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Renren Announces Unaudited First Quarter 2011 Financial Results
PR Newswire
BEIJING, June 20, 2011
BEIJING, June 20, 2011 /PRNewswire-Asia/ -- Renren Inc. (NYSE: RENN), the
leading real-name social networking internet platform in China ("Renren" or
the "Company"), today announced its unaudited financial results for the
first quarter ended March 31, 2011.
First Quarter 2011 Highlights
Total net revenues were US$20.6 million, a 46.6% increase from the
corresponding period in 2010.
Online advertising revenues were US$8.1 million, a 100.5% increase from the
corresponding period in 2010.
Gross profit was US$16.5 million, a 57.6% increase from the corresponding
period in 2010.
Net loss was US$2.6 million, a 78.5% decrease from the corresponding period
in 2010.
Adjusted (1) net loss was US$1.1 million, compared to US$0.6 million
adjusted net income in the corresponding period in 2010.
(1) Explanation of the Company's Adjusted (i.e. non-GAAP) financial measures
and the related reconciliations to GAAP financial measures are included in
the accompanying "About Non-GAAP Financial Measures" and the "
Reconciliations of Non-GAAP results of operations measures to the comparable
GAAP financial measures".
"I am pleased to report a robust first quarter, in particular the doubling
of our advertising revenues compared to the same period last year. During
the first quarter, our business progress was highlighted by the strong
growth in our user base and user engagement level, which has been driven by
our relentless focus on providing the best user experience and the ongoing
adoption of real-name SNS service in China," said Joseph Chen, Chairman and
Chief Executive Officer.
"Our brand continues to strengthen. Our recent IPO has helped heighten
Renren brand awareness and popularity among our users, business partners,
advertisers and future employees," Mr. Chen continued.
"We expect the growth of the SNS market in China's dynamic Internet market
to remain strong in 2011. We will launch more innovative products and new
services that appeal to our users and anticipate evolving user preferences
and industry changes. Looking forward, I am confident that Renren will
continue to lead the real-name SNS industry development in China," Mr. Chen
added.
Hui Huang, Renren's Chief Financial Officer, commented, "Our company is
still in the early stages of monetization. We want to build a strong
foundation for sustainable long-term growth by investing significantly in
research & development, sales & marketing, and strategic acquisitions and
business partnerships. The US$779 million capital we raised during our IPO
on May 4, 2011, and the concurrent private placement will add to our
competitive advantages and efforts to strengthen our leading position in the
real-name SNS market in China."
First Quarter 2011 Results
Net revenues for the first quarter of 2011 were US$20.6 million,
representing a 46.6%increase from the corresponding period in 2010.
Online adverti sing revenues were US$8.1 million, representing an increase
of 100.5% from the corresponding period in 2010. The significant increase
was attributable to the growth of our SNS platform and user base which
attracted more advertisers to our advertising services. The number of our
activated users increased from approximately 91 million as of March 31, 2010
to approximately 117 million as of March 31, 2011, and further to
approximately 122 million as of May 31, 2011. The monthly unique log-in
users increased from approximately 23 million in March 2010 to approximately
31 million in March 2011, and to approximately 33 million in May 2011.
Internet Value-Added Services (IVAS) revenues were US$12.4 million,
representing a 24.7% increase from the corresponding period in 2010. The
increase in IVAS revenues was due to increases in both online games revenues
and other IVAS revenues. Online games revenues were US$9.1 million for the
first quarter of 2011, an 11.3% increase from the corresponding period in
2010. Other IVAS revenues were US$3.3 million for the first quarter of 2011,
an 87.6% increase from the corresponding period in 2010. Within other IVAS
revenues, our social commerce services (Nuomi.com), which was launched in
June 2010, had US$0.9 million of net revenues for the first quarter of 2011.
