BEIJING, Oct. 31, 2011 /PRNewswire-Asia/ -- Changyou.com
Limited ("Changyou" or the "Company") (NASDAQ: CYOU), a leading
online game developer and operator in China, today announced its unaudited financial
results for the third quarter ended September 30, 2011.
Third Quarter 2011 Highlights
- Total revenues reached a record US$119.0
million and exceeded the high end of the Company's guidance
by US$1.0 million. Total revenues
increased 13% quarter-over-quarter and 39% year-over-year.
- Net income attributable to Changyou.com Limited was
US$52.8 million, or US$0.99 per fully diluted ADS(1). Net income
attributable to Changyou.com Limited decreased 3%
quarter-over-quarter and increased 17% year-over-year.
- Non-GAAP(2) net income attributable to Changyou.com Limited
(i.e., excluding share-based compensation expenses) was
US$53.8 million, or US$1.01 per fully diluted ADS, and exceeded the
high end of the Company's guidance by US$1.3
million. Non-GAAP net income attributable to
Changyou.com Limited decreased 3% quarter-over-quarter and
increased 14% year-over-year.
- Aggregate registered accounts for the Company's games(3),
excluding the Web-based game of the Company's majority-owned
subsidiary Shenzhen 7Road Technology Co., Ltd. ("7Road"), increased
21% quarter-over-quarter and 51% year-over-year to 159.0
million.
- Aggregate peak concurrent users ("PCU") for the Company's
games, excluding 7Road's Web-based game, increased 19%
quarter-over-quarter and 17% year-over-year to 1,150,000.
- Aggregate active paying accounts ("APA") for the Company's
games, excluding 7Road's Web-based game, increased 4%
quarter-over-quarter and 16% year-over-year to 3.02 million.
- Average revenue per active paying account ("ARPU") for the
Company's games, excluding 7Road's Web-based game, increased 3%
quarter-over-quarter and 2% year-over-year to RMB218.
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(1) Each American depositary
share ("ADS") represents
two Class A ordinary shares.
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(2) Explanation of the
Company's non-GAAP
financial measures and related reconciliations to GAAP financial
measures are included in the accompanying "Non-GAAP
Disclosure" and
"Reconciliations to the nearest
comparable GAAP financial measures."
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(3) Excludes Web-based games of
7Road and comprises the following games operated in China: Tian
Long Ba Bu ("TLBB"), Duke of
Mount Deer ("DMD"), Blade
Online, Blade Hero 2, Da Hua Shui Hu, Zhong Hua Ying Xiong,
Immortal Faith, San Jie Qi Yuan and Legend of Ancient
World.
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Mr. Tao Wang, Changyou's Chief Executive Officer, commented,
"Our blockbuster Tian Long Ba Bu, or
TLBB, continues to expand player numbers with the release of each
new expansion pack that adds sought-after new game play that is
requested by our players. After the release of the major
expansion pack TLBB3 on October 20th,
the number of users and the number of active paying accounts
increased. Meanwhile, our new self-developed 3D MMO game,
Duke of Mount Deer, or DMD, which
launched on July 22nd, appeals to
hard-core game players with its new technologies and advanced
cross-server game play. We believe these results once again
demonstrate our ability to understand and fulfill gamers' needs and
showcase our content development and game operation strengths.
We anticipate bringing a greater variety of games to market
in the following quarter and next year to further advance our
leading position in the online game industry."
Mr. Dewen Chen, president and
chief operating officer, continued, "During the quarter, we
completed the integration of Shenzhen 7Road Technologies Co., Ltd., or
7Road, one of the leading players in the rapidly expanding
Web-based game market in China.
7Road's hit game, DDTank, continues to top the charts on different
social platforms and game portals in China, and is attracting interest from players
overseas. In the next few quarters, we will be working closely with
7Road's management team on new products and initiatives to develop
the Web-based game business."
Mr. Alex Ho, Changyou's chief
financial officer, added, "Our business was strong and resilient in
the third quarter. Once again, we exceeded our top-line and
bottom-line financial goals for the quarter, while making planned
investments in the marketing and promotion of DMD. In
addition, both our existing and acquired businesses generated solid
cash flows in the third quarter. With solid cash reserves and
a debt-free balance sheet, we are well-positioned to capture new
opportunities in the industry as they arise and to increase returns
to shareholders over the long term."
