BEIJING, May 14, 2019 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), which operates a leading premium
used auto business in China
(NASDAQ: KXIN) and several US-based SaaS businesses, today
announced its unaudited financial results for the fourth quarter
and fiscal year ended December 31,
2018.
Fourth Quarter 2018 Highlights
- Total net revenues were US$122.2
million, a 35.8% increase from the corresponding period in
2017.
- Used auto sales revenue was US$114.6 million, a 47.3%
increase from the corresponding period in 2017.
- Operating loss was US$40.5
million, compared to an operating loss of US$25.4 million in the corresponding period in
2017.
- Net loss attributable to the Company was US$23.3 million, compared to a net loss of
US$54.3 million in the corresponding
period in 2017.
- Adjusted loss from continuing operations (1)
(non-GAAP) was US$37.5 million,
compared with an adjusted loss from continuing operations of
US$19.8 million in the corresponding
period in 2017.
- Adjusted net income (1) (non-GAAP) was
US$11.7 million, compared to an
adjusted net loss of US$46.1 million
in the corresponding period in 2017.
Fiscal Year 2018 Highlights
- Total net revenues were US$498.2
million, a 185% increase from the corresponding period in
2017.
- Used auto sales revenue was US$467.2 million, a 286%
increase from 2017.
- Internet Value-Added Services (IVAS) and others revenues
were US$28.5 million, a 17.5%
increase from 2017.
- Operating loss was US$113.4
million, compared to an operating loss of US$77.7 million in 2017.
- Net income attributable to the Company was US$72.5 million, compared to net loss
attributable to the Company of US$110.4
million in 2017.
- Adjusted loss from continuing operations (1)
(non-GAAP) was US$81.3
million, compared to an adjusted net loss from continuing
operations of US$49.6 million in
2017.
- Adjusted net income (1) (non-GAAP) was
US$126.2 million, compared to an
adjusted net loss of US$79.8 million
in 2017.
(1)
|
Adjusted loss from
continuing operations and adjusted 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 adjusted 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.
|
Fourth Quarter 2018 Results
Total net revenues for the fourth quarter of 2018 were
US$122.2 million, representing a
35.8% increase from the corresponding period in 2017, due to the
rapid growth of our used auto retail business since its launch in
the second quarter of 2017.
Used auto sales revenues for the fourth quarter of 2018
were US$114.6 million, representing a
47.3% increase from the corresponding period in 2017. This is a new
business that we initiated in the second quarter of 2017.
IVAS and others net revenues were US$7.6 million, compared to US$7.4 million from the corresponding period of
2017.
Financing income was negligible for the fourth quarter of
2018, compared to US$4.7 million in
the corresponding period of 2017. Our used auto dealership
financing business ceased to extend financing to third parties from
January 2018, and instead has focused
on internal financing to our own used car dealerships since that
time.
Cost of revenues was US$111.6
million, compared to US$91.4
million from the corresponding period of 2017. The increase
was primarily due to the growth of our used auto sales
business.
Operating expenses were US$51.0
million, a 114% increase from the corresponding period of
2017.
Selling and marketing expenses were US$7.2 million, a 15.8% 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$7.2 million, a 22.6% 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$7.6 million, a 35.7% decrease from the
corresponding period in 2017. The decrease was primarily due to the
closing of the disposition of Oak Pacific Investment in
June 2018, since the preparations for
this transaction contributed significantly to our general and
administrative expenses in the corresponding period in 2017.
Impairment of goodwill was US$29.1
million for the fourth quarter of 2018. We had no impairment
of goodwill in the corresponding period of 2017.
Share-based compensation expenses, which were all
included in operating expenses, were US$2.9
million, compared to US$5.5
million in the corresponding period in 2017.
Loss from operations was US$40.5
million, compared to a loss from operations of US$25.4 million in the corresponding period in
2017.
Loss in equity method investments was US$0.3 million, compared to loss of US$0.4 million in the corresponding period in
2017.
Income from discontinued operations was US$59.4 million, compared to a loss of
US$26.6 million in the corresponding
period in 2017. The income from discontinued operations in the
fourth quarter of 2018 was due to the gain on disposal of Renren
social networking service ("SNS") business. The disposal of SNS
Business represents a strategic shift and has a major effect on the
Company's result of operations.