Cost of revenues was US$4.1 million, a 14.4% increase from the corresponding
period in 2010. As a percentage of our total net revenues, our cost of
revenues was 19.8% for the first quarter of 2011, compared to 25.4% for the
corresponding period in 2010. Our cost of revenues for the first quarter of
2011 included approximately US$23,000 for our social commerce services (
Nuomi.com).
Operating expenses were US$21.2 million, an 88.6% increase from the
corresponding period in 2010. Our operating expenses for the first quarter
of 2011 included US$4.6 million for our social commerce services (Nuomi.com)
.
Selling and marketing expenses were US$9.8 million, a 101.5% increase from
the corresponding period in 2010, primarily due to our brand advertisement
campaign for Nuomi and increased sales commission for our advertising sales
team due to increased advertising sales.
Research and development expenses were US$8.4 million, a 79.6% increase from
the corresponding period in 2010, primarily due to the increase in research
& development staffing.
General and administrative expenses were US$3.0 million, a 76.3% increase
from the corresponding period in 2010, primarily due to the growth of our
company size and business.
Share-based compensation expense s, which are all included in the operating
expenses, were US$1.3 million, and increased from US$0.6 million for the
corresponding period in 2010.
Loss from continuing operations was US$2.6 million, a 75.6% decrease from a
loss from continuing operations of US$10.7 million in the corresponding
period of 2010.
Net loss was US$2.6 million, a 78.5% decrease from a net loss of US$12.1
million in the corresponding period of 2010.
Adjusted net loss (a non-GAAP financial measure) was US$1.1 million for the
first quarter of 2011, compared to US$0.6 million adjusted net income for
the first quarter of 2010. Adjusted net income (loss) is herein defined as
income (loss) from continuing operations excluding non-cash share-based
compensation expenses, change in fair value of our then outstanding series D
warrants (which had been fully exercised by the end of 2010), amortization
of intangible assets and impairment of intangible assets.
Business Outlook
For the second quarter of 2011, the Company expects to generate revenues in
an amount ranging from US$29 to US$30 million, representing 46% to 51% year-
on-year growth. This forecast reflects Renren's current and preliminary view
, which is subject to change.
Conference Call Information
Renren's management will host an earnings conference call at 8:00 p.m. U.S.
Eastern Time on Monday, June 20, 2011 (Beijing/Hong Kong Time: 8:00 a.m.,
Tuesday, June 21, 2011).
Interested parties may participate in the conference call by dialing the
numbers below and entering passcode Renren, 10-15 minutes prior to the
initiation of the call.
U.S. Dial In: +1 (866) 700-6293China Toll Free: 10 800 130 0399, 10 800 852
1490, or 10 800 152 1490Hong Kong Toll free: 800963844Hong Kong Toll: +852
30021672International Dial In: + 1(617) 213-8835Participant Passcode: Renren
A replay of the call will be available for one week and dial in information
is as follows:
ReplayU.S. Dial In: +1(888) 286-8010International Dial In: +1 (617) 801-
6888Passcode: 74824464
This call will be webcast live and the replay will be available on Renren's
corporate web site at http://ir.renren-inc.com for six months.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates the leading real-name social networking
internet platform in China. It enables users to connect and communicate with
each other, share information and user generated content, play online games
, listen to music, shop for deals and enjoy a wide range of other features
and services. Renren's platform includes the main social networking website
Renren.com, the online games center game.Renren.com, the social commerce
website nuomi.com, and the newly launched professional and business social
networking service website jingwei.com. It had approximately 122 million
activated users as of May 31, 2011.
SafeHarbor 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 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
registration statement on Form F-1, as amended, 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 the following measures defined as non-GAAP financial
measures by the SEC in evaluating its business: adjusted net income (loss).
We define adjusted net income (loss) as income (loss) from continuing
operations excluding share-based compensation expenses, change in fair value
of warrants, amortization of intangible assets and impairment of intangible
assets. We present non-GAAP financial measures because they are used by our
management to evaluate our operating performance. We also believe that
these non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our consolidated results of
operations in the same manner as our management and in comparing financial
results across accounting periods and to those of our peer companies.