Third Quarter 2011 Operational Results
The Company's operational results for the third quarter of 2011,
which exclude those of 7Road's Web-based game, were as follows:
- Aggregate registered accounts for the Company's games increased
21% quarter-over-quarter and 51% year-over-year to 159.0
million.
- Aggregate PCU for the Company's games increased 19%
quarter-over-quarter and 17% year-over-year to 1,150,000.
- Aggregate APA for the Company's games increased 4%
quarter-over-quarter and 16% year-over-year to 3,020,000.
- ARPU for the Company's games increased 3% quarter-over-quarter
and 2% year-over-year to RMB218,
which is consistent with the Company's intention to have ARPU
within a range that keeps the Company's games affordable for the
majority of Chinese game players.
7Road's operational results for the third quarter of 2011 were
as follows:
- Active accounts(4) for 7Road's game were 46.9 million.
- Active charging accounts(5) for 7Road's game were
1,720,000.
- Average revenue recognized per active charging accounts(6) for
7Road's game were RMB38.
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(4) Active accounts are defined
as registered accounts that were logged in at least once during the
period.
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(5) Active charging accounts are
defined as the number of active accounts that purchased virtual
currency for use in the game during the period.
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(6) Average revenue recognized
per active charging accounts are defined as net revenues recognized
by 7Road for the period divided by the number of active charging
accounts for the same period.
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Third Quarter 2011 Unaudited Financial Results
Revenues
Total revenues for the third quarter of 2011 increased 13%
quarter-over-quarter and 39% year-over-year to US$119.0 million.
Online game revenues, which include revenues from Changyou's
game operations and overseas licensing revenues and revenues from
7Road, increased 14% quarter-over-quarter and 35% year-over-year to
US$115.8 million. The increases were
mainly due to a full quarter of revenue contribution from 7Road,
revenue contribution from the newly launched DMD, and the ongoing
popularity of TLBB in China during
the third quarter of 2011.
Other revenues were US$3.2
million, down 8% quarter-over-quarter. The decrease was
mainly due to lower cinema advertising sales in the third quarter
of 2011 after the Company did not renew its contracts with selected
cinemas that were generating lower investment returns.
Gross Profit
Gross profit and non-GAAP gross profit increased 11%
quarter-over-quarter and 31% year-over-year to US$101.0 million. Both gross margin and non-GAAP
gross margin were 85%, compared with 87% in the second quarter of
2011 and 90% in the third quarter of 2010. The decline in gross
margin was mainly due to higher bandwidth costs incurred for the
new game DMD, and the hiring of game operation staff in the third
quarter of 2011.
Gross profit and non-GAAP gross profit of the online games
business increased 11% quarter-over-quarter and 31% year-over-year
to US$101.2 million. Both gross
margin and non-GAAP gross margin of the online games business were
87%, compared with 90% in the second quarter of 2011 and in the
third quarter of 2010, respectively.
Gross loss and non-GAAP gross loss of other business were
US$246,000.
Operating Expenses
Total operating expenses were US$39.1
million, an increase of 32% quarter-over-quarter and 65%
year-over-year.
Product development expenses were US$12.0
million, essentially flat quarter-over-quarter and an
increase of 17% year-over-year. The year-over-year increase in
product development expenses were mainly due to the hiring of game
engineers and a full quarter of product development expenses from
7Road in the third quarter of 2011.
Sales and marketing expenses were US$20.2
million, an increase of 69% quarter-over-quarter and 108%
year-over-year. The quarter-over-quarter and year-over-year
increases in sales and marketing expenses were mainly due to a
nationwide advertising campaign in the third quarter of 2011 to
promote the newly launched DMD.
General and administrative expenses were US$6.9 million, an increase of 23%
quarter-over-quarter and 85% year-over-year. The
quarter-over-quarter and year-over-year increases in general and
administrative expenses were mainly due to an increase in headcount
and a full quarter of general and administrative expenses from
7Road in the third quarter of 2011.
Operating Profit
Operating profit increased 1% quarter-over-quarter and 16%
year-over-year to US$61.9 million.
Operating margin was 52%, compared with 58% in the second quarter
of 2011 and 62% in the third quarter of 2010.
