared with a net loss of US$51 million in 2023.
Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the fourth quarter of 2024, our brand advertising revenues hit the high end of our previous guidance, while both our online game revenues and bottom line performance were much better than expected. For Sohu media platform, we continued to refine our products, optimized algorithms, and strictly controlled budgets. By integrating the advantages of the Sohu product matrix with our unique IPs and high energy events, we were able to promote the generation and social distribution of premium content, effectively enhance user experience to attract more users, and further unlock monetization potential. The online games business delivered solid performance, thanks to relentless efforts to produce high-quality new games and revitalize legacy games.”
Fourth Quarter Financial Results
Revenues
Total revenues were US$135 million, down 5% year-over-year and 11% quarter-over-quarter.
Brand advertising revenues were US$19 million, down 7% year-over-year and up 1% quarter-over-quarter.
Online game revenues were US$110 million, down 4% year-over-year and 14% quarter-over-quarter.
Gross Margin
Both GAAP and non-GAAP gross margin were 73%, compared with 76% in the fourth quarter of 2023 and 74% in the third quarter of 2024.
Both GAAP and non-GAAP gross margin for the brand advertising business were 6%, compared with 16% in the fourth quarter of 2023 and 9% in the third quarter of 2024.
Both GAAP and non-GAAP gross margin for online games were 83%, compared with 87% in the fourth quarter of 2023 and 84% in the third quarter of 2024.
Operating Expenses
Both GAAP and non-GAAP operating expenses were US$123 million, down 8% year-over-year and 2% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in Changyou’s product development expenses.
Operating Loss
GAAP operating loss was US$25 million, compared with an operating loss of US$25 million in the fourth quarter of 2023 and an operating loss of US$13 million in the third quarter of 2024.
Non-GAAP operating loss was US$25 million, compared with an operating loss of US$26 million in the fourth quarter of 2023 and an operating loss of US$13 million in the third quarter of 2024.
Income Tax Expense
GAAP income tax expense was US$14 million, compared with income tax expense of US$14 million in the fourth quarter of 2023 and income tax expense of US$15 million in the third quarter of 2024.
Non-GAAP income tax expense was US$10 million, compared with income tax expense of US$10 million in the fourth quarter of 2023 and income tax expense of US$11 million in the third quarter of 2024.
Net Loss
GAAP net loss attributable to Sohu.com Limited was US$21 million, or a net loss of US$0.69 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$13 million in the fourth quarter of 2023 and a net loss of US$16 million in the third quarter of 2024.
Non-GAAP net loss attributable to Sohu.com Limited was US$15 million, or a net loss of US$0.49 per fully-diluted ADS, compared with a net loss of US$11 million in the fourth quarter of 2023 and a net loss of US$12 million in the third quarter of 2024.
Liquidity and Capital Resources
As of December 31, 2024, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.
Fiscal Year 2024 Financial Results
Revenues
Total revenues were US$598 million, flat compared with 2023.
Brand advertising revenues were US$73 million, down 17% compared with 2023.
Online game revenues were US$502 million, up 5% compared with 2023.
Gross Margin
Both GAAP and non-GAAP gross margin were 72%, compared with 76% in 2023.
Both GAAP and non-GAAP gross margin for the brand advertising business were 9%, compared with 20% in 2023.
Both GAAP and non-GAAP gross margin for online games were 82%, compared with 86% in 2023.
Operating Expenses
For 2024, both GAAP and non-GAAP operating expenses totaled US$542 million, flat compared with 2023.
Operating Loss
Both GAAP and non-GAAP operating loss were US$109 million, compared with an operating loss of US$87 million in 2023.
Income Tax Expense
GAAP income tax expense was US$52 million, compared with income tax expense of US$60 million in 2023.
Non-GAAP income tax expense was US$37 million, compared with income tax expense of US$48 million in 2023.
Net Loss
GAAP net loss attributable to Sohu.com Limited was US$100 million, or a net loss of US$3.13 per fully-diluted ADS, compared with a net loss of US$66 million in 2023.
Non-GAAP net loss attributable to Sohu.com Limited was US$83 million, or a net loss of US$2.60 per fully-diluted ADS, compared with a net loss of US$51 million in 2023.