The presentation of these non-GAAP financial measures 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 "Reconciliations of non-GAAP results of operations measures to the
comparable GAAP financial measures" at the end of this release.
For more information, please contact:
Caroline StraathofIR InsideTel: (the Netherlands) +31 6 5462 4301Tel: (China
): +86 136 9310 5055Email: i**[email protected]
RENREN INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except for number of shares and ADS
December 31,
March 31,
and per share and per ADS data)
2010
2011
US$
US$
ASSETS
Current assets:
Cash and cash equivalents
136,063
334,785
Short-term investments
62,318
44,504
Accounts receivable, net
12,815
12,605
Deposit for investment
—
991
Prepaid expenses and other current assets
7,274
12,508
Amounts due from related parties
218,456
20,394
Deferred tax assets-current
593
631
Total current assets
437,519
426,418
Non-current assets:
Equipment, net
11,307
9,973
Intangible assets, net
2,747
2,599
Goodwill
4,420
4,464
Deferred tax assets-noncurrent
481
532
Total non-current assets
18,955
17,568
TOTAL ASSETS
456,474
443,986
LIABIILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable
6,443
8,004
Accrued expenses and other payables
14,408
17,877
Deferred revenue
4,476
5,449
Income tax payable
64
380
Total current liabilities
25,391
31,710
Non-current liabilities :
Deferred tax liabilities-noncurrent
516
517
Total non-current liabilities
516
517
TOTAL LIABILITES
25,907
32,227
Commitments
Series C convertible redeemable preferred shares($0.001 par value; 215,959,
520 shares authorized, issuance price $0.223 per share; 128,048,440 and 128,
048,440 shares issued and outstanding as of December 31, 2010 and March 31,
2011, respectively)
28,520
28,520
Series D convertible redeemable preferred shares($0.001 par value; 434,204,
890 shares authorized, redemption and issuance price $0.993 per share; 434,
204,890 and 434,204,890 shares issued and outstanding as of December 31,
2010 and March 31, 2011, respectively)
571,439
571,439
Shareholders' Equity (Deficit) :
Series A convertible preferred share (US$0.001 par value, 100,000,000 shares
authorized, 85,100,000 and 85,100,000 issued and outstanding as of December
31, 2010 and March 31, 2011, respectively)
85
85
Series B convertible preferred share (US$0.001 par value, 100,000,000 shares
authorized, 81,501,540 and 81,501,540 issued and outstanding as of December
31, 2010 and March 31, 2011, respectively)
82
82
Ordinary shares (US$0.001 par value, 2,000,000,000 shares authorized, 211,
383,000 and 212,818,540 issued and outstanding as of December 31, 2010 and
March 31, 2011, respectively)
211
213
Additional paid-in capital
9,470
11,020
Subscription receivable
(4,909)
(4,909)
Accumulated deficit
(223,572)
(226,172)
Statutory reserves
2,595
2,595
Accumulated other comprehensive income
46,646
28,886
Total equity (deficit)
(169,392)
(188,200)
LIABIILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND EQUITY (DEFICIT)
456,474
443,986
RENREN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended
(Amounts in thousands, except for number of shares
March 31,
December 31,
March 31,
and ADS and per share and per ADS data)
2010
2010
2011
US$
US$
US$
Net revenues
Online advertising
4,055
9,003
8,130
IVAS
9,965
11,894
12,422
Total net revenues
14,020
20,897
20,552
Cost of revenues
(3,558)
(4,222)
(4,069)
Gross profit
10,462
16,675
16,483
Operating expenses:
Selling and marketing
(4,852)
(4,777)
(9,776)
Research and development
(4,690)
(7,094)
(8,425)
General and administrative
(1,677)
(1,739)
(2,957)
Impairment of intangible assets
—
(739)
—
Total operating expenses
(11,219)
(14,349)
(21,158)
(Loss) gain from operations
(757)
2,326
(4,675)
