BEIJING, May 16, 2016 /PRNewswire/ -- Renren Inc. (NYSE: RENN)
("Renren" or the "Company"), a leading real-name social networking internet platform in China,
today announced its unaudited financial results for the fourth quarter and fiscal year ended December
31, 2015.
On November 19, 2015, the board of directors of the Company (the "Board") approved the
disposition of the games business of the Company, based on the Company's strategic decision to focus on its core social
networking and internet finance businesses. The disposition was subsequently completed in March
2016. The Company has classified its games business as held for sale. Renren's financial statements will reflect the
effect of the discontinued operation of its games business. Retrospective adjustments to the historical statements of operations
have also been made to provide a consistent basis of comparison for the financial results. Specifically, the operational results
of the games business have been excluded from the Company's financial results from continuing operations and have been separately
presented under discontinued operations.
Fourth Quarter 2015 Highlights
-
Total net revenues were US$13.6 million, a 24.0% increase from the corresponding period in
2014.
- Advertising and IVAS net revenues were US$8.2 million, a 24.8% decrease from the
corresponding period in 2014.
- Financing income was US$5.4 million, compared to US$0.03
million in the corresponding period of 2014.
- Operating loss was US$29.0 million, compared to an operating loss of US$34.4 million in the corresponding period in 2014.
- Net loss attributable to the Company was US$53.0 million, compared to a net income of
US$35.0 million in the corresponding period in 2014.
- Adjusted net loss (1) (non-GAAP) was US$43.2 million, compared to an
adjusted net income of US$43.2 million in the corresponding period in 2014.
Fiscal Year 2015 Highlights
-
Total net revenues were US$41.1 million, an 11.9% decrease from 2014.
- Advertising and IVAS net revenues were US$32.5 million, a 30.3% decrease from
2014.
- Financing income was US$8.6 million, compared to US$0.03
million in 2014.
- Gross profit was US$4.4 million, a 63.4% decrease from 2014.
- Operating loss was US$105.3 million, compared to an operating loss of US$160.9 million in 2014.
- Net loss attributable to the Company was US$220.1 million, compared to a net income of
US$60.5 million in 2014.
- Adjusted net loss (1) (non-GAAP) was US$193.3 million, compared to an adjusted
net income of US$145.9 million in 2014.
(1) Adjusted net income (loss) is a non-GAAP measure,
which is defined as net income (loss) excluding share-based compensation expenses, amortization of intangible assets and
impairment of intangible assets and goodwill. See "About Non-GAAP Financial Measures" below.
|
Fourth Quarter 2015 Results
Total net revenues for the fourth quarter of 2015 were US$13.6 million, representing a
24.0% increase from the corresponding period in 2014.
Advertising and IVAS net revenues were US$8.2 million, representing a
24.8% decrease from the corresponding period of 2014. Advertising revenues were US$2.0
million for the fourth quarter of 2015, a 52.7% decrease from the corresponding period of 2014. The decrease was due to
increasing competition and the continuing migration of our traffic to mobile. Internet Value-Added Services (IVAS)
revenues were US$6.2 million, representing a 7.5% decrease from the corresponding period in 2014.
The decrease was mainly due to decreased revenue from VIP memberships and third party application developer revenues on the
Renren platform. Monthly unique log-in users decreased from approximately 46 million in December 2014 to approximately
41 million in December 2015.
Financing income was US$5.4 million for the fourth quarter of 2015, compared to
US$0.03 million in the corresponding period of 2014.
Cost of revenues was US$13.8 million, a 43.3% increase from the corresponding period of
2014.
Operating expenses were US$28.8 million, a 19.3% decrease from the corresponding period
of 2014.
Selling and marketing expenses were US$6.7 million, a 16.4% decrease from the
corresponding period of 2014. The decrease was primarily due to a decrease in advertising expenses, headcount reductions, and a
decrease in personnel related expense
Research and development expenses were US$6.4 million, a 37.9% decrease from the
corresponding period in 2014. The decrease was primarily due to headcount reductions and a decrease in personnel related
expense.
General and administrative expenses were US$15.7 million, a 9.6% decrease from the
corresponding period in 2014.
Share-based compensation expenses, which were all included in operating expenses, were US$11.0
million, compared to US$8.3 million in the corresponding period in 2014.
Operating loss was US$29.0 million, compared to an operating loss of US$34.4 million in the corresponding period in 2014.