Supplementary Information for Changyou Results[3]
Fourth Quarter 2024 Operating Results
For PC games, total average monthly active user accounts[4] (MAU) were 2.3 million, an increase of 2% year-over-year and 9% quarter-over-quarter. Total quarterly aggregate active paying accounts[5] (APA) were 1.0 million, an increase of 9% year-over-year and 14% quarter-over-quarter. The quarter-over-quarter increase in MAU, and the year-over-year and quarter-over-quarter increases in APA were mainly because the content updates that Changyou launched for TLBB PC during the quarter were well received by players.For mobile games, total average MAU were 2.6 million, an increase of 53% year-over-year and a decrease of 20% quarter-over-quarter. Total quarterly APA were 0.4 million, an increase of 25% year-over-year and a decrease of 61% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from new games launched during recent quarters, including Journey Renewed: Fate Fantasy, which is the international version of New Westward Journey and was launched in Southeast Asia during the fourth quarter of 2024. The quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of New Westward Journey in the Chinese mainland market.
Fourth Quarter 2024 Unaudited Financial Results
Total revenues were US$111 million, a decrease of 5% year-over-year and 14% quarter-over-quarter. Online game revenues were US$110 million, a decrease of 4% year-over-year and 14% quarter-over-quarter. Online advertising revenues were US$1 million, a decrease of 29% year-over-year and 8% quarter-over-quarter.
Both GAAP and non-GAAP gross profit were US$92 million, compared with US$100 million for the fourth quarter of 2023 and US$108 million for the third quarter of 2024.
GAAP operating expenses were US$45 million, a decrease of 15% year-over-year and 2% quarter-over-quarter. The year-over-year decrease was mainly due to a decrease in outsourcing and licensing fees related to product development.
Non-GAAP operating expenses were US$44 million, a decrease of 17% year-over-year and 2% quarter-over-quarter.
GAAP operating profit was US$48 million, compared with US$48 million for the fourth quarter of 2023 and US$62 million for the third quarter of 2024.
Non-GAAP operating profit was US$48 million, compared with US$47 million for the fourth quarter of 2023 and US$62 million for the third quarter of 2024.
Fiscal Year 2024 Unaudited Financial Results
Total revenues were US$506 million, an increase of 4% year-over-year. Online game revenues were US$502 million, an increase of 5% year-over-year. Online advertising revenues were US$4 million, a decrease of 25% year-over-year.
Both GAAP and non-GAAP gross profit were US$415 million, compared with US$418 million for 2023.
GAAP operating expenses were US$219 million, an increase of 1% year-over-year.
Non-GAAP operating expenses were US$219 million, an increase of 2% year-over-year.
GAAP operating profit was US$196 million, compared with US$202 million for 2023.
Non-GAAP operating profit was US$196 million, compared with US$203 million for 2023.
Recent Development
Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 4,180,158 ADSs for an aggregate cost of approximately US$52 million as of February 13, 2025.
Business Outlook
For the first quarter of 2025, Sohu estimates:
Brand advertising revenues to be between US$13 million and US$14 million; this implies an annual decrease of 13% to 19%, and a sequential decrease of 26% to 31%.Online game revenues to be between US$105 million and US$115 million; this implies an annual decrease of 2% to 11%, and a sequential decrease of 4% to a sequential increase of 5%. Non-GAAP net loss attributable to Sohu.com Limited to be between US$16 million and US$26 million; and GAAP net loss attributable to Sohu.com Limited to be between US$20 million and US$30 million.
For the first quarter 2025 guidance, the Company has adopted a presumed exchange rate of RMB7.18=US$1.00, as compared with the actual exchange rate of approximately RMB7.10=US$1.00 for the first quarter of 2024, and RMB7.15=US$1.00 for the fourth quarter of 2024.
This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
Sohu’s management believes excluding share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the Toll Charge cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of the Company’s investments do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, the impact of income tax related to changes in the fair value of the Company’s investments, and interest expense recognized in connection with the Toll Charge.
The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense and interest expense recognized in connection with the Toll Charge is that share-based compensation expense and interest expense recognized in connection with the Toll Charge have been and can be expected to continue to be significant recurring expenses in Sohu’s business. It is also possible that changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and the impact of income tax related to changes in the fair value of the Company’s investments, will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.
Notes to Financial Information
Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in video content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; Sohu’s reliance on online advertising sales and online games for its revenues; and the impact of the U.S. TCJA. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2023, and other filings with and information furnished to the U.S. Securities and Exchange Commission.
Conference Call and Webcast
Sohu’s management team will host a conference call at 4:30 a.m. U.S. Eastern Time, February 18, 2025 (5:30 p.m. Beijing/Hong Kong time, February 18, 2025) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/
About Sohu
Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.
As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content such as news, information, text, picture, video and live broadcasting. Sohu also attracts users to be highly engaged in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou which develops and operates a diverse portfolio of PC and mobile games, such as the well-known Tian Long Ba Bu (“TLBB”) PC and Legacy TLBB Mobile.