Net loss attributable to the Company was US$23.3 million, compared to a net loss of
US$54.3 million in the corresponding
period in 2017.
Adjusted loss from continuing operations (non-GAAP) was
US$37.5 million, compared with an
adjusted loss from continuing operations of US$19.8 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$11.7 million, compared to an adjusted net loss
of US$46.1 million in the
corresponding period in 2017. 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.
Fiscal Year 2018 Results
Total net revenues in 2018 were US$498.2 million, representing a 185% increase
from 2017, due to the rapid growth of our used auto retail business
since its launch in the second quarter of 2017.
Used auto sales revenue for the year of 2018 were
US$467.2 million, representing a 286%
increase from 2017. This is a new business that we initiated in the
second quarter of 2017.
IVAS and others net revenues were US$28.5 million, representing a 17.5% increase
from 2017. The increase was primarily due to the service revenue
from the used auto business.
Financing income was US$2.5
million, compared to US$29.3
million in 2017. Our used auto dealership financing business
ceased to extend financing to third parties from January 2018, and instead has focused on internal
financing to our own used car dealerships since that time.
Cost of revenues in 2018 was US$476.5 million, compared to US$163.3 million in 2017. The increase was
primarily due to the cost of used car sales.
Operating expenses in 2018 were US$135.1 million, a 51.8% increase from 2017.
Selling and marketing expenses in 2018 were US$34.6 million, a 72.2% increase from 2017,
primarily due to an increase in headcount and personnel-related
expenses for the used auto sales business.
Research and development expenses in 2018 were
US$26.3 million, a 51.1% increase
from 2017, primarily due to personnel related expense increases for
the SaaS business.
General and administrative expenses in 2018 were
US$71.1 million, a 38.1% increase
from 2017. The increase was primarily due to an increase of
US$16.1 million write-offs of advance
to suppliers and an increase of US$2.2
million in share-based compensation expenses.
Gain on disposal of property and equipment in 2018 was
US$25.9 million in 2018. We had no
gain on disposal of property and equipment in 2017.
Impairment of goodwill was US$29.1
million in 2018. We had no impairment of goodwill in
2017.
Share-based compensation expenses in 2018, which were all
included in operating expenses, were US$31.6
million, compared to US$28.0
million in 2017. The increase was mainly due to stock
options granted during the first quarter of 2018 by our subsidiary
conducting our used car business.
Operating loss in 2018 was US$113.4 million, compared to US$77.7 million operating loss in 2017.
Non-operating loss was US$33.1
million in 2018, compared to an income of US$34.9 million in 2017. The non-operating loss
in 2018 was mainly due to fair value change of contingent
consideration.
Loss in equity method investments were US$2.5 million, compared to an income of
US$56.0 million in 2017. The decrease
was mainly due to a US$58.3 million
gain on disposal of certain shares of Social Finance Inc in
2017.
Income from discontinued operations was US$223.3 million in 2018, compared to a loss of
US$119.3 million in 2017. The income
from discontinued operations in 2018 was mainly due to the gain on
disposal of Oak Pacific Investment and Renren SNS business.
Net income attributable to the Company in 2018 was
US$72.5 million, compared to a net
loss of US$110.4 million in 2017.
Adjusted loss from continuing operations (non-GAAP) was
US$81.3 million, compared to an
adjusted net loss from continuing operations of US$49.6 million 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$126.2 million, compared to an adjusted net
loss of US$79.8 million in 2017.