Change in fair value of warrants
(10,512)
(37,722)
—
Exchange gain on dual currency deposit
326
272
2,013
Interest income
49
104
323
Gain on disposal of cost method investment
—
40
—
Loss before provision of income tax, minority interests and discontinued
operations
(10,894)
(34,980)
(2,339)
Income tax (expense) benefit
232
745
(261)
Loss from continuing operations
(10,662)
(34,235)
(2,600)
Discontinued operations:
Loss from operation of discontinued operations, net of tax
—
(966)
—
Gain (loss) on disposal of discontinued operations
(1,413)
1,341
—
Loss (gain) on discontinued operations, net of tax
(1,413)
375
—
Net loss
(12,075)
(33,860)
(2,600)
Net loss per share, basic and diluted
(0.05)
(0.15)
(0.01)
Net loss per ADS, basic and diluted
(0.14)
(0.46)
(0.04)
Shares used in computation, basic and diluted
250,772,640
220,729,250
212,237,410
ADS used in computation, basic and diluted
83,590,880
73,576,417
70,745,803
Reconciliations of Non-GAAP results of operation s measures to the
comparable GAAP financial measures
Adjusted net loss
For the Three Months Ended
(Amounts in thousands)
March 31,
December 31,
March 31,
2010
2010
2011
US$
US$
US$
Loss from continuing operations
(10,662)
(34,235)
(2,600)
Add back: Shared-based compensation expenses
641
796
1,325
Add back: Change in fair value of warrants
10,512
37,722
—
Add back: Amortization of intangible assets
154
176
175
Add back: Impairment of intangible assets
—
739
—
Adjusted net income (loss)
645
5,198
(1,100)
SOURCE Renren Inc.
Website: http://ir.renren-inc.com
-0- Jun/20/2011 22:00 GMT
PR Newswire
BEIJING, June 20, 2011
BEIJING, June 20, 2011 /PRNewswire-Asia/ -- Renren Inc. (NYSE: RENN), the
leading real-name social networking internet platform in China ("Renren" or
the "Company"), today announced its unaudited financial results for the
first quarter ended March 31, 2011.
First Quarter 2011 Highlights
Total net revenues were US$20.6 million, a 46.6% increase from the
corresponding period in 2010.
Online advertising revenues were US$8.1 million, a 100.5% increase from the
corresponding period in 2010.
Gross profit was US$16.5 million, a 57.6% increase from the corresponding
period in 2010.
Net loss was US$2.6 million, a 78.5% decrease from the corresponding period
in 2010.
Adjusted (1) net loss was US$1.1 million, compared to US$0.6 million
adjusted net income in the corresponding period in 2010.
(1) Explanation of the Company's Adjusted (i.e. non-GAAP) financial measures
and the related reconciliations to GAAP financial measures are included in
the accompanying "About Non-GAAP Financial Measures" and the "
Reconciliations of Non-GAAP results of operations measures to the comparable
GAAP financial measures".
"I am pleased to report a robust first quarter, in particular the doubling
of our advertising revenues compared to the same period last year. During
the first quarter, our business progress was highlighted by the strong
growth in our user base and user engagement level, which has been driven by
our relentless focus on providing the best user experience and the ongoing
adoption of real-name SNS service in China," said Joseph Chen, Chairman and
Chief Executive Officer.
"Our brand continues to strengthen. Our recent IPO has helped heighten
Renren brand awareness and popularity among our users, business partners,
advertisers and future employees," Mr. Chen continued.
"We expect the growth of the SNS market in China's dynamic Internet market
to remain strong in 2011. We will launch more innovative products and new
services that appeal to our users and anticipate evolving user preferences
and industry changes. Looking forward, I am confident that Renren will
continue to lead the real-name SNS industry development in China," Mr. Chen
added.
