BEIJING, Sept. 11, 2018 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), which operates a social
networking service (SNS) business, used auto business and SaaS
business, today announced its unaudited financial results for the
second quarter ended June 30,
2018.
Second Quarter 2018 Highlights
- Total net revenues were US$135.0
million, a 582% increase from the corresponding period in
2017.
- Used auto sales revenue was US$122.7 million. We
initiated used auto sales business through one of our subsidiaries
in the second quarter of 2017.
- Internet Value-Added Services (IVAS) and others net
revenues were US$12.1 million, an
18.6% increase from the corresponding period in 2017.
- Financing income was US$0.2 million, a 97.4% decrease
from the corresponding period in 2017.
- Gross profit was US$5.4
million, a 16.0% increase from the corresponding period in
2017.
- Operating loss was US$32.6
million, compared to an operating loss of US$15.1 million in the corresponding period in
2017.
- Net income (1) attributable to the Company was
US$166.1 million, compared to a net
loss of US$17.2 million in the
corresponding period in 2017.
- Adjusted loss from continuing operations
(2) (non-GAAP) was US$19.0
million, compared with an adjusted loss from continuing
operations of US$9.9 million in the
corresponding period in 2017.
- Adjusted net income (2) (non-GAAP) was
US$177.5 million, compared to an
adjusted net loss of US$12.0 million
in the corresponding period in 2017.
(1) On
April 30, 2018, the Company announced a series of transactions that
included a cash dividend by the Company and a private placement by
its subsidiary Oak Pacific Investment (the "Transaction"). The
Transaction was completed in June 2018. The operational results of
Oak Pacific Investment for the three months ended June 30, 2017,
March 31, 2018, and June 30, 2018, have been excluded from the
Company's financial results from continuing operations and have
been separately presented under discontinued operations. There was
a one-time gain amounting to US$180.8 million that resulted from
the Transaction and was not related to Renren's continued
operations post Transaction.
|
(2)
Adjusted loss from operations and net income (loss) are non-GAAP
measures, which are defined as loss from operations excluding
share-based compensation expenses and amortization of intangible
assets and net income (loss) excluding share-based compensation
expenses, fair value change of contingent consideration and
amortization of intangible assets, respectively. See "About
Non-GAAP Financial Measures" below.
|
"We are pleased that our revenues grew 582% year-over-year,
supported by the addition of our used auto retail business one year
ago. We have been able to leverage Renren's past experience in
integrating more technology into our auto business, including a
mobile app for consumers to browse for autos and purchase
value-added services, big data analytics to optimize procurement
and an auto dealership SaaS platform that improve efficiencies
in our dealership operations. Q2 also saw the disposition of
almost all of our investments in private companies. We believe
this will sharpen our management focus on our auto and SaaS
operating businesses as we strive to create sustainable shareholder
value for the long term," commented Joseph Chen, Chairman and
Chief Executive Officer.
Second Quarter 2018 Results
Total net revenues for the second quarter of 2018 were
US$135.0 million, representing a 582%
increase from the corresponding period in 2017, due to the launch
of the used auto retail business in the second quarter of 2017.
Used auto sales revenue of US$122.7 million was generated through one of our
subsidiaries conducting our used auto sales business, which is a
new business that we initiated in the second quarter of 2017.
IVAS and others net revenues were US$12.1 million, representing an 18.6% increase
from the corresponding period of 2017. The increase was mainly due
to the revenue from our Renren mobile live streaming service and
SaaS business.
Financing income was US$0.2
million for the second quarter of 2018, compared to
US$8.6 million in the corresponding
period of 2017. The decrease was in line with the decrease of
financing receivable due to the reformation of used auto dealership
financing services from US$238.6
million as of June 30, 2017 to
US$13.2 million as of June 30 2018.
Cost of revenues was US$129.6
million, compared to US$15.1
million from the corresponding period of 2017. The increase
was primarily due to the cost of used auto sales.
Operating expenses were US$38.0
million, a 92.6% increase from the corresponding period of
2017.