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$110 million to US$115 million in the first quarter of 2019. 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 leading premium used auto
business in China (NASDAQ: KXIN)
and several US-based SaaS businesses. 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 first quarter of 2019 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; 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:
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,
|
|
|
December
31,
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
125,199
|
|
$
|
15,333
|
Restricted
cash
|
|
47,253
|
|
|
5,818
|
Accounts
receivable, net
|
|
6,098
|
|
|
2,584
|
Financing
receivable, net
|
|
125,478
|
|
|
3,486
|
Prepaid
expenses and other current assets
|
|
48,226
|
|
|
49,515
|
Amounts due
from related parties
|
|
188
|
|
|
20,829
|
Inventory,
net
|
|
95,012
|
|
|
59,197
|
Assets of
discontinued operations - current
|
|
20,551
|
|
|
—
|
Total
current assets
|
|
468,005
|
|
|
156,762
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Long-term
financing receivable, net
|
|
8
|
|
|
—
|
Property and
equipment, net
|
|
29,509
|
|
|
1,555
|
Goodwill and
intangible assets, net
|
|
104,197
|
|
|
85,526
|
Long-term
investments
|
|
34,742
|
|
|
22,341
|
Amount due from
related parties-non-current
|
|
—
|
|
|
133,880
|
Restricted cash
– non-current
|
|
26,075
|
|
|
36,362
|
Other
non-current assets
|
|
958
|
|
|
767
|
Assets of
discontinued operations – non-current
|
|
530,670
|
|
|
—
|
Total
non-current assets
|
|
726,159
|
|
|
280,431
|
|
|
|
|
|
|
TOTAL
ASSETS
|
$
|
1,194,164
|
|
$
|
437,193
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
19,095
|
|
$
|
8,255
|
Short-term
debt
|
|
61,479
|
|
|
49,887
|
Accrued
expenses and other current liabilities
|
|
31,877
|
|
|
33,055
|
Payable to
investors
|
|
142,689
|
|
|
15
|
Amounts due to
related parties
|
|
7,059
|
|
|
55
|
Deferred
revenue
|
|
11,433
|
|
|
3,716
|
Income tax
payable
|
|
11,727
|
|
|
20,602
|
Contingent
consideration
|
|
5,944
|
|
|
11,929
|
Liabilities of
discontinued operations – current
|
|
79,244
|
|
|
—
|
Total
current liabilities
|
|
370,547
|
|
|
127,514
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
debt
|
|
47,665
|
|
|
35,000
|
Long-term
contingent consideration
|
|
60,850
|
|
|
93,741
|
Liabilities of
discontinued operations– non-current
|
|
6,356
|
|
|
—
|
Total
non-current liabilities
|
|
114,871
|
|
|
128,741
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
$
|
485,418
|
|
$
|
256,255
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
Class A
ordinary shares
|
|
727
|
|
|
737
|
Class B
ordinary shares
|
|
305
|
|
|
305
|
Additional
paid-in capital
|
|
1,303,117
|
|
|
709,137
|
Statutory
reserves
|
|
6,712
|
|
|
6,712
|
Accumulated
deficit
|
|
(653,173)
|
|
|
(563,737)
|
Accumulated
other comprehensive income (loss)
|
|
17,116
|
|
|
(5,689)
|
|
|
|
|
|
|
Total Renren
Inc. shareholders' equity
|
|
674,804
|
|
|
147,465
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
33,942
|
|
|
33,473
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
708,746
|
|
|
180,938
|
|
|
|
|
|
|
TOAL
LIABILITIES AND EQUITY
|
$
|
1,194,164
|
|
$
|
437,193
|
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 Twelve
Months Ended
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2017
|
|
|
2018
|
|
|
2018
|
|
|
|
2017
|
|
2018
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Used auto
sales
|
$
|
77,797