Realized loss on short-term investments was US$0.7 million, compared to a gain of
US$21.6 million in the corresponding period in 2014.
Loss in equity method investments (2) were US$10.6 million, compared to
earnings of US$52.1 million in the corresponding period in 2014.
Net loss attributable to the Company (2) was US$53.0 million, compared
to a net income of US$35.0 million in the corresponding period in 2014.
Adjusted net loss (non-GAAP) (2) was US$43.2 million, compared to an
adjusted net income of US$43.2 million in the corresponding period in 2014. Adjusted net income
(loss) is defined as income (loss) excluding share-based compensation expenses, amortization of intangible assets and impairment
of intangible assets and goodwill.
(2) When preparing the Company's consolidated financial
statements as of and for the year ended December 31, 2015, the Company determined that certain of its investments which
were accounted for as equity or cost method investments should have been recorded as available-for-sale investments. As a
result, the Company's previously reported unaudited financial results have been adjusted to reflect the reversal of
US$3.8 million,US$7.6 million and US$8.9 million of loss in equity method investments for the first quarter, second
quarter and third quarter of 2015, respectively, which resulted in decreases in net loss attributable to the Company from
US$27.6 million to US$23.8 million, from US$78.0 million to US$70.3 million and from US$82.0 million to USS$73.1 million
for the first quarter, second quarter and third quarter of 2015, respectively, as well as decreases in adjusted net loss
(non-GAAP) from US$21.4 million to US$17.6 million, from US$71.9 million to US$64.3 million and from US$77.1 million to
US$68.3 million for the first quarter, second quarter and third quarter of 2015, respectively.
|
Fiscal Year 2015 Results
Total net revenues in 2015 were US$41.1 million, an 11.9% decrease from
2014.
Advertising and IVAS net revenues were US$32.5 million, representing a 30.3% decrease from 2014.
Advertising revenues were US$9.7 million in 2015, a 63.9% decrease from 2014. The decrease
in advertising revenues was due to the continuing migration of our traffic from PC to mobile coupled with increasing competition.
Internet Value-Added Services (IVAS) revenues were US$22.8 million for 2015, representing a
15.4% increase from 2014. The increase was mainly due to increased revenue from our social video platform "Woxiu."
Financing income was US$8.6 million, compared to US$0.03
million in 2014.
Cost of revenues in 2015 was US$36.7 million, a 5.9% increase from 2014.
Gross profit in 2015 was US$4.4 million, a 63.4% decrease from US$12.0 million in 2014. Gross margin in 2015 was 10.7%, compared to 25.7% in 2014.
Operating expenses in 2015 were US$109.7 million, a 36.6% decrease from 2014.
Selling and marketing expenses in 2015 were US$30.5 million, an 11.8% decrease from 2014,
primarily due to decreased promotional expenses for Renren branding.
Research and development expenses in 2015 were US$32.4 million, a 24.1% decrease from
2014, primarily due to headcount reduction and decrease in personnel related expenses.
General and administrative expenses in 2015 were US$46.8 million, a 4.0% decrease from
2014.
Share-based compensation expenses in 2015, which were all included in operating expenses, were US$28.2 million, compared to US$23.6 million in 2014. The increase was mainly due
to a modification which waived award conditions with respect to options.
Operating loss in 2015 was US$105.3 million, compared to US$160.9 million operating loss in 2014.
Realized loss on short-term investments was US$98.1 million, compared to realized gain on
short-term investments of US$139.3 million in 2014.
Loss in equity method investments was US$5.5 million, compared to a gain of US$49.0 million in 2014.
Net loss attributable to the Company in 2015 was US$220.1 million, compared to a net
income of US$60.5 million in 2014.
Adjusted net loss (non-GAAP) in 2015 was US$193.3 million, compared to an adjusted net
income of US$145.9 million in 2014. Adjusted net income (loss) is defined as net income (loss)
excluding share-based compensation expenses, amortization of intangible assets and impairment of intangible assets and
goodwill.
Business Outlook
The Company expects to generate total net revenues in an amount ranging from US$10 million to US$11
million in the first quarter of 2016, representing a 19.9% to 31.9% year-over-year increase. This forecast reflects
Renren's current and preliminary view, which is subject to change.