For investor and media inquiries, please contact:
In China:
Ms. Huang, Pu
Sohu.com Limited
Tel: +86 (10) 6272-6645
E-mail: ir@contact.sohu.com
In the United States:
Ms. Bergkamp, Linda
Christensen
Tel: +1 (480) 614-3004
E-mail: linda.bergkamp@christensencomms.com
[1] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; the impact of income tax related to changes in the fair value of the Company’s investments; and interest expense recognized in connection with the one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the “U.S. TCJA”). Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”
[2] The bankruptcy proceedings of Changyou’s wholly-owned subsidiary Shanghai Jingmao Culture Communication Co., Ltd. (“Shanghai Jingmao”), which operated Changyou’s cinema advertising business, were concluded by a Chinese mainland bankruptcy court in the third quarter of 2023. The Company recognized a US$35 million disposal gain within discontinued operations in the condensed consolidated statements of operations for the third quarter of 2023. Unless indicated otherwise, results presented in this press release are related to continuing operations only, and exclude the disposal gain related to Shanghai Jingmao.
[3] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.
[4] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.
[5] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.
SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Twelve Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues:
Brand advertising
$
18,865
$
18,677
$
20,195
$
73,465
$
88,689
Online games
109,859
127,721
114,759
502,389
479,697
Others
5,960
5,594
6,405
22,545
32,286
Total revenues
134,684
151,992
141,359
598,399
600,672
Cost of revenues:
Brand advertising (includes share-based compensation
expense of nil, nil, nil, $1, and $7, respectively)
17,787
17,040
16,966
66,579
71,103
Online games (includes share-based compensation
expense of nil, nil, $-44, nil, and $10, respectively)
18,133
20,292
15,123
88,495
65,029
Others
1,113
2,283
1,733
10,759
9,625
Total cost of revenues
37,033
39,615
33,822
165,833
145,757
Gross profit
97,651
112,377
107,537
432,566
454,915
Operating expenses:
Product development (includes share-based
compensation expense of nil, $6, $-572, $19, and $156,
respectively)
61,584
62,231
69,553
255,233
279,842
Sales and marketing (includes share-based
compensation expense of $-1, $9, $4, $22, and $26,
respectively)
48,588
48,494
50,813
235,824
213,449
General and administrative (includes share-based
compensation expense of $243, $29, $-393, $-72, and
$509, respectively)
12,672
14,692
12,450
50,910
48,934
Total operating expenses
122,844
125,417
132,816
541,967
542,225
Operating loss
(25,193)
(13,040)
(25,279)
(109,401)
(87,310)
Other income, net
8,448
3,635
15,949
22,144
35,746
Interest income
8,632
9,074
11,578
38,625
45,222
Exchange difference
1,240
(988)
(823)
464
692
Income/(loss) before income tax expense
(6,873)
(1,319)
1,425
(48,168)
(5,650)
Income tax expense
14,387
15,028
14,044
52,070
60,420
Net loss from continuing operations
(21,260)
(16,347)
(12,619)
(100,238)
(66,070)
Net income from discontinued operations, net of tax [6]
–
–
–
–
35,426
Net loss
(21,260)
(16,347)
(12,619)
(100,238)
(30,644)
Less: Net income/(loss) from continuing operations
attributable to the noncontrolling interest shareholders
31
–
(1)
31
(265)
Net loss from continuing operations attributable to
Sohu.com Limited
(21,291)
(16,347)
(12,618)
(100,269)
(65,805)
Net income from discontinued operations attributable to
Sohu.com Limited
–
–
–
–
35,426
Net loss attributable to Sohu.com Limited
(21,291)
(16,347)
(12,618)
(100,269)
(30,379)
Basic net loss from continuing operations per share/ADS
attributable to Sohu.com Limited [7]
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(1.93)
Basic net income from discontinued operations per
share/ADS attributable to Sohu.com Limited
$
–
$
–
$
–
–
$
1.04
Basic net loss per share/ADS attributable to Sohu.com
Limited
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(0.89)
Shares/ADSs used in computing basic net income/(loss)
per share/ADS attributable to Sohu.com Limited
30,799
31,729
34,061
32,009
34,109
Diluted net loss from continuing operations per share/ADS
attributable to Sohu.com Limited
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(1.93)
Diluted net income from discontinued operations per
share/ADS attributable to Sohu.com Limited
$
–
$
–
$
–
–
$
1.04
Diluted net loss per share/ADS attributable to Sohu.com
Limited
$
(0.69)
$
(0.52)
$
(0.37)
(3.13)
$
(0.89)
Shares/ADSs used in computing diluted net income/(loss)
per share/ADS attributable to Sohu.com Limited
30,799
31,729
34,061
32,009
34,109
[6] See Footnote 2.
