Total Revenues Up 12% Year-over-Year to US$129.5 Million, Exceeding the High End of Group Guidance;
Non-GAAP Net Income before Non-Controlling Interest Up 3% Year-over-Year to US$48.4 Million, Exceeding the High End of Group Guidance;
Non-GAAP Fully Diluted EPS of US$0.86, Exceeding the High End of Group Guidance
BEIJING, April 26 /PRNewswire-Asia/ -- Sohu.com Inc. (Nasdaq: SOHU), China’s leading online media, communications, search, online games and wireless value-added services group, today reported unaudited financial results for the first quarter ended March 31, 2010.
(Logo: http://www.prnasia.com/sa/2010/02/01/20100201632607.jpg )
First Quarter 2010 Highlights(1)
-- Total revenues were US$129.5 million, up 12% year-over-year, exceeding
the high end of the Group’s guidance.
-- Brand advertising revenues were US$39.5 million, near the high end of
the Group’s guidance.
-- Online game revenues reached a record US$72.1 million, up 17%
year-over-year and 2% quarter-on-quarter, within the Group’s guidance.
-- Before deducting the share of net income pertaining to the
Non-Controlling Interest in Changyou, non-GAAP net income for the first
quarter of 2010 was US$48.4 million, exceeding the high end of the
Group’s guidance, up 3% year-over-year and down 4% quarter-on-quarter.
-- After deducting the share of net income pertaining to the
Non-Controlling Interest in Changyou, non-GAAP net income for the first
quarter of 2010 was US$33.8 million, or US 86 cents per fully diluted
share, exceeding the high end of the Group’s guidance.
(1) Explanation of the Group’s non-GAAP financial measures and related
reconciliations to GAAP financial measures are included in the
accompanying “Non-GAAP Disclosure” and the “Reconciliation to
Unaudited Condensed Consolidated Statements of Operations.”
Dr. Charles Zhang, Chairman and CEO of Sohu.com, commented, "We continued to execute our strategies in our portal and online game businesses. We are significantly ramping up our library of exclusive and licensed video content as many of the great media companies in China and around the world partner with us. By combining licensed content with our own in-house produced material, we are able to expand and promote our full offering to a rapidly growing online community. Our online game business also continues to produce encouraging results. Aggregate peak concurrent users surpassed one million for the first time, which clearly shows our growing momentum as we retain existing users and attract new ones. Strategic releases of updates proved to be successful in reinforcing the popularity of our existing games. Meanwhile, we’ve been focusing on diversifying our game portfolio through greater efforts on developing the differentiated games in our 2010 pipeline."
Commenting on Sohu’s brand advertising business, Ms. Belinda Wang, Co-President and COO, added, "Brand advertising revenues were in-line with our expectations and we are optimistic that business will accelerate as advertisers ramp up their promotional campaigns ahead of the World Expo and World Cup. Our nationwide marketing reach and diversified platform position us well as brands look for broad-based and effective advertising solutions in China."
First Quarter Financial Results
Revenues
Total revenues for the first quarter ended March 31, 2010 were US$129.5 million, representing a sequential decrease of 5% and an increase of 12% year-over-year.
Brand advertising revenues for the first quarter of 2010 totaled US$39.5 million, representing a sequential decrease of 14% and an increase of 1% year-over-year.
Online game revenues for the first quarter of 2010 were US$72.1 million, representing increases of 2% sequentially and 17% year-over-year.
Wireless revenues for the first quarter of 2010 were US$13.3 million, representing decreases of 15% sequentially and 1% year-over-year.
Gross Margin
Gross margin was 75% in the first quarter of 2010, compared with 75% in the fourth quarter of 2009 and 76% in the first quarter of 2009. Non-GAAP gross margin for the first quarter of 2010 was 75%, compared with 75% in the fourth quarter of 2009 and 76% in the first quarter of 2009.
Brand advertising gross margin for the first quarter of 2010 was 56%, compared with 65% in the fourth quarter of 2009 and 65% in the first quarter of 2009. Non-GAAP brand advertising gross margin for the first quarter of 2010 was 59%, compared with 65% in the fourth quarter of 2009 and 65% in the first quarter of 2009.
Online game gross margin for the first quarter of 2010 was 93%, compared with 92% in the fourth quarter of 2009 and 94% in the first quarter of 2009. Non-GAAP online game gross margin in the first quarter of 2010 was also 93%, compared with 92% in the fourth quarter of 2009 and 94% in the first quarter of 2009.