Conference Call Information
Due to the receipt of a non-binding proposal to acquire the Company, 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 real name 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 consumer financing and auto financing. Renren.com and our
renren mobile application had approximately 228 million activated users as of December 31, 2015.
Renren's American depositary shares, each of which represents three Class A ordinary shares, trade on NYSE under
the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other
things, the business outlook for the first quarter of 2016 and quotations from management in this announcement, as well as
Renren's strategic and operational plans, contain forward-looking statements. Renren may also make written or oral
forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), in its annual report to
shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees
to third parties. Statements that are not historical facts, including statements about Renren's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any forward-looking statement, including but not limited to the
following: our goals and strategies; our future business development, financial condition and results of operations; the expected
growth of the social networking site market in China; our expectations regarding demand for and
market acceptance of our services; our expectations regarding the retention and strengthening of our relationships with key
advertisers and customers; our plans to enhance user experience, infrastructure and service offerings; competition in our
industry in China; and relevant government policies and regulations relating to our industry.
Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed
with the SEC. All information provided in this press release and in the attachments is as of the date of this press
release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under
applicable law.
About Non-GAAP Financial Measures
To supplement Renren's consolidated financial results presented in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Renren uses "adjusted net income (loss)" which is defined as "a non-GAAP financial measure" by the SEC, in
evaluating its business. We define adjusted net income (loss) as net income (loss) excluding share-based compensation expenses,
amortization of intangible assets and impairment of intangible assets and goodwill. 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,
|
|
December 31,
|
per share, ADS, and per ADS data)
|
2014
|
|
2015
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
166,652
|
|
$
|
56,226
|
Term deposits
|
|
|
494,065
|
|
|
-
|
Restricted Cash
|
|
|
-
|
|
|
122,316
|
Short-term investments
|
|
|
29,384
|
|
|
2,619
|
Accounts and notes receivable, net
|
|
|
11,599
|
|
|
4,044
|
Financing receivable, net
|
|
|
6,285
|
|
|
144,457
|
Prepaid expenses and other current assets
|
|
|
33,235
|
|
|
50,321
|
Amounts due from related parties
|
|
|
1,001
|
|
|
16,484
|
Current assets held for sale
|
|
|
20,982
|
|
|
7,471
|
Total current assets
|
|
|
763,203
|
|
|
403,938
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Long-term financing receivable, net
|
|
|
-
|
|
|
15,273
|
Property and equipment, net
|
|
|
41,848
|
|
|
33,289
|
Long-term investments
|
|
|
319,656
|
|
|
810,990
|
Other non-current assets
|
|
|
21,691
|
|
|
2,313
|
Non-current assets held for sale
|
|
|
2,755
|
|
|
2,030
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
385,950
|
|
|
863,895
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
1,149,153
|
|
$
|
1,267,833
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
4,127
|
|
$
|
5,031
|
Short-term debt
|
|
|
-
|
|
|
106,919
|
Accrued expenses and other current liabilities
|
|
|
21,961
|
|
|
29,731
|
Payable to investors
|
|
|
-
|
|
|
48,893
|
Amounts due to related parties
|
|
|
37
|
|
|
36
|
Deferred revenue and advance from customers
|
|
|
3,749
|
|
|
3,885
|
Income tax payable
|
|
|
9,217
|
|
|
6,118
|
Current liabilities held for sale
|
|
|
6,953
|
|
|
8,138
|
Total current liabilities
|
|
|
46,044
|
|
|
208,751
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Long-term debt
|
|
|
-
|
|
|
122,072
|
Other non-current liabilities
|
|
|
730
|
|
|
7,622
|
Total non-current liabilities
|
|
|
730
|
|
|
129,694
|
|
|
|
|
|
|
|
TOTAL LIABILITES
|
|
|
46,774
|
|
|
338,445
|
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
Class A ordinary shares
|
|
|
720
|
|
|
714
|
Class B ordinary shares
|
|
|
305
|
|
|
305
|
Additional paid-in capital
|
|
|
1,224,393
|
|
|
1,243,083
|
Statutory reserves
|
|
|
6,712
|
|
|
6,712
|
Accumulated deficit
|
|
|
(137,266)
|
|
|
(357,394)
|
Accumulated other comprehensive income
|
|
|
7,774
|
|
|
37,124
|
|
|
|
|
|
|
|
Total Renren Inc. shareholders' equity
|
|
|
1,102,638
|
|
|
930,544
|
|
|
|
|
|
|
|
Noncontrolling Interests
|
|
|
(259)
|
|
|
(1,156)
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
1,102,379
|
|
|
929,388
|
|
|
|
|
|
|
|
TOAL LIABILITIES AND EQUITY
|
|
$
|
1,149,153
|
|
$
|
1,267,833
|
RENREN INC.