[7] Each ADS represents one ordinary share.
SOHU.COM LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of Dec. 31, 2024
As of Dec. 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
159,927
$
362,504
Restricted cash
–
3,184
Short-term investments
744,498
597,770
Accounts receivable, net
53,762
71,618
Prepaid and other current assets
83,575
81,971
Total current assets
1,041,762
1,117,047
Fixed assets, net
252,860
269,058
Goodwill
46,944
47,163
Long-term investments, net
43,120
45,198
Intangible assets, net
7,695
2,226
Long-term time deposits
331,290
388,613
Other assets
10,995
12,793
Total assets
$
1,734,666
$
1,882,098
LIABILITIES
Current liabilities:
Accounts payable
$
36,043
$
44,609
Accrued liabilities
97,138
103,779
Receipts in advance and deferred revenue
51,007
50,829
Accrued salary and benefits
47,232
50,330
Taxes payables
14,225
11,363
Other short-term liabilities
76,322
81,482
Total current liabilities
$
321,967
$
342,392
Long-term other payables
2,807
3,924
Long-term tax liabilities
485,545
474,374
Other long-term liabilities
1,659
2,130
Total long-term liabilities
$
490,011
$
480,428
Total liabilities
$
811,978
$
822,820
SHAREHOLDERS’ EQUITY:
Sohu.com Limited shareholders’ equity
922,335
1,058,956
Noncontrolling interest
353
322
Total shareholders’ equity
$
922,688
$
1,059,278
Total liabilities and shareholders’ equity
$
1,734,666
$
1,882,098
SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Dec. 31, 2024
Three Months Ended Sep. 30, 2024
Three Months Ended Dec. 31, 2023
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
GAAP
Non-GAAP
Adjustment
Non-GAAP
–
(a)
–
(a)
–
(a)
Brand advertising gross profit
$
1,078
$
–
$
1,078
$
1,637
$
–
$
1,637
$
3,229
$
–
$
3,229
Brand advertising gross margin
6 %
6 %
9 %
9 %
16 %
16 %
–
(a)
–
(a)
(44)
(a)
Online games gross profit
$
91,726
$
–
$
91,726
$
107,429
$
–
$
107,429
$
99,636
$
(44)
$
99,592
Online games gross margin
83 %
83 %
84 %
84 %
87 %
87 %
–
(a)
–
(a)
–
(a)
Others gross profit
$
4,847
$
–
$
4,847
$
3,311
$
–
$
3,311
$
4,672
$
–
$
4,672
Others gross margin
81 %
81 %
59 %
59 %
73 %
73 %
–
(a)
–
(a)
(44)
(a)
Gross profit
$
97,651
$
–
$
97,651
$
112,377
$
–
$
112,377
$
107,537
$
(44)
$
107,493
Gross margin
73 %
73 %
74 %
74 %
76 %
76 %
Operating expenses
$
122,844
$
(242)
(a) $
122,602
$
125,417
$
(44)
(a) $
125,373
$
132,816
$
961
(a) $
133,777
242
(a)
44
(a)
(1,005)
(a)
Operating loss
$
(25,193)
$
242
$
(24,951)
$
(13,040)
$
44
$
(12,996)
$
(25,279)
$
(1,005)
$
(26,284)
Operating margin
-19 %
-19 %
-9 %
-9 %
-18 %
-19 %
Income tax expense
$
14,387
$
(3,961)
(c)$
10,426
$
15,028
$
(3,883)
(c)$
11,145
$
14,044
$
(3,667)
(c)$
10,377
242
(a)
44
(a)
(1,005)
(a)
2,087
(b)
–
(827)
(b)
3,961
(c)
3,883
(c)
3,667
(c)
Net loss before non-controlling
interest
$
(21,260)
$
6,290
$
(14,970)
$
(16,347)
$
3,927
$
(12,420)
$
(12,619)
$
1,835
$
(10,784)
242
(a)
44
(a)
(1,005)
(a)
2,087
(b)
–
(827)
(b)
3,961
(c)
3,883
(c)
3,667
(c)
Net loss attributable to Sohu.com
Limited for diluted net loss per
share/ADS
$
(21,291)
6,290
(15,001)
$
(16,347)
3,927
(12,420)
$
(12,618)
1,835
(10,783)
Diluted net loss per share/ADS
attributable to Sohu.com Limited
$
(0.69)
(0.49)
$
(0.52)
(0.39)
$
(0.37)
(0.32)
Shares/ADSs used in computing
diluted net loss per share/ADS
attributable to Sohu.com Limited
30,799
30,799
31,729
31,729
34,061
34,061
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company’s investments.