Wireless gross margin for the first quarter of 2010 was 48%, compared with 44% in the fourth quarter of 2009 and 43% in the first quarter of 2009. Non-GAAP wireless gross margin for the first quarter of 2010 was 48%, compared with 44% in the fourth quarter of 2009 and 43% in the first quarter of 2009.
Operating Expenses
For the first quarter of 2010, Sohu’s operating expenses totaled US$48.5 million. Non-GAAP operating expenses totaled US$43.0 million, down 4% sequentially from US$45.0 million and up 19% year-over-year. The year-over-year increase primarily reflects an increase in marketing expenses.
Operating Margin
Operating margin was 37% in the first quarter of 2010, compared with 39% in the fourth quarter of 2009 and 43% in the first quarter of 2009. Non-GAAP operating profit margin was 42% for the first quarter of 2010, compared with 42% in the previous quarter and 45% in the first quarter of 2009.
Income Tax Expense
For the first quarter of 2010, excluding non-cash income tax expense of US$0.5 million recorded for tax benefits from share-based awards, non-GAAP income tax expense was US$7.4 million, compared with US$8.2 million in the previous quarter.
Net Income
Before deducting the share of net income pertaining to the Non-Controlling Interest in Changyou, GAAP net income for the first quarter of 2010 was US$41.3 million, down 3% quarter-over-quarter and 7% year-over-year. Non-GAAP net income for the first quarter of 2010 was US$48.4 million, down 4% quarter-over-quarter and up 3% year-over-year, exceeding the Group’s guidance.
After deducting the share of net income pertaining to the Non-Controlling Interest in Changyou, GAAP net income for the first quarter of 2010 was US$27.9 million, or US 73 cents per fully diluted share. Non-GAAP net income for the first quarter of 2010 was US$33.8 million, or US 86 cents per fully diluted share, a decrease of 6% quarter-over-quarter, exceeding the Group’s guidance.
Cash Balance
The Company continued to maintain a debt-free balance sheet and a strong cash position of US$599.2 million as of March 31, 2010.
Ms. Carol Yu, Co-President and CFO of Sohu, commented, “Our current business is strong, with healthy growth in advertising, a stable portfolio of existing online games that continue to grow, and a debt-free balance sheet that is supported by strong cash flow. Solid momentum of video content, a promising online game pipeline also provide us substantial room to expand further and deliver value to our shareholders over the long term.”
Supplementary Metrics for Online Game Results
Operations
Aggregate registered accounts for Changyou’s games as of March 31, 2010 increased 8% quarter-over-quarter and 38% year-over-year to 87.4 million.
Aggregate peak concurrent users ("PCU") for Changyou’s games rose 5% quarter-over-quarter and increased 7% year-over-year to approximately 1.04 million.
Aggregate active paying accounts ("APA") for Changyou’s games was 2.4 million, which was consistent with last quarter and an increase of 5% year-over-year.
Aggregate average revenue per active paying account (“ARPU”) for Changyou’s games increased 2% quarter-over-quarter and 12% year-over-year to RMB201, which is within a range that Changyou targets to keep games affordable for the majority of Chinese game players.
Revenue
Total online game revenues for the first quarter of 2010 increased 2% quarter-over-quarter and 17% year-over-year to US$72.1 million.
Revenues from game operations for the first quarter of 2010 increased 2% quarter-over-quarter and 18% year-over-year to US$70.2 million. The increases were mainly due to the ongoing popularity of the Company’s flagship games.
Overseas licensing revenues for the first quarter of 2010 decreased 10% quarter-over-quarter and 17% year-over-year to US$1.9 million. The decrease was largely the result of greater competition in mature online game markets abroad.
Business Outlook
Sohu estimates total revenues for the second quarter of 2010 to be between US$139.0 million and US$144.0 million, with advertising revenues of US$54.0 million to US$56.0 million.
Sohu estimates brand advertising revenues for the second quarter of 2010 to be between US$51.0 million and US$53.0 million.
Sohu estimates online game revenues for the second quarter of 2010 to be between US$74.0 million and US$77.0 million.
Sohu estimates non-GAAP net income for the second quarter of 2010, before deducting the share of non-GAAP net income pertaining to the Non-Controlling Interest in Changyou, to be between US$48.0 million to US$50.5 million. After deducting the share of non-GAAP net income pertaining to the Non-Controlling Interest in Changyou, Sohu estimates non-GAAP net income for the second quarter of 2010 to be between US$34.0 million to US$36.0 million, and non-GAAP fully diluted earnings per share for the second quarter of 2010 to be between US 87 cents and US 92 cents.
