BEIJING, March 18, 2014 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), a leading real-name social
networking internet platform in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31, 2013.
Renren's financial statements will reflect the deconsolidation
of Nuomi's operating results. Retrospective adjustments to the
historical statement of operations have also been made to provide a
consistent basis of comparison for the financial results.
Specifically, Nuomi's operational results have been excluded from
the company's financial results from continuing operations and have
been separately itemized under discontinued operations.
Fourth Quarter 2013 Highlights
- Total net revenues were US$30.7
million, a 29.1% decrease from the corresponding period in
2012.
- Renren net revenues were US$15.1
million, a 13.7% decrease from the corresponding period in
2012.
- Game net revenues were US$15.6
million, a 39.6% decrease from the corresponding period in
2012.
- Gross profit was US$13.0
million, a 49.8% decrease from the corresponding period in
2012.
- Operating loss was US$42.6
million, compared to an operating loss of US$22.7 million in the corresponding period in
2012.
- Net income attributable to the Company was US$101.5 million, compared to a net loss of
US$21.1 million in the corresponding
period in 2012.
- Adjusted net income (1) (non-GAAP) was
US$105.4 million, compared to an
adjusted net loss of US$16.7 million
in the corresponding period in 2012.
Fiscal Year 2013 Highlights
- Total net revenues were US$156.7
million, a 1.8% decrease from 2012.
- Renren net revenues were US$71.2
million, a 1.5% increase from 2012.
- Game net revenues were US$85.5
million, a 4.5% decrease from 2012.
- Gross profit was US$88
million, a 7.0% decrease from 2012.
- Operating loss was US$113.7
million, compared to an operating loss of US$64.2 million in 2012.
- Net income attributable to the Company was US$64.4 million, compared to a net loss of
US$75 million in 2012.
- Adjusted net income(1)
(non-GAAP) was US$82.3
million, compared to an adjusted net loss of US$61.9 million in 2012.
(1)
|
Adjusted net income
(loss) is a non-GAAP measure, which is defined as net income (loss)
excluding share-based compensation expenses, amortization of
intangible assets and impairment of intangible assets.
|
"2013 was an important year of transformation for Renren. We
have repositioned Renren to be a real-name mobile social network
with communication services, focused on our core user base of
college students and the young generation. Overall, we have
streamlined our businesses and organizations, including divesting
Nuomi, in order to concentrate our resources on strengthening our
SNS foundation," said Joseph Chen,
Chairman and Chief Executive Office. "Looking into 2014, we will
further invest in our core business and cement our strength in
China's university and young user
demographics, a segment we have always served best. We aim to
continue to build the intrinsic value of our company assets that
can bring long-term, sustainable value to our shareholders."
Fourth Quarter 2013 Results
Total net revenues for the fourth quarter of 2013 were
US$30.7 million, representing a 29.1%
decrease from the corresponding period in 2012.
Renren net revenues were US$15.1
million, representing a 13.7% decrease from the
corresponding period of 2012. Within Renren net revenues, online
advertising revenues were US$10.2
million for the fourth quarter of 2013, a 17.9% decrease
from the corresponding period of 2012. The decrease was due to
increasing competition and the continuing migration of our traffic
from PC to mobile. The number of accumulated activated users on
Renren.com increased from approximately 178 million as of
December 31, 2012 to approximately
206 million as of December 31, 2013.
Monthly unique log-in users decreased from approximately 56 million
in December 2012 to approximately 45
million in December 2013. Internet
Value-Added Services (IVAS) revenues were US$4.9 million, representing a 3.8% decrease from
the corresponding period in 2012.
Game net revenues were US$15.6
million for the fourth quarter of 2013, a 39.6% decrease
from the corresponding period of 2012. The decrease was due to
previously launched games reaching mature stages.
Cost of revenues was US$17.7
million, a 1.3% increase from the corresponding period of
2012.
Operating expenses were US$55.5
million, a 14.5% increase from the corresponding period of
2012.
Selling and marketing expenses were US$19.6 million, a 38.8% increase from the
corresponding period of 2012. The increase was primarily due to the
increased marketing related expenses and promotions for Renren
branding campaigns.
Research and development expenses were US$17.8 million, a 24.9% decrease from the
corresponding period in 2012. The decrease was primarily due to
headcount reduction and decrease in personnel related expense.