(c) To adjust for the effect of the Toll Charge.
SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Twelve Months Ended Dec. 31, 2024
Twelve Months Ended Dec. 31, 2023
GAAP
Non-GAAP
Adjustments
Non-GAAP
GAAP
Non-GAAP
Adjustments
Non-GAAP
1
(a)
7
(a)
Brand advertising gross profit
$
6,886
$
1
$
6,887
$
17,586
$
7
$
17,593
Brand advertising gross margin
9 %
9 %
20 %
20 %
–
(a)
10
(a)
Online games gross profit
$
413,894
$
–
$
413,894
$
414,668
$
10
$
414,678
Online games gross margin
82 %
82 %
86 %
86 %
–
(a)
–
(a)
Others gross profit
$
11,786
$
–
$
11,786
$
22,661
$
–
$
22,661
Others gross margin
52 %
52 %
70 %
70 %
1
(a)
17
(a)
Gross profit
$
432,566
$
1
$
432,567
$
454,915
$
17
$
454,932
Gross margin
72 %
72 %
76 %
76 %
Operating expenses
$
541,967
$
31
(a)$
541,998
$
542,225
$
(691)
(a)$
541,534
(30)
(a)
708
(a)
Operating loss
$
(109,401)
$
(30)
$
(109,431)
$
(87,310)
$
708
$
(86,602)
Operating margin
-18 %
-18 %
-15 %
-14 %
Income tax expense
$
52,070
$
(15,299)
(d)$
36,771
$
60,420
$
(12,297)
(c,d)$
48,123
(30)
(a)
708
(a)
1,820
(b)
1,391
(b)
–
(555)
(c)
15,299
(d)
12,852
(d)
Net loss before non-controlling interest
$
(100,238)
17,089
(83,149)
$
(66,070)
$
14,396
$
(51,674)
(30)
(a)
708
(a)
1,820
(b)
1,391
(b)
–
(555)
(c)
15,299
(d)
12,852
(d)
Net loss from continuing operations
attributable to Sohu.com Limited for
diluted net loss per share/ADS
$
(100,269)
$
17,089
$
(83,180)
$
(65,805)
$
14,396
$
(51,409)
Net income from discontinued operations
attributable to Sohu.com Limited for
diluted net income per share/ADS [9]
$
–
–
–
$
35,426
–
35,426
Net loss attributable to Sohu.com Limited
for diluted net loss per share/ADS
$
(100,269)
17,089
(83,180)
$
(30,379)
14,396
(15,983)
Diluted net loss from continuing operations
per share/ADS attributable to Sohu.com
Limited
$
(3.13)
$
(2.60)
$
(1.93)
$
(1.51)
Diluted net income from discontinued
operations per share/ADS attributable to
Sohu.com Limited
$
–
–
$
1.04
1.04
Diluted net loss per share/ADS attributable
to Sohu.com Limited.
$
(3.13)
(2.60)
$
(0.89)
(0.47)
Share/ADS used in computing diluted net
income/(loss) per share/ADS attributable to
Sohu.com Limited
32,009
32,009
34,109
34,109
Note:
(a) To eliminate the impact of share-based awards.
(b) To adjust for changes in the fair value of the Company’s investments.
(c) To adjust for the impact of income tax related to changes in the fair value of the Company’s investments.
(d) To adjust for the effect of the U.S. TCJA.
[9] See Footnote 2.
View original content to download multimedia:https://www.prnewswire.com/news-releases/sohucom-reports-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302378600.html
SOURCE Sohu.com Limited
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Technology
ImageTrend CFO John Wolfenden Accepted Into Forbes Finance Council
Published
58 minutes agoon
July 24, 2026By
Invitation-only professional community selects finance leader based on the depth and diversity of his experience
EAGAN, Minn., July 24, 2026 /PRNewswire/ — ImageTrend, the leading provider of software and AI intelligence for emergency response, healthcare and public safety organizations, today announced that Chief Financial Officer John Wolfenden has been accepted into the Forbes Finance Council.
The Forbes Finance Council brings together executives, investors, and market operators who help shape how capital is allocated, managed, and protected in increasingly complex environments. The invitation-only members are vetted by a selection process that evaluates professional experience, leadership, and industry expertise.
Wolfenden was selected following a review of his experience as CFO of multiple software companies and his track record of strengthening financial operations, improving business processes and supporting growth. At ImageTrend, he leads the finance function and serves as a strategic partner across the business as the company advances its AI-powered platform and supports more than 11,000 agencies.