|
|
$
|
106,338
|
|
$
|
114,560
|
|
|
$
|
121,084
|
|
$
|
467,232
|
IVAS and
others
|
|
7,440
|
|
|
5,962
|
|
|
7,609
|
|
|
|
24,271
|
|
|
28,510
|
Financing
income
|
|
4,733
|
|
|
28
|
|
|
1
|
|
|
|
29,269
|
|
|
2,456
|
Total net
revenues
|
|
89,970
|
|
|
112,328
|
|
|
122,170
|
|
|
|
174,624
|
|
|
498,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(91,420)
|
|
|
(115,805)
|
|
|
(111,641)
|
|
|
|
(163,314)
|
|
|
(476,468)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
(1,450)
|
|
|
(3,477)
|
|
|
10,529
|
|
|
|
11,310
|
|
|
21,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
(6,234)
|
|
|
(8,531)
|
|
|
(7,218)
|
|
|
|
(20,070)
|
|
|
(34,562)
|
Research and
development
|
|
(5,840)
|
|
|
(6,664)
|
|
|
(7,160)
|
|
|
|
(17,435)
|
|
|
(26,349)
|
General and
administrative
|
|
(11,831)
|
|
|
(24,519)
|
|
|
(7,609)
|
|
|
|
(51,494)
|
|
|
(71,094)
|
Gain on disposal
of property and equipment
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
25,928
|
Impairment of
goodwill
|
|
-
|
|
|
-
|
|
|
(29,055)
|
|
|
|
-
|
|
|
(29,055)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
(23,905)
|
|
|
(39,714)
|
|
|
(51,042)
|
|
|
|
(88,999)
|
|
|
(135,132)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(25,355)
|
|
|
(43,191)
|
|
|
(40,513)
|
|
|
|
(77,689)
|
|
|
(113,402)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (loss)
income
|
|
(1,236)
|
|
|
(1,157)
|
|
|
(3,135)
|
|
|
|
2,656
|
|
|
(2,014)
|
Fair value
change of contingent consideration
|
|
(2,601)
|
|
|
18,301
|
|
|
(39,837)
|
|
|
|
(2,601)
|
|
|
(29,604)
|
Interest
income
|
|
616
|
|
|
2,387
|
|
|
2,158
|
|
|
|
1,988
|
|
|
5,760
|
Interest
expenses
|
|
(1,218)
|
|
|
(1,861)
|
|
|
(1,078)
|
|
|
|
(4,322)
|
|
|
(5,103)
|
Realized loss
on short-term investments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
(100)
|
|
|
-
|
Realized gain
(loss) on disposal of long-term investments
|
|
4,585
|
|
|
(2,209)
|
|
|
68
|
|
|
|
37,311
|
|
|
(2,141)
|
Total
non-operating income (loss)
|
|
146
|
|
|
15,461
|
|
|
(41,824)
|
|
|
|
34,932
|
|
|
(33,102)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
provision of income tax and loss in equity method investments, net
of tax
|
|
(25,209)
|
|
|
(27,730)
|
|
|
(82,337)
|
|
|
|
(42,757)
|
|
|
(146,504)
|
Income tax
expenses
|
|
(1,936)
|
|
|
(1,096)
|
|
|
(7,807)
|
|
|
|
(4,479)
|
|
|
(9,850)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
loss in equity method investments, net of tax
|
|
(27,145)
|
|
|
(28,826)
|
|
|
(90,144)
|
|
|
|
(47,236)
|
|
|
(156,354)
|
Loss in equity
method investments, net of tax
|
|
(439)
|
|
|
(692)
|
|
|
(342)
|
|
|
|
55,985
|
|
|
(2,463)
|
(Loss)
income from continuing operations
|
|
(27,584)
|
|
|
(29,518)
|
|
|
(90,486)
|
|
|
|
8,749
|
|
|
(158,817)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations of discontinued operations, net of income tax
|
|
(26,606)
|
|
|
(956)
|
|
|
(277)
|
|
|
|
(119,252)
|
|
|
(18,799)
|
Gain on
deconsolidation of the subsidiaries, net of income tax
|
|
-
|
|
|
1,612
|
|
|
59,656
|
|
|
|
-
|
|
|
242,097
|
(Loss)
income from discontinued operations, net of tax
|
|
(26,606)
|
|
|
656
|
|
|
59,379
|
|
|
|
(119,252)
|
|
|
223,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(54,190)
|
|
|
(28,862)
|
|
|
(31,107)
|
|
|
|
(110,503)
|
|
|
64,481
|
Net income
(loss) attributable to noncontrolling interests
|
|
(99)
|
|
|
102
|
|
|
7,837
|
|
|
|
76
|
|
|
8,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to Renren Inc.