General and administrative expenses were US$14.4 million, a 35.3% increase from the
corresponding period in 2012. The increase was primarily due
to expanded business operations.
Restructuring costs were US$3.5
million, representing the one-time gaming business
restructuring cost that occurred during the reporting quarter.
Share-based compensation expenses, which were all
included in operating expenses, were US$3.2
million, compared to US$4.0
million in the corresponding period in 2012.
Operating loss was US$42.6
million, compared to an operating loss of US$22.7 million in the corresponding period in
2012.
Net income attributable to the Company was US$101.5 million, compared to a net loss of
US$21.1 million in the corresponding
period in 2012. This was primarily due to the US$132.7 million gain from the deconsolidation of
subsidiaries.
Adjusted net income (non-GAAP) was US$105.4 million, compared to a net loss of
US$16.7 million in the corresponding
period in 2012. This was primarily due to the US$132.7 million gain from the deconsolidation of
subsidiaries. Adjusted net income (loss) is defined as net income
(loss) excluding share-based compensation expenses, amortization of
intangible assets and impairment of intangible assets.
Fiscal Year 2013 Results
Total net revenues in 2013 were US$156.7 million, a 1.8% decrease from 2012.
Renren net revenues in 2013 were US$71.2 million, representing a 1.5% increase
from 2012. Within Renren net revenues, online advertising
revenues were US$50.1 million in
2013, a 6.4% decrease from 2012. The decrease in advertising
revenues was due to the continuing migration of our traffic from PC
to mobile coupled with increasing competition. Internet
Value-Added Services (IVAS) revenues were US$21.1 million for 2013, representing a 26.8%
increase from 2012. The increase was largely due to increased
revenue from Woxiu, our virtual talent show service on 56.com.
Game net revenues in 2013 were US$85.5 million, a 4.5% decrease from 2012. The
decrease was due to previously launched games reaching mature
stages.
Cost of revenues in 2013 was US$68.7 million, a 5.6% increase from 2012.
Gross profit in 2013 was US$88.0
million, a 7.0% decrease from US$94.6
million in 2012. Gross margin in 2013 was 56.2%, compared to
59.2% in 2012. The decrease was mostly due to higher cost of
revenues.
Operating expenses in 2013 were US$201.7 million, a 27.0% increase from 2012.
Selling and marketing expenses in 2013 were US$66.4 million, a 32.7% increase from 2012,
primarily due to increased promotional expenses for our games, as
well as increased sales and promotional expenses for 56.com.
Research and development expenses in 2013 were
US$80.5 million, a 9.3% increase from
2012, primarily due to personnel related expense increases. Our
mobile-related investments contributed a significant part of our
R&D expense increase for 2013.
General and administrative expenses in 2013 were
US$51.0 million, a 45.6% increase
from 2012, primarily due to expanded business operations.
Share-based compensation expenses in 2013, which were all
included in the operating expenses, were US$16.1 million, compared to US$10.9 million in 2012. The increase was mainly
due to additional share-based incentive awards granted to employees
and directors.
Operating loss in 2012 was US$113.7 million, compared to US$64.2 million operating loss in 2012.
Net income attributable to the Company in 2013 was
US$64.4 million, compared to a net
loss of US$75.0 million in 2012. This
was primarily due to the US$132.7
million gain in the fourth quarter of 2013 from the
deconsolidation of subsidiaries.
Adjusted net income (non-GAAP) in 2013 was US$82.3 million, compared to a net loss of
US$61.9 million in 2012. This was
primarily due to the US$132.7 million
gain in the fourth quarter of 2013 from the deconsolidation of
subsidiaries. Adjusted net income (loss) is defined as net income
(loss) excluding share-based compensation expenses, amortization of
intangible assets and impairment of intangible assets.
Share Repurchase Program
On June 28, 2013, the Company
announced a new share repurchase program to repurchase up to
US$100 million of its ADSs and
shares. During the fourth quarter of 2013, Renren repurchased
approximately 4.9 million ADSs.
Business Outlook
The Company expects to generate revenues in an amount ranging
from US$23 million to US$25 million
in the first quarter of 2014, representing 40% to 45%
year-over-year decline. This forecast reflects Renren's current and
preliminary view, which is subject to change.
Conference Call Information
Management will host an earnings conference call at 9:00 p.m. Eastern Time on Tuesday, March 18, 2014 (Beijing/Hong Kong Time: 9:00 a.m., Wednesday,
March 19, 2014).