Selling and marketing expenses were US$9.9 million, an 81.4% increase from the
corresponding period of 2017. The increase was primarily due to the
increase in headcount and personnel related expenses for the used
auto sales business.
Research and development expenses were US$6.8 million, a 48.3% increase from the
corresponding period in 2017. The increase was primarily due to an
increase in headcount and personnel related expenses for the SaaS
business.
General and administrative expenses were US$21.3 million, a 120% increase from the
corresponding period in 2017. The increase was primarily due to an
increase in share-based compensation expenses.
Share-based compensation expenses, which were all
included in operating expenses, were US$13.5
million, compared to US$5.2
million in the corresponding period in 2017. The increase
was mainly due to a modification which repriced the exercise price
with respect to options.
Loss from operations was US$32.6
million, compared to a loss from operations of US$15.1 million in the corresponding period in
2017.
Loss in equity method investments was US$0.6 million, compared to earnings of
US$57.7 million in the corresponding
period in 2017.
Net income attributable to the Company was US$166.1 million, compared to a net loss of
US$17.2 million in the corresponding
period in 2017. The improvement was primarily due to a US$180.8 million one off gain recognized
resulting from the transaction the Company announced on
April 30, 2018.
Adjusted loss from continuing operations (non-GAAP) was
US$19.0 million, compared with an
adjusted loss from operations of US$9.9
million in the corresponding period in 2017. Adjusted loss
from operations is defined as loss from operations excluding
share-based compensation expenses and amortization of intangible
assets.
Adjusted net income (non-GAAP) was US$177.5 million, compared to an adjusted net
loss of US$12.0 million in the
corresponding period in 2017. The adjusted net income for the
second quarter of 2018 was mainly attributable to a one-time gain
amounting to US$180.8 million that
resulted from the foresaid Transaction. Adjusted net income (loss)
is defined as net income (loss) excluding share-based compensation
expenses, fair value change of contingent consideration and
amortization of intangible assets.
Business Outlook
The Company expects to generate revenues in an amount ranging
from US$123 million to US$128 million in the third quarter of 2018,
representing a 104.3% to 112.6% year-over-year increase. This
forecast reflects the Company's current and preliminary view, which
is subject to change.
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) business, used auto business and SaaS business.
Renren's American depositary shares, each of which represents
fifteen 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 third quarter of 2018 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 used auto dealerships; 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 income (loss) from
operations and net income (loss)" which are defined as "non-GAAP
financial measures" by the SEC, in evaluating its business. We
define adjusted income (loss) from operations as income (loss) from
operations excluding share-based compensation expenses and
amortization of intangible assets and adjusted net income (loss) as
net income (loss) excluding share-based compensation expenses, fair
value change of contingent consideration and amortization of
intangible assets, respectively. Renren continuously and
periodically reviews the operating results and business performance
from operational perspectives. Starting from the first quarter of
2018, there was a significant impact on net income (loss) due to
the material and significant noncash amount of fair value change of
contingent consideration relating to the used auto dealerships of
the emerging used auto business. Due to the nature of the business,
Renren believes that including adjusted income (loss) from
operations and excluding the impact of such fair value changes more
appropriately reflects Renren's results of operations, and provides
investors with a better understanding of Renren's business
performance. To facilitate investors and analysts, we present the
foresaid impact in "Reconciliation of non-GAAP results of
operations measures to the comparable GAAP financial measures"
retrospectively. We present adjusted income (loss) from operations
and net income (loss) because they are used by our management to
evaluate our operating performance. We also believe that these
non-GAAP financial measures 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.
These non-GAAP financial measures are 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.