Recognized Finance Leadership
Across his CFO roles, Wolfenden has focused on operational improvement, business growth and building finance functions that serve as strategic partners across the organization. At ImageTrend, he plays a critical role in the executive leadership team, overseeing financial strategy and operations and helping the company build the scalable foundation required for long-term growth.
“John’s impact at ImageTrend goes well beyond the finance function,” said Joe Graw, Interim Chief Executive Officer and Chief Growth Officer. “He brings financial discipline, commercial perspective and a roll-up-your-sleeves approach to the decisions that shape how we grow and serve our customers. His selection for Forbes Finance Council is well deserved and gives him a valuable platform to share that expertise with other finance leaders.”
Contributing to a Selective Finance Community
As a council member, Wolfenden will join a curated peer community and have opportunities to work with an editorial team to share expert insights in original articles and contribute to Expert Panels on Forbes.com. He plans to share lessons from scaling software organizations and strengthening finance operations.
“I am honored to have been selected to join Forbes Finance Council,” said Wolfenden. “I look forward to exchanging ideas with other finance leaders and learning from their experiences. I have always believed that finance should work closely with every part of the business, helping teams solve problems and make sound decisions. I am excited to bring what I learn back to ImageTrend as we continue improving how we operate and supporting the company’s growth.”
For more information about ImageTrend, visit www.imagetrend.com.
About ImageTrend
ImageTrend helps emergency response teams who struggle with documentation overload by giving them one AI-powered operating system so they can command with confidence and protect more lives with better decisions.
Founded in 1998, the company serves more than 11,000 agencies in the United States, Canada and United Arab Emirates across Fire, Emergency Medical Services, and Hospital segments. With its deep industry knowledge and advanced data analytics capabilities, the software provider helps its customers streamline operations, shape long-term strategies, and dramatically improve outcomes. Its AI-embedded product solutions and dedicated team provide the intelligence and confidence that first responders need to tackle today’s challenges and prepare for tomorrow’s uncertainties.
About Forbes Councils
Forbes Councils is a collective of invitation-only communities created in partnership with Forbes and the expert community builders who founded Young Entrepreneur Council (YEC). In Forbes Councils, exceptional business owners and leaders come together with the people and resources that can help them thrive.
To learn more about Forbes Councils, visit https://councils.forbes.com.
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SOURCE ImageTrend LLC
Technology
Okuma America Corporation to Exhibit at IMTS 2026 with Comprehensive Lineup
Published
59 minutes agoon
July 24, 2026By
Newly Designed Machines, Open-architecture CNC Control, Multiple Automation Systems, Intelligent Technologies, World-Class Services, Sustainable Initiatives, & More to be Featured
CHARLOTTE, N.C., July 24, 2026 /PRNewswire/ — The leadership team at Okuma America Corporation, a global leader and single-source builder of computer numeric control (CNC) machine tools, controls, and automation systems, is excited to announce the company’s exhibition plans for the 2026 International Manufacturing Technology Show (IMTS) to be held in Chicago, Illinois, from September 14 to 19, 2026.
Within its 17,000 square-foot booth, the company plans to showcase a comprehensive offering for the metalworking industry featuring new CNC machine tools, an industry-leading CNC control, a robust line of automation systems, intelligent manufacturing technologies, new world-class services, and more. Okuma America Corporation will host a media event in the South Hall (Booth #338500) on Tuesday, September 15 at 2:00 pm to highlight the company’s IMTS offerings, share insights from the Okuma leadership team, and showcase latest technologies during booth tours.
New & Notable
Four CNC Machines to Make Americas Debut
Of the 11 CNC machine tools Okuma will exhibit at IMTS 2026, four will make their debut in the Americas:
NEW – Okuma MB-100V Vertical Machining CenterNEW – Okuma GENOS M4000H-e Horizontal Machining CenterNEW – Okuma MS-320H Horizontal Machining CenterNEW – Okuma MULTUS U1000 Multitasking Lathe
Okuma Factory Automation and Peripherals
Okuma will present a comprehensive lineup of automation systems developed by the Okuma Factory Automation (OFA) Group, along with best-in-class solutions from its industry partners, all of which seamlessly integrate with Okuma machines. Leading the charge on automation innovation, Okuma is partnering with Intrinsic AI to display an AI automation robot cell. The company is pleased to announce that 9 of its 11 IMTS 2026 CNC machine tools will be paired with automation systems, including three solutions making their debut in the Americas:
NEXT GENERATION – Okuma Robot Loader (ORL) Series Enhancements & Additions – easy-to-integrate robotic systems designed to load and unload workpieces from machinesOkuma Robot Loader Drawer II (ORL-D II)Okuma Robot Loader for Machining Centers (ORL-MC II) with palletOkuma Robot Loader Plus with Pallet (ORL+) – a system designed to perform multiple functionsNEW – Okuma Tower Pallet Changer – vertical, two-level pallet changer with 13-pallet capacityNEW – Modular Automatic Tool Changer
NEW Virtual Reality Experience
Okuma will provide IMTS 2026 attendees with the opportunity to explore various Okuma machine models in a virtual reality environment. A dedicated area within the Okuma booth (booth #338500) will be available for participants to wear a virtual reality headset to view, walk around, and interact with a virtual 3D model of various Okuma CNC machine tools. This includes models beyond what is physically being exhibited within the booth, such as the MCR-A5CII double column machining center.