Interested parties may participate in the conference call by
dialing the numbers below and entering passcode 10-15 minutes prior
to the initiation of the call.
Dial-in Information:
US: +1 845-675-0437
Hong Kong: +852-2475-0994
China: +86 800-819-0121
International: + 65-6723-9381
Passcode: Renren
A replay of the call will be available for one week and dial-in
information is as follows:
International: + 61 2-8199-0299
Passcode: 8534488
This call will be webcast live and the replay will be available
on Renren's corporate web site at http://ir.renren-inc.com for 12
months.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading real name social
networking internet platform in China. It enables users to connect and
communicate with each other, share information and user generated
content, play online games, watch videos and enjoy a wide range of
other features and services. Renren's businesses primarily include
the main social networking website Renren.com, the game development
and operating platform Renren Games, and the user-generated content
focused video sharing website 56.com. Renren.com had approximately
206 million activated users as of December
31, 2013. Renren's American depositary shares, each of which
represents three Class A ordinary shares, trade on NYSE under the
symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook for the first quarter of 2014 and quotations
from management in this announcement, as well as Renren's strategic
and operational plans, contain forward-looking statements. Renren
may also make written or oral forward-looking statements in its
filings with the U.S. Securities and Exchange Commission ("SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Renren's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the social networking site
market in China; our expectations
regarding demand for and market acceptance of our services; our
expectations regarding the retention and strengthening of our
relationships with key advertisers and customers; our plans to
enhance user experience, infrastructure and service offerings;
competition in our industry in China; and relevant government policies and
regulations relating to our industry. Further information regarding
these and other risks is included in our annual report on Form 20-F
and other documents filed with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and Renren does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
About Non-GAAP Financial Measures
To supplement Renren's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Renren uses "adjusted net income (loss)" which
is defined as "a non-GAAP financial measure" by the SEC, in
evaluating its business. We define adjusted net income (loss) as
net income (loss) excluding share-based compensation expenses,
amortization of intangible assets and impairment of intangible
assets. We present adjusted net income (loss) because it is used by
our management to evaluate our operating performance. We also
believe that this non-GAAP financial measure provide useful
information to investors and others in understanding and evaluating
our consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods and to those of our peer companies.
The presentation of this non-GAAP financial measure is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Reconciliation of
non-GAAP results of operations measures to the comparable GAAP
financial measures" at the end of this release.
For more information, please contact:
Sam Lawn
Investor Relations Director
Renren Inc.
Tel: (86 10) 8448 1818 ext 1300
Email: ir@renren-inc.com
RENREN
INC.
|
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
|
|
(Amounts in US
dollars, in thousands, except shares,
|
|
December 31,
|
|
|
December 31,
|
per shares, ADS, and
per ADS data)
|
|
2012
|
|
|
2013
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