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
|
|
|
|
(In thousands of US
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
June
30,
|
|
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
|
128,595
|
|
$
|
30,508
|
Restricted
cash
|
|
|
|
|
|
47,253
|
|
|
6,347
|
Accounts
receivable, net
|
|
|
|
|
|
6,260
|
|
|
1,423
|
Financing
receivable, net
|
|
|
|
|
|
125,478
|
|
|
13,225
|
Prepaid
expenses and other current assets
|
|
|
|
|
|
50,183
|
|
|
59,148
|
Amounts due
from related parties
|
|
|
|
|
|
15,224
|
|
|
6,708
|
Inventory,
net
|
|
|
|
|
|
95,012
|
|
|
75,215
|
Total
current assets
|
|
|
|
|
|
468,005
|
|
|
192,574
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Long-term
financing receivable, net
|
|
|
|
|
|
8
|
|
|
-
|
Property and
equipment, net
|
|
|
|
|
|
29,532
|
|
|
1,891
|
Goodwill and
intangible assets, net
|
|
|
|
|
|
104,197
|
|
|
124,168
|
Long-term
investments
|
|
|
|
|
|
565,366
|
|
|
35,565
|
Non-current
amount due from a related party
|
|
|
|
|
|
-
|
|
|
90,000
|
Other
non-current assets
|
|
|
|
|
|
27,056
|
|
|
41,218
|
Total
non-current assets
|
|
|
|
|
|
726,159
|
|
|
292,842
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
|
|
$
|
1,194,164
|
|
$
|
485,416
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
|
20,046
|
|
$
|
6,473
|
Short-term
debt
|
|
|
|
|
|
61,479
|
|
|
54,300
|
Accrued
expenses and other current liabilities
|
|
|
|
|
|
45,898
|
|
|
30,711
|
Payable to
investors
|
|
|
|
|
|
142,689
|
|
|
2,353
|
Amounts due to
related parties
|
|
|
|
|
|
17,746
|
|
|
3,545
|
Deferred
revenue and advance from customers
|
|
|
|
|
|
11,489
|
|
|
6,895
|
Income tax
payable
|
|
|
|
|
|
12,652
|
|
|
12,513
|
Contingent
consideration
|
|
|
|
|
|
5,944
|
|
|
7,812
|
Long-term debt
- current
|
|
|
|
|
|
52,604
|
|
|
-
|
Total
current liabilities
|
|
|
|
|
|
370,547
|
|
|
124,602
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
47,665
|
|
|
40,000
|
Long-term
contingent consideration
|
|
|
|
|
|
60,850
|
|
|
79,181
|
Other
non-current liabilities
|
|
|
|
|
|
6,356
|
|
|
-
|
Total
non-current liabilities
|
|
|
|
|
|
114,871
|
|
|
119,181
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
|
|
$
|
485,418
|
|
$
|
243,783
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
Class A
ordinary shares
|
|
|
|
|
|
727
|
|
|
731
|
Class B
ordinary shares
|
|
|
|
|
|
305
|
|
|
305
|
Additional
paid-in capital
|
|
|
|
|
|
1,303,117
|
|
|
703,619
|
Statutory
reserves
|
|
|
|
|
|
6,712
|
|
|
6,712
|
Accumulated
deficit
|
|
|
|
|
|
(653,173)
|
|
|
(511,708)
|
Accumulated
other comprehensive income
|
|
|
|
|
|
17,116
|
|
|
(2,178)
|
|
|
|
|
|
|
|
|
|
|
Total Renren
Inc. shareholders' equity
|
|
|
|
|
|
674,804
|
|
|
197,481
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
|
|
|
33,942
|
|
|
44,152
|
|
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
|
|
|
708,746
|
|
|
241,633
|
|
|
|
|
|
|
|
|
|
|
TOAL
LIABILITIES AND EQUITY
|
|
|
|
|
$
|
1,194,164
|
|
$
|
485,416
|
|
RENREN
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
(In thousands of US
dollars, except share data and per share data, ADS data, and per
ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
|
2017
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Used auto
sales
|
|
|
$
|
1,042
|
|
$
|
123,606
|
|
$
|
122,728
|
|
$
|
1,042
|
|
$
|
246,334
|
IVAS and
others
|
|
|
|
10,187
|
|
|
13,970
|
|
|
12,085
|
|
|
21,311
|
|
|
26,055
|
Financing
income
|
|
|
|
8,559
|
|
|
2,203
|
|
|
224
|
|
|
17,906
|
|
|
2,427
|
Total net
revenues
|
|
|
|
19,788
|
|
|
139,779
|
|
|
135,037
|
|
|
40,259
|
|
|
274,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
(15,107)
|
|
|
(127,740)
|
|
|
(129,605)
|
|
|
(29,319)
|
|
|
(257,345)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
4,681
|
|
|
12,039
|
|
|
5,432
|
|
|
10,940
|
|
|
17,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
|
(5,467)
|
|
|
(11,397)
|
|
|
(9,916)
|
|
|
(10,930)
|
|
|
(21,313)
|
Research and
development
|
|
|
|
(4,606)
|
|
|
(7,339)
|
|
|
(6,830)
|
|
|
(10,385)
|
|
|
(14,169)
|
General and
administrative
|
|
|
|
(9,681)
|
|
|
(17,932)
|
|
|
(21,292)
|
|
|
(21,609)
|
|
|
(39,224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
|
|
(19,754)
|
|
|
(36,668)
|
|
|
(38,038)
|
|
|
(42,924)
|
|
|
(74,706)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
(15,073)
|
|
|
(24,629)
|
|
|
(32,606)
|
|
|
(31,984)
|
|
|
(57,235)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
208
|
|
|
(10,676)
|
|
|
30,815
|
|
|
(39)
|
|
|
20,139
|
Interest
income
|
|
|
|
346
|
|
|
803
|
|
|
411
|
|
|
654
|
|
|
1,214
|
Interest
expenses
|
|
|
|
(931)
|
|
|
(1,264)
|
|
|
(900)
|
|
|
(1,822)
|
|
|
(2,164)
|
Realized loss
on short-term investments
|
|
|
|
(201)
|
|
|
-
|
|
|
-
|
|
|
(101)
|
|
|
-
|
Total
non-operating (loss) income
|
|
|
|
(578)
|
|
|
(11,137)
|
|
|
30,326
|
|
|
(1,308)
|
|
|
19,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
provision of income tax and earnings
(loss) in equity method investments, net of
tax
|
|
|
|
(15,651)
|
|
|
(35,766)
|
|
|
(2,280)
|
|
|
(33,292)
|
|
|
(38,046)
|
Income tax
expenses
|
|
|
|
(688)
|
|
|
(831)
|
|
|
(116)
|
|
|
(1,468)
|
|
|
(947)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
earnings (loss) in equity method
investments, net of tax
|
|
|
|
(16,339)
|
|
|
(36,597)
|
|
|
(2,396)
|
|
|
(34,760)
|
|
|
(38,993)
|
Earnings
(loss) in equity method investments, net of
tax
|
|
|
|
57,668
|
|
|
(808)
|
|
|
(621)
|
|
|
57,741
|
|
|
(1,429)
|
Income
(loss) from continuing operations
|
|
|
|
41,329
|
|
|
(37,405)
|
|
|
(3,017)
|
|
|
22,981
|
|
|
(40,422)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations of discontinued operations, net of
income tax
|
|
|
|
(58,524)
|
|
|
(4,165)
|
|
|
(11,793)
|
|
|
(56,354)
|
|
|
(15,958)
|
Gain on
deconsolidation of the subsidiaries, net of
income tax
|
|
|
|
-
|
|
|
-
|
|
|
180,829
|
|
|
-
|
|
|
180,829
|
(Loss)
income from discontinued operations, net of
tax
|
|
|
|
(58,524)
|
|
|
(4,165)
|
|
|
169,036
|
|
|
(56,354)
|
|
|
164,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
|
(17,195)
|
|
|
(41,570)
|
|
|
166,019
|
|
|
(33,373)
|
|
|
124,449
|
Net loss
attributable to noncontrolling interests
|
|
|
|
-
|
|
|
20
|
|
|
100
|
|
|
-
|
|
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Renren Inc.