|
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
(Amounts in US dollars, in thousands, except shares,
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
per shares, ADS, and per ADS data)
|
|
2014
|
|
20152
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and IVAS
|
|
$
|
10,914
|
|
$
|
7,312
|
|
$
|
8,208
|
|
$
|
46,641
|
|
$
|
32,507
|
Financing income
|
|
|
27
|
|
|
1,507
|
|
|
5,363
|
|
|
27
|
|
|
8,604
|
Total net revenues
|
|
|
10,941
|
|
|
8,819
|
|
|
13,571
|
|
|
46,668
|
|
|
41,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
(9,624)
|
|
|
(7,633)
|
|
|
(13,794)
|
|
|
(34,663)
|
|
|
(36,720)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
1,317
|
|
|
1,186
|
|
|
(223)
|
|
|
12,005
|
|
|
4,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
(8,052)
|
|
|
(7,418)
|
|
|
(6,731)
|
|
|
(34,593)
|
|
|
(30,502)
|
Research and development
|
|
|
(10,280)
|
|
|
(8,639)
|
|
|
(6,379)
|
|
|
(42,697)
|
|
|
(32,392)
|
General and administrative
|
|
|
(17,383)
|
|
|
(8,349)
|
|
|
(15,711)
|
|
|
(48,764)
|
|
|
(46,803)
|
Impairment of goodwill
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(46,864)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
(35,715)
|
|
|
(24,406)
|
|
|
(28,821)
|
|
|
(172,918)
|
|
|
(109,697)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(34,398)
|
|
|
(23,220)
|
|
|
(29,044)
|
|
|
(160,913)
|
|
|
(105,306)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses) income
|
|
|
(2,100)
|
|
|
216
|
|
|
(7,837)
|
|
|
(1,352)
|
|
|
(6,884)
|
Exchange loss on offshore bank accounts
|
|
|
(981)
|
|
|
(62)
|
|
|
(50)
|
|
|
(2,277)
|
|
|
(174)
|
Interest income
|
|
|
3,741
|
|
|
308
|
|
|
351
|
|
|
12,569
|
|
|
2,190
|
Interest expense
|
|
|
-
|
|
|
-
|
|
|
(2,041)
|
|
|
-
|
|
|
(2,041)
|
Realized gain (loss) on short-term investments
|
|
|
21,576
|
|
|
(49,742)
|
|
|
(677)
|
|
|
139,265
|
|
|
(98,112)
|
Impairment of equity method investments
|
|
|
-
|
|
|
-
|
|
|
(4,258)
|
|
|
-
|
|
|
(4,258)
|
Loss before provision of income tax, earnings (loss)
in equity method investments and noncontrolling
interest, net of income tax
|
|
|
(12,162)
|
|
|
(72,500)
|
|
|
(43,556)
|
|
|
(12,708)
|
|
|
(214,585)
|
Income tax (expenses) benefit
|
|
|
(5,870)
|
|
|
(1,626)
|
|
|
1,361
|
|
|
(6,517)
|
|
|
(3,124)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before earnings (loss) in equity method
investments and noncontrolling interest, net of
income tax
|
|
|
(18,032)
|
|
|
(74,126)
|
|
|
(42,195)
|
|
|
(19,225)
|
|
|
(217,709)
|
Earnings (loss) in equity method investments, net of
income tax
|
|
|
52,113
|
|
|
1,275
|
|
|
(10,593)
|
|
|
49,015
|
|
|
(5,468)
|
Income (loss) from continuing operations
|
|
|
34,081
|
|
|
(72,851)
|
|
|
(52,788)
|
|
|
29,790
|
|
|
(223,177)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations of discontinued
operations, net of income tax
|
|
|
229
|
|
|
(351)
|
|
|
(1,356)
|
|
|
(27,194)
|
|
|
1,520
|
Gain on deconsolidation of the subsidiaries
|
|
|
489
|
|
|
-
|
|
|
-
|
|
|
489
|
|
|
-
|
(Loss) gain on disposal of equity method investment,
net of income tax
|
|
|
(99)
|
|
|
-
|
|
|
-
|
|
|
56,993
|
|
|
-
|
Income (loss) from discontinued operations, net of
income tax
|
|
|
619
|
|
|
(351)
|
|
|
(1,356)
|
|
|
30,288
|
|
|
1,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
34,700
|
|
|
(73,202)
|
|
|
(54,144)
|
|
|
60,078
|
|
|
(221,657)
|
Net loss attributable to noncontrolling interests
|
|
|
259
|
|
|
82
|
|
|
1,181
|
|
|
382
|
|
|
1,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Renren
Inc.