Non-GAAP operating profit was flat quarter-over-quarter and
increased 14% year-over-year to US$62.8
million. Non-GAAP operating margin was 53%, compared with
60% in the second quarter of 2011 and 64% in the third quarter of
2010.
Net income
Net income decreased 1% quarter-over-quarter and increased 19%
year-over-year to US$53.9 million.
Net margin was 45%, compared with 52% in the second quarter of 2011
and 53% in the third quarter of 2010.
Non-GAAP net income decreased 2% quarter-over-quarter and
increased 17% year-over-year to US$54.9
million. Non-GAAP net margin was 46%, compared with 53% in
the second quarter of 2011 and 55% in the third quarter of
2010.
Net income attributable to Changyou.com
Limited
Net income attributable to Changyou.com Limited decreased 3%
quarter-over-quarter and increased 17% year-over-year to
US$52.8 million. Fully diluted
earnings per ADS attributable to Changyou.com Limited were
US$0.99, down from US$1.02 in the second quarter of 2011 and up from
US$0.85 in the third quarter of 2010.
Net margin attributable to Changyou.com Limited was 44%, compared
with 52% in the second quarter of 2011 and 53% in the third quarter
of 2010.
Non-GAAP net income attributable to Changyou.com Limited
decreased 3% quarter-over-quarter and increased 14% year-over-year
to US$53.8 million. Non-GAAP fully
diluted earnings per ADS attributable to Changyou.com Limited were
US$1.01, down from US$1.04 in the second quarter of 2011 and up from
US$0.88 in the third quarter of 2010.
Non-GAAP net margin attributable to Changyou.com Limited was 45%,
compared with 53% in the second quarter of 2011 and 55% in the
third quarter of 2010.
Cash Balances
As of September 30, 2011, Changyou
had a net cash balance of US$458.5
million, which increased from US$398.3 million as of June 30, 2011. Operating cash flow for the third
quarter of 2011 was a net inflow of US$74.1
million.
Business Outlook
For the fourth quarter of 2011, Changyou expects:
- Total revenues to be between US$122.0
million and US$125.0 million, including online game revenues
of US$119.0 million to US$122.0
million.
- Non-GAAP net income attributable to Changyou.com Limited to be
between US$58.0 million and US$60.0
million.
- Non-GAAP fully diluted earnings per ADS attributable to
Changyou.com Limited to be between US$1.09
and US$1.12.
- Assuming no new grants of share-based awards, share-based
compensation expense to be between US$1.5
million and US$2.0 million, reducing fully diluted earnings
per ADS attributable to Changyou.com Limited by US$0.03 to US$0.04.
Non-GAAP Disclosure
To supplement the unaudited consolidated financial information
prepared in accordance with United States Generally Accepted
Accounting Principles ("GAAP"), Changyou's management uses non-GAAP
measures of gross profit, operating profit, net income attributable
to Changyou.com Limited and diluted net income attributable to
Changyou.com Limited per ADS, which are adjusted from results based
on GAAP to exclude the compensation cost of share-based awards
granted. 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.
Changyou's management believes that excluding the share-based
compensation expense from its non-GAAP financial measures is useful
for itself and investors. Further, the amount of share-based
compensation expense cannot be anticipated by management, and these
expenses are not built into the Company's annual budgets and
quarterly forecasts, which generally will be the basis for
information Changyou 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,
Changyou does not factor this in when evaluating and approving
expenditures or when determining the allocation of its resources to
its business operations. As a result, in general, 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 Changyou's current financial
performance and prospects for the future. A limitation of using
non-GAAP gross profit, operating profit, net income attributable to
Changyou.com Limited and diluted net income attributable to
Changyou.com Limited per ADS, excluding share-based compensation
expense, is that the share-based compensation charge has been and
will continue to be a significant recurring expense in the
Company's business for the foreseeable future. In order to mitigate
these limitations the Company has provided specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables include details on the reconciliation between
GAAP financial measures that are most directly comparable to the
non-GAAP financial measures the Company has presented.
Notes to Financial Information
Financial information in this press release other than the
information indicated as being non-GAAP is derived from Changyou's
unaudited financial statements prepared in accordance with
GAAP.