207,438
|
|
$
|
154,308
|
Term
deposits
|
|
|
550,000
|
|
|
492,699
|
Short-term
investments
|
|
|
147,045
|
|
|
301,995
|
Accounts and
notes receivable, net
|
|
|
18,402
|
|
|
15,958
|
Prepaid
expenses and other current assets
|
|
|
29,591
|
|
|
34,080
|
Amounts due
from related parties
|
|
|
258
|
|
|
62,411
|
|
|
|
|
|
|
|
Total
current assets
|
|
|
952,734
|
|
|
1,061,451
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Equipment and
property, net
|
|
|
32,355
|
|
|
58,560
|
Intangible
assets, net
|
|
|
26,820
|
|
|
27,397
|
Goodwill
|
|
|
59,673
|
|
|
61,407
|
Long-term
investments
|
|
|
107,597
|
|
|
168,350
|
Deferred tax
assets-noncurrent
|
|
|
—
|
|
|
4,972
|
Other
non-current assets
|
|
|
22,634
|
|
|
6,784
|
Total
non-current assets
|
|
|
249,079
|
|
|
327,470
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
1,201,813
|
|
$
|
1,388,921
|
|
|
|
|
|
|
|
LIABIILITIES
AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
36,743
|
|
$
|
10,170
|
Accrued
expenses and other payables
|
|
|
41,608
|
|
|
33,314
|
Amounts due to
related parties
|
|
|
77
|
|
|
61,062
|
Deferred
revenue and advance from customers
|
|
|
10,668
|
|
|
8,639
|
Income tax
payable
|
|
|
1,023
|
|
|
2,077
|
Total
current liabilities
|
|
|
90,119
|
|
|
115,262
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Deferred tax
liabilities-noncurrent
|
|
|
6,564
|
|
|
3,235
|
Other
non-current liabilities
|
|
|
—
|
|
|
156
|
|
|
|
|
|
|
|
Total
non-current liabilities
|
|
|
6,564
|
|
|
3,391
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
96,683
|
|
|
118,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
Class A
ordinary shares
|
|
|
730
|
|
|
790
|
Class B
ordinary shares
|
|
|
403
|
|
|
305
|
Additional
paid-in capital
|
|
|
1,319,044
|
|
|
1,285,533
|
Subscription
receivable
|
|
|
(229)
|
|
|
—
|
Statutory
reserves
|
|
|
6,712
|
|
|
6,712
|
Accumulated
deficit
|
|
|
(261,459)
|
|
|
(197,022)
|
Accumulated
other comprehensive income
|
|
|
39,714
|
|
|
173,827
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
|
1,104,915
|
|
|
1,270,145
|
|
|
|
|
|
|
|
Noncontrolling
Interests
|
|
|
215
|
|
|
123
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
1,105,130
|
|
|
1,270,268
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
|
$
|
1,201,813
|
|
$
|
1,388,921
|
RENREN
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the
Twelve Months Ended
|
(Amounts in US
dollars, in thousands, except shares,
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
December
31,
|
|
|
December
31,
|
per shares, ADS, and
per ADS data)
|
2012
|
|
|
2013
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renren
|
|
$
|
17,538
|
|
$
|
20,682
|
|
$
|
15,129
|
|
$
|
70,180
|
|
$
|
71,218
|
Game
|
|
|
25,762
|
|
|
20,423
|
|
|
15,557
|
|
|
89,455
|
|
|
85,473
|
Total net
revenues
|
|
|
43,300
|
|
|
41,105
|
|
|
30,686
|
|
|
159,635
|
|
|
156,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(17,501)
|
|
|
(17,111)
|
|
|
(17,737)
|
|
|
(65,063)
|
|
|
(68,696)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
25,799
|
|
|
23,994
|
|
|
12,949
|
|
|
94,572
|
|
|
87,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
(14,129)
|
|
|
(15,441)
|
|
|
(19,610)
|
|
|
(50,078)
|
|
|
(66,443)
|
Research and
development
|
|
|
(23,753)
|
|
|
(19,922)
|
|
|
(17,843)
|
|
|
(73,647)
|
|
|
(80,530)
|
General and
administrative
|
|
|
(10,649)
|
|
|
(13,373)
|
|
|
(14,409)
|
|
|
(35,032)
|
|
|
(50,999)
|
Impairment of
intangible assets
|
|
|
—
|
|
|
—
|
|
|
(208)
|
|
|
—
|
|
|
(208)
|
Restructuring
costs
|
|
|
—
|
|
|
—
|
|
|
(3,475)
|
|
|
—
|
|
|
(3,475)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
|
(48,531)
|
|
|
(48,736)
|
|
|
(55,545)
|
|
|
(158,757)
|
|
|
(201,655)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(22,732)
|
|
|
(24,742)
|
|
|
(42,596)
|
|
|
(64,185)
|
|
|