|
|
$
|
34,959
|
|
$
|
(73,120)
|
|
$
|
(52,963)
|
|
$
|
60,460
|
|
$
|
(220,128)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share from continuing
operations attributable to Renren Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
$
|
(0.07)
|
|
$
|
(0.05)
|
|
$
|
0.03
|
|
$
|
(0.22)
|
Diluted
|
|
$
|
0.03
|
|
$
|
(0.07)
|
|
$
|
(0.05)
|
|
$
|
0.03
|
|
$
|
(0.22)
|
Net income (loss) per share from discontinued
operations attributable to Renren Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.00)
|
|
$
|
0.03
|
|
$
|
0.00
|
Diluted
|
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.00)
|
|
$
|
0.03
|
|
$
|
0.00
|
Net income (loss) per share attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
$
|
(0.07)
|
|
$
|
(0.05)
|
|
$
|
0.06
|
|
$
|
(0.22)
|
Diluted
|
|
$
|
0.03
|
|
$
|
(0.07)
|
|
$
|
(0.05)
|
|
$
|
0.06
|
|
$
|
(0.22)
|
Net income (loss) attributable to Renren Inc.
shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.10
|
|
$
|
(0.22)
|
|
$
|
(0.16)
|
|
$
|
0.17
|
|
$
|
(0.65)
|
Diluted
|
|
$
|
0.10
|
|
$
|
(0.22)
|
|
$
|
(0.16)
|
|
$
|
0.17
|
|
$
|
(0.65)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in
calculating net income (loss) per ordinary share from
continuing operations attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,034,933,302
|
|
|
1,017,864,443
|
|
|
1,018,834,245
|
|
|
1,059,446,436
|
|
|
1,019,378,556
|
Diluted
|
|
|
1,040,849,227
|
|
|
1,017,864,443
|
|
|
1,018,834,245
|
|
|
1,067,631,709
|
|
|
1,019,378,556
|
Weighted average number of shares used in
calculating net income (loss) per ordinary share from
discontinued operations attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,034,933,302
|
|
|
1,017,864,443
|
|
|
1,018,834,245
|
|
|
1,059,446,436
|
|
|
1,019,378,556
|
Diluted
|
|
|
1,040,849,227
|
|
|
1,017,864,443
|
|
|
1,018,834,245
|
|
|
1,067,631,709
|
|
|
1,027,236,202
|
|
|
Reconciliation of Non-GAAP results of operations measures to the
comparable GAAP financial measures
|
|
Adjusted net income (loss)
|
|
|
|
For the Three Months Ended
|
|
For the Twelve Months Ended
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
(Amounts in US dollars, in thousands)
|
|
2014
|
|
20152
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
34,700
|
|
$
|
(73,202)
|
|
$
|
(54,144)
|
|
$
|
60,078
|
|
$
|
(221,657)
|
Add back: Shared-based compensation expenses
|
|
|
8,325
|
|
|
4,917
|
|
|
10,961
|
|
|
23,604
|
|
|
28,241
|
Add back: Amortization of intangible
assets
|
|
|
192
|
|
|
32
|
|
|
32
|
|
|
1,143
|
|
|
97
|
Add back: Impairment of goodwill
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
46,864
|
|
|
-
|
Add back: Impairment of intangible assets
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
14,250
|
|
|
-
|
Adjusted net income (loss)
|
|
$
|
43,217
|
|
$
|
(68,253)
|
|
$
|
(43,151)
|
|
$
|
145,939
|
|
$
|
(193,319)
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/renren-announces-unaudited-fourth-quarter-and-fiscal-year-2015-financial-results-300268890.html
SOURCE Renren Inc.