Mezzanine Equity consists of non-controlling interests in 7Road
and a put option that gives the non-controlling shareholders the
right to put their shares to Changyou at a pre-determined price if
7Road achieves specified performance milestones before the expiry
of the put option and certain other circumstances occur. The put
option will expire in 2014. Non-controlling interests of 7Road and
the put option are classified as mezzanine equity in Changyou's
consolidated balance sheets, as redemption of the non-controlling
interests is not solely within the control of Changyou.
In accordance with ASC subtopic 480-10, Changyou accretes the
balance of non-controlling interests to its redemption value over
the period from the date of 7Road acquisition to the earliest
exercise date of the put right. Any subsequent changes in the
redemption value are considered to be changes in accounting
estimates and are also recognized over the same period as net
income attributable to mezzanine classified non-controlling
interests.
Safe Harbor Statement
It is currently expected that the Business Outlook will not be
updated until the release of Changyou's next quarterly earnings
announcement; however, Changyou reserves the right to update its
Business Outlook at any time for any reason.
This announcement contains forward-looking statements.
Statements that are not historical facts, including statements
about the Company'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. The Company cautions 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 continuing
global financial and credit markets crisis and its potential impact
on the Chinese economy, the uncertain regulatory landscape in
the People's Republic of China,
fluctuations in Changyou's quarterly operating results, Changyou's
historical and possible future losses and limited operating
history, and the Company's reliance on Tian
Long Ba Bu as its major revenue source. Further information
regarding these and other risks is included in Changyou's Annual
Report on Form 20-F filed on February 28,
2011, and other filings with the Securities and Exchange
Commission.
Conference Call Information
Changyou's management team will host an earnings conference call
today at 7 a.m. U.S. Eastern Daylight
Time, October 31, 2011 (7 p.m. Beijing/Hong
Kong, October 31, 2011).
The dial-in details for the live conference call are:
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US:
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+1-866-519-4004
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Hong Kong:
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+852-2475-0994
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International:
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+1-718-354-1231
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Passcode:
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CYOU
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Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call at 10:00
a.m. U.S. Eastern Daylight Time on October 31 through November 7, 2011. The dial-in
details for the telephone replay are:
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International:
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+1-718-354-1232
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Passcode:
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13981264
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The live webcast and archive of the conference call will be
available on the Investor Relations section of Changyou's website
at http://www.changyou.com/ir/.
About Changyou
Changyou.com Limited is a leading developer and operator of
online games in China. It began
operations as a business unit within Sohu.com Inc. (NASDAQ: SOHU)
in 2003 primarily focused on the development and operation of
massively multi-player online role-playing games ("MMORPG").
Changyou was carved out as a separate, stand-alone company in
December 2007, and completed an
initial public offering on April 7,
2009. Changyou and its subsidiaries currently operate over
10 online games, including in-house developed MMORPGs such as
Tian Long Ba Bu, one of the most
popular online games in China, and
Duke of Mount Deer, as well as
Web-based games such as DDTank. Changyou's advanced technology
platform includes advanced 2.5D and 3D graphics engines, a uniform
game development platform, effective anti-cheating and anti-hacking
technologies, proprietary cross-networking technology and advanced
data protection technology. For more information about Changyou,
please visit http://www.changyou.com/en/.
