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Changyou Reports First Quarter 2012 Unaudited Financial Results

BEIJING April 30, 2012 China March 31, 2012

http://photos.prnewswire.com/prnh/20090402/CNTH020

First Quarter 2012 Highlights   

  • US$136.8 million US$2.8 million
  • US$127.4 million US$3.4 million
  • US$65.3 million US$1.22
  • US$66.5 million US$1.24 US$6.5 million

China China

Dewen Chen China Shen Qu China

Alex Ho

First Quarter 2012 Operational Results 

The Company’s operational results for the first quarter of 2012, which exclude those of 7Road’s Web-based games, were as follows:

  • Aggregate registered accounts for the Company’s games[3] increased 7% quarter-over-quarter and 62% year-over-year to 188.5 million.
  • Aggregate PCU for the Company’s games decreased 8% quarter-over-quarter and increased 8% year-over-year to 1.08 million.
  • Aggregate APA for the Company’s games decreased 2% quarter-over-quarter and increased 8% year-over-year to 3.11 million.
  • RMB225

7Road’s operational results for the first quarter of 2012 were as follows:

  • Shen Qu
  • China
  • RMB50 Shen Qu

First Quarter 2012 Unaudited Financial Results

Revenues

US$136.8 million

US$127.4 million Shen Qu China Shen Qu China

US$8.2 million

US$1.1 million

Gross profit

US$115.4 million US$115.5 million

US$111.0 million US$111.1 million

US$6.8 million

US$2.4 million US$1.6 million US$431,000

Operating expenses

US$35.5 million

US$17.3 million

US$9.8 million

US$8.4 million

Operating profit

US$79.9 million

US$81.1 million

Net income

US$66.4 million

US$67.6 million

Net income attributable to Changyou.com Limited

US$65.3 million US$1.22 US$1.21 US$1.10

US$66.5 million US$1.24 US$1.33 US$1.13

Cash and Cash Equivalents

March 31, 2012 US$366.5 million US$330.4 million December 31, 2011 US$56.4 million

Other Business Developments in the First Quarter of 2012

China

Shen Qu December 2011 Shen Qu China April 29, 2012 Shen Qu

Business Outlook

For the second quarter of 2012, Changyou expects:

  • US$139.5 million and US$143.5 million US$130.0 million to US$133.0 million US$8.5 million to US$9.5 million
  • US$58.0 million and US$60.0 million
  • US$1.08 and US$1.12
  • US$1.0 million and US$1.5 million US$0.02 to US$0.03

Basis of Presentation for Unaudited Financial Results

December 15, 2011

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, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions. 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.

Beginning in the fourth quarter of 2011, the Company revised its non-GAAP reporting methodology to exclude goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions, in addition to its historical practice of excluding share-based compensation expense from non-GAAP results.

Changyou’s management believes that excluding share-based compensation expense, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions from its non-GAAP financial measures is useful for itself and investors. Further, the amount of share-based compensation expense, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions 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, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions does not involve 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, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions.

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, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions, 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, and goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, non-cash tax benefits from excess tax deductions related to share-based awards and income from the reversal of contingent consideration previously recorded for acquisitions may recur in the 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.

the People’s Republic of China Tian Long Ba Bu February 28, 2012

Conference Call Information

7 a.m. April 30, 2012 7 p.m. Beijing Hong Kong April 30, 2012

The dial-in details for the live conference call are:

US:

+1-866-519-4004

Hong Kong:

+852-2475-0994

International:

+1-718-354-1231

Passcode:

CYOU

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

10:00 a.m. April 30, 2012 May 7, 2012

International:      

+1-866-214-5335

Passcode:

70773777

http://www.changyou.com/ir/

About Changyou

China Tian Long Ba Bu China China China December 2007 April 7, 2009 http://www.changyou.com/ir/

For investor and media inquiries, please contact:

China

Angie Chang

[email protected]

the United States

Jeff Bloker

[email protected]


Three Months Ended

Mar. 31, 2012

Dec. 31, 2011

Mar. 31, 2011

(a)

Restated (a)

Revenues:

        Online game

$

127,446

$

123,252

$

94,930

        Online advertising

8,170

12,413

7,822

        Others

1,149

1,986

2,159

                Total revenues

136,765

137,651

104,911

Cost of revenues:


16,408

16,341

8,968


1,390

1,069

842

        Others

3,591

3,589

2,590

                Total cost of revenues

21,389

20,999

12,400

Gross profit

115,376

116,652

92,511

Operating expenses:


17,252

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