|
|
|
$
|
(17,195)
|
|
$
|
(41,550)
|
|
$
|
166,119
|
|
$
|
(33,373)
|
|
$
|
124,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per share from discontinued
operations attributable to Renren
Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.06)
|
|
$
|
(0.00)
|
|
$
|
0.16
|
|
$
|
(0.05)
|
|
$
|
0.16
|
Diluted
|
|
|
$
|
(0.06)
|
|
$
|
(0.00)
|
|
$
|
0.15
|
|
$
|
(0.05)
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per share attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.02)
|
|
$
|
(0.04)
|
|
$
|
0.16
|
|
$
|
(0.03)
|
|
$
|
0.12
|
Diluted
|
|
|
$
|
(0.02)
|
|
$
|
(0.04)
|
|
$
|
0.15
|
|
$
|
(0.03)
|
|
$
|
0.11
|
Net (loss)
income attributable to Renren Inc.
shareholders per ADS*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.25)
|
|
$
|
(0.60)
|
|
$
|
2.41
|
|
$
|
(0.49)
|
|
$
|
1.81
|
Diluted
|
|
|
$
|
(0.25)
|
|
$
|
(0.60)
|
|
$
|
2.21
|
|
$
|
(0.49)
|
|
$
|
1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in
calculating net (loss) income per ordinary share
attributable to Renren Inc. shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,027,812,327
|
|
|
1,033,468,103
|
|
|
1,035,143,003
|
|
|
1,027,097,660
|
|
|
1,034,310,179
|
Diluted
|
|
|
|
1,027,812,327
|
|
|
1,033,468,103
|
|
|
1,130,285,008
|
|
|
1,027,097,660
|
|
|
1,093,742,531
|
Weighted average number
of shares used in calculating
net (loss) income per ordinary share from discontinued
operations attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,027,812,327
|
|
|
1,033,468,103
|
|
|
1,035,143,003
|
|
|
1,027,097,660
|
|
|
1,034,310,179
|
Diluted
|
|
|
|
1,027,812,327
|
|
|
1,033,468,103
|
|
|
1,130,285,008
|
|
|
1,027,097,660
|
|
|
1,093,742,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Each ADS
represents 15 Class A ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP results of
operations measures to the comparable GAAP financial
measures
|
|
|
|
|
|
|
|
(In thousands
of US dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2017
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
opeartions
|
|
|
$
|
(15,073)
|
|
$
|
(24,629)
|
|
$
|
(32,606)
|
|
$
|
(31,984)
|
|
$
|
(57,235)
|
Add back:
Shared-based compensation expenses
|
|
|
|
5,169
|
|
|
12,327
|
|
|
13,465
|
|
|
10,312
|
|
|
25,792
|
Add back: Amortization of
intangible assets
|
|
|
|
-
|
|
|
131
|
|
|
131
|
|
|
-
|
|
|
262
|
Adjusted
loss from operations
|
|
|
$
|
(9,904)
|
|
$
|
(12,171)
|
|
$
|
(19,010)
|
|
$
|
(21,672)
|
|
$
|
(31,181)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
|
$
|
(17,195)
|
|
$
|
(41,550)
|
|
$
|
166,119
|
|
$
|
(33,373)
|
|
$
|
124,569
|
Add back:
Shared-based compensation expenses
|
|
|
|
5,169
|
|
|
12,327
|
|
|
13,465
|
|
|
10,312
|
|
|
25,792
|
Add back: Fair value
change of contingent
consideration
|
|
|
|
-
|
|
|
10,265
|
|
|
(2,197)
|
|
|
-
|
|
|
8,068
|
Add back: Amortization of
intangible assets
|
|
|
|
-
|
|
|
131
|
|
|
131
|
|
|
-
|
|
|
262
|
Adjusted net
(loss) income
|
|
|
$
|
(12,026)
|
|
$
|
(18,827)
|
|
$
|
177,518
|
|
$
|
(23,061)
|
|
$
|
158,691
|
|
View original
content:http://www.prnewswire.com/news-releases/renren-announces-unaudited-second-quarter-2018-financial-results-300710266.html
SOURCE Renren Inc.