BEIJING, Aug. 30, 2017 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), which operates a social
networking service and internet finance business in China, today announced its unaudited financial
results for the second quarter ended June
30, 2017.
Second Quarter 2017 Highlights
- Total net revenues were US$22.3
million, a 55.4% increase from the corresponding period in
2016.
-
- Advertising and Internet Value-Added Services (IVAS) net
revenues were US$12.7 million, a
67.9% increase from the corresponding period in 2016.
- Financing income was US$8.6
million, a 26.0% increase from the corresponding period in
2016.
- Used car sales revenue was US$1.0
million.
- Gross profit was US$5.0
million, compared to US$1.3
million in the corresponding period of 2016.
- Operating loss was US$15.5
million, compared to an operating loss of US$18.8 million in the corresponding period in
2016.
- Net loss attributable to the Company was US$17.2 million, compared to a net loss of
US$46.1 million in the corresponding
period in 2016.
- Adjusted net loss (1) (non-GAAP) was US$12.0 million, compared to an adjusted net loss
of US$40.6 million in the
corresponding period in 2016.
(1)
Adjusted net (loss) income is a non-GAAP measure, which is defined
as net (loss) income excluding share-based compensation expenses
and amortization of intangible assets. See "About Non-GAAP
Financial Measures" below.
|
Second Quarter 2017 Results
Total net revenues for the second quarter of 2017 were
US$22.3 million, representing a 55.4%
increase from the corresponding period in 2016.
Advertising and IVAS net revenues were US$12.7 million, representing a 67.9% increase
from the corresponding period of 2016. Advertising revenues
were US$0.1 million for the second
quarter of 2017. IVAS revenues were US$12.6 million, representing an 86.7% increase
from the corresponding period in 2016. The increase was mainly due
to the revenue from our Renren mobile live streaming service.
Monthly unique log-in users of the Renren SNS platform decreased
from approximately 35 million in June 2016 to
approximately 34 million in June
2017. Login users' monthly average time spent increased
23.9% year-over-year.
Financing income was US$8.6
million for the second quarter of 2017, compared to
US$6.8 million in the corresponding
period of 2016. The increase was in line with the increase of
financing receivable from US$207.2
million as of June 30, 2016 to
US$238.6 million as of June 30, 2017.
Used car sales revenue of US$1.0
million was generated through one of our subsidiaries
conducting a used car trading business, which is a new business
that we initiated in the second quarter of 2017.
Cost of revenues was US$17.4
million, a 32.5% increase from the corresponding period of
2016.
Operating expenses were US$20.4
million, a 1.7% increase from the corresponding period of
2016.
Selling and marketing expenses were US$6.0 million, a 15.2% increase from the
corresponding period of 2016. The increase was primarily due to an
increase in advertising and promotion expenses.
Research and development expenses were US$4.6 million, compared to US$4.6 million in the corresponding period in
2016.
General and administrative expenses were US$9.8 million, a 4.4% decrease from the
corresponding period in 2016.
Share-based compensation expenses, which were all
included in operating expenses, were US$5.2
million, compared to US$5.5
million in the corresponding period in 2016.
Operating loss was US$15.5
million, compared to an operating loss of US$18.8 million in the corresponding period in
2016.
Non-operating loss was US$62.8
million, compared to a loss of US$28.3 million in the corresponding period in
2016. Non-operating loss for the second quarter of 2017 was mainly
due to a US$61.0 million impairment
on long-term investments.
Earnings in equity method investments were US$61.7 million, compared to earnings of
US$1.4 million in the corresponding
period in 2016. Earnings in equity method investment for the second
quarter of 2017 mainly included a US$58.3
million gain on disposal of certain shares of Social Finance
Inc.
Net loss attributable to the Company was US$17.2 million, compared to a net loss of
US$46.1 million in the corresponding
period in 2016.
Adjusted net loss (non-GAAP) was US$12.0 million, compared to an adjusted net loss
of US$40.6 million in the
corresponding period in 2016. Adjusted net loss is defined as loss excluding share-based
compensation expenses and amortization of intangible assets.