|
$
|
(54,289)
|
|
$
|
(28,760)
|
|
$
|
(23,270)
|
|
|
$
|
(110,427)
|
|
$
|
72,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per share from continuing operations attributable to Renren
Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.03)
|
|
$
|
(0.03)
|
|
$
|
(0.08)
|
|
|
$
|
0.01
|
|
$
|
(0.15)
|
Diluted
|
$
|
(0.03)
|
|
$
|
(0.03)
|
|
$
|
(0.08)
|
|
|
$
|
0.01
|
|
$
|
(0.15)
|
Net (loss)
income per share from discontinued operations attributable to
Renren Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.03)
|
|
$
|
0.00
|
|
$
|
0.06
|
|
|
$
|
(0.12)
|
|
$
|
0.22
|
Diluted
|
$
|
(0.03)
|
|
$
|
0.00
|
|
$
|
0.06
|
|
|
$
|
(0.12)
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per share attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.05)
|
|
$
|
(0.03)
|
|
$
|
(0.02)
|
|
|
$
|
(0.11)
|
|
$
|
0.07
|
Diluted
|
$
|
(0.05)
|
|
$
|
(0.03)
|
|
$
|
(0.02)
|
|
|
$
|
(0.11)
|
|
$
|
0.07
|
Net (loss)
income attributable to Renren Inc. shareholders per
ADS*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.79)
|
|
$
|
(0.42)
|
|
$
|
(0.34)
|
|
|
$
|
(1.61)
|
|
$
|
1.05
|
Diluted
|
$
|
(0.79)
|
|
$
|
(0.42)
|
|
$
|
(0.34)
|
|
|
$
|
(1.61)
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculating net (loss) income per
ordinary share attributable to Renren Inc. shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1,030,786,885
|
|
|
1,036,609,262
|
|
|
1,040,385,805
|
|
|
|
1,028,537,406
|
|
|
1,036,421,063
|
Diluted
|
|
1,030,786,885
|
|
|
1,036,609,262
|
|
|
1,040,385,805
|
|
|
|
1,028,537,406
|
|
|
1,095,805,917
|
Weighted
average number of shares used in calculating net (loss) income per
ordinary share from discontinued operations attributable to Renren
Inc. shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1,030,786,885
|
|
|
1,036,609,262
|
|
|
1,040,385,805
|
|
|
|
1,028,537,406
|
|
|
1,036,421,063
|
Diluted
|
|
1,030,786,885
|
|
|
1,116,051,687
|
|
|
1,079,618,090
|
|
|
|
1,028,537,406
|
|
|
1,095,805,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 Twelve
Months Ended
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
|
2018
|
|
|
2018
|
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
$
|
(25,355)
|
|
$
|
(43,191)
|
|
$
|
(40,513)
|
|
|
$
|
(77,689)
|
|
$
|
(113,402)
|
Add back: Shared-based
compensation expenses
|
|
5,494
|
|
|
2,915
|
|
|
2,898
|
|
|
|
28,016
|
|
|
31,605
|
Add back: Amortization of
intangible assets
|
|
35
|
|
|
131
|
|
|
101
|
|
|
|
55
|
|
|
494
|
Adjusted
loss from continuing operations
|
$
|
(19,826)
|
|
$
|
(40,145)
|
|
$
|
(37,514)
|
|
|
$
|
(49,618)
|
|
$
|
(81,303)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
|
(54,190)
|
|
$
|
(28,862)
|
|
$
|
(31,107)
|
|
|
$
|
(110,503)
|
|
$
|
64,481
|
Add back: Shared-based
compensation expenses
|
|
5,494
|
|
|
2,915
|
|
|
2,898
|
|
|
|
28,016
|
|
|
31,605
|
Add back: Fair value
change of contingent consideration
|
|
2,601
|
|
|
(18,301)
|
|
|
39,837
|
|
|
|
2,601
|
|
|
29,604
|
Add back: Amortization of
intangible assets
|
|
35
|
|
|
131
|
|
|
101
|
|
|
|
55
|
|
|
494
|
Adjusted net
(loss) income
|
$
|
(46,060)
|
|
$
|
(44,117)
|
|
$
|
11,729
|
|
|
$
|
(79,831)
|
|
$
|
126,184
|
View original
content:http://www.prnewswire.com/news-releases/renren-announces-unaudited-fourth-quarter-and-fiscal-year-2018-financial-results-300850029.html
SOURCE Renren Inc.