Assuming no new grants of share-based awards, Sohu estimates compensation expense and income tax expense related to share-based awards for the second quarter of 2010 to be between US$6.5 million and US$7.5 million, which includes Changyou’s share-based compensation expense for the second quarter of 2010 estimated to be between US$2.0 million and US$2.5 million. Considering Sohu’s share in Changyou, the estimated impact of this expense under US GAAP is expected to reduce Sohu’s fully diluted earnings per share for the second quarter of 2010 by US 15 cents to US 17 cents.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Sohu’s management uses non-GAAP measures of cost of revenues, operating expenses, net income and net income per share, which are adjusted from results based on GAAP to exclude the compensation cost of share-based awards granted to employees. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
Sohu’s management believes excluding the share-based compensation expense from its non-GAAP financial measure is useful for itself and investors. Further, the amount of share-based compensation expense cannot be anticipated by management or business line leaders and these expenses are not built into the annual budgets and quarterly forecasts, which is the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense does not involve any upfront or subsequent cash outflow, Sohu does not factor this in when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, the monthly financial results for internal reporting and any performance measure for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense.
The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP cost of revenues, operating expenses, net income and net income per share, excluding share-based compensation expense, is that the share-based compensation charge has been and will continue to be a significant recurring expense in Sohu’s business for the foreseeable future. In order to mitigate these limitations we have provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures we have presented.
Notes to Financial Information
Financial information in this press release other than the information indicated as being non-GAAP is extracted from Sohu’s unaudited interim financial statements prepared in accordance with GAAP.
Safe Harbor Statement
This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the current global financial and credit markets crisis and its potential impact on the Chinese economy, the slower growth the Chinese economy experienced during the latter half of 2008 and in 2009, which could recur in the future, the uncertain regulatory landscape in the People’s Republic of China, fluctuations in Sohu’s quarterly operating results, EPS dilution resulting from Changyou’s initial public offering, Sohu’s historical and possible future losses, and its reliance on online advertising sales, online games and wireless services (most wireless revenues are collected from a few mobile network operators) for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 10-K for the year ended December 31, 2009, and other filings with the Securities and Exchange Commission.
Conference Call and Webcast
Sohu’s management team will host a conference call on April 26, 2010 (8:30 p.m. Beijing/Hong Kong time, April 26, 2010) at 8:30 a.m. U.S. Eastern Time.
The dial-in details for the live conference call are:
US Toll-Free: +1-877-941-6009
International: +1-480-629-9772
Hong Kong: +852-3009-5027
Passcode: SOHU
Please dial in 10 minutes before the call is scheduled to begin and provide the pass code to join the call.
A telephone replay of the call will be available after the conclusion of the conference call at 11:00 a.m. Eastern Time on April 26 through May 8, 2010. The dial-in details for the telephone replay are:
International: +1-852-2287-4304
Passcode: 4201220
The live webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at http://corp.sohu.com/ .
About Sohu.com
Sohu.com Inc. (NASDAQ: SOHU) is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com ; interactive search engine www.sogou.com ; #1 games information portal www.17173.com ; the top real estate website www.focus.cn ; #1 online alumni club www.chinaren.com ; wireless value-added services provider www.goodfeel.com.cn ; leading online mapping service provider www.go2map.com ; and developer and operator of online games www.changyou.com .
Sohu corporate services consist of brand advertising on its matrix of websites as well as paid listing and bid listing on its in-house developed search directory and engine. Sohu also offers wireless value-added services such as news, information, music, ringtone and picture content sent over mobile phones. Sohu’s massively multiplayer online role-playing game (MMORPG) subsidiary, Changyou.com (NASDAQ: CYOU), currently operates four online games, including Tian Long Ba Bu, Blade Online, Blade Hero 2 and Da Hua Shui Hu. Sohu.com, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its fourteenth year of operation.