Business Outlook
The Company expects to generate revenues in an amount ranging
from US$60 million to US$65 million
in the third quarter of 2017, representing a 235.5% to 263.4%
year-over-year increase. The increase is expected to be primarily
due to revenue from used car sales through one of our subsidiaries
that is now conducting a used car trading business. This forecast
reflects Renren's current and preliminary view, which is subject to
change.
Updates on Proposed Transactions
As described in the Company's most recent annual report on Form
20-F, filed on May 15, 2017, the
Company is continuing to pursue its plan to dispose of a newly
formed subsidiary (the "Subsidiary") that would hold its
advertising agency business and most of its investments in minority
stakes in its investee companies. The plan is intended primarily to
address the risk that the Company could be deemed to be an
investment company as defined under the Investment Company Act of
1940.
When the plan was initially announced last year, the Company
expected to dispose of the Subsidiary by means of a distribution of
rights by the Company to all of its shareholders on a pro rata
basis in proportion to their shareholding in the Company. These
rights would have allowed shareholders that were both (i)
"qualified purchasers" under the Investment Company Act and (ii)
"accredited investors" under the Securities Exchange Act of 1934 to
elect to receive either shares of the newly formed Subsidiary
("Subsidiary Shares") or a cash dividend based on the value of the
Subsidiary Shares. Non-qualified shareholders or qualified
shareholders not electing to receive Subsidiary Shares would
receive the cash dividend. To help fund payment of the cash
dividend, the Company's board of directors considered a preliminary
non-binding proposal from Mr. Joseph
Chen, Mr. James Jian Liu and
SoftBank Group Capital Limited, each a Company affiliate, to
purchase for cash those Subsidiary Shares that would not be
distributed to shareholders. To consider the plan and the related
offer from the affiliates, the Company's board of directors formed
a special committee which, in turn, retained its own financial
advisor and counsel to advise it.
In its most recent Form 20-F, the Company announced that the
special committee was considering a revised plan. Since then,
although many of the previous elements remain unchanged, the
Company has further revised the plan. Subject to potential change
and refinement, this further revised plan (the "Plan") includes the
following elements:
- The transfer of most of the Company's investments in minority
stakes in its investee companies, including all of its shares of
Social Finance Inc., to the Subsidiary;
- The transfer of the Company's advertising agency business
(conducted by Beijing Zhenzhong Interactive Information Technology
Co., Ltd.) to the Subsidiary;
- The declaration of a special cash dividend to all Company
shareholders (the "Dividend"), with the amount to be determined as
described below;
- An offer of Subsidiary Shares in a private placement to
qualified Company shareholders (i.e., those Company shareholders
that are both (i) "qualified purchasers" under the Investment
Company Act and (ii) "accredited investors" under the Securities
Exchange Act) on a pro rata basis in proportion to their
shareholding in the Company, in exchange for a waiver by those
shareholders of their pro rata share of the Dividend as payment for
the Subsidiary Shares (the "Private Placement");
- At the closing of the Private Placement, the transfer of 100%
of the Subsidiary Shares to those qualified Company shareholders
opting to acquire Subsidiary Shares in exchange for waiving their
pro rata right to the Dividend; and
- At the earliest practicable time after the closing of the
Private Placement, the payment of the Dividend to those
shareholders of the Company that have not waived it.
The amount of the Dividend will be based on or influenced by,
among other things, the Subsidiary's valuation at the time of the
Private Placement, the percentage of Company shareholders opting to
waive their share of the Dividend in exchange for Subsidiary
Shares, and the cash available to the Company to fund the Dividend.
At this time, based on the holdings of its largest affiliated
shareholders, the Company expects shareholders holding at least 75%
of its outstanding shares will elect to purchase Subsidiary Shares
in the Private Placement.
Although the Company plans to carry out the Plan as soon as
practicable, timing depends on a number of factors, many of which
are at least partially outside of the Company's control.
The Company must secure adequate financing to carry out the
Plan. Since the filing of the Company's most recent Form 20-F, the
principle change to the Plan relates to the manner of funding the
Dividend and the working capital needs of the Subsidiary. The
Company has been negotiating with SoftBank Group Corp., the parent
company of SB Pan Pacific Corporation, one of the Company's largest
shareholders, for a loan to the Subsidiary. It is anticipated that
the Subsidiary will transfer an agreed amount of cash to the
Company in connection with the transfer of assets to the
Subsidiary. This cash, together with cash that the Company
has on hand (including proceeds from the previously announced sale
of shares of Social Finance Inc. in April
2017), will help finance payment of the Dividend. The key
commercial terms for this loan have been substantially agreed
between the parties, subject to the approval of the special
committee.