NEW Explore the Okuma Global Repair Center
Okuma is thrilled to share details of its newly constructed Global Repair Center at its headquarters campus in Charlotte, NC. The 35,000 square-foot facility brings mechanical and electrical repair, component exchange, upgrades, and legacy part fabrication together in a new, state-of-the-art building that is four times larger than previous dedicated space. Backed by advanced inspection, testing, CNC simulation, and thousands of ready-to-ship parts, the facility maximizes uptime, safeguards Okuma users’ investment, and reinforces Okuma’s promise to Passionately Pursue a Customer for Life. Booth visitors may explore the new facility via a 3D-printed model and watch a video of the facility’s impressive operations.
NEW Tribute to America 250
Okuma is pleased to recognize and celebrate the 250th anniversary of the United States of America with several tributes within its booth experience. Booth visitors can see an intricately-crafted Bald Eagle which is being created on the Okuma MU-8000V vertical machining center. Additionally, the company will also reward attendees who complete an in-booth survey with an exclusive baseball hat that features an American flag design element. Also, the GENOS M4000H-e horizontal machining center, which will be making its Americas Debut, will feature a one-of-a-kind patriotic graphics theme, produced by the company’s NASCAR partner, Richard Childress Racing.
Okuma Machine Featured in Partner Booth
Okuma is proud to partner with 50+ companies in the manufacturing industry through our Partners in Technology program, many who will be featured in demonstrations throughout the Okuma booth. Several program members are also exhibiting at IMTS 2026, including Air Turbine Tool. They will feature an Okuma GENOS M560-V vertical machining center in working display at their booth (#431645).
Comprehensive Technology Lineup
Okuma will showcase 11 CNC machine tools at the show, representing a wide range of the company’s vast product lines. Among these are four new products making their Americas debut. Additionally, ten unique automation systems will be on display, including three proprietary innovations from Okuma Factory Automation. The distinctive OSP-P500 control system will be featured on 9 of the 11 CNC machines in the booth, as well as on free-standing interactive simulators. Okuma will also highlight key components of its world-class service and support program.
Okuma’s complete IMTS 2026 machine, control, and automation lineup includes:
Okuma Machining Centers
Paired Automation System
GENOS M4000H-e – NEW
Internal Two-Station Automatic Pallet Changer (APC)
MB-100V – NEW
MB-5000HII
Okuma Tower Pallet Changer
MS-320H – NEW
Okuma Robot Loader Drawer II (ORL-D II)
MU-8000V
Modular Automation Cell
GENOS M460V-5AX (5-axis)
Okuma Robot Loader Machining Center II (ORL-MC II) & Modular Automatic Tool Changer (ATC)
Lathes
Paired Automation System
LB2000 EX III MYW
Okuma Robot Loader Plus with pallet (ORL+)
LT2000 EX 3T3MY
Okuma NC Unloader and LNS Bar Feeder
LU3000 EX
Okuma Gantry Loader (OGL)
Multitasking Lathes
Paired Automation System
MULTUS U1000 – NEW
Grinder
Paired Automation System
GA26W
Okuma Robot Loader Plus with pallet (ORL+)
Other Highlights
Okuma Speaking & Media Engagements
There will be multiple opportunities for show visitors to attend speaking engagements led by Okuma executive leadership and experts, including:
Okuma Press Conference on Tuesday, 9/15 at 2 PM CST, located in the Virtual Reality section of Okuma Booth (booth #338500)Simon Schneider, Director of Okuma Factory Automation, to present “The Automation Impact: Short-Term Wins to Long-Term Transformations” at Room W192-C on Tuesday, 9/15 at 2:15 CSTWade Andersion, Vice President of Engineering and Okuma Factory Automation, to present at the Blaser Swisslube Booth (booth #431228) on Tuesday 9/15 at 3 PM CST
Okuma is pleased to partner with a variety of manufacturing trade publications for scheduled media engagement and filming sessions throughout IMTS 2026. This includes outlets such as Practical Machinist, MTD CNC, Modern Machine Shop, and more.