For investor and media inquiries, please contact:
In China:
Ms. Angie Chang
Investors Relations Manager
Changyou.com Limited
Tel: +86 (10) 6861-3688
E-mail: ir@cyou-inc.com
In the United States:
Mr. Jeff Bloker
Christensen
Tel: +1 (480) 614-3003
E-mail: jbloker@ChristensenIR.com
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CHANGYOU.COM
LIMITED
CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED,
IN THOUSANDS EXCEPT PER ADS
AMOUNTS)
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Three Months Ended
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Nine Months Ended
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Sep. 30, 2011
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Jun. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2011
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Sep. 30, 2010
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Revenues:
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|
|
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Online
game
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$
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115,799
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$
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101,531
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$
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85,624
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$
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312,260
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$
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235,417
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Others
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3,214
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3,494
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-
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8,867
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-
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Total revenues
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119,013
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|
105,025
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85,624
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321,127
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235,417
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Cost of
revenues:
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Online
game (includes share-based
compensation expense of
$21, $19,
$40,
$73 and
$150
respectively)
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14,578
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9,950
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8,537
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33,496
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20,929
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Others
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3,460
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4,144
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-
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10,194
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-
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Total cost of
revenues
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18.038
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14,094
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8,537
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43,690
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20,929
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Gross profit
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100,975
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90,931
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77,087
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277,437
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214,488
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Operating
expenses:
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|
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Product development
(includes share-based compensation expense of $455, $503, $922,
$1,729 and $3,450, respectively)
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11,987
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12,023
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10,222
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34,731
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24,912
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Sales and marketing
(includes share-based compensation expense of $(19),
$293, $8, $473 and $124
respectively)
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20,213
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11,965
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9,711
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40,912
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31,130
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General and
administrative (includes share-based compensation expense of $506,
$567, $819, $1,840 and $3,015 respectively)
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6,893
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5,588
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3,728
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18,009
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13,040
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Total operating expenses
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39,093
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29,576
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23,661
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93,652
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69,082
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Operating profit
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61,882
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61,355
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53,426
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183,785
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145,406
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Interest income
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3,404
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2,345
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1,194
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7,588
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2,913
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Foreign currency exchange
loss
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(160)
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(173)
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(151)
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(489)
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(252)
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Other income /
(expense)
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1,139
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(602)
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(713)
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208
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(431)
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Income before income tax
expense
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66,265
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62,925
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53,756
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|
191,092
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147,636