The Company must properly transfer its advertising agency
business and most of its investments in minority stakes in its
investee companies to the Subsidiary as part of the Plan. In 2015,
the Company received a loan from a financial institution to finance
its purchase of additional shares of Social Finance Inc., which
shares were and still are pledged as collateral to the lender. The
pledged shares, together with the corresponding loan obligations,
are intended to transfer to the Subsidiary as part of the Plan. The
Company has been negotiating an agreement with the lender to permit
this share transfer and debt assumption. The key commercial terms
for this agreement also have been substantially agreed between the
parties, subject to the approval of the special committee.
In addition, the Plan remains subject to the approval of the
special committee of the Company's board of directors, which will
make the final determination as to whether the Company will carry
out the Plan in the proposed form or in any other form, or carry
out a different transaction or no transaction at all. The special
committee, with the assistance of its financial advisor, will
assess the fairness of the Dividend to be paid to shareholders of
the Company who are not acquiring Subsidiary Shares in the Private
Placement. The terms of the Plan also remain subject to the
approval of SoftBank Group Corp.in accordance with the Company's
articles of association.
If the valuation of the assets for purposes of the transaction
is lower than the book value at closing, then the Company will have
a loss on disposal of those assets. However, the
existence or amount of any such loss can not be determined until
the special committee concludes the valuation of those assets with
the assistance of its financial advisor. The Company will provide
further guidance on any such loss at a later date.
Conference Call Information
The Company will not host a conference call. Please contact our
Investor Relations Department if you have any questions.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a social networking service
(SNS) and an internet finance business in China. Our SNS enables users to connect and
communicate with each other, share photos and access mobile live
streaming. Our internet finance business includes primarily auto
financing. Renren.com and our Renren mobile application had
approximately 251 million activated users as of June 30, 2017. Renren's American depositary
shares, each of which represents fifteen Class A ordinary shares,
trade on the 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 third quarter of 2017 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 and
amortization 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:
Cynthia Liu
Investor Relations Department
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,
|
|
June
30,
|
per share, ADS, and
per ADS data)
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
79,370
|
|
$
|
136,750
|
Restricted
Cash
|
|
|
30,390
|
|
|
76,408
|
Short-term
investments
|
|
|
410
|
|
|
-
|
Accounts and
notes receivable, net
|
|
|
4,702
|
|
|
8,186
|
Financing
receivable, net
|
|
|
301,773
|
|
|
238,607
|
Prepaid
expenses and other current assets
|
|
|
20,749
|
|
|
33,930
|
Amounts due
from related parties
|
|
|
13,419
|
|
|
15,008
|
Inventory
|
|
|
-
|
|
|
14,429
|
Total current
assets
|
|
|
450,813
|
|
|
523,318
|
Non-current
assets:
|
|
|
|
|
|
|
Long-term
financing receivable, net
|
|
|
330
|
|
|
37
|
Property and
equipment, net
|
|
|
28,666
|
|
|
28,708
|
Long-term
investments
|
|
|
695,348
|
|
|
614,626
|
Other
non-current assets
|
|
|
1,687
|
|
|
1,345
|
Total
non-current assets
|
|
|
726,031
|
|
|
644,716
|
TOTAL
ASSETS
|
|
$
|
1,176,844
|
|
$
|
1,168,034
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
5,561
|
|
$
|
7,730
|
Short-term
debt
|
|
|
37,202
|
|
|
89,003
|
Accrued
expenses and other current liabilities
|
|
|
19,781
|
|
|
21,831
|
Payable to
investors
|
|
|
182,951
|
|
|
214,662
|
Amounts due to
related parties
|
|
|
10,914
|
|
|