Hui Huang, Renren's Chief Financial Officer, commented, "Our company is
still in the early stages of monetization. We want to build a strong
foundation for sustainable long-term growth by investing significantly in
research & development, sales & marketing, and strategic acquisitions and
business partnerships. The US$779 million capital we raised during our IPO
on May 4, 2011, and the concurrent private placement will add to our
competitive advantages and efforts to strengthen our leading position in the
real-name SNS market in China."
First Quarter 2011 Results
Net revenues for the first quarter of 2011 were US$20.6 million,
representing a 46.6%increase from the corresponding period in 2010.
Online adverti sing revenues were US$8.1 million, representing an increase
of 100.5% from the corresponding period in 2010. The significant increase
was attributable to the growth of our SNS platform and user base which
attracted more advertisers to our advertising services. The number of our
activated users increased from approximately 91 million as of March 31, 2010
to approximately 117 million as of March 31, 2011, and further to
approximately 122 million as of May 31, 2011. The monthly unique log-in
users increased from approximately 23 million in March 2010 to approximately
31 million in March 2011, and to approximately 33 million in May 2011.
Internet Value-Added Services (IVAS) revenues were US$12.4 million,
representing a 24.7% increase from the corresponding period in 2010. The
increase in IVAS revenues was due to increases in both online games revenues
and other IVAS revenues. Online games revenues were US$9.1 million for the
first quarter of 2011, an 11.3% increase from the corresponding period in
2010. Other IVAS revenues were US$3.3 million for the first quarter of 2011,
an 87.6% increase from the corresponding period in 2010. Within other IVAS
revenues, our social commerce services (Nuomi.com), which was launched in
June 2010, had US$0.9 million of net revenues for the first quarter of 2011.
Cost of revenues was US$4.1 million, a 14.4% increase from the corresponding
period in 2010. As a percentage of our total net revenues, our cost of
revenues was 19.8% for the first quarter of 2011, compared to 25.4% for the
corresponding period in 2010. Our cost of revenues for the first quarter of
2011 included approximately US$23,000 for our social commerce services (
Nuomi.com).
Operating expenses were US$21.2 million, an 88.6% increase from the
corresponding period in 2010. Our operating expenses for the first quarter
of 2011 included US$4.6 million for our social commerce services (Nuomi.com)
.
Selling and marketing expenses were US$9.8 million, a 101.5% increase from
the corresponding period in 2010, primarily due to our brand advertisement
campaign for Nuomi and increased sales commission for our advertising sales
team due to increased advertising sales.
Research and development expenses were US$8.4 million, a 79.6% increase from
the corresponding period in 2010, primarily due to the increase in research
& development staffing.
General and administrative expenses were US$3.0 million, a 76.3% increase
from the corresponding period in 2010, primarily due to the growth of our
company size and business.
Share-based compensation expense s, which are all included in the operating
expenses, were US$1.3 million, and increased from US$0.6 million for the
corresponding period in 2010.
Loss from continuing operations was US$2.6 million, a 75.6% decrease from a
loss from continuing operations of US$10.7 million in the corresponding
period of 2010.
Net loss was US$2.6 million, a 78.5% decrease from a net loss of US$12.1
million in the corresponding period of 2010.
Adjusted net loss (a non-GAAP financial measure) was US$1.1 million for the
first quarter of 2011, compared to US$0.6 million adjusted net income for
the first quarter of 2010. Adjusted net income (loss) is herein defined as
income (loss) from continuing operations excluding non-cash share-based
compensation expenses, change in fair value of our then outstanding series D
warrants (which had been fully exercised by the end of 2010), amortization
of intangible assets and impairment of intangible assets.
Business Outlook
For the second quarter of 2011, the Company expects to generate revenues in
an amount ranging from US$29 to US$30 million, representing 46% to 51% year-
on-year growth. This forecast reflects Renren's current and preliminary view
, which is subject to change.