(113,660)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
161
|
|
|
172
|
|
|
603
|
|
|
2,446
|
|
|
1,039
|
Exchange gain
(loss) on offshore bank accounts
|
|
|
—
|
|
|
88
|
|
|
1,036
|
|
|
(1,769)
|
|
|
1,476
|
Interest
income
|
|
|
3,375
|
|
|
3,078
|
|
|
2,888
|
|
|
20,040
|
|
|
12,756
|
Realized gain
on short-term investments
|
|
|
770
|
|
|
31,789
|
|
|
9,754
|
|
|
4,317
|
|
|
56,760
|
Impairment loss
of short-term investments
|
|
|
—
|
|
|
—
|
|
|
(2,098)
|
|
|
—
|
|
|
(2,098)
|
Impairment of
equity method investments
|
|
|
—
|
|
|
—
|
|
|
(23,025)
|
|
|
—
|
|
|
(23,025)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before provision of income tax, earnings (loss) in
equity method investments and noncontrolling
interest, net of
income taxes
|
|
|
(18,426)
|
|
|
10,385
|
|
|
(53,438)
|
|
|
(39,151)
|
|
|
(66,752)
|
Income tax
benefit (expenses)
|
|
|
(498)
|
|
|
12
|
|
|
7,054
|
|
|
(920)
|
|
|
7,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before earnings (loss) in equity method
investments and noncontrolling interest, net of
income taxes
|
|
|
(18,924)
|
|
|
10,397
|
|
|
(46,384)
|
|
|
(40,071)
|
|
|
(59,299)
|
Earnings (loss)
in equity method investments, net of income taxes
|
|
|
3,411
|
|
|
(24,251)
|
|
|
17,974
|
|
|
(7,471)
|
|
|
20,317
|
Loss from
continuing operations
|
|
|
(15,513)
|
|
|
(13,854)
|
|
|
(28,410)
|
|
|
(47,542)
|
|
|
(38,982)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operation of discontinued operations, net of
income taxes
|
|
|
(5,585)
|
|
|
(10,797)
|
|
|
(2,720)
|
|
|
(27,511)
|
|
|
(29,337)
|
Gain on
deconsolidation of subsidiaries
|
|
|
—
|
|
|
—
|
|
|
132,665
|
|
|
—
|
|
|
132,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
(21,098)
|
|
|
(24,651)
|
|
|
101,535
|
|
|
(75,053)
|
|
|
64,346
|
Add: Net loss
attributable to noncontrolling interests, net of
income taxes
|
|
|
14
|
|
|
17
|
|
|
—
|
|
|
27
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Renren Inc.
|
|
$
|
(21,084)
|
|
$
|
(24,634)
|
|
$
|
101,535
|
|
$
|
(75,026)
|
|
$
|
64,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
0.09
|
|
$
|
(0.07)
|
|
$
|
0.06
|
Net loss per
ADS, basic
|
|
$
|
(0.06)
|
|
$
|
(0.07)
|
|
$
|
0.28
|
|
$
|
(0.20)
|
|
$
|
0.17
|
Net loss per
share, diluted
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
0.09
|
|
$
|
(0.07)
|
|
$
|
0.06
|
Net loss per
ADS, diluted
|
|
$
|
(0.06)
|
|
$
|
(0.07)
|
|
$
|
0.27
|
|
$
|
(0.20)
|
|
$
|
0.17
|
Shares used in
computation, basic
|
|
|
1,130,402,052
|
|
|
1,107,127,544
|
|
|
1,106,742,708
|
|
|
1,151,659,545
|
|
|
1,118,091,879
|
ADS used in
computation, basic
|
|
|
376,800,684
|
|
|
369,042,515
|
|
|
368,914,236
|
|
|
383,886,515
|
|
|
372,697,293
|
Shares used in
computation, diluted
|
|
|
1,130,402,052
|
|
|
1,107,127,544
|
|
|
1,117,484,147
|
|
|
1,151,659,545
|
|
|
1,130,739,922
|
ADS used in
computation, diluted
|
|
|
376,800,684
|
|
|
369,042,515
|
|
|
372,494,716
|
|
|
383,886,515
|
|
|
376,913,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP results of
operations measures to the comparable GAAP financial
measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Twelve Months Ended
|
(Amounts in US
dollars, in thousands)
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
December
31,
|
|
|
December
31,
|
2012
|
|
|
2013
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(21,098)
|
|
$
|
(24,651)
|
|
$
|
101,535
|
|
$
|
(75,053)
|
|
$
|
64,346
|
Add back:
Shared-based compensation expenses
|
|
|
4,005
|
|
|
4,533
|
|
|
3,188
|
|
|
10,897
|
|
|
16,138
|
Add back:
Amortization of intangible assets
|
|
|
413
|
|
|
394
|
|
|
456
|
|
|
2,255
|
|
|
1,618
|
Add back:
Impairment of intangible assets
|
|
|
—
|
|
|
—
|
|
|
208
|
|
|
—
|
|
|
208
|
Adjusted net
income (loss)
|
|
$
|
(16,680)
|
|
$
|
(19,724)
|
|
$
|
105,387
|
|
$
|
(61,901)
|
|
$
|
82,310
|
SOURCE Renren Inc.