10,899
|
Deferred
revenue and advance from customers
|
|
|
5,954
|
|
|
5,072
|
Income tax
payable
|
|
|
7,860
|
|
|
9,497
|
Total
current liabilities
|
|
|
270,223
|
|
|
358,694
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Long-term
debt
|
|
|
95,390
|
|
|
80,631
|
Long-term
payable to investors
|
|
|
59,916
|
|
|
-
|
Other
non-current liabilities
|
|
|
12,849
|
|
|
15,320
|
Total
non-current liabilities
|
|
|
168,155
|
|
|
95,951
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
438,378
|
|
|
454,645
|
Shareholders' Equity:
|
|
|
|
|
|
|
Class A
ordinary shares
|
|
|
720
|
|
|
724
|
Class B
ordinary shares
|
|
|
305
|
|
|
305
|
Additional
paid-in capital
|
|
|
1,266,592
|
|
|
1,276,965
|
Statutory
reserves
|
|
|
6,712
|
|
|
6,712
|
Accumulated
deficit
|
|
|
(542,746)
|
|
|
(576,119)
|
Accumulated
other comprehensive income
|
|
|
6,883
|
|
|
4,802
|
TOTAL
EQUITY
|
|
|
738,466
|
|
|
713,389
|
TOAL
LIABILITIES AND EQUITY
|
|
$
|
1,176,844
|
|
$
|
1,168,034
|
RENREN
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
(Amounts in US
dollars, in thousands, except shares,
|
|
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
per shares, ADS, and
per ADS data)
|
|
|
2016
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and
IVAS
|
|
|
$
|
7,583
|
|
$
|
11,599
|
|
$
|
12,731
|
|
$
|
13,681
|
|
$
|
24,330
|
Financing
income
|
|
|
|
6,792
|
|
|
9,347
|
|
|
8,559
|
|
|
11,473
|
|
|
17,906
|
Used car
sales
|
|
|
|
-
|
|
|
-
|
|
|
1,042
|
|
|
-
|
|
|
1,042
|
Total net
revenues
|
|
|
|
14,375
|
|
|
20,946
|
|
|
22,332
|
|
|
25,154
|
|
|
43,278
|
Cost of
revenues
|
|
|
|
(13,118)
|
|
|
(14,499)
|
|
|
(17,376)
|
|
|
(21,532)
|
|
|
(31,875)
|
Gross
profit
|
|
|
|
1,257
|
|
|
6,447
|
|
|
4,956
|
|
|
3,622
|
|
|
11,403
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
|
(5,222)
|
|
|
(6,148)
|
|
|
(6,017)
|
|
|
(9,841)
|
|
|
(12,165)
|
Research and
development
|
|
|
|
(4,610)
|
|
|
(5,784)
|
|
|
(4,611)
|
|
|
(9,949)
|
|
|
(10,395)
|
General and
administrative
|
|
|
|
(10,238)
|
|
|
(12,112)
|
|
|
(9,784)
|
|
|
(21,822)
|
|
|
(21,896)
|
Total
operating expenses
|
|
|
|
(20,070)
|
|
|
(24,044)
|
|
|
(20,412)
|
|
|
(41,612)
|
|
|
(44,456)
|
Loss from
operations
|
|
|
|
(18,813)
|
|
|
(17,597)
|
|
|
(15,456)
|
|
|
(37,990)
|
|
|
(33,053)
|
Other income
(expenses)
|
|
|
|
8,401
|
|
|
(6)
|
|
|
477
|
|
|
11,333
|
|
|
471
|
Interest
income
|
|
|
|
252
|
|
|
315
|
|
|
371
|
|
|
490
|
|
|
686
|
Interest
expenses
|
|
|
|
(2,681)
|
|
|
(2,305)
|
|
|
(2,379)
|
|
|
(5,960)
|
|
|
(4,684)
|
Realized gain
(loss) on short-term investments
|
|
|
|
698
|
|
|
100
|
|
|
(201)
|
|
|
581
|
|
|
(101)
|
Impairment of
long term investments
|
|
|
|
(35,000)
|
|
|
-
|
|
|
(61,021)
|
|
|
(35,000)
|
|
|
(61,021)
|
Total
non-operating loss
|
|
|
|
(28,330)
|
|
|
(1,896)
|
|
|
(62,753)
|
|
|
(28,556)
|
|
|
(64,649)
|
Loss before
provision of income tax and
loss in equity method investments, net of
tax
|
|
|
|
(47,143)
|
|
|
(19,493)
|
|
|
(78,209)
|
|
|
(66,546)
|
|
|
(97,702)
|
Income tax
expenses
|
|
|
|
(364)
|
|
|
(780)
|
|
|
(688)
|
|
|
(946)
|
|
|
(1,468)
|
Loss before
income (loss) in equity method
investments, net of tax
|
|
|
|
(47,507)
|
|
|
(20,273)
|
|
|
(78,897)
|
|
|
(67,492)
|
|
|
(99,170)
|
Income (loss)
in equity method investments, net
of tax
|
|
|
|
1,409
|
|
|
4,095
|
|
|
61,702
|
|
|
(10,457)
|
|
|
65,797
|
Loss from
continuing operations
|
|
|
|
(46,098)
|
|
|
(16,178)
|
|
|
(17,195)
|
|
|
(77,949)
|
|
|
(33,373)
|
Discontinued
operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations of discontinued
operations, net of income tax
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
391
|
|
|
-
|
Gain on
deconsolidation of the subsidiaries, net
of income tax
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8,310
|
|
|
-
|
Income from
discontinued operations, net
of tax
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8,701
|
|
|
-
|
Net loss
attributable to noncontrolling interests
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Net loss
attributable to Renren Inc.