Sustainability Initiatives
At Okuma, we’re working together to build a better machine tool and a better future. Okuma CNC machines are equipped with Okuma’s “Green Smart Machine” technology, a series of combined technologies that harmonize high-performance machining with intelligent energy management controls. Specifically, these technologies include Okuma’s proprietary ECO suite plus and Thermo-Friendly Concept, both of which will be displayed at IMTS 2026.
Okuma Best-in-Class Distributor Network
In support of Okuma’s mission of ‘Passionately Pursuing a Customer for Life’, Okuma has created strategic relationships with best-in-class distributorships to support customer needs within their local regions of operation. Representatives from each of Okuma’s distributors will be onsite at IMTS 2026.
Okuma Partners in Technology
Okuma’s Partners in Technology network brings together 50+ companies that represent best-in-class manufacturing solutions and technologies that pair perfectly with Okuma CNC machine tools.
For more information on Okuma’s IMTS offering, visit www.okuma.com/imts.
About Okuma America Corporation
Okuma America Corporation is the U.S.-based sales, marketing, engineering, and service affiliate of Okuma Corporation, a world-leading builder of CNC (computer numeric control) machine tools, controls, and automation systems. The company was founded in 1898 in Nagoya, Japan, and is the industry’s only single-source provider of CNC machines, drives, motors, encoders, spindles, and automation systems, all manufactured by Okuma. The company designs its own CNC controls to integrate seamlessly with each machine tool’s functionality. In 2014 Okuma launched the Okuma App Store, the industry’s only centralized online marketplace for machine tool apps and related content at that time. Along with its extensive distribution network (largest in the Americas), and Partners in Technology network of enhanced manufacturing technologies, Okuma is committed to helping users gain competitive advantage through the open possibilities of machine tools today and into the future. For more information, visit Okuma.com or follow us on Facebook, Instagram, LinkedIn and X.
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SOURCE Okuma America Corporation
Technology
TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization, Assessment, and Virtual Patching
Published
59 minutes agoon
July 24, 2026By
As a participant in Anthropic’s Cyber Verification Program, TrendAI applies frontier reasoning to convert vulnerability intelligence into faster protection across hybrid environments
DALLAS, July 24, 2026 /PRNewswire/ — TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced it is adopting Claude Opus 5, Anthropic’s latest and most capable Opus model, to help security teams convert vulnerability intelligence into immediate protection, from prioritization and assessment through to virtual patching. The move builds on TrendAI’s collaboration with Anthropic on Claude Opus 4.8, extending the same defensive focus to a model that delivers step-change gains in advanced reasoning, agentic workflows, and long-horizon analysis. As AI makes finding vulnerabilities easier than ever, the harder problem becomes protecting organizations faster than software can be permanently patched, and that is where TrendAI is putting Opus 5 to work.
As a participant in Anthropic’s Cyber Verification Program, which credentials organizations for the defensive use of frontier AI models, TrendAI is positioned to apply Claude Opus 5 to defensive security as access becomes available. The model is Zero Data Retention compatible, supporting TrendAI’s governance and data-protection requirements as it scales AI across security operations.
Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™:
“With Claude Opus 5, TrendAI can move from vulnerability intelligence to action faster than ever, prioritizing what matters most by exploitability and business impact. Finding the vulnerability was always the hard part. Now the challenge is protecting organizations faster than software can be permanently patched, and frontier reasoning is what changes that equation, extending all the way to virtual patching that protects customers before a vendor fix ships. This is what it means to secure the AI age, fearlessly.”
These capabilities support TrendAI Vision One™ in helping security analysts, AppSec teams, and SOC teams prioritize exposure, map attack paths, and accelerate mitigation, including virtual patching, across hybrid environments, moving vulnerability management from a static scanning process into a faster, context-aware risk mitigation workflow.
About TrendAI™
TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. Through deep ecosystem partnerships with market leaders like NVIDIA, Anthropic, AWS, Google, and Microsoft, TrendAI™ empowers your organization to securely drive forward at the speed of AI. AI Fearlessly. Learn more: trendaisecurity.com
About Anthropic
Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models, including Claude Opus 5, enables advanced capabilities across a wide range of applications, including code understanding and security analysis.
View original content to download multimedia:https://www.prnewswire.com/news-releases/trendai-adopts-claude-opus-5-to-advance-vulnerability-prioritization-assessment-and-virtual-patching-302834362.html
SOURCE TrendAI
ImageTrend CFO John Wolfenden Accepted Into Forbes Finance Council
Okuma America Corporation to Exhibit at IMTS 2026 with Comprehensive Lineup
TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization, Assessment, and Virtual Patching
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