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Income tax expense
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(12,360)
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(8,354)
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(8,464)
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(29,767)
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(20,547)
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Net income
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53,905
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54,571
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45,292
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161,325
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127,089
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Less:
Net income
attributable to
mezzanine
classified non-controlling
interests
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1,092
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361
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-
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1,453
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-
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Net income
attributable to Changyou.com
Limited
|
$
|
52,813
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$
|
54,210
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$
|
45,292
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$
|
159,872
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$
|
127,089
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Basic net income
per ADS attributable
to
Changyou.com
Limited
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$
|
1.01
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$
|
1.03
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$
|
0.87
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$
|
3.05
|
$
|
2.45
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ADSs
used in computing basic net
income per ADS
attributable
to Changyou.com Limited
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52,506
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52,466
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52,034
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52,399
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51,848
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Diluted net income
per ADS attributable
to
Changyou.com
Limited
|
$
|
0.99
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$
|
1.02
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$
|
0.85
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$
|
3.00
|
$
|
2.39
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|
ADSs used in
computing diluted net income per
ADS
attributable to Changyou.com Limited
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53,338
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53,302
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|
53,135
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|
53,296
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|
53,099
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|
|
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CHANGYOU.COM
LIMITED
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED,
IN THOUSANDS)
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As of Sep. 30, 2011
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As of Dec. 31, 2010
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ASSETS
|
|
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Current
assets:
|
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|
|
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Cash
and cash equivalents
|
$
|
458,529
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$
|
350,957
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Accounts receivable, net
|
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13,151
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1,464
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Short-term investments
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|
22,319
|
|
-
|
|
Prepaid and other current assets
|
|
8,777
|
|
12,383
|
|
Due
from Sohu
|
|
-
|
|
312
|
|
Total current
assets
|
|
502,776
|
|
365,116
|
|
Non-current
assets:
|
|
|
|
|
|
Fixed
assets, net
|
|
66,285
|
|
53,659
|
|
Goodwill
|
|
121,005
|
|
10,258
|
|
Intangible assets, net
|
|
51,302
|
|
7,251
|
|
Interests in associated companies
|
|
350
|
|
3,645
|
|
Deferred tax assets
|
|
2,544
|
|
2,369
|
|
Other
assets, net
|
|
63,512
|
|
60,214
|
|
Total non-current
assets
|
|
304,998
|
|
137,396
|
|
TOTAL ASSETS
|
$
|
807,774
|
$
|
502,512
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Receipts in advance and deferred revenue
|
$
|
44,618
|
$
|
34,509
|
|
Accounts payable and accrued liabilities
|
|
55,013
|
|
34,783
|
|
Tax
payables
|
|
12,162
|
|
13,471
|
|
Current deferred
tax liabilities
|
|
-
|
|
243
|
|
Current contingent
consideration
|
|
13,331
|
|
-
|
|
Due
to Sohu
|
|
5,135
|
|
5,155
|
|
Total current
liabilities
|
|
130,259
|
|
88,161
|
|
Long-term
liabilities:
|
|
|
|
|
|
Long-term deferred tax
liabilities
|
|
5,328
|
|
-
|
|
Long-term contingent
consideration
|
|
15,805
|
|
-
|
|
Long-term accounts payable
|
|
2,615
|
|
-
|
|
Total long-term
liabilities
|
|
23,748
|
|
-
|
|
Total liabilities
|
|
154,007
|
|
88,161
|
|
MEZZANINE EQUITY
|
|
|
|
|
|
Mezzanine equity
|
|
55,664
|
|
-
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Total
shareholders' equity
|
|
598,103
|
|
414,351
|
|
TOTAL
LIABILITIES, MEZZANINE EQUITY
AND
SHAREHOLDERS' EQUITY
|
$
|
807,774
|
$
|
502,512
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGYOU.COM
LIMITED
RECONCILIATIONS OF NON-GAAP
RESULTS OF OPERATION MEASURES TO THE
NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED,
IN THOUSANDS EXCEPT
PER ADS AMOUNTS)
|
|
|
|
Three Months Ended Sep. 30, 2011
|
|
|
Three Months Ended Jun. 30, 2011
|
|
|
Three Months Ended Sep. 30, 2010
|
|
|
|
GAAP
|
|
Non-GAAP
Adjustments
|
|
Non-GAAP
|
|
|
GAAP
|
|
Non-GAAP
Adjustments
|
|
Non-GAAP
|
|
|
GAAP
|
|
Non-GAAP
Adjustments
|
|
Non-GAAP
|
|
Online game gross profit
|
$
|
101,221
|
$
|
21
|
$
|
101,242
|
|
$
|
91,581
|
$
|
19
|
$
|
91,600
|
|
$
|
77,087
|
$
|
40
|
$
|
77,127
|
|
Other gross loss
|
|
(246)
|
|
-
|
(a)
|
(246)
|
|
|
(650)
|
|
-
|
(a)
|
(650)
|
|
|
-
|
|
-
|
(a)
|
-
|
|
Gross profit
|
$
|
100,975
|
$
|
21
|
$
|
100,996
|
|
$
|
90,931
|
$
|
19
|
$
|
90,950
|
|
$
|
77,087
|
$
|
40
|
$
|
77,127
|
|
Gross margin
|
|
85%
|
|
|
|
85%
|
|
|
87%
|
|
|
|
87%
|
|
|
90%
|
|
|
|
90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
$
|
61,882
|
$
|
963
|
$
|
62,845
|
|
$
|
61,355
|
$
|
1,382
|
$
|
62,737
|
|
$
|
53,426
|
$
|
1,789
|
$
|
55,215
|
|
Operating margin
|
|
52%
|
|
|
|
53%
|
|
|
58%
|
|
|
|
60%
|
|
|
62%
|
|
|
|
64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
53,905
|
$
|
963
|
$
|
54,868
|
|
$
|
54,571
|
$
|
1,382
|
$
|
55,953
|
|
$
|
45,292
|
$
|
1,789
|
$
|
47,081
|
|
Net income attributable to Changyou.com Limited
|
$
|
52,813
|
$
|
963
|
$
|
53,776
|
|
$
|
54,210
|
$
|
1,382
|
$
|
55,592
|
|
$
|
45,292
|
$
|
1,789
|
$
|
47,081
|
|
Net margin
|
|
44%
|
|
|
|
45%
|
|
|
52%
|
|
|
|
53%
|
|
|
53%
|
|
|
|
55%
|
|
Diluted net income per ADS attributable to
Changyou.com Limited
|
$
|
0.99
|
|
|
$
|
1.01
|
|
$
|
1.02
|
|
|
$
|
1.04
|
|
$
|
0.85
|
|
|
$
|
0.88
|
|
ADSs used in computing diluted net income per
ADS attributable to Changyou.com Limited
|
|
53,338
|
|
|
|
53,447
|
|
|
53,302
|
|
|
|
53,453
|
|
|
53,135
|
|
|
|
53,427
|
|
Note:
(a) To eliminate
share-based compensation expense as measured using the
fair value method.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Changyou.com Limited