|
|
|
$
|
(46,098)
|
|
$
|
(16,178)
|
|
$
|
(17,195)
|
|
$
|
(69,248)
|
|
$
|
(33,373)
|
Net loss per
share from continuing operations
attributable to Renren Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.05)
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
(0.08)
|
|
$
|
(0.03)
|
Diluted
|
|
|
$
|
(0.05)
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
(0.08)
|
|
$
|
(0.03)
|
Net income per
share from discontinued operations
attributable to Renren Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
0.01
|
|
$
|
-
|
Diluted
|
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
0.01
|
|
$
|
-
|
Net loss per
share attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.05)
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
(0.07)
|
|
$
|
(0.03)
|
Diluted
|
|
|
$
|
(0.05)
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
|
$
|
(0.07)
|
|
$
|
(0.03)
|
Net loss per
share attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.68)
|
|
$
|
(0.24)
|
|
$
|
(0.25)
|
|
$
|
(1.02)
|
|
$
|
(0.49)
|
Diluted
|
|
|
$
|
(0.68)
|
|
$
|
(0.24)
|
|
$
|
(0.25)
|
|
$
|
(1.02)
|
|
$
|
(0.49)
|
Weighted
average number of shares used in
calculating net loss per ordinary share from
continuing operations attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,022,385,038
|
|
|
1,026,375,051
|
|
|
1,027,812,327
|
|
|
1,021,387,919
|
|
|
1,027,097,660
|
Diluted
|
|
|
|
1,022,385,038
|
|
|
1,026,375,051
|
|
|
1,027,812,327
|
|
|
1,021,387,919
|
|
|
1,027,097,660
|
Weighted
average number of shares used in
calculating net income per ordinary share from
discontinued operations attributable to Renren
Inc. shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,022,385,038
|
|
|
1,026,375,051
|
|
|
1,027,812,327
|
|
|
1,021,387,919
|
|
|
1,027,097,660
|
Diluted
|
|
|
|
1,022,385,038
|
|
|
1,026,375,051
|
|
|
1,027,812,327
|
|
|
1,021,387,919
|
|
|
1,027,097,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Each ADS
represents 15 Class A ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP results of
operations measures to the comparable GAAP financial
measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Six Months
Ended
|
(Amounts in US
dollars, in thousands)
|
|
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
2016
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
$
|
(46,098)
|
|
$
|
(16,178)
|
|
$
|
(17,195)
|
|
$
|
(69,248)
|
|
$
|
(33,373)
|
Add back:
Shared-based compensation expenses
|
|
|
|
5,457
|
|
|
5,143
|
|
|
5,169
|
|
|
12,661
|
|
|
10,312
|
Add back: Amortization of
intangible assets
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
21
|
|
|
-
|
Adjusted net
loss
|
|
|
$
|
(40,641)
|
|
$
|
(11,035)
|
|
$
|
(12,026)
|
|
$
|
(56,566)
|
|
$
|
(23,061)
|
View original
content:http://www.prnewswire.com/news-releases/renren-announces-unaudited-second-quarter-2017-financial-results-300511524.html
SOURCE Renren Inc.