Conference Call Information
Renren's management will host an earnings conference call at 8:00 p.m. U.S.
Eastern Time on Monday, June 20, 2011 (Beijing/Hong Kong Time: 8:00 a.m.,
Tuesday, June 21, 2011).
Interested parties may participate in the conference call by dialing the
numbers below and entering passcode Renren, 10-15 minutes prior to the
initiation of the call.
U.S. Dial In: +1 (866) 700-6293China Toll Free: 10 800 130 0399, 10 800 852
1490, or 10 800 152 1490Hong Kong Toll free: 800963844Hong Kong Toll: +852
30021672International Dial In: + 1(617) 213-8835Participant Passcode: Renren
A replay of the call will be available for one week and dial in information
is as follows:
ReplayU.S. Dial In: +1(888) 286-8010International Dial In: +1 (617) 801-
6888Passcode: 74824464
This call will be webcast live and the replay will be available on Renren's
corporate web site at http://ir.renren-inc.com for six months.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates the leading real-name social networking
internet platform in China. It enables users to connect and communicate with
each other, share information and user generated content, play online games
, listen to music, shop for deals and enjoy a wide range of other features
and services. Renren's platform includes the main social networking website
Renren.com, the online games center game.Renren.com, the social commerce
website nuomi.com, and the newly launched professional and business social
networking service website jingwei.com. It had approximately 122 million
activated users as of May 31, 2011.
SafeHarbor 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 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
registration statement on Form F-1, as amended, 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 the following measures defined as non-GAAP financial
measures by the SEC in evaluating its business: adjusted net income (loss).
We define adjusted net income (loss) as income (loss) from continuing
operations excluding share-based compensation expenses, change in fair value
of warrants, amortization of intangible assets and impairment of intangible
assets. We present non-GAAP financial measures because they are used by our
management to evaluate our operating performance. We also believe that
these non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our consolidated results of
operations in the same manner as our management and in comparing financial
results across accounting periods and to those of our peer companies.
The presentation of these non-GAAP financial measures 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 "Reconciliations of non-GAAP results of operations measures to the
comparable GAAP financial measures" at the end of this release.
For more information, please contact:
Caroline StraathofIR InsideTel: (the Netherlands) +31 6 5462 4301Tel: (China
): +86 136 9310 5055Email: i**[email protected]
RENREN INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except for number of shares and ADS
December 31,
March 31,
and per share and per ADS data)
2010
2011
US$
US$
ASSETS
Current assets:
Cash and cash equivalents
136,063
334,785
Short-term investments
62,318
44,504
Accounts receivable, net
12,815
12,605
Deposit for investment
—
991
Prepaid expenses and other current assets
7,274
12,508
Amounts due from related parties
218,456
20,394
Deferred tax assets-current
593
631
Total current assets
437,519
426,418
Non-current assets:
Equipment, net
11,307
9,973
Intangible assets, net
2,747
2,599
Goodwill
4,420
4,464
Deferred tax assets-noncurrent
481
532
Total non-current assets
18,955
17,568
TOTAL ASSETS
456,474
443,986
LIABIILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable
6,443
8,004
Accrued expenses and other payables
14,408
17,877
Deferred revenue
4,476
5,449
Income tax payable
64
380
Total current liabilities
25,391
31,710
Non-current liabilities :