SOHU.COM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended
Mar. 31, 2010 Dec. 31, 2009 Mar. 31, 2009
Revenues:
Advertising
Brand advertising $ 39,512 $ 45,876 $ 39,074
Sponsored search 2,834 2,929 1,562
Subtotal of advertising
revenues 42,346 48,805 40,636
Online games 72,072 70,698 61,607
Wireless and others 15,036 16,328 13,495
Total revenues 129,454 135,831 115,738
Cost of revenues:
Advertising
Brand advertising
(includes share-based
compensation expense of
$967, $141 and $236,
respectively) 17,283 16,238 13,730
Sponsored search (includes
share-based compensation
expense of $1, $1 and $3,
respectively) 2,913 3,079 2,298
Subtotal of cost of
advertising revenues 20,196 19,317 16,028
Online games (includes
share-based compensation
expense of $67, $57 and $8,
respectively) 5,384 5,419 3,436
Wireless and others (includes
share-based compensation
expense of $0, $0 and $0,
respectively) 7,246 9,097 8,129
Total cost of revenues 32,826 33,833 27,593
Gross profit 96,628 101,998 88,145
Operating expenses:
Product development (includes
share-based compensation
expense of $2,445, $1,952
and $1,274, respectively) 15,518 14,461 13,314
Sales and marketing (includes
share-based compensation
expense of $955, $96 and $285,
respectively) 23,009 25,405 16,826
General and administrative
(includes share-based
compensation expense of $2,093,
$1,687 and $481, respectively) 9,883 8,801 7,894
Amortization of intangible assets 108 93 74
Total operating expenses 48,518 48,760 38,108
Operating profit 48,110 53,238 50,037
Other (expense)/income (25) 239 1
Interest income and exchange
difference 1,199 1,136 1,122
Income before income tax expense 49,284 54,613 51,160
Income tax expense 7,963 12,168 6,586
Net income 41,321 42,445 44,574
Less: Net income(loss)
attributable to the
noncontrolling interest 11,130 10,096 (21)
Net income attributable to
Sohu.com Inc. 30,191 32,349 44,595
Basic net income per share
attributable to Sohu.com Inc. $ 0.80 $ 0.84 $ 1.17
Shares used in computing basic
net income per share attributable
to Sohu.com Inc. 37,778 38,317 38,162
Diluted net income per share
attributable to Sohu.com Inc. $ 0.73 $ 0.76 $ 1.15
Shares used in computing diluted
net income per share attributable
to Sohu.com Inc. 38,443 38,920 38,851
SOHU.COM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
As of Mar. 31, As of Dec. 31,
2010 2009
ASSETS
Current assets:
Cash and cash equivalents $ 599,153 $ 563,782
Accounts receivable, net 47,849 46,610
Prepaid and other current assets 12,483 10,781
Total current assets 659,485 621,173
Fixed assets, net 116,828 115,088
Goodwill 57,440 55,555
Intangible assets, net 9,083 7,933
Other assets, net 31,750 28,524
Total assets $ 874,586 $ 828,273
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,229 $ 4,602
Accrued liabilities to suppliers
and agents 41,722 41,103
Receipts in advance and deferred
revenue 32,873 36,944
Accrued salary and benefits 26,216 28,860
Tax payables 21,547 21,953
Other accrued liabilities 17,201 17,035
Total current liabilities 146,788 150,497
Commitments and contingencies 1,318 --
Shareholders' equity:
Sohu.com Inc. shareholders' equity 641,319 609,781
Noncontrolling interest 85,161 67,995
Total shareholders' equity 726,480 677,776
Total liabilities and
shareholders' equity $ 874,586 $ 828,273
SOHU.COM INC.
RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NON-GAAP NET INCOME EXCLUDING SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Mar. 31, 2010
Non-GAAP
GAAP Adjustments(a) Non-GAAP
Advertising revenues $ 42,346 $ -- $ 42,346
Less: Cost of advertising
revenues 20,196 (968) 19,228
Advertising gross profit $ 22,150 $ 968 $ 23,118
Advertising gross margin 52% 55%
Online games revenues $ 72,072 $ -- $ 72,072
Less: Cost of online games
revenues 5,384 (67) 5,317
Online games gross profit $ 66,688 $ 67 $ 66,755
Online games gross margin 93% 93%
Wireless and others revenues $ 15,036 $ -- $ 15,036
Less: Cost of wireless and
others revenues 7,246 -- 7,246
Wireless and others gross
profit $ 7,790 $ -- $ 7,790
Wireless and others gross
margin 52% 52%
Total revenues $ 129,454 $ -- $ 129,454
Less: Total cost of revenues 32,826 (1,035) 31,791
Gross profit $ 96,628 $ 1,035 $ 97,663
Gross margin 75% 75%
Operating expenses $ 48,518 $ (5,493) $ 43,025
Operating profit $ 48,110 $ 6,528 $ 54,638
Operating margin 37% 42%
Income tax expense(benefit) $ 7,963 $ (531) $ 7,432
Net income before
Non-Controlling Interest $ 41,321 $ 7,059 $ 48,380
Net income attributable to
Sohu.com Inc. for basic net
income per share $ 30,191 $ 6,224 $ 36,415
Net income attributable to
Sohu.com Inc. for diluted net
income per share (b) $ 27,927 $ 5,842 $ 33,769
Diluted net income per share
attributable to Sohu.com Inc. $ 0.73 $ 0.86
Shares used in computing
diluted net income per share
attributable to Sohu.com Inc. 38,443 39,079
SOHU.COM INC.
RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NON-GAAP NET INCOME EXCLUDING SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Dec. 31, 2009
Non-GAAP
GAAP Adjustments(a) Non-GAAP
Advertising revenues $ 48,805 $ -- $ 48,805
Less: Cost of advertising
revenues 19,317 (142) 19,175
Advertising gross profit $ 29,488 $ 142 $ 29,630
Advertising gross margin 60% 61%
Online games revenues $ 70,698 $ -- $ 70,698
Less: Cost of online games
revenues 5,419 (57) 5,362
Online games gross profit $ 65,279 $ 57 $ 65,336
Online games gross margin 92% 92%
Wireless and others revenues $ 16,328 $ -- $ 16,328
Less: Cost of wireless and
others revenues 9,097 -- 9,097
Wireless and others gross
profit $ 7,231 $ -- $ 7,231
Wireless and others gross
margin 44% 44%
Total revenues $ 135,831 $ -- $ 135,831
Less: Total cost of revenues 33,833 (199) 33,634
Gross profit $ 101,998 $ 199 $ 102,197
Gross margin 75% 75%
Operating expenses $ 48,760 $ (3,735) $ 45,025
Operating profit $ 53,238 $ 3,934 $ 57,172
Operating margin 39% 42%
Income tax expense(benefit) $ 12,168 $ (3,927) $ 8,241
Net income before
Non-Controlling Interest $ 42,445 $ 7,861 $ 50,306
Net income attributable to
Sohu.com Inc. for basic net
income per share $ 32,349 $ 6,996 $ 39,345
Net income attributable to
Sohu.com Inc. for diluted
net income per share (b) $ 29,396 $ 6,447 $ 35,843
Diluted net income per share
attributable to Sohu.com Inc. $ 0.76 $ 0.92
Shares used in computing
diluted net income per share
attributable to Sohu.com Inc. 38,920 38,957
SOHU.COM INC.
RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
NON-GAAP NET INCOME EXCLUDING SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Mar. 31, 2009
Non-GAAP
GAAP Adjustments(a) Non-GAAP
Advertising revenues $ 40,636 $ -- $ 40,636
Less: Cost of advertising
revenues 16,028 (239) 15,789
Advertising gross profit $ 24,608 $ 239 $ 24,847
Advertising gross margin 61% 61%
Online games revenues $ 61,607 $ -- $ 61,607
Less: Cost of online games
revenues 3,436 (8) 3,428
Online games gross profit $ 58,171 $ 8 $ 58,179
Online games gross margin 94% 94%
Wireless and others revenues $ 13,495 $ -- $ 13,495
Less: Cost of wireless and
others revenues 8,129 -- 8,129
Wireless and others gross
profit $ 5,366 $ -- $ 5,366
Wireless and others gross
margin 40% 40%
Total revenues $ 115,738 $ -- $ 115,738
Less: Total cost of revenues 27,593 (247) 27,346
Gross profit $ 88,145 $ 247 $ 88,392
Gross margin 76% 76%
Operating expenses $ 38,108 $ (2,040) $ 36,068
Operating profit $ 50,037 $ 2,287 $ 52,324
Operating margin 43% 45%
Income tax expense(benefit) $ 6,586 $ -- $ 6,586
Net income before
Non-Controlling Interest $ 44,574 $ 2,287 $ 46,861
Net income attributable to
Sohu.com Inc. for basic net
income per share $ 44,595 $ 2,287 $ 46,882
Net income attributable to
Sohu.com Inc. for diluted net
income per share (b) $ 44,595 $ 2,287 $ 46,882
Diluted net income per share
attributable to Sohu.com Inc. $ 1.15 $ 1.20
Shares used in computing diluted
net income per share
attributable to Sohu.com Inc. 38,851 39,020
Note:
(a) To eliminate the impact of share-based awards as measured using the
fair value method.
(b) To adjust Sohu's economic interest in Changyou under the treasury
stock method.
(c) Certain amounts from prior periods have been reclassified to conform
with current period presentation.
For investor and media inquiries, please contact:
In China:
Mr. James Deng
Senior Finance Director
Sohu.com Inc.
Tel: +86-10-6272-6596
Email: ir@contact.sohu.com
Mr. Chen Yuan Yuan
Christensen
Tel: +86-139-2337-7882
Email: ychen@ChristensenIR.com
In the United States:
Mr. Jeff Bloker
Christensen
Tel: +1-480-614-3003
Email: jbloker@ChristensenIR.com