O Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934




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PART I

 

Item 1.                                Identity of Directors, Senior Management and Advisers

 

Not applicable.

 

Item 2.                                Offer Statistics and Expected Timetable

 

Not applicable.

 

Item 3.                                Key Information

 

A.                                                Selected Financial Data

 

Selected Consolidated Financial Data

 

The following selected consolidated statement of operations data for the three years ended December 31, 2010, 2011 and 2012 and the selected consolidated balance sheet data as of December 31, 2011 and 2012 have been derived from our audited consolidated financial statements included elsewhere in this annual report.  Our selected consolidated statement of operations data for the years ended December 31, 2008 and 2009 and our selected consolidated balance sheet data as of December 31, 2008, 2009 and 2010 have been derived from our audited consolidated financial statements not included in this annual report.

 

The selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related notes and “Item 5—Operating and Financial Review and Prospects” in this annual report. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.

 

Our historical results do not necessarily indicate results expected for any future periods.

 

 

 

Year ended December 31,

 

 

 

2008

 

2009

 

2010

 

2011

 

2012

 

 

 

(in thousands of US$, except for share, per share and per ADS data)

 

Summary Consolidated Statement of Operations Data:

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

13,782

 

$

46,684

 

$

76,535

 

$

117,967

 

$

176,086

 

Cost of revenues

 

5,667

 

10,379

 

16,624

 

26,233

 

66,619

 

Gross profit

 

8,115

 

36,305

 

59,911

 

91,734

 

109,467

 

Operating expenses(1):

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

7,111

 

19,375

 

20,281

 

62,050

 

82,789

 

Research and development

 

4,921

 

12,937

 

23,699

 

40,310

 

79,541

 

General and administrative

 

4,045

 

6,510

 

7,511

 

17,215

 

38,860

 

Impairment of intangible assets

 



 

211

 

739

 

2,351

 



 

Total operating expenses

 

16,077

 

39,033

 

52,230

 

121,926

 

201,190

 

Income (loss) from operations

 

(7,962

)

(2,728

)

7,681

 

(30,192

)

(91,723

)

Other income

 



 



 



 

2,340

 

2,446

 

Change in fair value of warrants

 

72,875

 

(68,184

)

(74,364

)



 



 

Exchange gain (loss) on dual currency deposit/offshore bank accounts

 

(12,908

)

1,673

 

3,781

 

7,753

 

(1,769

)

Interest income

 

801

 

288

 

335

 

9,619

 

20,067

 

Realized gain on available-for-sale investments

 



 

755

 



 

50,911

 

4,317

 

Gain on disposal of cost of method investment

 



 



 

40

 



 



 

Impairment of cost method investment

 

(350

)



 



 

(79

)



 

Income (loss) before provision for income tax and earnings (loss) in equity method investments and noncontrolling interest, net of income taxes

 

52,456

 

(68,196

)

(62,527

)

40,352

 

(66,662

)

Income tax benefit (expenses)

 

(523

)

31

 

1,332

 

(668

)

(920

)

Income (loss) before earnings (loss) in equity method investments and noncontrolling interest, net of income taxes

 

51,933

 

(68,165

)

(61,195

)

39,684

 

(67,582

)

Earnings (loss) in equity method investments, net of income taxes

 

(41

)

(102

)



 

1,320

 

(7,471

)

Income (loss) from continuing operations

 

51,892

 

(68,267

)

(61,195

)

41,004

 

(75,053

)

Loss from discontinued operations, net of income taxes

 

(2,740

)

(2,481

)

(4,301

)



 



 

Gain on disposal of discontinued operations, net of income taxes

 



 

633

 

1,341

 



 



 

Loss on discontinued operations, net of income taxes

 

(2,740

)

(1,848

)

(2,960

)



 



 

Net (loss) income

 

49,152

 

(70,115

)

(64,155

)

41,004

 

(75,053

)

Add: Net loss attributable to the noncontrolling interest, net of income taxes of nil

 

185

 



 



 

252

 

27

 

Net (loss) income attributable to Renren Inc.

 

$

49,337

 

$

(70,115

)

$

(64,155

)

$

41,256

 

$

(75,026

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations attributable to Renren Inc. shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.00

 

$

(0.34

)

$

(0.30

)

$

0.05

 

$

(0.07

)

Diluted

 

$

0.00

 

$

(0.34

)

$

(0.30

)

$

0.05

 

$

(0.07

)

Net loss from discontinued operations attributable to Renren Inc. shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

$

(0.01

)

$

(0.01

)

$



 

$



 

Diluted

 

$

(0.01

)

$

(0.01

)

$

(0.01

)

$



 

$



 

Net income (loss) attributable to Renren Inc. shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

$

(0.35

)

$

(0.31

)

$

0.05

 

$

(0.07

)

Diluted

 

$

(0.01

)

$

(0.35

)

$

(0.31

)

$

0.05

 

$

(0.07

)

Net income (loss) per ADS(2):

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.02

)

$

(1.03

)

$

(0.94

)

$

0.15

 

$

(0.20

)

Diluted

 

$

(0.02

)

$

(1.03

)

$

(0.94

)

$

0.14

 

$

(0.20

)

Weighted average number of shares used in calculating net income (loss) per ordinary share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

247,587,070

 

250,730,367

 

244,613,530

 

850,670,583

 

1,151,659,545

 

Diluted

 

251,533,130

 

250,730,367

 

244,613,530

 

901,340,381

 

1,151,659,545

 
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