Deferred tax liabilities-noncurrent
516
517
Total non-current liabilities
516
517
TOTAL LIABILITES
25,907
32,227
Commitments
Series C convertible redeemable preferred shares($0.001 par value; 215,959,
520 shares authorized, issuance price $0.223 per share; 128,048,440 and 128,
048,440 shares issued and outstanding as of December 31, 2010 and March 31,
2011, respectively)
28,520
28,520
Series D convertible redeemable preferred shares($0.001 par value; 434,204,
890 shares authorized, redemption and issuance price $0.993 per share; 434,
204,890 and 434,204,890 shares issued and outstanding as of December 31,
2010 and March 31, 2011, respectively)
571,439
571,439
Shareholders' Equity (Deficit) :
Series A convertible preferred share (US$0.001 par value, 100,000,000 shares
authorized, 85,100,000 and 85,100,000 issued and outstanding as of December
31, 2010 and March 31, 2011, respectively)
85
85
Series B convertible preferred share (US$0.001 par value, 100,000,000 shares
authorized, 81,501,540 and 81,501,540 issued and outstanding as of December
31, 2010 and March 31, 2011, respectively)
82
82
Ordinary shares (US$0.001 par value, 2,000,000,000 shares authorized, 211,
383,000 and 212,818,540 issued and outstanding as of December 31, 2010 and
March 31, 2011, respectively)
211
213
Additional paid-in capital
9,470
11,020
Subscription receivable
(4,909)
(4,909)
Accumulated deficit
(223,572)
(226,172)
Statutory reserves
2,595
2,595
Accumulated other comprehensive income
46,646
28,886
Total equity (deficit)
(169,392)
(188,200)
LIABIILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND EQUITY (DEFICIT)
456,474
443,986
RENREN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
For the Three Months Ended
(Amounts in thousands, except for number of shares
March 31,
December 31,
March 31,
and ADS and per share and per ADS data)
2010
2010
2011
US$
US$
US$
Net revenues
Online advertising
4,055
9,003
8,130
IVAS
9,965
11,894
12,422
Total net revenues
14,020
20,897
20,552
Cost of revenues
(3,558)
(4,222)
(4,069)
Gross profit
10,462
16,675
16,483
Operating expenses:
Selling and marketing
(4,852)
(4,777)
(9,776)
Research and development
(4,690)
(7,094)
(8,425)
General and administrative
(1,677)
(1,739)
(2,957)
Impairment of intangible assets
—
(739)
—
Total operating expenses
(11,219)
(14,349)
(21,158)
(Loss) gain from operations
(757)
2,326
(4,675)
Change in fair value of warrants
(10,512)
(37,722)
—
Exchange gain on dual currency deposit
326
272
2,013
Interest income
49
104
323
Gain on disposal of cost method investment
—
40
—
Loss before provision of income tax, minority interests and discontinued
operations
(10,894)
(34,980)
(2,339)
Income tax (expense) benefit
232
745
(261)
Loss from continuing operations
(10,662)
(34,235)
(2,600)
Discontinued operations:
Loss from operation of discontinued operations, net of tax
—
(966)
—
Gain (loss) on disposal of discontinued operations
(1,413)
1,341
—
Loss (gain) on discontinued operations, net of tax
(1,413)
375
—
Net loss
(12,075)
(33,860)
(2,600)
Net loss per share, basic and diluted
(0.05)
(0.15)
(0.01)
Net loss per ADS, basic and diluted
(0.14)
(0.46)
(0.04)
Shares used in computation, basic and diluted
250,772,640
220,729,250
212,237,410
ADS used in computation, basic and diluted
83,590,880
73,576,417
70,745,803
Reconciliations of Non-GAAP results of operation s measures to the
comparable GAAP financial measures
Adjusted net loss
For the Three Months Ended
(Amounts in thousands)
March 31,
December 31,
March 31,
2010
2010
2011
US$
US$
US$
Loss from continuing operations
(10,662)
(34,235)
(2,600)
Add back: Shared-based compensation expenses
641
796
1,325
Add back: Change in fair value of warrants
10,512
37,722
—
Add back: Amortization of intangible assets
154
176
175
Add back: Impairment of intangible assets
—
739
—
Adjusted net income (loss)
645
5,198
(1,100)
SOURCE Renren Inc.
Website: http://ir.renren-inc.com
-0- Jun/20/2011 22:00 GMT
